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IRCTC Shares Zoom 13% to Hit Record High After Three-fold Jump in Q3 Profit

At 10:26 am, the IRCTC stock was trading at Rs 1,571.15, up 11%, after hitting a record high of Rs 1,599 earlier in the session.

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Updated:February 13, 2020, 10:54 AM IST
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IRCTC Shares Zoom 13% to Hit Record High After Three-fold Jump in Q3 Profit
Screen grab of the IRCTC website.

Shares of Indian Railway Catering and Tourism Corp. Ltd (IRCTC) zoomed as much as 13% in early trade on Thursday after the state-run company reported a nearly three-fold jump in profit for the third quarter ended December (Q3).

At 10:26 am, the IRCTC stock was trading at Rs 1,571.15, up 11%, after hitting a record high of Rs 1,599 earlier in the session. IRCTC shares got listed on stock exchanges on 14 October 2019 and have risen 5-fold since then from the IPO price of Rs 320 per share.

IRCTC on Wednesday said profit during the December quarter stood at Rs 205.8 crore compared with Rs 73.59 crore in the same quarter in the previous year. Revenue, meanwhile, grew 64.6% year-on-year to Rs 715.98 crore in the December quarter.

At the operating level, earnings before interest, tax, depreciation and amortisation (Ebitda) grew 168.7% year-on-year to Rs 265.7 crore in the December quarter. Ebitda margin also expanded sharply to 37.1% from 22.72% in the year-ago quarter.

The company also declared an interim dividend of Rs 10 per share, which is 100% of paid-up share capital.

IRCTC will also formally launch India’s third private train from 16 February after the successful run of the two Tejas Express trains. The new train, Kashi Mahakal Express, will start running commercially from 20 February between Varanasi and Indore. Ticket bookings for the new train can only be made on the IRCTC website or mobile app IRCTC Rail Connect.

Currently, IRCTC operates Tejas Express on two routes. The first Tejas Express which runs on the Lucknow-Delhi route was launched last year, while the second one started in January on the Mumbai-Ahmedabad route.

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