PL First Cut – IRCTC | 2QFY24

PL First Cut – IRCTC | 2QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

IRCTC | 2QFY24 First Cut | Results broadly in-line with estimates | HOLD | TP Rs700 |

✳️Revenues increased 23.5% YoY to Rs9,953mn (PLe of Rs10,611mn). Revenues from State Teertha /Catering/Rail Neer/Tourism/Internet Ticketing was up 118.9% YoY/ 29.0% YoY/ 3.8% YoY/ 39.0% YoY/ 9.1% YoY to Rs648mn (PLe Rs444mn)/Rs4,315mn (PLe Rs4,849mn)/Rs780mn (PLe Rs902mn)/Rs966mn (PLe Rs1,250mn)/ Rs3,275mn (PLe Rs3,166mn) respectively. All the segments were EBIT positive except for tourism.

✳️EBITDA increased 20.2% YoY to Rs3,666mn (PLe Rs3,610mn) with a margin of 36.8% (PLe of 34.0%) as against 37.8%/34.2% in 2QFY23/1QFY24 respectively.

✳️Adjusted PAT stood at Rs2,947mn (PLe of Rs2,847mn) up by 30.4% YoY and with a margin of 29.6% (PLe 26.8%) as against 28.1%/28.4% in 2QFY23/1QFY24 respectively.

✳️The BoD have declared an interim dividend of Rs2.50 per share for the FY24.

✳️The stock currently trades at 45.6x our FY24E EPS estimate of Rs14.7.