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PL First Cut – IRCTC | 1QFY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – IRCTC | 1QFY24 – *Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd
PL First Cut – IRCTC | 1QFY24 – *Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd*
IRCTC | 1QFY24 First Cut | Revenue above estimates | HOLD | TP Rs679 |
✳️Revenues increased 17.5% YoY to Rs10,018mn (PLe of Rs9,322mn). Revenues from State Teertha /Catering/Rail Neer/Tourism/Internet Ticketing was down 64.1% YoY/ up 35.5% YoY/ up 14.7% YoY/ up 59.4% YoY/ down 3.8%YoY to Rs119mn (PLe Rs415mn)/Rs4,771mn (PLe Rs3,979mn)/Rs959mn (PLe Rs920mn)/Rs1,306mn (PLe Rs1,008mn)/ Rs2,901mn (PLe Rs3,000mn) respectively. All the segments were EBIT positive except for tourism.
✳️EBITDA increased 6.9% YoY to Rs3,430mn (PLe Rs3,367mn) with a margin of 34.2% (PLe of 36.1%) as against 37.6%/33.6% in 1QFY23/4QFY23 respectively.
✳️Adjusted PAT stood at Rs2,841mn (PLe of Rs2,620mn) up by 15.7% YoY and with a margin of 28.4% (PLe 28.1%) as against 28.8%/28.9% in 1QFY23/4QFY23 respectively. IRCTC reported exceptional item worth Rs519mn pertaining to provision for the fixed, variable and custody charges, for the two Tejas express trains (for the period 13th August,2021 through 31st March,2023) amid revision in rates.
✳️The stock currently trades at 44.6x our FY24E EPS estimate of Rs14.5. We currently have a HOLD rating on the stock with a TP of Rs679.
