IRCTC gains 13% on robust Q3 numbers, hits 52-week high

IRCTC

NEW DELHI : Shares of Indian Railway Catering and Tourism Corporation Limited (IRCTC) rose 13.4% to ?1609.30 a piece, hitting a 52-week high on the BSE, as the company’s profit trebled in the December quarter.

At 1153 am, shares of IRCTC Ltd were up 11% at 1574.45 apiece, while the benchmark Sensex was 0.45% lower at 41,379.72 points.

IRCTC’s profit after tax from continuing operations for the quarter ended 31 December nearly trebled to ?206 crore from ?73.6 crore in the year-ago period. IRCTC reported a net profit of ?99.82 crore in the quarter ended 30 September.

Revenue from operations rose to ?716 crore compared with ?435 crore in December 2018.

IRCTC’s profit from internet ticketing jumped over 400% to ?193.36 crore in Q3FY20 from ?36.15 crore in the same quarter a year ago. Profit from the tourism segment though declined 28% year-on-year to ?8.37 crore.

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

The government held 87.4% stake in the Railways subsidiary as of quarter ended December, while mutual funds held 4.78% stake and foreign portfolio investors 1.99%.

The government’s plan to let private players run passenger trains has attracted over two dozen firms, including Tata Realty and Infrastructure, Bombardier, Hyundai Rotem Company, CAF India, Hitachi India and South Asia, Essel Group, Adani Ports and SEZ, Talgo, Siemens and Alstom Transport.

News Source:- livemint

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