In the first earnings announcement after listing, IRCTC recorded a 14 per cent rise in profit, buoyed by a substantial boost in the online ticketing segment in the first half of FY20.
IRCTC’s bumper ticketing revenue! The contribution of the e-ticketing services almost doubled, boosting the overall revenue of the Indian Railway Catering and Tourism Corporation (IRCTC) in the first half of FY20. The revenue from the online ticketing segment saw a jump of just over 80 per cent to Rs 199 crore in the April-September period as against Rs 110 crore in the corresponding period of FY19, IRCTC said in a regulatory filing on Wednesday. The total revenue of the subsidiary of the Indian Railways rose to 4 per cent to Rs 973 crore as against Rs 937 crore in the period under review.
In the first earnings announcement after listing, IRCTC recorded a 14 per cent rise in profit. IRCTC stock was listed on the stock markets on October 14, 2019. The financial results have been prepared for a period of 6-month ended September 30, 2019, in the absence of any past practice of closing the financial accounts on a quarterly basis., IRCTC said.
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The major revenue-generating segments of the Indian Railways firm including tourism, catering and bottled water delivery also posted double-digit growth in revenue.
(Source: IRCTC earnings result document)
Meanwhile, the stock of the Indian Railways firm has registered a growth of three times from the offer price during its IPO, implying a return of nearly 200 per cent from the issue share price level of Rs 320. The firm made its debut on the bourses with share listing at Rs 644 on BSE and Rs 626 on NSE against the issue price of Rs 320. The share was trading at Rs 910, down 22.05, 2.37 per cent on NSE at the time of reporting.