IRCTC shares hit a fresh 52-week high after the company reported a 179.65 per cent on-year rise in the profit at Rs 205.80 crore in the third quarter of the financial year 2019-20
IRCTC share price rose as much as 12.52 per cent to hit a fresh 52-week high of Rs 1596.95 in the opening deals on Thursday after the company reported a 179.65 per cent on-year rise in the profit at Rs 205.80 crore in the third quarter of the financial year 2019-20. The company had posted a profit of Rs 73.59 crore in the corresponding quarter of last year. “IRCTC is a monopolistic entity authorised to provide packaged drinking water, catering, and online ticket booking services to passengers travelling by Indian Railways. It has a dominant position in online rail bookings/packaged drinking water with nearly 73%/45% market share respectively,” Prabhudas Lilladher said in a research note last month.
At 10.10 AM, IRCTC shares were trading 9.09 per cent higher at Rs 1,548 apiece on BSE. IRCTC has also declared an interim dividend of Rs 10 on face value of Rs 10. The revenue from operation increased 64.59 per cent to Rs 715.98 crore in the quarter ended December 31 and the same increased 39.5 per cent sequentially. IRCTC made its market debut on October 14, 2019. Since then it has more than doubled the investors’ wealth, rising 148 per cent from its listing price of Rs 644 per share.
Profit before tax was Rs 270.41 crore in the third quarter of this fiscal compared to Rs 112.41 crore in the corresponding period of last year. Segment-wise, revenue from the catering business stood at Rs 269.2 crore compared to Rs 248.72 crore in a year ago period. Revenue from rail neer was Rs 58.60 crore and revenue from tourism and State Teertha stood at Rs 94.86 crore and Rs 66.40 crore, respectively. While internet ticketing’s revenue was Rs 226.90 crore in December quarter against Rs 55.32 crore in the corresponding quarter of last year. Effective from September 1, 2019, IRCTC has reinstated service charge for online bookings at the rate of Rs 15 for non AC and Rs 30 for AC. It has also been conferred the status of Mini Ratna by the government of India.