The Indian Railways Catering and Tourism Corp.'s second quarter profit rose due to higher ticketing and catering sales.
The national transporter's net profit increased 30% to Rs 295 crore in the quarter ended September, according to an exchange filing on Tuesday. That compares with the Rs 281 crore consensus estimate of analysts tracked by Bloomberg.
IRCTC Q2 FY24 Highlights (YoY)
Revenue rose 23% to Rs 995 crore (Bloomberg estimate: Rs 1,028.5 crore).
Ebitda grew 20% to Rs 366 crore (Bloomberg estimate: Rs 357 crore).
Ebitda margin stood at 36.8% versus 37.89% last year (Bloomberg estimate: 34.7%).
The decline in margin was due to higher contribution of other segments such as catering, state teertha and tourism, which are low-margin segments in comparison with internet ticketing.
The contribution of internet ticketing to overall revenue decreased to 32.8% from 37.1% last year.
Shares of the company ended 1.7% higher on Tuesday before the results were announced, as compared with a flat benchmark Nifty 50.
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