IRCTC Shares Surge To Record After Profit Triples In December Quarter
IRCTC is set to launch its third train Kashi Mahakal Express between Varanasi and Indore.
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) surged as much as 13.41 per cent to hit a new record high of Rs 1,609.30 on the BSE after IRCTC announced that its profit nearly tripled in December quarter. IRCTC which is the only authorised entity to sell tickets of Indian Railways online and via its mobile application was listed in October last year and has been hitting new highs since its listing. Since its listing in October last year, IRCTC has surged 403 per cent from its issue price of Rs 320.
IRCTC's net profit rose 180 per cent to Rs 205.80 crore in October-December period from Rs 73.59 crore during the same quarter last year.
IRCTC's revenue from operations jumped 65 per cent to Rs 715.98 crore compared with Rs 435.01 crore during December quarter of last year.
IRCTC's operational profit or earnings before interest, tax, depreciation and amortization (EBITDA) jumped 187 per cent year-on-year to Rs 283.55. Its EBBITDA margin or operating profit margin improved 17 percentage points to 40 per cent in December quarter.
IRCTC announced interim dividend of Rs 10 per share.
In a separate development, IRCTC is set to launch its third train- Kashi Mahakal Express - between Varanasi and Indore on February 16, officials said on Wednesday.
According to the Railway Ministry, IRCTC's Kashi Mahakal Express will be inaugurated on February 16 from Varanasi and it will start its commercial run from February 20.
The IRCTC said that it will be a superfast air-conditioned overnight train journey with sleeping berths. The timing of the train has not been announced yet.
As of 12:55 pm, IRCTC shares traded 12 per cent higher at Rs 1,586, outperforming the Sensex which was down 0.4 per cent.