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Results
01-Jun-22
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Analysis
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Indian Railway Catering & Tourism Corporation
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PAT up 106% YoY to Rs 213.78 crore in Q4FY2022
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On standalone basis
Quarter ended March 2022 compared
with Quarter ended March 2021.
Net sales (including other operating income) of Indian Railway Catering &
Tourism Corporation has increased 103.95% to Rs 690.96 crore. Sales
of Catering segment has gone up 295.01% to Rs 266.19 crore (accounting for
38.53% of total sales). Sales of Internet Ticketing segment has gone
up 38.12% to Rs 292.82 crore (accounting for 42.38% of total sales). Sales
of Raill Neer segment rose 86.59% to Rs 51.88 crore (accounting for 7.51% of
total sales). Sales of Tourism segment has gone up 71.77% to Rs
54.25 crore (accounting for 7.85% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 117.23% to Rs 268.54
crore. PBIT of Catering reported profit of Rs 25.12 crore compared
to loss of Rs 7.21 crore. PBIT of Internet Ticketing segment rose
54.21% to Rs 267.79 crore (accounting for 99.72% of total PBIT). PBIT
of Raill Neer segment fell 4,090.13% to Rs -24.34 crore (accounting for -9.06%
of total PBIT). PBIT of Tourism segment rose 94.22% to Rs -2.44
crore (accounting for -0.91% of total PBIT).
PBIT margin of Catering segment rose
from negative 10.70% to 9.44%. PBIT margin of Internet Ticketing
segment rose from 81.91% to 91.45%. PBIT margin of Raill Neer
segment fell from negative 2.09% to negative 46.91%. PBIT margin of
Tourism segment rose from negative 133.77% to negative 4.50%. Overall
PBIT margin rose from 36.49% to 38.86%.
Operating profit margin has declined
from 42.83% to 40.31%, leading to 91.96% rise in operating profit to Rs 278.54
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 3.72% to 1.88%. Purchase of finished
goods cost rose from 1.90% to 3.68%. Employee cost decreased from
16.33% to 8.05%. Other expenses rose from 35.21% to 46.02%.
Other direct service cost rose from 25.20% to 39.38%.
Provisions writeoffs cost fell from 0.36% to 0.18%.
Other provisions fell from 0.36% to 0.18%.
Other income up 32.73% to Rs 25.83
crore. PBIDT rose 84.96% to Rs 304.37 crore. Provision
for interest fell 20.32% to Rs 2.98 crore. Loan funds rose to Rs
106.66 crore as of 31 March 2022 from Rs 77.85 crore as of 31 March
2021. Inventories rose to Rs 7.93 crore as of 31 March 2022 from Rs
6.54 crore as of 31 March 2021. Sundry debtors were higher at Rs
572.64 crore as of 31 March 2022 compared to Rs 540.05 crore as of 31 March
2021. Cash and bank balance rose to Rs 1,731.57 crore as of 31 March
2022 from Rs 1,460.50 crore as of 31 March 2021.
PBDT rose 87.41% to Rs 301.39
crore. Provision for depreciation down 24.24% to Rs 14.19
crore. Fixed assets increased to Rs 356.22 crore as of 31 March 2022
from Rs 327.57 crore as of 31 March 2021. Intangible assets declined
from Rs 6.69 crore to Rs 5.36 crore.
Profit before tax grew 102.13% to Rs
287.20 crore. Extraordinary items were decreased to Rs -4.00
crore. Provision for tax was expense of Rs 69.42 crore, compared to
Rs 35.42 crore. Effective tax rate was 24.51% compared to 25.44%.
Profit after tax rose 105.97% to Rs
213.78 crore.
Equity capital stood at Rs 160.00
crore as of 31 March 2022 to Rs 160.00 crore as of 31 March
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 67.40% as of 31
March 2022 ,compared to 67.40% as of 31 March 2021 .
Full year results analysis
Net sales (including other operating income) of Indian Railway Catering &
Tourism Corporation has increased 140.02% to Rs 1,879.48
crore. Sales of Catering segment has gone up 123.68% to Rs 498.97
crore (accounting for 26.55% of total sales). Sales of Internet
Ticketing segment has gone up 130.74% to Rs 1,020.97 crore (accounting for
54.32% of total sales). Sales of Raill Neer segment rose 200.95% to
Rs 172.26 crore (accounting for 9.17% of total sales). Sales of
Tourism segment has gone up 191.45% to Rs 156.97 crore (accounting for 8.35% of
total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 341.69% to Rs 838.37
crore. PBIT of Catering reported profit of Rs 26.02 crore compared
to loss of Rs 83.54 crore. PBIT of Internet Ticketing segment rose
149.13% to Rs 870.19 crore (accounting for 103.80% of total PBIT). PBIT
of Raill Neer segment fell 229.11% to Rs -14.68 crore (accounting for -1.75% of
total PBIT). PBIT of Tourism segment rose 35.47% to Rs -46.13 crore
(accounting for -5.50% of total PBIT).
PBIT margin of Catering segment rose
from negative 37.45% to 5.22%. PBIT margin of Internet Ticketing
segment rose from 78.94% to 85.23%. PBIT margin of Raill Neer
segment fell from negative 7.79% to negative 8.52%. PBIT margin of
Tourism segment rose from negative 132.74% to negative 29.39%. Overall
PBIT margin rose from 24.44% to 44.61%.
Operating profit margin has jumped
from 24.30% to 46.86%, leading to 362.85% rise in operating profit to Rs 880.72
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 1.63% to 2.13%. Purchase of finished
goods cost fell from 4.20% to 3.50%. Employee cost decreased from
26.47% to 12.63%. Other expenses fell from 43.33% to 34.89%.
Other direct service cost rose from 21.99% to 29.19%.
Provisions writeoffs cost fell from 0.16% to 0.07%.
Other provisions fell from 0.16% to 0.07%.
Other income fell 14.96% to Rs 72.83
crore. PBIDT rose 245.59% to Rs 953.55 crore. Provision
for interest up 35.58% to Rs 11.05 crore. Loan funds rose to Rs
106.66 crore as of 31 March 2022 from Rs 77.85 crore as of 31 March
2021. Inventories rose to Rs 7.93 crore as of 31 March 2022 from Rs
6.54 crore as of 31 March 2021. Sundry debtors were higher at Rs
572.64 crore as of 31 March 2022 compared to Rs 540.05 crore as of 31 March
2021. Cash and bank balance rose to Rs 1,731.57 crore as of 31 March
2022 from Rs 1,460.50 crore as of 31 March 2021.
PBDT rose 251.98% to Rs 942.5
crore. Provision for depreciation rose 5.86% to Rs 48.99
crore. Fixed assets increased to Rs 356.22 crore as of 31 March 2022
from Rs 327.57 crore as of 31 March 2021. Intangible assets declined
from Rs 6.69 crore to Rs 5.36 crore.
Profit before tax grew 303.41% to Rs
893.51 crore. Provision for tax was expense of Rs 225.82 crore,
compared to Rs 70.99 crore. Effective tax rate was 25.39% compared
to 27.21%.
Profit after tax rose 249.49% to Rs
663.69 crore.
Equity capital stood at Rs 160.00
crore as of 31 March 2022 to Rs 160.00 crore as of 31 March
2021. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 67.40% as of 31
March 2022 ,compared to 67.40% as of 31 March 2021 .
Others:
Dividend: The Board of Directors
have recommended a final dividend of Rs 1.5 per equity share of Rs 2/- each.
| Indian Railway Catering & Tourism Corporation : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 690.96 | 338.79 | 103.95 | 1,879.48 | 783.05 | 140.02 | | OPM (%) | 40.31 | 42.83 | -252 bps | 46.86 | 24.30 | 2,256 bps | | OP | 278.54 | 145.10 | 91.96 | 880.72 | 190.28 | 362.85 | | Other Inc. | 25.83 | 19.46 | 32.73 | 72.83 | 85.64 | -14.96 | | PBIDT | 304.37 | 164.56 | 84.96 | 953.55 | 275.92 | 245.59 | | Interest | 2.98 | 3.74 | -20.32 | 11.05 | 8.15 | 35.58 | | PBDT | 301.39 | 160.82 | 87.41 | 942.50 | 267.77 | 251.98 | | Depreciation | 14.19 | 18.73 | -24.24 | 48.99 | 46.28 | 5.86 | | PBT | 287.20 | 142.09 | 102.13 | 893.51 | 221.49 | 303.41 | | PBT before EO | 287.2 | 142.09 | 102.13 | 893.51 | 221.49 | 303.41 | | EO Income | -4 | -2.88 | -38.89 | -4 | 39.4 | PL | | PBT after EO | 283.2 | 139.21 | 103.43 | 889.51 | 260.89 | 240.95 | | Taxation | 69.42 | 35.42 | 95.99 | 225.82 | 70.99 | 218.10 | | PAT | 213.78 | 103.79 | 105.97 | 663.69 | 189.9 | 249.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 213.78 | 103.79 | 105.97 | 663.69 | 189.9 | 249.49 | | EPS (Rs)* | 2.71 | 1.32 | 104.67 | 8.33 | 2.02 | 313.52 | | | * EPS is on current equity of Rs 160.00 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Indian Railway Catering & Tourism Corporation : Standalone Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Catering | 38.53 | 266.19 | 67.39 | 295.01 | 26.55 | 498.97 | 223.08 | 123.68 | | Internet Ticketing | 42.38 | 292.82 | 212.01 | 38.12 | 54.32 | 1,020.97 | 442.48 | 130.74 | | Raill Neer | 7.51 | 51.88 | 27.81 | 86.59 | 9.17 | 172.26 | 57.24 | 200.95 | | Statem Teertha | 3.74 | 25.82 | 0.00 | - | | Tourism | 7.85 | 54.25 | 31.58 | 71.77 | 8.35 | 156.97 | 53.86 | 191.45 | | Total Reported Sales | 100.00 | 690.96 | 338.79 | 103.95 | 100.00 | 1,879.48 | 776.66 | 142.00 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 690.96 | 338.79 | 103.95 | 100.00 | 1,879.48 | 776.66 | 142.00 | | PBIT | | Catering | 9.35 | 25.12 | -7.21 | LP | 3.10 | 26.02 | -83.54 | LP | | Internet Ticketing | 99.72 | 267.79 | 173.66 | 54.21 | 103.80 | 870.19 | 349.30 | 149.13 | | Raill Neer | -9.06 | -24.34 | -0.58 | -4,090.13 | -1.75 | -14.68 | -4.46 | -229.11 | | Statem Teertha | 0.89 | 2.40 | 0.00 | - | | Tourism | -0.91 | -2.44 | -42.25 | 94.22 | -5.50 | -46.13 | -71.49 | 35.47 | | Total PBIT | 100.00 | 268.54 | 123.62 | 117.23 | 100.00 | 838.37 | 189.81 | 341.69 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 14.67 | 15.58 | -5.85 | | 51.15 | 67.71 | -24.46 | | PBIT Margin(%) | | Catering | | 9.44 | -10.70 | 2,013.83 | | 5.22 | -37.45 | 4,266.31 | | Internet Ticketing | | 91.45 | 81.91 | 954.13 | | 85.23 | 78.94 | 629.17 | | Raill Neer | | -46.91 | -2.09 | -4,481.78 | | -8.52 | -7.79 | -72.92 | | Statem Teertha | | 9.29 | 0.00 | 928.79 | | 9.80 | 0.00 | 980.41 | | Tourism | | -4.50 | -133.77 | 12,927.44 | | -29.39 | -132.74 | 10,334.81 | | PBT | 100.00 | 283.20 | 139.20 | 103.45 | 100.00 | 889.51 | 257.51 | 245.42 |
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Peer Comparision (Standalone)
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Q-202203
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Sales
(Rs. Crs)
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var.(%)
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OP
(Rs. Crs)
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var.(%)
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Net Profit
(Rs. Crs)
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var.(%)
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Share Price(Rs)
31-May-2022
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var.(%)
over
One year
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TTM EPS
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TTM PE
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Indian Railway Catering & Tourism Corporation Ltd
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690.96
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103.95
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270.54
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94.16
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216.57
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104.58
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692.95
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82.19
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8.33
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82.51
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Easy Trip Planners Ltd
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59.16
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-11
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29.53
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-29.57
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23.92
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-23.31
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380.15
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132.37
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4.93
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76.95
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International Travel House Ltd
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27.53
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32.48
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-0.50
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90.99
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-1.33
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80.18
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110.55
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57.03
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-13.38
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-
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Thomas Cook (India) Ltd
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79.36
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24.86
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-33.71
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32.1
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-30.01
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-130.31
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62.00
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1.47
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-1.75
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-
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Transcorp International Ltd
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694.62
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64.21
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-1.45
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-184.31
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0.24
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LP
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22.00
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88.68
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0.08
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254.85
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Yaan Enterprises Ltd
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0.49
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-38.75
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-0.06
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99.09
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-0.09
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40
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19.80
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3.39
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-0.52
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-
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Industry
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1,552.12
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69.92
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264.35
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122.2
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209.30
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79.67
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72,569.82
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124.56
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53.87
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