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Results
10-Aug-22
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Analysis
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Indian Railway Catering & Tourism Corporation
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PAT up 197.5% YoY to Rs 245.5 crore in Q1FY2023
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On standalone basis
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating
income) of Indian Railway Catering & Tourism Corporation has increased
250.33% to Rs 852.59 crore. Sales of Catering segment has gone up
520.86% to Rs 352.15 crore (accounting for 41.30% of total
sales). Sales of Internet Ticketing segment has gone up 101.14% to
Rs 301.66 crore (accounting for 35.38% of total sales). Sales of
Raill Neer segment rose 185.83% to Rs 83.65 crore (accounting for 9.81% of
total sales). Sales of Tourism segment has gone up 1,005.08% to Rs
81.93 crore (accounting for 9.61% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 215.26% to
Rs 313.62 crore. PBIT of Catering reported profit of Rs 42.25 crore
compared to loss of Rs 4.67 crore. PBIT of Internet Ticketing
segment rose 118.15% to Rs 254.95 crore (accounting for 81.29% of total PBIT). PBIT
of Raill Neer segment rose 407.30% to Rs 9.19 crore (accounting for 2.93% of
total PBIT). PBIT of Tourism reported profit of Rs 0.86 crore
compared to loss of Rs 14.53 crore.
PBIT
margin of Catering segment rose from negative 8.24% to 12.00%. PBIT
margin of Internet Ticketing segment rose from 77.93% to
84.52%. PBIT margin of Raill Neer segment rose from 6.19% to
10.98%. PBIT margin of Tourism segment rose from negative 195.94% to
1.05%. Overall PBIT margin fell from 40.88% to 36.78%.
Operating profit margin has declined
from 45.82% to 37.64%, leading to 187.83% rise in operating profit to Rs 320.93
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 2.34% to 2.30%. Purchase of finished
goods cost fell from 5.96% to 3.57%. Employee cost decreased from
19.78% to 6.49%. Other expenses rose from 26.21% to 50.02%.
Other direct service cost rose from 15.41% to 46.35%.
Other
income up 67.60% to Rs 24.42 crore. PBIDT rose 173.94% to Rs 345.35
crore. Provision for interest fell 34.22% to Rs 2.48
crore.
PBDT
rose 180.35% to Rs 342.87 crore. Provision for depreciation rose
20.84% to Rs 13.57 crore.
Profit
before tax grew 196.48% to Rs 329.30 crore. Provision for tax was
expense of Rs 83.78 crore, compared to Rs 28.55 crore. Effective tax
rate was 25.44% compared to 25.70%.
Profit
after tax rose 197.53% to Rs 245.52 crore.
Promoters’
stake was 67.40% as of 30 June 2022 ,compared to 67.40% as of 30 June 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.
Promoters’
stake was 67.40% as of 31 March 2022 ,compared to 67.40% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 523.74 crore for year ended
March 2022 from Rs 247.54 crore for year ended March 2021. Cash flow
used in acquiring fixed assets during the year ended March 2022 stood at Rs
52.15 crore, compared to Rs 90.28 crore during the year ended March
2021.
| Indian Railway Catering & Tourism Corporation : Standalone Results | | Quarter ended | Year ended |
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| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 852.59 | 243.37 | 250.33 | 1,879.48 | 783.05 | 140.02 | | OPM (%) | 37.64 | 45.82 | -817 bps | 46.86 | 24.30 | 2,256 bps | | OP | 320.93 | 111.50 | 187.83 | 880.72 | 190.28 | 362.85 | | Other Inc. | 24.42 | 14.57 | 67.60 | 72.83 | 85.64 | -14.96 | | PBIDT | 345.35 | 126.07 | 173.94 | 953.55 | 275.92 | 245.59 | | Interest | 2.48 | 3.77 | -34.22 | 11.05 | 8.15 | 35.58 | | PBDT | 342.87 | 122.30 | 180.35 | 942.50 | 267.77 | 251.98 | | Depreciation | 13.57 | 11.23 | 20.84 | 48.99 | 46.28 | 5.86 | | PBT | 329.30 | 111.07 | 196.48 | 893.51 | 221.49 | 303.41 | | PBT before EO | 329.3 | 111.07 | 196.48 | 893.51 | 221.49 | 303.41 | | EO Income | 0 | 0 | - | -4 | 39.4 | PL | | PBT after EO | 329.3 | 111.07 | 196.48 | 889.51 | 260.89 | 240.95 | | Taxation | 83.78 | 28.55 | 193.45 | 225.82 | 70.99 | 218.10 | | PAT | 245.52 | 82.52 | 197.53 | 663.69 | 189.9 | 249.49 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 245.52 | 82.52 | 197.53 | 663.69 | 189.9 | 249.49 | | EPS (Rs)* | 3.07 | 1.03 | 197.53 | 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) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Catering | 41.30 | 352.15 | 56.72 | 520.86 | 26.55 | 498.97 | 223.08 | 123.68 | | Internet Ticketing | 35.38 | 301.66 | 149.97 | 101.14 | 54.32 | 1,020.97 | 442.48 | 130.74 | | Raill Neer | 9.81 | 83.65 | 29.26 | 185.83 | 9.17 | 172.26 | 57.24 | 200.95 | | Statem Teertha | 3.89 | 33.20 | 0.00 | - | | Tourism | 9.61 | 81.93 | 7.41 | 1,005.08 | 8.35 | 156.97 | 53.86 | 191.45 | | Total Reported Sales | 100.00 | 852.59 | 243.37 | 250.33 | 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 | 852.59 | 243.37 | 250.33 | 100.00 | 1,879.48 | 776.66 | 142.00 | | PBIT | | Catering | 13.47 | 42.25 | -4.67 | LP | 3.10 | 26.02 | -83.54 | LP | | Internet Ticketing | 81.29 | 254.95 | 116.87 | 118.15 | 103.80 | 870.19 | 349.30 | 149.13 | | Raill Neer | 2.93 | 9.19 | 1.81 | 407.30 | -1.75 | -14.68 | -4.46 | -229.11 | | Statem Teertha | 2.03 | 6.38 | 0.00 | - | | Tourism | 0.28 | 0.86 | -14.53 | LP | -5.50 | -46.13 | -71.49 | 35.47 | | Total PBIT | 100.00 | 313.62 | 99.48 | 215.26 | 100.00 | 838.37 | 189.81 | 341.69 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 15.68 | 11.60 | 35.23 | | 51.15 | 67.71 | -24.46 | | PBIT Margin(%) | | Catering | | 12.00 | -8.24 | 2,023.31 | | 5.22 | -37.45 | 4,266.31 | | Internet Ticketing | | 84.52 | 77.93 | 658.83 | | 85.23 | 78.94 | 629.17 | | Raill Neer | | 10.98 | 6.19 | 479.44 | | -8.52 | -7.79 | -72.92 | | Statem Teertha | | 19.21 | 0.00 | 1,920.69 | | 9.80 | 0.00 | 980.41 | | Tourism | | 1.05 | -195.94 | 19,699.19 | | -29.39 | -132.74 | 10,334.81 | | PBT | 100.00 | 329.30 | 111.08 | 196.46 | 100.00 | 889.51 | 257.51 | 245.42 |
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Peer Comparision (Standalone)
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Q-202206
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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)
08-Aug-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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852.59
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250.33
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320.93
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187.83
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245.52
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197.53
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657.25
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24.15
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10.37
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64.90
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Easy Trip Planners Ltd
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83.69
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167.29
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41.48
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131.47
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33.68
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114.25
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414.75
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68.34
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5.76
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70.09
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International Travel House Ltd
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42.32
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290.77
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4.82
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LP
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3.87
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LP
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137.10
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72.67
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1.34
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102.86
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Thomas Cook (India) Ltd
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297.90
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572.31
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-5.23
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90.85
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1.38
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LP
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73.65
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21.33
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-1.27
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-
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Transcorp International Ltd
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776.43
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96.44
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0.60
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LP
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0.30
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LP
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26.45
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57.91
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0.28
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91.74
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Yaan Enterprises Ltd
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0.56
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1020
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0.00
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-
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0.00
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-
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23.80
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13.33
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-0.26
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-
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Industry
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2,053.49
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183.19
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362.60
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453.25
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284.75
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286.42
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57,536.23
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46.25
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53.87
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