On standalone basis
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating
income) of Indian Railway Catering & Tourism Corporation has increased
39.66% to Rs 965.02 crore. Sales of Catering segment has gone up
48.68% to Rs 395.78 crore (accounting for 40.88% of total
sales). Sales of Internet Ticketing segment has gone up 0.79% to Rs
295.12 crore (accounting for 30.48% of total sales). Sales of Raill
Neer segment rose 34.37% to Rs 73.37 crore (accounting for 7.58% of total
sales). Sales of Statem Teertha segment has gone up 153.51% to Rs
65.45 crore (accounting for 6.76% of total sales). Sales of Tourism
segment has gone up 155.40% to Rs 138.54 crore (accounting for 14.31% of total
sales). Inter-segment sales rose Rs 2.72 crore to Rs 3.24
crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 29.78% to Rs
348.52 crore. PBIT of Catering segment rose 91.27% to Rs 48.05 crore
(accounting for 13.79% of total PBIT). PBIT of Internet Ticketing
segment fell 2.94% to Rs 259.92 crore (accounting for 74.58% of total
PBIT). PBIT of Raill Neer reported profit of Rs 13.01 crore compared
to loss of Rs 24.34 crore. PBIT of Statem Teertha segment rose
482.51% to Rs 13.97 crore (accounting for 4.01% of total PBIT). PBIT
of Tourism reported profit of Rs 13.57 crore compared to loss of Rs 2.44
crore.
PBIT
margin of Catering segment rose from 9.44% to 12.14%. PBIT margin of
Internet Ticketing segment fell from 91.45% to 88.07%. PBIT margin
of Raill Neer segment rose from negative 44.57% to 17.74%. PBIT
margin of Statem Teertha segment rose from 9.29% to 21.34%. PBIT
margin of Tourism segment rose from negative 4.50% to 9.79%. Overall
PBIT margin fell from 38.71% to 35.99%.
Operating profit margin has declined
from 40.31% to 33.64%, leading to 16.54% rise in operating profit to Rs 324.60
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 1.88% to 1.81%. Purchase of finished
goods cost fell from 3.68% to 3.21%. Employee cost decreased from
8.05% to 5.81%. Other expenses rose from 46.02% to 55.53%.
Other direct service cost rose from 39.38% to 49.13%.
Other
income up 52.03% to Rs 39.27 crore. PBIDT rose 19.55% to Rs 363.87
crore. Provision for interest up 30.87% to Rs 3.9
crore. Loan funds declined from Rs 104.92 crore as of 31 March 2022
to Rs 84.16 crore as of 31 March 2023. Inventories rose to Rs 9.61
crore as of 31 March 2023 from Rs 7.93 crore as of 31 March
2022. Sundry debtors were higher at Rs 1,142.91 crore as of 31 March
2023 compared to Rs 571.52 crore as of 31 March 2022. Cash and bank
balance rose to Rs 1,933.73 crore as of 31 March 2023 from Rs 1,731.57 crore as
of 31 March 2022.
PBDT
rose 19.44% to Rs 359.97 crore. Provision for depreciation down
20.93% to Rs 11.22 crore. Fixed assets increased to Rs 381.99 crore
as of 31 March 2023 from Rs 356.22 crore as of 31 March 2022. Intangible
assets declined from Rs 5.36 crore to Rs 2.73 crore.
Profit
before tax grew 21.43% to Rs 348.75 crore. Provision for tax was
expense of Rs 95.8 crore, compared to Rs 69.42 crore. Effective tax
rate was 25.57% compared to 24.51%.
Profit
after tax rose 30.41% to Rs 278.80 crore.
Equity
capital stood at Rs 160.00 crore as of 31 March 2023 to Rs 160.00 crore as of
31 March 2022. Per share face Value remained same at Rs
2.00.
Promoters’
stake was 62.40% as of 31 March 2023 ,compared to 67.40% as of 31 March 2022
.
Full year results analysis
Net sales (including other operating income) of Indian Railway Catering &
Tourism Corporation has increased 88.52% to Rs 3,541.47 crore. Sales
of Catering segment has gone up 196.26% to Rs 1,476.49 crore (accounting for
41.53% of total sales). Sales of Internet Ticketing segment has gone
up 17.45% to Rs 1,198.03 crore (accounting for 33.70% of total
sales). Sales of Raill Neer segment rose 78.43% to Rs 314.57 crore
(accounting for 8.85% of total sales). Sales of Statem Teertha
segment has gone up 407.29% to Rs 153.78 crore (accounting for 4.33% of total
sales). Sales of Tourism segment has gone up 161.60% to Rs 412.21
crore (accounting for 11.59% of total sales). Inter-segment sales
rose Rs 3.99 crore to Rs 13.60 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 52.87% to Rs 1,270.62
crore. PBIT of Catering segment rose 603.44% to Rs 168.01 crore
(accounting for 13.22% of total PBIT). PBIT of Internet Ticketing
segment rose 18.06% to Rs 1,020.93 crore (accounting for 80.35% of total
PBIT). PBIT of Raill Neer reported profit of Rs 36.44 crore compared
to loss of Rs 15.34 crore. PBIT of Statem Teertha segment rose
606.39% to Rs 28.79 crore (accounting for 2.27% of total PBIT). PBIT
of Tourism reported profit of Rs 16.45 crore compared to loss of Rs 46.19
crore.
PBIT margin of Catering segment rose
from 4.79% to 11.38%. PBIT margin of Internet Ticketing segment rose
from 84.78% to 85.22%. PBIT margin of Raill Neer segment rose from
negative 8.70% to 11.58%. PBIT margin of Statem Teertha segment rose
from 13.45% to 18.72%. PBIT margin of Tourism segment rose from
negative 29.31% to 3.99%. Overall PBIT margin fell from 44.15% to 35.74%.
Operating profit margin has declined
from 46.50% to 36.04%, leading to 46.10% rise in operating profit to Rs
1,276.22 crore. Purchase of finished goods cost fell from 3.50% to
3.41%. Employee cost decreased from 12.80% to 6.93%.
Other expenses rose from 35.08% to 51.50%. Other direct
service cost rose from 29.14% to 46.91%.
Other income up 58.67% to Rs 120.43
crore. PBIDT rose 47.11% to Rs 1396.65 crore. Provision
for interest up 45.79% to Rs 16.11 crore. Loan funds declined from
Rs 104.92 crore as of 31 March 2022 to Rs 84.16 crore as of 31 March
2023. Inventories rose to Rs 9.61 crore as of 31 March 2023 from Rs
7.93 crore as of 31 March 2022. Sundry debtors were higher at Rs
1,142.91 crore as of 31 March 2023 compared to Rs 571.52 crore as of 31 March
2022. Cash and bank balance rose to Rs 1,933.73 crore as of 31 March
2023 from Rs 1,731.57 crore as of 31 March 2022.
PBDT rose 47.12% to Rs 1380.54
crore. Provision for depreciation rose 9.68% to Rs 53.73
crore. Fixed assets increased to Rs 381.99 crore as of 31 March 2023
from Rs 356.22 crore as of 31 March 2022. Intangible assets declined
from Rs 5.36 crore to Rs 2.73 crore.
Profit before tax grew 49.19% to Rs
1,326.81 crore. Provision for tax was expense of Rs 348.13 crore,
compared to Rs 225.82 crore. Effective tax rate was 25.71% compared
to 25.51%.
Profit after tax rose 52.51% to Rs
1,005.88 crore.
Equity capital stood at Rs 160.00
crore as of 31 March 2023 to Rs 160.00 crore as of 31 March
2022. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 62.40% as of 31
March 2023 ,compared to 67.40% as of 31 March 2022 .
Dividend: The
Board of Directors have recommended a Final Dividend of Rs 2/- per equity share of face value of Rs 2/- each for the financial year 2022-23.
| Indian Railway Catering & Tourism Corporation : Standalone Results | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 965.02 | 690.96 | 39.66 | 3,541.47 | 1,878.57 | 88.52 | | OPM (%) | 33.64 | 40.31 | -668 bps | 36.04 | 46.50 | -1,046 bps | | OP | 324.60 | 278.54 | 16.54 | 1,276.22 | 873.51 | 46.10 | | Other Inc. | 39.27 | 25.83 | 52.03 | 120.43 | 75.90 | 58.67 | | PBIDT | 363.87 | 304.37 | 19.55 | 1,396.65 | 949.41 | 47.11 | | Interest | 3.9 | 2.98 | 30.87 | 16.11 | 11.05 | 45.79 | | PBDT | 359.97 | 301.39 | 19.44 | 1,380.54 | 938.36 | 47.12 | | Depreciation | 11.22 | 14.19 | -20.93 | 53.73 | 48.99 | 9.68 | | PBT | 348.75 | 287.20 | 21.43 | 1326.81 | 889.37 | 49.19 | | PBT before EO | 348.75 | 287.2 | 21.43 | 1326.81 | 889.37 | 49.19 | | EO Income | 25.85 | -4 | LP | 27.2 | -4 | LP | | PBT after EO | 374.6 | 283.2 | 32.27 | 1354.01 | 885.37 | 52.93 | | Taxation | 95.8 | 69.42 | 38.00 | 348.13 | 225.82 | 54.16 | | PAT | 278.8 | 213.78 | 30.41 | 1005.88 | 659.55 | 52.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 278.8 | 213.78 | 30.41 | 1005.88 | 659.55 | 52.51 | | EPS (Rs)* | 3.24 | 2.71 | 19.72 | 12.32 | 8.28 | 48.77 | | | * 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 |
|
| Indian Railway Catering & Tourism Corporation : Standalone Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Catering | 40.88 | 395.78 | 266.19 | 48.68 | 41.53 | 1,476.49 | 498.38 | 196.26 | | Internet Ticketing | 30.48 | 295.12 | 292.82 | 0.79 | 33.70 | 1,198.03 | 1,020.00 | 17.45 | | Raill Neer | 7.58 | 73.37 | 54.60 | 34.37 | 8.85 | 314.57 | 176.30 | 78.43 | | Statem Teertha | 6.76 | 65.45 | 25.82 | 153.51 | 4.33 | 153.78 | 30.31 | 407.29 | | Tourism | 14.31 | 138.54 | 54.25 | 155.40 | 11.59 | 412.21 | 157.57 | 161.60 | | Total Reported Sales | 100.00 | 968.26 | 693.68 | 39.58 | 100.00 | 3,555.07 | 1,882.57 | 88.84 | | Less: Inter segment revenues | | 3.24 | 2.72 | 19.21 | | 13.60 | 3.99 | 240.42 | | Net Sales | 100.00 | 965.02 | 690.96 | 39.66 | 100.00 | 3,541.47 | 1,878.57 | 88.52 | | PBIT | | Catering | 13.79 | 48.05 | 25.12 | 91.27 | 13.22 | 168.01 | 23.88 | 603.44 | | Internet Ticketing | 74.58 | 259.92 | 267.79 | -2.94 | 80.35 | 1,020.93 | 864.72 | 18.06 | | Raill Neer | 3.73 | 13.01 | -24.34 | LP | 2.87 | 36.44 | -15.34 | LP | | Statem Teertha | 4.01 | 13.97 | 2.40 | 482.51 | 2.27 | 28.79 | 4.08 | 606.39 | | Tourism | 3.89 | 13.57 | -2.44 | LP | 1.30 | 16.45 | -46.19 | LP | | Total PBIT | 100.00 | 348.52 | 268.54 | 29.78 | 100.00 | 1,270.62 | 831.15 | 52.87 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 26.09 | 14.67 | 77.83 | | 83.39 | 54.22 | 53.78 | | PBIT Margin(%) | | Catering | | 12.14 | 9.44 | 270.35 | | 11.38 | 4.79 | 658.66 | | Internet Ticketing | | 88.07 | 91.45 | -338.05 | | 85.22 | 84.78 | 44.04 | | Raill Neer | | 17.74 | -44.57 | 6,230.82 | | 11.58 | -8.70 | 2,028.64 | | Statem Teertha | | 21.34 | 9.29 | 1,205.37 | | 18.72 | 13.45 | 527.76 | | Tourism | | 9.79 | -4.50 | 1,429.38 | | 3.99 | -29.31 | 3,330.24 | | PBT | 100.00 | 374.60 | 283.20 | 32.27 | 100.00 | 1,354.01 | 885.38 | 52.93 |
|
|
Peer Comparision (Standalone)
|
Q-202303
|
Sales
(Rs. Crs)
|
var.(%)
|
OP
(Rs. Crs)
|
var.(%)
|
Net Profit
(Rs. Crs)
|
var.(%)
|
Share Price(Rs)
29-May-2023
|
var.(%)
over
One year
|
TTM EPS
|
TTM PE
|
|
Indian Railway Catering & Tourism Corporation Ltd
|
965.02
|
39.66
|
376.30
|
39.09
|
260.90
|
20.47
|
645.60
|
-7.09
|
12.32
|
52.40
|
|
Easy Trip Planners Ltd
|
111.47
|
88.42
|
47.38
|
60.45
|
37.81
|
58.07
|
45.98
|
-3.16
|
0.84
|
54.44
|
|
International Travel House Ltd
|
50.39
|
83.04
|
6.76
|
LP
|
15.61
|
LP
|
295.70
|
172.91
|
35.52
|
8.32
|
|
Mahasagar Travels Ltd
|
11.63
|
-6.74
|
0.75
|
27.12
|
0.44
|
LP
|
4.06
|
9.73
|
0.37
|
11.00
|
|
Thomas Cook (India) Ltd
|
368.19
|
363.95
|
-17.02
|
49.51
|
-1.84
|
93.87
|
63.83
|
3.45
|
0.04
|
1,614.23
|
|
Transcorp International Ltd
|
663.70
|
-4.45
|
0.88
|
LP
|
-0.02
|
PL
|
30.80
|
41.28
|
0.12
|
251.41
|
|
Yaan Enterprises Ltd
|
1.15
|
134.69
|
0.04
|
LP
|
0.04
|
LP
|
20.35
|
3.04
|
0.19
|
105.17
|
|
Industry
|
2,171.55
|
38.79
|
415.09
|
56.67
|
312.94
|
49.61
|
56,312.31
|
-22.40
|
|
53.87
|
|