Results     29-May-24
Analysis
Indian Railway Catering & Tourism Corporation
Revenue up 19.7% YoY to Rs 1154.8 cr, PAT up 2% YoY to Rs 284.4 cr in Q4FY2024
On standalone basis

Quarter ended March 2024 compared with Quarter ended March 2023.

Net sales (including other operating income) of Indian Railway Catering & Tourism Corporation has increased 19.66% to Rs 1,154.77 crore.  Sales of Catering segment has gone up 34.12% to Rs 530.82 crore (accounting for 45.84% of total sales).  Sales of Internet Ticketing segment has gone down 71.89% to Rs 82.96 crore (accounting for 7.17% of total sales).  Sales of Raill Neer segment rose 366.72% to Rs 342.41 crore (accounting for 29.57% of total sales).  Sales of Statem Teertha segment has gone up 136.23% to Rs 154.61 crore (accounting for 13.35% of total sales).  Sales of Tourism segment has gone down 66.03% to Rs 47.06 crore (accounting for 4.06% of total sales).  Inter-segment sales came down from Rs 3.24 crore to Rs 3.09 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 0.77% to Rs 351.21 crore.  PBIT of Catering segment fell 3.31% to Rs 46.46 crore (accounting for 13.23% of total PBIT).  PBIT of Internet Ticketing segment fell 95.90% to Rs 10.66 crore (accounting for 3.03% of total PBIT).  PBIT of Raill Neer segment rose 2,014.05% to Rs 275.10 crore (accounting for 78.33% of total PBIT).  PBIT of Statem Teertha segment fell 34.09% to Rs 9.21 crore (accounting for 2.62% of total PBIT).  PBIT of Tourism segment fell 27.92% to Rs 9.78 crore (accounting for 2.78% of total PBIT).  

PBIT margin of Catering segment fell from 12.14% to 8.75%.  PBIT margin of Internet Ticketing segment fell from 88.07% to 12.84%.  PBIT margin of Raill Neer segment rose from 17.74% to 80.34%.  PBIT margin of Statem Teertha segment fell from 21.34% to 5.95%.  PBIT margin of Tourism segment rose from 9.79% to 20.78%.  Overall PBIT margin fell from 35.99% to 30.33%.  

Operating profit margin has declined from 33.64% to 31.41%, leading to 11.73% rise in operating profit to Rs 362.69 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 1.81% to 1.45%.   Purchase of finished goods cost fell from 3.21% to 3.09%.   Employee cost increased from 5.81% to 7.25%.   Other expenses rose from 55.53% to 56.82%.   Other direct service cost rose from 49.13% to 51.68%.   

Other income fell 16.91% to Rs 32.63 crore.  PBIDT rose 8.64% to Rs 395.32 crore.  Provision for interest up 37.18% to Rs 5.35 crore.  Loan funds declined from Rs 84.16 crore as of 31 March 2023 to Rs 60.35 crore as of 31 March 2024.  Inventories rose to Rs 10.97 crore as of 31 March 2024 from Rs 9.61 crore as of 31 March 2023.  Sundry debtors were higher at Rs 1,374.34 crore as of 31 March 2024 compared to Rs 1,142.91 crore as of 31 March 2023.  Cash and bank balance rose to Rs 2,262.65 crore as of 31 March 2024 from Rs 1,933.73 crore as of 31 March 2023.  

PBDT rose 8.33% to Rs 389.97 crore.  Provision for depreciation rose 39.22% to Rs 15.62 crore.  Fixed assets increased to Rs 782.06 crore as of 31 March 2024 from Rs 381.99 crore as of 31 March 2023.  Intangible assets increased from Rs 2.73 crore to Rs 3.22 crore.  

Profit before tax grew 7.34% to Rs 374.35 crore.  Extraordinary items were decreased to Rs 7.89 crore.  Provision for tax was expense of Rs 97.87 crore, compared to Rs 95.8 crore.  Effective tax rate was 25.60% compared to 25.57%.

Profit after tax rose 2% to Rs 284.37 crore.  

Equity capital stood at Rs 160.00 crore as of 31 March 2024 to Rs 160.00 crore as of 31 March 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 62.40% as of 31 March 2024 ,compared to 62.40% as of 31 March 2023 .  

Full year results analysis

Net sales (including other operating income) of Indian Railway Catering & Tourism Corporation has increased 20.58% to Rs 4,270.18 crore.  Sales of Catering segment has gone up 31.88% to Rs 1,947.19 crore (accounting for 45.45% of total sales).  Sales of Internet Ticketing segment has gone down 71.56% to Rs 340.67 crore (accounting for 7.95% of total sales).  Sales of Raill Neer segment rose 311.77% to Rs 1,295.31 crore (accounting for 30.23% of total sales).  Sales of Statem Teertha segment has gone up 257.15% to Rs 549.22 crore (accounting for 12.82% of total sales).  Sales of Tourism segment has gone down 63.17% to Rs 151.80 crore (accounting for 3.54% of total sales).  Inter-segment sales rose Rs 13.60 crore to Rs 14.01 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 8.29% to Rs 1,375.91 crore.  PBIT of Catering segment rose 59.99% to Rs 268.80 crore (accounting for 19.54% of total PBIT).  PBIT of Internet Ticketing segment fell 97.14% to Rs 29.22 crore (accounting for 2.12% of total PBIT).  PBIT of Raill Neer segment rose 2,829.71% to Rs 1,067.59 crore (accounting for 77.59% of total PBIT).  PBIT of Statem Teertha reported loss of Rs 19.14 crore compared to profit of Rs 28.79 crore.  PBIT of Tourism segment rose 78.87% to Rs 29.43 crore (accounting for 2.14% of total PBIT).  

PBIT margin of Catering segment rose from 11.38% to 13.80%.  PBIT margin of Internet Ticketing segment fell from 85.22% to 8.58%.  PBIT margin of Raill Neer segment rose from 11.58% to 82.42%.  PBIT margin of Statem Teertha segment fell from 18.72% to 3.48%.  PBIT margin of Tourism segment rose from 3.99% to 19.39%.  Overall PBIT margin fell from 35.74% to 32.12%.  

Operating profit margin has declined from 36.04% to 34.34%, leading to 14.89% rise in operating profit to Rs 1,466.20 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 2.14% to 1.69%.   Purchase of finished goods cost rose from 3.41% to 4.10%.   Employee cost decreased from 6.93% to 6.77%.   Other expenses rose from 51.50% to 53.13%.   Other direct service cost rose from 46.91% to 48.98%.   

Other income up 36.58% to Rs 164.48 crore.  PBIDT rose 16.76% to Rs 1630.68 crore.  Provision for interest up 15.70% to Rs 18.64 crore.  Loan funds declined from Rs 84.16 crore as of 31 March 2023 to Rs 60.35 crore as of 31 March 2024.  Inventories rose to Rs 10.97 crore as of 31 March 2024 from Rs 9.61 crore as of 31 March 2023.  Sundry debtors were higher at Rs 1,374.34 crore as of 31 March 2024 compared to Rs 1,142.91 crore as of 31 March 2023.  Cash and bank balance rose to Rs 2,262.65 crore as of 31 March 2024 from Rs 1,933.73 crore as of 31 March 2023.  

PBDT rose 16.77% to Rs 1612.04 crore.  Provision for depreciation rose 6.50% to Rs 57.22 crore.  Fixed assets increased to Rs 782.06 crore as of 31 March 2024 from Rs 381.99 crore as of 31 March 2023.  Intangible assets increased from Rs 2.73 crore to Rs 3.22 crore.  

Profit before tax grew 17.18% to Rs 1,554.82 crore.  Provision for tax was expense of Rs 385.03 crore, compared to Rs 348.13 crore.  Effective tax rate was 25.73% compared to 25.71%.

Profit after tax rose 10.48% to Rs 1,111.26 crore.  

Equity capital stood at Rs 160.00 crore as of 31 March 2024 to Rs 160.00 crore as of 31 March 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 62.40% as of 31 March 2024 ,compared to 62.40% as of 31 March 2023 .  

 

Dividend: The board has recommended a Final Dividend of Rs. 4/- shares of Rs. 2/- each for the financial year 2023-24.



Indian Railway Catering & Tourism Corporation : Standalone Results
Quarter endedYear ended
Particulars202403202303Var.(%)202403202303Var.(%)
Net Sales (including other operating income)1,154.77965.0219.664,270.183,541.4720.58
OPM (%)31.4133.64-223 bps34.3436.04-170 bps
OP362.69324.6011.731,466.201,276.2214.89
Other Inc.32.6339.27-16.91164.48120.4336.58
PBIDT395.32363.878.641,630.681,396.6516.76
Interest5.353.937.1818.6416.1115.70
PBDT389.97359.978.331,612.041,380.5416.77
Depreciation15.6211.2239.2257.2253.736.50
PBT374.35348.757.341554.821326.8117.18
PBT before EO374.35348.757.341554.821326.8117.18
EO Income7.8925.85-69.48-58.5327.2PL
PBT after EO382.24374.62.041496.291354.0110.51
Taxation97.8795.82.16385.03348.1310.60
PAT284.37278.82.001111.261005.8810.48
P/(L) from discontinued operations net of tax00-00-
Net profit after discontinued operations284.37278.82.001111.261005.8810.48
EPS (Rs)*3.483.247.3014.4312.3217.15
* 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 endedYear ended
% of (Total)202403202303Var.(%)% of (Total)202403202303Var.(%)
Sales
Catering45.84530.82395.7834.1245.451,947.191,476.4931.88
Internet Ticketing7.1782.96295.12-71.897.95340.671,198.03-71.56
Raill Neer29.57342.4173.37366.7230.231,295.31314.57311.77
Statem Teertha13.35154.6165.45136.2312.82549.22153.78257.15
Tourism4.0647.06138.54-66.033.54151.80412.21-63.17
Total Reported Sales100.001,157.86968.2619.58100.004,284.193,555.0720.51
Less: Inter segment revenues 3.093.24-4.75 14.0113.603.03
Net Sales100.001,154.77965.0219.66100.004,270.183,541.4720.58
PBIT
Catering13.2346.4648.05-3.3119.54268.80168.0159.99
Internet Ticketing3.0310.66259.92-95.902.1229.221,020.93-97.14
Raill Neer78.33275.1013.012,014.0577.591,067.5936.442,829.71
Statem Teertha2.629.2113.97-34.09-1.39-19.1428.79PL
Tourism2.789.7813.57-27.922.1429.4316.4578.87
Total PBIT100.00351.21348.520.77100.001,375.911,270.628.29
Less : Interest0.000.00-0.000.00-
Add: Other un-allcoable31.0326.0918.95120.3783.3944.35
PBIT Margin(%)
Catering 8.7512.14-338.78 13.8011.38242.58
Internet Ticketing 12.8488.07-7,522.74 8.5885.22-7,663.88
Raill Neer 80.3417.746,260.52 82.4211.587,083.58
Statem Teertha 5.9521.34-1,538.69 -3.4818.72-2,220.90
Tourism 20.789.791,098.81 19.393.991,539.71
PBT100.00382.23374.602.04100.001,496.281,354.0110.51


Peer Comparision (Standalone) Q-202403
Sales
(Rs. Crs)
var.(%) OP
(Rs. Crs)
var.(%) Net Profit
(Rs. Crs)
var.(%) Share Price(Rs)
28-May-2024
var.(%)
over
One year
TTM EPS TTM PE
Indian Railway Catering & Tourism Corporation Ltd 1,154.77 19.66 378.47 0.58 278.53 6.76 1,082.70 67.70 14.43 75.01
Easy Trip Planners Ltd 130.01 16.63 -91.36 PL 62.85 66.23 44.05 -4.20 1.06 41.37
International Travel House Ltd 58.66 16.41 8.72 28.99 6.13 -60.73 609.30 106.05 28.17 21.63
Thomas Cook (India) Ltd 284.95 -22.61 -0.98 94.24 17.16 LP 205.70 222.26 2.12 96.88
Industry 1,628.39 8.92 294.85 -28.68 364.67 16.7 90,302.38 60.65 83.10
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