External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Indian Railway Catering & Tourism / Equity Bottom-Up

Indian Railway Catering & Tourism (IRCTC IN)

<ul><li>IRCTC’s operational performance was broadly in-line with our estimate with EBITDA margin of 34.0% (PLe 33.0%).</li><li>EBIT margin of internet ticketing was at a 7-quarter high of 84.7% presumably led by an improvement in yield (realization per ticket was Rs20) which could be a function of better product mix (higher share of AC or non-UPI tickets).</li><li>As e-ticketing penetration has reached ~87%, we expect non-convenience pie to drive the revenue growth in internet ticketing division.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IRCTC’s operational performance was broadly in-line with our estimate with EBITDA margin of 34.0% (PLe 33.0%).EBIT margin of internet ticketing was at a 7-quarter high of 84.7% presumably led by an improvement in yield (realization per ticket was Rs20) which could be a function of better product mix (higher share of AC or non-UPI tickets).As e-ticketing penetration has reached ~87%, we expect non-convenience pie to drive the revenue growth in internet ticketing division.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian Railway Catering and Tourism Corporation (IRCTC IN) - Margin in Internet Ticketing Improves

India

Indian Railway Catering & Tourism Corporation Ltd. (IRCTC) is an Indian public sector undertaking that provides ticketing, catering, and tourism services for the state-owned Indian Railways. It is the sole authorized entity for online railway ticketing, on-board catering, and packaged drinking water (Rail Neer) services for Indian Railways. The company offers diverse tourism products, including domestic and international tour packages. IRCTC was established on September 27, 1999, and is headquartered in New Delhi, India.

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Indian Railway Catering and Tourism Corporation (IRCTC IN) - Margin in Internet Ticketing Improves

EBIT margin of internet ticketing was at a 7-quarter high of 84.7% presumably led by an improvement in yield (realization per ticket was Rs20)...

Prabhudas Lilladhar