External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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

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External broker reports(aggregated public sources)

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

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Indian Railway Catering and Tourism / Equity Bottom-Up

Indian Railway Catering and 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