The Indian Railways Catering and Tourism Corp.'s first quarter profit fell due to exceptional loss for provisioning of revised custody charges for two Tejas Express trains.
Net profit dropped 5.4% year-on-year to Rs 232.21 crore in the quarter ended June, according to its exchange filing. That compares with the Rs 290 crore consensus estimate of analysts tracked by Bloomberg.
IRCTC Q1 FY24 Highlights (YoY)
Revenue rose 17.5% to Rs 1,002 crore (Bloomberg estimate: Rs 1,049 crore).
Ebitda grew 6.8% to Rs 342.98 crore (Bloomberg estimate: Rs 372 crore).
Ebitda margin stood at 34.2% versus 37.6% last year (Bloomberg estimate: 35.5%).
The government-owned rail company reported an exceptional loss of Rs 51.9 crore for provision created for differential amount of fixed, variable and custody charges from Aug. 13, 2021, to March 31, 2023, for two Tejas Express trains.
The company had made representation to the Railway Board for waiver of this amount, it said.
Shares of the company ended 0.94% higher on Wednesday before the results were announced, as compared with a 0.32% rise in the benchmark Nifty 50.
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