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Dolat Capital Report
Indian Railways Catering and Tourism Corporation Ltd. has shared that the Indian Railways have now decided to normalise second seating class accommodations in all trains back to unreserved category as per the applicability in the pre-pandemic period.
This announcement is a significant negative for IRCTC as at present 2S class accounts for nearly 38.6% (48 million per quarter) of tickets booked in Q3 FY22. So the volume impact will be about 30% but the realisation would improve by ~13% on favorable AC/non-AC ticket mix.
Also, the revenues from non-ticketing part would see impact of about ~17% (for FY24E) on account of lower monetisation due to lower volumes on advertisements/agent fees/payment gateway charges/bank charges revenues.
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