NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
IRCTC Ltd. reported a revenue decline of 4.8% QoQ (our estimate: +4.4%) due to lower volumes in the Catering/Rail Neer segment, which were down by 14%/19% QoQ led by adverse seasonality as well as lower revenues from one-time elections related service in Q1.
Operating profit margin improved to 33.8% (up 150 bps QoQ) driven by more favorable business mix; although was down 7% QoQ. PAT stood at Rs 3,079 million (inline); flat QoQ and up 4.5% YoY despite better other income (up 17% QoQ).
Additionally, IRCTC declared an Interim Dividend of Rs 4 per share versus Rs 2.5 in Q2 FY24.
We tweak our FY25/26E EPS estimates by 2%/5%, due to slower gains in catering clustering led re-pricing and a decline in Tourism segment.
Further, we introduce FY27E estimates with 11% revenue growth and EPS of Rs19.2/share. Maintain ‘Accumulate' rating with DCF-based target price of Rs 900 implying 47 times on FY27E earnings.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
