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Prabhudas Lilladher Report
We increase our FY21E adjusted earning per share of Indian Railway Catering and Tourism Corporation Ltd. by 1.8 times due to -
1. Substantial rise in e-booking penetration (reached approximately 91-92% post Covid-19; up from ~70-75% levels prevailing pre-Covid) and
2. Conversion of certain unreserved coaches to reserved category thereby expanding IRCTC's ticket booking universe.
While we expected online migration to pick up immediately post-Covid due to social distancing norms, the quantum was surprising.
We expect the company's premium valuations to sustain given optionality in earnings that can come from
Railway privatization,
Delta in non-convenience income, and
Potential in e-catering business.
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