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Prabhudas Lilladher Report
We cut our FY21E earnings per share estimates of Indian Railway Catering and Tourism Corporation Ltd. by 50% given the uncertainty in timeline regarding complete resumption of rail services.
However, our FY22E/FY23E estimates are broadly intact as -
1. resumption of Tejas Express from October 17, 2020 and
2. increase in convenience revenue to approximately 25% of the pre-Covid-19 levels in Q2 FY21 signal that normalcy is expected to resume within next six-eight months.
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