Indian Railway Catering & Tourism Corporation (IRCTC) Q3 24/25 earnings summary

Executive summary

• Achieved all-time high quarterly revenue of ₹1,225 crore and PAT of ₹341 crore, up 10% and 14% year-over-year, respectively.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2024 were approved, showing continued growth in revenue and profitability year-over-year.

• Strong growth in catering and tourism segments, with quarter-on-quarter revenue increases of 15% and 80%, respectively.

• EBITDA for the quarter was ₹417 crore, up 5.83% year-over-year and 11.8% quarter-on-quarter, with a margin of 34.07%.

• A 2nd interim dividend of ₹3 per equity share (face value ₹2) was declared for FY 2024-25, with a record date of 20th February 2025.

Financial highlights

• Standalone revenue from operations for Q3 FY25 was ₹122,465.59 lakhs, up from ₹111,548.33 lakhs in Q3 FY24; nine-month revenue was ₹340,624.11 lakhs, up from ₹310,849.61 lakhs year-over-year.

• Standalone net profit for Q3 FY25 was ₹34,121.43 lakhs, compared to ₹30,781.80 lakhs in Q3 FY24; nine-month net profit was ₹95,670.90 lakhs, up from ₹82,689.25 lakhs year-over-year.

• Internet Ticketing revenue at ₹53.72 crore, up 5.4% year-over-year, but down 4.65% quarter-on-quarter.

• Catering revenue reached ₹554.81 crore, up 15% quarter-on-quarter and 9% year-over-year.

• Tourism revenue at ₹224 crore, up 80% quarter-on-quarter and 16% year-over-year.

Outlook and guidance

• Management expects continued growth in tourism, especially luxury trains and Bharat Gaurav trains, with margins expected to remain stable or improve.

• Internet Ticketing growth is expected to be volume-driven as market share nears saturation, with focus on maximizing non-fare revenue.

• The company continues to focus on growth across all business segments, with ongoing legal and regulatory matters being closely monitored.

• Rail Neer capacity to increase by 2 lakh bottles per day in the coming financial year, adding to the current 18.4 lakh bottles per day.