Indian Railway Catering & Tourism Corporation (IRCTC) Q4 13/14 earnings summary

Executive summary

• FY2013-14 total income rose 32.66% YoY to ₹954.70 crore; net profit increased to ₹72.01 crore from ₹58.84 crore.

• Tourism and internet ticketing drove growth, while departmental catering continued to generate losses and railway policy changes posed material risks.

Financial highlights

• Turnover was ₹916.90 crore versus ₹675.53 crore; total income was ₹954.70 crore versus ₹719.69 crore.

• PBT rose to ₹127.41 crore from ₹92.41 crore; PAT reached ₹72.01 crore versus ₹58.84 crore.

• PBDIT (gross margin) increased to ₹144.18 crore from ₹108.45 crore; net worth rose to ₹346.92 crore from ₹291.77 crore.

• Operating revenue was ₹915.06 crore, with other income of ₹37.81 crore; exceptional items were ₹1.93 crore versus ₹3.01 crore in FY2012-13.

Outlook and guidance

• FY2014-15 plans included commissioning ~40 food plaza/fast-food units for ₹5 crore annual additional earnings and awarding 50 units targeting ₹10 crore additional revenue.

• Rail Neer capacity was expected to rise to 6.14 lakh bottles/day in FY2014-15 as Ambernath became operational; Bilaspur plant was also targeted for commissioning in FY2014-15.

• Priorities included corporate travel, online air ticketing, tourism packages, e-catering, institutional catering, facility management and budget hotels.