Indian Railway Catering & Tourism Corporation (IRCTC) Q4 14/15 earnings summary

Executive summary

• FY15 turnover reached ₹1,062.44 crore and PAT ₹130.63 crore, both first-time milestones above ₹1,000 crore and ₹100 crore; total income was ₹1,141.21 crore.

• Total income rose 19.54% YoY, PBT increased 67.99% to ₹214.03 crore, and PAT grew 81.41%.

• Growth came across internet ticketing, tourism, Rail Neer and catering; internet ticketing was the largest contributor to segment profit.

• The Board recommended a ₹26.13 crore final dividend, excluding dividend distribution tax, equal to 131% of paid-up share capital.

Financial highlights

• Total income was ₹1,141.21 crore versus ₹954.70 crore in FY14; turnover was ₹1,062.44 crore versus ₹916.90 crore.

• PBT rose to ₹214.03 crore from ₹127.41 crore; PAT reached ₹130.63 crore from ₹72.01 crore.

• EBITDA/PBDIT was ₹234.45 crore versus ₹144.18 crore; net worth was ₹444.25 crore versus ₹346.92 crore.

• Other income increased to ₹78.77 crore from ₹37.81 crore, including higher advertising/card and IATA/RTSA/internet-café fees.

Outlook and guidance

• Management expected continued good performance in FY16, with growth initiatives across catering, tourism, internet ticketing and Rail Neer.

• Around 45 Food Plaza/Fast Food units were planned for commissioning in FY16, targeted to add ₹8 crore in annual earnings; 10 Executive Lounges were planned for award.

• Six additional Rail Neer plants were targeted to become operational by 2017; capacity was expected to rise to 8.29 lakh bottles/day in FY16 from 6.13 lakh/day.

• Future tourism priorities included domestic and international air packages, cab and pickup/drop services, medical tourism, pilgrim circuits and online travel.

• Growth plans included e-catering expansion, corporate/non-rail catering, online air ticketing and value-added passenger services; delivery depended on projects and policy approvals.