Result Analysis: IRCTC Result Update Q2FY22
Particulars (In Rs. Cr.) Q2FY22 Q1FY22 Q2FY21 QoQ % YoY%
Revenue from Operations 404.94 243.37 88.56 66.4% 357.2%
Other Income 16.12 14.57 62.54 10.6% -74.2%
Total Income 421.06 257.94 151.09 63.2% 178.7%
Cost of Goods Sold 21.2 19.63 4.64 8.0% 356.9%
Employee Expenses 68.1 48.27 50.89 41.1% 33.8%
Expenses of Catering Services 28.05 19.04 6.79 47.3% 313.1%
Expenses of Tourism 30.21 8.95 3.16 237.5% 856.0%
Other Expenses 45.86 35.98 28.66 27.5% 60.0%
EBITDA 211.52 111.5 -5.58 89.7%
Finance Cost 2.12 3.77 1.33 -43.8% 59.4%
Depreciation 11.82 11.23 8.94 5.3% 32.2%
Tax 55.12 28.55 14.05 93.1% 292.3%
Profit After Tax 158.57 82.52 32.63 92.2% 386.0%
EBITDA Margin (%) 52.23% 45.82% -6.30% 642 5854
PAT Margin 37.66% 31.99% 21.60% 567 1606
EPS 9.91 5.16 2.04 92.1% 385.8%
Segment Revenue Q2FY22 Q1FY22 Q2FY21 QoQ % YoY%
Internet Ticketing 265.31 149.97 58.3 76.91% 355.08%
As % of Revenue 65.5% 61.6% 65.8% 390 -31
Catering 71.4 56.72 17.16 25.88% 316.08%
Rail Neer 41.17 29.26 9.24 40.70% 345.56%
Tourism 27.06 7.41 3.85 265.18% 602.86%
Segment PBIT Q2FY22 Q1FY22 Q2FY21 QoQ YoY
Internet Ticketing 220.34 116.87 61.34 88.53% 259.21%
Catering -0.15 -4.67 -20.45
Rail Neer 2.79 1.81 -2.27 54.14%
Tourism -21.23 -14.53 -8.69

Result Highlight: 

  • IRCTC Consolidated Revenue rose 66.4% QoQ and 357% YoY to Rs 404.9 crore.The revenue growth was witnessed across its all-business segments

  • The easing of COVID restrictions and rapid vaccination across the country resulted in improved mobility across states.

  • Revenues from its drinking water brand ‘Rail Neer” also grew by 346 percent YoY to Rs 41.1 crore compared to Rs 9.2 crore in the previous year.

  • Catering contracts awarded before 22nd March, 2020 have been treated as zero period due to Pandemic and accordingly, no income as well as railway share has accrued during the year 2020-21 and for the half year ended 30th September, 2021

  • For the quarter ended September 30, 2020, segment PBIT includes income under exceptional items of Rs. 42.37 Crore which is allocated to various segment results as under: – Catering – Rs. 12.51 Crore, Railneer – Rs. 1.52 Crore, internet Ticketing Rs. 27.53 Crore, Tourism – Rs. 0.78 Crore

Management commentary: 

  • reversed the decision of sharing of 50% convenience fee. IRCTC has the liberty to decide convenience fee charged and Govt. decision will not impact our destination.

  • Will be talking to Ministry as these kinds of decisions create fear among investors.

  • Expect 3000 Trains are running & only 10-15% shortage is the to reach normalisation

  • With Hardcore Tourism is giving good profits except Tejas. Taking tough calls regarding Tejas, May hike fare or decrease numbers of frequency.

  • In Q2FY22 numbers of tickets sold are 11 Crore 22 lakh

  • Loss in Tourism widened due to inclusion of Tejas. And there is some revision in Tejas policy which we requested to railway to reconsider. Other than Tejas, tourism is in Profit. For profitability, will increase price or will curtailed expenses

  • Recovering losses of catering services as situation normalizing.

  • Convenience fee account for 69% of Internet ticketing revenues. The remaining 31% comes from service charges from B2B partners, earnings from ads, partner enrollments fees, co – branded credit card earnings and many other sources. Revenue from Non – Convenience increasing thereby reducing dependency on Convenience fee.

  • Revenue for e-catering business is increasing and Tourism, will go for heavy promotion.


IRCTC registered strong in Q2FY22 across all of its segment. Monopolistic positioning across business give IRCTC high growth potential. Sharp recovery is expected in tourism revenues in H2FY22. Early signs of these are evident from pick-up in utilization for Tejas Express and also strong demand for its offerings for Holiday packages.  For Rail Neer With new plants commissioning the total capacity have reached 14mn per day Increased capacities and sourcing stations would imply even wider coverage for Rail Neer. IRCTC has several untapped pricing potential which could be encashed over next couple of years that includes; 1) Convenience fees hike, 2) Cessation of discounts on UPI, 3) Shift in convenience fees from per PNR to Per Passenger based pricing, 4) Increase in Rail Neer pricing (last hike was in FY12; at that time it was increased from Rs12 to Rs15).

Disclosure in pursuance of Section 19 of SEBI (RA) Regulation 2014

Elite Wealth Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only information in making their investment decision and must exercise their own judgment before making any investment decision.
For analyst certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by Elite Wealth Limited are registered/qualified as research analysts with SEBI in India.( SEBI Registration No.: INH100002300)
Disclosure Appendix
Analyst Certification (For Reports)
Israil Khan, Elite Wealth Limited,
The analyst(s) certify that all of the views expressed in this report accurately reflect my/our personal views about the subject company or companies and its or their securities. I/We also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report. Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Elite Wealth Limited.
As to each individual report referenced herein, the primary research analyst(s) named within the report individually certify, with respect to each security or issuer that the analyst covered in the report, that:
(1) all of the views expressed in the report accurately reflect his or her personal views about any and all of the subject securities or issuers; and
(2) no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in the report.
For individual analyst certifications, please refer to the disclosure section at the end of the attached individual notes.
Research Excerpts
This note may include excerpts from previously published research. For access to the full reports, including analyst certification and important disclosures, investment thesis, valuation methodology, and risks to rating and price targets, please visit
Company-Specific Disclosures
Important disclosures, including price charts, are available and all Elite Wealth Limited covered companies by visiting, or emailing with your request. Elite Wealth Limited may screen companies based on Strategy, Technical, and Quantitative Research. For important disclosures for these companies, please e-mail
Options related research:
If the information contained herein regards options related research, such information is available only to persons who have received the proper option risk disclosure documents. For a copy of the risk disclosure documents, please contact your Broker’s Representative or visit the OCC’s website at
Other Disclosures
All research reports made available to clients are simultaneously available on our client websites. Not all research content is redistributed, e-mailed or made available to third-party aggregators. For all research reports available on a particular stock, please contact your respective broker’s sales person.
Ownership and material conflicts of interest Disclosure
Elite Wealth Limited policy prohibits its analysts, professionals reporting to analysts from owning securities of any company in the analyst’s area of coverage. Analyst compensation: Analysts are salary based permanent employees of Elite Wealth Limited. Analyst as officer or director: Elite Wealth Limited policy prohibits its analysts, persons reporting to analysts from serving as an officer, director, board member or employee of any company in the analyst’s area of coverage.
Country Specific Disclosures
India – For private circulation only, not for sale.
Legal Entities Disclosures
Mr. Ravinder Parkash Seth is the Managing Director of Elite Wealth Ltd (EWL, henceforth), having its registered office at Casa Picasso, Golf Course Extension, Near Rajesh Pilot Chowk, Radha Swami, Sector-61, Gurgaon-122001 Haryana, is a SEBI registered Research Analyst and is regulated by Securities and Exchange Board of India. Telephone:011-43035555, Facsimile: 011-22795783 and Website:
EWL discloses all material information about itself including its business activity, disciplinary history, the terms and conditions on which it offers research report, details of associates and such other information as is necessary to take an investment decision, including the following:
1. Reports
a) EWL or his associate or his relative has no financial interest in the subject company and the nature of such financial interest;
(b) EWL or its associates or relatives, have no actual/beneficial ownership of one per cent. or more in the securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance;
(c) EWL or its associate or his relative, has no other material conflict of interest at the time of publication of the research report or at the time of public appearance;
2. Compensation
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) EWL or its associates have not managed or co-managed public offering of securities for the subject company in the past twelve months;
(c) EWL or its associates have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(d) EWL or its associates have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
(e) EWL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report.
3 In respect of Public Appearances
(a) EWL or its associates have not received any compensation from the subject company in the past twelve months;
(b) The subject company is not now or never a client during twelve months preceding the date of distribution of the research report and the types of services provided by EWL