Why IRCTC Shares Are Slumping Today Even As Profit Rose 30% In Q4

IRCTC share price slumped in early trade on Tuesday as the railway company posted its earnings for the quarter ended March.

What Happened: The company’s revenue from operations went up nearly 40% to ₹965.01 crore compared with the ₹690.96 crore it booked in the same quarter last year. The company’s net profit for the quarter stood at ₹278.79, up 30% from the ₹213.78 crore it booked in the same quarter last year. Both the bottom line and the topline were mostly in line with street estimates.

See Also: What Is Air India’s Share Price And How To Buy

A major chunk of the firm’s revenue was brought in by the company’s catering business which booked a revenue of ₹395.77 crore. Revenue from ticket sales stood at ₹295.12 crore flat as compared to the ₹292.82 crore revenue it brought in the same quarter last year. EBITDA for the period stood at ₹324.6 crore up 16.5% from the year-ago period. Earnings per share for the quarter stood at ₹3.48.

The state-controlled company also announced a final dividend of ₹2/share. The company has announced a total dividend of ₹5.50/share for the year ended March 2023.

Price Action: IRCTC share price was down 2.20% to trade at ₹631.55 as the markets opened on Tuesday.

Read Next: 5G Struggles To Find Ground In Rural India Amid Soaring Smartphone Prices

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EquitiesMarketsTrading IdeasIRCTC