IRCTC‘s share price tanked sharply on Wednesday morning as the company’s March quarter earnings seem to have disappointed investors.

What Happened: The railway catering company reported a net profit of ₹284.18 crore for the March quarter, reflecting an increase of around 2% from the ₹278 crore recorded in the same quarter last year. Revenue from operations reached ₹1,154.77 crore, marking a 19% rise from ₹965.01 crore in the corresponding quarter of the previous year.

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The catering business, which constitutes the major portion of the company’s revenue, posted sales of around ₹530.82 crore, up about 34% from ₹395.77 crore in the same quarter last year. The internet ticketing business also saw growth, with revenue increasing by 16% year-on-year to ₹342.41 crore.

EBITDA for the January-March period came in at ₹362.4 crore, up 11.6% from the ₹324.6 crore posted in the corresponding quarter of the previous year. The EBITDA margin stood at 31.4% for the reporting quarter, compared to 33.6% in the same quarter last year.

Price Action: IRCTC’s share price was down 4.83% to trade at ₹1,030.80 shortly after market open on Wednesday.

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