Indian Railway Catering & Tourism Corporation Ltd

About [ edit ]

Indian Railway Catering and Tourism Corporation (IRCTC) is a Mini Ratna (Category-I) Central Public Sector Enterprise under Ministry of Railways, Government of India. IRCTC was incorporated on 27 th September, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information & commercial publicity and global reservation systems.(Source : Company Web-Site)

  • Market Cap 26,823 Cr.
  • Current Price 1,676
  • High / Low 1,995 / 775
  • Stock P/E 130
  • Book Value 83.5
  • Dividend Yield 0.75 %
  • ROCE 62.8 %
  • ROE 44.1 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 32.30% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.62%
  • Company has been maintaining a healthy dividend payout of 52.41%

Cons

  • Stock is trading at 20.06 times its book value
  • Promoter holding has decreased by -20.00% over last quarter
  • Earnings include an other income of Rs.128.81 Cr.

Peer comparison

Sector: Railways Industry: Travel Agencies

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Quarterly Results

Figures in Rs. Crores

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
435 498 459 513 716 587 131 89 224
336 427 356 371 450 385 175 94 130
Operating Profit 99 71 103 142 266 202 -44 -6 95
OPM % 23% 14% 23% 28% 37% 34% -33% -6% 42%
Other Income 19 80 18 22 19 20 25 63 21
Interest 0 2 1 1 2 3 2 1 1
Depreciation 5 13 8 9 12 10 9 9 10
Profit before tax 112 136 112 154 270 209 -29 47 104
Tax % 35% 38% 35% 35% 24% 28% 16% 30% 25%
Net Profit 74 84 72 100 206 151 -25 33 78
EPS in Rs 18.40 5.25 4.52 6.24 12.86 9.41 -1.54 2.04 4.88
Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,059 1,367 1,520 1,466 1,870 2,275 1,031
907 1,176 1,206 1,192 1,487 1,561 784
Operating Profit 152 190 314 274 383 715 247
OPM % 14% 14% 21% 19% 20% 31% 24%
Other Income 82 139 67 99 126 78 129
Interest 0 0 3 3 2 7 7
Depreciation 20 21 22 24 29 40 38
Profit before tax 214 309 355 346 479 745 331
Tax % 39% 39% 35% 36% 36% 29%
Net Profit 131 189 229 221 309 529 237
EPS in Rs 57.27 55.16 19.28 33.04 14.79
Dividend Payout % 20% 40% 49% 21% 98% 38%
Compounded Sales Growth
10 Years:%
5 Years:17%
3 Years:14%
TTM:-53%
Compounded Profit Growth
10 Years:%
5 Years:32%
3 Years:32%
TTM:-53%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-14%
Return on Equity
10 Years:%
5 Years:34%
3 Years:34%
Last Year:44%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
20 20 40 40 160 160 160
Reserves 424 522 747 915 911 1,168 1,177
Borrowings 0 0 0 0 0 0 0
718 895 1,040 1,365 1,523 1,922 1,856
Total Liabilities 1,162 1,437 1,826 2,319 2,594 3,250 3,193
155 159 170 190 182 283 284
CWIP 16 14 17 8 40 16 18
Investments 0 0 0 0 0 0 127
990 1,264 1,639 2,122 2,372 2,950 2,764
Total Assets 1,162 1,437 1,826 2,319 2,594 3,250 3,193

Cash Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
69 288 338 24 499 405
-46 7 94 40 -353 12
-17 -31 -136 -57 -179 -280
Net Cash Flow 6 263 296 7 -33 137

Ratios

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 63% 54% 40% 44% 63%
Debtor Days 51 43 70 137 115 127
Inventory Turnover 27.78 29.88 37.65 18.11 17.24

Shareholding Pattern

Numbers in percentages

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
87.40 87.40 87.40 87.40 87.40 67.40
0.00 1.99 1.70 0.77 0.88 8.38
0.00 5.11 2.25 1.35 1.65 7.67
12.60 5.50 8.65 10.48 10.07 16.55

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