Indian Railway Catering and Tourism Corporation IRCTC shares were trading in the green ahead of the March quarter and annual results today. The shares rose to Rs 639.15 against the previous close of Rs 624.35 on the BSE. The stock surpassed Rs 626.05 on the BSE on the day it opened. The company's total share of 1.70 lakh changed hands, amounting to a turnover of Rs10.72 crore on BSE. IRCTC's market cap was Rs 50,820 crore.
The relative strength index RSI of IRCTC stands at 55.7,indicating that it's neither trading in oversold or overbought territory. IRCTC stock has a one-year beta of 1.1. This signals that a stock has a very high volatility and carries a higher risk. The large cap stock is trading higher than the five-day, 20-day, 50-day and 100-day moving averages but lower than 200-day moving averages.
The stock has been an outperformer in three years, surging 125% during the period.
IRCTC has strong resistance on the daily charts at 637, said Abhijeet from Tips 2 trade. A daily close below support of 619 could lead to lower targets of 604 - 578 in the near term. Time Travel with LIC: A 200-year journey of how European-origin Oriental Life Insurance became Life Insurance Corporation of India.
Brokerage Prabhudas Lilladher expects IRCTC's adjusted profit to increase 194 percent year-on-year to Rs 258.60 crore, compared to Rs 216.60 crore in the quarter last year. The revenue is expected to climb 36.6 per cent from 691 crore to Rs 944.20bn, owing to base effect and continued traction in non-convenience income Catering business. Online booking is expected to be at10.4 crore for the quarter.
Prabhudas Lilladher is forecasting EBITDA margin of 36 per cent against 40.1 per cent YoY due to falling contribution of high margin ticketing business.
In the quarter ending December 31, 2022, IRCTC reported a 22% increase in net profit to Rs 256 crore, compared to Rs 209 crore in the year-ago period.
In 3rd quarter, IRCTC's revenue rose to 918 crore, compared to 540 crore in 3rd quarter. The company has announced an interim dividend of Rs 3.5 per share. EBITDA grew 16.7 percent to Rs 325.8 in Q3 from Rs 279.2 in the corresponding period of previous year.