Shares of Indian Railway Catering and Tourism Corporation (NSE: IRCTC) rose over 2 per cent in the morning deals on Friday (February 23) for the second consecutive session. The stock drew buying interest after the company tied up with Swiggy for supply and delivery of pre-ordered meals through the IRCTC e-catering portal.
At around 9:41 a.m., shares of IRCTC rose 2.25 per cent or Rs 21.05, to Rs 957 apiece. The market capitalisation of the company at around the same time stood at Rs 76,388 crore.
On Thursday after market hours, the Indian public sector undertaking that provides ticketing, catering, and tourism services for the state-owned Indian Railways announced that it has tied up with Bundl Technologies Pvt. Ltd. (Swiggy Foods).
It further said that the first phase of the pilot programme will be done at four railway stations, i.e. Bengaluru, Bhubaneswar, Vijayawada, and Visakhapatnam, and the eCatering service through Swiggy Foods may be available soon for the passengers.
IRCTC Q3 results
IRCTC reported a consolidated net profit of Rs 300 crore for the quarter ended December 31, 2023, up 17.4 per cent on a year-on-year basis. Its revenue grew 22 per cent to Rs 1,118.3 crore for the quarter under review, according to a regulatory filing.
The company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 21 per cent to Rs 394 crore for the fiscal third quarter, while margin, a key measure of profitability, stood at 35.2 per cent.
Revenue from the PSU’s catering and internet ticketing units increased by 29 per cent and 11.4 per cent to Rs 508 crore and Rs 335.3 crore, respectively, according to the filing.
IRCTC share price performance
In a year, IRCTC shares have gained over 59 per cent against the Nifty50’s rise of over 27 per cent.
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