📢 5 STEPS TOWARDS WEALTH 🚀 The Indian Stock Market Way

📍 Delhi | 22nd March 2025 | Saturday / 🕕 5:59 PM - 9:01 PM (Entry from 5:30 PM onwards)

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🚄 IRCTC Q3FY25 Earnings Analysis & Insights 📊💡

Lesson 94/97 | Study Time: 10 Min

Course: Quarterly Result Updates & Analysis

🚄 IRCTC Q3FY25 Earnings Analysis & Insights 📊💡

Based on the latest Q3FY25 financial results, here’s a detailed breakdown of IRCTC’s performance:

📈 1. Consolidated Sales Growth for Q3FY25 & 9MFY25 📊

🏷 Period	💰 Revenue from Operations (₹ Lakhs)	📈 YoY Growth (%)
Q3FY25	₹1,22,465.59 Lakhs	🔼 +9.8%
9MFY25	₹3,40,624.11 Lakhs	🔼 +9.6%

✅ Quarterly Growth: 9.8% YoY increase in Q3FY25 vs Q3FY24.
✅ 9M Growth: 9.6% YoY increase in 9MFY25 vs 9MFY24.

🛤 2. Segmental Share & Growth (Q3FY25 & 9MFY25) 🎯

🚀 Segment	📊 Q3FY25 Revenue (₹ Lakhs)	📉 QoQ Growth (%)	📈 YoY Growth (%)	📊 9MFY25 Revenue (₹ Lakhs)	📈 YoY Growth (%)
🍽 Catering	₹55,481.31	🔼 +15.1%	🔼 +9.3%	₹1,59,565.86	🔼 +12.7%
🚰 Rail Neer	₹9,635.55	🔼 +6.8%	🔼 +15.0%	₹29,804.96	🔼 +15.7%
🎟 Internet Ticketing	₹35,372.30	🔽 -4.6%	🔼 +5.5%	₹1,05,375.05	🔼 +10.6%
🏖 Tourism	₹22,373.00	🚀 +79.7%	🔼 +16.1%	₹47,049.78	🔽 -4.5%

📌 Key Takeaways:

✔ Catering remains largest revenue contributor (45.2%) 🍛.
✔ Rail Neer saw strong growth (+15% YoY) 🚰.
✔ Internet Ticketing had a minor QoQ decline but grew YoY 📲.
✔ Tourism segment surged (QoQ +79.7%), but slightly down YoY (-4.5%).

📊 3. Profit Margins: Q3FY25 vs Q3FY24 & 9MFY25 vs 9MFY24 💹

📊 Profitability Metrics	Q3FY25	Q3FY24	📈 YoY Change (%)	9MFY25	9MFY24	📈 YoY Change (%)
📊 EBITDA Margin	33.5%	32.1%	🔼 +140 bps	32.9%	32.0%	🔼 +90 bps
💰 Net Profit Margin	27.8%	26.9%	🔼 +90 bps	28.1%	26.6%	🔼 +150 bps

✔ EBITDA margin expanded 📈 due to higher operating efficiencies.
✔ Net profit margins improved despite rising expenses.

💰 4. Consolidated Profit Growth (Q3FY25 & 9MFY25) 🏦

📆 Period	💵 PAT (₹ Lakhs)	📈 YoY Growth (%)
Q3FY25	₹34,108.94	🔼 +13.7%
9MFY25	₹95,667.33	🔼 +15.7%

✔ Q3FY25 Net Profit grew 13.7% YoY 💹, driven by better margins & higher revenues.
✔ 9MFY25 Net Profit grew 15.7% YoY 📊, reflecting strong segmental performance.

📊 5. Financial Ratios at CMP ₹751 💡

📉 Ratio	Q3FY25 Value	📌 Benchmark / Interpretation
📊 ROE (Return on Equity)	31.2%	High profitability ✅
💰 ROCE (Return on Capital Employed)	30.4%	Strong capital efficiency ✅
💵 Current Ratio	3.5x	Strong liquidity position 💧
🏦 Debt-to-Equity Ratio	0.02x	Virtually debt-free 🏛
📊 EV/EBITDA	39.5x	Expensive valuation ⚠️
💹 P/E Ratio	48x	Premium valuation ⚠️
🎁 Dividend Yield	0.8%	Moderate yield 📉

🔍 Key Takeaways:

✔ Strong profitability with high ROE & ROCE 📈.
✔ Debt-free balance sheet 🏦 ensures financial stability.
✔ Current ratio of 3.5x 🔄 indicates strong liquidity.
✔ Valuations remain expensive (P/E: 48x, EV/EBITDA: 39.5x) ⚠️.

🔮 6. Near-Term & Long-Term Outlook 🚀

🔍 Near-Term Outlook (Q4FY25 & FY26)

✅ Positive Catalysts:
✔ Growing Rail Neer & Catering business 📊 (+15% YoY).
✔ Strong demand in tourism 🏖 post-pandemic recovery.
✔ Increase in online ticketing demand 🎟.

⚠️ Risks:
❌ High valuations limit upside potential 📉.
❌ Legal disputes on tax & licensing issues ⚖️.

🔭 Long-Term Outlook (FY27 & Beyond)

✅ Growth Drivers:
✔ Expansion in Rail Neer bottling plants 🚰.
✔ Increasing private train operations & premium services 🚄.
✔ Tech-driven initiatives in online ticketing 📱 & tourism 🏖.

⚠️ Challenges:
❌ Regulatory risks as IRCTC depends on Indian Railways for policies 📜.
❌ Potential competition in catering & ticketing segments 🚦.

📌 7. Investment Summary 🏦

Factor	Analysis
📈 Earnings Growth	Strong YoY growth (13-15%) ✅
📊 Valuation	Expensive (P/E ~48x) ⚠️
💰 Financial Strength	Debt-free, High ROE (31.2%) ✅
🎁 Dividend Yield	Moderate (0.8%) ⚖️
⚖️ Risk Factors	Regulatory risks, High valuation ⚠️

👉 Verdict: IRCTC remains a strong long-term play but valuations appear stretched. Ideal for SIP-based investing or corrections. 📊💰

📢 Disclaimer & Disclosure Statement

Important Investor Advisory Notice

This research analysis is for informational purposes only and should not be considered as financial, investment, or legal advice. The information provided herein is based on publicly available financial reports, market data, and our analysis. Investors are advised to exercise caution and discretion before making any investment decisions.

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Piyush Patel

Product Designer

4.75

Profile

Class Sessions

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📢 5 STEPS TOWARDS WEALTH 🚀 The Indian Stock Market Way

🚄 IRCTC Q3FY25 Earnings Analysis & Insights 📊💡

🚄 IRCTC Q3FY25 Earnings Analysis & Insights 📊💡

Based on the latest Q3FY25 financial results, here’s a detailed breakdown of IRCTC’s performance:

📈 1. Consolidated Sales Growth for Q3FY25 & 9MFY25 📊

🏷 Period

💰 Revenue from Operations (₹ Lakhs)

📈 YoY Growth (%)

Q3FY25

₹1,22,465.59 Lakhs

🔼 +9.8%

9MFY25

₹3,40,624.11 Lakhs

🔼 +9.6%

✅ Quarterly Growth: 9.8% YoY increase in Q3FY25 vs Q3FY24. ✅ 9M Growth: 9.6% YoY increase in 9MFY25 vs 9MFY24.

🛤 2. Segmental Share & Growth (Q3FY25 & 9MFY25) 🎯

🚀 Segment

📊 Q3FY25 Revenue (₹ Lakhs)

📉 QoQ Growth (%)

📈 YoY Growth (%)

📊 9MFY25 Revenue (₹ Lakhs)

📈 YoY Growth (%)

🍽 Catering

₹55,481.31

🔼 +15.1%

🔼 +9.3%

₹1,59,565.86

🔼 +12.7%

🚰 Rail Neer

₹9,635.55

🔼 +6.8%

🔼 +15.0%

₹29,804.96

🔼 +15.7%

🎟 Internet Ticketing

₹35,372.30

🔽 -4.6%

🔼 +5.5%

₹1,05,375.05

🔼 +10.6%

🏖 Tourism

₹22,373.00

🚀 +79.7%

🔼 +16.1%

₹47,049.78

🔽 -4.5%

📌 Key Takeaways:

✔ Catering remains largest revenue contributor (45.2%) 🍛. ✔ Rail Neer saw strong growth (+15% YoY) 🚰. ✔ Internet Ticketing had a minor QoQ decline but grew YoY 📲. ✔ Tourism segment surged (QoQ +79.7%), but slightly down YoY (-4.5%).

📊 3. Profit Margins: Q3FY25 vs Q3FY24 & 9MFY25 vs 9MFY24 💹

📊 Profitability Metrics

Q3FY25

Q3FY24

📈 YoY Change (%)

9MFY25

9MFY24

📈 YoY Change (%)

📊 EBITDA Margin

33.5%

32.1%

🔼 +140 bps

32.9%

32.0%

🔼 +90 bps

💰 Net Profit Margin

27.8%

26.9%

🔼 +90 bps

28.1%

26.6%

🔼 +150 bps

✔ EBITDA margin expanded 📈 due to higher operating efficiencies. ✔ Net profit margins improved despite rising expenses.

💰 4. Consolidated Profit Growth (Q3FY25 & 9MFY25) 🏦

📆 Period

💵 PAT (₹ Lakhs)

📈 YoY Growth (%)

Q3FY25

₹34,108.94

🔼 +13.7%

9MFY25

₹95,667.33

✅ Quarterly Growth: 9.8% YoY increase in Q3FY25 vs Q3FY24.
✅ 9M Growth: 9.6% YoY increase in 9MFY25 vs 9MFY24.

✔ Catering remains largest revenue contributor (45.2%) 🍛.
✔ Rail Neer saw strong growth (+15% YoY) 🚰.
✔ Internet Ticketing had a minor QoQ decline but grew YoY 📲.
✔ Tourism segment surged (QoQ +79.7%), but slightly down YoY (-4.5%).

✔ EBITDA margin expanded 📈 due to higher operating efficiencies.
✔ Net profit margins improved despite rising expenses.

✔ Q3FY25 Net Profit grew 13.7% YoY 💹, driven by better margins & higher revenues.
✔ 9MFY25 Net Profit grew 15.7% YoY 📊, reflecting strong segmental performance.

✔ Strong profitability with high ROE & ROCE 📈.
✔ Debt-free balance sheet 🏦 ensures financial stability.
✔ Current ratio of 3.5x 🔄 indicates strong liquidity.
✔ Valuations remain expensive (P/E: 48x, EV/EBITDA: 39.5x) ⚠️.

✅ Positive Catalysts:
✔ Growing Rail Neer & Catering business 📊 (+15% YoY).
✔ Strong demand in tourism 🏖 post-pandemic recovery.
✔ Increase in online ticketing demand 🎟.

⚠️ Risks:
❌ High valuations limit upside potential 📉.
❌ Legal disputes on tax & licensing issues ⚖️.

✅ Growth Drivers:
✔ Expansion in Rail Neer bottling plants 🚰.
✔ Increasing private train operations & premium services 🚄.
✔ Tech-driven initiatives in online ticketing 📱 & tourism 🏖.

⚠️ Challenges:
❌ Regulatory risks as IRCTC depends on Indian Railways for policies 📜.
❌ Potential competition in catering & ticketing segments 🚦.