IRCTC Q4 Review - Ticketing Volumes Key To Recovery: Prabhudas Lilladher

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Prabhudas Lilladher Report

While our FY22E estimates have undergone a massive revision as travel is disrupted due to second wave, our FY23E estimates are broadly intact as we expect ticketing volumes to breach pre-Covid levels amid incremental delta coming in from conversion of certain unreserved coaches into the reserved category.

Additional volume lever is not ruled out from rise in e-booking penetration (reached ~90% plus amid Covid-19; up from ~70-75% levels prevailing pre-Covid-19) as it can be sticky in nature.

On the catering front, we believe even if complete migration happens towards ready-to-eat meals post Covid-19, there may not be substantial business loss as ready-to-eat menu has already been expanded.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.