New Delhi: State-run IRCTC (Indian Railway Catering and Tourism Corporation) shares hit a fresh record high of Rs 1,798 apiece on Wednesday as it climbed 9.6 percent ahead of the commercial run of Kashi Mahakal Express from February 20. The jump comes a week after IRCTC recorded a 179.65 percent rise in Profit after Tax (PAT) year-on-year at Rs 205.80 crore in the December quarter of FY2019-20. Indian Railway's catering arm had posted a net profit of Rs 73.59 crore in the corresponding quarter of the last year.
IRCTC made its debut on the bourses on October 14, 2019. With Wednesday's rally, IRCTC shares have zoomed 462 percent against its issue price of Rs 320 per share, and 179 percent from its listing price of Rs 644 per share on the Bombay Stock Exchange (BSE).
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Since Union Budget 2020 was presented earlier in February, IRCTC shares have rallied 45.3 percent. On the Budget day, IRCTC shares had closed at Rs 1,237 apiece on BSE.
The PSU has declared an interim dividend of Rs 10 on face value of Rs 10.
IRCTC's Kashi Mahakal Express will run between Indore and Varanasi. It will connect three Jyotirlinga shrines — Omkareshwar, Mahakaleshwar, and Kashi Vishwanath. The state-run enterprise has recently started operating Tejas Express on the Lucknow-Delhi route and on the Mumbai-Ahmedabad route.
In the December quarter of FY2019-20, IRCTC's revenue from operation increased 64.59 percent to Rs 715.98 crore. Profit before Tax (PBT) stood at Rs 270.41 crore in Q3 of this fiscal compared to Rs 112.41 crore in the corresponding period of the previous fiscal year.
IRCTC is a PSU under the Ministry of Railways and is responsible for providing catering services to Railways, online railway ticketing platform and packaged drinking water at railway stations and trains in India. It was conferred with Miniratna status in May 2008.
IRCTC has also diversified into other businesses, like non-railway catering and services such as e-catering, executive lounges and budget hotels. The company recorded a 25 percent growth year-on-year in sales to Rs 1,899 crores, and saw its profit growing by 23.5 percent to Rs 272.5 crore in financial year 2019, according to its draft red herring prospectus filed with the regulators in August.