IRCTC shares surge over 13%, hit 52-week high
Shares of the Indian Railway Catering and Tourism Corporation (IRCTC) soared over 13% to Rs. 888 on the BSE, reaching a new 52-week high during Monday's trading session. The stock wrapped up at Rs. 879 per share today, compared to the previous week's close of Rs. 780.90. A significant turnover of Rs. 271.51 crore was observed on the BSE, with 32.29 lakh shares traded, making it the second-highest turnover.
Robust financial performance
IRCTC reported a 30.4% increase in net profit, amounting to Rs. 294.7 crore, up from last year's Rs. 226 crore during the same period. Revenue from operations also saw a remarkable 23.5% growth, hitting Rs. 995.3 crore compared to Rs. 805.8 crore in the previous year. In terms of operational performance, the company posted EBITDA of Rs. 366.5 crore for the September quarter, reflecting a strong 20.2% growth over the Rs. 304.9 crore recorded in the same period last year.
Analysts recommend IRCTC shares for long-term investors
Stock market experts believe that IRCTC shares offer a promising opportunity for long-term investors due to the company's diversified business operations and the introduction of several new trains. Anirudh Garg, Founder & Fund Manager at Invasset, stated, "IRCTC shares present a compelling opportunity for long-term investors, given the company's dominant position in the online ticket booking sector." "As a public sector undertaking (PSU), IRCTC is strategically diversifying its operations into hospitality, online catering, and various other businesses," he added.
