IRCTC shares drop 5% after Q4 results miss Street expectations
IRCTC's stock witnessed a 5% decline, reaching the day's low of Rs 1,028, following the company's announcement of a consolidated profit after tax (PAT) of Rs 284 crore, which was below expectations, marking a modest increase of 1.8% on a year-on-year (YoY) basis.
of rail PSU IRCTC dipped 5% to the day’s low of Rs 1,028 after the company reported a lower-than-expected consolidated PAT of Rs 284 crore, up by 1.8% on a year-on-year (YoY) basis.The consolidated from operations for the reported quarter stood at Rs 1,155 crore versus 965 crore reported in the year-ago period. The revenue uptick was 19.7% on a YoY basis.
The PSU company also announced a final of Rs 4 per share for the financial year 2024.
The company’s increased 11.7% YoY to Rs 362 crore against domestic brokerage firm ’s estimates of Rs 386 crore with a margin of 31.4% (against PL’s estimate of 34.2%) as against 33.6% in 4QFY23.
Prabhudas Lilladher states that the stock currently trades at 66.1x of their FY25E EPS estimate and they have a ‘hold’ rating on the stock with a target price of Rs 825, which may be revised after the company’s conference call.
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IRCTC has gained 60% in the last one year and about 48% in the last 6 months alone. However, the stock has declined 1% in the last month.
The stock is currently moving below its 10 and 20-day exponential moving averages, however, is sustaining above the 50 and 100-day exponential moving averages. The RSI indicates a neutral view of the stock standing near the 46 mark.
A level below 30 is considered an oversold zone, while a level above the 70 mark is considered to be an overbought zone on RSI.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Source: Stocks-Markets-Economic Times
