• Quarterly margin drivers: IRCTC delivered record annual revenue, PAT, and EBITDA, but quarterly margins fell due to one-off provisions including ₹31 crore for CSR and ₹16 crore for expected credit loss. Adjusted for these provisions, GST impact, and legacy items, normalized profitability rose by around 8%.
• Internet ticketing strategy: To offset margin pressure from increased UPI adoption on convenience fees, IRCTC is targeting non-convenience revenue growth, expanding sole advertising rights, agent business, and loyalty programs.
• Catering margin factors: The contraction in catering margins was driven by cost allocations, including ₹5 crore for CSR, ₹16 crore for ECL provisioning, ₹3 crore in additional GST on premium train sales, and the absence of a ₹33 crore legacy credit from the prior year.
• Supply chain management: IRCTC mitigated West Asia crisis disruptions by deploying electric cooking in LHB pantry cars and securing commercial gas supplies through oil marketing companies, maintaining a run rate of over 18 lakh meals per day.
• Revenue growth outlook: Management expects to sustain its current revenue growth momentum of approximately 12% going forward into FY27.