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76% of IRCTC profits came from e-ticketing: Q3FY20

76% of IRCTC’s profits and 32% of its revenue came from internet ticketing for the quarter ended December 31, 2019. IRCTC, the Indian Railways’ ticketing & services arm, reported its second quarterly financials report ever since it went public in October 2019. E-ticketing and catering accounted for 70% of IRCTC’s revenue for Q3FY20.

1. E-ticketing revenue stood at Rs 226.9 crore in Q3FY20, and saw the highest growth rates across all segments:

  • 310% YoY increase, from Rs 55.3 crore in Q3FY19
  • 94% QoQ increase, from Rs 117.2 crore in Q2FY20

Although State Teertha segment saw over 800% YoY increase in revenue, it only accounted for 9% of the company’s revenue in Q3.

2. E-ticketing profits stood at Rs 193.4 crore, which also saw the highest growth rates across segments:

  • 435% YoY increase, from Rs 36.2 crore in Q3FY19
  • 110% QoQ increase, from Rs 91.9 crore in Q2FY20

In November, IRCTC had reported a 14% YoY increase in net profit to Rs 172 crore, on the back of a sharp rise in e-ticketing revenue. Note that half-yearly numbers are not comparable to quarterly numbers.

Numbers on e-ticketing, mobile app: Annual Report FY18-19

IRCTC has not given out any operational figures since it went public. Here is what we found in the company’s annual report for FY2018-19. These are the latest figures available and precede the company’s public listing, we shall update this when IRCTC’s annual report for FY19-20 become public.

  • Revenue from Internet ticketing: Rs 239 crore in FY18-19, up 17% YoY
  • E-ticketing revenue accounted for 70% of reserved tickets on Indian Railways booked online, “leaving behind several high profile e-commerce sites worldwide”.
  • E-tickets revenue: Rs 32,069 crore, up 12.62% from Rs 28,475 crore in FY17-18
  • E-tickets booked: 28.41 crore in FY18-18, up 15.2% YoY from 24.66 crore in FY17-18
  • Passengers booked (via e-tickets): 49.49 crore in FY18-19, up 14.2% YoY from 43.30 crore in FY17-18
  • Ticket sold daily on IRCTC website: 7.78 lakh/day
  • Average mobile app bookings: 2.79 tickets/day, up from 1.32 tickets/day in FY17-18
  • IRCTC Mobile app: 3.15 crore downloads (as of March 31, 2019)
  • Tickets booked via agents: 20% of all e-tickets
  • Tickets booked on IRCTC Air: 4,676 air tickets/day, up 24.76% YoY from 3,748 tickets/day in FY17-18
  • IRCTC Rail Connect app: 1 crore downloads
  • E-catering services: Available at 325 stations, provided via mobile app and call.
  • E-catering bookings: 11,859 meals/day

Source: Annual Report FY18-19

Source: Annual Report FY18-19

Source: Annual Report FY18-19

Post-demonetisation, the Railways Ministry on November 23, 2016 withdrew service charges levied on e-tickets in order to promote digital payments — which were Rs 20/ticket for non-AC classes and Rs 40/ticket for AC classes. This revenue was shared equally with the Railways Ministry, its withdrawal has had a “serious impact” on IRCTC’s revenue, PBT, and PAT; revenue losses due to this in FY18-19:

  • Rs 804 crore in turnover
  • Rs 1718 crore in e-ticketing service charge

The Railways Ministry reimbursed Rs 88 crore for maintenance and operations of online ticketing system. Even though this has reduced income, “efforts are being made to encash full potential of the IRCTC websites with mobile application scheme through data monetisation and retail management”, IRCTC said.

Download: Q3FY20 Financials | Annual Report FY18-19

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