IRCTC hits record high on share split
IRCTC board has recommended a stock split, from the face value of Rs 10 to now Rs 2.
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) hit a fresh 52-week high of Rs 2,727.95, rising almost 18% in the last month. The shares rose sharply soon after the company reported its results for Q1FY22. IRCTC further announced that its board has recommended the proposal for sub-division of the company’s one (1) equity share of the face value of Rs 10/- each into five (5) equity shares of the face value of Rs 2 each, subject to the approval of Ministry of Railways, shareholders and other approvals as may be required.
The state-run online portal and catering major posted a net profit of Rs 82.52 crore from continuing operations for the quarter ended Q1FY22 versus a loss of Rs 24.60 crore during the same period last year. However, on a sequential basis, there was a dip of 20% quarter-on-quarter (QoQ) during the reporting quarter as against the Q4FY21 quarter at Rs 103.78 crore.
On top line front its revenue from operations saw a jump of 85% to Rs 243.37 crore in Q1FY22 compared to Rs 131.33 crore in the same quarter of last year. While on the QoQ basis the revenue dipped by 28% from Rs 338.79 crore reported in Q4FY22.
At 3:00 pm the shares were trading at Rs 2,685 per share gaining 114 or 4.44%.