IRCTC's shares climb 13% after company reports a nearly three-fold jump in profit

The share price of state-owned Indian Railway Catering and Tourism Corporation's (IRCTC) climbed 13 percent intraday on Thursday hitting a record high post earnings and interim dividend announcements.

On an intraday basis, the stock price climbed 13 percent to Rs 1,599, the highest so far. At 9:56 am, the shares traded 9.24 percent higher at Rs 1,546 per share on the NSE. The stock has rallied 155 percent since the day of its listing.

In its third-quarter earnings this fiscal, the company reported an almost three-fold jump in its net profit to Rs 206 crore driven by the strength in ticketing.

Revenue from operations grew by 64.59 percent year-on-year (YoY) to Rs 715.98 crore in the quarter ended December 2019. Operating profit also remained strong surging 168.74 percent YoY to Rs 265.7 crore.

The company also declared an interim dividend at the rate of Rs 10 per share, which is 100 percent of paid-up share capital.

Furthermore, the company's internet ticketing revenues jumped 310.16 percent YoY to Rs 226.9 crore from Rs 55.32 crore last year.

The company has also announced that it will launch its 3rd private train on February 20 after the launch of two new Tejas trains.