IRCTC, the catering service provider of the Indian Railways, will start the ex-dividend on August 18 from its record date to determine the eligible shareholders for the final dividend of FY 2012. IRCTC shares will remain in focus in this week’s trading session starting tomorrow. Markets are closed on Mondays due to Independence Day holiday. IRCTC is going to pay 75% dividend to its shareholders.
IRCTC 19 August has been fixed as the record date for determination of the members entitled to receive the final dividend for the financial year 2021-22.
Last month, IRCTC in its regulatory filing said, DividendIf declared at the AGM, the payment shall be made within a period of 30 days from the conclusion of the AGM.
The record date and payment date are different for dividends. The record date is when the company takes note of shareholders eligible for dividend benefits. Whereas the date of payment of dividend comes after approval in the Annual General Meeting of the company. The ex-dividend date is one day before the record date.
Generally, for a company to be eligible for dividends, investors need to purchase shares a day or two before the ex-dividend date. Investors who purchase shares after the ex-dividend date will not be eligible for shareholders.
IRCTC shares will become ex-dividend a day earlier i.e. on August 19, the record date on August 18.
The 23rd Annual General Meeting of the company is to be held on 26 August.
IRCTC Board of Directors recommended the final dividend of Rs. 1.50 per equity share at face value 2 each for the financial year FY22. This dividend is 75% of the paid-up share capital 160 crores.
is in addition to the dividend of the final dividend 2 per equity share was announced by the company in February this year and the same has already been paid.
Last week closed on irctc stock on friday below 666.55 3.50 or 0.52% on BSE. The market cap of the company is approx. 53,324 crores.
In Q1FY23, the company registered a growth of 198% in net profit 245.52 crore as compared to profit of 82.52 crore in Q1FY22. IRCTC revenue from operations up by 250.34 percent 852.59 crore in the latest quarter as against 243.36 crore in Q1FY22. EBITDA or earnings before interest, taxes, depreciation and amortization Q1FY23 vs . 320.9 crore in 111.5 crore in Q1FY22.
On segment-wise performance, during Q1FY23, all the five businesses of IRCTC registered growth. Increased revenue in the catering services business from 352 crore Income from internet ticketing business increased by 567 million years 301.6 crore, Rail Neer climbed 83.6 crore, tourism increased 81.9 crore and state pilgrimage increased to . done 33.2 crores.
Analysts at Prabhudas Lilladher said, “We believe ticket volume will be noticed in the near term as the 2S class reversal is in force from July. We expect that as the incremental business gains to come during COVID FY23E/FY24E will have a ticketing volume of 371mn/391mn. Time taken back. IRCTC trades at 58x/53x our FY23E/FY24E EPS estimate and we believe the current valuation captures strong growth prospects Which leaves little room for income surprises.”
The brokerage house has increased its top-line estimates for FY23E/FY24E by 5.8%/6.3% as we re-align our assumptions for the catering business, with the EPS upgrade reducing the odd margin of only ~1-2% Looking at. of section.
Analysts maintain their hold rating on IRCTC shares with DCF-based target price 635.
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