#ROCE

In FY24, ROCE improved to 4%. The company continues to explore investment and acquisition opportunities in areas of strategic interest and adjacencies. These investments would be continued to be made through the balance sheet or the Info Edge venture fund. Given the nature of the business (i.e., various investments in associates/JVs) the ROCE is likely to be volatile on a year-to-year basis.

MANAGEMENT VISION

The management of the company has a strong vision to pursue outperformance in order to generate value for the business and the stakeholders. The management's mission is to continuously delight the customers in current and new businesses by delivering superior value through enhanced offerings on the internet and other platforms. It believes that with proper products pipeline, efficient execution and cash inflows, the company will be able to deliver superior growth in the future. They believe that the next phase of growth will be driven by deeper penetration into tier 2 and tier 3 cities in India. To this end, they are expanding its onground sales force to supplement its technologybased business model.

#Future #plan

India’s consumer digital economy is expected to be a USD800 billion by 2030, clocking in a growth on 10x from 2020. As per Google, the classifieds segment is expected to report a CAGR of 18%, with jobs, real estate and matrimony constituting 2/3rd of the market. • The Government of India's (GOI) focus on the ‘Digital India’ initiative along with cheaper smartphones, declining data tariffs, increasing digital literacy is helping the sector boost its growth. • There has been a 124% growth in the number of internet users in the past 5 years driving the digital sector majorly. • Low internet penetration in India at ~43% presents an opportunity for the company, where the internet penetration is above 80% at developed nations while ~60% penetration at South American and South-East Asian nations. now accessing the internet daily to meet the needs. • The single most important driver of rapid internet penetration across India is the widespread adoption of mobile internet in India. India recorded the highest-ever smartphone shipments in year 2021. • With this kind of penetration of internet in India, the digital space is transforming the way consumers and marketers interact with each other. Increase in the internet usage by the rural India has also grown at record with almost two-thirds of active internet users • Thus, the growing digital economy coupled with rising per capita income and favorable demographics presents a huge market potential for internet-based technology led disruptions

Info Edge Limited (Naukri) 6800-7425
Expected level 8200
Support 6000

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Good morning

Learning:

𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐇𝐨𝐰 𝐈𝐭 𝐖𝐨𝐫𝐤𝐬

Technical analysis is a method of evaluating securities by analyzing statistical trends about price movements and trading volume, rather than focusing on a company's fundamentals. It's the belief that market history tends to repeat itself, and by studying past price movements, traders can predict future price movements.

𝐊𝐞𝐲 𝐏𝐫𝐢𝐧𝐜𝐢𝐩𝐥𝐞𝐬 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬
𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲:The market price of a security reflects all available information.

𝐏𝐫𝐢𝐜𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐬 𝐄𝐯𝐞𝐫𝐲𝐭𝐡𝐢𝐧𝐠:All relevant information, both fundamental and psychological, is already reflected in the price.

𝐇𝐢𝐬𝐭𝐨𝐫𝐲 𝐑𝐞𝐩𝐞𝐚𝐭𝐬 𝐈𝐭𝐬𝐞𝐥𝐟:Past price movements and patterns tend to repeat themselves.

𝐇𝐨𝐰 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐖𝐨𝐫𝐤𝐬
Technical analysts use various tools and techniques to analyze price charts and identify patterns that could indicate future price movements. 𝐓𝐡𝐞𝐬𝐞 𝐭𝐨𝐨𝐥𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:

𝐂𝐡𝐚𝐫𝐭 𝐏𝐚𝐭𝐭𝐞𝐫𝐧𝐬:These are recognizable shapes formed by price movements, such as head and shoulders, triangles, and double tops/bottoms.

𝐓𝐫𝐞𝐧𝐝 𝐋𝐢𝐧𝐞𝐬:These are lines drawn to connect a series of price lows or highs to identify the direction of the market.

𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐚𝐧𝐝 𝐑𝐞𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐋𝐞𝐯𝐞𝐥𝐬:These are price levels where buying or selling pressure is expected to be strong.

𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬:These are mathematical calculations based on price and volume data, such as moving averages, Relative Strength Index (RSI), and Stochastic Oscillator.


𝐓𝐡𝐞 𝐩𝐫𝐨𝐜𝐞𝐬𝐬 𝐭𝐲𝐩𝐢𝐜𝐚𝐥𝐥𝐲 𝐢𝐧𝐯𝐨𝐥𝐯𝐞𝐬:

𝐃𝐚𝐭𝐚 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧:Gathering historical price and volume data for a specific security or market.

𝐂𝐡𝐚𝐫𝐭 𝐂𝐫𝐞𝐚𝐭𝐢𝐨𝐧:Plotting the data on a chart to visualize price movements and patterns.

𝐏𝐚𝐭𝐭𝐞𝐫𝐧 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧:Recognizing chart patterns, trend lines, and support/resistance levels.

𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:Calculating and interpreting various technical indicators.

𝐒𝐢𝐠𝐧𝐚𝐥 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧:Identifying potential buying or selling opportunities based on the analysis.

𝐑𝐢𝐬𝐤 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭:Implementing stop-loss and take-profit orders to manage risk.

𝐋𝐢𝐦𝐢𝐭𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

𝐋𝐚𝐠𝐠𝐢𝐧𝐠 𝐈𝐧𝐝𝐢𝐜𝐚𝐭𝐨𝐫𝐬:Many technical indicators are based on historical data, which can lead to delayed signals.

𝐒𝐮𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐢𝐭𝐲:Interpreting chart patterns and indicators can be subjective and vary among analysts.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲:In highly efficient markets, technical analysis may be less effective.

It's important to note that technical analysis is a tool, not a crystal ball. It should be used in conjunction with other analysis methods, such as fundamental analysis, to make informed investment decisions.

Good morning

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Good morning

Indian Railway Catering and Tourism Corporation Ltd IRCTC Company details

Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is a central public sector enterprise wholly owned by the Government of India and under the administrative control of the Ministry of Railways. The company is the only entity authorized by Indian railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. It was incorporated with the objective to upgrade, modernize and professionalize catering and hospitality services, managing hospitality services at railway stations, on trains and other locations and to promote international and domestic tourism in India through publicprivate participation. IRCTC’s business is divided into 4 main segments: (i) Internet ticketing (ii) Catering and hospitality (iii) Tourism & Train operations and (iv) Packaged drinking water (Rail Neer). They also diversified into other businesses such as e-catering, executive lounges and budget hotels, which are in line with its objective to build a ‘one stop solution’ for its customers. Pertaining to their catering business, the company has presence in 120 prepaid trains, 440 mail and express trains equipped with pantry cars and 702 trains under Train side vending (TSV), as on 31st March 2024. In the Rail Neer, they have a total production capacity of 17.68 lakh bottles per day as on 31st March 2024.

#SALES #GROWTH 5 Year CAGR: 18.0% 

In FY24, the sales grew by 21% YoY to ₹4,270 cr mainly led by growth in all the segments except state teereth. Catering business grew by 32% YoY to ₹1,947 cr led by an increase in number of catering trains. As on 31st March 2024, the company is providing its catering services in 1,262 trains (v/s 1,187 trains as on 31st March 2023). The tourism business grew by 33% YoY to ₹549 cr, internet ticketing by 8% YoY to ₹1,295 cr and rail neer by 8% YoY to ₹341 cr. The company’s sales grew from ₹1,523 cr in FY17 to ₹2,264 cr in FY20 mainly driven by strong growth in the catering segment. The Ministry of Finance ordered to remove the convenience fees from 23rd Nov 2016 to 31st Aug 2019 with an intent to promote digital transaction which had impacted the revenue of internet ticketing business in FY18 and FY19. In FY23, the company witnessed sales growth mainly due to revival in the catering and tourism.

#EBITDA #GROWTH 5 Year CAGR: 30.8%

In FY24, the EBITDA grew by 15% YoY to ₹1,466 cr. The catering and internet ticketing business segment reported operating profit growth. Tourism business reported operating loss due to the exceptional item of ₹51.9 cr towards provisioning of revised haulage charges of the previous years for the Tejas trains. Rail neer business declined due to exceptional item of ₹14.5 cr related to sharing of additional revenue from the PPP rail neer plant for previous year. The company’s EBITDA grew from ₹297 cr in FY17 to ₹698 cr in FY20 mainly driven by operating profit growth in the ticketing and catering segment. On 1st September 2019, IRCTC restarted collection of convenience fee on ticket booking. In FY23, the EBITDA grew to ₹1,276 cr from ₹881 cr in FY22, driven by increase in the top-line.

#PAT #GROWTH 5 Year CAGR: 29.2%

In FY24, the PAT grew by 10% YoY to ₹1,111 cr. During the period, the company reported an exceptional loss of ₹58.5 cr due to provisioning of revised haulage charges as mandated by the ministry of railways for the Tejas trains for the previous years and sharing of additional 25% revenue from the PPP (public private partnership) rail neer plant for previous year in the rail neer business. The PAT excluding exceptional item stood at ₹1,170 cr in FY24 as compared to ₹979 cr in FY23, i.e., a growth of 20% YoY. The company’s PAT grew from ₹215 cr in FY17 to ₹513 cr in FY20 supported by increase in EBITDA, lower depreciation cost due to asset light business model and decline in effective tax rate in FY20. In FY20, the effective tax rate declined to 29.7% from 35.5% in FY19.

#EBITDA #MARGIN

In FY24, the EBITDA margin contracted by 171 bps YoY to 34.3% due to increase of lower margin catering and other vertical in the overall mix. Segment wise, internet ticketing EBIT margin stood at 82.4%, state teereth 19.4%, catering 13.8% and rail neer 8.6%. The company’s EBITDA margin expanded from 19.5% in FY17 to 30.9% in FY20 supported by expansion of operating profit margin in internet ticketing business from 41% to 79% along with improvement of margins in rail neer, catering and tourism segment during the period. In FY23, the EBITDA margin stood at 36% (v/s 47% in FY22). The overall margin contraction was due to increase of lower margin catering business in the total sales mix.

#PAT #MARGIN

In FY24, the PAT margin contracted by 238 bps YoY to 26%. Excluding the exceptional loss, the PAT margin stood at 27.4%, i.e., a contraction of 25 bps YoY. The PAT margin expanded from 14% in FY17 to 35.3% in FY22 supported by improvement in operating profit margin and decline in effective tax rate.

#ROE

In FY24, the return on equity stood at 39%. The net worth stood at ₹3,230 cr as on 31st March 2024, which increased on a YoY basis on account of retained earnings.