Excel Sheet Made by Amol

INDIAN RAILWAY CATERING & TOURISM CORPORAll figures in Rs crores

PROFIT & LOSS STATEMENT
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM COMMON SIZE P&L STATEMENT
y-o-y Sales Growth % 29.05% 11.18% -3.52% 27.55% 21.09% -65.70% 141.88% 88.52% 20.58% 7% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TTM
Sales 1,059 1,367 1,520 1,466 1,870 2,264 777 1,879 3,541 4,270.18 4,561
Raw Material Cost 240 233 211 252 124 138 47 105 195 245.42 - 23% 17% 14% 17% 7% 6% 6% 6% 6% 6%
Power and Fuel 14 14 10 11 14 14 6 11 15 13.82 1% 1% 1% 1% 1% 1% 1% 1% 0% 0%
Other Mfr. Exp 404 689 730 620 818 856 199 400 1,374 1,711.24 38% 50% 48% 42% 44% 38% 26% 21% 39% 40%
Gross Profit 402 431 568 583 913 1,256 525 1,363 1,957 2,299.70 Gross Margin 38% 32% 37% 40% 49% 55% 68% 73% 55% 54%

Employee Cost 175 165 164 192 195 244 206 240 246 289.18 17% 12% 11% 13% 10% 11% 27% 13% 7% 7%
Selling and admin 39 48 83 107 276 296 87 207 382 502.53 4% 4% 5% 7% 15% 13% 11% 11% 11% 12%
Other Expenses 36 28 7 10 59 12 44 42 53 41.70 3% 2% 0% 1% 3% 1% 6% 2% 2% 1% Chart of Op.EBIT Margin
Depreciation 20 21 22 24 29 40 46 49 54 57.22 56 2% 2% 1% 2% 2% 2% 6% 3% 2% 1%
Operating Profit (Op. EBIT) 131.65 169.83 291.14 249.93 354.72 662.46 141.44 824.76 1,222.54 1,409.07 1,472 Op.EBIT Margin 12% 12% 19% 17% 19% 29% 18% 44% 35% 33% 32%

Other Income 82 139 67 99 126 77 124 72 148 105.85 210 8% 10% 4% 7% 7% 3% 16% 4% 4% 2%
Interest - 0 3 3 2 10 8 11 16 18.64 14 0% 0% 0% 0% 0% 0% 1% 1% 0% 0%
Profit before tax 214 309 355 346 479 730 258 885 1,354 1,496.28 1,667 Chart of PAT Margin
Tax 83 120 126 125 170 216 70 226 348 385.02 426
PROFIT AFTER TAX (PAT) 131 188.63 229.08 220.61 308.57 513.10 187.02 659.56 1,005.88 1,111.26 1,241 PAT Margin 12% 14% 15% 15% 17% 23% 24% 35% 28% 26% 27%
Effective Income Tax Rate 38.88% 38.89% 35.48% 36.17% 35.52% 29.67% 27.37% 25.51% 25.71% 25.73%

Marginal Income Tax Rate 34.61% 34.61% 34.61% 35.00% 30.00% 25.17% 25.17% 25.17% 25.17% 25.17%
MARGINAL INCOME TAX DATA
GROWTH ANALYSIS Source KPMG for the years from 2011 until 2019
SALES Op. EBIT PAT from FY20 onwards, it is assumed that domestic companies will take advantage of Section 115BAA
9 Year CAGR 16.76% 30.13% 26.86% Mar-11 32.44%
7 Year CAGR 15.90% 25.27% 25.31% Mar-12 32.45%
5 Year CAGR 17.96% 31.77% 29.21% Mar-13 33.99%
3 Year CAGR 76.50% 115.17% 81.12% Mar-14 33.99%
TTM CAGR 6.81% 4.43% 11.68% Mar-15 34.61%
Mar-16 34.61%
Mar-17 34.61%
DEBT & SOLVENCY RATIOS Mar-18 35.00%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-19 30.00%
Debt - - - - - - 79 105 84 60 Mar-20 25.17%
Equity 444 542 787 955 1,071 1,314 1,456 1,870 2,478 3,230 Mar-21 25.17%
Mar-22 25.17%
Debt Coverage Ratios (Lower is Better) Mar-23 25.17%
Debt/Equity Ratio - - - - - - 0.1 0.1 0.0 0.0
Debt/EBITDA - - - - - - 0.4 0.1 0.1 0.0

Interest Expense / Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 10% 11% 19% 31%

Interest Coverage Ratios (Higher is better)

Op. EBIT/Interest 1,415.3 111.1 83.6 150.9 67.9 17.1 74.6 75.9 75.6
EBITDA/Interest 1,586.4 119.7 91.5 163.1 72.0 22.7 79.1 79.2 78.7

NET DEBT (as at) Mar-24

Outstanding Debt 60
- Investments - Investments of 0 NOT deducted from debt. Deduct it, only if it is liquid. Check from Annual Report
- Cash & Bank 2,263
Net Outstanding Debt -2,202 This is a GOOD thing. It means that the company has no net debt as its cash reserves exceeds debt

FREE CASH FLOW

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
CASH FROM OPERATIONS 287.7 338.2 23.6 499.0 409.1 247.5 524.0 811.7 882.2
- CAPEX -22 -37 -34 -54 -118 -81 -75 -77 -457.78 Chart of FCFF
- Tax Benefit from Interest (Int x Tax) -0 -1 -1 -1 -2 -2 -3 -4 -4.69
FREE CASH FLOW TO FIRM (FCFF) 266 300 -11 445 288 164 446 731 419.70

- Interest -0.12 -2.62 -2.99 -2.35 -9.76 -8.28 -11.05 -16.11 -18.64
+ Tax Benefit from Interest (Int x Tax) 0.04 0.91 1.05 0.71 2.46 2.08 2.78 4.05 4.69
- Debt Repayment - - - - - - - -21 -24
+ New Debt - - - - - 79 25 - -
FREE CASH FLOW TO EQUITY (FCFE) 266 299 -13 443 281 238 463 698 382 92.6 4,023.0 -71.9 4,424 92.6%

FREE CASH FLOW OVER 9 YEARS FROM Mar-16 UNTIL Mar-24

Total CFO - Int Tax Shield 4,004 (Cum CFO - Interest)/Cum PAT 93% (ideally, should be more than 75%. Higher the better)
- Total Capex -955
TOTAL FCFF 3,049 Cum FCFF/Cum EBIAT 80%
(Payout Ratio)
- Total Interest + Int Tax Benefit -53
Total FCFE through operations 2,996

+ INCREASE in Debt 60
TOTAL FCFE 3,056

Total Dividends in 9 yrs 2,058

CASH FLOW STATEMENT

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 TOTAL
Cash from Operating Activity 69 288 338 24 499 409 248 524 812 882 4,092
Cash from Investing Activity -46 7 94 40 -353 8 -453 -242 -317 -215 -1,477
Cash from Financing Activity -17 -31 -136 -57 -179 -280 -47 -258 -434 -404 -1,845
Net Cash Flow 6 263 296 7 -33 137 -252 23 61 262 770

VALUATION MULTIPLES
Based on Equity Value
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 29.3.25
No. of shares (in crores) 10 10 20 20 80 80 80 80 80 80 80
EPS 13 19 11 11 4 6 2 8 13 14 16
Stock Price - - - - - 197 351 775 573 930 689 1/(P/E) Current Bond Yield
P / ETTM 30.6 150.3 94.0 45.6 66.9 44.4 2% 10% no margin of safety

Book Value / Share 44.4 54.2 39.3 47.7 13.4 16.4 18.2 23.4 31.0 40.4 40.4
P/B 12.0 19.3 33.1 18.5 23.0 17.1

BASED ON ENTERPRIS Based on Enterprise Value

Debt - Cash -354 -618 -853 -834 -1,140 -1,296 -1,381 -1,627 -1,847 -2,202 Put updated figures
Enterprise Value (EV) -354 -618 -853 -834 -1,140 14,424 26,731 60,349 43,977 72,174 -
EBIT 214 309 358 349 481 739 266 896 1,370 1,515 1,682
EV / EBITTTM -1.7 -2.0 -2.4 -2.4 -2.4 19.5 100.6 67.3 32.1 47.6

EBITDA 234 329 380 372 510 780 312 945 1,424 1,572 1,738
EV / EBITDATTM -1.5 -1.9 -2.2 -2.2 -2.2 18.5 85.6 63.8 30.9 45.9

EV / Sales -0.3 -0.5 -0.6 -0.6 -0.6 6.4 34.4 32.1 12.4 16.9

DIVIDENDS
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 29.3.25
Dividends (Rs crores) 26 75 113 47 302 200 80 280 440 520

Dividends/Net Profit 20% 40% 49% 21% 98% 39% 43% 42% 44% 47%
Dividends/Share 2.6 7.5 5.6 2.4 3.8 2.5 1.0 3.5 5.5 6.5
Stock Dividend Yield 1% 0% 0% 1% 1% 1%

% RETURN IF YOU PURCHASED THE STOCK IN THE PAST AND SOLD IT TODAY
INPUT Date of Purchase Mar/20

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 29.3.25
Stock Bought - - - - - -197 - - - -
Dividends - - - - - 2.5 1.0 3.5 5.5 6.5
Stock Sold 689
Total - - - - - -194 1 4 6 7 689

IRR 29.9%

NOTE: The IRR calculated above DOES NOT account for buybacks, if any, by a company

Free CF yield / Acquirer's multiple Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
FCFF - 266 300 -11 445 288 164 446 731 420
EV -354 -618 -853 -834 -1,140 14,424 26,731 60,349 43,977 72,174
FCFF / EV 0% -43% -35% 1% -39% 2% 1% 1% 2% 1%
Acquirer's multiple -2.69 -3.64 -2.93 -3.34 -3.21 21.77 188.99 73.17 35.97 51.22

Fragility Scorecard
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Total equity 444.25 542.07 786.56 954.53 1071.02 1313.82 1455.81 1870.31 2478.4 3229.97
Total liabilities 1162.11 1437.05 1826.45 2319.11 2594.24 3241.49 3153.18 3884.08 5088.75 6,091
Equity as % total liabilities 38% 38% 43% 41% 41% 41% 46% 48% 49% 53% [Higher the better]

Interest + Depreciation 20.42 20.66 25.03 26.65 30.99 49.97 54.63 60.04 69.84 75.86
Operating profit % 12% 12% 19% 17% 19% 29% 18% 44% 35% 33% 33.00% ###
Break even sales 164.279791872389 166.270239651 130.647933984 156.328966111 163.371955 170.7990983607 299.978335690045 136.75414 202.313433344 229.893373 15.53
Actual sales 1,059 1,367 1,520 1,466 1,870 2,264 777 1,879 3,541 4,270 ###
Break even sales as % of sales 16% 12% 9% 11% 9% 8% 39% 7% 6% 5.38% [Lower the better]

ROIC 0% -15% -26% -26% -47% -59% -7% -29% -43% -65% [Higher the better]

Cash from operating activities 69 288 338 24 499 409 248 524 812 882
Interest + Depreciation 20.42 20.66 25.03 26.65 30.99 49.97 54.63 60.04 69.84 75.86
20% of borrowings 0 0 0 0 0 0 15.892 20.984 16.832 12.07
Yearly debt obligations as a % of cash flow from 3.36 13.92 13.51 0.89 16.10 8.19 3.51 6.47 9.37 10.03 [Higher the better]

Fragility Scorecard (my assessment)

Equity as % of total liabilities 0

Breakeven sales as % of total sales 1
ROIC 0
Yearly debt obligations as % of CFO 1
Total score 2

Self Sustainable Growth Rate (SSGR) - Dr Vijay Malik

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
NFA 155.32 158.61 170.4 189.82 182 285 311 335 351 343
NFAT (Net fixed asset turnover) 8.71 9.24 8.14 10.05 9.70 2.61 5.81 10.32 12.31
Average NFAT over 3 years 8.70 9.14 9.30 7.45 6.04 6.24 9.48
NPM 12% 14% 15% 15% 17% 23% 24% 35% 28% 26.02%
Average NPM of 3 years 15% 16% 18% 21% 27% 29% 29.85%
Dividend Payout Ratio 20% 40% 49% 21% 98% 39% 43% 42% 44% 46.79%
Average DPR 37% 56% 53% 60% 41% 43% 44.33%
Depreciation as % of NFA 13% 13% 13% 12% 16% 14% 15% 15% 15% 16.69%
Average Dep 13% 14% 14% 15% 15% 15% 15.54%
SSGR 67.48% 48.41% 65.21% 48.06% 81.99% 89.02% 141.98%

Average SSGR 104%

Average Sales Growth 84%
SSGR > Sales Growth yes and it's an awesome thing
 Excel Sheet Made by Amol
INDIAN RAILWAY CATERING & TOURISM CORPORATION LTD
(all figures in Rs crores) BALANCE SHEET COMMON SIZE BALANCE SHEET
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 20 20 40 40 160 160 160 160 160 160 2% 1% 2% 2% 6% 5% 5% 4% 3% 3%
Reserves 424 522 747 915 911 1,154 1,296 1,710 2,318 3,070 37% 36% 41% 39% 35% 36% 41% 44% 46% 50%
Borrowings - - - - - - 79 105 84 60 0% 0% 0% 0% 0% 0% 3% 3% 2% 1%
Trade Payables (Manually copy 915 1,106 1,183 1,271 1,266 2,216 2,672 3,316 3,373 3,548 79% 77% 65% 55% 49% 68% 85% 85% 66% 58%
Other Liabilities -197 -211 -143 94 257 -288 -1,054 -1,407 -847 -747 -17% -15% -8% 4% 10% -9% -33% -36% -17% -12%
TOTAL LIABILITIES 1,162 1,437 1,826 2,319 2,594 3,241 3,153 3,884 5,089 6,091 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Net Block 155 159 170 190 182 285 311 335 351 343 13% 11% 9% 8% 7% 9% 10% 9% 7% 6%
Capital Work in Progress 16 14 17 8 40 16 24 26 34 443 1% 1% 1% 0% 2% 1% 1% 1% 1% 7%
Cash & Bank 354 618 853 834 1,140 1,296 1,461 1,732 1,931 2,263 30% 43% 47% 36% 44% 40% 46% 45% 38% 37%
Investments - - - - - - - - - - 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Inventory 10 8 7 7 8 10 7 8 10 11 1% 1% 0% 0% 0% 0% 0% 0% 0% 0%
Receivables 149 162 289 551 587 778 521 572 1,143 1,374 13% 11% 16% 24% 23% 24% 17% 15% 22% 23%
Loans & Advances (Manually co 59 76 65 24 33 31 97 25 60 34 5% 5% 4% 1% 1% 1% 3% 1% 1% 1%
Other Assets 419 400 425 705 603 825 732 1,186 1,561 1,624 36% 28% 23% 30% 23% 25% 23% 31% 31% 27%
TOTAL ASSETS 1,162 1,437 1,826 2,319 2,594 3,241 3,153 3,884 5,089 6,091 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

FUND FLOW ANALYSIS

5 YEAR 1 YEAR
Equity Share Capital - -
Reserves 2,159 752
Borrowings 60 -24
Trade Payables 2,282 175
Other Liabilities -1,004 100
TOTAL CHANGE IN LIABILITIES 3,497 1,002

Net Block + WIP 563 401

Cash & Bank 1,123 332
Investments - -
Inventory 3 1
Receivables 787 231
Loans & Advances 1 -26
Other Assets 1,021 63
TOTAL CHANGE IN ASSETS 3,497 1,002

FROM THE LIABILITY SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Operating EBIT 132 170 291 250 355 662 141 825 1,223 1,409 Median Min Max
Effective Tax Rate 39% 39% 35% 36% 36% 30% 27% 26% 26% 26% 33% 26% 39%
Operating EBIAT 80 104 188 160 229 466 103 614 908 1,046

Invested Capital from the Liability Side of Balance Sheet = (Book Value of Equity + Book Value of Debt - Cash)
Invested Capital 90 -76 -66 121 -69 17 75 244 632 1,028
Average Invested Capital 7 -71 27 26 -26 46 159 438 830
Median Min Max
ROIC (EBIAT / Average Invested Capital) 1446% -264% 588% 886% -1805% 223% 386% 207% 126% 223% -1805% 1446%
with DuPont breakup
EBIAT/Sales 8% 12% 11% 12% 21% 13% 33% 26% 25% 13% 8% 33%
Sales/Av Invested Capital 190.4 -21.4 54.0 72.4 -87.7 16.9 11.8 8.1 5.1 11.8 -87.7 190.4

FROM THE ASSET SIDE RETURN ON AVERAGE INVESTED CAPITAL (ROIC)

The section below breaks down ROIC into various components and thus allows us to use just one ratio-ROIC to measure it ALL operational parameters!
However it is helpful if you read a short note on this before using this section. Click HERE to read this short note
Please Manually Input the Trade Payables Data in 'Row 8' above from Screener.in BEFORE using this section

DATA NEEDED TO CALCULATE ROIC FROM THE ASSET SIDE

Net Working Capital -756 -936 -887 -713 -671 -1,428 -2,144 -2,737 -2,220 -2,163
Average Net Working Capital -846 -911 -800 -692 -1,049 -1,786 -2,440 -2,479 -2,192
Median Min Max
Av Working Capital/Sales -62% -60% -55% -37% -46% -230% -130% -70% -51% -60% -230% -37%
Av Working Capital Turnover -1.6 -1.7 -1.8 -2.7 -2.2 -0.4 -0.8 -1.4 -1.9 -1.7 -2.7 -0.4

Fixed Asset 172 173 187 197 223 301 336 362 385 785
Average Fixed Assets 172 180 192 210 262 318 349 373 585

Av Fixed Assets/Sales 13% 12% 13% 11% 12% 41% 19% 11% 14% 13% 11% 41%
Av Fixed Asset Turnover 7.93 8.44 7.62 8.90 8.65 2.44 5.39 9.49 7.30 7.9 2.4 9.5

Average Invested Capital from the Asset Side of Balance Sheet = Average Net Block & CWIP + Average Net Working Capital
Average Invested Capital -674 -731 -607 -482 -788 -1,468 -2,092 -2,105 -1,607

RETURN ON AVERAGE INVESTED CAPITAL (ROIC) with DETAILED BREAK-UP

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Median Min Max Chart of Op. EBIT Margin
Operating EBIT Margin 12.43% 19.16% 17.05% 18.97% 29.26% 18.21% 43.90% 34.52% 33.00% 19% 12% 44%
Gross Margin 32% 37% 40% 49% 55% 68% 73% 55% 53.85%
- SG&A & Others -18% -17% -21% -28% -24% -43% -26% -19% -19.52%
- Depreciation -2% -1% -2% -2% -2% -6% -3% -2% -1.34%
Chart of Sales/Av Invested Capital
Sales/Av Invested Capital -2.0 -2.1 -2.4 -3.9 -2.9 -0.5 -0.9 -1.7 -2.7 -2.1 -3.9 -0.5
Sales/Av Invested Capital is further broken down into Fixed Asset Turnover and Working Capital Turnover as below:

Av Fixed Asset Turnover 7.9 8.4 7.6 8.9 8.7 2.4 5.4 9.5 7.30

Av Working Capital Turnover -1.62 -1.67 -1.83 -2.70 -2.16 -0.43 -0.77 -1.43 -1.95
Average Inventory Days 2 2 2 1 1 4 1 1 0.9 Note: Inventory Days and Payable Days are calculated using Sales & not COGS
Average Receivable Days 42 54 105 111 110 305 106 88 107.6
Average Payable Days 270 275 305 248 281 1149 582 345 295.8
Average Working Capital Cycle Days -226 -219 -199 -135 -169 -839 -474 -255 -187.3
Median Min Max Chart of ROIC Pre-Tax
ROIC Pre-Tax -25% -40% -41% -74% -84% -10% -39% -58% -88% -41% -88% -10%

Effective Tax Rate 39% 35% 36% 36% 30% 27% 26% 26% 26%
ROIC -15% -26% -26% -47% -59% -7% -29% -43% -65% -29% -65% -7%

NOTES:
1) The formula used for breaking up ROIC into its components is given in the adjacent image

2) To correctly calculate ROIC you need to several adjustments such as Identifying operating assets,
Capitalizing Operating & Financial Expenses, removing one-time & extra-ordinary items, adjusting taxes, etc
These adjustments are ESSENTIAL to get a correct measurement of ROIC or any other return such as ROE, ROA,
ROCE, etc. However, to do the same we need more granular level data from the Annual Report
HENCE, ROIC calculated without adjustments are ROUGH ESTIMATES of the actual return
 Input ONLY in Cells denoted as:

ROIC ESTIMATOR
Calculate the impact of ROIC of a company using your estimates of margins, tax and capital efficiency ratios

Historical Data of 9 years

Operating EBIT MARGIN Median
Gross Margin 54% 54%
- SG&A & Others -21% Input % as a negative number -21%
- Depreciation -2% Input % as a negative number -2%
1 Operating EBIT Margin 31%

Sales/Av Invested Capital

Fixed Asset Turnover 7.30 7.3

Working Capital Turnover -1.9

Average Inventory Days 1 1
Average Receivable Days 106 106
Average Payable Days 296 295.7914
Average Working Capital Cycle Days -188
2 Sales/Av Invested Capital -2.64

ROIC Pre-Tax ( 1 x 2) -83%

Effective Tax Rate 25% 30%

ROIC (Post Tax) -62%

1) Refer to the historical ranges of these inputs so that you make more informed estimates.
It is very much possible that you can have estimates higher/lower than the historical ranges.
But you should have strong reasons for doing so
2) Remember that these historical numbers are without adjustments as stated in the previous tab

CONVERTING ROIC TO ROE

Historical Data of 9 years
Median
Debt / Equity 0.03 0.03
Interest / Book Value of Debt #DIV/0! #DIV/0!
Tax Rate 25% 33%
ROE #DIV/0!

NOTES:
1) The adjacent formula is used to convert ROIC (calculated from above) into ROE
capital efficiency ratios

Historical Data of 9 years

Min Max
32% 73%
-43% -17%
-6% -1%

2.4 9.5

1 4
42 305
247.5949 1148.585

26% 39%

previous tab

Historical Data of 9 years

Min Max
- 0.06
#DIV/0! #DIV/0!
26% 39%
INDIAN RAILWAY CATERING & TOURISM CORPORA
QUARTER ANALYSIS

Latest Quarter Latest 6 Months Period Latest 9 Months Period

Dec-24 Dec-23 Growth Latest Year Ago Growth Latest Year Ago Growth
Sales 1,225 1,118 10% 2,289 2,111 8% 3,406 3,112 9%
Expenses 808 724 1,499 1,350 2,241 2,009
Depreciation 13 14 26 28 40 42
Operating Profit 404 380 6% 763 733 4% 1,124 1,062 6%

Other Income 56 31 116 78 170 65

Interest 3 5 6 9 9 13
Profit before tax 443 392 847 774 1,245 1,072
Tax 115 106 224 207 328 287
Net profit 328 286 15% 623 567 10% 916 785 17%

EBIT Margin 33% 34% 33% 35% 33% 34%

EBITDA Margin 34% 35% 35% 36% 34% 35%
PAT Margin 27% 26% 27% 27% 27% 25%

Dec-24 Dec-23 Dec-22 Sep-24 Sep-23 Sep-22 Jun-24 Jun-23 Mar-24 Mar-23
Sales 1,225 1,118 918 1,064 992 806 1,118 1,002 1,155 965
10% 22% 7% 23% 12% 20%

Operating Profit 404 380 315 360 353 286 361 329 347 313
6% 20% 2% 23% 10% 11%
COMPANY NAME INDIAN RAILWAY CATERING & TOURISM CORPOR
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 80.00
Face Value 2.00
Current Price 689.05
Market Capitalization 55,124.00

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 1,059.13 1,366.78 1,519.65 1,466.09
Raw Material Cost 239.46 230.30 210.86 252.82
Change in Inventory -0.04 -2.53 -0.63 0.40
Power and Fuel 13.64 14.38 10.19 10.94
Other Mfr. Exp 404.13 688.55 730.22 619.86
Employee Cost 175.00 164.64 163.88 192.27
Selling and admin 39.01 48.31 83.17 106.71
Other Expenses 35.78 27.70 7.15 10.30
Other Income 82.07 138.95 66.55 98.69
Depreciation 20.42 20.54 22.41 23.66
Interest 0.12 2.62 2.99
Profit before tax 213.72 308.66 355.07 345.63
Tax 83.09 120.03 125.99 125.02
Net profit 130.63 188.63 229.08 220.62
Dividend Amount 26.20 75.40 112.96 47.20

Quarters
Report Date Sep-22 Dec-22 Mar-23 Jun-23
Sales 805.80 918.06 965.02 1,001.79
Expenses 500.93 592.26 640.41 658.80
Other Income 25.99 32.11 65.11 -12.69
Depreciation 18.57 10.37 11.22 13.69
Interest 4.83 4.90 3.90 4.13
Profit before tax 307.46 342.64 374.60 312.48
Tax 81.43 87.12 95.81 80.25
Net profit 226.03 255.53 278.80 232.22
Operating Profit 304.87 325.80 324.61 342.99
BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 20.00 20.00 40.00 40.00
Reserves 424.25 522.07 746.56 914.53
Borrowings
Other Liabilities 717.86 894.98 1,039.89 1,364.58
Total 1,162.11 1,437.05 1,826.45 2,319.11
Net Block 155.32 158.61 170.40 189.82
Capital Work in Progress 16.48 14.19 16.83 7.65
Investments
Other Assets 990.31 1,264.25 1,639.22 2,121.64
Total 1,162.11 1,437.05 1,826.45 2,319.11
Receivables 148.98 162.11 289.40 550.92
Inventory 9.54 8.26 6.58 7.41
Cash & Bank 354.08 617.88 852.96 833.87
No. of Equity Shares 20,000,000.00 20,000,000.00 40,000,000.00 40,000,000.00
New Bonus Shares 20,000,000.00
Face value 10.00 10.00 10.00 10.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 68.70 287.65 338.24 23.63
Cash from Investing Activity -45.84 7.10 93.57 40.21
Cash from Financing Activity -16.85 -31.45 -135.95 -56.79
Net Cash Flow 6.02 263.30 295.86 7.04

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 10.00 10.00 20.00 20.00
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

1,870.00 2,264.31 776.66 1,878.57 3,541.47 4,270.18
124.26 138.70 44.89 105.92 196.36 246.95
0.15 0.70 -2.42 0.43 1.32 1.53
14.40 14.40 5.60 10.76 14.95 13.82
818.07 856.26 198.88 399.55 1,374.28 1,711.24
195.21 244.22 206.35 240.49 245.63 289.18
276.27 296.43 87.11 207.00 382.17 502.53
58.58 12.33 43.62 41.53 53.13 41.70
126.19 76.88 124.35 71.67 147.58 105.85
28.64 40.21 46.35 48.99 53.73 57.22
2.35 9.76 8.28 11.05 16.11 18.64
478.56 729.58 257.51 885.38 1,354.01 1,496.28
169.99 216.48 70.49 225.82 348.13 385.02
308.56 513.11 187.03 659.55 1,005.88 1,111.26
302.37 200.00 80.00 280.00 440.00 520.00

Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24

992.40 1,118.30 1,154.77 1,117.59 1,064.00 1,224.66
625.84 724.33 792.08 742.65 691.07 807.73
47.07 31.05 40.52 53.55 59.78 56.35
14.00 13.90 15.62 13.87 13.11 13.35
4.42 4.75 5.35 2.82 3.08 3.22
395.21 406.37 382.24 411.80 416.52 456.71
100.53 106.36 97.87 104.12 108.70 115.49
294.68 300.00 284.37 307.68 307.82 341.21
366.56 393.97 362.69 374.94 372.93 416.93
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
160.00 160.00 160.00 160.00 160.00 160.00
911.02 1,153.82 1,295.81 1,710.31 2,318.40 3,069.97
79.46 104.92 84.16 60.35
1,523.22 1,927.67 1,617.91 1,908.85 2,526.19 2,800.78
2,594.24 3,241.49 3,153.18 3,884.08 5,088.75 6,091.10
182.25 284.69 311.35 335.42 350.93 342.76
40.38 16.21 24.30 26.17 33.79 442.52

2,371.61 2,940.59 2,817.53 3,522.49 4,704.03 5,305.82

2,594.24 3,241.49 3,153.18 3,884.08 5,088.75 6,091.10
587.45 777.93 521.34 571.52 1,142.91 1,374.34
7.89 9.76 6.54 7.93 9.61 10.97
1,140.04 1,296.43 1,460.50 1,731.57 1,930.82 2,262.65
### ### ### ### ### ###
###
10.00 10.00 10.00 2.00 2.00 2.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

499.04 409.07 247.54 523.97 811.73 882.17
-352.73 8.44 -453.06 -242.39 -316.75 -215.35
-179.40 -280.19 -46.85 -258.41 -434.35 -404.33
-33.09 137.32 -252.37 23.18 60.64 262.49

196.51 351.40 774.70 572.80 929.70

80.00 80.00 80.00 80.00 80.00 80.00