Indian Railway Catering and Tourism Corporation (IRCTC) saw its shares slide 2% in the early trade on Thursday after it posted its Q1FY24 results.

The transport corporation reported a 5.2% year-on-year (YoY) decline in profits in the April-June quarter of FY24 at Rs 232.21 crore, impacted by lower operating margins. Its profit in the corresponding period last year stood at Rs 245.52 crore. Sequentially, the profit declined 16.7% from Rs 279 crore in the March quarter.

For the June quarter, the earnings before interest, tax, depreciation and amortisation (EBITDA) also showed a YoY growth of 6.9% to Rs 343 crore, while the EBITDA margin stood at 34.2%, down from 37.6% for the same quarter last fiscal.

However, IRCTC’s revenue from operations for the first fiscal quarter jumped 17.4% to Rs 1,001.75 crore from Rs 852.59 crore in the year-ago quarter. In the March quarter of FY23, the company’s revenues stood at Rs 965 crore. 

Revenue from the catering segment rose 35% YoY to Rs 471 crore, and that from the tourism business spiked 58% to Rs 130 crore in the June quarter compared to Rs 82 crore in the year-ago period. But, revenue from the internet ticketing business fell 4% to Rs 290 crore in Q1 from Rs 302 crore during the same period of the previous year. 

At 12:20 pm, shares of IRCTC were trading at Rs 641, down 1.18% from the previous closing price on the National Stock Exchange (NSE). The stock touched an intraday low of Rs 635.10.