Profit Sheets

Shares of IRCTC jump 4% on rail ticketing collaboration plan with redBus

November 30, 2021 05:13 PM

Shares of IRCTC jump 4% on rail ticketing collaboration plan with redBus
Shares of IRCTC price rose to a high of RS 808.40 on the National Stock Exchange as against Rs 775.80 at previous close.

NEW DELHI: Shares of Indian Railway Catering and Tourism Corp (IRCTC NSE 3.51 %) gained 4 per cent in early trade Tuesday after online bus ticketing portal redBus announced its entry into rail ticketing in collaboration with the state-owned company.

Shares of IRCTC price rose to a high of RS 808.40 on the National Stock Exchange as against Rs 775.80 at previous close.

In a statement Monday, redBus said that it plans to launch a rail ticket booking service called redRail with IRCTC as the authorized partner. redBus is India’s largest online bus ticketing platform.

redBus’ statement said that the service would be available on desktop, mobile web and iOS phones and that Android app users of the company could make reservations for bus and rail travel through the same app.

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Reports quoted IRCTC Prakash Sangam, CEO, redBus, as saying, “redBus is delighted to partner with IRCTC to offer close to 10 million daily travelers of trains in India, a very convenient, fast and safe mode of online train ticket booking on the go. As market leaders, the value that we offer to our customers is well understood and appreciated by intercity bus travelers”.

redRail will not levy any service fee or payment gateway charges as part of an introductory offer.

The booking service includes instant refunds on cancellations and customer support in 5 regional languages, redBus’ statement said.

IRCTC reported a 386 per cent year-on-year (YoY) rise in net profit to RS 159 crore for the quarter ended September 2021. The public sector company’s revenue from operations in the quarter jumped 357.3 per cent on-year to RS404.9 crore.

While all segments of IRCTC performed strongly on a YoY basis, the largest segment – internet ticketing – showed substantial growth.

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