After solid Q3 earnings, experts anticipate a significant increase in IRCTC stock. Do you want to buy?

 IRCTC shares are expected to come out of the base building mode and it may go up to  750 apiece levels in medium term, say experts.

Indian Railway Catering and Tourism Corporation or IRCTC share price ended higher on Thursday after strong Q3 results for October to December 2022 quarter. In Q3FY23, IRCTC's revenue shot up by 69.90 per cent in year-on-year (YoY) terms whereas EBIDTA of all segments of IRCTC were reported in positive zone. According to stock market experts, IRCTC shares are expected to come out of the base building mode and it may go up to  750 apiece levels in medium term.

Sumeet Bagadia, Executive Director at Choice Broking, commented on what the IRCTC shares' chart pattern reveals following solid Q3 results: "IRCTC shares have immediate support put between 635 to 630 apiece levels but in case of a rebound back, it may go up to 680 apiece levels on higher side. IRCTC's share price might increase to heights as high as 710 per share upon breaching the 680 mark. 

Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, advised positional investors to hold for a longer time horizon, saying, "On daily chart pattern, IRCTC stock has produced twin bottom formation that implies two way trade. However, one should retain a buy on dips strategy with a stop loss of $605 per piece and go with a sideways to positive bias. The stock could rise.

In the following one to two months, the stock price may increase to levels of $690 a share. However, in the medium to long term, it is anticipated that IRCTC shares will increase to levels of 720 and 750 per share. 

Jinesh Joshi, a research analyst at Prabhudas Lilladher, outlined the key findings from the IRCTC Q3 results 2023. He said, "IRCTC's revenues increased 69.9% YoY to 9,181mn against our estimates of 8,791mn. Every segment had a positive EBITA, with internet ticketing posting the highest EBITA margin at 84.2%. 

The expert Prabhudas Lilladher continued by stating that IRCTC's PAT climbed 22.4% YoY to $2,555mn as opposed to 51.7% in 3QFY22. He suggested holding the counter to the IRCTC stockholder.


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