I T D C Q1 FY27 Results (NSE: ITDC)
Signal: Growth reaccelerated
The read
The operating trajectory improved modestly in Q1FY27, with consolidated revenue up 2.7% YoY, EBITDA up 5.8% and margin at 17.2%, but the recovery is not yet clean: PAT fell 9.7% because other income was 52.2% of PBT, while the hotel-led improvement was partly offset by the Travels & Tours loss and unresolved accounting and asset-record issues.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹90.1 Cr | 2.7% | N/A |
| EBIT | ₹13.88 Cr | 7.4% | |
| Net profit | ₹8.92 Cr | -9.7% | |
| EPS | ₹1.09 | -4.4% | |
| EBIT margin | 17.2% |
P&L walk
Consolidated operating performance improved modestly, with revenue of ₹90.1 Cr up 2.7% YoY, EBITDA of ₹15.48 Cr up 5.8% and EBIT of ₹13.88 Cr up 7.4%, but PAT declined 9.7% to ₹8.92 Cr because other income remained 52.2% of PBT and did not prevent bottom-line contraction.
Segments
Hotels remained the earnings anchor, with revenue up 6.6% YoY and segment result up 18.1% to 1,389.28 lakh, while Travels & Tours swung to a 78.98 lakh loss from an 84.29 lakh profit and Engineering Consultancy remained loss-making at 61.80 lakh.
Key positives
- Consolidated EBITDA rose 5.8% YoY to ₹15.48 Cr against revenue growth of 2.7%, expanding EBITDA margin by 50bps to 17.2%.
- Hotel Division revenue increased 6.6% YoY to 7,594.39 lakh and segment result increased 18.1% to 1,389.28 lakh, confirming hotels as the main operating driver.
- International Trade Division result improved to 124.18 lakh from 18.66 lakh, a 565.7% YoY increase.
- Standalone finance cost fell 55.0% YoY to 17.13 lakh, supporting the EBIT-to-PBT conversion.
Key concerns
- Consolidated PAT fell 9.7% YoY to ₹8.92 Cr despite EBIT growth of 7.4%, showing weak conversion below operating profit.
- Other income of ₹7.14 Cr represented 52.2% of consolidated PBT, making reported profit materially dependent on non-operating income.
- Travels & Tours swung from an 84.29 lakh profit to a 78.98 lakh loss, while Engineering Consultancy Projects remained loss-making at 61.80 lakh.
- Standalone employee costs rose 12.1% YoY to ₹23.76 Cr, well ahead of revenue growth of 2.6%.
Earnings quality: includes non-operating other income
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