IRCTC results: Profit, revenue more than double in fourth quarter

IRCTC results: Profit, revenue more than double in fourth quarter

IRCTC’s net profit more than doubled during the January-March period to ₹214 crore, compared with ₹104 crore in the corresponding period of last year.

IRCTC, the catering and tourism arm of Indian Railways, reported 103% growth in revenue from operations to ₹691 crore in the fourth quarter as against ₹339 crore in the last year quarter.

The company’s board has recommended a dividend of ₹1.50 per share for the financial year 2021-22.

On Monday, IRCTC’s scrip rose 6.67% to settle at ₹696 on NSE.

Segment wise, revenues from catering business have risen nearly 300% to ₹267 crore in the reporting period, compared with a meagre ₹67 crore in the same period last year.

Meanwhile, internet ticketing revenue increased 38% to ₹292 crore, while that from the tourism segment rose 74% to ₹54 crore.

IRCTC said it has requested the railway board to reconsider waiving off the fixed charges amounting to ₹27 crore up to 31 March, 2021 for non-operational period of three private trains considering it as a force majeure situation. The matter is pending, but the company said it has made adequate provision for these charges.

The company has also said the business activities are gradually coming on track in line with lifting the restrictions.

Source By: livemint

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