Irctc results: profit and turnover more than doubled in the fourth quarter
IRCTC’s net profit more than doubled in the January-March period for ₹214 crore, compared to ₹104 crore in the corresponding period last year.
IRCTC, the catering and tourism arm of Indian Railways, reported 103% growth in operating revenue at ₹691 crore in the fourth quarter against ₹339 crores in the last quarter of the year.
The company’s board of directors has recommended a dividend of ₹1.50 per share for the 2021-22 financial year.
On Monday, IRCTC certificates rose 6.67% to settle at ₹696 on NSE.
In terms of segment, revenue from the restaurant business increased by nearly 300% to reach ₹267 crore during the reporting period, compared to a meager ₹67 crores at the same time last year.
At the same time, Internet ticketing revenues increased by 38% to reach ₹292 crore, while that of the tourism segment increased by 74% to reach ₹54 crore.
The IRCTC said it had asked the Board of Railways to reconsider waiving the fixed fee amounting to ₹27 crore until March 31, 2021 for the non-operational period of three private trains, considering it a force majeure situation. The case is pending, but the company said it has made sufficient provision for these costs.
The company also said business activities are gradually building up in line with the lifting of restrictions.