Indian Railway Catering and Tourism Corporation (IRCTC), posted a net profit of Rs 150.60 crore for the quarter ended March 31 2020 compared with a profit of Rs 84 crore in the corresponding quarter last year.
Indian Railway Catering and Tourism Corporation (IRCTC) is a subsidiary of the Indian railways that handles the catering, tourism and online ticketing operations of the latter.
It is one of the Miniratna companies of Central Indian government, IRCTC started running private trains, and “Tejas Express” became India’s first private train on 4th Oct 2019.
- For Financial year 2020 (FY 2020), revenue of IRCTC is increased by 20.4% to Rs 2,353.53 crore, as against Rs 1,958.83 crore in FY 2019.
- IRCTC’s revenue from operations during the quarter increased by 17.9 % to Rs 586.89 crore as compared to Rs 497.74 crore in March 2019.
- For the FY ending March 2020, IRCTC net profit saw an increase of 71.3% to Rs 528.57 crore as against Rs 308.56 crore in the FY19.
- The net profit increased by 79.3% for the quarter ending March 2020 to Rs 150.6 crore, compared with Rs 84 crore in March 2019.
- The Board of Directors recommended a final dividend of Rs 2.5 per equity share of face value of Rs 10 each in addition to the interim dividend of Rs 10 per equity share paid in February, 2020.
- However, the net profit for the quarter ending March 2020 decreased by by 26.9%, compared with Rs 205.80 crore in the Quarter ended December 2019. This may be caused due to the nationwide lockdown which was imposed in the late March 2020 because of COVID-19 .
- Revenues from operations also dropped by 18 per cent from Rs 715.98 in the quarter ended December 2019.
- ““Based on the recommendations of the audit committee, the board of the company has appointed Ajit Kumar, Director (Finance) as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) of the company, effective from 10 July, 2020.” IRCTC said in the filing.
- Segment wise, revenue from catering business stood at Rs 236.28 crore as compared to Rs 269.20 crore in Q3 FY20. Revenue from internet ticketing was Rs 193.6 crore in Q4 FY20 as against Rs 226.90 crore in December 2019, falling by 15%
- While Rail Neer’s revenue was Rs 51 crore, revenue from tourism and State Teertha stood at Rs 101.65 crore and Rs 4.23 crore, respectively.
- EPS (Earnings per share) for the FY 2020 is Rs 33.04 as compared to Rs 17.04 for the FY 2019.
(Source: The Finance Post)