The Indian Railway Catering and Tourism Corporation (IRCTC), a public sector undertaking under the Ministry of Railways, on Wednesday reported 198% jump in net profit at ₹245.52 crore for the quarter ending 30 June, 2022. It reported a net profit of ₹82.52 crore in Q1FY22.
IRCTC’s revenue from operations soared 250.34% to ₹852.59 crore in the quarter under review as against ₹243.36 crore in Q1FY22.
The company’s total income increased to ₹877 crore in the June quarter as compared to ₹258 crore in Q1FY22.
The total expenses for the year increased to ₹548 crore from ₹147 crore on a year-on-year basis.
EBITDA or earnings before interest, taxes, depreciation, and amortization came in at ₹320.9 crore in Q1FY23 versus ₹111.5 crore in Q1FY22.
Segment-wise, IRCTC’s all five businesses recorded growth. The revenue in the catering services business soared to ₹352 crore from ₹56.7 crore YoY. Internet ticketing business posted a revenue of ₹301.6 crore, Rail Neer ₹83.6 crore, tourism ₹81.9 crore and State Teertha ₹33.2 crore.
“Catering contracts awarded before 22 March, 2020 have been treated as zero period due to pandemic and accordingly, no income as well as Railways share payable has accrued during the year 2020-21 and for the period 26.11.2021,” the company said in a BSE filing.
It added, “Catering services has been restarted with cooked food from 27.11.2021 in a phased manner and income and Railway share payable has been accrued accordingly.”
On Wednesday, the company’s scrip on BSE closed 2.41% higher at ₹673.10.
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