IRCTC net profit jumps 196% in June quarter

Indian Railway Catering and Tourism Corporation (IRCTC) on Wednesday posted a 196 per cent surge in its net profit, at Rs 246 crore, for the quarter ending June 30, 2022-23 (Q1 FY23). It reported net profit of Rs 82.5 crore in the year-ago period (Q1 FY22).

The company's revenue from operations zoomed 251 per cent to Rs 853 crore in the June quarter this financial year from Rs 243 crore in Q1 FY22.

The revenue in the catering services business soared to Rs 352 crore from Rs 56.7 crore on a yearly basis. Internet ticketing business posted a revenue of Rs 301.6 crore, Rail Neer Rs 83.6 crore, tourism Rs 81.9 crore and State Teertha Rs 33.2 crore.

"Catering contracts awarded before March 22, 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 November 26, 2021," the company said in an exchange filing.

"Catering services has been restarted with cooked food from November 27, 2021 in a phased manner and income and Railway share payable has been accrued accordingly," it added.

Meanwhile, shares of IRCTC closed at 673.10 or 2.41 per cent up today with the Sensex slipping 36 points and Nifty edging 10 points higher.