Covid-19 impact: IRCTC Sept quarter PAT from continuing operations falls1 min read . Updated: 12 Nov 2020, 05:50 PM IST
The company's reported a 67.3% slump in the net profit to ₹32.63 crore
Indian Railway Catering and Tourism Corporation (IRCTC) reported a 67.3% slump in the net profit to ₹32.63 crore for its second quarter ending 30 September, 2020 as compared to ₹99.82 crore, a year ago.
The company's revenue from operations during the quarter fell 83% to ₹88 crore compared to ₹533 crore in the same quarter, last year.
The catering segment of the railway services company fell to ₹17 crore from ₹27 crore a year go. The internet ticketing saw a slump reporting a revenue of ₹58 crore this quarter against Rs. 12 crore during the same quarter last year.
Considering the impact of Covid-19, the company said it will closely monitor any material changes in future economic conditions due to COVID-19.
It has waived all the fixed commitments against various trains run that could not be operated during the pandemic and is waiting for an approval. Considering that, the current half year has been treated as a Zero Period without any provision made to the fixed commitment charges.
The company has been given the option to claim a refund for the advance fee they had paid for the contracts. The tenure of such contracts has been extended for the period of non-operation. This period is also made a Zero Period with no income or railway share payable accrued during the six months.
The company said it does not forsee any adverse impact on the supply chains when the business is resumes at places where the operations have been curtailed or have remained suspended due to the ongoing pandemic.