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Covid-19 impact: IRCTC Q3 net profit plunges 62% to ₹78 cr
Revenue from operations fell 69% to ₹224 cr
IRCTC, the catering and tourism arm of the Indian Railways, on Thursday reported 62% decline in net profit at ₹78 crore for the quarter ending 31 December, 2020 as coronavirus kept most of the national transporter's operations shut. It was ₹206 crore in the year-ago period.
Revenue from operations fell 69% to ₹224 crore from ₹716 crore in December 2019. However, on a sequential basis the revenue rose 151% from ₹88.5 crore in September 2019.
Revenue from catering fell 82% to ₹49 crore from ₹269 crore a year ago while revenue from internet ticketing witnessed a 37% dip at ₹143 crore.
IRCTC is the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India.
Its total expenses declined to ₹140.74 crore from ₹464.56 crore in the year-ago period.
"The reduction in operating turnover is mainly due to COVID-19 pandemic ...representations have been made to railway board for waiver of fixed commitments against various trains run by the company which could not be operated for the period up to October 16, 2020 during present pandemic, for which approval is awaited," the company said.
On Thursday, the company's scrip on NSE closed 1.37% higher at ₹1,458.
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First Published:28 Jan 2021, 07:00 PM IST
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