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Business News/ Companies / Company Results/  IRCTC Q4 Results: Net profit up 2% to 284 crore, revenue up 19% YoY; dividend declared
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IRCTC Q4 Results: Net profit up 2% to ₹284 crore, revenue up 19% YoY; dividend declared

IRCTC Q4 Results: The Indian Railways' e-ticketing and catering arm revenue from operations rose 19 per cent in the March quarter.

IRCTC Q4 Results: Net profit rose around two per cent in the March quarterPremium
IRCTC Q4 Results: Net profit rose around two per cent in the March quarter

IRCTC Q4 Results: Indian Railway Catering and Tourism Corporation (IRCTC) announced its January-march quarter results for fiscal 2023-24 (Q4FY24) on Tuesday, May 28, reporting a rise of two per cent in its consolidated net profit at 284 crore, compared to 279 crore in the corresponding period last year.

The Indian Railways' e-ticketing and catering arm reported a 19 per cent rise in revenue from operations to 1,155 crore in the March quarter, compared to 965 crore in the year-ago period. The public sector undertaking (PSU) board recommended a final dividend of 4 per share, at 200 per cent of the paid-up share capital, of face value of Rs. 2 each for FY24, subject to the approval of shareholders.

Also Read: IRCTC announces final dividend of 4 per share for FY 2023-24; check details here

The final dividend is in addition to the interim dividend of Rs.2.50 per share (at 125 per cent of the paid-up share capital) declared by the board of directors in November 2023 and already paid to the shareholders, said IRCTC in a regulatory filing to the stock exchanges.

On an operating level, the railway PSU's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 11.6 per cent to 362.4 crore, compared to 324.6 crore in the same period last year. Margin came in at 31.4 per cent compared to 33.6 per cent in the year-ago period.

The contribution of internet ticketing to overall revenue decreased to 31 per cent from 32.8 per cent last year and 37.1 per cent in FY23. IRCTC's catering business, which is the second-largest revenue contributor grew 34.1 per cent to 530.8 crore. The revenue growth in its Rail Neer packaged drinking water unit stood at 13.1 per cent to 83 crore and in its tourism unit at 11.6 per cent to 154.6 crore.

IRCTC announced last month that train passengers travelling in unreserved compartments are now getting hygienic meals and snacks at affordable prices at stations under a new initiative by the national transporter. These meal counters are operational at over 100 stations and nearly 150 counters across the railway network and the facility will be expanded further. 

The economy meal costs 20 and the snack meal comes at 50. Passengers can buy their refreshments directly from these counters, eliminating the need to search for vendors or venture outside the station. Ahead of the announcement of Q4 results, shares of IRCTC settled 1.60 per cent lower at 1,082.70 apiece on the BSE.

Also Read: Meals on wheels: IRCTC sets up 'affordable meal counters' for summer travellers, prices as low as 20

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ABOUT THE AUTHOR
Nikita Prasad
Nikita covers business news and has been producing news on digital platforms since 2018. She writes on economy, policy, markets, commodities, industry. Her core areas of interests include infrastructure, energy, oil and gas, railways, and transport/mobility. She has worked for business news channels like Moneycontrol, NDTV Profit, and Financial Express in the past. If you have story ideas/pitches/reports or quotes/views to share, reach her at nikita.prasad@htdigital.in.
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Published: 28 May 2024, 07:43 PM IST
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