IRCTC net profit declines 62% to Rs 78 crore in December quarter

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) on Thursday reported a net profit of Rs 78 crore for the quarter ended December (2020), a decline of 62.1 per cent year-on-year.  The profit was Rs 205.8 crore during the same period a year ago. However, sequentially, the profit increased 144 per cent. It was Rs 33 crore in the September (2020) quarter. 

The reduction in operating turnover is mainly due to Covid-19 pandemic. 

The Indian Railway's catering and tourism arm's revenue from operations declined 68.6 per cent to Rs 224 crore for the quarter under review. The revenue was Rs 715 crore during the same period a year earlier. On a sequential basis, the revenue from operations rose 154 per cent. It was Rs 88 crore in the September quarter. 

Segment wise, the revenues form catering came in at Rs 49 crore, while the revenues from internet ticketing stood at Rs 143 crore.

IRCTC's total expenses declined 70 per cent at Rs 140 crore during the December quarter over the same quarter a year earlier.

"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," IRCTC said.

Shares of IRCTC ended 1.37 per cent higher at the market close.