IRCTC Q2 PAT falls 67% YoY to Rs 32 cr

IRCTC posted a 67.3% decline in net profit to Rs 32.63 crore in Q2 September 2020 from Rs 99.82 crore in Q2 September 2019.

The company's total revenue declined nearly 80% to Rs 108.72 crore in Q2 September 2020 from Rs 535.13 crore in Q2 September 2019.

Profit before tax stood at Rs 46.67 crore in Q2 September 2020, declining 69.73% from Rs 154.20 crore in Q2 September 2019. Current tax expense fell 74.7% year on year to Rs 10.93 crore in Q2 September 2020 over Q2 September 2019. The result was announced after market hours today, 12 November 2020.

IRCTC reported exceptional profit of Rs 42.36 crore in Q2 September 2020, which includes Rs 25.76 crore being excess provisions for previous years relating to Performance Related Pay (PRP) and Rs 16.44 crore being claim made on Railways for payment of Passenger Feedback undertaken w.e.f July 2015.

The revenue from catering segment tumbled 93.5% to Rs 17.16 crore, revenue from internet ticketing segment declined 50.2% to Rs 58.29 crore, revenue from Rail Neer segment dropped 83.12% to 9.24 crore and revenue from tourism business slumped 92.4% to Rs 3.85 crore in Q2 September 2020 over Q2 September 2019.

The company said it does not forsee any adverse impact on the supply chains as and when the business is resumed wherever the operations were curtailed or have remain suspended on account of present pandemic.

Shares of IRCTC rose 0.69% at Rs 1380.85 on BSE.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. IRCTC operates in four business segments, namely, internet ticketing, catering, packaged drinking water and travel & tourism.

The Government of India holds 87.4% stake in IRCTC as of 30 September 2020.

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