Mumbai: Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) on Tuesday announced a net profit of Rs 294.67 crore for the September quarter of FY24, showing a 30.36 percent increase from the Rs 226.03 crore reported in the same quarter of the previous fiscal year.
This growth in profit came on the back of higher sales in ticketing and catering services.
The company's total revenue for this period was Rs 995.31 crore, marking a 23.51 percent increase from Rs 805.80 crore in the corresponding quarter of the previous year, as stated in a regulatory filing.
For the quarter, the Earnings before interest, tax, depreciation, and amortization (EBIDTA) amounted to Rs 366.5 crore, demonstrating a 20.2 percent increase. The EBIDTA margin was 36.8 percent, a slight decrease from the 37.8 percent reported in the same period last year.
This decline in margin is due to a higher contribution from other segments like catering, state teertha, and tourism, which are lower-margin sectors compared to internet ticketing.
The contribution of internet ticketing to the overall revenue decreased from 37.1 percent last year to 32.8 percent in this reporting period.
The Board declared an interim dividend of Rs 2.50 per equity share with a face value of Rs 2 each for the fiscal year 2023-24, which amounts to 125 percent of the paid-up share capital, totaling Rs 160 crore.
The company has set November 17, 2023, as the Record Date for the purpose of distributing the Interim Dividend for FY 2023-24.
IRCTC holds the exclusive authorization from the Indian government to offer online railway ticketing, catering services to railways, and packaged drinking water at railway stations and trains across India.
Over the years, the company has expanded its services to encompass a wide range of tourism and hospitality offerings, including luxury train tours, hotel reservations, and holiday packages.
As of Q2FY24, the Indian government owns 62.4 percent of the company's shares, while foreign portfolio investors and domestic institutional investors possess 7.1 percent and 10.5 percent, respectively. Regular shareholders hold 20 percent.
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