Indian Railway Catering and Tourism Corporation (IRCTC) posted a 23.2% decline in net profit to Rs 103.78 crore on 41.15% decline in revenue from operations to Rs 338.78 crore in Q4 FY21 over Q4 FY20.
Profit before tax tumbled 28% to Rs 139.20 crore in Q4 FY21 as against Rs 193.21 crore in Q4 FY20. The company said that the reduction in operating turnover is mainly due to COVID-19 pandemic. However, the company does not expect any material impact on the carrying amount of assets and liabilities.In respect of Tejas and Kashi Mahakal Express trains, the company has requested railway board to reconsider waiving off the fixed charges amounting to Rs 27.93 crore for non operational period of the three trains considering it as a force majeure situation as lockdown and restrictions imposed by the Government due to COVID-19 pandemic. However, IRCTC said that it has made full provisions for the fixed charges for both the Tejas trains and Kashi Mahakal express in FY 2020-21.
The company's revenue from catering segment slumped 70.1% to Rs 67.38 crore, revenue from Rail Neer segment tumbled 45.4% to Rs 27.80 crore, revenue from tourism business declined 69% to Rs 31.58 crore in Q4 FY21 over Q4 FY20.
Meanwhile, revenue from internet ticketing segment increased 9.51% to Rs 212.01 crore in Q4 FY21 over Q4 FY20.
The company's net profit dropped 63% to Rs 189.90 crore in the year ended March 2021 (FY21) compared with Rs 513.10 crore in the year ended March 2020 (FY20). Revenue from operations tumbled 65.4% to Rs 783.05 crore in FY21 over FY20.
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. As of 31 March 2021, the Government of India held 67.4% stake in the company.
Shares of IRCTC rose 0.12% at Rs 2,080.25 on BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU