IRCTC net profit rises 42 per cent to Rs 226 crore

NEW DELHI: Indian Railway Catering and Tourism Corporation (IRCTC) on Monday (November 14) reported a 42 per cent increase in net profit at Rs 226 crore for the second quarter of the financial year 2022-23 ending September 30, 2022 (Q2FY23). 

The company had reported a net profit of Rs 159 crore in the year-ago period. The catering company, owned by Indian Railways, reported a 7.7 per cent drop in net profit from Rs 245.5 crore recorded in the previous quarter (Q1FY23).

Its total income increased 105 per cent to Rs 832 crore in Q2FY23 from Rs 405 crore in Q2FY22, while revenue from operations surged 99 per cent to Rs 806 crore in the quarter under review from Rs 405 crore in the same quarter last fiscal.

One of the prime contributors to revenue, IRCTC’s catering services reported a multi-fold rise to Rs 334 crore as compared to Rs 71 crore after being hit by the COVID-19 pandemic. The company’s ticketing revenue also rose 13 per cent to Rs 300 crore from Rs 265 crore year-on-year.

The public sector company’s total expenses increased to Rs 524 crore during the quarter (Q2FY23), as compared to Rs 207.4 crore in the year-ago period.IRCTC stock closed 1.46 per cent higher to Rs 758.90 apiece on the BSE on Monday after gaining over 2 per cent in early trade.  IRCTC’s EPS also increased to Rs 2.82 in Q2FY23 from Rs 1.98 in Q2FY22.