IRCTC Q1 net profit up 196 pc at Rs 82.5 crore

In the quarter ending June 30, 2022 -- 23, Q 1 FY 23 Indian Railway Catering and Tourism CorporationRailway Catering and Tourism Corporation IRCTC reported a 196 per cent increase in its net profit, at Rs 82.5 crore in the quarter of June 30, 2022 crore, from Rs 243 crore in Q 1 FY 22.

The company's total income increased to Rs 877 crore in Q 1 FY 23 compared to Rs 258 crore in Q 1 FY 22.

The revenue in catering services increased to Rs 352 crore from Rs 56.7 crore on a yearly basis. The internet ticketing business generated revenues of 301.6 crore, Rail Neer Rs 83.6 crore, Tourism Rs 81.9 crore and State Teertha 33.2 crore.

The company said that catering contracts awarded before March 22, 2020 have been treated as a zero period due to the Pandemic and therefore no income and railways share payable have been accrued during the year 2020 -- 21 and for the period November 26, 2021, as per the exchange filing.

It added that catering services had been restarted with cooked food from November 27, 2021 in a phased manner, and income and railway share payable has been accrued accordingly.

The Sensex slipped 36 points and the Nifty fell by 10 points while the shares of IRCTC closed at 673.10 or 2.41 per cent higher today.