Indian Railway Catering & Tourism Corporation standalone net profit rises 385.96% in the September 2021 quarter

For the quarter ended September 2021, Indian Railway Catering & Tourism Corporation's net profit from continuing operations surged to ₹158.5 crore, up 386%, on the back of low base. The company had reported a profit after tax of ₹32.6 crore in the same quarter last year. Its revenue from operations for the second quarter surged 357% to ₹405 crore as compared to ₹88.5 crore year-on-year (YoY). The PSU's tax expense rose significantly to ₹213 crore from ₹46.6 crore on a like-to-like basis. IRCTC share price recovered from early lows, with the stock trading over 1% higher apiece on the BSE. IRCTC's internet ticketing segment witnessed a significant jump as the revenue from the said category jumped to ₹265 crore versus ₹58.2 crore year-on-year. Meanwhile, Catering revenue surged to ₹71.4 crore from ₹17 crore during the quarter under review. Other segments also registered massive growth in the July-September period as compared to last year. “The company does not foresee any adve6e impact on the supply chains as and when the business is resumed fully wherever the operations were curtailed or have remain suspended on account of present pandemic," IRCTC informed in an exchange filing. The company enjoys a strong monopoly as it is the only entity authorised to manage catering services on trains and major static units at railway stations. IRCTC shares turned ex-split on Thursday after the board had approved a 1:5 stock split on August 12, to help enhance liquidity in the capital market, widen shareholder base and make the shares affordable to the small investors.