IRCTC's turnover rise by 32% in FY16; e-ticketing major contributor
Fourth-year in a row, the company received 'NIL' comments from the Comptroller & Auditor General of India for FY16
The internet ticketing contributed 43% of Indian Railway Catering and Tourism Corporation's (IRCTC) income by earning Rs 632.15 crore in FY16 as compared to Rs 308.12 crore in FY15, according to the 17th Annual Report presented by the company at its Annual General Meet.
On Friday, IRCTC reported a jump of 32% registering a turnover of Rs 1,506 crore in 2015-16 as compared to Rs 1,141 crore in 2014-2015.
Segment-wise, IRCTC's income was distributed among Internet ticketing, which accounted for 43%, followed by Tourism 26%, Departmental Catering 18%, Rail Neer or packaged drinking water 8% and Licensee catering 5%.
The company earned Rs 255.5 crore from departmental catering, Rs 76.49 crore from licensee catering and Rs 375.02 crore from tourism (earned Rs 362.37 crore in FY15).
The report stated that it had posted a net profit of Rs 189 crore this year as against Rs 131 crore a year earlier.
The profit before tax (PBT) was Rs 308.6 crore as compared to Rs 214 crore in 2014-15 while profit after tax (PAT) was Rs 188.63 crore as against Rs 130.63 crore in the previous year, both registering a growth of 44%. In FY16, the operating margin was Rs 329.32 crore, a jump of 40% from previous year of Rs 235.45, the report said.
As per the report, the net worth of IRCTC rose by 22% in FY16 to Rs 542.07 crore while it was Rs 444.25 crore in the previous fiscal.
Commenting on the performance of the company, AK Manocha, Chairman and Managing Director, IRCTC, said, "The company witnessed sustained growth and high performance during FY 2015-16. It also earned ‘Excellent’ MoU rating from the Govt. of India in 2015 and is poised to retain this rating for FY 2016. If the company continues with its present pace of performance, it would be part of Fortune India 500 list of companies in the next two years.”
Further, the company, major in hospitality and tourism, earned foreign exchange worth Rs 35.23 crore in FY16 as compared to Rs 21.89 crore in the preceding year.
Fourth-year in a row, the company received 'NIL' comments from the Comptroller & Auditor General of India for FY16, Manocha added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.