IRCTC Sheds 1% On Decline In March Quarter Net Profit
Indian Railway Catering and Tourism Corporation (IRCTC) shares shed around a per cent on the BSE after the company reported a 23 per cent decline in net profit in the March 2021 quarter on the back of muted demand for rail travel amid the Covid-19 pandemic. At 10:50 am, IRCTC shares were trading at Rs 2057.55, lower by 1.17 per cent, on the BSE.
The catering and tourism arm of the Indian Railways reported a net profit of Rs 103.78 crore in the quarter ended March 2021 compared to Rs 135.14 crore in the same quarter a year ago.
IRCTC's total revenues dropped to Rs 358.25 crore in the January-March quarter from Rs 595.70 crore in the year-ago period.
The company's catering revenues plummeted 70 per cent year-on-year in the quarter to Rs 67.38 crore whereas tourism sales declined 69 per cent to Rs 31.6 crore.
The board of IRCTC has recommended a final dividend of Rs 5 per share, subject to the approval of shareholders.
The BSE Sensex and NSE Nifty were trading higher by 0.5 per cent each at the time.
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