Indian Railway Catering and Tourism Corporation (IRCTC) has reported a year-on-year net profit increase of 30% for the third quarter of 2023, reaching Rs 295 crore ($3.9 million), up from Rs 232 crore ($3.1 million) in the previous quarter. Despite stable quarter-on-quarter revenues, sequential profit after tax rose by 27%.
The company's revenues surged by 23% to Rs 995 crore ($13.2 million) during the same period. Revenue from catering grew by 29% to Rs 431 crore ($5.7 million), while rail neer revenue reached Rs 78 crore ($1 million). Internet ticketing revenue stood at Rs 327 crore ($4.3 million).
The tourism business saw significant growth, increasing by 39% to reach Rs 96.5 crore ($1.28 million). State Theertha revenues more than doubled from the previous year's Rs 29.6 crore ($0.39 million) to reach Rs 64.8 crore ($0.86 million).
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was Rs 366 crore ($4.8 million), with a margin of 36.8%. The Board declared an interim dividend of Rs 2.50 per share for fiscal year 2024, setting November 17 as the record date.
Shares of IRCTC closed at Rs 682.75 ($9.05) on Tuesday.
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