Indian Railways: The net profit after tax from continuing activities of Indian Railway Catering and Tourism Corporation increased by 42.5% to 226 crore for the three months ending September 2022. In the identical quarter the previous year, the company had reported a profit of Rs. 158.5 crore.
However, compared to the previous quarter’s 245.5 crore, the company’s profit fell 7.7% on a sequential basis (Q1FY23). In the quarter under review, the company’s revenue from operations increased 99% year over year to 805.8 crore from 404.9 crore in Q2FY22.
The PSU’s total expenses during the quarter increased to 524 crores from 207.4 crores during the same time last year.
The second-largest source of revenue, catering, experienced an increase in sales of 368% year over year to 334 crore in the reported quarter as opposed to 71.4 crore in the same quarter last year.
In Q2FY22, internet ticketing sales were 265 crore; year over year, they increased by 13% to 300 crore. IRCTC’s overall revenue increased by 105%, from 405 crore in Q2FY22 to 832 crore in Q2FY23. The price of IRCTC shares on the National Stock Exchange increased 1.5% to close at $759.00.