IRCTC Q4 Results: Reports 30% jump in Profit to Rs 279 cr; declared final dividend at Rs 2/share

IRCTC Q4 Results: Reports 30% jump in Profit to Rs 279 cr; declared final dividend at Rs 2/share

New Delhi: The Indian public sector undertaking, IRCTC on Monday, May 29 posted growth in its year-on-year standalone net profit of 30 per cent to Rs 279 crore for the fourth quarter ended March. The company posted a net profit of Rs 214 crore in the last-year period.

IRCTC's board for Financial Year 2022-23 recommended a final dividend of Rs 2 per equity share of face value of Rs 2 each which will be an addition to the interim dividend of Rs 3.50 per share declared by the Board in February.

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However, the company's Revenue from operations surged 40% to Rs 965 crore for the March quarter. It was Rs 691 crore in the corresponding quarter of last year.

Meanwhile, the Indian railway's arm posted a profit after tax in the quarter fourth of Rs 256 crore. Revenues increased 5% quarter-on-quarter from Rs 918 crore in the third quarter.

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For the current Financial Year 2022-23, net income on account of Exceptional items amounting to Rs 2720.00 Lakhs includes:

(i) Rs 1198.59 Lakhs being excess provisions written back for previous years relating to Performance Related Pay (PRP),

(ii) Rs 1085.74 lakhs being excess provisions written back for previous years relating to Maintenance & Development charges for Internet Ticketing and

(iii) Rs 435.67 Lakhs being excess provisions written back for previous years relating to various other expenses.

For the Financial Year 2021-22, net Exceptional expenses amounting Rs 400.45 Lakhs includes:

(i) Rs 2248.54 Lakhs being reversal of excess provisions for previous years relating to Performance Related Pay,

(ii) Rs 2713.32 lakhs being expense on account of 15% Railway share in profits of Railneer plants up to 31.3.2021 (refer Note no.5);

and (iii) Rs 64.33 Lakhs being excess provisions written back for previous years relating to various other expenses.

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