Miniratna Central Public Sector Enterprise which is the only entity authorized by Indian Railways to provide online railway tickets jumped 2 percent after it announced plans for Major Expansion in the Non-Railway Catering Business Pan India.
At 11:25 a.m the shares of Indian Railway Catering and Tourism Corporation Limited were trading at Rs. 791.60, up 1.75 percent from its previous day’s close price of Rs. 777.95 and its market capitalization is Rs. 63,408 Crores.
IRCTC foresees Major Expansion in the Non-Railway Catering Business across India. Currently, it is managing catering services for various Ministries, Government Departments, and Autonomous Bodies including Judiciary and Universities.
It has aggressive plans to further mark its signature in the catering business and customize to the requirements of the clients, and IRCTC has already signed MoUs with various governments and autonomous bodies including defense establishments such as the Border Security Force, Indian Maritime University(Kolkata), Cotton University (Guwahati), and so on
IRCTC is in the active phase of commissioning 15 more catering units across the country shortly, foresees expanding its gamut of catering operations across the country, and is in discussions with various other government organizations and industrial houses for setting up of catering units and also offer comprehensive catering solutions in sync with its aim of becoming a premier brand of Hospitality and Catering in the country.
IRCTC is a Miniratna Central Public Sector Enterprise engaged in the business of online railway ticketing, catering services, packaged drinking water, and promoting travel and tourism in India.
IRCTC is the only entity authorized by Indian Railways to provide online railway tickets, catering services to railways, and packaged drinking water at railway
stations and trains in India.
In FY2022-23, IRCTC generated 56.7 percent of its total revenue from Ticketing, 22.7 percent from Catering, 12.3 percent from Travel and Tourism, and 8.3 percent from the sale of Rail Neer(Water).
The company’s revenue from operations grew 88.52 percent from Rs. 1,878.57 Crores in FY22 to Rs. 3,541.47 Crores in FY23, accompanied by increasing profits of Rs. 659.55 Crores to Rs. 1,005.88 Crores.
Written by: Bharath K.S
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