Indian Railway Catering and Tourism Corporation Ltd (IRCTC) on Thursday reported a 62 percent decline in its profit after tax for the quarter ended in December to Rs 78 crore, impacted by the COVID-19 pandemic.
IRCTC, the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India had reported a profit after tax (PAT) from continuing operations of Rs 205.80 crore for the corresponding quarter a year-ago, as per a regulatory filing to the BSE.
The company saw its total revenue nosedive to Rs 245.23 crore during the third quarter under review as against Rs 734.98 crore in the year-ago period. Its total expenses declined to Rs 140.74 crore from Rs 464.56 crore in the year-ago period."The reduction in operating turnover is mainly due to COVID-19 pandemic …representations have been made to railway board for waiver of fixed commitments against various trains run by the company which could not be operated for the period up to October 16, 2020 during present pandemic, for which approval is awaited," the filing said.