Indian Railway Catering and Tourism Corporation (IRCTC), a subsidiary of Indian Railways, will now give half the income from the convenience fees on ticket booking to the central government. IRCTC said that now this income will be shared with the Ministry of Railways in an equal proportion of 50 per cent. Let us tell you that till now IRCTC has been sharing the income from catering and tourism with the Railways.
IRCTC said that the new model of revenue sharing with the Ministry of Railways will be implemented from 1 November 2021. After this, the company will also share the income from the convenience fee charged on the booking of rail tickets with the Indian Railways. Explain that IRCTC is a public sector company. It has been empowered by the Ministry of Railways to book train tickets. Catering services at trains and railway stations and providing bottled drinking water facilities to passengers.
Railway's subsidiary IRCTC is also going to announce its September 2021 quarter results on 1 November 2021. The company's net profit in the first quarter was Rs 103.8 crore, a decline of 23 per cent year-on-year. At the same time, revenue was down 41.2 per cent to Rs 338.8 crore. Shares of IRCTC were split today.
After the stock split, Indian Railway Catering and Tourism Corporation shares saw a jump of about 16 per cent during intra-day. However, at the end of the session, it closed at Rs 923.00 with a gain of 11.74 per cent.
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