IRCTC Revenue doubles; 14% increase in profits
The earnings from internet ticketing services of IRCTC (Indian Railway Catering and Tourism Corporation) increased by 80.8% between the period April, 2019 and September, 2019. The earnings in the four-month period is Rs 199.3 crores. It was Rs 199.3 crore before April, 2019. The revenue has almost doubled.
IRCTC is an exclusive e-ticketing partner of the Indian Railways. This is the first time IRCTC is releasing its revenue after it entered the stock market in October, 14, 2019. Also, the sector has earned huge success in India’s path of Digitization.
The report was released by IRCTC after its audit by the Serva Associates, Charted Accountant, New Delhi. The audit was conducted through the concerned auditor under Section 139 of Companies Act, 2013
Section 139 of Companies Act, 2013
- The section deals with the appointment of auditors
- The section under the act allows the public sector companies and other private companies to appoint auditors at the first annual meeting.
The IRCTC is one of the Miniratna companies of India. It is a subsidiary of the Indian Railways.
A Miniratna status is provided to the Public Sector Undertakings that satisfy the following criteria
- The PSU should have continuously made profit in the last 3 years or it should have earned Rs 30 crore profit in one year
Category: Economy & Banking Current Affairs