IRCTC Celebrates 25 Years with Major Upgrade to ‘Schedule A’ PSU
The Indian Railway Catering and Tourism Corporation (IRCTC), a Mini-Ratna Public Sector Undertaking (PSU) under the Ministry of Railways, has achieved a significant milestone in its 25th year. The Ministry of Railways announced on July 19, 2024, that IRCTC has been upgraded from ‘Schedule B’ to ‘Schedule A’ category.
Significant Achievement
Sanjay Kumar Jain, Chairman & Managing Director of IRCTC, expressed his pride in this achievement, stating, “IRCTC’s promotion to a ‘Schedule A’ category PSU is indeed a significant achievement as it signifies IRCTC’s robust performance. This recognition reflects positively on IRCTC’s management, operations, and contribution to the hospitality, travel, and tourism sectors under the Ministry of Railways. It’s a testament to the hard work and dedication of everyone involved with IRCTC over its 25-year journey.”
Gratitude and Support
Jain also extended his gratitude to various Union Ministers, senior officials of the Ministry of Railways, and the Department of Public Enterprises (DPE) for their constant support and invaluable guidance.
Financial Performance
IRCTC has shown impressive financial performance over the years. The company earned a total income of Rs 1954.48 crores, Rs 3661.90 crores, and Rs 4434.66 crores for the financial years 2021-22, 2022-23, and 2023-24, respectively, reflecting a Compound Annual Growth Rate (CAGR) of 50.63% between Fiscal 2022 and Fiscal 2024. The profit after tax for the same periods was Rs 659.55 crores, Rs 1005.88 crores, and Rs 1111.26 crores, reflecting a CAGR of 29.80%. Additionally, IRCTC declared dividends of Rs 280 crores, Rs 440 crores, and Rs 520 crores for the financial years 2021-22, 2022-23, and 2023-24, respectively.
Doubts Revealed
IRCTC -: IRCTC stands for Indian Railway Catering and Tourism Corporation. It is a company that provides food, travel, and tourism services for Indian Railways.
Schedule A PSU -: A ‘Schedule A’ Public Sector Undertaking (PSU) is a top category of government-owned companies in India. These companies are considered very important and are given more responsibilities and resources.
Ministry of Railways -: The Ministry of Railways is a part of the Indian government that manages the country’s rail transport. It makes rules and plans for the railways.
Sanjay Kumar Jain -: Sanjay Kumar Jain is the Chairman & Managing Director of IRCTC. He is the top leader of the company and makes important decisions.
CAGR -: CAGR stands for Compound Annual Growth Rate. It shows how much something, like a company’s income, has grown each year over a period of time.
Fiscal 2022 and Fiscal 2024 -: Fiscal years are used for accounting and budgeting. Fiscal 2022 means the financial year from April 2021 to March 2022, and Fiscal 2024 means from April 2023 to March 2024.
