ITDC enjoys another good year, makes Rs12.05 cr profit
India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, posted a robust performance for the financial year 2016-17.
Total turnover stood at Rs 495.14 cr as compared to Rs. 465.69 cr in last financial year clocking a growth of 6.32%.
Revenue from operations stood at Rs. 473.15 cr as compared to Rs. 437.13 cr in the last fiscal. Corporation posted profit before tax (PBT) of Rs.17.52 cr and profit after tax (PAT) of Rs.12.05 cr in 2016-17 against Rs. 32.42 cr and Rs. 22.55 cr respectively in the previous year.
The results were announced in the Board Meeting of the company held on 30th May at the Group's flagship hotel, The Ashok, New Delhi.
Speaking on the occasion Piyush Tiwari, Officiating Chairman & Managing Director and Director (Commercial & Marketing), India Tourism Development Corporation (ITDC) Ltd. said "FY 2016-17 has been a motivating year for ITDC as it was the golden jubilee year for the organisation.
The profit is result of several proactive initiatives taken by the organization to improve productivity and efficiency at the beginning of the year."
"Besides posting continuous profit year after year, ITDC has maintained its status of Mini Ratna and its commitment towards the shareholders through announcing consistent dividends for last four consecutive years." Tiwari further added.
Hotel The Ashok, Ashok International Trade division and Ashok events division of ITDC were other contributors to the profit for FY 2016-17.
The Ashok hotel posted a highest ever turnover amounting to Rs. 152.91 cr.
ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country.