New Delhi: IRCTC, a Miniratna (Category-I) CPSE under Ministry of Railways convened its 24th Annual General Meeting at 12.30 PM through VC/OAVM from registered office, New Delhi.
The Chairperson and Managing Director Seema Kumar chaired the meeting in the presence of IRCTC’s Directors and thanked all the Shareholders for their continued support.
The CMD through her Address to shareholders, stated about India’s service sector witnessing a swift rebound in FY22 driven by growth in the contact intensive services sub-sector, which bore the maximum burden of the pandemic and that this subsector completely recovered from the pre-pandemic level in Q2 of FY23, driven by the release of pent-up demand, ease of mobility restriction, and near-universal vaccination coverage.
The CMD also highlighted the post-pandemic scenario of global tourism, gradually converging to the pre-pandemic one. With travel restrictions and health concerns subsiding, tourism becoming a vital driver of a strong upswing in contact-intensive activity. India’s tourism sector also showing signs of revival.
Foreign tourist arrivals in India in FY23 have been growing month-on-month with the resumption of scheduled international flights and the easing of Covid-19 regulations.
During the FY 2022-23 IRCTC has registered a strong financial performance with a total income of Rs 3,661.90 crores which increased from Rs 1954.48 crores in 2021-22. EBITDA stood at Rs 1,396.65 crores over Rs 949.42 crores in the previous fiscal. The company’s PAT grew to Rs 1,005.88 crores from Rs 659.55 crores in FY 2021-22. Both EBITDA and PAT ended up at healthy margins of 38.14 per cent and 27.47 per cent, respectively.
Considering the excellent performance of the Company, during the AGM the share holders have approved a final dividend of Rs 2.00/- per share (Rs 160 Crores) for FY 2022-23. This is in addition to the interim dividend of Rs 3.50/- per share (Rs 280 Crores) declared in February 2023 and paid to shareholders in March 2023. With this, the total dividend declared by the Company for FY23, is Rs 5.50/- per equity share of the face value of Rs 2/- each.
During FY 2022-23, Department of Investment and Public Asset Management (DIPAM), Ministry of Finance, issued directives for disinvestment of up to 5 per cent of paid-up equity capital in the Company through Offer for Sale (OFS). Subsequent to the OFS, the President of India’s holding in IRCTC has reduced to 62.40 per cent from 67.40 per cent of the paid up equity share capital of the Company.