The Board of Directors of Indian Railway Catering And Tourism Corporation Limited (IRCTC) convened on 28 May 2025 to approve the audited financial results (Standalone & Consolidated) for the quarter and year ended 31 March 2025.
For the financial year 2024-25, the company reported the following key figures:
Standalone Revenue from Operations: ₹4,674.77 crore (₹467,477.10 lakhs) compared to ₹4,260.27 crore (₹426,027.15 lakhs) in FY2023-24.
Standalone Profit After Tax (PAT): ₹1,314.66 crore (₹131,465.61 lakhs) against ₹1,110.26 crore (₹111,025.79 lakhs) in FY2023-24.
Standalone Earnings Per Share (EPS): ₹16.43 for FY2024-25, up from ₹13.89 in FY2023-24.
Consolidated Revenue from Operations: ₹4,674.77 crore (₹467,477.10 lakhs) compared to ₹4,260.27 crore (₹426,027.15 lakhs) in FY2023-24.
Consolidated Profit After Tax (PAT): ₹1,313.99 crore (₹131,399.71 lakhs) against ₹1,110.26 crore (₹111,025.79 lakhs) in FY2023-24.
Consolidated Earnings Per Share (EPS): ₹16.42 for FY2024-25, up from ₹13.89 in FY2023-24.
For the quarter ended 31 March 2025, Standalone and Consolidated PAT stood at ₹357.92 crore (₹35,791.71 lakhs).
The Board recommended a final dividend of ₹1/- per equity share of face value ₹2/- each (i.e., 50% of the paid-up share capital) for the financial year 2024-25. This is subject to shareholder approval at the upcoming Annual General Meeting.
This final dividend is in addition to the first interim dividend of ₹4/- and the second interim dividend of ₹3/- paid in November 2024 and March 2025, respectively, making the total dividend for FY2024-25 ₹8/- per share.
Amendments to the Articles of Association (AOA) were approved to align with the enhanced financial and operational powers granted to IRCTC's Board, consequent to the company's upgrade to 'Navratna' status by the Government of India. These amendments are subject to approval by the Ministry of Railways and shareholders.
The Board recommended the appointment of M/s Balika Sharma & Associates, Company Secretaries, Delhi, as Secretarial Auditor for a period of 5 financial years, from FY 2025-26 to FY 2029-30, pending shareholder approval at the forthcoming Annual General Meeting.
The audited financial results include notes on significant matters:
Arbitration Award: An arbitral award of approximately ₹74.72 crore (₹7,471.65 lakhs) plus 6% interest was initially made in favour of certain catering licensees. After various court proceedings, including the Delhi High Court setting aside part of the award and upholding a smaller claim, the Divisional Bench on 10 February 2025 restored the arbitral award for second regular meal and welcome drinks. IRCTC has filed a Special Leave Petition (SLP) against this judgment before the Hon'ble Supreme Court, contending that the liability for reimbursement lies with Indian Railways.
Anti-Profiteering (GST): A notice from the National Anti-Profiteering Authority (NAA) dated 25 February 2022 alleged profiteering of ₹50.41 crore (₹5,041.44 lakhs) for not passing on GST tax reduction benefits to consumers on Railneer products. IRCTC maintains that Railneer's MRP is fixed by the Ministry of Railways and has not changed despite rising costs. The matter is currently pending with the Competition Commission of India (CCI).
Railneer Profit Sharing: The Railway Board clarified profit sharing ratios for Railneer plants (15:85 for departmental and 40:60 for PPP model/DCOs). IRCTC has made a provision of ₹14.51 crore (₹1,451.24 lakhs) in FY2023-24 for the differential profit sharing on PPP plants, despite representing for a uniform 15:85 ratio for all plants.
Catering Tariff Enhancement: The effect of increased license fees for catering tariff (as per Railway Board's Commercial Circular no. CC60 of 2019) for certain periods has not been recognized in the financial statements as the matter is sub-judice, with licensees challenging IRCTC's decision in various High Courts and through arbitration.
Exceptional items for FY2024-25 represent a net income of ₹47.89 crore (₹4,788.73 lakhs), primarily due to reversal of charges on Golden Chariot train, one-time reconciliation of legacy balances, and written-back excess provisions. In contrast, FY2023-24 saw a net expense of ₹58.53 crore (₹5,853.03 lakhs) from exceptional items, mainly due to provisions for revised charges for Tejas Express trains and differential profit sharing on Railneer PPP plants.