IRCTC reported an all-time high operating revenue of ₹1,269 crore for Q4 FY25, a 10% year-on-year growth, driven by Internet Ticketing, Rail Neer, and Tourism segments.
FY25 operating revenue reached ₹4,675 crore, a 9.73% annual growth.
Absolute EBITDA stood at ₹1,549 crore, up 5.71% annually.
Profit After Tax (PAT) rose to ₹1,315 crore, an 18.30% annual increase from ₹1,111 crore in the previous year.
The Board recommended a final dividend of ₹1 per share, bringing the total dividend for FY25 to ₹8 per share, the highest ever, amounting to ₹640 crore (400% of share capital) compared to ₹520 crore in FY24.
Internet ticketing revenue grew to ₹372.5 crore, an 8.78% year-on-year growth.
Tourism revenue surged to ₹274.4 crore, up by 38.17% year-on-year.
Rail Neer revenue was ₹92.2 crore, a 15.49% year-on-year increase.
Catering revenue moderated to ₹529.4 crore due to seasonal variations.
Internet ticketing achieved an EBITDA of ₹306.9 crore with an 82.4% margin.
The net worth of the company increased to ₹3,663 crore in FY25.
The company is expecting RBI approval for Payment Aggregator license in the next 2-3 months.
Management Comments: The revenue from tourism will continue to grow. The company is planning to merge all OTA platforms for improving hotel bookings and air bookings to have a unified portal.
IRCTC received notices from BSE and NSE on 29 May 2025 regarding fines for non-compliance with Regulations 17(1), 18(1), and 19(1)/19(2) of the SEBI (LODR) Regulations, 2015.
The non-compliance relates to the composition of the Board of Directors, including the failure to appoint a woman director, and the constitution of the Audit Committee and the Nomination & Remuneration Committee.
The period of non-compliance is the quarter ended 31st March 2025.
The amount of the fine is ₹11,91,800 each from BSE & NSE, inclusive of GST.
IRCTC has represented to the Exchanges for a review of the fine, as it is a Government Company and the power to appoint Directors, including Independent Directors, vests with the President of India through the Ministry of Railways.
The company is following up with the Ministry of Railways for the appointment of the required number of Independent Directors, including an Independent Woman Director.
Similar letters have been received in the past, and waiver requests were favorably considered by the Exchanges.
The Board of Directors of Indian Railway Catering And Tourism Corporation Limited (IRCTC) held a meeting on 28 May 2025.
During this meeting, the Board approved amendments to the "IRCTC Code of Conduct for Regulating & Reporting Trading by Designated Persons & their Immediate Relatives".
The revised Code is now available in the "Investors Corner" section on the company’s official website, www.irctc.com.
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.