ITDC takes a big leap with a threefold increase in standalone profits to Rs. 43.93cr. in FY 2018-19
India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, posted a significant performance for the financial year 2018-19. Total Income stood at Rs. 371.72 cr. as compared to Rs. 366.42 cr. in the last financial year. Revenue from operations stood at Rs. 349.96 cr. as compared to Rs. 339.71 cr. in the last fiscal. The corporation posted a profit before tax (PBT) of Rs. 62.23 cr. and profit after tax (PAT)*of Rs.42.16 cr. in 2018-19 against Rs.40.12 cr. and Rs.17.71*cr. respectively in the previous year.
This financial year the company earned an operating profit of Rs. 26.06 cr. as against operating loss of Rs. 10.09 cr. in the last financial year from continued operations.
The total comprehensive income for the financial year 2018-19 is Rs. 43.93*cr. as against Rs. 13.22*cr. during 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.
FY 2018-19 has been a crucial and important year for ITDC, especially in view of the ongoing disinvestment. The profit is result of several proactive initiatives taken by the organization during the year e.g. improvement in turnover, overall reduction in costs, process improvement, realignment of business policy& processes etc.to improve its productivity and efficiency.
The Corporation proposed a dividend of 21% amounting to Rs. 21.71 cr. including tax as compared to 18.5% during last financial year.
*Includes net profit/loss for the period after tax (after exceptional items) of continued and discontinued operations.
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About India Tourism Development Corporation:
ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country. The Corporation has been moving ahead with consistent efforts on development, growth and world-class services and amenities to its guests. Apart from running Hotels, the ITDC has diversified into non-hotel sectors like Ticketing, Tours and Travels, Event Management, Duty-Free Shopping, Publicity & Printing Consultancy, Engineering Consultancy, mounting Sound & Light Shows, Hospitality education and skill development– all under one roof.
Know more: www.theashokgroup.com