Indian Railway Catering&Tourism Corp. will hold a meeting of the Board of Directors of the Company on 9 February 2023.

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Indian Railway Catering & Tourism Corporation announced that the President of India, acting through Ministry of Railways, Government of India is proposing to offer up to 40,00,000 equity shares of face value of Rs 2 each to the eligible employees of the Company at a price of Rs 680 per equity share.

The Employee OFS shall remain open from 23 December 2022 (10:00 AM) to 26 December 2022 (5:00 PM).

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Through the OFS, the Government of India proposes to sell up to 2 crore equity shares (representing 2.5% stake), with an option to sell an additional 2.5% stake or 2 crore equity shares in case of oversubscription.

The floor price for the sale has been set at Rs 680, a 7.45% discount to the stock's closing price of Rs 734.70 on Wednesday.

The total OFS size (base size + green shoe) stands at 4 crore shares, representing 5% of outstanding equity shares of the company, the value of which (at floor price) aggregates to Rs 2720 crore.

The Government of India held 67.40% stake in IRCTC as of 30 September 2021.

The OFS opened on Thursday (15 December 2022) for non-retail investors, while both retail as well as non-retail investors will be able to subscribe on Friday (16 December 2022).

As on 10:26 IST, the OFS received subscription for 5,51,853 shares. It was subscribed 3.07% on the base non-retail offer size of 1.80 crore shares and 1.53% on the total non-retail offer size (base size + green shoe) of 3.60 crore shares.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

IRCTC's consolidated net profit jumped 42.54% to Rs 226.03 crore on 98.99% surge in revenue from operations to Rs 805.80 crore in Q2 FY23 over Q2 FY22.

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The company's revenue from the Catering business was at Rs 334.41 crore (up 368.36% YoY), revenue from the Internet Ticketing business stood at Rs 300.26 crore (up 13.17% YoY), revenue from the Raill Neer business was Rs 72.05 crore (up 75.01% YoY) and revenue from the Tourism business was Rs 69.46 crore (up 156.69% YoY) in Q2 FY23.

State Teertha segment reported revenue of Rs 29.63 crore during the period under review.

Profit before tax stood at Rs 307.46 crore in quarter ended 30 September 2022, registering a growth of 43.88% from Rs 213.69 crore posted in the same period last year.

Total expenses soared 152.85% year on year to Rs 524.33 crore in Q2 FY23. Cost of materials consumed zoomed 119.45% to Rs 19.29 crore in Q2 FY23 from Rs 8.79 crore reported in Q2 FY22.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. The Government of India held 67.4% stake in the company, as on 30 September 2022.

Shares of IRCTC declined 2.37% to Rs 740.90 on the BSE.

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