New Delhi: 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 2017-18. Total income stood at Rs 370.64 crore as compared to Rs. 356.11 crore (As per Indian Accounting Standards (Ind AS)) in last financial year.
Revenue from operations stood at Rs. 343.87 crore as compared to Rs. 330.77 crore (As per Ind AS) in the last fiscal. Corporation posted profit before tax (PBT) of Rs. 27.16 crore and profit after tax (PAT) of Rs. 23.62 crore in 2017-18 against Rs. 17.00 crore (As per Ind AS) and Rs. 11.43 crore (As per Ind AS) respectively in the previous year.
The Total Comprehensive income for the financial year 2017-18 is Rs. 19.14 crore as against Rs. 10.62 crore during the previous year.
The company has adopted Ind AS (Indian accounting standards) during the financial year 2017-18. The previous year’s figures have been realigned accordingly.
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 2017-18 has been a crucial and important year for ITDC, especially in view of the ongoing disinvestment process of some hotels. The profit is result of realignment of activities and several proactive initiatives taken by the organization to improve its productivity and efficiency at the beginning of the year.
Besides posting continuous profit year after year, ITDC has maintained its status of Mini Ratna and its commitment towards the shareholders by announcing consistent dividend for last five consecutive years.
ITDC sustained its profit even after implementation of 3rd Pay Revision as well as increase in minimum wages. Hotel The Ashok & Hotel Samrat, Ashok Travel & Tours and Ashok Events division of ITDC were major contributors to the performance of the organization in FY 2017-18.