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    Now summarize the following text:
    ™xsfsaqradoeRaudcRoqgare fafies@@) (RdUPRoTsafexo)
more INDIANRAILWAY CATERING ANDTOURISM CORPORATION LTD.
(AGovt.ofIndiaEnterprise-Mini Ratna)
“CIN- ",E-mail:iirctc. ,Website: .ircte. No.2019/IRCTCICSIAT ERGeseet ,E-mail:info@irctc.com, Website:www.ircSa"Woveriber, 2024
BSELimited NationalStockExchange ofIndiaLimited
18Floor,NewTradeWing,Rotunda Building Exchange Plaza,C-1,Block-G,
PhirozeJeejeebhoy Towers, Bandra-Kurla Complex,
DalalStreetFort,Mumbai —400001 Bandra(East),Mumbai —400051
ScripCode:542830 ScripSymbol:IRCTC
Sub:Outcome ofthe142"¢Boardmeeting --Regulation 30ofSEBI(Listing Obligations and
Disclosure Requirements) Regulations, 2015
Sir/Madam,
TheBoardofDirectors oftheCompany atits142"4meetingheldtodayi.e.,Monday, 04°November 2024,
hasinter-alia:
1.Unaudited Financial Results(Standalone &Consolidated) forthequarterandhalfyearended
30"September 2024:
Considered andapproved theun-audited Financial Results(Standalone &Consolidated) forthequarter
andhalfyearendedonSeptember 30,2024alongwiththeLimitedReviewReport(afterbeing
reviewed andrecommended bytheAuditCommittee). Inviewofthesame,acopyoftheun-audited
financialresults(Standalone &Consolidated) forthequarterandhalfyearendedonSeptember 30,
2024alongwiththeLimitedReviewReport,issuedbytheauditorisenclosed herewith.
2.Declaration ofInterimDividend fortheFY2024-25andFixationofRecordDate:
a)Declared anInterimDividend ofRs.4/-pershareonEquitySharesoffacevalueofRs.2/-eachfor
theFY2024-25(i.e.,@200%ofthepaid-upsharecapitalamounting toRs.320Crore).
b)FixedThursday, 14November 2024astheRecordDateforthepurposeofpaymentofInterim
DividendoftheFY2024-25.
3.Appointment ofInternalAuditorfortheFY2024-25:
Appointed M/sS.K.Misra&Gujrati,Chartered Accountants asInternalAuditorofCompany fortheFY
2024-25. BriefprofileofM/sS.K.Misra&Gujratiisattached asAnnexure-1.
Theaforesaid resultsarebeingmadeavailable onthewebsiteoftheCompany i.e.www.irctc.com .
TheBoardmeetingcommenced at03.00P.M.andconcluded at&‘25.P.M.
Thisisforyourinformation andrecordplease.
Thanking you,
Yoursfaithfully,
Forandonbehalfof
Al
(SumanKalra)
Company Secretary andCompliar
Membership No.:FCS:9199
Encl:Asabove
unledwdoieaufae:vaida,Reelsatau,f-148,areaarf,agfRecll—110001, qRATy:011-23311263-64, Ba=011-23311259
Regd.&Corp.Office:11thFloor,Statesman House, B-148,Barakhamba Road,NewDelhi-110001, Tel.011-23311263-64, Fax:011-23311259
IndianRailwayCateringandTourismCorporation Limited
CIN:L74899DL1999G01101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148,STATESMAN HOUSE,BARAKHAMBA ROAD,NEWDELHI-110001
STATEMENT OFUNAUDITED STANDALONE FINANCIAL RESULTS FORTHEQUARTER ANDHALFYEARENDED30THSEPTEMBER, 2024
Amountin%LakhsexceptEPSSs.PARTICULARSQuarterended HalfYearEnded YearendedNo.30.09.2024] 30.06.2024] 30.09.2023] 30.09.2024 30.09.2023} 31.03.2024)
{Unaudited)| (Unaudited) (Unaudited)| (Unaudited)| (Unaudited) (Audited)1,_[Revenuefromoperations106,399.61 |111,758.91 99,240.06 |218,158.52] 199,301.28] 426,021.35 M_|Otherincome5,977.60 5,134.68 4,707.07 11,112.28 8,628.17 16,447.77Il[TotalIncome(I+1)112,377.21 |116,893.59 |103,947.13| 229,270.80 |207,929.45 442,469.12 Expenses
CostofMaterials Consumed 1,647.32 1,735.47 1,808.81 3,382.79 Bi23 7,198.98Purchase ofStock-in-Trade 4,581.42 7,162.40 3,924.92 11,743.82 8,878.16 17,495.90ChangesinInventories offinishedgoods,work-in-progress
andStock-in-Trade(70.71) 65.36 (204.77) (5.35) (122.25) (152.71)Expenses ofCateringServices 34,646.43 39,419.90 29,137.21 74,066.33 62,422.94 136,704.02Expenses ofTourism10,501.93 9,505.93 13,772.67 20,007.86 24,669.92 54,045.78Manufacturing &DirectExpenses 4,717.28 4,669.82 4,035.07 9,387.10 7,838.00 17,462.86Employee benefitexpense 7,688.95 7,445.06 6,381.87 15,134.01 13,008.47 28,904.81Financecosts307.94 282.43 441.65 590.37 854.49 1,864.49Depreciation andamortization expense 1,311.26 1,387.38 1,399.77 2,698.64 2,768.98 5,721.64OtherExpenses5,393.92 4,260.97 3,728.85 9,654.89 7,940.41 17,741.95IV_|TotalExpenses (IV)70,725.74 75,934.72 64,426.05| 146,660.46 |131,970.35 286,987.72V_|Profit/(Loss) beforeexceptional itemsandtax(itt-tv) 41,651.47 40,958.87 39,521.08 82,610.34 75,959.10 155,481.40Vi_|Exceptional Items(Noteno.7)- 220.72 - 220.72 (5,190.40) (5,853.03)Vil_|Profit/(Loss) beforetax(V+VI) 41,651.47 41,179.59 39,521.08 82,831.06 70,768.70 149,628.37Taxexpense:
-CurrentYear11,138.38 10,577.56 10,094.08 21,715.94 18,361.49 39,276.54-EarlierYears3,820.86 = =3,820.86 * 303.69-Deferred tax(274.40) (165.64) (40.75) (440.04) (282.25) (1,077.65)'-Deferred tax-EarlierYears (3,815.17) - =(3,815.17) - =Vill|TotalTaxExpense 10,869.67 10,411.92 10,053.33 21,281.59 18,079.24 38,502.58IX_[Profit/(Loss) AfterTaxfromcontinuing operations 30,781.80 30,767.67 29,467.75 61,549.47 52,689.46 111,125.79OtherComprehensive Income
{i)Itemsthatwillnotbereclassified toProfitorLoss
~Remeasurment ofpost-employment benefitobligation (316.25) 37.01 237.39 (279.24) 455 41.02
-IncomeTaxEffect79.60 (9.32). (59.75) 70.28 (18.76) (10.32)
TotalOtherComprehensive income/| (Loss)fortheperiod
X_|(NetofTax) (236.65) 27.69 177.64 (208.96), 55.79 30.70X!_|Total Comprehensive income/(Loss) fortheperiod 30,545.15 30,795.36 29,645.39 61,340.51 52,745.25 111,156.49
Paid-upEquityShareCapital(Facevalueof2/-each) 16,000.00| 16,000.00 16,000.00 16,000.00} 16,000.00 16,000.00OtherEquity336337.41| _268585.66} 306,996.90Earningperequityshare(EPS)*
Basic(%)3.85 3.85 3.68 7.69 6.59 13.89Diluted(®) 3.85 3.85 3.68 7.69 6.59 13.89
*EPSforquarters arenotannualised.
Notes:
1Theaboveunaudited financialresultsoftheCompany havebeenreviewed byAuditCommittee andapproved bytheBoardofDirectors attheirrespective meetings heldon4thNovember, 2024.TheStatutory Auditors have
conducted limitedreviewoftheunaudited Financialresults.
2TheaboveFinancial ResultsoftheCompany havebeenprepared inaccordance withtheIndianAccounting
Standards (Ind-AS)asprescribed undersection133oftheCompanies Act,2013readwithCompanies (IndianAccounting Standards) Rules,2015,asamended fromtimetotime.
3InlinewiththeRailway Board'sCommercial Circular no.CC60of2019regarding increase incatering tariffforpost
andpre-paidtrains,theeffectofenhancement ofLicenseFeefortheperiodsfrom18thNovember, 2019to22ndMarch,2020(forpostpaidtrains)and27thNovember, 2021to30thSeptember, 2024(forpostandpre-paidtrains)
hasnotbeenrecognized asthematterissub-judice.
4Asperthetermsandconditions ofthetender,inrespectof4PPPRailneerplants,theDeveloper cumOperator(DCOs)aretobereimbursed theGSTonsupplyofRailneernetofInputTaxCreditavailedbythem.However, thecompleteinformation ofITCavailedbyDCOsisnotavailable. Aspertheinformation madeavailablebyDCOs,anamountof=195.67Lakhshasbeenaccounted forduringthehalfyearended30thSeptember, 2024andamountof
%364.83lakhswasaccounted duringFY2023-24. TheseDCOshaverepresented againsttheclaimoftheCompanyforInputTaxCredit.Thismatterisbeingexamined bytheManagement todecideonthefuturecourseofaction.
5TheNationalAntiProfiteering Authority (NAA)hadissuednoticedated25thFebruary, 2022forprofiteering amountof5041.44 LakhsunderCGSTAct,2017fornotpassingthebenefitoftaxreduction toconsumers. Theshowcausenoticewascontested bytheCompany butnoorderwasissuedbytheAuthority. Later,Competition Commission ofIndia(CCl)wasempowered toadjudicate thematter. However, nocommunication hasbeenreceived fromCCIin thismattertilldate.
6CertainLicensees whoarecontractors ofIRCTCforproviding cateringservicesintrainsinvokedarbitration clauseseekingcompensation onaccountofdifference inratesofregularmealandcombomealasprovidedintermsofCC 63of2013readwithCC67of2013circularissuedbyIndianRailwaysandfurtherclaimedpriceofwelcome drinkprovided intermsofCC32of2014,fortheperiodfrom2014tillthedateofabovesaidcirculars wereinforce.Thearbitrator awardedasumof%7471.65Lakhs(approx.) in13petitionsfortheaforesaid servicesfortheperiodfromJanuary2015toMarch2020.Onthebasisofappraisal ofthefactualposition,itismatterofrecordthattheclaimantneverclaimedsaidamountwhilesubmitting invoicesfortheaforesaid servicesrendered tothepassengers. Theseallcontracts areSBDcontracts andwereassignedtoIRCTCpostCateringPolicy2017.ItisalsoamatterofrecordthattheserviceswereprovidedtothePassengers oftheIndianRailwaysandtheamountsopaidisrequiredtobereimbursed toIRCTCbytheIndianRailways. Inthesecircumstances, therewillnotbeanyliabilityoftheIRCTCasaconsequence oftheawardandthereisnoneedtomakeprovision pursuanttotheaboveawards.
TheCompany hasfiledobjection againstArbitral awardandtheHon’ble HighCourt,DelhivideOrderdated09.10.2023 directedtheCorporation todeposittheawardedamountsoastostaytheexecution oftheArbitralAward.Incompliance oftheaforesaid order,theCorporation deposited abankGuarantee tothetuneof=8471.65Lakhssoastostaytheexecution ofthesaidaward.TheHon'bleHighCourtofDelhisetasideandquashedtheawardof%4200LakhsagainstIRCTCwhileupholding thesmallerclaimof%3200lakhs.IRCTChasfileditsappealbeforeDivisional BenchofHon’bleHighCourtofDelhiagainstthejudgment dated13.08.2024. Thematterisyettobelisted.
7(a)Forthequarterended30thJune,2024,Exceptional itemsrepresent %220.72lakhstowardsthereversalofRU,StablingandotherchargeswaivedoffonGoldenChariottrainbyKTDCforthepreviousFinancialYears2022-23and2023-24.
(b)ForthepreviousFinancialYear2023-24, netexpenseonaccountofExceptional itemsamounting to%5853.03Lakhsincludes:(i)=5126.20Lakhsbeingprovision madetowardsrevisedfixed,variableandCustodychargesforthetwoTejasexpresstrainsw.e.f.13thAugust,2021to31stMarch,2023inlinewiththeletterreceivedfromMinistryofRailways eventhoughtheCompany hasmaderepresentation totheRailway Boardforwaiverofthisamount, (ii)%1451.24Lakhsbeingprovision madetowardsthedifferential amountofprofitsharing@25%(40%-15%) upto31stMarch,2023onprofitsofRailneerplantsoperated onPPPmodeleventhoughtheCompany hasmaderepresentation totheRailwayBoardforsharingofprofitatuniformratioof15:85forallRailneerplantstillFY2022-23.However, RailwayBoardhasadvised IRCTCforsharingofprofitintheratioof40:60forPPPplantsand(iii)=724.41Lakhsbeingexcessprovisions writtenbackforpreviousyearsrelatingtovariousexpenses.
8TheBODhavedeclared anInterimDividend of%4/-pershare(Face valueof%2/-pershare)forthefinancial year2024-25intheirmeetingheldon4thNovember, 2024.
9Thefiguresfortheprevious year/periods havebeenregrouped/reclassified/restated, wherever considered
necessary.
For&onbehalfoftheBoardofDirectors
a
Place:NewDelhiChairman &Managing Director
Dated:4thNovember, 2024DIN:-09629741
IndianRailway Catering andTourism Corporation Limited
CIN:L74899DL1999G01101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148STATESMAN HOUSE BARAKHAMBA ROAD,NEWDELHI-110001
STANDALONE SEGMENT WISEREVENUE, RESULTS, ASSETSANDLIABILITIES FORTHEQUARTER ANDHALFYEARENDED30THSEPTEMBER, 2024
Amountin%Lakhs
QuarterendedHalfYearEnded Yearended ea30.09.2024] 30.06.2024 30.09.2023| _30.09.2024[ 30.09.2023 31.03.2024]
{Unaudited)| (Unaudited)| (Unaudited) (Unaudited)| (Unaudited) (Audited)1.SEGMENTREVENUE
fa)Catering48,195.96|55,888.59 43,152.43|104,084.55 90,860.33 194,719.07 b)Railneer9,021.98 11,147.43 7,800.52 20,169.41 17,394.43 34,067.12 c)InternetTicketing37,095.66] 32,907.09 32,750.40 70,002.75 61,757.56 129,530.60 d)Tourism12,444.96 12,231.82 15,848.50 24,676.78 29,979.26 69,105.65 TOTAL106,758.56|112,174.93 99,551.85|218,933.49|199,991.58 427,422.44 Less:InterSegmentRevenue358.95 416.02 311.79 774.97 690.30 1,401.09 RevenuefromOperations106,399.61|111,758.91 99,240.06|218,158.52| 199,301.28 426,021.35
2.SEGMENTSRESULTS
Profit/(Loss) (beforetax,interestandinvestments incomefrom
eachsegment)
a)Catering6,158.02 7,792.91 7,425.40 13,950.93 14,395.09 26,880.28 b)Railneer898.42 1,358.10 969.41 2,256.52 2,182.91 2,922.25 c)InternetTicketing30,058.36|27,233.95 27,415.06 57,292.31 51,412.17 106,759.17d)Tourism(302.37) 933.81 581.04 631.44 (3,234.37) 1,029.30 TOTAL36,812.43 37,318.77 36,390.91 74,131.20 64,755.80 137,591.00 Add:InterestIncome4,839.04 3,860.82 3130.17 8,699.86 6012.90 12,037.37
PROFIT/(LOSS) BEFORETAX 41,651.47|41,179.59 39,521.08 82,831.06 70,768.70 149,628.37
Notes:
1.AssetsandLiabilities usedinthecompany's business arenotidentified toanyofthereportable segments astheseareusedinterchangeably between segments. TheCompany believesthatitiscurrentlynotpracticable toprovidesegmental disclosure relatingtototalassetsandliabilitiessinceameaningful segregation ofthe availabledatacouldbeonerous.
2.Forthehalfyearended30thSeptember, 2024andfortheyearended31stMarch,2024abovesegmentresultsincludeexceptional itemrepresenting incomeof%220.72Lakhsandnetexpenses of=5853.03 Lakhrespectively asunder:-
ForthehalfFortheyear
yearended ended31st
30thSept.,March,2024
2024
SegmentInLakhs InLakhs
CateringS -Railneer-(1,451.24)
InternetTicketing - 724.41
Tourism220.72 (5,126.20)
Total 220.72 (5,853.03)
3.Thestateteerthasegment hasbeenmergedwiththeTourism segment w.e.f.FY2024-25 asapproved bytheBoardofDirectors attheirmeeting. Accordingly, thefiguresofTourism segment includefiguresofstateteerthasegment forthehalfyearended30thSept.,2024andcorresponding quarters/year.
For&onbehalfoftheBoardofDirectors
oe
Place:NewDelhiChairman &Managing Director
Dated:4thNovember, 2024 DIN:-09629741
IndianRailwayCatering &TourismCorporation Limited
CIN:L74899DL1999G01101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148 STATESMAN HOUSE, BARAKHAMBA ROAD,NEWDELHI-110001
STANDALONE STATEMENT OFASSETS&LIABILITIES
Amount in%Lakhs
PARTICULARSASAT30.09.2024 ASAT31.03.2024
(UNAUDITED) (AUDITED)
ASSETS
NONCURRENT ASSETS
Property, Plant&Equipments 21,696.14 22,590.99
CapitalWorkinProgress 46,645.29 44,251.83
Investment Property 2,601.90 2,620.73
Intangible Assets 218.83 321.73
Right-of-use Assets 6,838.48 8,742.74
FINANCIAL ASSETS
Investments. 1,500.00 S
OtherFinancial Assets 26.70 1,617.19
Deferred TaxAssets(Net) 18,447.78 14,122.28
Othernon-current Assets 1,255.86 1,925.97
CURRENT ASSETS
Inventories 1,076.24 1,096.51
FINANCIAL ASSETS
TradeReceivables 172,644.31 137,434.19
CashandCashEquivalents 52,876.78 69,133.87
BankBalances otherthanCashandCashEquivalents 187,682.91 157,130.73
OtherFinancial Assets 29,084.00 25,749.72
CurrentTaxAssets(Net) 10,636.04 16,088.60
OtherCurrentAssets 126,785.02 106,283.37
TotalAssets 680,016.28 609,110.45
EQUITYANDLIABILITIES
EQUITY
EquityShareCapital 16,000.00 16,000.00
OtherEquity 336,337.41 306,996.90
LIABILITIES
NONCURRENT LIABILITIES
FINANCIAL LIABILITIES
LEASELIABILITIES 3,568.83 4,179.74
OtherFinancial Liabilities 5,440.19 5,428.56
Provisions 12,962.33 11,609.51
OtherNon-Current Liabilities 2,160.71 1,752.46
CURRENT LIABILITIES
FINANCIAL LIABILITIES
LEASELIABILITIES 664.96 1,855.31
TradePayables 83,861.59 99,740.97
OtherFinancial Liabilities 72,336.17 55,734.75
Provisions 3,245.58 3,040.72
OtherCurrentLiabilities 143,438.51 102,771.53
CurrentTaxLiabilities (Net) = z
TOTALEQUITYANDLIABILITIES 680,016.28 609,110.45
For&onbehalfoftheBoardofDirectors
¢-
a
Place:NewDelhi Chairman &Managing Director
Dated:4thNovember, 2024 DIN:-09629741
IndianRailwayCatering&TourismCorporation Limited
Standalone Statement ofCashFlowforthehalfyearended30thSeptember, 2024
Amount (%inLakhs)
: leis Forthehalfyear FortheyearendedParticularsended30thSeptember} 31stMarch2024epiebe2)|501s(Unaudited) (Audited)(Unaudited)
A.CashFlowfromOperating Activities
Profitbeforetax 82,831.06 70,768.70 149,628.37
Adjustments for:-
Depreciation 2,698.64 2,768.98 5,721.64
Loss/(Profit) onsaleofFixedAssets 8.13 228 9.60
InterestIncome (8,470.17) (5,827.05) (11,633.79)
InterestExpenses onLeaseLiabilities 208.43 290.61 606.05
RentalIncomefromInvestment Property (132.33) (117.49) (234.98)
Amortization ofCapitalGrant (21.83) (22.10) (44.28),
Incomefromamortisation ofdeferredsecuritydeposits-Liability (399.98) (560.57) (1,332.05)!
InterestIncomeonUnwinding ofDiscounts onsecuritydeposits (0.07) (1.46) (2.92)
Unwinding ofdiscountonsecuritydepositsliability 381.94 563.88 1,258.44
Modification ofleaseliablities (245.59) (222.68) (238.32)
Unwinding ofdiscountonsecuritydepositsassets 0.06 1.44 2.87
ExcessProvision WrittenBack - - (724.41)
Provision forDoubtful Debts 292.85 141.19 971.86
Operating Profitbeforeoperating capitalchanges a 77,151.14 67,785.74 143,988.08
Adjustments for:-
Decrease/(Increase) inInventories 20.27 (112.69) (135.56)
Decrease/ (Increase) inTrade&OtherReceivables (35,502.97) (16,961.13); (24,114.65);
Decrease/ (Increase) inOtherNonCurrentFinancial assets 0.39 (12.63) 4.76
Decrease/ (Increase) inOtherCurrentFinancial assets (767.97) (2,068.92), (3,667.29)
Decrease/ (Increase) inOtherCurrentassets (20,501.65)| (692.56) (11,415.56)
Decrease/ (Increase) inOtherNonCurrentassets (35.76) (1.50) (6.28)
(Decrease) /IncreaseinotherNoncurrentfinancialliability (370.31) 1,266.53 426.49
(Decrease) /IncreaseinNonCurrentProvisions 1,073.58 595.66 1,106.16
(Decrease) /IncreaseinOtherNoncurrentliablities 830.05 1,053.66 1,462.98
(Decrease) /Increaseintradepayables (15,879.38)| (17,042.38)| 14,525.51
(Decrease) /IncreaseinOtherfinancialliablity 16,601.42 27,106.50 20,956.74
(Decrease) /IncreaseinOtherCurrentLiability 40,666.98 (2,000.51) (10,418.20)
(Decrease) /IncreaseinCurrentprovisions 204.86 216.09 282.92
(2) (13,660.49) (8,653.88) (10,991.98)
Cashgenerated fromoperation (1+2) 63,490.65 59,131.86 132,996.10
IncomeTaxPaid(Netofrefunds) (20,084.24) (22,322.00) (44,778.77)
TotalCashgenerated fromOperating Activities 43,406.41 36,809.86 $8,217.33
B.CashFlowFromInvestingActivities
Sale/Disposal ofProperty,PlantandEquipments &Otherintangibleassets 5.94 247 TB
Purchase ofProperty, PlantandEquipments &Otherintangible assets (2,068.63) (1,279.42)| (23,249.50)
InterestReceived 5,774.81 4,169.44 10,658.31
ChangesinOtherBankbalances (30,552.18) 16,020.64 (6,933.50)
Paymenttowardsshareapplication moneyinsubsidiary - - (1,500.00)
(Decrease) /IncreaseinNon-current TDRs 90.17 - (24.63)|
(Decrease) /IncreaseincurrentTDRs 129.05 - (17.15)
RentalIncomefromInvestment Property 132.33 117.49 234.98
CapitalAdvances givenduringtheYear (0.87) (12,100.53) (710.85)
NetCashusedinInvesting Activities (26,489.38) 6,930.39 (21,534.61)
C.CashFlowFromFinancing Activities
PaymentofprincipalportionofLeaseLiability (965.69) (2,167.05) (3,827.31)
PaymentofinterestportionofLeaseLiability (208.43) (290.61) (606.05)|
Dividend Paid (32,000.00) (16,000.00): (36,000.00)
NetCashgenerated fromFinancing Activities (33,174.12) (18,457.66) (40,433.36)
NetIncrease/(Decrease) inCashandCashEquivalents (A+B+C) (16,257.09) 25,282.59 26,249.36
OpeningCash&CashEquivalents69,133.87 42,884.51 42,884.51 ClosingCash&CashEquivalents52,876.78 68,167.10 69,133.87 Reconciliation ofCash&CashEquivalents
CashandCashEquivalent Comprises of
Cashonhand17.42 14.22 8.69 Balanceswithbanks:
~InCurrentAccount46,203.42 63,726.00 62,497.43—InFlexiAccount6,655.94 4,426.88 6,627.75~InFixedDepositswithoriginalmaturityoflessthan
threemonths
CashandCashEquivalents asperBalanceSheet 52,876.78 68,167.10 69,133.87
Place:NewDelhi
Date:4thNovember, 2024For&onbehalfoftheBoardofDirectorsoe
SanjayKumarJain
Chairman &Managing Director
DIN:-09629741
OX N.K.BHARGAVA &Co.
Chartered Accountants
Independent Auditor's ReviewReportonUnaudited Standalone Financial Resultsof
IndianRailwayCateringandTourismCorporation Limitedpursuant totheregulation
33oftheSEBI(ListingObligation andDisclosure Requirements) Regulations, 2015,as
amended fortheQuarterandHalfyearendedSeptember 30,2024.
To
TheBoardofDirectors,
IndianRailwayCateringandTourismCorporation Limited
NewDelhi
1.Wehavereviewed theaccompanying Statement ofUnaudited Standalone Financial
ResultsofIndianRailwayCateringandTourismCorporation Limited(“TheCompany")
forthequarterandhalfyearendedSeptember 30,2024,(“TheStatement”) being
submitted bytheCompany pursuant totherequirements ofRegulation 33oftheSEBI
(ListingObligations andDisclosure Requirements) Regulations, 2015asamended
("TheRegulations").
2.Management’s Responsibility fortheInterimFinancialResults
TheStatement, whichistheresponsibility oftheCompany's Management and
approved bytheCompany's BoardofDirectors, hasbeenprepared inaccordance
withtherecognition andmeasurement principles laiddowninIndianAccounting
Standard 34,"Interim Financial Reporting" ("IndAS34"),prescribed underSection
133oftheCompanies Act,2013(“TheAct”)readwithrelevant rulesissued
thereunder andotheraccounting principles generally accepted inIndiaandisin
compliance withthepresentation anddisclosure requirements ofRegulation 33of
theListingRegulations. Ourresponsibility istoexpressaconclusion ontheStatement
basedonourreview.
3.ScopeofReview
Weconducted ourreviewoftheStatement inaccordance withtheStandard on
ReviewEngagement (SRE)2410,"ReviewofInterimFinancialInformation Performed
bytheIndependent AuditoroftheEntity"issuedbytheInstitute ofChartered
Accountants ofIndia.Thisstandard requiresthatweplanandperformthereviewto
obtainmoderate assurance astowhethertheFinancial Statement isfreeofmaterial
misstatement. Areviewofinterimfinancial information consistsofmakingenquiries,
primarilyofcompany's personnel responsible forfinancialandaccounting matters,
andapplying analytical andotherreviewprocedures. Areviewissubstantially lessin
scopethananauditconducted inaccordance withStandards onAuditing specified
undersection143(10)oftheCompanies Act,2013andconsequently doesnotenable
ustoobtainassurance thatwewouldbecomeawareofallsignificant mattersthat
mightbeidentified inanaudit.Accordingly, wedonotexpressanauditopinion.
L.
C-31,lstFloor,Acharya Niketan, Phase-1,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
OX N.K.BHARGAVA &Co.
Chartered Accountants
4.Conclusion
Basedonourreviewconducted asabove,nothinghascometoourattention that
causesustobelievethattheaccompanying Statement readwiththeNotesthereon,
prepared inaccordance withtherecognition andmeasurement principles laiddown
intheaforesaid IndianAccounting Standard specified undersection133ofthe
Companies Act,2013asamended, readwithrelevant rulesissuedthereunder and
otheraccounting principles generally accepted inIndia,hasnotdisclosed the
information requiredtobedisclosed, intermsoftheRegulation 33oftheSEBI(Listing
Obligation andDisclosure Requirements) Regulations 2015asamended, including the
mannerinwhichitistobedisclosed, orthatitcontainsanymaterialmisstatement.
5.Emphasis ofMatter
Wedrawattentionto:
i.NoteNo.3regarding theRailway Board'sCommercial Circular no.CC60of2019
regarding increaseincateringtariffforpostandpre-paidtrains,theeffectof
enhancement ofLicenseFeefortheperiodsfrom18thNovember, 2019to22nd
March,2020(forpost-paid trains)and27thNovember, 2021to31stDecember,
2023(forpostandpre-paid trains)hasnotbeenrecognized assomeofthe
licensees havechallenged Company’s decisioninrespective Hon’bleHighCourtsof
Delhi,Mumbai, KolkataandGuwahati andarbitration. Asthematterissub-judice
andtheoccurrence isdependent onoutcome ofcertaineventinfuture,the
impactofincreaseinLicensefeesforpre-paidandpost-paid trainshasnotbeen
recognized inthefinancial statements forthequarterandhalfyearended30th
September, 2024andforpreviousyearsupto31stMarch,2024.
ii.NoteNo.4regarding Non-sharing ofinputtaxcreditdataofGSTforcertain
periodsbyDeveloper cumOperators (“DCO”)offourRailNeerplantsresulting in
non-recognition oftheseclaimsreceivables inthebooksofaccountofthe
Company. Amountofsuchclaimsarenotascertainable atthisstage.Further,
theseDCOsarealsodisputing theseclaimsincluding claimsof=195.67Lakhs
debitedtotheiraccountsduringthehalfyearended.
iii.NoteNo.5regarding Noticedated25.02.2022 issuedbytheNational Anti-
Profiteering Authority (GST)allegingprofiteering amounting to%5,041.44 Lakhsfor
theperiodJuly1,2017toMay31,2020againsttheCompany underSection171of
theCGSTAct,2017fornotpassingonthebenefitofreduction inrateoftaxtothe
consumers bywayofcommensurate reduction intheMRPofRailneerbrandof
drinkingwatermanufactured andsoldbytheCompany eventhoughtherewas
reduction inthetaxrateontheintroduction ofGSTw.e.f.July1,2017.The
Company contends thatRailneer drinking waterfallsundercontrolled price
segment astheMRPisfixedbyMinistryofRailways, Government ofIndiaandthe
MRPfixedintheyear2012isstillcontinuing despitesubstantial increaseinprices'
ofraw-materials, power, HRcost,freightetc.Legalopinion obtained bythe
C-31,IstFloor,Acharya Niketan, Phase-|,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11) <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
vi.N.K.BHARGAVA &Co.
Chartered Accountants
Company justifiesthecontention oftheCompany. Competent Commission ofIndia
(“CCI”)isnowvestedwithpowerstoadjudicate allsuchcasesinwhichbenefitof
taxreduction notbeingpassedtoconsumers bytheassessesandthematterisnow
pendingwithCCl.
.NoteNo.6regarding Arbitration awardpronounced inApril2022amounting to
27,471.65 Lakhsplussimpleinterest @6%perannumfromJanuary2018onwards,
giveninfavourofcertainlicensees whichrepresents principal amounttowards
claimsforsupplyofwelcome drinksnotpaidtolicensees andrecovery of
differential costsforthesupplyofregularmealstothepassengers onthe
instructions ofRailwayswhereas thepriceofcombomeal,whichislowerthanthe
priceofregularmeal,wasreimbursed totheselicensees. TheCompany hasfiled
objections againsttheawardandthesamewaslistedbeforeHonourable High
CourtofDelhi.TheCompany contends thatthemainliabilityinthismatterwould
beofRailways andtheCompany hastherighttorecovery fromRailways incase
ultimately itismadeliabletopay.
ThehearingbeforeHon’blehighcourtwasdoneon19.07.2023 andasperthe
orderdated09.10.2023, ofHon’blehighcourt,thecompany hasbeenadvisedto
depositbankguarantee amount. InCompliance oftheaforesaid order,the
company hasfiledobjections appealagainsttheaward.Incompliance ofHon’ble
DelhiHighCourtorder,aBankGuarantee tothetuneof%8,471.65 lakhshave
beendeposited withthecourtregistryaspertheordersofHon’bleDelhiHigh
Court.TheHon’bleHighCourtofDelhisetasideandquashed theawardof&
4200.00lakhsagainstIRCTCwhileupholding thesmallerclaimof=3200.00lakhs.
IRCTChasfileditsappealbeforeDivisional BenchofHon’bleHighCourtofDelhi
againstthejudgment dated13.08.2024. Thematterisyettobelisted.
NoteNo.7(a)regarding reversalofRU,Stablingandotherchargeswaivedoffon
GoldenChariottrainbyKTDCfortheprevious financialyears2022-23and2023-24
inexceptional itemof=220.72lakhs.
NoteNo.7(b)regarding Railway boardclarified thatforRailNeerplantsrun
departmentally bythecompany, theprofitsbetween Railwayboardandcompany
shallbesharedintheratioof15:85andforplantsoperatedunderPPPmodel/run
byDCO,profitsbetween Railwayboardandcompany shallbesharedintheratio
40:60.Accordingly, Inprevious year2023-24 andcurrentquarterandhalfyear
endedCompany hasprovided theRailwayshare@15%ondepartmentally run
Railneer plantsand40%onPPPplants.Provision forthedifferential amount of
profitsharing@25%(40%-15%) upto31stMarch,2023amounting %1451.24
Lakhsisshownasanexceptional itemfortheyearended31stMarch,2024,even
thoughtheCompany hasmaderepresentation totheRailwayBoardforsharingof
profitatuniformratioof15:85forallRailneerplantstillFY2022-23. Response
fromRailwayBoardisstillawaited.Thesemattersaresubjecttoreconciliation with
theRailways.
L
C-31,istFloor,AcharyaNiketan,Phase-|,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11) <PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Ox N.K.BHARGAVA &Co.
Chartered Accountants
Ourconclusion onthestatement isnotmodifiedinrespectoftheabovematters
statedinPara5.
ForN.K.Bhargava &Co.
Chartered Accountants
(FirmRegistration No.000429N)
————
(N.K.Bhargava)
Partner
Membership No:080624—
Place:NewDelhi
Date:November 04,2024
UDIN:24080624BKEKBB4670
C-31,IstFloor,AcharyaNiketan,Phase-|,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
IndianRailwayCateringandTourismCorporation Limited
CIN:L74899DL1999GO1I101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148,STATESMAN HOUSE,BARAKHAMBA ROAD,NEWDELHI-110001
STATEMENT OFUNAUDITED CONSOLIDATED FINANCIAL RESULTS FORTHEQUARTER ANDHALFYEARENDED30THSEPTEMBER, 2024
Amountin%LakhsexceptEPS
S.No.|PARTICULARS Quarterended HalfYearEnded Yearended
30.09.2024) 30.06.2024] 30.09.2023] 30.09.2024/ 30.09.2023 31.03.2024
(Unaudited)| (Unaudited)| (Unaudited)| (Unaudited)| (Unaudited) (Audited)
|.[Revenuefromoperations 106,399.61 |111,758.91 99,240.06 |218,158.52 |199,301.28 426,021.35
iOtherIncome 5,996.62 5,141.78 4,707.07|11,138.40 8,628.17 16,447.77
I__|Total Income(i+!I) 112,396.23 |116,900.69 |103,947.13 |229,296.92 |207,929.45 442,469.12
Expenses
CostofMaterials Consumed 1,647.32 1,735.47 1,808.81 3,382.79 3,711.23 7,198.98
PurchaseofStock-in-Trade 4,581.42 7,162.40 3,924.92 11,743.82 8,878.16 17,495.90
ChangesinInventories offinishedgoods,work-in-progress
andStock-in-Trade (70.71) 65.36 (204.77) (5.35) (122.25) -152.71
Expenses ofCateringServices 34,646.43 39,419.90 29,137.21| 74,066.33 62,422.94 136,704.02
Expenses ofTourism 10,501.93 9,505.93 13,772.67} 20,007.86 24,669.92 54,045.78
Manufacturing &DirectExpenses 4,717.28 4,669.82 4,035.07 9,387.10 7,838.00 17,462.86
Employee benefitexpense 7,688.95 7,445.06 6,381.87 15,134.01 13,008.47 28,904.81
Financecosts 307.94 282.43 441.65 590.37 854.49 1,864.49
Depreciation andamortization expense 1,311.26 1,387.38 1,399.77 2,698.64 2,768.98 5,721.64
OtherExpenses 5,406.61 4,262.47 3,728.85 9,669.08 7,940.41 17,766.08
IV___|Total Expenses (IV) 70,738.43 75,936.22 64,426.05 |146,674.65 |131,970.35 287,011.85
V__|Profit/(Loss) beforeexceptional itemsandtax(Ill-1V) 41,657.80 40,964.47 39,521.08 |82,622.27 |75,959.10 155,457.27
VI__|Exceptional Items(Noteno.7) - 220.72 - 220.72 (5,190.40) (5,853.03)
Vil__|Profit/(Loss) beforetax(V+VI) 41,657.80 41,185.19 39,521.08 |82,842.99 70,768.70 149,604.24
Taxexpense:
-CurrentYear 11,139.37 10,578.97 10,094.08] 21,718.34| 18,361.49 39,276.54
-EarlierYears 3,820.86 - - 3,820.86 - 303.69
-Deferredtax (273.79) (165.64) (40.75) (439.43) (282.25) (1,083.72)
-Deferred tax-EarlierYears (3,815.17) - -(3,815.17) = >
Vill[TotalTaxExpense 10,871.27|10,413.33|10,053.33|21,284.60|18,079.24 38,496.51
IX___|Profit/(Loss) AfterTaxfromcontinuing operations 30,786.53 30,771.86 29,467.75 |61,558.39 52,689.46 111,107.73
OtherComprehensive Income
{i)Itemsthatwillnotbereclassified toProfitorLoss
-Remeasurment ofpost-employment benefitobligation -316.25 37.01 237.39 (279.24) 74.55 41.02
-IncomeTaxEffect 79.60 (9.32) 59.75 70.28 (18.76) (10.32)
‘TotalOtherComprehensive Income/(Loss) fortheperiod
X__|(Net ofTax) (236.65) 27.69 177.64 (208.96) 55.79 30.70
XI[TotalComprehensive income/(Loss) fortheperiod 30,549.88 30,799.55 29,645.39 |61,349.43 52,745.25 111,138.43
Paid-upEquityShareCapital(Facevalueof%2/-each) 16,000.00 16,000.00 16,000.00 |16,000.00 16,000.00 16,000.00
‘OtherEquity A = 2336,346.33 |268,585.66 306,978.84
Earningperequityshare(EPS)* - - - - - -
Basic(2) 3.85 3.85 3.68 7.69 6.59 13.89
Diluted(®) 3.85 3.85 3.68 7.69 6.59 13.89
Notes:*EPSforquartersarenotannualised.
Theaboveunaudited financial resultshavebeenreviewed byAuditCommittee andapproved bytheBoardof
Directorsattheirrespective meetings heldon4thNovember, 2024.TheStatutory Auditorshaveconducted limited
reviewoftheunaudited Financialresults.
TheaboveFinancial Resultshavebeenprepared inaccordance withtheIndianAccounting Standards (Ind-AS) as
prescribed undersection133oftheCompanies Act,2013readwithCompanies (IndianAccounting Standards) Rules,
2015,asamendedfromtimetotime.
InlinewiththeRailwayBoard'sCommercial Circularno.CC60of2019regarding increase incatering tariffforpostand
pre-paid trains,theeffectofenhancement ofLicenseFeefortheperiodsfrom18thNovember, 2019to22ndMarch,
2020(forpostpaidtrains)and27thNovember, 2021to30thSeptember, 2024(forpostandpre-paid trains)hasnot
beenrecognized asthematterissub-judice.
Asperthetermsandconditions ofthetender,inrespectof4PPPRailneer plants,theDeveloper cumOperator (DCOs)
aretobereimbursed theGSTonsupplyofRailneer netofInputTaxCreditavailedbythem.However, thecomplete
information ofITCavailedbyDCOsisnotavailable. Aspertheinformation madeavailable byDCOs,anamountof=
195.67Lakhshasbeenaccounted forduringthehalfyearended30thSeptember, 2024andamountof%364.83lakhs
wasaccounted duringFY2023-24. TheseDCOshaverepresented againsttheclaimoftheCompany forInputTax
5TheNational AntiProfiteering Authority (NAA)hadissuednoticedated25thFebruary, 2022forprofiteering amountof
5041.44 LakhsunderCGSTAct,2017fornotpassingthebenefitoftaxreduction toconsumers. Theshowcause
noticewascontested bytheCompanybutnoorderwasissuedbytheAuthority. Later,Competition Commission of
India(CCI)wasempowered toadjudicate thematter.However, nocommunication hasbeenreceived fromCCIinthis
mattertilldate.
6CertainLicensees whoarecontractors ofIRCTCforproviding cateringservicesintrainsinvokedarbitration clause
seekingcompensation onaccountofdifference inratesofregularmealandcombomealasprovided intermsofCC63
of2013readwithCC67of2013circularissuedbyIndianRailwaysandfurtherclaimedpriceofwelcome drink
provided intermsofCC32of2014,fortheperiodfrom2014tillthedateofabovesaidcirculars wereinforce.The
arbitrator awardedasumof%7471.65Lakhs(approx.)in13petitionsfortheaforesaid servicesfortheperiodfrom
January2015toMarch2020.Onthebasisofappraisal ofthefactualposition,itismatterofrecordthattheclaimant
neverclaimedsaidamountwhilesubmitting invoices fortheaforesaid services rendered tothepassengers. Theseall
contractsareSBDcontractsandwereassignedtoIRCTCpostCatering Policy2017.Itisalsoamatterofrecordthatthe
serviceswereprovidedtothepassengers oftheIndianRailwaysandtheamountsopaidisrequiredtobereimbursed
toIRCTCbytheIndianRailways. Inthesecircumstances, therewillnotbeanyliabilityoftheIRCTCasaconsequence
oftheawardandthereisnoneedtomakeprovision pursuanttotheaboveawards.
TheCompany hasfiledobjection againstArbitralawardandtheHon’bleHighCourt,DelhivideOrderdated09.10.2023
directedtheCorporation todeposittheawarded amountsoastostaytheexecution oftheArbitralAward.In
compliance oftheaforesaid order,theCorporation deposited abankGuarantee tothetuneof%8471.65 Lakhssoas
tostaytheexecution ofthesaidaward.TheHon’bleHighCourtofDelhisetasideandquashedtheawardof%4200
Lakhsagainst IRCTCwhileupholding thesmallerclaimof=3200lakhs.IRCTChasfileditsappealbeforeDivisional
BenchofHon’bleHighCourtofDelhiagainstthejudgment dated13.08.2024. Thematterisyettobelisted.
7(a)Forthequarterended30thJune,2024,Exceptional itemsrepresent %220.72lakhstowards thereversal ofRU,
Stabling andotherchargeswaivedoffonGoldenChariottrainbyKTDCfortheprevious Financial Years2022-23 and
2023-24.
(b)Fortheprevious Financial Year2023-24, netexpense onaccount ofExceptional itemsamounting to¥5853.03
Lakhsincludes: (i)=5126.20 Lakhsbeingprovision madetowards revisedfixed,variable andCustody chargesforthe
twoTejasexpresstrainsw.e.f.13thAugust,2021to31stMarch,2023inlinewiththeletterreceived fromMinistry of
RailwayseventhoughtheCompany hasmaderepresentation totheRailwayBoardforwaiverofthisamount,(ii)%
1451.24 Lakhsbeingprovision madetowards thedifferential amount ofprofitsharing @25%(40%-15%) upto31st
March,2023onprofitsofRailneerplantsoperatedonPPPmodeleventhoughtheCompany hasmaderepresentation
totheRailwayBoardforsharingofprofitatuniformratioof15:85forallRailneerplantstillFY2022-23.However,
RailwayBoardhasadvised IRCTCforsharingofprofitintheratioof40:60forPPPplantsand(iii)724.41Lakhsbeing
excessprovisions writtenbackforpreviousyearsrelatingtovariousexpenses.
8TheBODhavedeclared anInterimDividend of%4/-pershare(Face valueof%2/-pershare)forthefinancial year
2024-25 intheirmeetingheldon4thNovember, 2024.
9Thefiguresforthepreviousyear/periods havebeenregrouped/reclassified/restated, wherever considered necessary.
10Since,thesubsidiary Company wasincorporated on10thFebruary, 2024anddidnotexistduringthequarterandhalf
yearended30thSeptember, 2023andhence,thefiguresforquarterandhalfyearended30thSeptember, 2023
pertaintoparentcompany only.
For&{- oftheBoardofDirectors
Place:NewDelhi
Dated:4thNovember, 2024
IndianRailwayCateringandTourismCorporationLimited
CIN:L74899DL1999G01101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148STATESMAN HOUSE BARAKHAMBA ROAD,NEWDELHI-110001
CONSOLIDATED SEGMENT WISEREVENUE, RESULTS, ASSETSANDLIABILITIES FORTHEQUARTER ANDHALFYEARENDED30THSEPTEMBER, 2024
Amountin%Lakhs
PARTICULARS Quarterended HalfYearEnded Yearended
30.09.2024) 30.06.2024 30.09.2023) 30.09.2024 30.09.2023 31.03.2024
(Unaudited)} (Unaudited)} (Unaudited)} (Unaudited)} (Unaudited) {Audited)
1,SEGMENT REVENUE
a)Catering 48,195.96 55,888.59 43,152.43 104,084.55 90,860.33 194,719.07
b)Railneer 9,021.98 11,147.43 7,800.52 20,169.41 17,394.43 34,067.12
¢)InternetTicketing 37,095.66 32,907.09 32,750.40 70,002.75 61,757.56 129,530.60
d)Tourism 12,444.96 12,231.82 15,848.50 24,676.78 29,979.26 69,105.65
TOTAL 106,758.56 112,174.93 99,551.85 218,933.49 199,991.58 427,422.44
Less:InterSegment Revenue 358.95 416.02 311.79 774.97 690.30 1,401.09
RevenuefromOperations 106,399.61 111,758.91 99,240.06 218,158.52 199,301.28 426,021.35
2.SEGMENTS RESULTS
Profit/(Loss) (beforetax,interestandinvestments incomefrom
eachsegment)
a)Catering 6,152.35 7,792.16 7,425.40 13,944.51 14,395.09 26,869.25
b)Railneer 897.40 1,357.96 969.41 2,255.36 2,182.91 2,920.40
c)InternetTicketing 30,053.85 27,233.51 27,415.06 57,287.36 51,412.17 106,751.88
d)Tourism (303.86) 933.64 581.04 629.78 (3,234.37) 1,025.34
TOTAL 36,799.74 37,317.27 36,390.91 74,117.01 64,755.80 137,566.87
|Add:InterestIncome 4,858.06 3,867.92 3,130.17 8,725.98 6,012.90 12,037.37
PROFIT/(LOSS) BEFORETAX 41,657.80 41,185.19 39,521.08 82,842.99 70,768.70 149,604.24
Notes:
1.AssetsandLiabilitiesusedinthecompany's businessarenotidentified toanyofthereportable segments astheseareusedinterchangeably betweensegments.
TheCompanybelievesthatitiscurrentlynotpracticable toprovidesegmental disclosure relatingtototalassetsandliabilitiessinceameaningful segregation ofthe
availabledatacouldbeonerous.
2.Forthehalfyearended30thSeptember, 2024andfortheyearended31stMarch,2024abovesegment resultsincludeexceptional itemrepresenting incomeof
%220.72Lakhsandnetexpenses of=5853.03 Lakhrespectively asunder:-
Segment
Catering
Railneer
InternetTicketing
Tourism
TotalForthehalf
yearended
30thSept.,
2024
®InLakhs
220.72
220.72Fortheyear
ended31st
March,2024
%inLakhs
(1,451.24)
724.41
(5,126.20)
(5,853.03)
3.Thestateteerthasegment hasbeenmergedwiththeTourism segment w.e.f.FY2024-25 asapproved bytheBoardofDirectors attheirmeeting. Accordingly, the
figuresofTourismsegmentincludefiguresofstateteerthasegmentforthehalfyearended30thSept.,2024andcorresponding quarters/year.
Place:NewDelhi
Dated:4thNovember, 2024For&onbehalfoftheBoardofDirectors
indianRailwayCatering &TourismCorporation Limited
CIN:L74899DL1999G01101707
REGISTERED &CORP.OFFICE: 11thFLOOR,B-148 STATESMAN HOUSE,BARAKHAMBA ROAD,NEWDELHI-110001
CONSOLIDATED STATEMENT OFASSETS&LIABILITIES
Amountin%Lakhs
PARTICULARS ASAT30.09.2024 ASAT31.03.2024
(UNAUDITED) (AUDITED)
ASSETS
NONCURRENT ASSETS
Property, Plant&Equipments 21,696.14 22,590.99
CapitalWorkinProgress 46,645.29 44,251.83
InvestmentProperty 2,601.90 2,620.73
Intangible Assets 218.83 321.73
Right-of-use Assets 6,838.48 8,742.74
FINANCIAL ASSETS
Investments - -
Loans 2 é
OtherFinancialAssets 26.70 117.19
Deferred TaxAssets(Net) 18,453.24 14,128.36
Othernon-current Assets 1,255.86 1,925.97
CURRENT ASSETS
Inventories 1,076.24 1,096.51
FINANCIAL ASSETS
TradeReceivables 172,644.31 137,434.19
CashandCashEquivalents 53,375.28 70,633.87
BankBalances otherthanCashandCashEquivalents 188,682.91 157,130.73
Loans - -
OtherFinancialAssets 29,107.51 25,749.72
CurrentTaxAssets(Net) 10,636.25 16,088.60
OtherCurrentAssets 126,785.02 106,283.37
TotalAssets 680,043.96 609,116.53
EQUITYANDLIABILITIES
EQUITY
EquityShareCapital 16,000.00 16,000.00
OtherEquity 336,328.28 306,978.84
LIABILITIES
NONCURRENT LIABILITIES
FINANCIAL LIABILITIES
LEASELIABILITIES 3,568.83 4,179.74
OtherFinancial Liabilities 5,440.19 5,428.56
Provisions 12,962.33 11,609.51
OtherNon-Current Liabilities 2,160.71 1,752.46
CURRENT LIABILITIES
FINANCIAL LIABILITIES
LEASELIABILITIES 664.96 1,855.31
TradePayables 83,898.18 99,765.10
OtherFinancialLiabilities 72,336.39 55,734.76
Provisions 3,245.58 3,040.72
OtherCurrentLiabilities 143,438.51 102,771.53
CurrentTaxLiabilities (Net) - =
TOTALEQUITYANDLIABILITIES 680,043.96 609,116.53
Place:NewDelhi
Dated:4thNovember, 2024For&on2oftheBoardofDirectors
IndianRailwayCatering&TourismCorporation Limited
Consolidated Statement ofCashFlowforthehalfyearended30thSeptember, 2024
Amount (&inLakhs)
Forthehalfyear|Forthehalfyear
Particulars ae See ean Ba:September 2024September 2023 (Audited)
(Unaudited) (Unaudited)
A.CashFlowfromOperating Activities
Profitbeforetax 82,842.99 70,768.70 149,604.24
Adjustments for:-
Depreciation 2,698.64 2,768.98 5,721.64
Loss/(Profit) onsaleofFixedAssets 8.13 2.29 9.60
InterestIncome (8,496.29) (5,827.05) (11,633.79)
InterestExpenses onLeaseLiabilities 208.43 290.61 606.05
RentalIncomefromInvestment Property (132.33) (117.49) (234.98)|
Amortization ofCapitalGrant (21.83), (22.10) (44.28),
Incomefromamortisation ofdeferredsecuritydeposits-Liability (399.98) (560.57) (1,332.05)
InterestIncomeonUnwinding ofDiscounts onsecuritydeposits (0.07) (1.46) (2.92)
Unwinding ofdiscountonsecuritydepositsliability 381.94 563.88 1,258.44
Modification ofleaseliablities (245.59) (222.68) (238.32)
Unwinding ofdiscountonsecuritydepositsassets 0.06 1.44 2.87
ExcessProvision WrittenBack - - (724.41)
Provision forDoubtfulDebts 292.85 141.19 971.86
Operating Profitbeforeoperating capitalchanges (a 77,136.95 67,785.74 143,963.95
Adjustments for:-
Decrease /(Increase) inInventories 20.27 (112.69) (135.56)
Decrease/ (Increase) inTrade&OtherReceivables (35,502.97) (16,961.13) (24,114.65)
Decrease/ (Increase) inOtherNonCurrentFinancial assets 0.39 (12.63)| 4.76
Decrease/ (Increase) inOtherCurrentFinancial assets (767.97) (2,068.92), (3,667.29)|
Decrease/ (Increase) inOtherCurrentassets (20,501.65) (692.56) (11,415.56)
Decrease/ (Increase) inOtherNonCurrentassets (35.76), (1.50) (6.28)
(Decrease) /IncreaseinotherNoncurrentfinancialliability (370.31) 1,266.53 426.49
(Decrease) /IncreaseinNonCurrentProvisions 1,073.58 595.66 1,106.17
(Decrease) /IncreaseinOtherNoncurrentliablities 830.05 1,053.66 1,462.98
(Decrease) /Increaseintradepayables (15,879.38) (17,042.38), 14,549.63
(Decrease) /IncreaseinOtherfinancialliablity 16,614.11 27,106.50 20,956.74
(Decrease) /IncreaseinOtherCurrentLiability 40,666.98 (2,000.51). (10,418.20)|
(Decrease) /IncreaseinCurrentprovisions 204.86 216.09 282.92
(2) (13,647.80) (8,653.88) (10,967.85)
Cashgenerated fromoperation (142) 63,489.15 59,131.86 132,996.10
IncomeTaxPaid(Netofrefunds) (20,086.85) (22,322.00) (44,778.77)
TotalCashgenerated fromOperating Activities 43,402.30 36,809.86 88,217.33
B.CashFlowFromInvestingActivities
Sale/Disposal ofProperty, PlantandEquipments &Otherintangible assets 5.94 277 7.73
PurchaseofProperty, PlantandEquipments &Otherintangible assets (2,068.63) (1,279.42) (23,249.50)
InterestReceived 5,777.42 4,169.44 10,658.31
ChangesinOtherBankbalances (31,552.18) 16,020.64 (6,933.50)
Paymenttowardsshareapplication moneyinsubsidiary - - -
(Decrease) /IncreaseinNon-current TDRs 90.17 - (24.63)|
(Decrease) /IncreaseincurrentTDRs 129.05 - (17.15)|
RentalIncomefromInvestment Property 132.33 117.49 234.98
CapitalAdvances givenduringtheYear (0.87) (12,100.53) (710.85);
NetCashusedinInvesting Activities (27,486.77) 6,930.39 (20,034.61)
C.CashFlowFromFinancing Activities
Payment ofprincipal portionofLeaseLiability (965.69), (2,167.05) (3,827.31)
PaymentofinterestportionofLeaseLiability (208.43) (290.61)| (606.05)
Dividend Paid (32,000.00): (16,000.00) (36,000.00)
NetCashgenerated fromFinancing Activities (33,174.12) (18,457.66) (40,433.36)
NetIncrease/(Decrease) inCashandCashEquivalents (A+B+C) (17,258.59) 25,282.59 27,749.36
OpeningCash&CashEquivalents 70,633.87 42,884.51 42,884.51ClosingCash&CashEquivalents $3,375.28 68,167.10 70,633.87Reconciliation ofCash&CashEquivalents
CashandCashEquivalent Comprisesof
Cashonhand 17.42 14.22 8.69
Balanceswithbanks: 3
~—InCurrentAccount 46,701.92 63,726.00 63,997.43
—InFlexiAccount 6,655.94 4,426.88 6,627.75
—InFixedDepositswithoriginalmaturityoflessthan
threemonths
CashandCashEquivalents asperBalanceSheet 53,375.28 68,167.10 70,633.87
For&orybehalf oftheBoardofDirectors
A 4LY
SanjayKumarJain
Place:NewDelhi Chairman &Managing Director
Date:4thNovember, 2024
o% N.K.BHARGAVA &Co.
Chartered Accountants
Independent Auditor's ReviewReportonUnaudited Consolidated FinancialResultsof
IndianRailwayCatering andTourism Corporation Limitedpursuant totheregulation
33oftheSEBI(ListingObligation andDisclosure Requirements) Regulations, 2015,as
amended fortheQuarterandHalfyearendedSeptember 30,2024.
To
TheBoardofDirectors,
IndianRailwayCateringandTourismCorporation Limited
NewDelhi
1.Wehavereviewed theaccompanying Statement ofUnaudited Consolidated Financial
ResultsofIndianRailwayCatering andTourism Corporation Limited(“TheParent")
anditssubsidiary company (TheParentanditssubsidiary together referredtoas“
TheGroup”) anditsshareofthenetprofit/(loss) aftertaxforthequarterandhalf
yearendedSeptember 30,2024,(“TheStatement”) beingsubmitted bytheCompany
pursuant totherequirements ofRegulation 33oftheSEBI(ListingObligations and
Disclosure Requirements) Regulations, 2015asamended ("TheRegulations").
2.Management’s Responsibility fortheInterimFinancialResults
TheStatement, whichistheresponsibility oftheCompany's Management and
approved bytheCompany's BoardofDirectors, hasbeenprepared inaccordance
withtherecognition andmeasurement principles laiddowninIndianAccounting
Standard 34,“Interim Financial Reporting" ("IndAS34"),prescribed underSection
133oftheCompanies Act,2013(“TheAct”)readwithrelevant rulesissued
thereunder andotheraccounting principles generally accepted inIndiaandisin
compliance withthepresentation anddisclosure requirements ofRegulation 33of
theListingRegulations. Ourresponsibility istoexpressaconclusion ontheStatement
basedonourreview.
3.ScopeofReview
Weconducted ourreviewoftheStatement inaccordance withtheStandard on
ReviewEngagement (SRE)2410,"ReviewofInterimFinancial Information Performed
bytheIndependent AuditoroftheEntity"issuedbytheInstitute ofChartered
Accountants ofIndia.Thisstandard requiresthatweplanandperformthereviewto
obtainmoderate assurance astowhethertheFinancial Statement isfreeofmaterial
misstatement. Areviewofinterimfinancialinformation consistsofmakingenquiries,
primarilyofcompany's personnel responsible forfinancialandaccounting matters,
andapplying analytical andotherreviewprocedures. Areviewissubstantially lessin
scopethananauditconducted inaccordance withStandards onAuditing specified
undersection143(10)oftheCompanies Act,2013andconsequently doesnotenable
ustoobtainassurance thatwewouldbecomeawareofallsignificant mattersthat
mightbeidentified inanaudit.Accordingly, wedonotexpressanauditopinion. 1.
C-31,IstFloor,Acharya Niketan, Phase-|,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
o% N.K.BHARGAVA &Co.
Chartered Accountants
4.Conclusion
Basedonourreviewconducted asabove,nothinghascometoourattention that
causesustobelievethattheaccompanying Statement readwiththeNotesthereon,
prepared inaccordance withtherecognition andmeasurement principles laiddown
intheaforesaid IndianAccounting Standard specified undersection133ofthe
Companies Act,2013asamended, readwithrelevant rulesissuedthereunder and
otheraccounting principles generally accepted inIndia,hasnotdisclosed the
information requiredtobedisclosed, intermsoftheRegulation 33oftheSEBI(Listing
Obligation andDisclosure Requirements) Regulations 2015asamended, including the
mannerinwhichitistobedisclosed, orthatitcontainsanymaterialmisstatement.
5.Emphasis ofMatter
Wedrawattentionto:
i.NoteNo.3regarding theRailwayBoard'sCommercial Circularno.CC60of2019
regarding increaseincateringtariffforpostandpre-paidtrains,theeffectof
enhancement ofLicenseFeefortheperiodsfrom18thNovember, 2019to22nd
March,2020(forpost-paid trains)and27thNovember, 2021to31stDecember,
2023(forpostandpre-paid trains)hasnotbeenrecognized assomeofthe
licensees havechallenged Company’s decisioninrespective Hon’bleHighCourtsof
Delhi,Mumbai, KolkataandGuwahati andarbitration. Asthematterissub-judice
andtheoccurrence isdependent onoutcome ofcertaineventinfuture,the
impactofincreaseinLicensefeesforpre-paidandpost-paid trainshasnotbeen
recognized inthefinancialstatements forthequarterandhalfyearended30th
September, 2024andforpreviousyearsupto31stMarch,2024.
ii.NoteNo.4regarding Non-sharing ofinputtaxcreditdataofGSTforcertain
periodsbyDeveloper cumOperators (“DCO”) offourRailNeerplantsresulting in
non-recognition oftheseclaimsreceivables inthebooksofaccount ofthe
Company. Amount ofsuchclaimsarenotascertainable atthisstage.Further,
theseDCOsarealsodisputing theseclaimsincluding claimsof=195.67Lakhs
debitedtotheiraccountsduringthehalfyearended.
ili.NoteNo.5regarding Noticedated25.02.2022 issuedbytheNational Anti-
Profiteering Authority (GST)allegingprofiteering amounting to%5,041.44 Lakhsfor
theperiodJuly1,2017toMay31,2020againsttheCompany underSection171of
theCGSTAct,2017fornotpassingonthebenefitofreduction inrateoftaxtothe
consumers bywayofcommensurate reduction intheMRPofRailneer brandof
drinkingwatermanufactured andsoldbytheCompany eventhoughtherewas
reduction inthetaxrateontheintroduction ofGSTw.e.f.July1,2017.The
Company contends thatRailneer drinking waterfallsundercontrolled price
segment astheMRPisfixedbyMinistryofRailways, Government ofIndiaandtheC
MRPfixedintheyear2012isstillcontinuing despitesubstantial increaseinprices
C~-31,IstFloor,AcharyaNiketan,Phase-|,MayurVihar,Defhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
N.K.BHARGAVA &Co.
Chartered Accountants
ofraw-materials, power,HRcost,freightetc.Legalopinionobtained bythe
Companyjustifiesthecontention oftheCompany. Competent Commission ofIndia
(“CCI”)isnowvestedwithpowerstoadjudicate allsuchcasesinwhichbenefitof
taxreduction notbeingpassedtoconsumers bytheassessesandthematterisnow
pending withCCl.
iv.NoteNo.6regarding Arbitration awardpronounced inApril2022amounting to
27,471.65 Lakhsplussimpleinterest@6%perannumfromJanuary2018onwards,
giveninfavourofcertainlicensees whichrepresents principal amounttowards
claimsforsupplyofwelcome drinksnotpaidtolicensees andrecovery of
differential costsforthesupplyofregularmealstothepassengers onthe
instructions ofRailways whereas thepriceofcombomeal,whichislowerthanthe
priceofregularmeal,wasreimbursed totheselicensees. TheCompany hasfiled
objections againsttheawardandthesamewaslistedbeforeHonourable High
CourtofDelhi.TheCompany contends thatthemainliabilityinthismatterwould
beofRailways andtheCompany hastherighttorecovery fromRailways incase
ultimately itismadeliabletopay.
ThehearingbeforeHon’blehighcourtwasdoneon19.07.2023 andasperthe
orderdated09.10.2023, ofHon’blehighcourt,thecompany hasbeenadvisedto
depositbankguarantee amount. InCompliance oftheaforesaid order,the
company hasfiledobjections appealagainsttheaward.Incompliance ofHon’ble
DelhiHighCourtorder,aBankGuarantee tothetuneof%8,471.65 lakhshave
beendeposited withthecourtregistryaspertheordersofHon’bleDelhiHigh
Court.TheHon’bleHighCourtofDelhisetasideandquashed theawardof
4200.00lakhsagainstIRCTCwhileupholding thesmallerclaimof%3200.00lakhs.
IRCTChasfileditsappealbeforeDivisional BenchofHon’bleHighCourtofDelhi
againstthejudgment dated13.08.2024. Thematterisyettobelisted.
.NoteNo.7(a)regarding reversalofRU,Stablingandotherchargeswaivedoffon
GoldenChariottrainbyKTDCfortheprevious financialyears2022-23and2023-24
inexceptional itemof=220.72lakhs.
NoteNo.7(b)regarding Railwayboardclarified thatforRailNeerplantsrun
departmentally bythecompany, theprofitsbetween Railwayboardandcompany
shallbesharedintheratioof15:85andforplantsoperated underPPPmodel/run
byDCO,profitsbetween Railwayboardandcompany shallbesharedintheratio
40:60.Accordingly, Inprevious year2023-24 andcurrentquarterandhalfyear
endedCompany hasprovided theRailwayshare@15%ondepartmentally run
Railneer plantsand40%onPPPplants.Provision forthedifferential amountof
profitsharing@25%(40%-15%) upto31stMarch,2023amounting %1451.24
Lakhsisshownasanexceptional itemfortheyearended31stMarch,2024,even
thoughtheCompany hasmaderepresentation totheRailwayBoardforsharingof
profitatuniformratioof15:85forallRailneerplantstillFY2022-23. Response
fromRailwayBoardisstillawaited.Thesemattersaresubjecttoreconciliation with
theRailways. i.
C-31,IstFloor,Acharya Niketan, Phase-|,MayurVihar,Deihi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91 (11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
Ox N.K.BHARGAVA &Co.
Chartered Accountants
6.OtherMatter
Wedidnotreviewtheinterimfinancial statements ofsubsidiary company, whose
financialstatements reflecttotalassetsof%1530.09LakhsasatSeptember 30,2024
andtotalIncomeof%7.10Lakhsand%19.02Lakhsandnetprofitaftertaxof=4.19
and®4.72Lakhs,forthequarterandhalfyearendedSeptember 30,2024,
respectively andasconsidered intheconsolidated unaudited financialresults.The
financialstatements ofsubsidiary companyfurnished bythemanagement andhave
notbeenreviewed bytheirstatutoryauditor.
Thesubsidiary company incorporated onFebruary 10,2024.Sincesubsidiary
company doesnotexistbeforethatandhence,thefiguresforquarterandhalfyear
endedSeptember 30,2023arerelatedtoparentcompany onlyandgivenfor
comparative purposeonly.
Ouropinionisnotmodifiedinrespectofthesematters.
ForN.K.Bhargava &Co.
Chartered Accountants
(FirmRegistration No.000429N)
Se Sr
(N.K.Bhargava)
Partner
Membership No:080624
Place:NewDelhi
Date:November 04,2024
UDIN:24080624BKEKBC4497
C-31,IstFloor,Acharya Niketan, Phase-|,MayurVihar,Delhi-110091,India
Phone:<PRESIDIO_ANONYMIZED_PHONE_NUMBER>|Fax:+91(11)<PRESIDIO_ANONYMIZED_EMAIL_ADDRESS>
 
 h 
BRIEF PROFILE OF THE FIRM  
 
S. K. Misra & Gujrati (FRN 001978C), a reputed chartered accountancy firm started by 
Mr. S K Misra in Varanasi  in 1982 and now having its Head Office in Noida and Branch Offices 
in Delhi, Mumbai, Lucknow and Una have been providing services in the field of Internal Audit 
and Taxation to various organizations specially in Government Sector. Over the years, it is a 
multi -service professional organization with an experience in the areas of Statutory Audits, 
Internal Audits, Bank Audits, Company Law Advisory and Taxation (Direct and Indirect). 
 
The firm has developed an extensive network of clients over the years and established as a 
highly credible and reliable name among the clients. 
 
The firm is presently led by CA Kamlaker Misra (M. No 075821) with five more partners and 
other qualified and semi qualified staff. The firm has been empanelled with CAG of India and 
RBI for statutory audit of PSUs and PSBs respectively. The firm is also empanelled with NHAI 
for Internal and Forensic Audit of various PlUs and Projects. 
 
The firm has been peer reviewed by the peer review board of ICAI vide certificate dated 
20th July 2023 valid till 31st July 2026.  
 
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Assistant: