ITDC hits the floor after Q3 PAT slides 29% YoY to Rs 16 cr

India Tourism Development Corporation (ITDC) was locked in lower circuit of 10% to Rs 700.45 after the company reported 29.89% decline in consolidated net profit to Rs 15.94 crore in Q3 FY24 as compared with Rs 22.73 crore in Q3 FY23.

Revenue from operations jumped 14.31% to Rs 134.93 crore during the quarter as compared with Rs 118.04 crore posted in corresponding quarter last year.

The firm reported profit before tax of Rs 25.36 crore in Q3 FY24, down 6.97% as compared Rs 27.26 crore posted in same period a year ago.

During the quarter, total expenses jumped 17.82% YoY stood at 114.22 crore. Cost of material consumed was at Rs 40.42 crore (up 56.46% YoY), employee benefits expenses stood at Rs 27.99 crore (down 8.22% YoY) and finance cost stood at Rs 0.19 crore (down 45.85% YoY) during the period under review.

 

On the segmental front, revenue from the hotel division business stood at Rs 95.85 crore (up 1% YoY), event management, hospitality & tourism management institute & others business was at Rs 28.53 crore (up 164.65% YoY) while international trade division was at Rs 4.39 crore (down 7.96% YoY), travels &tours business was at Rs 8.36 crore (down 15.21% YoY) and engg, consultancy projects business stood at Rs 2.45 crore (down 36.69% YoY) during the period under review.

On nine months basis, the company's consolidatd net profit jumped 19.38% to Rs 52.03 crore on 25.09% increase in revenue from operations to Rs 384.13 crore in 9M FY24 over 9M FY23.

ITDC is running hotels, restaurants at various places for tourists, besides providing transport facilities. The company is engaged in production, distribution and sale of tourist publicity literature, providing entertainment, duty free shopping facilities to tourists, hospitality & tourism management of the Company imparting training and education in the field of tourism and hospitality through Ashok Institute of Hospitality & Tourism Management etc.

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