IRCTC shares hit 52-week high on plans to expand catering services beyond Indian Railways

IRCTC, a Mini Ratna PSU and the hospitality and tourism arm of Indian Railway, has stated that it looks to expand in the areas of business beyond Railways as part of its vision to become a premier brand of Hospitality and Catering in the country.

IRCTC looks to expand its catering operations across the country. It is also in discussions with various other government organizations and industrial houses for setting up catering units.

The railway PSU has signed MoUs with various government and autonomous bodies including defence establishments such as Border Security Force, Indian Maritime University, Kolkata, and Cotton University Guwahati.

IRCTC is also in the active phase of commissioning 15 more catering units across the country in the near future, the company stated.

The catering services arm of the Indian Railways reported a 30% increase in net profit to ₹295 crore for July-September against ₹226 crore a year ago.

Its revenue from operations in the quarter rose by 23% to ₹995 crore against ₹806 crore in Q2 of FY24.

IRCTC shares were trading 1.43% higher at ₹789.15 apiece on BSE at 10.22 AM.