UditVani, Jamshedpur : A good news for railway users.
The Union government has approved the upgradation of Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) as Navratna companies.
Announcing this good news through a X Post, the Department of Public Enterprises on its handle wrote that IRCTC has become 25th and IRFC 26th Navratna company.
Union railway minister Ashwini Vaishnaw congratulated both the IRCTC and IRFC on their feat of being upgraded to the Navratna status.
The minister said, ” We are happy to share that all the 7 listed PSUs of railways are now attained Navratna status . This is a major achievement and this reflects our Prime Minister ‘s focussed attention on transforming Railways . ”
IRCTC:
IRCTC is a Ministry of Railways CPSE with an annual turnover of Rs 4,270.18 Cr, has a Profit after Tax, ie PAT of Rs 1,111.26 Cr and a net worth of Rs 3,229.97 Cr for FY 2023-24.
IRFC:
IRFC is also a Ministry of Railways CPSE with an annual turnover of Rs 26,644 Cr, PAT of ₹6,412 Cr and a net worth of ₹49,178 Cr for FY 2023-24.
Established on December 12, 1986, as a 100 % government-owned entity, IRFC has been instrumental in financing the expansion and modernization of Indian Railways. With a revenue of over Rs 26,600 crore and a profit after tax exceeding Rs 6,400 crore as of March 31, 2024, IRFC is now the third-largest government NBFC in India.
The Navratna recognition marks a momentous achievement as IRCTC is celebrating 25 years of excellence in catering, tourism, and online ticketing services in 2025.
This is a testament of the operational excellence of the Corporation in the Hospitality, Travel & Tourism Sector achieved over the years.
Navratna PSUs play a crucial role in nation building by driving economic growth through enhancing India’s position in the global competitive market.
The upgraded status allows IRCTC to expand its footprint and enhance its service offerings in the travel, tourism and hospitality sectors.
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