The India Tourism Development Corporation (ITDC), a prominent public sector entity operating under the Ministry of Tourism, has announced impressive financial results for the period ending December 2023, showcasing substantial growth in both turnover and profits.
ITDC reported a remarkable 24 per cent increase in turnover, reaching Rs 393.56 crore for the cumulative period up to December 2023. This significant surge reflects the Corporation’s continued success and strategic financial management, marking a notable improvement of over Rs 75.09 crore compared to the corresponding period last year.
Furthermore, the Profit Before Tax (PBT) surged by over 26 per cent, reaching Rs 76.80 crore during the same period, compared to Rs 60.84 crore for the corresponding period in the previous year. Similarly, the Profit After Tax (PAT) witnessed substantial growth, standing at Rs 55.71 crore, representing a notable increase of 21 per cent compared to the corresponding period last year.
MR Synrem, IAS, Managing Director of ITDC, expressed his satisfaction with the Corporation’s outstanding performance, stating, “ITDC is proud to report robust growth and exceptional financial results for the third quarter of the fiscal year 2023-24. This achievement underscores ITDC’s unwavering dedication to excellence, prudent financial management, and delivering tangible value to our stakeholders.”
Established in 1966, ITDC has been instrumental in developing and expanding tourism infrastructure across India. In addition to operating hotels, the Corporation has diversified into various non-hotel sectors, including ticketing, tours and travels, event management, duty-free shopping, and hospitality education, among others. ITDC continues to uphold its commitment to providing world-class services and amenities while contributing to the growth of the tourism and hospitality sector in India.
Moreover, IHCL demonstrated robust growth in both domestic and international markets. Notably, its domestic revenue stood at INR 1,323 crores, marking a remarkable 22 per cent growth over the previous year. The company’s performance was particularly noteworthy in the domestic market, with an EBITDA margin of 45.4 per cent, showcasing a significant expansion.
