The company that provides ticketing and catering to the Indian Railways has been asked by the government to share the revenues generated from convenience fees for bookings made on its website on a 50:50 basis.
The Indian Railways Catering and Tourism Corporation's (IRCTC) revenue-sharing arrangement would be enforced from November 1st, it said in a regulatory filing on October 28th, along with further other details.
"ln compliance with the Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015, it is to be informed that Ministry of Railways vide above-referred letter has conveyed its decision to share the revenue earned from convenience fee collected by IRCTC in the ratio of 50: 50 w.e.f 1't November 2021," IRCTC stated in the filing.
The central public sector enterprise (CPSE), which is coming under the Ministry of Railways, is expected to announce its quarterly results on November 1. It had reported a 23 per cent decline in net profit year-on-year at Rs 103.8 crore in June quarter.