IRCTC and IRFC Elevated to Navratna Status by Govt.
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In a significant move, the Government of India on Monday upgraded the Indian Railway Catering and Tourism Corporation (IRCTC) and Indian Railway Finance Corporation (IRFC) to the prestigious status of Navratna Central Public Sector Enterprise (CPSE).
With this, IRCTC and IRFC have become the 25th and 26th Navratna among the CPSEs, respectively, marking a major milestone for the Indian Railway companies.
The elevation to Navratna status grants the two companies greater financial autonomy, allowing it to invest up to Rs 1,000 crore without seeking government approval, thereby fast-tracking their decision-making abilities.
With this, IRCTC and IRFC have become the 25th and 26th Navratna among the CPSEs, respectively, marking a major milestone for the Indian Railway companies.
The elevation to Navratna status grants the two companies greater financial autonomy, allowing it to invest up to Rs 1,000 crore without seeking government approval, thereby fast-tracking their decision-making abilities.
IRCTC reported a 13.7 percent rise in its consolidated net profit to Rs 341 crore for the quarter ended December 31, 2024, on account of higher income. The state-run company had posted a net profit of Rs 300 crore in the year-ago period.
The total revenue from operations of the Railway PSU firm increased 10 percent to Rs 1224.7 crore during the quarter under review from Rs 1,115.5 crore in the year-ago period, IRCTC said in an exchange filing in February.
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