IRCTC eticketing sales hit by service charge withdrawal
Posted on 30th January 2018 |
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| MUMBAI | NEW DELHI: The government's push towards a digital economy has been a sore point for one of its own and among the country's biggest ecommerce firms, the Indian Railway Catering and Tourism Corporation (IRCTC). The government's decision in November 2016 to withdraw service charge on etickets, to promote digital payments, cost IRCTC a 26% drop in internet ticketing revenue to Rs 466.05 crore in financial year 2016-17. IRCTC used to levy a service charge of Rs 20 on every non-AC eticket and Rs 40 for every AC eticket. At 30%, internet ticketing forms the second-largest category for IRCTC. The online railway-ticketing platform sold about 209 million tickets through 2016-17, a modest 5% increase from about 199 million tickets sold in the year before. The value of tickets booked online increased just 2% to Rs 24,485.21crore. That is still much higher than India's largest online travel agency, MakeMyTrip, which recorded about 9.3 million transactions in 2016-17 with gross billings of $2.3 billion, or Rs 14,800 crore. IRCTC clocked a 4.7% increase in total income at Rs 1,596.31 crore in 2016-17 even while both gross margin and profit before tax grew just over 7% to Rs 353.42 crore and Rs 211.71 crore, respectively. However, service charge withdrawal took a toll on operating margins, which came in lower at 41.17% in 2016-17 as compared with 42.93% in 2015-16. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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