ITDC presents dividend 9.93 crore to Tourism Minister

ITDC Chairperson

India Tourism Development Corporation (ITDC) Chairperson and Managing Director (CMD), Ms Ravneet Kaur presented the dividend cheque amounting to Rs.9.93 Cr on behalf of India Tourism Development Corporation (ITDC) to Union Tourism Minister Shri K J Alphons for the financial year 2016-17. The amount has been paid to the Government of India being the largest shareholder having 87.03% of the paid up capital of the Company.

The Ceremony was conducted in the presence of Ms Rashmi Verma, Secretary, Ministry of Tourism; Shri Suman Billa, Joint Secretary, Ministry of Tourism; Mr Piyush Tiwari, Director Commercial & Marketing, ITDC; Mr. P K Das, Director Finance & CFO, ITDC along with other senior officials of Ministry of Tourism and ITDC at the Minister’s office, Transport Bhawan, New Delhi.

India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, had declared a dividend of 13.30% on the equity share capital of the company amounting to total of Rs.11.41 crore for 2016-17. The decision for the payment of Dividend was taken during ITDC 52nd Annual General Meeting held at the Group’s flagship hotel, The Ashok, New Delhi.

For the financial year 2016-17, ITDC posted a robust performance where total turnover stood at Rs 495.14 cr as compared to Rs. 465.69 cr in last financial year clocking a growth of 6.32%. Revenue from operations stood at Rs. 473.15 cr as compared to Rs. 437.13 cr in the last fiscal. Corporation posted profit before tax (PBT) of Rs.17.52 cr and profit after tax (PAT) of Rs.12.05 cr in 2016-17 against Rs. 32.42 cr and Rs. 22.55 cr respectively in the previous year.

It is to be noted that ITDC has been consistently paying dividend to its shareholders from many years.Besides Hotels, major establishments under ITDC posed a significant improvement in revenue generation. Major revenue contributing wings of ITDC, includes Ashok Tours & Travels, Ashok Events, Ashok Institute of Hospitality & Tourism Management, Ashok Consultancy & Engineering Services and Ashok International Trade Division.

The Group won multiple awards and accolades during the year 2016-17. Hospitality pioneer ‘The Ashok’ under ITDC was bestowed National Tourism Award for Best Hotel-Based Meeting Venue and Best Chef Award in the 4-5 star category hotels. ITDC received the coveted ‘LEED Gold’ certification trophy for ‘The Ashok’. The CSR initiatives of ITDC won the SKOCH Silver Award and the first prize under the Mini Ratna-l- category at the Governance Now 4th PSU Awards.

ITDC has been a part of various initiatives undertaken by government to promote tourism and follow the vision of Hon’ble Prime Minster, Shri Narendra Modi. The major participation was in Paryatan Parv, Hunar se Rozgar, Skill India, GST, Digital India and several more.

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