In a momentous decision, the government has approved the upgradation of the Indian Railway Catering and Tourism Corporation (IRCTC) and the Indian Railway Finance Corporation (IRFC) to Navratna status. The Department of Public Enterprises announced this exciting news via a post on X, marking IRCTC as the 25th and IRFC as the 26th Navratna company among Central Public Sector Enterprises (CPSEs).
IRCTC, a CPSE under the Ministry of Railways, recorded an impressive annual turnover of ₹4,270.18 crore, a profit after tax (PAT) of ₹1,111.26 crore, and a net worth of ₹3,229.97 crore for the fiscal year 2023-24. Similarly, IRFC has demonstrated strong financial performance, with an annual turnover of ₹26,644 crore, a PAT of ₹6,412 crore, and a net worth of ₹49,178 crore for the same period.
Union Minister of Railways Ashwini Vaishnaw congratulated both teams for their remarkable achievement, highlighting the significance of this status in enhancing the operational and financial autonomy of these organizations. The Navratna status is expected to empower IRCTC and IRFC to pursue innovative projects and investments, driving even greater growth within the Indian Railways ecosystem.
