With IRCTC, IRFC status upgradation, all 7 listed railway PSUs become Navratna: Ministry

New Delhi, Mar 3 (PTI) The government has approved the upgradation of IRCTC and IRFC to Navratna Central Public Sector Enterprises on Monday, an official statement said, adding that with this all seven listed railway PSUs have achieved the same status now.

Indian Railway Catering and Tourism Corporation (IRCTC) is an extended arm of Indian Railways and the only entity in India to provide online railway ticket booking services, and catering services to railways.

"IRCTC is a Ministry of Railways CPSE with an annual turnover of Rs 4,270.18 crore, PAT (profit after tax) of Rs 1,111.26 crore and a net worth of Rs 3,229.97 crore for FY 2023-24," the press note said.

Indian Railway Finance Corporation (IRFC) secures the Extra Budgetary Resources (EBR) requirement of the Indian Railways through market borrowings at the most competitive rates and terms.

“IRFC is a Ministry of Railways CPSE with an annual turnover of Rs 26,644 crore, PAT of Rs 6,412 crore and a net worth of Rs 49,178 crore for FY 2023-24,” the press note added.

Congratulating both the CPSEs, Railway Minister Ashwini Vaishnaw posted on X, “Congratulations to team IRCTC and team IRFC on being upgraded to Navratna status.” The Railway Ministry said that there are 12 CPSEs of Indian railways out of which 7 are listed ones.

“All Railway CPSEs are profit-making entities. Their accumulative profit has increased from Rs 7015 crore in FY 2020-21 to Rs 11,780 crore in FY 2023-24 registering an increase of 68 per cent in three financial years,” the Ministry said.

It added, "The market capitalization of all listed Railway CPSEs has increased in the past 3 years from approx. Rs 1.15 Lakh crore. In March 2021 to Rs 4.4 lakh crore. In December 2024. It is an increase of 282 per cent. All listed CPSEs are paying dividends as per government guidelines.” According to the press note, the first CPSE to get the status of Navratna was CONCOR in July 2014.

Officials say that under the tenure of current Railway Minister Ashwini Vaishnaw, six CPSEs such as RVNL, IRCON, RITES, RailTel, IRCTC and IRFC were granted the Navratna status.

While RVNL got Navratna status in May 2023, IRCON and RITES achieved a similar status in October 2023. The telecom infra company RailTel was granted Navratna status in August 2024.

"Navratna's status as a CPSE ensures it has greater operational and financial autonomy. The status will now empower IRCTC and IRFC with faster decision-making, increased efficiency, and greater empowerment," the Ministry said. PTI JP JP HIG HIG

Source: PTI