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IRCTC outlines impact of COVID-19, expects recovery in 2H2020

Indian Railway Catering & Tourism Corporation (IRCTC) reported (25-Jun-2020) its business segments were "adversely affected" by the outbreak of COVID-19. IRCTC stated its internet ticketing, catering, travel & tourism as well as railneer revenue were affected by the cancellation of service operations between 21-Mar-2020 and 30-Jun-2020. According to the company, "the major challenge was disbursement of full refund to the customers on account of cancellation of passenger trains by the Indian Railways". Further railneer plant and catering operations were repurposed for "community meals", and tourism packages were affected. IRCTC stated: "Due to the lockdown, the revenues and profitability of the Company are likely to be adversely impacted for the April-June quarter of 2020... The Company expects that the business situation could normalise during 3rd and 4th quarter". [more - original PR]

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