Team News Riveting
Mumbai, February 17
India Tourism Development Corporation (ITDC) posted a strong financial performance for the third quarter of the current financial year 2021-22 (Apr-Mar) despite severe impact of COVID-19 on tourism, travel and hospitality sector, which had brought entire industry to a standstill.
Net sales rose sharply by 93 per cent at Rs 88.22 crore from Rs 45.69 crore in Q3 2020-21. Net Profit for the period was at Rs 7.36 crore compared to a loss of INR 8.49 crore in Q3 2020-21.
The turn-around in performance is the result of several proactive initiatives taken by the organization during the year e.g. overall reduction in costs, process improvement, realignment of business policy & processes etc. to improve its productivity and efficiency.
ITDC is a hospitality, retail and education company owned by Government of India, under the Ministry of Tourism. Established in 1966, it owns over 17 properties under the Ashok Group of Hotels brand, across India.
