ITDC holds 53rd AGM, announces 18.5% Dividend to the shareholders

  • Default Size
  • Decrease Text
  • Increase Text

NEW DELHI, October 1, 2018 – India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, conducted its 53rd Annual General Meeting at the Group’s flagship hotel property, The Ashok, New Delhi. The meeting was chaired by Ms. Ravneet Kaur, IAS, Chairperson & Managing Director of India Tourism Development Corporation.

The Board of Directors present at the meeting were Ms Ravneet Kaur, IAS, Chairperson & Managing Director, ITDC; Sh. Piyush Tiwari, Director (Commercial & Marketing) ITDC; Shri Pradip Kumar Das, Director (Finance), ITDC. Government Nominee Director Ms. Meenakshi Sharma, IA & AS, Additional Director General, Ministry of Tourism & Independent Directors including Shri Ajay Swarup, Dr. Kamla Singh and Mr. K Padmakumar were also present in the meeting. Mr. Suman Billa, Joint Secretary, Ministry of Tourism represented President of India as the largest shareholder at the Annual General Meeting.

Following are the highlights from 53rd AGM Address of C&MD to the shareholders on company’s performance during 2017-18:-

Ø  The Corporation closed the year once again with the remarkable performance. The Turnover of the Corporation during the Financial Year 2017-18 was Rs. 370.64 crore as against Rs. 356.11 crore in the Previous Year 2016-17 (As per Ind AS).

Ø  The net profit before tax has been recorded to Rs. 23.62 crore during 2017-18 as against Rs. 11.43 crore in Previous Year 2016-17 (As per Ind AS).

Ø  The board declared and approved a dividend of 18.5% amounting to Rs. 15.87 crore approximately.

Ø  The Corporation has shown a significant improvement in the operational efficiency. Overall occupancy during 2017-18 was 56% as against 58% during 2016-17 with Hotel division achieving a turnover of Rs. 269.33 crore during the year 2017-18 and earning a net profit of Rs. 1.45 crore during the year 2017-18.

Ø  A big push is being given to connect ITDC with new customers especially with younger generation through print and social media. Steps are being taken to make ITDC website more attractive and user friendly. ITDC is also in the process of launching its mobile app, integrated with payment gateways to make the corporation compatible with latest trends and technology.

Ø  During the year 2017-18, ITDC won many awards and accolades which include “National Tourism Awards for the year 2015-16”; Global Star Award 2018; KAUSTUBH Award for Best MICE Hotel and many more.

Ø  In the present dynamic and highly competitive environment a need has been felt to broaden the image of the company from hotel centric organization to an organization offering one stop solutions for all hospitality, travel and tourism related needs through its various verticals.

Ø  The company is conscious of various challenges; hence the board has approved to undertake development of a new business plan aligned with changing business and economic scenario. Request for Proposal (RFP) is being floated for appointment of consultant for formulating new business plan of the corporation.