IRCTC and IRFC Elevated to Navratna Status by Government

The Indian government has awarded Navratna status to two Central Public Sector Enterprises (CPSEs) under the Ministry of Railways: IRCTC and IRFC. This upgrade recognizes their significant financial performance in FY 2023-24. Railway Minister Ashwini Vaishnaw congratulated both enterprises in a social media announcement.

In a significant development, the government has granted Navratna status to two prominent CPSEs under the Ministry of Railways: the Indian Railway Catering and Tourism Corporation (IRCTC) and the Indian Railway Finance Corporation (IRFC). This move was confirmed in an official statement released on Monday.

IRCTC has demonstrated robust financial metrics, with an annual turnover of ₹4,270.18 crore, a profit after tax of ₹1,111.26 crore, and a net worth of ₹3,229.97 crore for the fiscal year 2023-24. Meanwhile, IRFC reported even stronger financial performance, boasting a turnover of ₹26,644 crore, a profit after tax of ₹6,412 crore, and an impressive net worth of ₹49,178 crore for the same period.

Railway Minister Ashwini Vaishnaw publicly extended his congratulations to the teams of both enterprises via a post on X, expressing commendation for their elevation to Navratna status, a reflection of their strategic and financial excellence within the public sector.

(With inputs from agencies.)