ITDC Declares Remarkable 20% Dividend

India Tourism Development Corporation (ITDC), the public sector undertaking under the aegis of the Ministry of Tourism, conducted its 50^th Annual General Meeting at the Group’s flagship hotel, The Ashok, New Delhi.

• The Corporation closed the year with an all round increase in the performance as compared to the previous financial years. The turnover of the Corporation has increased by 7.37% to Rs.504 crore approximately.

• The net profit before tax has increased by 226% to Rs.38.95 crore as compared to Rs.11.93 crore during 2013-14

• The profit after tax has increased by 265% to Rs.34.37 crore as compared to Rs.9.42 crore during 2013-14. The profit earned by ITDC during 2014-15 has broken the records of last 7 years after 2007-08

• The highlighting feature of the AGM was the declaration of a dividend of 20% to Rs.17.15 crore approximately as recommended by the Board in the meeting held on 29th May, 2015. Earlier the dividend of 20% was declared in the year 2007-08. Out of Rs. 17.15 crore, an approximate amount of Rs.14.93 crore will go to the Government of India.

• The meeting was chaired by Shri Umang Narula, IAS, Chairman & Managing Director of the Corporation

• The Board of Directors present at the meeting were Sh. Piyush Tiwari, Director (Commercial & Marketing), Shri A.V. Ratnam, Independent Director and Dr. Usha Kiran Rai, Independent Director

• The Corporation, besides showing improvement in turnover and profitability, has also shown a significant improvement in the operational efficiency. Further, the turnover of almost all the operational verticals have increased during the year.

• The Corporation is determined to perform even better in the coming years both in terms of profitability and in the turnover besides improving the operational efficiency. This is being said on the basis of the fact that the Corporation is making efforts not only in the existing verticals of its business but is also trying to venture into new areas of expansion like the launch of Centre of Excellence and new Duty Free Shops. Efforts are also being made to upgrade the existing properties and explore the possibilities of attracting private investments in the areas of additional product development under Public Private Partnership Mode.

• The Corporation has taken numerous initiatives to enhance the quality of service with customer focus. Other significant initiatives undertaken during the year include up gradation of hotels, mounting of Sound & Light shows in the country, entering into non-hotel sectors like hospitality education, international tourism and travel related events management and providing job skills and employment opportunities to the country’s unemployed.

• Ministry of Tourism has also reposed its renewed confidence by awarding various infrastructure projects for execution by ITDC. The Corporation is determined to deliver in most efficient manner both in terms of timelines as well as cost.

• As a part of its Corporate Social Responsibility, the Corporation is building toilets in Purabdiha Girls School, Purabdiha, Chainpur, Sinduria Girls School Daltonganj, Kuchu Balika vidyalaya, Hundru Falls, Jharkhand and also providing training to thousands of unemployed youth under “Hunar Se Rozgar” initiative of the Ministry of Tourism. Determined efforts would further be taken to upscale the targets and their achievements.

• ITDC was incorporated in 1966 with a mandate to develop and expand tourism infrastructure in the country. Today, the Corporation offers a bouquet of services with its business activities ranging from Hotel Accommodation, Catering, Transport, Travel Agency, Consultancy, Manpower Training, Event Management to allied activities such as execution of tourism and engineering projects, promotion of tourism via Sound & Light Shows amongst others.

• As ITDC enters into 50^th year of its glorious journey, the Corporation renews its commitment of accomplishing its vision and mission to become a vibrant Tourism Development Corporation and implement and operationalize the initiatives of the Ministry of Tourism.