ITDC standalone profit rises 13% as September revenue falls

India Tourism Development Corporation Limited reported standalone net profit of Rs 18.88 crore for the quarter ended September 30, 2026, up 13% from Rs 16.77 crore a year earlier, as profit before tax rose to Rs 24.49 crore despite an 8.8% decline in revenue from operations to Rs 106.84 crore.

Why did ITDC’s September-quarter profit rise despite lower revenue?

ITDC’s reported profit rose because total expenses declined faster than operating revenue. Revenue from operations fell by Rs 10.31 crore year on year, to Rs 106.84 crore from Rs 117.15 crore, while total expenses declined by Rs 7.19 crore to Rs 92.99 crore from Rs 100.18 crore. Other income increased to Rs 10.65 crore from Rs 7.02 crore, lifting total income to Rs 117.48 crore.

Profit before tax was Rs 24.49 crore in the September 2026 quarter, compared with Rs 24.00 crore in September 2025. Current tax declined to Rs 6.34 crore from Rs 7.06 crore, while ITDC reported a deferred-tax credit of Rs 83.90 lakh, against a deferred-tax expense of Rs 1.44 lakh a year earlier. Net profit from continuing operations therefore increased to Rs 18.99 crore from Rs 16.92 crore.

ITDC also recorded a post-tax loss of Rs 10.79 lakh from discontinued operations, compared with a loss of Rs 15.42 lakh in the prior-year quarter. After this discontinued-operation loss, total net profit was Rs 18.88 crore. Total comprehensive income, which includes other comprehensive income after tax, was Rs 20.55 crore, compared with Rs 16.37 crore in September 2025.

Which ITDC business contributed most to quarterly earnings?

ITDC’s hotel division made the largest contribution to both revenue and segment profit in the September quarter. The hotel division reported revenue of Rs 89.97 crore, up from Rs 83.55 crore a year earlier, and segment profit before tax and interest of Rs 21.74 crore, compared with Rs 20.41 crore. Its profit contribution was larger than those of the other reported businesses.

Event management, hospitality, the tourism management institute and other activities generated Rs 19.80 crore of revenue, down from Rs 31.28 crore in the year-earlier quarter. Segment profit for this group fell to Rs 2.01 crore from Rs 3.64 crore. The decline in this segment was larger than the hotel division’s Rs 6.42 crore revenue increase, helping explain why total income decreased to Rs 117.48 crore from Rs 124.17 crore.

International trade revenue was Rs 3.75 crore, compared with Rs 3.45 crore, and its segment profit increased to Rs 31.50 lakh from Rs 12.97 lakh. Travels and tours made a segment loss of Rs 7.01 lakh, versus a loss of Rs 2.29 lakh. Engineering consultancy projects reported revenue of Rs 2.43 crore against Rs 3.93 crore, but segment profit rose to Rs 67.79 lakh from Rs 19.49 lakh.

How did ITDC perform in the first half of 2026-27?

ITDC’s first-half net profit increased to Rs 28.82 crore for the half year ended September 30, 2026, from Rs 26.96 crore in the corresponding 2025 period. Revenue from operations, however, declined to Rs 195.47 crore from Rs 203.56 crore. Total income decreased by Rs 2.99 crore to Rs 213.66 crore, while total expenses fell by Rs 4.86 crore to Rs 174.90 crore.

The half-year profit before tax rose to Rs 38.76 crore from Rs 36.90 crore. Net profit from continuing operations reached Rs 29.05 crore, versus Rs 27.23 crore, while the loss from discontinued operations narrowed to Rs 22.96 lakh from Rs 26.71 lakh. Basic earnings per share for continuing and discontinued operations combined were Rs 3.36, compared with Rs 3.14 in the corresponding half year.

The hotel division’s first-half revenue was Rs 165.92 crore, higher than Rs 154.78 crore a year earlier, while its segment profit increased to Rs 35.63 crore from Rs 32.32 crore. In contrast, revenue from event management, hospitality, the tourism management institute and other activities declined to Rs 32.29 crore from Rs 42.71 crore. Engineering consultancy projects revenue more than halved to Rs 4.52 crore from Rs 9.23 crore.

What balance-sheet and reporting issues did ITDC disclose?

ITDC reported total assets of Rs 795.46 crore as of September 30, 2026, compared with Rs 790.52 crore on March 31, 2026. Trade receivables rose to Rs 126.74 crore from Rs 111.54 crore, while cash and cash equivalents fell to Rs 19.53 crore from Rs 53.54 crore. Other bank balances increased to Rs 225.78 crore from Rs 214.44 crore.

The statutory auditor’s review drew attention to certain balances pending external confirmation or reconciliation, including trade receivables, trade payables, claims receivable, security deposits, advances and tax-related balances. The auditor stated that such balances could be subject to consequential adjustments once the reconciliation exercise is completed. The review conclusion was not modified in respect of this matter.

The auditor also highlighted Rs 18.82 crore recoverable from Delhi Development Authority by Ashok Consultancy & Engineering Services, an ITDC unit, in connection with a Commonwealth Games 2010 furnishing arrangement. The amount has remained outstanding for more than three years, remains unresolved through the Administrative Mechanism for Resolution of CPSEs Disputes, and has not been provided for because management assesses it as recoverable.

ITDC provided Rs 1.64 crore of property-tax liability in the quarter, and Rs 3.29 crore for the half year, related to Hotel The Ashok and Hotel Samrat. The New Delhi Municipal Council dispute remains subject to resolution. The auditor additionally said ITDC lacked the required number of independent directors during the reporting period and that the audit committee did not have the required quorum.

Conclusion

ITDC’s September-quarter result showed higher profit despite lower operating revenue, with reduced expenses, higher other income and the hotel division’s Rs 21.74 crore segment profit supporting the outcome. The first-half comparison shows the same pattern: revenue from operations fell by Rs 8.09 crore, but profit before tax increased by Rs 1.87 crore.

The next disclosed matters to watch are progress on the Ministry of Tourism’s National Monetisation Pipeline 2.0 process for Hotel Ashok, following consultations on July 22, 2026, and formal sanction for Hotel Janpath compensation. Of Rs 153.40 crore of Hotel Janpath compensation, Rs 134.25 crore is undisputed, but ITDC has not recognised it as a receivable pending completion of formalities and establishment of an enforceable right.