India Tourism Development Corporation Ltd

Standalone results

• Revenue from operations: 8,863.37 lakh; total income: 9,617.93 lakh.
• Profit before tax: 1,427.21 lakh; tax: current 431.20, deferred (−10.47).
• Net profit after tax: 994.31 lakh; EPS: 1.17 (basic/diluted).
• Hotel Division revenue: 7,594.39 lakh; segment revenue total: 9,617.93.
• License-fee invoicing disputed; Rs 1,292.59 lakh outstanding.
• Ind AS 34 framework; standalone results limited reviewed by HDSG & Associates.

Consolidated results

• Revenue from operations: 9,010.38 lakh; total income: 9,724.78 lakh.
• Profit before tax: 1,368.64 lakh; current tax 433.12, deferred (−15.88).
• Net profit after tax: 939.23 lakh; EPS continuing: basic 1.10, diluted 1.10.
• Hotel Division PBT: 1,330.72 lakh; total segment PBT: 1,385.78 lakh.
• Subsidiaries not reviewed by auditors; management-certified in the standalone segments.

Disinvestment / strategic actions

• Jammu Ashok: lease expired; transfer to J&K govt under AM; discontinued operations.
• Punjab Ashok Hotel: 51% stake transfer to Govt of Punjab/PTDC; AM approved; awaiting STA.
• Ranchi Ashok: AM approved; receivables ~1,161 lakh from Jharkhand govt; settlement pending.
• Punjab Anandpur Sahib project: AM approved for transfer of 51% ITDC stake to Govt.; awaiting approvals.
• Hotel Jammu Ashok: AM approval; transfer documents to be executed; discontinued operations.

Non-compliance and waiver plan

• ITDC reported non-compliance with minimum directors and independent directors, including a woman Independent Director, per SEBI LODR 2015.
• Board meeting on 30-06-2026 discussed non-compliance and governance implications.
• ITDC will seek waiver of penalties from the exchange after achieving compliance with director requirements.
• Non-compliance arose from government-appointed directors; appointments made by Government via Administrative Ministry.
• ITDC is following up with the appointing authority and will submit waiver request after compliance.

Dematerialisation status

• Details of dematerialised/rematerialised securities during the period furnished to all exchanges where the shares are listed.

Cessation of Independent Director

• Shri Manan Kaushal ceased as Independent Director effective April 16, 2026
• Cessation due to completion of tenure
• No relationships with other directors disclosed
• No profile details provided for Shri Manan Kaushal

Financial Performance 📊

• Unaudited standalone and consolidated results approved for Q3 and nine months ended 31 Dec 2025.
• Standalone total income: ₹19,101.05 lakh (Q3), ₹40,766.10 lakh (9 months).
• Consolidated total income: ₹19,259.39 lakh (Q3), ₹41,109.28 lakh (9 months).
• Standalone profit before tax: ₹3,869.52 lakh (Q3), ₹7,559.28 lakh (9 months).
• Consolidated profit before tax: ₹3,968.83 lakh (Q3), ₹7,513.59 lakh (9 months).

Auditor Remarks ⚠️

• Qualified conclusion due to non-compliance and reconciliation issues with Ashok Tours and Travels Delhi division.
• Unbilled license fees of ₹1,292.59 lakh and unlinked receipts of ₹333.17 lakh noted.
• Recovery of ₹989.57 lakh due from DDA under dispute; ₹175.44 lakh liability booked for NDMC property tax dispute.
• Revenue recognized from licensees with expired agreements; Maha Kumbh 2025 project accounts pending final CA report.

Board Decisions and Business Updates 📍

• Disinvestment ongoing for Hotel Ashok, Janpath, Kosi Restaurant, Kalinga Ashok, and subsidiaries.
• Hotel Ashok under structural analysis; PPPAC route and international property consultant appointment in progress.
• Transfer of 51% equity in Punjab Ashok Hotel Company Ltd. approved; share transfer agreement pending.
• Transfer of 51% equity in Ranchi Ashok Bihar Hotel Corporation Ltd. to Jharkhand Govt. underway; dues and employee liabilities addressed.
• Hotel Jammu Ashok lease expired; operations closed; transfer documents sent to J&K Govt. for approval.
• Merger proposal with Kumarakruppa Frontier Hotels Pvt. Ltd. pending government approvals.

Governance and Compliance

• Audit Committee quorum not met due to only one Independent Director; Board directly approved financial results.
• License fee waiver requests of ₹1,292.59 lakh for FY 2020-21 lockdown under Ministry of Tourism consideration.
• No material impact from new Labour Codes effective 21 Nov 2025; monitoring ongoing.