IRCTC spurts on digital data monetisation plans

19 Aug 2022 , 02:55 PM

The media reported on Thursday (18 August) that IRCTC has floated a tender to monetise its digital assets. The company pegs revenue potential at Rs 1,000 crore by monetising digital data. IRCTC plans to leverage the data assets to increase revenue as well as improve customer experience by monetising the data of railway passengers. Following the reports, shares of IRCTC surged 6.16% on Thursday (18 August). The company clarified to the bourses late on Thursday that the e-tender for appointment of Consultant for Data Monetisation of Indian Railway/IRCTC was floated on 29 July 2022. IRCTC said that as a commercial entity, it explores the new business opportunities. As other business tenders, this tender has also been floated merely to appoint a consultant. The consultant will guide IRCTC and lndian Railways on monetisation activities and advise on monetisation value of Digital Assets observing various Acts or laws including lT Act 2000 and its amendments, User data privacy laws including GDPR (General Data Protection Regulation) and current Personal Data Protection Bill 2018 of lndia. Further, being a Government Company, it is a regular practice to float tenders, it added. Further, the company said it is in the nascent stage of floating the tender and calling bids from the eligible consultant aspirants. Concrete outcome will be known only subsequent to the selection of suitable consultant and submission of its report on monetisation value and processes/methodologies, it added. IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. The Government of India held 67.4% stake in the company. IRCTCs net profit surged to Rs 245.52 crore in Q1 FY23 from Rs 82.52 crore in Q1 FY22. Net sales zoomed to Rs 852.59 crore in the first quarter from Rs 243.37 crore recorded in the same period last year. Powered by Capital Market – Live News