Tourism Finance Corporation of India Limited Earnings Summary — Q1 FY2027
TFCI Reports Strong Profit Growth Driven by Exceptional Income Tax Refund Interest
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 11.5% sequentially in Q3 FY2023.
- Revenue of ₹51 Cr is 17.5% lower year-on-year.
- Revenue has compounded at -8.4% annualised over the last 10 quarters.
- Net profit of ₹18 Cr is 8.2% below the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 0.7% annualised across the period.
- Operating margin stands at 90.1% in Q3 FY2023.
- Operating margin expanded by 87 bps year-on-year.
- PBT margin is 47.8%.
- Expense growth of -24.1% remained below revenue growth of -17.5%.
- Operating profit of ₹46 Cr is 16.7% lower year-on-year.
- Operating leverage continues to improve.
- 1 of the last 4 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 48/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q3 FY2023 | Q2 FY2023 | Q1 FY2023 | Q4 FY2022 | Q3 FY2022 | Q2 FY2022 | Q1 FY2022 | Q4 FY2021 | Q1 FY2019 | Q4 FY2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 51 | 58 | 63 | 61 | 62 | 66 | 66 | 60 | — | — |
| Expenses | Volatile | 5 | 13 | 5 | 5 | 7 | 6 | 7 | 5 | — | — |
| Operating Profit | Stable | 46 | 45 | 58 | 56 | 55 | 60 | 59 | 54 | — | — |
| Operating Margin | Stable | 90.1% | 77.3% | 92.1% | 92.1% | 89.3% | 90.7% | 88.8% | 91.4% | — | — |
| Other Income | Volatile | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — |
| Interest | Softening | 21 | 22 | 26 | 27 | 29 | 32 | 32 | 32 | — | — |
| Depreciation | Improving | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — | — |
| Profit Before Tax | Stable | 24 | 22 | 31 | 29 | 26 | 27 | 26 | 22 | — | — |
| Tax | Volatile | 6 | 2 | 7 | 6 | 6 | 6 | 5 | 4 | — | — |
| Net Profit | Stable | 18 | 20 | 25 | 22 | 20 | 22 | 21 | 18 | — | — |
| Net Margin | Stable | 36.0% | 34.2% | 39.8% | 36.9% | 32.4% | 33.0% | 32.2% | 30.5% | — | — |
Key Takeaways
- Net profit saw a massive year-on-year surge of over 100%, reaching ₹6,120.93 lakh for the quarter.
- Total income was significantly bolstered by a one-time interest on income tax refunds amounting to ₹3,400.03 lakh.
- The tax refund relates to appeal effect orders for various assessment years from 1995-96 to 2002-03.
- Revenue from operations grew 27% year-on-year, primarily driven by a rise in interest income to ₹7,211.75 lakh.
- Asset quality remains stable with management opting for enhanced ECL provisions higher than RBI IRACP norms.
- The board approved amendments to the Articles of Association, specifically deleting clauses related to the Common Seal.
- EPS for prior periods has been restated to reflect the 5-for-1 stock split (face value ₹2) effective September 2025.
Management Guidance
Management focus remains on specialized tourism underwriting; they have maintained higher-than-required ECL provisions to mitigate potential business uncertainties.
Sentiment Shift
Improving
The results are heavily inflated by a one-time tax refund, but core interest income and operational revenue show healthy double-digit growth.
Outlook
The company continues to deleverage and maintain strong capital adequacy, though long-term growth depends on scaling the loan book beyond its current niche focus.
From the Annual Report (Key Quotes)
“Net interest on the income tax refund, amounting to Rs. 3,400.03 lakh, has been recognised as other income.”
“The company has made enhanced ECL provision in the books as on June 30, 2026, which is also higher than provision requirements as per RBI IRACP norms.”
“Income from Fee & Commission grew significantly to ₹528.17 lakh compared to ₹271.20 lakh in the same quarter last year.”
Official Quarterly Documents
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This summary is AI-generated from Tourism Finance Corporation of India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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