After introducing a motivational scheme for duty free shops under Ashok International Trade Division (AITD), the revenue from the duty free business has shown significant growth in the FY 2021-22.
India Tourism Development Corporation’s International Trade Division, AITD, felicitated achievers of the motivational scheme at an event held in Delhi recently. Through the scheme, AITD set financial targets for the duty free shops across 14 seaports operated by the public sector corporation under the Ministry of Tourism, Government of India.
Navi Mumbai and Visakhapatnam Duty free shops emerged winners under the motivational scheme run by AITD-ITDC. G Kamala Vardhana Rao, Managing Director, ITDC and Lokesh Kumar Aggarwal, Director (Finance) ITDC felicitated Mukesh Kumar Sharma, representing the Navi Mumbai seaport Duty free shop and A Venkataramana from the Visakhapatnam seaport duty free shop who were adjudged as the Platinum Star performer and Golden Star performer, respectively, for their performance.
After the introduction of the motivational scheme, there has been record growth in the overall revenue and profitability of the division in over a decade, the officials noted.
Talking about the same, Piyush Tiwari, director (commercial & marketing), ITDC mentioned, “ITDC is ecstatic about the results of FY 2021-22 of the division. The division’s financial performance has been the best in the last 14 years, both in terms of revenue and profits even during the challenging times of the pandemic.”
Tiwari said that the aim is to grow cruise tourism around India’s coastal towns and to expand the AITD division to a larger base by covering all coastal areas of India.
Ashok International Trade Division (AITD) currently operates duty-free shops at 14 major seaports in India. In FY 2021-22, the trade division witnessed its highest ever turnover and profit since FY 2008-09.
As per the 2022-23 first half-yearly report, the public sector corporation posted a PAT of INR 23.29 crore at a turnover of INR 194.82 crore. This was a growth compared to H1 last year, when the turnover was INR 118.94 crore and PAT of INR 1.86 crore.