Indian Railway Catering & Tourism Corporation Ltd

Thank you, guests. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q1 FY 2024 conference call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC represented by Ms. Seema Kumar, who is CMD of the company; and Mr. Ajit Kumar ji, who is Director (Finance) and CFO of the company. And, also, we have today with us Dr. Lokiah Ravikumar, who is Director (Catering Services); and Mr. K. K.

Mishra ji, who is Director Tourism and Marketing.

In would like to hand over the conference call to IRCTC management to take the proceeding forward. Over to you.

Good afternoon, everyone .I extend a very warm welcome to all of you for this con-call of IRCTC Limited for the Q1ofFY2024.As we are aware, IRCTC has already announced the unaudited financial results for the first quarter yesterday and the same have also been disclosed on both the stock exchanges.

I would now be giving a brief overview of Q1 FY 2024, which will be followed by the details of performance of our business segments by Director (Finance) and CFO Mr. Ajit Kumar.

After that, we will be having question-and-answer sessions.

The consolidated level, despite the loss in Tourism segment, due to a one-time adjustment of exceptional item of INR 51.9 crores towards provisioning of revised haulage charges, as mandated by the Ministry of Railways, for the Tejas train for the previous years. The EBITDA margin came at 34.2% as compared to 33.6% for QoQ and 37.6% YoY.

If we exclude this exceptional item of INR51.90crores for the provision of Tejas haulage charges, Tourism segment has also registered a profit.

Absolute EBITDA has also hit a new high at INR343crores before exceptional item. Net profit before exceptional item for Q1FY24 came at INR 284 crores as compared to INR 253 crores in Q4FY23 and INR 246 crores in Q1FY23.

I would like to conclude my opening remarks by saying that IRCTC continues to demonstrate its resilient business model during the important post the COVID-19 pandemic. It is this resilience, combined with the commitment that will help the company to continue on its growth path in future as well.

Now, I will hand over the call to my colleague and our Director (Finance) and CFO, Shri Ajit Kumar, to brief you on the financial and segmental performance of the company. Thank you. Page2of12

Let us move to the now -- the different business segments of the company. The first one, the Catering. The Catering segment reported another quarter of strong revenue growth of 20.5% quarter-over-quarter and 35.5% year-over-year to INR 477 crores and EBIT margin also saw a good improvement to 14.6% versus 12.1% quarter-over-quarter and 12% year-over-year.

The Internet Ticketing segment continued to demonstrate resilience amid conversion of reserved tourist tickets back to unreserved tickets during the pre-pandemic period. The revenue for the quarter was at INR290 crores, which declined by just1.7%quarter-over quarter and3.8%year- over-year. The EBIT margin for the quarter came at 82.7% versus 88.1% quarter-over-quarter and the 84.5% year-over-year.

The Tourism segment, it has seen the impact of seasonality, especially in the stateteertha business with revenue for the quarter at INR 142.5 crores, implying a decline of 30.2% quarter- over-quarter. Overall segment registered a growth of 23.8% on year-on-year basis. Given the decline in quarter-on-quarter revenue, the segment reported a loss at the EBIT level versus profit on quarter-on-quarter and year-on-year basis due to a one-time adjustment of one exceptional item of INR 51.9 crores towards provisioning of revised haulage charges of the previous year's for the Tejas train as mandated by the Ministry of Railways.

Rail Neer sawQ1FY2024 revenue of INR92.2crores, implying a growth of 31.4%quarter on quarter and 10.2% year-on-year. Reported EBIT margin of 13.2% versus 18.6% quarter on quarter and 11% year-on-year, due to increase in the production cost, especially the petroleum products. Further, the decrease in EBITDA in current quarter, that is Q1 also due to allocation of income, because the reversal of excess provision of PRP done in the last quarter.

Now, for Q1FY2024, the Capex was INR101crore.The net worth and cash and bank balances of company at the end of the quarter is INR 2,709 crores and INR 1,912 crores, respectively.

That brings to the end of the opening remarks. Now, we can straight way move to the question- and-answer session. Thank you.

Thank you, everyone, for that opening remark. First question is from Jinesh Joshi. You may Please go ahead with your question ,Jinesh. Page3of12

Thank you so much. There are two questions from my side. First is that, to what extent there has been a revision in the custody charges for the Tejas Express? And on what grounds are we seeking a waiver from Railways for earlier years?

This is a charge, which has revised from the post-dated, that is from 13th August 2021 to 31st March 2023. This haulage indexation is notified by the Ministry every year. But for these two years, they have issued a surplus and revision in haulage charges from the August 2021 with – this letter was given to us only in the year 2023. So, we are not seeking any waiver. We have requested Ministry to reconsider, so that these revised charges should be made applicable only from the future date, not from the retrospective effect. We have made a representation and we are pursuing it with the Ministry of Railways.

Sure. But would you like to call out a number in terms of how much the revision has been?

The amount has already informed, it is INR 51.9 crores for the period 13th August 2021 to 31st March 2023. This is the total amount, which has come to us as a liability. Thank you, Joshi.

Sure. And, secondly, if I look at this announcement with respect to this INR 78 crores of investment for procurement of hardware and software, is this a part of our IT modernization plan that we had communicated earlier, or is this Capex over and above that?

I would like to advise you, this is a part of the Capex plan, which we have advised. This is the up gradation of this system and we had projected this expenditure in this year as Capex.

Sure. Just one last question. I think after reversal in 2S seating, the monthly average non- suburban traffic used to over in the band of about 6 crores odd per month. But if I look at the July month figure, which is available on the website of Indian Railways, the number has increased to about 7 crores odd. So, is there anything specific with respect to this jump, which you would want to highlight?

See, for this quarter, which is we are talking, April to June,2023 this 2S –I will just give you a little background, this 2S reservation was reversed by Ministry in the month of February2022, right and its implementation took some time because of date of booking and it was implemented in middle of the June, July 2022, right. So in this quarter, April to June, which is under consideration, The total reserved 11.56 crores tickets were booked in the first quarter of FY 23 and this quarter is 10.41 crores that is Internet Ticket has gone down substantially for my system. But thank fully after the looking at the total reserved and unreserved ticket, my performance share of e-tickets has gone up. In Q1FY24,share of total e-tickets has increased.

Last year, it was 79.64% and this year it is 80.86%. So whatever pies available to me for reservation, this is increasing. Thank you.

Thank you. Our next questions come from the line of Moksha Shah. Moksha, you can probably unmute yourself and ask your question. Thank you.

Yeah. Ms. Shah, I would give you the reason why it is seeing the upward trend, see in pre- COVID we had catering in 891 trains. I'm talking about 2019 pre-COVID scenario. Now, at present, post-COVID, I'm talking as on end of July, 2023 we have provided catering services in 1,209 trains. So, we are providing more and more trains and around more than 200 contracts are in pipeline. This is the reason and for further growth, we are working on the re-assessment of sale, which is mandated by the Ministry that would also give us the further fillip in catering earnings for IRCTC.

Also, if you could provide me the number of daily average ticket for this quarter, quarter one FY2024? How was this in comparison to the last year same quarter?

You seeing for the details of reserved ticket segment .Total tickets booked in the month of April, is 3.37crores,, 3.56crores in the month of, May and 3.49 crores in the month of june, 2023. In the Q1FY24 and in the Q1FY23 were 11.56 crores. This is the total ticket booked by the IRCTC in this quarter and the same quarter to the last year by the IRCTC.

Okay. Thank you. Next, I'll take a question from the chat window. The participant is keen to understand there is a loss in the Tourism segment, if you could explain more about why it happened and what is the gross contribution or gross margin?

Yeah. As I mentioned in my opening remarks, this Tourism segment has taken a hit because of around INR52crores, on account of exceptional item towards revised haulage charges of previous years for Tejas trains as per the revised charges advised by the Ministry of Railways.

If I take out this exceptional item, then my Tourism sector has also made profit.

Thank you. I will take another question from the chat, which comes from Madhu chanda Dey.

What is the breakup of Internet ticketing between convenience fees? What is the total number of tickets sold?

Tickets sold, I already informed in the previous question. I can tell you about the convenience fee. In the Q1 of FY 2024, the total convenience fee earned is INR198 crores.

What is the breakup of other segment within the Ticketing, Internet Ticketing segment other than the convenience fee?

Convenience fee is INR198.48crores,then service charges stand at INR0.13crores, service charges other than the I-Ticket is INR19.48crores.Then agent commission received is INR 17.74crores .License fee earned from the call center is INR0.06crores.Our Integrated 139And Rail Madad is INR2.05crores. Agent login authentication INR1.97crores.Inquiry charges are INR0.8crores and Chatbot charges areINR0.32crores.If we total everything in the Internet Ticketing, this comes toINR290 crores.

Thank you. The next question is from Rohit.

Why the margin in the Ticketing segment has gone down sharply?

Yeah. I would rephrase it. As we know that 2S ticketing was given to IRCTC during COVID, which was reversed by Ministry of Railways in the month of February 2022, and it was implemented up to July. So, whatever you are seeing, as I read it earlier, there is a sharp decline in number of tickets in passenger of 2S segment, if we compare it to the Q1of last year.

But this effect was only till the, middle of July2022.Now onwards, we will be at par withQ2of2022.

How many trains the catering services are provided by IRCTC? Is there any other impact because of the food inflation to our Catering revenues?

As I stated earlier, as on July 31st, 2023 we are providing catering services in 1,209 trains as compared to pre-COVID of 891trains.And since this tariff is fixed by Ministry of Railways, right now, we are providing Catering at the same charges which were notified by the Ministry of Railways in 2019. Page5of12

Thank you. Another question from the chats, can you explain about what is the revenue breakup from own plant versus PPP model in the Rail Neer segment?

Sure. The total we have16 plants, out of which 4 are my departmentally owned and 12 are PPP model. And, in the pipeline, we have 4 more, which would be commissioning very soon, 3 in this year and 1 PPP plant next year. It will go into FY 2024-2025. Now, as far as revenues are concerned, I can give the production value. In terms of revenue, we would share it, because this is a detailed item. See, I can give you a lump sum figure of Rail Neer. Details of PPP and department owned, we'll be sharing it later, because we don't preparing separate profitability statement for owned plants and PPP plants. But in the Rail Neer in this quarter, we have earned INR90.54crores from the sale of the Rail Neer and INR 1.61 crores as license fee, so total my revenues from this Rail Neer segment for the quarter under consideration is INR 92.15 crores..

Right. The follow-up question on this is what is the total number of plants? What is the capacity at this point? And what is the utilization? And any upcoming plant later in this year?

As I said, total 16 plants are operational today with a capacity of 15,52,000 liters per day and there are 04more plants in pipeline , out of which three are expected to commence in this year and another one will go In the next financial year. The total capacity with these four plants Will become18,40,000 liters per day.

Thank you and there is another question from participant, who wishes to understand when-- What other plan on the Golden Chariot? Do we plan to start that?

See, Golden Chariot is a luxury Train, which is owned by the Government of Karnataka Tourism and we are in the partnership with them for operation of this train. This year, they are already advertising some of the itineraries and we are in touch with them, and we hope to grow the business on this model.

Thank you. Next, we'll take question from the participants who are online. The next questions Come from the line of Deepesh Lakhani.

Yeah. Thank you. So, I just wanted an update on the payment aggregator license and also iPay revenues in this quarter?

On the iPay platform, number of payment transactions handled during this quarter is 1.54 crores. It has increasedby12.94% over the previous quarter and by 36% increase over the previous year. Payment aggregator license is in the process of getting this license from RBI, and as recommended by RBI, we are in the process of forming a subsidiary for this iPay license.

Okay. Okay. Also, revenues for the Tejas trains and its occupancy level?

For Tejas - there are two Tejas LJN-New Delhi Tejas and ADI –MMCT. For this quarter, the occupancy of LJN-New Delhi Tejas train has been 72.8% and for ADI-MMCT Tejas, the occupancy has been 89.2%. And if we see revenue combined together for these two trains is INR 45.89 crores.

Thank you. Next, we take a question from Devang from IDBI Capital.

Hi. Thank you for taking my questions. And there are two questions. One is that, what led to the increase in Catering margins this quarter? What were the key drivers? And second one is, what could be the trajectory of Tourism margins, considering that now revised haulage charges will be applicable for Tejas? Page6of12

See, Catering, as I told you, we have increased the number of trains on which we are providing the catering services. We are way ahead even the pre-COVID scenario. That has increased my Catering margins. As I answered in the previous question, pre-COVID in 2019 we only were serving 891 trains, today I stand on 1,209 trains and 200 additional trains are in pipeline. This has resulted into my margins increasing in Catering segment.

As far as Tourism is concerned, Tejas is only two trains. IRCTC is having10 trains from Indian Railways for Bharat Gaurav Scheme Tourism Train that is my biggest market now. In addition to this, I also run State Tirth Special .So Tourism segment, we are having many products. Tejas is just one part of it. And I'm very confident that we will do better in Tourism segment in the coming season. As we all know, tourism sector as an industry in India is a seasonal thing. It come it picks up from September mid and goes up to February, which is a peak of this. So, I'm confident that we will do much better in Tourism segment in the coming quarters.

So, would we be seeing similar margins which we saw for FY2023overall in Tourism considering the ups and downs?

Yes. We can and we are hopeful that we'll be able to meet this.

Okay. Thank you. The next question is from the line of Rohit Jain.

My question was on the Catering side. So, you mentioned the number of trains that you are currently providing catering services to. I just wanted to understand what is the total number of trains potentially that we can increase it to? Like, I mean, in the next six month show much can that increase by?

See, total Mail/Express trains as on date on Indian Railways are around2, 000 odd pairs. When I say pairs, it is one coming and going. We have around 2,000 pairs of trains on Indian Railways. Out of which, the trains having pantry car or having run of more than eight hours, we are looking for providing catering services. That numbers comes around 1,500 odd pairs.

So, we have already reached 1,209 trains. Now, we would be working on the remaining trains.

Also, we would be revising the license fee as mandated by Ministry with effect from November, 2019. So, we are looking for a good trajectory in the Catering business.

Right. So, as you said, we are already at1,200 and potential, currently, as it stands is about 1,500 trains. So, we can increase it by another 200, 300 and then we would be pretty much at our, let's say, full capacity as far as providing catering services is concerned?

No, no. We are also in the -- like, Indian Railways always announcing new trains. You know how Vande Bharat trajectory is going on. And then we did always a program of India Ministry of Railways to announce new trains, announce new services, increase the frequency of trains, extension, election specials, we have lot of scope to do the Catering business.

Fair enough. And my second question, which again somebody asked but was not clear, was, given the recent increase in vegetable prices, especially tomato and other things, which have really increased a lot and given the fact that our tariffs are fixed at 2019 levels, what sort of an impact would that have on the Catering margins going forward?

Right now, I can say that licensee is committed as per contract to provide the catering services on the tariff issued by the Ministry of Railway in2019.That is the contract condition, and Licensee bound to give me this. So as far as my revenues are concerned, they are absolutely protected.

So, basically, you are saying that, this has to be taken by the licensee and basically, as IRCTC, you don't have to suffer any of that? Page7of12

No, no. I'm not saying that. I'm not saying that. I'm saying whenever we—when the contract was signed between IRCTC and licensee, he was aware what services at what cost have to be given. So, we are continuing with the services with the same tariff as notified by the Ministry of Railways.

Understood. And my second question is on the growth potential. Given that we are already at pretty decently penetrated levels as far as the e-ticketing is concerned in India and the fact that the number of passenger growth in Railways in India is low to bids in single digit at best. So -- and the number of trains added in the country also is pretty low, as you know, as –in comparison to the stock of the train that is already there. So, in the core segment of ticketing, should we expect the growth rates apart from any tariff revision to be in the mid to low-single digit? Is that the right understanding?

No, no. We are working -- we are expecting, rather shifting more number of people on e- ticketing. Because right now we stand at, say, 80.86%have booked through e-ticketing. So, without efficient services up-gradation of our systems more -- we are hoping that we -- more Number of people will shift towards thee-ticketing.

Ma'am, I understand that. But given the nature of the country and a lot of the population is still rural and uneducated, is there a level at which you think that e-ticketing sort of maxes Out in the near term? It cannotbe100%

Because if you see with the IRCTC app, we are having – seeing with IRCTC app being so popular, I'm 100% sure that people are -- and with this government's by 5G penetration and strengthening of Internet facility right up to the village level, I'm -- we are hopeful that more number of people will shift to the e-ticketing. And, also, with new trains being announced with the extension of services, with the increase in frequency of train, number of people will Increase on Indian Railways.

Fair enough. And just last question from my side .Is there any discussion on any revision as far as the Rail Neer prices are concerned or ticketing convenience fee and the sharing with the Government? Is there any discussion on renegotiations on that front?

We can only request or make a reference to Ministry of Railways. So, Rail Neer, we have written, and we would be pursuing it with the Ministry of Railways.

But no communication from their side as yet?

Soon. This is in the pipeline. We have only made a reference and now we will be pursuing it. I cannot give any kind of a commitment on behalf of Ministry here.

Okay. Fair enough. Thanks a lot for answering my question. I really appreciate it. Thank you.

Thank you. At this point, I'll take couple of questions from the chat window. There is a question, in terms of why the revenue, of the non-ticketing part of the revenue have declined on a Y-o-Y basis?

I would request this question to be further clarified, so that I can give the relevant answer.

So, basically, the question, if I understood it right, is about, if you look at the non-convenience fees part of the Internet Ticketing, that revenues have declinedfromINR100 odd crore toINR91 crores, what is the reason for decline in the non-convenience fee part of the Ticketing segment?

See, the UPI transaction share, it has increased. It was 3.84crores in the Q1 of last year, now it has become 3.93 crore transactions. So, what happens with this hike of transactions, my UPI transaction has reduced convenience fee from INR 15 and INR 30, it goes down to INR10 and INR15 for Sleeper and AC, correspondingly .So, number of transactions are increasing on UPI platform and my corresponding convenience fee is little going down. And even there is a slight hit in the agent business, because if we see FY2023,it was INR37crores and in this quarter is INR 32.9 crores.

Thank you. This next question is from Naman Jain. Page8of12

What is the mix of tickets sold in terms of 2S, SL class and different classes? Thank you.

See, for 2S ticket, April to June last year total 2S tickets 3.14 crores were booked through our online system out of total tickets 11.56 crores booked online.. And for this quarter April to June, 2023 total 2S tickets 1.33 crores booked out of total tickets 10.41 crores booked online. So, a number of tickets totality for 2S has gone down. This is for 2S tickets.

There is a follow-up, which is like what is the breakup between AC &non-AC tickets during that quarter?

For this quarter, if we see, this is a 484 lakh tickets booked in AC segment and for non-AC segment it is 558 lakhs.. Q1 of last year, for AC, it was 404 lakhs and for non- AC it was 754 lakhs.

Okay. Thank you. This question is—large part of the question is, what is the UPI share in terms of ticketing?

So, UPI, as just mentioned in the previous question, it has increased the overall share. See, UPI transaction were last year3.84crores,it has increasedto3.93crores.So,it share is 35.3%last year and this year it is 37.0%.

Thank you. At this point, we'll take questions from the participant live on the platform. Next question comes from the line of Rahul

Yeah. Thank you so much for the opportunity. I would like – I have two questions. First is, any thought process by IRCTC for selling up its consumer data as it can generate additional revenue to IRCTC in digital world? And second is, any future prospectus of -- including even freight ticket booking business to IRCTC from Indian Railways, because the freight business also --to rapidly expanding in the country?

So, IRCTC is not right now planning monetization of this data, because this data is of the passengers of Indian Railways. And as far as air ticketing is concerned, we have another segment where we deal with the air ticketing segment in tourism sector. Numbers of air tickets booked in this quarter are 4.77 lakh and the last year Q1 was 4.5. lakhs. So, you see this growth of 5% if we see Q1 as compared to the Q1 of last year. And if I see Q4 of 2022-2023, it is a growth of 3.66%. These are the air ticket being booked by the -- on IRCTC platform.

Yeah. A part from the air tickets, I would also want to know what about the rail freight, which is Currently done only by Indian Railways. Any future prospectus where—we can also book freight bookings, rail bookings from IRCTC?

That is another application, which is hosted in FOIS. Ministry is doing directly through the freight operation system. IRCTC as of now has no mandate apart from catering, tourism and e- ticketing.

Okay. Just wanted to know if we can add this business in the future, which can be remunerative for IRCTC?

Only if when Ministry decides. Thank you.

Thank you. Next, I will take a question from the chat window. Ma'am – the question is, ma'am, comparatively from Q2, Q1of FY2022,revenue in this quarter have been week despite so much demand in the tourism, what is leading to -- for this kind of a revenue? Page9of12

See, in the Tourism segment, as we have discussed before, there is a profit. Only thing is this exceptional item, which is INR52crores, which have come from the Ministry. If I take out this exceptional item, which has been in the Tourism segment, our revenues are up by -- there is a profit in Tourism segment as well.

Thank you. The next question is regarding what are the prospect of Vande Bharat train, once all Of this program goes through, what is the increase in the Internet Ticketing potential of the business?

Vande Bharat is also one kind of train, which is available in the reserve segment for ticketing.

So, this inventory gets added to already available inventory for the ticketing. So Vande Bharat is already continuously being added and there is a very ambitious plan of the Government of India for having more number of Vande Bharat in the coming future. So, this will add to my prospects of e-ticketing doing better. And this would also give us the additional opportunity for catering services when the new trains are added, as well as Rail Neer. So, my e-ticketing, catering, Rail Neer entire segment will see a boost as and when these Vande Bharat's are being added by the Ministry of Railways.

Thank you. The next question is related to Data Protection Bill which has been passed, it will become law sooner. Now, IRCTC plan for data monetization, what will be the impact for that, if you could give any brief on that?

See, as I told you, this data is –belongs to the passenger of Indian Railways and IRCTC is fully committed to follow whatever the Act is passed by the Government of India.

Okay. Next question is, are we looking to bid—this is from Utkarsh Maheshwari. Are we looking to bid for Vande Bharat like that of Tejas Tourism business?

No. Tejas was one of the only segments, which was, given to IRCTC by Ministry of Railways.

Vande Bharat is like other Mail/Express, Super fast trains and Premium segment. So, this will - - we would be doing the Ticketing, Catering and Rail Neer services only in these Vande Bharat as things stands today.

Thank you. The next question is on the lean period related, is the reconciliation on the Catering business regarding the lean period and normal period has been done with? Or is there any more scope left in terms of any license fee revision in any contract?

So, this is going on and we would be finishing. We are doing it on priority and may be it will take a month more, and then we'll raise the demand and realize it. This process is on.

Thank you. The next question from M.S.Vinoth.

What about the RSD train, any revenue and profit breakup you can share about it?

Say, for one particular segment, I would be taking out the details and my CIRO will be sharing it with the person asking the question on mail. See, I can tell you the turnover, right.

Turnover in this quarter is INR246 crores for RSD trains and as compared to Q1 of last year this was INR 201 crores. This is a turnover of RSD trains.

Thank you. The next question comes from the line of Deepesh. Deepesh you may un mute your line and ask your question.

Yeah. So, as you mentioned earlier in this call that four new plants are in the pipeline, so does it include Vijayawada and Bhubaneswar branch, which you mentioned in the previous call?

Yes. These four upcoming plants are Bhubaneswar, Kota, NTPC Simhadri and Vijayawada.

Okay. Okay. So, like, when is it going to be operational?

See, we are looking for these plants at Bhubaneswar, Kota and NTPC Simhadri, to be commissioned by end of this calendar year and Vijayawada will go into the Q1 of the next year, next financial year.

Okay. Okay. So, ll of these are the PPP model? Yes. All these are PPP models. Page10of12

Thank you. The next question from the chat window is related to what are the prospect we see in The Tourism segment? And, overall, what are the potential from various segments—since all this pricing related normalization has happened, what are the next few growth triggers? Thank you.

See, as I informed in the previous question, IRCTC has taken 10 rakes from Indian Railways for running Tourist circuit trains under the policy of Bharat Gaurav Tourist Trains. So, we are in the planning with these10 rakes under the right to use charges, which has been taken from the Ministry of Railways, we are looking for a healthy growth in the tourism sector.

And what could be the growth trigger in other segments, other than Tourism segment?

See, we have already -- this thing -- as per the announcement of Ministry of Railways, around 475 Bharat -- Vande Bharat trains are going to be added in next three years. So, if these 475 Vande Bharat trains are added in the fleet of Indian Railways, IRCTC is a natural this thing to provide catering services, e-ticketing, RailNeer, so these are the impact us we are looking for our Business of IRCTC.

Thank you Madam. What is the cycle for wage revision for our business? And when it will be effective?

For IRCTC, wage revision is done every 10 years. The last revision was done in2017,so next revision is being only in 2027.

Thank you. Next question is from the chat –from the platform. The question is from the line of Ratan. Ratan, please you may unmute your line and ask your question.

Sure. Thanks for the opportunity, ma'am. I have a question that our e-ticketing revenues have been flat over the last 15 months, so my question is, there's been high inflation over the last couple of years, when we are likely to raise convenience fee?

As of now IRCTC is not looking for revision of the convenience fee but as far as e-ticketing business is concerned, we are seeing a plateau, because lot of infra work is going around Indian Railways. As you are aware, Indian Railways are adding new tracks, so much of Infra – INR 24,000 crores has been given for new infra work on Indian Railways. Since these have been done on priority, you have lot of NIs going on. So, this temporary and DFCCIL works under completion so track linkage is going on. I must say, this diversions or little bit of discontinuity in what you're seeing in plateau, with DFCCIL coming up and number of freight trains going on the DFCCIL, we will have a line capacity to win the passenger trains, and which will ultimately result in to more passengers traveling on Indian Railways and leading to increased share of e-ticketing.

Yeah, ma'am, but the convenience fee is pretty low, INR10, INR15. I think it doesn't because if you look at our other revenues, which are—which have lower margins, it is important to balance it out by raising prices?

See, currently, we are having good profit around 80%profit in e-ticketing, so there is no basis for increasing further this convenience fee and putting burden to the Indian Railways' passenger.

All right. And can you map out the -- what is the e-ticketing revenue that can happen for per Vande Bharat train?

We need to work out the projection for Vande Bharat outcome still, because train wise e- ticketing profiling needs to be done and we would be sharing it soon with you.

All right. Thank you. Thank you. That's all from my side.

Thank you .This was the last question for the session today. I would now request IRCTC management to give their final remark. Page11of12

Thanks for this opportunity to us also, because we keep on want to learn. As investors and on the behalf of investors, whatever you say, so we will try that within the policy guidelines, we want to follow it on taking the community to greater heights. And if there is any other question and if more details, any more specific details or data, so everything we have, we are all totally transparent, so please send one mail ,then we will ensure that everything is to sent to you. Thank you very much. Thank you. Thank you, all.