Indian Railway Catering And Tourism Corporation Limited (IRCTC) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to IRCTC Limited, Q4 and Full Year FY26 Earnings Conference Call. As a reminder, all participant line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Rahul Jain from Dholat Capital Markets, Private Limited. Thank you, and over to you, sir.

Thank you, Ria. Good afternoon, everyone. On behalf of Dholat Capital, we welcome you all to the Q4 FI26 earning conference call of ISTC Limited. I take this opportunity to welcome the management of IRQC Limited, represented by Mr. Sanjay Kumar Jain, who is CMD of the company, Mr. Sudhir Kumar, who is Director, Finance and CFO, and also we have today with us, Shri Rahul Himalayanji, Director, Tourism and Marketing, and Mr. Manoj Sharma, Director, Catering Services of the company. Now, I would like to hand the conference over to IRQC Management to take the proceeding forward. Over to you, please, Sanjay.

Thank you, Rahul. A very good afternoon, everyone. It's my pleasure to welcome you to the earnings call of IRCTC for the quarter and year ending 31st March 2026. The financial results for Q426 were announced yesterday and filed with the stock exchanges. I will begin with a brief overview of our performance. Thereafter, our Director of Tourism and Marketing, Mr. Rahul Himalayan, will present a detailed financial and segment-wise analysis, as our Director of Finance is not available because of his personal casualty in his family. We will then open the floor for questions. Q4 FY26 stood out to be extremely encouraging, with the highest ever revenue and profitability in the company's history, in absolute terms. This reflects the strength of our operating model, resilient business segment, and sustained momentum across. Core business verticals. The company has registered all-time high financial performance in terms of revenue from operations, PAT and EBITDA in the financial year 2025-26. During the financial year, revenue from operations of IRCTC stood at Rs. 5215 crores. Registring an increase of around 12% as compared to previous financial year, 2024-25, driven by strong performance across all segments with improved operational efficiency and prudent cost management. EBITDA stood at Rs. 1666 crore, registering an increase of approximately 7% from previous years. During the financial year, Pat stood at Rs. 1,393 crores, registering an increase of approximately 6% from previous year. The company had also declared and paid the highest dividend in the financial year 25-26 of Rs. 720 crores, out of this 680 crores. It has already been paid as interim dividend, and 40 crore has been declared as a final dividend by the BOD, subject to the approval of AGM in the AGM. Thank you. I now hand over the call to Mr. Rahul Imalian, our Director, Tourism and Marketing, for a detailed discussion on the financial and segmental performance. Thank you.

Thank you, sir.

Namaskaram.

Good afternoon, ladies and gentlemen. I am Rahul Himalayan, Director, Tourism and Marketing, IRCTC. On behalf of the entire management team of IRCTC and the IRCTC fraternity, I extend a very warm welcome to all of you to this earnings call today to present you with the overall financial and operational performance of IRCTC in the financial year 2025-26 along with the results of the fourth quarter of FI 25-26. I am pleased to share that the company has delivered a very strong and resilient financial performance during the financial year 2026, including quarter ending 31st March, 2026, reflecting the robustness of a diversified business model, disciplined execution, and continued focus on operational excellence and customer centricity. While discussing the financial results of financial year 2025-26, you will be glad to know that IRCTC recorded its highest ever revenue from operations at Rs. 5215 crores in the financial year 2526 compared to Rs. 4675 crores in financial year 2024-25, registering a year-on-year growth of 11.55%, which is more than the year-on-year growth of 9.74% recorded in financial year 2024-25. No. 2, IRCTC recorded its highest ever total revenue of Rs. 5475 crore in the financial year 2021 compared to Rs. 4904 crores in financial year 2021 purchase, registering a year-on-year growth of 11.64%, which is more than the year-on-year growth of 10.80% recorded in financial year 2021 purchase. Number 3, IRCTC also recorded highest ever profit before tax of Rs. 1875 crores. Compared to Rs.1757 crores in financial year 2024-25, registering a year-and-year growth of 6.72%. The overall profit earned by the company has been driven with strong performances from all business verticals of IRCPC, including catering, IT, tourism, and railing. Similarly, the EBITDA grew from Rs.1550 crores in financial year 2024-25 to Rs.1666 crores in financial year 2025-26, registering a growth of 7.48%. Now, taking you deeper into the segment-wise performance for the financial year 2025-26, the catering segment recorded a revenue of Rs. 2399 crores in financial year 2025-26 as compared to Rs. 2125 crores in financial year 2024-25, registering a year-on-year growth of 12.89, that is nearly 13%. The rail need segment recorded a revenue of Rs.391 crores. What is 379 crores in financial year 2024-25, resisting a year-in-year growth of 3.17% and a marked growth in profit year-in-year of 21.74%. The internet ticketing segment recorded a revenue of 1536 crores in financial year 2026 as compared to Rs. 1426 crores in financial year 2026, which is resisting a year-in-year growth of 7.71% with a marked growth in profit of 7.55%. The tourism segment recorded a revenue of 890 crores in financial year 2025-2026 as compared to 745 crores in financial year 2024-2025, registering a year-in-year growth of 19.46% with a whopping growth in profit of 36.17%. Allow me to briefly highlight the segment-wise performance for Q4 of financial year 2015, the total revenue from operations stood at 1460 crores in Q4 of financial year 2015 as compared to revenue of Rs. 1269 crores in Q4 of financial year 2015, registering a growth of 15.05%. There was a marginal dip in the comparative profit figures in Q4 with profits at Rs. 447 crores as compared to Rs. 472 crores in financial year's 238 purchase. Prima facie due to macro environmental factors and exceptional items amounting to Rs. 48 crores legacy items, which were considered as income in the financial year of 2024-25. Ebitda for the quarter stood at 399 crores, with a healthy Ebitda margin of 27.33%, while margins were impacted slightly due to a change in revenue mix, particularly higher contributions from catering and tourism segments, the company continued to maintain strong and sustainable profitability. Now, talking about the business segments for Q4 of financial year 2025-2026, the tourism segment delivered an excellent performance in Q4, grossing an overall revenue of 304 crores compared to Rs. 274 crores in financial year 2024-25, registering a growth of 10.95% year-on-year, despite the current geopolitical. The EBITDA margins improved to 16% driven by a better product mix and focus cost rationalization initiative. Internet ticketing. The internet ticketing reported revenue of 390 crores versus 373 crores, reflecting a year-in-year growth of 4.56%. You will be glad to know that today we command 89% share of reserved railway tickets, and the segment continued to deliver robust profitability with EBITDA margin of 76%, driven by strong operating leverage and sustained and cost efficiencies catering the catering segment recorded revenue of 6.71 crores compared to Rs. 529 crores in 2425, achieving an impressive growth of 26.84% year on year. The margins in this segment were impacted due to higher sales contribution from train catering operations and pilot initiatives such as branded catering projects, undertaken with a view to enhancing customer experience and passenger satisfaction. Nevertheless, catering continues to remain a steady and scalable growth driver, supported by increasing passenger volumes and continuous efforts towards service enhancement. Lastly, Railnear. Railnear generated a revenue of 95 crores compared to 92 crores, resisting a year-on-year growth of 3.26%. The segment witnessed an improvement in margins during the quarter supported by economies in material costs, operational efficiencies, and sustained consumer confidence in the brand. Overall, a fourth quarter performance demonstrates the resilience and strength of IRCTC's business fundamentals despite the ongoing geopolitical turmoil, prudent cost management with rational austerity measures, strong digital capabilities, and unwavering commitment to operational excellence. Remain confident about the future business growth trajectory and believe the company is well positioned to create sustainable long-term value for all its stakeholders. With these remarks, I conclude my today's address to the IR3TC family. We will now open the floor for questions, please. Thank you. Namaskar.

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. First question is from the line of Jinesh Joshi from PL Capital. Please go ahead.

Thanks for the opportunity. Sir, if I look at our internet ticketing EBIT margin, it was at about 76% in this quarter, while the catering EBIT margin was also down to about 6.2%. I understand in the opening remarks you did mention something about the catering division and there was some one-off with respect to some branded project that you highlighted. But if you can be a bit more specific and quantify what were the one-off elements in these two segments which have led to erosion in margins.

I can not only

hear you, because of noise from background.

Well, it seems to be a container. Right now, what they are doing. My question is

on the internet ticketing EBIT margin, which was down to 76% and also the catering EBIT margin, which was down to 6.2%. Just wanted to know, were there any one-offs in this segment?

I'm out, everybody.

Sir, can we request you to rejoin the queue?

You mute them, right? So that the people who are talking are, they can listen to them. He is still talking.

Sir, Rahul's line is on mute only.

No, please see that. That's why it's totally acceptable because we are going to want to regulate it.

Janesh, there is a lot of background noise from your line. Can you please rejoin the question queue? As there is no response, we'll move ahead. The next question is from the line of Kanishk Gupta from SS Family Office. Please go ahead.

Yes, sir. Very good afternoon to you. Sir, my question would be particularly on the Aghast Kranti Rajdani train, despite being a premium Mumbai Delhi train, which currently stops at Mathra, but not at Agra, which is a major tourist and business destination. And from a personal observation, I have observed that many passengers de-board at Mathra and then travel onward to Agrabah road, creating additional inconvenience and transit inefficiency. So, additionally, another train, Mumbai, Delhi, Tejas, Rajdani, currently does not stop at Mathra or at Agra. So, have you evaluated any possibility of introducing an Agra stoppage for such premium trains due to the high tourism destination like Agra could enhance passenger convenience and premium passenger demand on this corridor?

May I come in, assess the Gupta family? Hello?

Sorry?

You are listening? You are able to? Am I audible?

Yes, sir. Yes, sir.

Agast Kranti Rajdhani ka route hai Mathura se Kota hote vay Mumbai jane ke liye. Agar kisi ko Agra jana hai, toh there is another train, Rajdhani train from Mumbai, which goes up to CSMT and comes up to Nijamuddin. So, passengers aspiring to go to Agra, they can take that route. Secondly, this is concerning Indian Railways. We will certainly, if you send some requests to them, they will consider introducing another train also. Thank you.

Yes, sir. What I mean to say is that, if the availability of the CTC is a potential increase, it is one of the seven wonders of the world present.

No, you understand that the route is not coming. IRCTC cannot go to Guwahati via Srinagar. It has to go from Delhi to Guwahati via Kanpur or via Muradabad. So the route is not there. You got my point?

Thank you. And, sir, the second question would be on the convenience fees across AC and non-AC ticket categories have largely remained unchanged for several years despite rising digital volumes and inflation and continued investment in the platform infrastructure. So, how do you evaluate the scope for revisiting convenience fee structure over the long-term while balancing affordability and monetization?

At the moment, we are not planning to announce anything, but of course, when it will pinch us, we will think about it. Thank you.

And sir, given the strong cash balance that currently ICTC has and ability to generate highly efficient cash flows, what would be the key capital allocation priority over the next few years?

You see, we are an asset light company, but we are basically investing, trying to invest into our platform. So, first, we are, like, improving our infrastructure of e-t-cutting, so to give a convenience to our passengers. Secondly, to make it more secure, we are putting money to that. And besides that, we are like planning to have four. Additional rail near plants, expansion of existing two rail near plants, and we are also trying to go in hotel business.

Answer on this question as a follow-up. Dividend payout ratio remains relatively strong at approximately 50%. So, any other methods you are currently evaluating to reward shareholders as in terms of buyback?

Yes, this decision is done by Deepam, Ministry of Finance. Though we qualify for their criteria, but there is a number of years of barriers there. So that rule, our board has already apprised Deepam in this regard. Thank you.

And so the last question would be on that. IRCTC operated at 36% approximately four years ago, 36% EBITDA margins, while Q4 FY26 margins are currently at 27%. So can you elaborate the key drivers behind this compression and whether those earlier 36% margins were structurally sustainable or largely a peak driven by favorable e-ticketing business mix and operating leverage?

You see, we are aspiring to improve our revenue by increasing our different business segments. So, in the process, the high margin business or revenue, as you already know, that we are working on 89% of railway ticket booking. So, there we are finding it not very, very encouraging forward. So, we have planned to improve the The other segment of our business like catering, tourism, really, there our margin is around anywhere 10 to 12 percent. So, we have planned to see the improve in absolute margin, but as we are regularly telling that in all the investors' calls, and earlier also, that we will maintain 30%. Now, if you go through the financial year, the margin comes to around 31.95%. And why there is a dip of up to 27%? Because in this quarter, because we have booked some exceptional items. If we deduct those exceptional items in this quarter, it will be around 30% only. Thank you.

And, sir, in the long run, is it safe to say that you aim to target mid-30s kind of margin?

Yes, 30. We are aspiring to maintain 30%.

Okay, so that's it from my side. Thank you, and all the best for the future.

Thank you. Next question is from the line of Mr. Janesh Joshi from PL Capital. Please go ahead.

Am I audible now?

Yes, sir. Please go ahead. Yes, sir.

Yeah. Sir, what was the exceptional item that you booked in this quarter, and if you can quantify that amount? And secondly, also, can you share, did we get any revenue from running election special dreams in 4Q? So, that is my first question.

You see, there are three major items, which I can quantify. First, the legacy item, which was booked in March 25, was around 48 crores, which is not there this year. And then, allocation of CSR activities, which was last year 7 crores only, so it is 31 crores this year. And we have provided for additional ECL of around 16 crore as against 8 crore. Secondly, election space, we have a revenue of 2.38 crores.

Just to repeat the numbers, because there was some issue in your voice, you highlighted that election special revenue was 2.38 crores, and the ECL provisioning was 16 crores. But what was the CSR number that you highlighted for this quarter?

Legacy item was 48 crores, which was there in March 25. This year, it is not there. CSR has again 7 crore booked last year. We have, this time, the whole of CSR, 31 crore has been booked. That is additional 24 crore in this quarter. And ECL, last year we booked 8 crore. This year we have booked, provided 16 crores. So, largely, these are the exceptional items. And so far as election special, in this quarter, we... We have booked 2.38 crores. And in the financial aid, it is 6.77 crores.

Perfect, sir. Thank you. Thank you.

If you want, we will send across you the exact figures also.

No, sir, this is pretty clear. Sir, my second question is on the catering division. I believe the last price hike happened in 2019. And now given the surge in gas prices, is there a possibility of revision in catering prices? And basically, how are the licensees coping with the inflation given their input cost has also risen? So your comments on that? And just in case, hypothetically, if the price hike happens, Will we benefit from the old contracts that have been awarded to the licensees? I thought of asking this because they were given at a fixed fee. So if you can just clarify on this bit.

You see, your hypothecation, I cannot answer till the price is raised because it is an administered item and is decided by Ministry of Railways. I can't comment on to that. Thank you very much.

Last bookkeeping question, if you can share the number of ticket booked, the convenience fee, and the AC share in this quarter.

Number of ticket booked in AC class is 6.85 crores and non-AC class 6.54 crores. Total 13.39 crores.

Chair of UPI.

1.7 percent.

And the convenience fee income also, sir?

Convenience fee income was 247 crore.

Sure. And sir, just one suggestion. If you can maybe put out the presentation and give out all these KPI numbers, it will be really handy. That is one suggestion from my side. Thank you. Thank you so much.

Thank you.

Thank you. Next question is from the line of Madhu Chanda Day from MC Pro. Please go ahead.

Hi, my question is related to the previous question. Like you called out some exceptional items. I just wanted to check that there's a sharp decline in the EBIT margin for catering from 10.4 to 6.3. Was anything business specific in this margin decline? And similarly, for internet ticketing, it's 85% to 76%, that kind of a decline. Was there anything business specific?

Yeah, in the catering, the margin is because of this exceptional item. First of all, last year, same quarter, we have provided for ECL item of only 5 crores. This year, it is 16 crores. CSR allocation under catering was done as, I guess, 1 crore, it's 5 crores, and legacy item This year, it is not there. Last year, 33 crores. And direct cost, because of GST, because increase in the premium trend sell is around 3 crores. This is regarding gathering.

No, I'm sorry, sir. I didn't understand the last item that you called out. GST increase in premium train? Is this year it is 3 crore? Last year there was nothing. That's what you said, right?

No, no. Over to last year, additional 3 crores. Additional 3 crores. Because of increase of the sale. And as regards IT business, the margin, the reason for the down is allocation of CSR of additional 17 crores on this, direct cost around 8 crores, and increase in the UPI share, it is again 8 crores.

Okay. So, in the fourth quarter, there was a shortage of commercial cylinder. So, did that impact margin by any chance in your business?

Actually, we have done many things to get rid of this problem. First of all, we have allowed our vendors to cook on the pantry car, which are already having safety facilities. All our LHB pantry car now can produce meals in a running train. So we have allowed our vendors or licenses to cook their meals and serve onto the train. So that is run by on Alexity. Secondly, at very big places, we have used this electric as a mode of induction cooking. Thirdly, we have tied up with all the marketing company, IOCL, BPCL, HPCL, to give us the priority as per the government director. Okay. Great, great.

So, sir, just a last question from my side. Because of the increase in airfare, especially on international routes, like we are hearing that there's a lot of diversion of tourism to domestic tourism in this peak summer holiday season in India. Are you seeing any change in the number of tickets booked or holidays booked or overall increase in passenger traffic? Hello.

Yeah. In our tourism, this quarter, our tourism revenue grew from 274 crore to 304 crore. Despite all these issues, this has increased. Similarly, IT business has also increased from 372 crore to 390 crore. So, certainly that has added to our revenue. We have given, we got the opportunity and we have utilized it.

So, my question was pertaining to this quarter, which means we are already one and a half months into this new quarter. So, my question was, are you seeing any increased activity in domestic tourism in this quarter, which is like the April-June quarter? Because we are already one and a half months into it.

You asked, you want me to comment on a thing which I should not, because it's a listed company, but yes, we are very hopeful. Thank you.

Thank you. Next question is from the line of Sonal from Prescient Capital. Please go ahead.

Hi, this is Sonal Minas. I hope I'm audible. Sir, you're working.

Am I audible or should I speak again?

Yeah, please, please. Go ahead. Okay, I'll just...

Sir, you can go ahead with your question.

Hi, am I audible now?

Yes. Yeah, sure.

Yes. So I, sorry, sorry for this, sir. I have a question with regard to the percentage of tickets that are booked on IRCTC with your channel partners and online travel agents like EasyGo, MakeMyTrip, and others. What would be that share for this particular financial year, if you could give a certain understanding?

I will send you the details. I'm a channel partner, I think 28% around.

All right, sir. And, sir, has that number increased over the last one year, directly, without taking absolute numbers?

Appears to be same, but we'll send you the numbers.

Thank you. Okay. And, sir, I... I have a follow-up question on this one. From a tech perspective, how do you see your channel partners directionally from here to the next 2-3 years? Do you think IRC-PC can do much better on their portal to actually bypass these channel partners, or these are channel partners who can actually add value to your business, your platform? I just want to understand from a build-out perspective, IRC-PC going forward.

Why do you want me to lose money? You are my investor, you should be happy if I work with them more. Thank you.

All right, sir. Thank you.

Thank you. Next question is from the line of Abhishek from Investec. Please go ahead.

Hi, sir. Thank you for the opportunity. My question is on the other expenses. So other expenses in a quarter comes at around roughly 40 to 50 crores. But in this quarter, it is around 109 crores. So what are the reasons behind that?

In my initial talk, we have booked CSR around 31-32 crores and is here at 16 crores, and that's why it has increased.

Okay, sir.

Thanks.

Thank you. Next question is from the line of Pranav Mashruwala from Daulat Capital. Please go ahead.

Hello.

Yes.

Hi. Thank you for the opportunity. So one question on tourism. So the top line has been healthy, but there's been some mild contraction in the margin. So what has been the current growth driver? For Q4, so was there some lower margin Bharat, Gaurav, or lower tourism packages versus lower premium luxury tourism? And how can we think about some of the sustainability of margins in this business?

So, decrease in margin is basically because of allocation of CSR of 1.5 crores. And decrease in the margin of Tejas express, 2,000 success we are running. So otherwise, this margin would be around 18%. Thank you.

Okay, great. Next, one question would be on rail lead. So, here we have seen a good margin expansion. So, what has been driving this margin expansion? Any operational efficiencies which are more sustainable or improved capacity utilization?

Yes, we, this last quarter, the pre-form rates were... Quite good, so that's how the margin percentage increased.

So, this may be a broad-level question. So, we've seen good growth in catering and tourism overall, but the ticketing growth has been a bit moderating, considering even the digital penetration is high. Thank you. The adoption is quite good. How do we see the revenue mix evolving over the next few years, and which business will be the primary growth driver for us?

Revenue-wise, primary growth, I see, in catering, it will continue to maintain, around 15%, and tourism, we are eyeing to continue with around, this year, we are booking 19%, should continue to be around 20%, and IT business is 7%, we want to increase the non-convenience fee, and for that, we are already working on unified portal and IP, so that will be around 10%, we want to maintain that.

Thank you. That's all from there.

Thank you. Next question is from the line of Karthik Gada from Multiple Wealth. Please go ahead.

Thank you for the opportunity. Am I audible?

Yes, please.

Yeah. So, on this, the CSR, which you mentioned, against 7 crores, we booked 31 crores. Understand. So is there what led to increase? Because in terms of full year revenue growth, we are at 11.5%. But the CSR increases almost like, you know, 4x, kind of a little more than 4x. So what is the rationale for such a sharp increase in CSR?

You see, CSR, as you must be knowing, that it depends on the profitability of last three years, and 2% of that. This year, why we booked this expenditure in the last quarter? Because most of our projects for CSR were sanctioned in this month, in this quarter. Thank you.

Okay, so would there be such volatility going ahead also or we should see it stabilizing around these levels?

This is an exceptional item. You see, every month if I book for, say, 2 crores or 3 crores or kind of thing, then in 12 months we can book around 36, 32 crores, which is there, the CSR liability onto us. But generally it depends on the, because we identify the POSAX, we examine its feasibility and viability and whether it is good or not. So it takes time. So I don't think it is making any, it is just an exceptional item, you can say that. Thank you. Perfect.

And just to understand the accounting terms, so there is some element of both CSR and ECL in the EBIT line item also, and hence we are seeing lower EBIT margins for catering and internet ticketing. Would that be right understanding? Last question from my end. Just to reconfirm the number of tickets which you mentioned, the total was 13.39 crores.

Thank you so much. That's it for myself. Thank you.

Thank you. Next question is from the line of Harsh Yadav from Daulat Capital Markets, Private Limited. Please go ahead.

Hi, am I audible? Yeah, please go on. Uh, you stated, uh, that, uh, Enhancement of ICMC for prepaid and postpaid trains for this quarter is a matter of subjudice. Could you quantify the potential incremental revenue that has not been recognised and what would be the timeline for resolution with respect to high quotes?

You are talking of the previous court case which is going on for CC60?

Yes.

So, that is under litigation. So, I should not comment in on to now, but under litigation.

Uh, one more question. So, uh, are there deadlines for coming? Uh, is it better now? Uh, am I audible now?

Yes, sir, this is better. Yes.

So the RBI deadline for submitting final application for the payment aggregator license has been extended to August 26. And you mentioned onboarding a tech service provider in Q3. Could you share the current milestone status of this application? And also once the license is secured, how quickly do we plan to launch the unified portal and what is the expected monetization roadmap for cross-selling travel services?

August is a deadline, and I'm happy to tell that we'll be able to do it by that time. And we have already engaged our partner. Thank you.

One more question on rain aid. So, as you mentioned last letter that you are doubling capacity for Danapur and Ambaranath and also working on four greenfield plants. What would be the execution status of these plants? And so, you indicated in Q3 that you were exploring tie-ups with other beverage brands to bridge that 40% demand supply gap. Has there been any progress on those discussions?

Yeah, we have already tendered our expansion plant for Ambannath from 2 lakh bottles per day to 3 lakh bottles, and similarly for Danapur railing plant from 1 lakh to 2 lakh bottles. So we have already tied up with the partner. The work is going on. As we got the four plants, we have already got land at Masur and Prayagraj. Thank you. Engaging with other partners, general partners, so discussion is going on. Our experience till date is not very encouraging, but we are trying to find out a good partner for that.

Final question on catering. So, you had highlighted that the prepaid Vande Bharat model operates on higher billing but lower margins. With the Ministry of Railways planning to scale Vande Bharat trains, how should we model the long-term sustainable margin for catering divisions? Are there pricing adjustment or licensing fee revision in discussion with the railway board?

You see, I never told that we don't get a good margin in Vandivara train. In fact, we are getting two things. One is our licensee, which is quite good. The other thing is our booking of revenue, because how it works. First, our licensees, they give us the license fee for taking the right onto the train, and then they serve the meals to them, and they raise a bill to us. In turn, we take the money from railways, which in turn takes the money from the passengers in the tariff, in the passenger fare, and that's how we are booking two things. One is licensee, another is turnover. So when we book the turnover, we have to raise the bill, and for that 5% is the bill which raised, which we don't get an ITC credit. So, whenever the increase in the revenue, trained revenue will be there, there will be an element of 5% of GST. So, I mean, I have to increase the revenue, so I have to bear this 5%. That's what I want to do. Thank you.

You're not audible if you're speaking in English.

Yes, I can start off, but it's okay.

I got it. Thank you.

Thank you. That was the last question of the day. I now hand the conference over to management for closing comments.

Good morning, everyone, and welcome to the call. Thank you. Thank you.

Thank you. On the behalf of IRCTC Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.