What is the status of payment aggregator license applied to RBI? There is a significant increase in bills receivables and current assets — is it payment pending from state government for tourism? And what is the scope and growth ahead for tourism?
As about the RBI license, we have submitted in principle approval with RBI in December '24. They have asked for certain clarification, which we have already replied and awaiting their response. Regarding bills receivables, this is largely with Indian Railways — our parent organization. We are getting it clear from time to time. On revenue tourism — the revenue has increased very high, and the momentum has already achieved. And we are likely to take tourism further for growth of our company.
For how long will bills receivables get cleared — next few quarters or will the amount stay the same?
We have already introduced a system whereby we get certain percentage of our bills outstanding as an advance. The moment we book the tickets, we get the advance. So this process challenges we are working on to it, but there is no worry so far as bill clearance are concerned.
Are we planning new things in tourism ahead or will we be able to maintain the current revenue growth in upcoming quarters?
You see revenue from tourism will grow and grow only. That much I can say.
We recorded an exceptional gain of about INR45 crores in this quarter — about INR40 crores pertains to one-time reconciliation of legacy business. Can you explain what this pertains to?
We have legacy items since many years. This year, we could clear the legacy transactions. BOD has taken an initiative that we should clean our balance sheet. There are two additional factors — one is some dues payable to KTDC, Karnataka Tourism Development Corporation, where we took some negotiation and got back some money. Secondly, around excess provisioning of PRP of around INR5 crores were again got back.
Any update on the RBI payment aggregator license — timeline?
We are likely to get this in principle approval in this quarter, I believe, or next 2 months, 3 months. Then we'll have to go for final approval. That will take around a year.
Can you give numbers on Zomato and Swiggy performance — how are they doing with IRCTC e-catering?
I will not be able to provide specific to Zomato or Swiggy, but I can give the overall e-catering picture. Annually, we grew from INR33 crores last year to INR54 crores this year — a growth of 63%. And in Q4 itself, we have grown from INR9 crores to INR15 crores, that is a 53% increase in the revenue.
On repricing opportunity — some vendors from the post-COVID pricing dispute haven't come to revised pricing. What is the percentage still not on revised pricing?
The matter of self-assessment is under dispute and under litigation.
Are there any bigger events lined up for this year that could drive tourism growth the way Mahakumbh did?
You must be listening government policy nowadays that government is all up increasing the employment and because of tourism. So it is in the radar of government, we are the arm to execute that. So we can see it hopefully in the best possible.
Are we planning to add more trains for tourism growth in FY26?
Bharat Gaurav is not 1 train — we are running 10 rakes. We are adding one more rake to this Bharat Gaurav. And this Bharat Gaurav as a brand, it runs on a different itinerary — we have 16-17 itineraries on which it runs. One rake we are planning under discussion.
Catering revenue was flat in Q4. We should have got a boost from Mahakumbh special trains and Bharat Gaurav. Why is the revenue flat?
Mahakumbh trains were run without catering facility because the main target of government was to take more and more passengers to the Mahakumbh and clear the rush from there. So these TOD trains were largely without catering facility as a prepaid trains. But last quarter, in Q4 '24, we had a quite good chunk of Aastha Express run for Ayodhya where our catering facilities were there. This is the main cause of Q4 getting flat. Also, Bharat Gaurav train is not related to our catering business — it is related to tourism, which has grew around 12% this year.
Can you share the number of tickets booked and the convenience income for Q4? Also AC and non-AC ticketing mix and UPI share?
Daily average ticket booking this quarter is INR14.33 lakhs per day as against INR12.91 lakhs per day last year, around 11% growth. Convenience fee for Q4 was INR242 crores as against INR224 crores last year. The UPI is around 47.68% in Q4. This UPI for the whole year is 46.27%. Full year: AC is 2,525 lakhs, non-AC is 1,952.7 lakhs, and 2S is 586.7 lakhs. Total ticket is 5,065 lakhs.
How is Tejas Express performing — occupancy and revenue or profit numbers?
Tejas occupancy in this quarter is 93.2% as against Q4 last year, 85%. Both the Tejas 2 put together, we have around INR9.18 crores of profit on a revenue of INR177 crores.
Which trains work in the tourism sector? And why has there been an increase in current assets?
We are running Bharat Gaurav train. We are also running Maharajas' Express and Golden Chariot. Current assets has increased because of increase in debtors.
IRCTC changed advanced ticketing from 6 months to 2 months. What is the reason and are there any near-term challenges from changing government policies?
Changing the number of days will not make any difference on our business, and that we cleared through stock exchange also. How many days prior ARN should be made for booking a reserve ticket is a purely decision of Government of India, Ministry of Railways — IRCTC has no role into this. But I can assure you that this will not be any concern for us.
Will SwaRail provide additional monetization features or new revenue streams for IRCTC?
SwaRail provides reservation tickets for reservation, UTS, parcel, goods and any business related to railway. We are dealing only with one part of it, that is reservation, so reserve ticketing. So far as ticketing is concerned, it will continue like that. And we are not entering into other ventures.
What are new initiatives for non-railway revenue growth — any new revenue streams beyond current line of businesses?
We have around 30% we are going in the non-railway revenue also. We are planning to merge our all the OTA platforms for improving our hotel bookings and MICE activities and air bookings — we are planning to have a unified portal and which will be a good trigger to give a good business going forward, non-railway. Air packages grew 28% — last financial year was INR68 crores, this year is INR87 crores.
Can you give revenue and profit contribution from tourism trains — Bharat Gaurav, Maharajas' Express, Golden Chariot?
Bharat Gaurav train this financial year: INR277 crores revenue, nearly 8% margin. Maharajas' Express: INR92 crores revenue, 18% to 20% margin. Golden Chariot: INR2.83 crores revenue — just started.
As more Amrit Bharat and Vande Bharat sleeper trains come online, what kind of revenue growth should we expect in catering?
All the Vande Bharat trains are prepaid trains. And similarly, Amrit Bharat trains are having pantry cars. So both the things will lead to enhancement in our catering business and, of course, IT business.