Ladies and gentlemen, it is an honor and privilege to host Indian Railway Catering and Tourism Corporation Limited, IRCTC, for their Q4 and FY 2021 results call. Representing the company, we have Rajni Hasija, Chairman and Managing Director, and Ajit Kumar, Director Finance and CFO. We would request Honorable Chairman and Managing Director to start the session with her opening remarks, post which we will open the floor for Q&A. Thank you and over to you, ma'am. Thank you very much. A very good morning to everybody. I welcome you all to this concall of IRCTC Limited for the quarter and the year ending ended on 31st March 2021. I hope that you and your dear ones are safe in this challenging times of COVID-19, which has affected each and every sphere of our life. Yesterday, our company had announced the audited financial results for the fourth quarter and the year endings of fiscal 2021, and same has been disclosed on both the stock exchanges too. We all know that the COVID-19, the pandemic, has had a severe impact on the Indian Railways operation and all our business segments. In fact, it has been the worst year for the tourism and hospitality business. Despite all the headwinds and challenges, IRCTC has shown remarkable improvement in its operation and financial operation. That will be evident from our results. If we compare quarter one with quarter two and quarter three and quarter four, there has been consistent improvement. I shall now hand over the concall to our Director Finance and CFO, Ajit Kumar, who will provide you details of the quarter and year-ending results for the fiscal 2021 fourth, which we shall have a question and answer session with you all. Thank you. Good morning, everyone. This is, of course, in the pandemic times, whatever the best we have been able to achieve, so that we have tried and this financial figures is here like this. The Q4 FY 2021 revenue was at INR 339 crore and saw a sharp improvement of 51% quarter-on-quarter. On a year-on-year, it continued to face the headwinds of the pandemic. EBITDA margin came at 42.8%, which was another high and saw an improvement of about 60 basis points quarter-on-quarter. On a year-on-year basis, the EBITDA margin was much higher than 34.4% in Q4 FY 2020. Net profit before exceptional items was at INR 107 crore, which implies a growth of around 36% QoQ and a decline of 29% YoY. For FY 2021, revenue came at INR 783 crore, which is a decline of course, 66% YoY and EBITDA margin came at 24.3% versus 31.4% YoY. Net profit before exceptional items came at INR 150 crore versus, of course, INR 527 crore year-on-year basis. Let me now move to the business segments of the company. The number one will be, of course, the Internet Ticketing. Internet Ticketing segment has been the most resilient business segment in these challenging times. The Q4 FY 2021 revenue Internet Ticketing came at INR 212 crore, that is an increase of 48% Q-on-Q and decline of just 7% YoY. The EBIT margin for the segment also saw sharp improvement QoQ to 82.3%. In catering segment, I discussed in our previous earnings call, has been severely hit by the pandemic. While the revenue for the segment has been improving Q-on-Q basis, however, it continues to be lower on year-on-year basis. For Q4 FY 2021, it was INR 67 crore and then - 75% year-on-year basis. I discussed earlier, this segment has seen restrictions like only ready-to-eat. Only ready-to-eat and no cooked food are allowed on board or sealed packed meals being allowed or meals to be ordered through e-catering. Versus the earlier one, that is the pre-cooked meals being served in the pre-pandemic era. However, the company has been able to reduce the losses both on absolute basis and EBIT margin level. The next segment is tourism segment. Of course, it is worldwide, this effect is there that this has seen the most severe hit of the pandemic for us as well as for the industry. The Q4 FY 2021 revenue, though more than doubled Q-on-Q to INR 32 crore, it is still 80% lower than Q4 FY 2020. This has, of course, had its impact on the profitability of the segment. Now, Rail Neer, the next segment, has also seen QoQ improvement throughout the year. I mean, just after the lockdown started lifting, therefore this earning started here. In Q4 FY 2021, its revenue improved by 64% QoQ to INR 278 million. For Q4 FY 2021, the Capex was INR 46 crore. For FY 2021, it has been INR 73 crores. The company continues to have a strong balance sheet with a net cash of INR 1,460 crores and net worth of INR 1,466 crores. During FY 2022, has again seen the surge in COVID-19 infection, the same has been brought under control. We have also seen significant improvement in vaccination. However, the third wave infection and the impact of same, it still remains uncertain. At IRCTC, we will strive by the tough situation as we have done in FY 2021, I'm confident that we could come out of even stronger. We can now move to the question and answer session. Thank you. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, to ask a question, you may press star and one now. Everything is normal. We would like to remind participants that you may press star one to ask a question. 28% already joined. The first question is from the line of Jinesh Joshi from Prabhudas Lilladher. Please go ahead. Yeah. Thanks for the opportunity. Two questions. First, can you help us, what is the convenience revenue and number of tickets booked in FY 2021? The ticket booked in the year 2021 were around INR 1,740 lakh tickets have been booked, which is almost 50% of the tickets that we had booked in the previous year. What is the convenience revenue? Convenience fee that we have realized in the year 2021 was around INR 299 crores. Okay, madam. Secondly, if I look at our Q4 numbers with respect to this tourism division, what I see is that the EBIT loss is higher than the revenue. Is there any element of one-off year? Secondly, if I understand correctly, majority of our receivables pertains to catering. While our catering revenues have gone down from INR 1,000 crores to approximately INR 220 crores in FY 2021, the quantum of fall in receivables is not that high. How should we be reading into this? I'll answer your second question first. You said your trade receivables have gone down and our rate is not in commensuration with the revenue earned. Actually, both cannot be compared because the trade receivable, which you were seeing at the closure of the last year fiscal, was around INR 777 crore. This was including all the trade receivables of the previous year also. This year, for the first time, since there was no accumulation of the other areas, IRCTC focused on decreasing the trade receivable and realized old outstanding dues from the railways. The reduction level will be different, although it is very high and we improved by 30% or so. While the revenues of the catering is almost 22%, you can say, of the previous year. It is not in commensuration with these because both cannot be compared. Most of our trade receivables from the railways have been in the catering segment. Majority of them, 90% of them are from the catering segment. Okay. Yes. The total figure of the trade receivable also includes every segment. Both cannot be compared. This is the outstanding of the previous year. The revenue generation is affected because of the COVID and the pattern of the business and the pattern of the travel. In the first quarter, we didn't have any train, and for the first time, we showed a loss. In the second quarter, we had few trains introduced. Third quarter, number of trains further improved. Fourth quarter, initially, the train number reduced, then they were increased. April was very bad. April and May. April and May were bad, but till March, we could get more trains. Okay, madam. The tourism part, if you can answer? Tourism is more than the revenue. I could not follow. The EBIT loss is higher than the revenue reported. Because of the prepaid traffic, which we used to have every year. If you see the catering segment, our annual sales from the prepaid segment used to be around INR 500 crores. Which is not there now. Since you're asking about the tourism, in tourism, many segments like Maharajas' Express, they never moved. This ATD also fell, various train operations could not happen. All our railway tourism was put to a halt, almost halt. It is only in the January we picked up a bit. Okay, madam. Thank you. The next question is from the line of Urmil Shah from Haitong Securities. Please go ahead. Good afternoon, madam, and thanks for the opportunity. Madam, first question was on the non-service charge revenue with the Internet Ticketing. We've done a commendable job at a time when the volume decline has been severe. I just wanted you to throw some light as regards to the different sub-segments of the non-service charge revenue and outlook for FY 2022 and FY 2023. In 2021, the total revenue from the Internet Ticketing segment has been around INR 448 crores. Although this is 27% lesser as compared to the previous year because of the less number of trains being operated and the number of passengers booked has reduced to half. The share of the convenience fee in this INR 448 crores has been to the tune of 66%, that is INR 299 crores. Rest of the segment is non-service charge or non-convenience fee, like 37%, 33 point something percentage from that segment. Out of which, annual maintenance of different schemes and annual other API integration charges amounts to around INR 100 crores. Other businesses like loyalty cards, et cetera, were there. 66% was the contribution of convenience fee, rest is the other businesses in the Internet Ticketing segment. The promotional schemes and the other schemes could not take off well because the advertising agency was seeing a very dense phase, and not many advertisers were ready to go through the Google DSP tool also, where the rates were made highly reasonable, very competitive. Rest of the revenue, like annual maintenance, et cetera, some leverage was also given to our licensees, to our service providers and partners, because for two months they could not do any booking, so those charges were adjusted also. This has impacted the overall contribution in that segment also. Sure. Ma'am, specifically if you could help with the income from our own payment gateway and on as regards the advertisement income for this year? You mean to say iPAY, right? Yeah, iPAY. Yes, ma'am. The iPAY income contribution has been around 7%. Yeah. I'll give you the right figure. Give me one minute. Yes, ma'am. It is around INR 15 crores this year we have received from iPAY. As compared to last year, what it is? Last year we had received around INR 28 crores. Sure. Ma'am, the same number for advertisement for this year? Advertising revenue from SMS, it has been very less. I think put together it is around INR 9.78 crores, advertising revenue. That is inclusive of all banner SMS advertisements, government advertisements, non-government advertisements, put together all. Sure. Ma'am, I just wanted an understanding on the margin profile of iPAY. There would be a combination of MG plus revenue share. If we look at FY 2022 and 2023 where there would be a normalization as regards the volume on a network, what would be the kind of revenue share that will have to be done with the partner? Actually, the revenue sharing along with the partner transaction, we should understand the business in totality. First is that in the UPI there is no share. UPI payments happening through iPAY does not have any share. When debit cards, few debit cards have, and any payment below INR 2,000 crores also does not have share. After that, whatever is left, there is a sharing of around 40/60 of iPAY between us and the partner. You can say the commission receivable from iPAY, it includes the transaction charges from the customer and the commission from the banks. Commission and sharing, we share with our partner the interchange commission that we share. We share with the bank also. First the bank takes, after deducting the bank amount, whatever is left, we share 50/50 between two of us. Sure. ma'am, what would be the share of UPI transaction? I believe this year the proportion of non-AC volume would have been higher. How is the share of UPI, ma'am? 24.18%. The total ticket being booked through our website through UPI handle is 24%, debit card is around 22%. More than 40% is gone without transaction charges share. Rest, we earn revenue on the net banking credit card, iPAY, Bharat QR also for some money like that. Sure. Ma'am, I was asking the share in the number of tickets booked overall. It is around INR 420.78 lakhs out of this 1,700 tickets, 24% is this. 24%? Yeah. Yeah, sure. Ma'am, last question was, now that the catering was allowed during the Q4 e-catering, I am referring to, and we had talked about we looking at tie-ups with the aggregators. If you could comment on how has the traction been on e-catering, and how are the talks with the aggregators going on for onboarding it to our platform? Are you specifically asking about e-catering, or you are asking in general about the catering or maybe? Ma'am, I'm asking about e-catering only. Right. In the case of our e-catering, we have made certain changes in our policy, in the aggregator model also. Fortunately, in the e-catering we have done a few new tie-ups, and we have increased our commission from 10% to 15% marginally. There is going to be some benefit, and booking through e-catering is going up. Very recently, we have opened booking of e-catering food through our B2C partners also. ixigo, MMT, and MobiKwik, and three, four other lead partners of B2C business have opened e-catering for us. This has given some increase and when initially we started, we were booking around 1,000 meals, et cetera. Gradually from 1,000 meals, now on the holiday we have reached up to 12,000 or 11,000 meals also. Although the number of our ticket being booked is almost 50% that we were booking earlier. I can say that we are about to reach the pre-COVID level very soon, if this trend goes on, because more and more B2C partners are going up. We are finding some light in the e-catering. Sure, ma'am. Many thanks for the explanation. I'll come back for follow-up. Thank you. Thank you. The next question is from the line of Rahul Jain from Dolat Capital. Please go ahead. Yeah, hi. Ma'am, firstly, if you could tell us in terms of what is the status of number of trains operational at the end of March, and what is the status today, and similarly on the number of food units that are operational at the end of March and as of today approximation? You had asked about the number of trains and what was your second question? Number of food units and pantry cars. Food units and pantry car. Pre-COVID, we had 417 pantry cars operational. Now we have around more than, I think, 250 pantry cars are operating. This number is very dynamic because the trains being announced, these are special trains and it is of a very lesser frequency, two months, three months. The number of trains are changing very fast also. The number I may be telling you now may not be there tomorrow. Yeah, understand. This 250 is as of June or this is you are saying of March? This is as on date. Okay. This 250 number. Of March category available at one. Okay. Overall train basis, number of train basis. Even if there is not a pantry car is not there, we still have a train side vending and we still have a train side vending contract on these trains. Don't [threathen]. No train is being left alone without a contract. Each train is a revenue for us. Right. The total number of trains which were operational in March versus now? Number of trains. Yeah, plus you can say it has increased by 20% from the March. Recently 800 train, more trains were announced and gradually we are getting train in a phased manner. Initially we got 130 trains, then we got 140 trains. It is being increased every month, every week. Yes. 800 is the recent most status, and this is 20% higher than March status. Yes. Okay. In the catering business, wherever we are coming up for renewal, what are the like-for-like revenue we are collecting? Let's assume there is a renewal for Chennai station. What was the license fee on an average they were paying pre-COVID versus what is the percent today? COVID has not ended fully. Footfall at the station has not gone up at pre-COVID levels also. The trains, only the reserved segment travel is permitted other than the suburban traffic. Many of the stations are not having adequate footfall. Food Plaza and FFU units are being operated at a reduced license fee. Incremental increase in the license fee that happens normally annually will happen after, I think two, three months when the footfall is restored to normal [MC]. First, when the units were closed by the state, the dies non period start, and in the dies non period, you have to hold hand of licensee so that he is able to fulfill the contractual obligation. Just to provide services to the customers, they were persuaded to open all the units at a reduced license fee. That period is ending today. Today we are going to decide how much license fee they will be working because the footfall at the stations has not reverted back to pre-COVID levels yet. The total number of passengers, though in the reserved segment is more, but unreserved because at station sale to food units is happening through the unreserved segment also. That is not there. Desired footfall is not there for them. We have to work with them on a reduced license fee. Increment will happen once normalization is restored. Right. On the tourism side, our losses even on a quarter-over-quarter basis, what I mean to say Q3 2021 versus what it is today, it has increased from INR 11 crore to INR 42 crore. Is it because we started the Tejas operation and also the Golden Chariot, which was started during this quarter? Is it some one-time expenses we have incurred towards Golden Chariot marketing or refurbishment for Tejas, which has resulted in INR 30 crore higher losses on a QoQ basis? That is because of the provisioning made. See, during COVID-19 period, the Tejas and Mahakal operations were canceled like other trains. Unfortunately, the provisioning was made for the fixed charges. Some fixed charges are to be paid for the operation of these Tejas and Mahakal because we have taken these rails from Indian Railways. There are fixed charges for that. Since the operation was not happening, we have represented to Ministry of Railways for waiver of these charges, which is under consideration. Dies non period and is applicable for the normal licensee, is applicable for IRCTC as well. We have represented. We were given some relief initially, but that relief was not in compensation with the total amount charged. We have represented again to Indian Railways. We have made provisioning for that. Maybe once we get the approval, this will be counted in the revenue in the next quarter. Right. Out of this INR 44 crore losses, what is this provisioning and is it for the full year instead of one quarter? INR 28 crore is the provisioning, sir. Okay. This is for more than three months, which we have done in this quarter. Actually, it's for the entire year. Okay. Basically, in the earlier period, we were not assuming this as a cost, and that we have accounted in this quarter. It was entering as a cost, but when we started Tejas in the first six months in 2019, 2020, we have already built in and we have paid to the railways also this cost. Right. That was in our expenditure. Unfortunately in 2021, in the beginning of 2021, Tejas had to be canceled. Right. That is why you can see very categorically that the trains were not being operated, and it was there in our footmarks also. That provisioning for INR 28 crore has been made this year. The document that we have submitted to stock exchange. Basically, this INR 28 crore amounts to the leasing charges for period of January till March. Leasing charges and the fixed all they charge. Okay, this is only amounting for one quarter only. No, sir, it is for the entire year. For non-operating. For non-operating years, for which we were told to pay by Ministry of Railways. Okay, this was the total quantum for the full year. Yes. Any of the fixed lease charges and all their charges were not expensed during the quarter. That's why all of them have accumulated to INR 28 crores, which is charged this quarter. Yes. Any significant spend we have done on this Golden Chariot during the quarter? Golden Chariot, most of the marketing was done by local offices. It is only the digital marketing we did. No paper advertisement, nothing we did. We have not resorted to any press releases other than Maha Darshan, where we have done a very petty expenditure. In fact, our total expenditure on the marketing would not have crossed even one year. Right. We spent mostly on digital media. We hardly spent on print media. Right. Just to get the understanding. In this quarter, when we report the April-May-June quarter, the losses in this period should more be on lines of what we saw in Q3. Because this one time, INR 28 crore thing will not be there. It will be reduced by this amount in the subsequent quarter. It may be reduced. Yes. It may be reduced in the first quarter or second quarter this year. The moment we get approval from Ministry of Railways, for which we are working very hard. We have also presented our case in a very coordinated manner, and they appear to be very much convinced. See when we get the letter. Much appreciated, ma'am. Thank you. That's it from my side. Thank you. The next question is from the line of Urmil Shah from Haitong Securities. Please go ahead. Thank you, ma'am, for the follow-up. I'm not sure whether it is the right time to discuss this, but just wanted your thoughts on the train privatization program. Last quarter, we had said that the process is getting delayed. One, an update on the same, and is there any update on our plan for a JV or leasing out options? See, the date of commission of RFP has been extended from 30th June to 23rd of July. IRCTC was very much in the race. I had told earlier in the earlier conferences also that IRCTC has been qualified for almost 11 clusters except for the Bangalore cluster. 10 clusters because Hyderabad, we did not apply. Our stand remains the same. We are in the process of getting our partner. There's slight change in our strategy because now we are looking for a strategic partner who can go ahead with us for more than other trains, for all kinds of operations happening in the future. Expression of interest for that is already out, and the date for closure of that RFP is going to be around 2nd July. 2nd July, we are closing that, and we are also in talk with many rolling stock providers and other financial houses so that we can find a partner who can spend some money. As you can see that there is some change in our segmental revenue also. We have to find out a partner first to go ahead in this tender so that we can participate in more clusters. Sure. Ma'am, did I understand it correct that you are looking at a partner who can participate in this league of privatization and also on other operations like the Tejas trains, et cetera? It's a strategic tie-up where we are looking for a partnership person who can invest some equity in the company. Though we have reserves, but we can't spend it all, otherwise our development will come to a halt. We need to have a person, and we shall be forming an SPV or JV subsequently. Right now, SPV is on the plan. Sure. Ma'am, just last thing about the bus ticketing business. Has that seen a pickup to be topped up or we'll have to wait for things to normalize and our volume also to augment, which might happen during the year? If you see the previous year, 2021, the number of tickets booked has reduced to half. In April, it further reduced for a few days because many trains were canceled. May hit the effect. In June, there has been a very good increase. On few days, we were booking around close to 10,000 tickets in a day. I can say the trend is very positive with the more trains being introduced and the 2S class being there. The internet booking in June has been much, much better than the previous year. Of course, previous year we had COVID, and the previous June also. Ma'am, my question was more on the bus ticketing business. Bus? Bus ticketing. Bus ticketing. Oh, sorry. I considered that as a railway ticketing. Bus ticketing has started picking up. Initially, there was a hiccup with the lockdown happening because this is being given by many state governments. It has started picking up. The pace is very slow. I must say pace is very slow. We are now planning a marketing along with our partners. Sure. Thank you so much. Thank you. Thank you. The next question is from the line of Richard D'Souza from State Bank of India Mutual Fund. Please go ahead. Good morning, ma'am. Just a couple of questions from my side. I just want to know that currently you said that about 800 trains are operational somewhere in June. Pre-COVID, what were the peak number of trains operational? I said 800 number of trains were ordered, that they will be operating. If I give you the correct figure, in the month of March, we had a total 430 contracts for the trains, for the catering. Now we have around 450 trains contracts available, and 100 such contracts are in the pipeline. These are the catering contracts. Our revenue from trains is not only the catering revenue, it is the ticketing revenue also. Where the trains do not have catering cars also. If you multiply it by two, you can say around 950 or 1,000 train miles would be running. I'll give you the exact number before I close. Yeah. I just wanted the- I will give you the exact number. Yeah. Ma'am, I just wanted the number of trains which are operational for which ticketing is being done. Okay. I'll get you the number. Let's say pre-COVID peak and currently now in March. March and June. That was one number, if you could share. The second thing is, when we move the reservations basically from unreserved to reserved, that S2 category. How many coaches were added or how much incremental tickets could be on offer? I will give you the coaches that were added were of the 2S class, right? In the 2S class, our booking is amounting to be, in the year 2021, the percentage booking for this particular class has been to the tune of 36%, which is slightly lesser than sleeper class, which is higher, around 40%. You can say the second class is now beating and tracking with the sleeper class also. The increment in the ticketing has been basically due to this and the number of trains. Okay. Thank you, ma'am. I'll come back later, and I would appreciate if you could share the number for the train. Just wait for a while. I'll get you. Yeah, ma'am. Thank you. Thank you. The next question is from the line of Varun Goenka from Nippon India Asset Management Company. Please go ahead. Yes, good morning, ma'am, and thank you for covering it so well. My question was around ticketing. We were doing around INR 30 crore, INR 32 crore tickets, before pandemic hit us, FY 2020, I believe. If you could give a sense of what is the kind of ticketing opportunity we have for next three, four years, because there is a large non-PRS segment, a lot of unreserved category. Where does INR 30 crore, INR 32 crore tickets become over the few years when even normalization happens and government gives you more ticketing areas, opportunity related to managing the whole ticketing part. Sorry to interrupt, Mr. Goenka. There is a slight disturbance coming from your line. I request you to mute your line when the management answers your question. Sure. I would like to explain first that it is not only just the reserved ticketing that we are doing. We are assisting Indian Railways in the non-reserved segment also. The payment gateway in the non-reserved segment are being provided by IRCTC only. It is kind of a social service where we are not getting any revenue, so it may not be of much importance to you. Whether we have been trying to get some share in the non-reserved segment also in the form of a convenience fee. The amount of a ticket value is very low. In order to promote the digital payment, Ministry of Railways has taken a call that these charges will not be there. It is only the bank charges that bank might be charging at their end. At many banks may not be charging because the transactions happening on these tickets are very low. As of now, what I foresee that this 2S getting the percentage of the 36% will be the determining factor in the years to come. In the next two years, this 36% figure will vary up to 40%, may go up to 40%. That is my personal thinking. The sleeper class also will go up because you would have seen that there is increase in the total traffic. Earlier, we were booking around 72% of the Indian Railways ticket. This year, we have booked around 80% of the Railways tickets, reserved tickets. This 8% increase in the overall ticketing, don't go by the number. Overall percentage, the number of person booked, if we see that, we see some light over there. If our efforts in getting some share in the unreserved segment also succeed, then we will be a double gainer later. For which we have been trying. Sure, ma'am. Thank you. On the payment gateway side, the efforts that you were making, if you could help us with the progress that side, so that eventually all payments go to iPAY itself, and we have to share less with the banks. It will not be in the interest of industry and being selfish on the part of IRCTC if I put iPAY. Firstly, it's not that iPAY will not be handled by others. Why we have such a multiple solution? We take money from many of them. Transaction charges we share with them. Of course, our share in the iPAY is more as compared to the other GTs. There's no doubt about it. We have to see that the passenger is at ease, and we should not get greedy too. Gradually we are proliferating, but gradually we are increasing the lead and the column, the place, et cetera, we are changing. At the end of the day, we are a government company with 67% share of the government, where we have to ensure level playing for all of our partners. If I have iPAY, IRCTC is also. I have [YCC], IRCTC also. I have also with me. I have to be fair to them. They are also giving me money. I have to take everyone along in this digital journey of India. Right. Thank you. Just final point, will we eventually look to integrate all air ticketing, bus ticketing, railways? Air ticketing are already there. They are IT because these are my businesses. There we have given preference to IT. All right. Thank you. Preferences are there. It's not that we are not giving preferences to IT. In fact, we are going forward also in getting some licenses from RBI so that we can take this IT for other government agencies for pay as a payment mode. Efforts are on. Maybe next year you'll hear that. Right. Thank you. Thank you. The next question is from the line of Mannan from ICICI Securities. Please go ahead. Hello, ma'am. My question is towards the capital expenditure across your IT infrastructure, across Rail Neer, and the private routes that we are planning to bid as and when the bidding gets started, if any other areas I have missed. What will be our capital expenditure in doing it? Yes, absolutely, sir. This year we have spent around, we intended to spend INR 100 crores, because of the restriction imposed and the second wave starting in February itself, we reduced ourselves to INR 73 crores. We have ordered, this year we are planning to spend again around INR 90 crores-INR 100 crores in improving our infrastructure in Internet Ticketing. Because the tender IRCTC could not open the previous year, we would be doing this this year. Ma'am, for Rail Neer and other endeavors? Rail Neer, earlier we had 14 of plant operation. Now we have Una plant has also been made operational. Bhusawal is going to be completed very soon, and I think Vijayawada, NTPC Simhadri and Bhusawal shall be commissioned in this financial year. The other two plants in Kota and Bhubaneswar will come up in the year 2022 and 2023. These will be INR 20 crore-INR 25 crore kind of number or much less? Less. They are lesser because we have the 72 plant is with the 70, I think, there we have given some capital support of INR 8 crore each plant. You can say INR 8 crore, but we have already given the support because the machinery has been installed. INR 8 crore more, so INR 25 crore. 2021, 2022. 2022, 2023, yes. I think around INR 16 crores we give as a support. Okay. Ma'am, for the private routes, as and when they come in, we were planning to have the rates on our own books because it was a better IRR given 10-year depreciation. How does that work and what are we planning there? It certainly works very nicely provided we win a tender. As of now, for running Tejas, we were given certain dispensation and certain handholding was done by Indian Railways. If we go for a private rate now, one thing is first is getting them approved from RDSO and other railway official agencies will be a challenge for us. One. Secondly, CRS sanction will also be a challenge for us. Thirdly, if I use those rails and Railway loses revenue, then the dispensation given to me will be withdrawn. I think I have been able to make myself very clear, sir, that as of now, we are using the coaching stock of Indian Railways. It will be a real challenge for IRCTC to run with the private stock as of now. If we win a private rail tender, then we may have to get a separate sanction for those trains, then there shall not be a problem. That will be a different story. This is going to be a different story. Yes, we have calculated that running by with a private stock may be a cheaper option as compared to this. Ma'am, as of now, we have no such plans and nothing budgeted for that endeavor, right? Private train, what we have to spend this year is first to winning a tender, we have to plan the BG etcetera. We have already provisioned around INR 60 crore etcetera we have reserved. In case we spend, then we are also looking for equity participation from our partner. 60%, 50% he would be doing. That we would be doing. If you can say, we have made an internal provision of around INR 100 crore, and pays rise year by year. In any case, if we win tender, say by September or so, or October or so, two-year time period is still there to start the operation. The planning will be done by getting the best rates, because [FCD] will be there, they will be tendering it out, and the best rates of the rolling stock provider will be taken, then the provisioning will be made in the next financial year. Thank you so much, ma'am. My last question, who will be these typical partners that we would have? I cannot disclose as of now, sir. Okay, ma'am. Thank you so much. It will be the tender. Thank you. The next question is from the line of Mayank Babla from Dalal & Broacha. Please go ahead. Thank you for taking my question. Congratulations on a good set of numbers, ma'am and sir. Ma'am, you have given us the number for FY 2021 in non-convenience. Could you give the same for the quarter, the non-convenience income? Same number of ticket books for the quarter. Unfortunately, for that particular quarter, I'm not having the number readily available, but can be made available. Let me see. Quarter four INR -150 crore. Okay. Convenience fee was around INR 150 crores, quarter four. Quarter four. Okay. Wait for a while. Yeah. What is this? Number of tickets. Quarter four. I'm sorry, I don't have these figures readily available with me. Give me some time, I'll get you. Sure, ma'am. Just one more, if I could squeeze in. The Rail Neer capacity as of date. Rail Neer capacity earlier with 14 plants, we had around INR 14.08 lakhs per day. With the new plants coming up this financial year, four plants are added, it will be around INR 16 lakhs per day. If the COVID continues, then the demand will be less. The production level may not be there. The capacity utilization of the plant may not be of the top-notch. The COVID is actually affecting this business, catering and Rail Neer is an extended catering. Right. Okay, ma'am. Thanks. I'll just wait for the number of tickets in the queue for whenever you get the number. You can note it down, sir. Okay. You can. In the month of January, we had around INR 281 lakhs. In February, INR 298 lakhs, and in March, it is INR 319 lakhs. You can now combine 3 to 57. Around 8, 9 something. Sure, ma'am. I'll do the reverse calculation. Please. Thank you, ma'am. Thank you, and good luck for the next year. Thank you. Thank you. The next question is from the line of Niket Shah from Motilal Oswal Mutual Fund. Please go ahead. Thanks for the opportunity. Ma'am, just one question. Wanted to understand what will be the peak revenues, given the fact that we go back to pre-COVID levels and adding the new trains which will also come on board. If you just take that into consideration plus the 2S benefit, what can be the peak revenues that we can generate? It's very difficult to bisect, and dissect a COVID period because there are multiple trains charging up at a higher point, and then it kind of shuts off and again starts off. It's very difficult to byte and byte on that. Would it be possible for you to give us some sense of what can be the peak revenues that one should assume, assuming everything goes back to normal? Hope everything goes to normal fast. Still we personally feel because we are in a hospitality sector, we are the worst affected. Tourism may not happen because still these restrictions are there, sir. I understand. I want to understand from the transactional ticket part of the business. Only the ticketing part, you said? Yeah. Ticketing will grow. Today it is growing. What can be the peak revenues for that volume? What is the peak revenues assuming you got peak tickets? Peak ticket volume. We are already at peak 80%. No, ma'am, my question was, assuming all the trains go back to full utilization the way it was earlier in pre-COVID levels, what can be the peak revenues or peak ticket sales, whichever number you want to give it, because it also includes 2S, right? Last year, our total revenue from Internet Ticketing segment was around INR 619 crores. Sure. Yes. Right. Out of which 58% were from the convenience fee. That was around INR 349 crores. You can say if we go back to previous volume and then we would be earning around INR 360 crores to INR 400 crores from the convenience fee. Convenience last year was INR 349 crores. Sorry. You can say INR 349 crores was there because we started in September 2019. You can take out the average for the month and then multiply by that number. It's all right. Okay. Got it. Okay, ma'am. I'll come back to you. Thank you. Thank you. The next question is from the line of Dhruva Mukherjee from Malabar Investments. Please go ahead. Hello, ma'am, good afternoon. A very good afternoon. Ma'am, has the share of bookings coming from our B2C partners gone up over time? It has. How high do you see it going? If I share the exact figure with you, the bookings with our B2C partners are really doing very well. I can say that, let me see. Our B2C partner bookings earlier were around 14%. Now they are around 16%-17% bookings are happening to our B2C partner as a normal user. They have the revenue, you know we have additional revenue also. Exactly. Do we mind it going as high as possible? How do you feel about transforming from a B2C company to B2B? Why should I stop? Tell me one reason. If I'm getting those rupees, why should I stop them? No reason to stop. Do we want to remain the first place that a customer goes to? We have a various kind of booking pattern. We have B2B partners. We have a government team also. We have G2G partners also. We have normal user booking also. We are very multifaceted. It is going to be survival of the fittest. Whoever is going to present the booking in the fastest manner and the nicest manner and give the facility to the customer, so he will drive away the business. For me, the facility is going to be mine, so I'm going to be benefited by more of B2B partners as compared to B2C, but still B2B is a gainer for me because still I get the convenience fee. Yeah. Currently what share of booking should be coming from offline agents? Offline agent now is going very less. It is around. Because generally, I think offline agent we have only in the internet [schedule team]. They are around to the tune of 3% only. You have government G2G business. There you have many reservation centers of the big government. There the booking is not even 1%. Most of the bookings are happening online only. Even in the government sector also, the portals that we have tied up, they are online. Offline we don't do. Indian Railways that do is around 20%. Still they are doing 20% because 80% is online. Okay. People getting agent ID on IRCTC and booking as well. Yeah. From 72%, the journey has been up to 80%. Maybe next time when we talk, we have traveled further. Yeah. Okay, ma'am. Thanks a lot. Thank you. The next question is from the line of Ashish Agarwal from Principal India. Please go ahead. Yeah, my question has been answered. Thanks a lot. Can I answer the questions that how many trains are running as of now on Indian Railways? It is around 1,500 trains are running. Hello. Many of you had asked. I think Urmil had asked, and after Urmil from Dolat Capital had asked, someone. Someone had asked how many trains are running from the Indian Railways setup where the bookings are happening. There are 1,500 mail express trains. Suburban services are also there. Passenger trains are also there, but they are in the unreserved segment. That is happening mainly in the western region. Thank you. Due to the time constraint, this was the last question for today. I would now like to hand the conference over to IRCTC management for closing comments. Thank you very much, all of you. It has been a really brainstorming session. The year has been very difficult. Initially we were not doing very well in the first quarter because IRCTC had shown loss in the first quarter. Gradually we improved in the second quarter, then third quarter we improved further, and in the last quarter we improved the further. Put together, I think we have been able to restore your confidence of our investors and declare the dividend of around 50%, INR 5 crore at a face value of INR 10 crore in this pandemic also. Rather pandemic is still continuing. As I've been mentioning every time that our hospitality sector has been worst affected and the tourism is going to take some time to take off, especially the inbound tourism, because many of the air traffic restrictions are still not open. Our queue traffic will take some time to scope up with the changing environment. Secondly, the catering pattern is also changing. The segmental choice pattern is also changing. This pandemic has affected each and every corner of our eating habits also. The market though will decide who live in this market for long, but we hope that these things will change. By saying so, I wish you all the best, everyone, for the coming year, and stay safe, stay healthy. May the COVID not take over you, and you should all stay healthy and safe. Thank you very much, investors. Thank you very much. Once again, a very good afternoon