for giving us opportunity to host a call. We have with us the management, represented by Miss Rajni Hasija and CMD, and Mr. Ajit Kumar, Director of Finance and CFO. I would now like to hand over the call for the management for some opening remarks, and then later we can open the floor for Q&A. Thank you. Over to you, ma'am. Very good evening to everyone. At the outset, let me congratulate all the investors that your company has done fairly well if the yearly results are to be seen, we have also shown very good performance quarter-over-quarter. Not only quarter-over-quarter, but on the contrary, we have shown very good performance on the overall, the preceding year quarter also. The company has recorded the revenue of. You might have seen the results by now. The overall turnover of the company has been to the tune of INR 3,541 crore as compared to INR 1,878 crore in the previous year, this is nearly 92% high as compared to the previous year. Similarly, in the area of profit after tax, we have also closed with very good numbers, where we have shown 52% improvement over the previous years. The quarter has been pretty happy for all of us, we have shown tremendous improvement in few segments like tourism, three, four segments have come out of the pressure from the COVID, all segments are doing well. You might have also noticed that there is slight change in the EBIT margins because of the change in the revenue pattern. Now, the catering is contributing to 41% of the total revenue, whereas the internet ticketing is at 33% of the total revenue. Where the margins are pretty high and there are margins are little lower, thus that variation has been noticed by industry, which is taken well. The efforts to increase the margins are there, and it is a long-standing endeavor to be taken by IRCTC. With this, I close my opening remarks. I'll request you to start the Q&A session now. Thank you very much. Anyone has a question, then please raise your hand and please ask the question. Hello. Am I audible? Yeah, yeah, Mayankji. Yeah. You are audible. Yeah. Thank you for taking my question. Congratulations on a good set of numbers in FY 23. Ma'am, if you could highlight some of the, you know, some of the levers that we have at hand for expanding our margins segment-wise, that would help us a lot. Yeah. Sure, sir. We, I will handle segment by segment. In the catering field, our margins have been, the contribution of the catering in the profitability has been 12%, and our profitability margin has also been ranging from 10%-12% always. That is what that overall segment has been designed in such a manner. Our focus will be more on the eCatering in addition to the proliferation of our catering. Earlier, we had nearly 417 trains with the pantry car before COVID. Now we have nearly 497 trains after COVID, which are where we are providing services through pantry cars, and all these contracts have been awarded by IRCTC. You might, the new train segment, like Vande Bharat, is also in the pipeline. All such new contracts are being offered. Mm. IRCTC is in all readiness to award these contracts in time and do the operation, even at the one-day notice also. This segment also has a light that in the way of a new trains coming in. In addition to the trains with the pantry car, we would be entering into more contracts with the Train Side Vending units. For so far, we have completed nearly 700. 497 trains, we would be entering into more contracts. This is of a continuous nature work. Every month we are entering into more and more contracts so as to provide catering services to the customer. In the field of tourism, we have a new segment here. We are already there in the case of a budget tourism, luxury tourism, comfort tourism, economy tourism. In the field of budget tourism, we used to operate Bharat Darshan trains. These trains have now been replaced under Ek Bharat Shreshtha Bharat Scheme of Government of India, where Bharat Gaurav scheme has been initiated. In that scheme, we were operating nearly 80 to 90 trains in a year, but with these rakes have been specially designed and going to operate on a theme-based circuit. Theme-based circuit, like Guru Kripa, Ambedkar, Ramayana, Jain Circuit, Krishna Circuit, and you have Jyotirlinga Circuit and many other religious circuits, we are going to operate these trains. Instead of now these 80 to 90 trains in a year, IRCTC, in turn, will be operating nearly around 250 to 300 trains in a year. With, because earlier we had a problem of a dedicated fleet which was no longer. At times, the fleet was not available with us. Now, we will have the availability of the fleet with us round the year. That will not only have a very good brand equity, but will give a substantial amount of revenue in the tourism segment. The luxury is doing very fine. All our in fact, for Golden Chariot also, we have started receiving good number of a query. Maharajas' Express has done exceedingly well as compared to all the luxury trains of the country. We have recorded INR 55 crore of the turnover from the Maharajas' Express alone. In tourism also, the brighter side of the day is that we are into all kind of a tourism. That is, you call for the luxury tourism, inbound tourism, outbound tourism, where we take air packages to the other countries. As now we are producing only 15.58 lakh liter bottle a day. Now we would be producing nearly 17 lakh liter bottles a day, because one plant we have commissioned this year, that was Bhusawal was commissioned. Simhadri is in the pipeline. We are going to commission these four plants. Visakhapatnam, that is Simhadri, then Kota, then Vijayawada, and one more plant we are going to operate that soon. In addition to adding new plants, we are also upgrading our existing plants so that within the same area of the network, by adding, by putting some small infrastructure capital investment, we can increase the productivity and can earn fast revenue and is able to serve the demand of the market. That is in the Rail Neer segment. In the internet ticketing segment, our focus will not only be to serve the railway ticket customers, where we have already made a presence to the tune of 82%. We would now be serving, providing the non-convenience fee resources. We will try to upgrade those services and provide more and more services under this segment, so that EBITDA margins in this particular segment is nearly and little more than what we have in the internet ticketing segment. Our focus is that because 82% we have already acquired and transition has been there, we will try to capture whatever best we can in the industry. Our revenue in the advertisement segment will also go up, and same is the, our payment gateway will also go up. The loyalty scheme, we are going to enter more and more agreements with the other banks so that our revenue in the loyalty card segment gets also a momentum. Right. Thank you for that, ma'am. My second question was around specifically on internet ticketing space. I had followed this stock earlier, and I, you know, back, I think a year or two back, our promoter, Ministry of Railways, had some sort of sharing request. What is the update on that now? How much are we sharing with the Railways? That was, Mr. Mayank, that was reverted in nine hours. Yeah, correctly, I remember. Right. Yes, yes. Now what is the progress after that? Yeah. The status is that Ministry of Railways had authorized IRCTC to decide its convenience fee. Mm-hmm. Earlier, if you recall, it was in the name of a service charge. Right. Right. That service charge term was done away with, and we have started with the term convenience fee for the services that are being provided by the IRCTC. Mm-hmm. As majority of the expenditure of the internet ticketing is being borne by IRCTC. IRCTC board, our BOD, has full power to decide that charges. Okay. No other agency has control over it. Right. Right. That this event or threat cannot happen again, right? Definitely. Doesn't look like, and it has not been there since last two and a half years have gone down the line, sir. After that episode, you might have not heard anything adverse. Yeah, right. Right, right. Ji. Actually, that really spooked the investors. I think I was just trying to ensure that. Thank you. Yeah, someone else can carry on if someone else has a question. Thank you, Mayank. If anybody else has a question, please go ahead. Ma'am, I have a question in terms of, can you please provide us the breakup of CapEx for, you know, upgrade of internet ticketing, upgrade of pantry car for FY 2023 and future plans in terms of your CapEx. It is going to be in the same tune. We generally target INR 80-100 crore for the internet ticketing. We are also upcoming with the upgradation of a 139. The service is being provided. It is going to be now on a CapEx model. That service is also where we are going to provide the infrastructure in that. Upgradation of the other services is happening. It's a continuous process, so our expenditure is going to be in the same tune. We would be upcoming with the completing our initial projects, where we of the Rail Neer, where we have provided capital support of INR 8 crore per plant, that we would be completing this year. We are coming up with the new infrastructure in the, our budget hotels, which are likely to be, rather we will start nurturing fruits soon in this financial year, where our one of the budget hotel is going to be commissioned this year. More of a, less of a capital, more of a return are foreseen this year, and the capital investment is going to be with the same tune, sir. Okay, ma'am, what is the status of there was some price hike that you were taking in bottled water? What is the status on that? So far, the status quo is being maintained because the prices are administered by Ministry of Railways. We are handling other issues. We are trying to improve the quality of the bottle also. We are working on the design. Let's see what happens, comes out to be after discussion with Ministry of Railways in this regard. Ma'am, in terms of your revenue expected from non-convenience fee, how much are you expecting in FY 2024, 2025 in terms of non-convenience fee? if you could break- This year. Break it down. Devangi, this year we have been able to earn nearly INR 397 crore or INR 395.6 crore, in comparison to INR 334 crore of the previous year. There has been an on incremental side. From the payment business, we are going to add nearly INR 50 crore this year because payment gateway business, we are already doing. For aggregator, we need to have license. License is in the pipeline, few more commitments, few more technical changes that we are undertaking at RN are likely to be completed. There also our revenue is going to increase not only in the payment gateway, but on the aggregator side, if we are able to get the license this year. If we were, if we are able to move out of the railways and put our business, payment gateway aggregator business to the other streams, then the revenue is going to be more. The things look as of now, very rosy and. However, if you ask me the quantum exactly, I can tell you that, from the payment gateway business, we have been able to get commission of nearly INR 67 crore, and out of which net revenue to IRCTC has been nearly INR 40 crore, ke aas pas hamara revenue raha hai. That is an advantageous, alone with the payment gateway aggregator is going to be more. Maybe a double can be predicted from the aggregator model. From the loyalty scheme, as of now, we have made live only three banks. Three more banks are we in discussion with. We are going to live, so our revenue may not immediately double, but we are going to increase the same revenue. This is from the loyalty scheme and from the advertisement. Put together all advertisement, all schemes have resulted into good revenue. INR 65 crore-INR 67 crore we have received this year from the advertisement. This is also going to mount, because now the all policies have been streamlined and made more conducive to the industry. We are likely to get good offers in these also. You can say the things look good on the side of non-convenience fee resources also. Thank you, ma'am. If anybody else has a question, please go ahead. I come back to you. Yes, I had one question, ma'am. I think IRCTC had started the pod hotel, you know, or hotels business at the station itself. I think you have one at Mumbai Central also. What is the progress with that? How is it? pod or what? how is it progressing? If you could give some numbers or the plans and strategy. One pod we have in Mumbai. Very good. One pod we had got sanction in the Anand Vihar. Once we took over the station from IRSDC, we are going to complete that project. Unfortunately, due to the shifting of the vendor, it got little delayed, but likely to be commissioned soon this year. That is what I have been told by my team. Second pod will be coming in the Anand Vihar, and the other pod, we are trying to get the spaces from Indian Railways, and once we commission, we'll let the industry know about it. Okay. ma'am, the ones which are open right now or about to open, ones which are open actually, how is it? How is the traction over there? What is the response? Is it good? Response is very good. Indeed, it's very encouraging response. All the clouds are there. Good services are being offered by the service provider. We get very good feedbacks on the licensee, of course, for us, the licensee is going to be fixed only on the revenue. If it increase revenue, sharing mein thoda sa improvement aayega. Mm-hmm. Rest of the thing, things, because it's one unit, doesn't make much more difference. Right. Right, right. It is very impactful as well as the brand equity is concerned. Got it. Got it. Thank you, ma'am. Thank you. It seems people don't have many questions today. Ma'am, I have. I'll ask. Let's hear from you then. When will the revised tariff of catering materialize? What is the timeline? We have implemented the revised tariff. Uh- In fact, you will be seeing once the assessment in terms of increase in the license fee, when the sales assessment is completed. In fact, we have completed part of that for Rajdhani Shatabdi and pre-pay trains, we have completed that exercise in the peak period. For the lean period, we are yet to complete, while when we had completed the exercise for the peak period, we had issued demand notices to our licensees, so they have raised certain objections, certain queries have been raised. All those queries have to be reconciled before the amount is realized by the IRCTC. These are the issues where unilateral decisions cannot be taken. We have done one exercise. That exercise has to be accepted by them also as per the policy. We are bringing them at par with the decision taken by IRCTC gradually and slowly for the prepaid trains, where the impact is more. This exercise is likely to be completed for the mail express trains in the coming future. What would be the incremental revenues and impact on margin because of this? It is varying from train to train, Devon. It is like in few trains, it is as high as 20%, where in few trains it has gone on the down the line. Down the line, we are not going to accept, because the quarterly, the quoted license fee, we can't go beyond that. Below that, rather. It is going to be on average, maybe we had projected from 10%-15% on the incremental side, we had projected. In a few trains it is little more, so we are going to have an actual to virtual basis. Will your margins improve from your 10%-12% range? Yes. If that is the case, margins will improve, but at the same time, payable to railway will also increase in the same spirit. Our margins will improve if this is implemented once the assessment is completed. That is the good part of it. Any timeline on that, ma'am? When will it be coming in? It will be completed with another three and a half months or so, because after the summer period is over by June, the rainy season is considered as a lean period. My director, catering services, will complete that very soon. Ma'am, the capacity of the new plants, you know, what would be and how much more will you generate from the existing plants? What will be the capacity that you will get? When we design each plant, each plant has a capacity to produce 72,000 bottles in a day. Now we are going to make it almost double, because we are going to add double the machinery. A few places where the capacity is more, the storage space is not there, we are going to provide them the storage space so that they can store water, and we can handle the requirement of the peak water. Water is a very different kind of a business. Either you have a very peak requirement or in the winters you don't have much requirement. Water gets stored, and after six months the water gets expired. We have to be very careful so that we are not able to meet the demand of the industry. We produce in line with the demand. That is what we have planned. That is why plant by plant, we have decided that from 72,000, we are going to initially make it 1.2 lakhs bottle a day. Likewise, we are going to upgrade the capacity, first five plants of ours and then the this PPP plants under our jurisdiction, we are going to handle that also. By the way, recently, cost audit, which has report, which has come, it has, we have a drastic improvement in the capacity utilization of all the plants. In the Covid period, it has gone down to the 40% because the water demand was not there, whom we were producing the water for. The demand has gone up, we have accepted the challenges of the industry and upgraded the thing wherever possible in a minimal time. Capacity utilization has improved to the extent of a 73.5%. We are going to improve that also further within the existing resources by good operational methods. Great. Thank you, ma'am. I'll come back in queue if somebody else has a question. Yeah, ma'am, this is Suresh here from IDBI Capital. Yeah, please, Suresh. Two questions from my side, ma'am. Yeah. The first thing would be, ma'am, as per the filing in the exchange, there is gonna be some transition in the board, rather, the new CMD thing. Any update on that side, ma'am? See, I would be superannuating tomorrow. Okay. Vice CMD, one officer has been nominated to look after the work of CMD from 1st of June. Likewise, Director, Tourism Marketing also, since I was holding the dual charge, new incumbent, there are old, senior officers of the Railways who are quite conversant with the working of IRCTC, are going to look after temporarily. The selection for the CMD is in process, and we were likely to have a permanent CMD soon. Likewise, DTM selection process has also been initiated, so you are going to have the permanent DTM soon. Till the time they are appointed, you are going to have Experienced officers of the Railways have been told to look after the work on temporary basis. Thank you. The work cannot stop. Moreover, systems of the IRCTC are very strong as we foresee, the team below are still the same and our field forerunner are also the same. The change in management does make a difference, but as far as the results are concerned, in the first quarter, which you foresee, I see all the good results coming up. Ma'am, we will miss the experience of your catering side when... Just the beginning of the catering side and the prices are also... I'm just a call away, sir. I'm just a call away. sir. I'm just a call away. I was an old hand of IRCTC who has worked on each and every post. Today I was recalling which post I have not worked. I could not count a post. I worked on each and every post. I'm with the old hand. I'm always available a call away. I can always give my, this thing. The thing is that we have to accept. Once we come on the job now, our date of retirement is decided on the very same day. You have to go gracefully. We are very happy with the support of our investors, that I'm retiring with a very happy note, with the best ever results which we have, IRCTC, have delivered to the industry. Nothing more, nothing better retirement gift can be this. I think I've been blessed by Almighty, who has presented me this gift with the best results, which I have given to my investors. Come up. I get it. Company has come up to your expectations. I agree to it, ma'am. Ma'am, my next question would be with regards to the ticketing, business margins. We have seen a sharp jump in that margin also from 81% to 88%. Where do we see it sustainable and, going ahead from here? This segment is going to be having always a good margins. In fact, I was mentioning non-convenience fee resources, they are even going to have even better margin than the ticketing. Because the infrastructure which we are using for the ticketing is going to be used for that. Expenditure on that side is going to be nil. Only the hi-human interface and the manpower cost is going to be there. This segment will continue to contribute the maximum margins in our profitability. The pattern is going to be- Got you. more or less same. Got it, ma'am. Ma'am, anything additional you can update us with regards to the tourism? Because we've seen a lot of new things have come up. Apart from Bharat Gaurav, where can we else expect the IRCTC working on? In addition to Bharat Gaurav trains, we have, we run trains in the deluxe segment also. The operations for the Buddhist train had stopped because of some disturbances in the world, but that is also resuming, and we have also issued a calendar for the Bharat Gaurav segment, which is going to run in the Buddhist Circuit. Many new circuits are coming up, which are going to be full, to my understanding, with my experience in the tourism says so. It is earlier we used to have only few theme-based circuits in the religion, religious themes. Now you have, what not you have Guru Kripa Circuit, which is for Sikhism and other places. You have Ambedkar Circuit also, which ran almost full. You have this Jyotirlinga Circuit, which is all-time full. Puri Gangasagar Yatra. This Punya Kashi Yatra, which I am operating from the South Central Railway, my seventh back-to-back departure is running with the full capacity. I need not change the itinerary. Even I'm simply repeating with one day difference and running the trains, and the trains are running full. Beauty of the product is that the train has been designed to handle the tourist. You have a well-defined bedroll changing strategy. You have a good food on board. Normally, you have flameless cooking there, so you are going to have incremental benefit on that side. That is the Bharat Gaurav train. In the outbound, we are going to appoint many destination management companies so as to expedite the process of people traveling abroad. Because revenue is everywhere, whether people come to India or people go out of India. For us, every... That is our traffic. We would be focusing on that also. At the same time, our major thrust and focus area will be domestic tourism and tap maximum potential of that, because we find lot of scope in that and lot of better margins in that. To improve our productivity and sales in and marketing, we are in process of appointing our affiliates through our online process, so as to overcome the cumbersome process of the manual intervention. This affiliate at marketing will help us in selling the products in a better manner, and the revenue projection in this segment will further go up. A small segment like bus and air ticketing, where there also we have shown tremendous improvement and the more improvements are there in the pipeline, where we are going to tie up with the agency. We are with the InterGlobe. We are going ahead with the tender, where new partner will be in. This number, segment numbers in the air ticketing will also grow. In the bus segment, this is a very small segment where our efforts is very less. Only the marketing is happening through push notification, and we are trying to get best margins of that. There also, we have done a good job. Without much effort, within six months, we have been able to show our presence in the market. Our partners have all the applause for us. One can say that tourism is a. We are a full-fledged OTA now. We have a license of the OTA also. Our tourism segment will real, have a real boost. State tourist segments generally gets affected with the movement here. We are... Fortunately, if you see my revenue in the state tourism, it is again showing a huge difference. This is going to be on a higher side, state tourism segment also. All segments, even Tejas has done pretty well. Tejas, total revenue from the Tejas segment has been more than INR 150 CRs. Our profitability has been nearly INR 25 CR from this segment, which was losing heavily last year because the train was not operating. Tourism has all the good points in hand. We can expect a very good future for the tourism in the years to come. Thank you, ma'am. Ma'am, one more question with regards to Vande Bharat. Ma'am, there is an announcement by the PM, by 15th of August, that 75 Vande Bharat should be operational. Although it looks challenging at the moment time-wise, but would like to understand IRCTC's role particularly into this one. It is not challenging, sir, it is dream come true. Every week we are getting two Vande Bharat being inaugurated, and we are running here and there and providing the services. It is something the announcement is meeting the, they say, "...". Right, ma'am. The train runs, we provide services. That is what is happening. Yesterday also there was one inauguration. One of our director was there. On 20th May, I was there. Likewise, we are running from pillar to post, getting these trains inaugurated, providing our services, then streamlining the processes. Constantly the team is on the job. The more train, more benefits to us. We are ready to accept the challenges. Ma'am, last number which. trains we provide services. Ma'am, last number which we heard was between 18 or 20. Can you update us what is the exact current number of Vande Bharat trains? 17 we have operated so far. In 17 train we have operated so far. 17. Okay. 18 or 19 will be announced soon. Two trains are going to be announced soon. Right, ma'am. Apart from ticketing, revenue, we are also there on the catering side also of Vande Bharat, ma'am? Yes, yes. Vande Bharat is going to add because catering license fee will come. Every train, 74. The figure which is 497 is at this time. You may add the number of Vande Bharat in that also. You may be having- Right, ma'am. I think in the years to come, the year, the figure is going to be more than INR 550 or so. Got it, ma'am. Yeah. Thank you, ma'am. Each train is contributing to INR 2-3 crore of the license fee. Yeah. INR 2-3 cr from the catering side, ma'am, right? We will have a reserved fee on that bidding received to the extent of a INR 2 crore-INR 3 crore between that at times we receive on Vande Bharat. Out of which 45% goes to the railways, rest is remain with us. Some expenditure of ours is also there in maintain or monitoring the train, rest is remain with us after deducting the catering bills. Ma'am, on ticketing side, what are we making on, like, if per train we can get the number? One train has a booking of a nearly 1,000 pax. 1,000 pax, out of which generally these important trains, 90% of the booking happens through us. You get 90%, 900 passenger books. It is AC class, INR 20, the minimum, income. Right, ma'am. There is some discrepancy with regards to some are nine rakes, some are 17 rakes train, Vande Bharat. Do we have the breakup of, like, 17 numbers? How many are nine and how many are 17? Only three trains are with the eight coaches. Rest all 16. Okay. Got it. Only three are there. Since we are in attending all the functions and providing the services, we do know by heart now. Appreciate, ma'am. Thank you very much, madam. Thank you. Ma'am, I have just one last question from my side. What is the dividend payout policy or what can we expect as a dividend payout policy? We are a PSU, and the PSUs have to announce a dividend. Last time, interim dividend was announced, and, for the INR 2 share, we had announced INR 3.50 we have already paid to our investors. This time, when the final dividend was announced, we have paid around INR 2, that is 100% of the share we have paid to the customer. So total dividend, of course, subject to the approval of the investors in the AGM, that we'll do. So total dividend announced is INR 5.5, that is 44% of the total revenue of the PAT has been announced. So that is a maximum so far, highest ever in the history of IRCTC. Thank you. Thank you so much. With the approval of Board yesterday, we did it. We will be bringing that into our AGM for the approval of investors. Sure. Thank you. Thank you, ma'am. Ma'am, this is Khozem Jabalpurwala from IDBI Capital. Ji. Ma'am, one very basic question. These new Vande Bharat trains that are being introduced, are they incremental services or are they on the back of some other services being canceled? I have not seen any train being withdrawn after announcement of Vande Bharat. So far, I've not seen. Generally, the timings are reversed. That is what we are watching very closely. Like, Shatabdi goes in the morning, the opposite direction Vande Bharat is starting. These are the add-on services to handle the incremental load of the gen population. Because still many trains had a waitlist, Government thought of inaugurating that from the opposite direction so that we can handle the load. Qualitative services are being provided in the Vande Bharat. Not only the train is so good, and Atmanirbhar Bharat and Make in India, the riding index of the train is really. I think you should all experience that. Sure. Thank you, ma'am. Hi, ma'am. This is Dhanesh Padia, from IDBI Capital. Just wanted to know what% of catering revenue is generated from the TSV, pantry car, and eCatering, and what are the margin profile of these segments? Majority of the revenue from the catering business comes from mobile catering. That is, you can say, if we earn total revenue that we receive from the catering in this year has been around... I think, kitna tha? INR 1,500 crore, yes. It is nearly, I think, INR 1,476 crore, out of which majority has been earned by mobile catering. Nearly INR 125 crore-INR 150 crore has been earned by static catering. Rest is met at some contribution has been from eCatering also, and some from the budget hotels and the retiring rooms that we are upgrading and taking over from the Railways. If you ask me percentage, define that I need to... E-catering is only 2%-3%. E-catering is 2%-3%. Majority, 90% is mobile catering, you can say, or 89%, something like that. Yes. Okay, ma'am. Thanks. Okay, ma'am. Thanks. Last few questions from my. If anybody else has a question, please, I'll come back if anybody else has a question. Okay, ma'am. I'll only ask. In terms of, you know, Rail Neer, we have not reached our pre-COVID level. Is it expected to reach our pre-COVID level margins in near term? Secondly, going forward, consolidated basis, will our margins improve or will it remain stable in FY, you know, 2024, 2025? See, we need to understand one concept, that the rail margin, Rail Neer margins are affected because of the two things, which is petroleum and petroleum products. Petroleum and petroleum products. One is the preforms from which the Rail Neer bottle is made of. There has been a steep hike in that pricing. Because of that, we call whenever the resin, the value increases, cost of the resin increases, the cost of the preform increases, resultantly, the margin of the Rail Neer goes down. If the petroleum product, if the cost of the fuel increases, again, the CFA cost increases, so that also gets affected. The productivity and the capacity utilization, everything has gone up, but the cost has gone up because of the increase in the resin cost. That has impacted Rail Neer, not the operations or anything. The production has been more. Rather, we have this year produced nearly 15 lakh. We are producing 15 lakh bottles, 15.57 lakh bottles in a day, which is much more than that we had thought of. Capacity utilization is nearly 73%. That of course there is a scope of improvement in that we are working on. Cost-wise, till the time the prices of resin are stable and brought to the previous level, the margins are going to be on this side. If the resin Although it has started decreasing, we have noticed, we may see improvement in the coming months. We have seen some decrease, the margins may improve in the coming months if the same trend goes. Ma'am, in terms of overall consolidated margins, will we see stable margins or will we see some decline? You know, none of our margins are seeing any issues. You know, even in tourism, we are seeing good margins. Revenue from Rail Neer will have stability. It is coming to almost stability. We are going to gain by volumes now because of the increased production. By utilizing more and asset skillfully, we are going to increase our margins. That is what we had thought of, we have planned. You will find the difference in this quarter, the coming quarter, where you will see that the margins have gone up, the utilization has gone up, and some difference will be noticed. Margins, as you asked, is going to be stable. Yes, it is going to be more or less stable now. Okay, cool. In terms of your, you know, there are some bookkeeping questions, like, there was a significant rise in your other expenses, other liability, and there was some increase in capital advances. Please me on that. Capital advance is for the building, that asset we have created for our space that we have bought from NBCC. That is the only big expenditure IRCTC has done in the last year. That is an asset which is going to add value, and already the prices have started increasing, so that incremental gain from that will be shown in the next balance sheet, perhaps. That is the, because of that. Your second question was, Mr. Koshy? Other expenses. There were, yeah, other expenses which has increased significantly. Yeah, yeah. Other liability. There has been some increase in the other liability increase. We have certain dues to be realized from Indian Railways and a few from the private parties, out of which, after consulting our auditor, we have reorganized our bad debts as per the observation of our statutory auditor. That is why we have made provisioning this year. That is why the other expenses have gone up. Sorry, ma'am, I didn't get it. Our annual report. Okay. Okay. Few dues, like, the details are there in this, that's, non-profit hearing wala court case is there, that provisions have been made and, few bad debts are there. Like, our Maneri plant, we have some taxation issue running with the existing tender. There also, we this time our auditor suggested us to make the provisions. Then, one arbitration award is also pending, which has been challenged by our service provider there also. Maybe if the result comes in our favor, we would be a gainer also. That will be reversed. You have seen some reversal also. Nearly INR 25 crore reversal is also seen from the previous years. That has also been reorganized in this year. Where the performance related pay was more, provisioning was done, we have reversed that into the income. It is a continuous exercise and it being done in a very transparent manner. What led to the other expenses rise? The other expenses, as I explained, because of some of the bad debts which were considered as an income. Earlier, once upon a time, they were taken as an income, but with the suggestion from our auditor, we have created that as a, we have done provisioning for the coming years, so that in case the case is not decided in our favor, or we are not able to decide that, once if we are able to realize, we will convert that into earning again. Maybe this could be a temporary phase or, wherever we lose, then this can be a permanent phase as well. All my questions are done. If anybody else has a question, please go ahead. Okay. Thank you, ma'am. Thank you for your guidance. Thank you, thank you very much. It was a pleasure. Thank you. Thank you, ma'am, and best of luck. Thank you, madam. Thank you. Thank you, ma'am. Wishing you all the best. Yes, yes. Wishing you all the best to all investors. Keep investing in IRCTC. IRCTC is a good company to invest with. I will have all my flags up all the time for IRCTC. Sure, ma'am, sure. Thank you. Thank you. Thank you. On behalf of IDBI Capital, that concludes the conference. Thank you for joining us. You may now disconnect.