Ladies and gentlemen, good day, and welcome to the IRCTC Limited Q2 FY24 earnings conference call, hosted by Dolat Capital. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this call is being recorded. I now hand the conference over to Mr. Rahul Jain from Dolat Capital. Thank you, and over to you, sir. Thank you. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q2 FY24 conference call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC, represented by Ms. Seema Kumar, who is CMD of the company, and Mr. Ajit Kumar Ji, who is the Director of Finance and CFO of the company. We also have Mr. Dr. Lokiah Ravikumar, who is Director of Catering, and Mr. K M Mishra Ji, who is Director for Tourism and Marketing segment. Now I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please. Good afternoon, everyone. I'm Seema Kumar, CMD here. At the beginning, I would like to extend a very warm welcome to all the participants for the conference call of IRCTC Limited for the quarter ending thirtieth September 2023. Yesterday, the company had announced the unaudited financial results for the second quarter of FY 2024, and then same has been advised to the both stock exchanges as well. Now, I will give a brief overview of Q2 FY 2024, followed by the Director of Finance and CFO, who will give the details of performance of various business segments. Following this, we shall have the question and answer session. In Q2 FY 2024, company has re-reported revenue just under 1,000 crore mark at INR 995.6 crores, which is a growth of 23.5% YoY and almost at par on quarter-on-quarter basis. The largest segment, catering, as well as tourism, have been the main driver of the YoY revenue along with... in this year. I'm very happy to report that almost all the segments have reported an improvement in EBIT margin, both on YoY as well as QoQ basis. Absolute EBITDA has also hit a new high to INR 6.6 crores. To INR 94.67 crores in September quarter of FY 2024, making an increase of 30.36% from INR 226.6 crores in Q2 FY 2023. Net profit is the highest ever profit registered by the company in the history of IRCTC in this quarter. The board of directors of the company have declared an interim dividend of INR 2.5 per equity share of face value of INR 2 per share for FY 2024, which is 125% of paid-up share capital, which stands at INR 160 crore. At the consolidated level, EBITDA margin stands at 36.8%, vis-à-vis 37.8% Y-o-Y, and 34.2% Q-o-Q basis. Here, I would like to conclude my opening remarks by wishing you, you and your dear ones a very happy and prosperous Diwali. Now, I will hand over this call to my colleague and our Director of Finance and CFO, Shri Ajit Kumar Ji, to brief you on the financial and segmental performance of the company. Thank you. You and your dear ones are in good health. I shall first give a brief overview about Q4 FY 2023 results, post which we shall have the question-answer session. Q2 FY 2024 revenue saw another quarter of good growth. Revenue of INR 995.6 crore grew by 24% year-over-year and on a quarter-over-quarter basis, and it was almost at par. Consolidated EBITDA margin improved quarter-over-quarter to 36.8%, versus 34.2% quarter-over-quarter and 37.8% year-over-year, given the change in revenue mix. Net profit before exceptional items for the quarter came at INR 294.7 crore, versus INR 226 crore in Q2 FY 2023, and INR 232.2 crore in Q1 FY 2024. Now, let us move to the business segments of the company. The catering segment. It reported a 29% year-on-year growth in revenue to INR 431.52 on quarter-on-quarter basis, and it declined by 10% due to lean season in the quarter 2, which is a usual factor, usual thing we have seen in the earlier years. However, I would like to highlight that Q2 FY 2024 revenue run rate is higher than the best quarter of FY 2023, which was Q4 FY 2023, by 9%. Importantly, the EBITDA margin continued to report good improvement to 17.2% versus 14.6% quarter-over-quarter and 10.6% year-on-year basis. Now, internet ticketing next segment. This continued to demonstrate the resilient demand conversion of reserved two-way tickets back to unreserved tickets, high during the pre-pandemic period, and the revenue for the quarter was at INR 327.5 crores, growing by 9% year-on-year and 13% quarter-on-quarter. A nd EBITDA margin for the quarter came at 83.7%, versus 82.7% quarter-on-quarter, and 84.2% year-on-year. The next segment is tourism and estates. That segment saw strong growth in revenue for the quarter at INR 161.4 crores, implying a growth of 63% year-on-year and 13% quarter-on-quarter. Given the revenue growth, this segment reported positive EBITDA margin of 3.6% versus a loss both on quarter-on-quarter and year-on-year basis. The last segment, Railneer, saw Q2 FY 2024 revenue of INR 78 crore, implying a growth of 4% quarter-on-quarter and decline of 19% year-on-year, reported EBITDA margin of 12.9% versus 7.5% year-on-year and 13%-13.2% quarter-on-quarter. For Q2 FY 2024, the cash and bank balances and net worth of the company at the end of the quarter is INR 2,026 crore and INR 2,846 crore, respectively. We wish you that, happy and prosperous Diwali to all of you. Now we can straightaway move to the question-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 your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and one again. Participants are requested to use answers while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Jinesh Joshi from Prabhudas Lilladher Private Limited. Please go ahead. Yeah, thanks for the opportunity. I have a question on the catering segment. So I think in the month of September, we made an announcement that IRCTC will manage catering facilities in all coaches and trains that are booked on the full tariff rate. So first, if you can just speak about the opportunity size that we target over here, and also, what kind of incremental revenue do we foresee from this arrangement, per se? Hello, good afternoon. Actually, this full tariff rate, STR trains, these are train on demand booked by the party, so there is no, not a fixed kind of a target we can fix, but I can give you the kind of year-on-year demand we have. Roughly, this is not a very huge market, but it's a big responsibility because it has been given entirely to the IRCTC to do this business. Last year there were roughly 100 odd trains which were booked on full tariff rate. Looking at the same kind of a traffic or maybe marginally, depending on the market demand. So these trains are booked by the parties for the movement on special occasions, et cetera. Got that. So that shall the opportunity size is not big enough, right? Right now, it can't be a certain, but I can tell you what is the trend for the previous years. We will know by the end of the year or maybe during the course of discussion, we will let you know by mail the details of number of trains run and at the size of the pie we are looking at through the STR trains. Sure. Madam, my second question is also with respect to the catering segment. So can you share how has been our response, with respect to the tie-up with Zomato that we announced, sometime back? What is the fee per order that we get over here? And I believe the current arrangement is limited to five stations. So do we plan to go pan-India over here? Yeah, definitely. This is just a pilot we have tied up, because here we are dealing not per meal, we are dealing with the volume. So we have come up with a pilot MOU, pilot agreement with Zomato to start with, and if it is successful, we will definitely like to go on the pan-India level. What is the fee per order, if you can share? We have just started in October, but it will be for INR 40, lump sum INR 40 per order. Got that. One last question from my side. If you can just share the number of tickets booked and the convenience fee for the quarter. Yeah, sure. Just give me a moment please, I will give you. Convenience fee, convenience fee for this Q2 of 2023-2024 is INR 220.98 crores. And as compared to Q2 2022-2023 was INR 200.23 crores, which is a growth of ten percent quarter-on-quarter, and also eleven percent on. Sorry, eleven percent quarter-on-quarter and ten percent year-on-year. Number of tickets booked, if you can just share that number? Yeah, tickets booked also I can share you. We have number of tickets booked are for the Q2 of the 2023-2024 are 1,164 lakhs as compared to 1,069 lakhs in Q2 of 2022-2023. Okay, madam. Thank you so much, and all the best. Thank you. Thank you. Next question is from the line of Sidharth Agrawal from Systematix. Please go ahead. Yeah, good afternoon, ma'am. Good afternoon. Yeah, good evening. In fact, I should say good evening. Thanks for taking my question. And I've been an avid follower of IRCTC since a long time. Just, you know, just two questions, actually, maybe just one question. You know, some other online ticketing platforms like MakeMyTrip and EaseMyTrip, they're offering products like free cancellation and trip guarantee offers with train ticket booking. So what I wanted to know is, IRCTC also planning to launch a similar feature to retain ticketing users? And if yes, then when, and any estimate of the annual revenue potential from the same, or when can we start seeing revenues on such products? See, as of now, we have no such product for the offering, but definitely, taking the market trend in the view, we can plan. And we should rather look at the offerings available in the market. Okay. But nothing has been testified or, you know, thought of right now? Not yet. Not yet. So don't you feel... You know, I'm not trying to create anything, but don't you feel that you may be losing, you know, large number of customers for that? As I have told you, the customers are of Indian Railways customers- Yeah. Because this is a, we are content for the e-ticketing of Indian Railways. Yes, ma'am. Yes, as you pointed out, if something is available in the market being offered by others there, we would definitely like to have a look at it. Okay, fine. I got it, ma'am. Thank you so much for your time, ma'am. All the best to you. Thank you. Thank you. Next question is from the line of Rohan Nagpal from Helios Capital Asset Management. Please go ahead. Hi. Good evening. So you just told us that INR 221 crore is convenience fee revenue for the quarter. What could you provide a breakup of the remaining 100-odd crore that is booked under internet ticketing? Or what fraction of that is, say, advertising or IP revenue, et cetera? Yeah, yeah, definitely. Good evening to you. As I said, convenience fee stands at INR 221 crores, then agent business is INR 44 crores, then payment gateway business is INR 17 crores, then loyalty program is INR 12.39 crores, marketing, advertisement, et cetera, is INR 7.29, iPAY is INR 19.58, and then digital marketing, et cetera, is INR 1.16. All put together makes it INR 23.46 crores. Got it. Sorry, so you said, payment gateway is 17, and iPAY is about 11? Sorry, iPay, I said 19.58. 19.58. Okay, and what's the exact difference in the economics of transactions that are carried out through the regular gateway and through iPay? Yeah, I can give it to you. Just give me a moment, please. iPay transactions, I can give you the growth in the, like, the trend of growth in the iPay transactions. For the quarter, this is, revenues from the iPay transactions have increased, 13.60%, as compared to the previous quarter, because we have registered, revenues of, INR 1.75 crore, and also increase of 59% over the previous quarter, that is Q2 of FY 2022-23. During the call, I will try to get you the data, what you're looking for, how much is the percentage of total transaction by the iPay. All right. Thank you so much. Okay. One more question on catering. What is the total number of trains on which catering can potentially be offered, and what is the sort of progress that we have made in terms of implementation of the new catering policy tariffs on these trains? See, during the—I can tell you, during the quarter, Q2, we have added 11 pair of Vande Bharat trains, and also, a large number of this is mobile catering. Yeah. As far as static catering is concerned, we have added 18 new units, 8 parcel units, food plaza, 1 retiring room, refreshment room at six spaces, and then a half. Total 18 static catering units have been added. 11 Vande Bharat trains have been added. As a result, if you see in mobile catering, my revenues have gone up by 26.7%, as if you see quarter-on-quarter with year-on-year. Last year in Q2, I was at INR 292.82 crores, and this year in Q2, I am INR 371.16 crores, which is an increase of 26.7%. Similarly, in static catering, if we have a look at it, in Q2 of 2022-23, it was at INR 33.70 crore, while in this year's Q2, we are at INR 55.90 crore, which is a 65% increase. So we are definitely progressively making huge strides in both segments of catering, mobile catering as well as static catering. Understood. That's very encouraging. I'm trying to gather this from the perspective of how much headroom is there for this to grow. How many trains are there where the new catering policy is still not implemented or is yet to be implemented? See, it's like, I would say roughly, say 200 or the contracts are in the pipeline for train side vending. All the pantry car trains have been covered, all the prepaid mail express train have been covered, which are having pantry car. So few trains which have-- we have to do for the train side vending, these catering contracts are in the pipeline. Okay, understood. Thank you very much. Thank you. Thank you. Next question is from the line of Rohit Jain from Tara Capital. Please go ahead. Yeah. Hi, can you hear me? Yeah. Good evening, you are- Yeah. Hi, good evening. So just a question again on catering. The license renegotiation that was due, has it been completed, let's say, for all the trains in which there is pre-booked meals, like Shatabdi, Rajdhani, et cetera? Yeah, the exercise is complete. I suppose you are hinting towards the revision of the license fee, which was to be done as per CC- Yes. 2019. That has been done. We have raised the bill. There are few court cases also have been registered. We are in the process of realizing it. I mean, what I'm trying to understand is that since it was supposed to be done on a retrospective basis, are we going to, let's say, get any one-time benefit going ahead, or all the benefits have already been accounted for? No, no. This is from the post date, from 2019, we are- Yes. My understanding is that, this tariff revision was, from 2019/20, as you mentioned, but because of COVID, et cetera, it could not be implemented. So what I'm trying to understand is, do our numbers, reflect the benefit of a retrospective, change in license fee, or, are we going to register a one-time gain whenever we, get that income? You're right. Whenever the realization happens, we will register a gain. Right now, we have- And- Raised the bill. On a prospective basis, is it fair to say that there is no increase in the license fee, the current quarter revenues reflect the steady state under it? Yeah, this is as per the existing license fee. Okay, and last- Yes, sir. Last question is, there was a dip in the catering revenues sequentially from last quarter to this quarter. Is it just because of seasonality or is it because of some other factor as well? No, absolutely seasonal. This is because of seasonality. As you know, April, May, June is a peak summer people to travel because of summer rush. That is the reason, it happens every year. There have been few cancellations because a lot of infrastructure work is going on Indian Railways, which we are all aware. So there are some increase in number of cancellations as well as because of seasonality, there has been very slight decrease as compared to Q1 to Q2. Understood. One question on the ticketing side, can you share the percentage of tickets booked using UPI and also the AC, AC, non-AC split? Just give me a moment, please. I'll just... I can give you the break-up of class wise. Sure. If we see the class-wise breakup, AC tickets, AC classes of the tickets, you see, for the Q2 is 540 lakh in Q2 of 2023/2024, as compared to 484 lakh AC tickets in Q1 of 2023/2024. And if I compare it with the Q2 of the last year, last year was 438.11. So there's a marked increase in number of tickets booked. Understood. And UPI versus non-UPI? UPI, I can give you the revenues, how they have, Sure. Gone up. So that will give an indication of- Sure. Direct indication of increase in traffic. So, just give me a minute, please. If I see UPI, which is, if we have Q2 of 2023/2024. 453 lakh tickets have been booked in the Q2 on UPI transactions. Okay, thanks. And ma'am, just one last suggestion from my side. All these granular data that we provide on the call, if you can just put them on a slide deck and sort of release that with the earnings, that would be very helpful, sort of to keep track of it. Thank you. But I'll just mention, since you're asking for the UPI, I just want to a very interesting data. If you see a UPI transaction share, I think one more caller had asked earlier, it is, increased continuously. If you see, transaction share has grown by 38.95%, in UPI transactions. So currently, about 38% of the tickets are booked using UPI, is it? Yes. What was this number last quarter? Last quarter number of tickets were this one. I just see, I mean, last quarter was this. It was 393 lakhs. No, as a percentage, like you said, this quarter it was 38%. What was it last quarter? Last quarter was 2% growth, and last quarter—sorry, you, if you see on the quarter, year-on-year is 7% growth. As I suggested, we post all the data so that everybody can see, and I don't have to fish around. Everybody doesn't. Exactly. Yeah, yeah. That would be very helpful if you can put all of this in a slide deck. Yeah, that would be great. We'll do that. I think it's a good suggestion, right? Thank you. Okay, thank you. Thanks a lot. Have a good day. Thank you. Next question is from the line of Ankit Agarwal, an individual investor. Please go ahead. Yeah. Good evening, ma'am. Good evening. Yeah. So first of all, congratulations on this set of numbers and- Could you be little bit louder? Could you be little louder, please? Yeah. Yeah. Congrats, congratulations on good set of numbers. Thank you. Wishing you a very happy Diwali in advance. Thank you. Ma'am, yeah, I wanted to know that if you could provide any guidance for, like, FY 2024 revenue, revenue and in terms of margins and for FY 2025 as well. Future growth? Yes. We can expect to continue with the same theme and do better. Okay. What would be the reason for decline in the rail meal revenue in rail meal revenues in the first half of FY 24? See, rail meal, again, be it catering or be it rail meals, this is directly linked to the number of people traveling in the train. And as I have, we have discussed in the earlier call, April, May, June is a peak, season for rail travel because of summer rush. And then June, July, August, Q2, is always, if you compare as, as compared to Q1, it would look little lesser. But if you see the same period, identical period for the rail meal, in last year, 2022-2023, for, Q2, I'm talking about, there's an increase of 3.81% in the, rail meal segment as well. Because we have registered a revenue of INR 78 crore, as against INR 75 crore last quarter. So there is an increase in rail meal segment also this year. Okay. Ma'am, one last question. There's a margin decline as well in the rail meal, in rail meal section in Q2, in second quarter. And, like, what's the reason behind that, and what is the steps taken to revise it? So, rail meal and meal requirement is largely directly linked to number of people traveling in the train. So if I have more cancellation and if I have lesser people traveling because of seasonality of April, May, June, again, you will see in the next quarter, because of festive season, there will be a jump. This is a trend every year, so there is no systemic degradation of the services. Our capacity is very much there to produce the rail meal. We will, depending on demand, the results are seen. Okay, ma'am. Thank you. And one last thing, any indication of the second half of FY 2024 will be better in terms of, like, better than the first half of FY 2024? Yeah, definitely. We are looking forward to do much, much better because of coming festive season and also tremendous efforts we are making in all the segments, be it tourism, be it state special trains and everything. Okay. Thank you, ma'am, and all the best. Thank you. Thank you. Next question is from the line of Madhuc handa Dey from MC Pro. Please go ahead. Yeah, hi, I have a couple of questions. I mean, maybe I have missed this answer, but I didn't get what was the reason for this kind of a 13% jump in the Internet Ticketing revenue sequentially? Hello, good evening to you. See, what happened- Yeah, hi. In the Internet Ticketing, the tickets are booked 120 days in advance, because that is our advance reservation period. So all these tickets were booked in advance, right? Okay, for the festive season? Yes. Okay? While the catering and rail meal would be actually based on number of people traveling, while e-ticketing is in advance and rail catering and rail meal is directly related to the number of people traveling during that time. That is the reason. Yeah, got it. Just one clarification, this tourist category doesn't contribute anything, right, to the internet ticketing now? It is now reduced to very little, because now it will. Board has withdrawn the mandate. Yeah. Which was given to us during the COVID. Okay. Now it is a very, very small segment. So this entire jump has come because of the advanced ticketing- Correct. for the festive season. Okay. Yeah. Thanks. My second question is on the catering margin, which has improved, although the revenue has declined, as you rightly pointed out, because of lower number of passengers traveling, et cetera. So what was the reason for the improvement in margin, and what is the sustainable margin for the catering business? See, in this, what happens if we add number of trains, it will improve my revenues orders. Because during this quarter, 11 pair of Vande Bharat new trains were added. Okay? So, and then as I told you in the earlier call, even in static catering units, we have added more number of units. In e-catering also, our business on quarter-to-quarter is increasing. So while you would see my expenditure is also linked directly to the number of trains I serve. So if there are more cancellations, so I am serving lesser trains, which also takes away my expenditure portion. So my margins are directly linked to revenues and expenditure, which is directly linked to the number of trains which are traveling. No, I mean, I still didn't understand that the jump in margin is quite substantial. If one looks at the segmental margin, it is 14.6-17.2. Yeah. So- I will just give you - I will give you some data to substantiate and try to rephrase my answer to you. If you see in catering, you also see at the expenditure part of it. I'll have to tell you more. Yeah, I'll give you. Are you trying to say that the addition of Vande Bharat, et cetera, are better margin businesses, even within catering? Yeah, prepaid, yeah, prepaid trains are my premium trains, which give me better margin because there is a assured catering business in prepaid. Right. This is part of the ticketing, right? Okay. So one part of this jump could be explained because you have added Vande Bharat kind of premium trains into the catering, right? Yes. Okay. So, I have another question, which some other participant also asked you, which is, you know, in catering, for instance, what is the total number of trains that you are servicing, either pantry or through mobile? See, if I could just give the perspective I have on my hand. Before COVID, we were serving total 891 pair of trains, in which, the trains, without pantry were 474, right? 474 pairs, and rest was, rest was trains with pantry cars. Now, after the COVID, we are serving, around, say, 363 + 381. So it, without pantry has been, covered almost 80%. While we were serving only 474 trains, and now we are serving 9,749 pair of trains without pantry cars. So there is a tremendous jump in the trains without pantry cars. The coverage has increased, tremendously- With pantry cars, how many are you serving now? With pantry car, I am serving 437 Mail Express trains, 37 Gatimaan, Tejas, Vande Bharat, and 66 pairs of Rajdhani, Shatabdi, Duronto. So that has reduced? No, I tell you, it's not reduced. Can I just, See, Gatimaan, Tejas, Vande Bharat were only five. All the Vande Bharat have been introduced now in this year. From 12 to we have reached to 34 pairs. No, I didn't get it. I didn't get the numbers, ma'am. You said pre-COVID, you were serving 890, 891 train pairs with pantry car. So what is that number post-COVID? No, no, no. 891 was the total train, Okay. Pre-COVID, and out of which INR 474 was the non-pantry. So if I take that out, so this will be INR 417. Okay. Right? 417 be the thing. Now, right now, we are at 1,284 pairs. From 891- Okay, all together. All together. Okay, got it. Got it? Okay, got it. Okay. Ma'am, what is the potential? Where can it go to by the end of, say, FY 2025, this number of- It all depends, number of new services being introduced by the railways, which are in the offering. Vande Bharat, as you are aware, large number of orders have been placed. All the Vande Bharat would be coming. There is a roughly assessment of 450 Vande Bharat in the coming years. And also, besides Vande Bharat, there are a few hundred, 200 odd trains in which I have to do the train side vending contract. So we can, we are looking at a, Vande Bharat is totally dependent on number of services introduced by the Indian Railways, and 200 odd trains, which are still to be covered in the train side vending. As Jan Shatabdi is already running, I have to provide services. Okay, ma'am. So if you can share the similar statistics for Internet Ticketing, how many trains are covered by you under Internet Ticketing, and how many more trains are in the pipeline in the next two years? See, internet ticketing is almost 80%. Okay? This is not, like I tell you, it's not train specific. It is. Inventory is, 20% people are still going to the counters, right? Railway counters. 80% are doing on the e-ticketing. So it is not train specific. The whole inventory is divided, people who can do e-ticketing and the people who still opt to go to the railway counters. Okay. And, how many more in terms of new train addition. I mean, the growth can only come from, the penetration is kind of 80% is a very decent penetration. So the growth can only come from addition of inventory, which can happen only if Indian Railways decides to introduce new trains. Yes, that's- What is that pipeline? See, I am not privy to this, because this is a decision of Ministry of Railways. Right. But still, as you pointed out about, you know, Vande Bharat, et cetera. Actually, those were the announcement. Obviously, when Vande Bharat trains will be introduced, their ticketing inventory will also be added, no? For the new trains also, I, the ticketing inventory would be added for those many trains. And then, 80% of those trains or 90% of that inventory, we are expected to be added to the e-ticketing. As and when new train is added, e-ticketing also grows along with the catering and the railway. Okay. So we just wanted to get a sense of the organic growth, in the sense, you know, if, say, between, say, last year and this year. So what is the quantum increase in the inventory of tickets? Sure. Okay. Total inventory you were just, Indian Railways? Yes. Of Internet Ticketing. Actually, I'll tell you, we'll share with you. It is little, it will need more detailed discussion on this. Because even in train, a single bus can be booked multiple times, so that, you know, results into- Right, right. Got it. -multiple tickets. Got it. Got it, got it. Got it. Got it, got it. So we can definitely get back to you. It is a detailed discussion matter, right? Okay. Ma'am, just one last housekeeping question: What was the share of the Tejas revenue in tourism? Yeah, I'll just give me a moment. I have that data. I will give it to you. Just give me just for a second, please. I'll give it to you. give it to you. Tejas is, yeah. Tejas. For the Q2 of 2023-24, revenues from Tejas are INR 33.98 crores, as compared to Q1 of 2023-24, INR 45.88 crores. This is because of Tejas. Okay, and their profitability? We are working towards it, because now whatever concessions were given by the Ministry of Railways, they have withdrawn all those concessions. Now, we are realigning our operate, expenditure contracts to make it a profitable venture. So it is not breaking even in this quarter? We are right now in the process of realigning our operating expenditure contracts. Okay. Got it, ma'am. Thank you. Thanks. Thank you. All the best. Thank you. Next question is from the line of Deepesh Lakhani from Dolat Capital. Please go ahead. Yeah, good evening, Seema ji. Good evening to you. So my question was on your collaboration with Zomato in this quarter. So what is the response from this collaboration, and are you making any margins out of this? See, as I started in one of the calls, this has just begun. It is two weeks, three-week-old collaboration with Zomato. And, now, what we have said is. For Zomato, we have worked out a model where we are, we are, IRCTC is taking 40 rupees per order, right? And, Zomato's, and, railway is taking... railway share comes to INR 16. Okay, okay. Actually, I'll tell you, in the next quarter, the picture will be clearer, how much volume Zomato is bringing to us and what is, how much are the earning patterns. That is why we have limited it to five, pilot has been limited to five stations for a six-month period, to understand how this model will work, which is dependent on the volumes rather than percentage of each order, percentage value of each order. All right, all right. Got it. Also, I wanted to ask, what are the average bottles produced in a day in this quarter? I'm sorry? I want you to repeat the question. How many bottles are produced in a day, average in this quarter? Really? Yes, yes. Yes. Yes. Yeah. See, we are producing around 12 lakh liters per day. We have the capacity of 16 lakh liters per day, but as per the demand, we are producing 12 lakh liters per day. And also, we have added one railway plant in this quarter at Kota. Kota Railway Plant commissioned on 19th October of this quarter. Okay, okay. And the Bhubaneswar one? Bhubaneswar and NTPC Simhadri is likely to come in the next quarter, Q3 of this year. Okay, okay. So what will be our capacity then, after adding these? See, right now I am at 1,624,000, and after adding Bhubaneswar and NTPC Simhadri, because this is 72,000 each, liter. Okay, okay. Also, my last question: What is the update on Tejas train outage charges, which you accounted in last quarter? You had mentioned that you are working with the Ministry of Railways. Yes, this is. We are still pursuing with the Ministry to have a- Okay. Relook at the decision because they have withdrawn it from the successive date. Okay, okay. Fine, I'll get it. Thank you. Thank you. Thank you. Thank you. That will be the last question for the day. I would now like to hand the conference over to Ms. Seema Kumar for closing comments. I would like to thank each one of you who has taken time out to have a conversation with the management and to understand, and give us also the direction in which company needs to look at to go for the further growth. Wishing you all, all of you and your families a very happy recovery to you. Thank you, and very good evening. Thank you, ma'am. On behalf of Dolat Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.