Ladies and gentlemen, good day and welcome to the Q3 and 9th Month FY25 Earnings Conference Call of IRCTC Limited, 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 the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference 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, Ajit Kumar. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q3 FY25 earnings conference call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC Limited, represented by Mr. Sanjay Kumar Jain, who is CMD of the company. Mr. Rabindra Nath Mishra, who is Director of Finance. And also we have today with us Dr. Lokiah Ravikumar, who is Director of Catering Services and Mr. Sudhir Kumar, CFO and GGM, Finance of the company. Now I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please, Sanjay. Thank you, Rahul. Very good afternoon to all of you, and a warm welcome to the IRCTC earnings call for Q3 Financial Year 25. Today, our company announced its financial results for the Q3 of Financial Year 25, which have been disclosed on both stock exchanges. I will begin with a brief overview of our Q3 Financial Year 25 performance, following which our Director of Finance, Mr. Rabindra Nath Mishra, will provide a detailed analysis of our business segment performance. Afterwards, we'll open the floor for the question and answer session. I am pleased to report that Q3 Financial Year 25 has been another exceptional quarter for our company, with an all-time high revenue of 1,225 crores and a profit of ₹ 341 crores. This represents a revenue growth of approximately 10% and a significant increase of PAT at the rate of 14%, approximately, on year-on-year basis. The catering and tourism segment were the prime drivers in the quarter-on-quarter comparison, with revenue increases of 15% and whopping 80%, respectively. This performance underscores the strength and potential of these business areas. Similarly, on a year-on-year basis, revenue across all segments has shown growth. Our EBITDA for the quarter reached ₹ 417 crores, marking a 5.83% growth on year-on-year basis and an 11.8% increase on quarter-on-quarter basis. The EBITDA margin is 34.07%. Overall, these results highlight the company's strong performance and resilience. We remain committed to sustaining this positive momentum and driving continued growth and profitability in the coming quarters. With that, I conclude my opening remarks and hand over the call to our Director of Finance to provide further insight into the company's financial and segmental performance. Thank you. Thank you, CMD sir. Good afternoon, everyone. I hope you and your loved ones are in very good health. I will begin with a brief overview of our quarterly performance, comparing it with the previous quarter, followed by the question and answer session. In Q3 Financial Year 2025, we achieved another quarter of robust growth, with a margin of ₹ 341.21 crore, reflecting a 10% quarter-on-quarter increase and 14% year-on-year increase. That way, it's a very robust growth. This growth was primarily driven by our Rail Neer and tourism segment, which, despite having a relatively lower margin, made a significant contribution to our overall revenue. By coming to the business segment highlight, I will mention the detail of all the verticals. First is Internet Ticketing. The Internet Ticketing segment continued to demonstrate resilience despite nearing saturation, with 87.42% approx of the tickets now being booked through our portal. We acknowledge that incremental growth in ticket booking may be limited from this point onwards. However, we are actively exploring opportunities to enhance our non-conventional source of income beyond convenience fee. The segment reported revenue of ₹ 53.72 crore, reflecting a 5.4% year-on-year growth, with a slight quarter-on-quarter decline of 4.65%, attributed to the seasonal surge in advance booking for the festive season. Additionally, our residual income from other sources, categorized under non-conventional income, increased by ₹ 5.64 crore compared to the previous quarter. Despite this, the EBITDA margin remained strong at 84.71% compared to 81.03% quarter-on-quarter and 83.02% year-on-year, underscoring our strong market position and operational efficiency. In the segment B, that is catering, the catering segment maintained strong growth momentum, with revenue rising to ₹ 554.81 crore, an increase of 15% quarter-on-quarter and 9% year-on-year. However, the EBITDA margin declined to 12.19% compared to 12.78% quarter-on-quarter and 15.44% year-on-year due to low margins in the segment. The revenue growth highlights the increasing demand for our catering services and our ability to scale operations effectively. In the tourism segment, which witnessed a remarkable growth, with revenue reaching ₹ 224 crore in Q3 FY25, marking an 80% quarter-on-quarter increase and a 16% increase on year-on-year increase. This exceptional performance was driven by the operation of the luxury segment, that is Maharajas' Express, State Tirth Trains, and increased business in the Tejas Express. By coming to the fourth segment, that is Rail Neer. The Rail Neer segment reported a steady revenue of ₹ 92.39 crore, reflecting a 7% quarter-on-quarter increase and a 16% year-on-year increase. The EBITDA margin remained stable at 12.84% compared to 10.37% quarter-on-quarter. Additionally, our absolute EBITDA increased by 32% quarter-on-quarter and 464% year-on-year in this segment of Rail Neer, demonstrating our effort to enhance profitability by expanding capital utilization and adding new production capabilities. Overall, our Q3 Financial Year 2025 results highlight a successful quarter of growth and strategic execution. We remain committed to sustaining the momentum and delivering long-term value to our stakeholders. As of today, the company's net worth is ₹ 546 crore. This concludes my remarks. We will now proceed to the question and answer session. Thanks a lot, everyone. Thank you. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone 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. The first question comes from the line of Jinesh Joshi from PL Capital. Please go ahead. Yeah. Thanks for the opportunity. Sir, I want to understand how launch of SwaRail is likely to impact our business. Now, what I understand is that this app is developed by CRIS, and every online transaction basically will be routed through our booking engine, which effectively means that there is no loss of business for us. But what I want to know is how will CRIS benefit out of this? I mean, do we have to pay any share to them from the convenience fee that we earn, or will they take an additional fee over and above what we charge from the consumer to make money? So just some clarification on that side. Thank you, Jinesh. Your question is about super application. This will have no impact on our convenience fee because this is just one of the many modes which we are doing. So to my mind, to our mind, this will make no difference because the convenience fee, whatever is being charged to the passengers, will be coming straight to IRCTC. Thank you. Perfect. And we don't have to share any quantum with them, right? Hello. I already explained it to you that there is no change in anything. We will get the share as we are getting as of now. Got it, sir. And sir, my second question is on our e-catering business. Just wanted to get some update on that side because we have tied up with Swiggy and Zomato since quite some time to expand our e-catering business. So I mean, can you share the progress over here? I mean, how many stations have we covered so far or any volume number that you may want to call out? And lastly, what is our e-catering? Jinesh? Yeah, yeah. I'm happy to inform you all that from a meager, like 2,000 meals per day a few quarters back, this quarter, we have done more than a lakh orders, meals per day. Not orders, meals per day. So if you compare our year-on-year basis, last year, it was 61,000 meals per day. This quarter, we have done 125,000 meals per day. On quarter-on-quarter basis also, last quarter, Q2, it was 54,000. So we are going very fast. Thank you. Possible to share what is the contribution of e-catering revenue, the total catering revenue? Any number you want to call out? Hello. Am I audible? Hello, sir. You are not audible. I just wanted to know if you want to call out the share of e-catering revenue for nine months or maybe for this quarter? Hello? Hello? [Crosstalk] Yes. Now you are. So this quarter, we have booked a revenue of ₹ 15 crore as against ₹ nine crore last year-on-year basis. Got that. Sir, one last bookkeeping question from my side. If you can share the number of tickets that we have booked in this quarter and the convenience fee income, and also one follow-up on our depreciation charge. I believe the new office building was supposed to be capitalized in October 2024, but if I look at our depreciation run rate, I mean, it is similar to what it was in the previous quarter, so just wanted to know if that building has been capitalized or not, and once the capitalization happens, what should be our quarterly run rate on the depreciation side? Jinesh, your question is both morning and evening. So let me first answer your morning. This convenience fee is this quarter, we achieved ₹ 254 crore. And on year-on-year basis, it was ₹ 239 crore in Q3 2024. And regarding your question onto our capitalization part, this will be doing in this quarter, Q4. Thank you. Sir, tickets booked. Tickets booked, please. What's your question? Number of tickets booked. Ajit, total number of tickets you want to know? Yes, sir. For the quarter. For the quarter, total tickets we have booked is 12.51 crore. Okay. Got it, sir. Got it, sir. I'm fine with the number. Yeah. I don't want the base quarter number. Thank you. Thank you so much. Thank you. A reminder to all participants, please press star and one to ask a question. The next question comes from the line of Deepak from Sundaram Mutual Fund. Please go ahead. Yeah. Thanks. Am I audible? Yes. Sir, my first question is with respect to catering. So I just wanted to understand the relationship between our tariff rate increase and license fees. Because I was reading in one of the documents by Board that for the current running contract, let's say, even if the tariff hike comes in the food menu, there won't be any change to the license fee for the contract which are currently running. Is that understanding correct? So basically, there won't be any material impact on, let's say, increase in the license fees because of, let's say, higher revision of tariff. Is that understanding correct? Your question is finished, or should I come, or should I wait for the next question? Sir, I'll ask one by one so that it's easier for you to answer. As you correctly read, there will not be any impact on license fee if the tariff is enough because that has been clearly indicated in the tender document. Whatever benefit they are expecting to derive because of the tariff announcement has already been considered by the bidders of the tenders while bidding. Thank you. Okay. And the second question, what would be our Vande Bharat train revenue contribution to catering and Internet Ticketing separately in this quarter, Q3? We'll let you know. Thank you. Okay, and sir, coming to Internet Ticketing, so this quarter, we saw a 5% QOQ decline in Internet Ticketing, but despite that, our margins have improved by 3% to 4% points, so I just wanted to understand, is that margin sustainable, or is it one-off in Q3? You see, if you see quarter by quarter, you are correct that our Internet Ticketing revenue is less. It is because of the seasonal nature of booking. So in our Q2, we have booked tickets of all the seasons like Diwali, Dussehra, Chhath, which is not there in Q3. But if you compare with Q3 24, there is an improvement of 5%. And if you also see the nine-month performance in IT ticketing revenue, it has also increased to ₹ 1,054 crore as against ₹ 953 crore, giving around 11% growth. Yes, sir. I understand that. My question was, despite a 5% QOQ declining revenue, our margins have improved. Okay. So I just wanted to understand, is that margin which we are currently reporting, 84.7%, is it sustainable going forward? You see, this all depends on the type of booking. When we talk of overall IT earnings, it consists of two things. One is convenience fee, and another is your NFR, Non-Fare Revenue, so when we are already doing 87% of the booking, now we are trying to maximize our Non-Fare Revenue, so this is what will happen now, and that is what has happened. Okay. So basically, the non-convenience fees portion as proportion revenue has gone up. That's why we see an increment in the margins. Is that understanding correct? Yes. Yes, please. Okay. Okay. Got it, sir. And sir, my final question would be with respect to tourism. So you have already provided in your opening remark that because of luxury trains, Tejas, and State Tirth, we saw a very good comeback on tourism revenue this quarter. So is it sustainable going forward? Was it kind of one-off because of some events which is happening? And is the margin sustainable? Because I think this quarter, we have reported the highest margin in tourism. Is it sustainable? Of course, yes. Rather, we'll grow further. Okay. On margin front? You see, if you see our luxury train, last year, we did overall in the year ₹65 crore. This year, we are expected to come up to more than ₹95 crore. And it is giving us around 30% margin of our business. So these kind of products are already, you see, there is a euphoria for tourism. All of the world, they are trying to see towards India. So we are increasing our share of luxury trains, be it Maharajas' Express or Golden Chariot. For the, I'm happy to share that for the first time after 2019, we could run Golden Chariot, and there is a good buzz in the market about that. So this will continue. We have taken additional rate of Bharat Gaurav train because we are having the business out of that. That will also add both revenue and the margin to us. So I'm seeing margin. I don't find any reason why margin will not be either the same level or improve further. Okay, sir. Very encouraging, sir. Sir, my final question would be with respect to one of the regulations which has kicked in that the advance booking has come down from four months to around two months, right? And that has impact on the revenue with respect to the canceled ticket, right? Because we collect our convenience fees even on the canceled tickets. So I just want to understand on average, I mean, how much revenue in the Internet Ticketing convenience fees do we get from canceled ticket? And what could be the, let's say, revenue loss because of this implication of advance window coming down from four months to two months? Actually, so far as the number of days of ARP is concerned, it will not cause any difference in convenience fee, first thing. Because the number of fees are there. And every day, there is, you see, many trains. You see, large investment has taken place in since last three, four years. And this year also, there is a good budget CAPEX support to the Railways. So all these things will make it possible to run more and more number of trains. So far as the capacity is concerned, that is bound to increase or enhance. And we should not be very, very selfish that we earn out of the cancellation charge. So what we should focus is how we can provide better and better services and more and more ticket booking. So our target is that. So I see it with that perspective. And there, I am finding the business is used to come to us. Thank you very much. Okay, sir, so that is fine. Your goal and your inclination towards public service, that's very encouraging. But what I wanted to understand, ask you in simple terms, that out of this ₹ 254 crore convenience fees which you booked in Q3, how much of that means what is the proportion of cancel ticket revenue in this ₹ 254 crore? One thing I want to share with you, the cancellation charge, when the tickets are canceled, earlier also, we were not charging anything. We used to take convenience fee only and only at the time of booking. So it will not have any impact on us. Okay. Okay. Thank you, sir. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Madhuchanda Dey from Moneycontrol Pro. Please go ahead. [Crosstalk] Hi. Good afternoon. I have a housekeeping question. So the first one, which is if your convenience fee is ₹ 254 crore, so the non-ticketing is about ₹ 100 crore. Is that the correct figure? And if you could share the figure for the corresponding quarter, which is Q3 FY 2024. So this is 239 crore is the convenience fee Q3 24. And 96 is the non-convenience fee, 96 crore in Q3 24. The number of tickets sold is 11.46, or that's a different number? On year-on-year basis, the tickets sold is 12.51 crore this year. Last year, it was 11.48 crore, which is 9% of the total sale of tickets which has increased. Okay. Got it. Got it. I have a very simple question. If you could explain, you ended last year, which is FY24, on a catering margin of 13.8%. But I mean, now that is at around 12.2%. I mean, just wanted to understand what is the trajectory, what is pulling down the catering margin? So if you see the catering margin, we have already explained when the Director of Finance was explaining that there are two, three things which have come in the way. First is that we have closed down our base kitchens, nine base kitchens which we are running on departmental basis. That was closed because of the new catering policy wherein now we have gone for licensing model. So there immediately, it is seeing that there is a squeeze in the margin. But overall, if you see the number of trains which are coming, so the margin will certainly improve. Then if you see this, if you see the absolute term, it has improved. The second thing is the new tendering process which we have done through clustering mode. Here, we are not charging 15% on a billing. Our main focus is now on creating infrastructure, a network of base kitchens all across India so that which we are envisioning that a large number of catering business is going to come to IRCTC because of the introduction of many new trains in the coming quarters and the years. We are preparing ourselves by creating sufficient infrastructure so that we don't lose on that account. Margin is going to improve. Thank you. Yeah. I have a last question, if I may. That is on the Railway. Was there any capacity addition in this quarter? Fresh capacity came on board. And what kind of capacity addition are we going to see in the next few quarters? Recently, we have added Vijayawada Plant, which we inaugurated on 7th of October 2024. There are three plants which we are planning to bring in the coming financial year. That will also add to our capacity by, say, around 150,000 bottles and more, I think, 2 lakh bottles. What's the current capacity? If you could just mention that after this new plant. The total capacity is 18.4 lakh bottles per day. Okay. That is now. And it's going to go up to? Add around 2 lakh bottles. By which quarter? In the coming financial year. Okay. Roughly in the second half, right? That I can't commit now. Okay. Fine. Thank you. Thanks a lot. Thank you. The next question comes from the line of Balaji from IIFL. Please go ahead. Good afternoon. Thanks for taking my question. I just wanted to understand the benefits, if any, which you will see from the ongoing Kumbh Mela. So will we see a sharp increase in ticketing volumes? And what should be the approximate quantification of that? And moreover, what can be the potential improvement in both catering and Railway revenue from the ongoing Kumbh Mela? Thank you. You see, it's one of its kind. Here, what specifically we have done that I can share with you, we are running eight Bharat Gaurav tourist trains in this area covering Prayagraj, Varanasi, and Ayodhya, so there we are bringing thousands of people there on our train. This will be where the ticket is ours. The whole tourist package is ours. Second, that we have set up 100 rooms, 100 tents, Mahakumbh Gram Tent City of IRCTC, which is fully sold out, so these are the direct things which we are doing. Besides that, you know that everybody is moving towards that, and Railway has run so many special trains also, and so we are getting benefit in all our ticketing, catering, and Railway, as you correctly pointed out. Thank you very much. Thank you. This is helpful. So any sense on the numbers if you could provide based on how it has been for the past one month? If you want, I have to calculate. Otherwise, because this will come in this quarter only, you can wait. Right. Okay. Okay. Thank you. Thank you. And all of us. Thank you. The next question comes from the line of Mohit Jain from Tara Capital. Please go ahead. Hello. Can you hear me? Yes. Yeah. Sure. Yeah. So thanks for the presentation. So on the Internet Ticketing, so you said one of the reasons the margin has improved is because the non-fare revenue has increased significantly. But on a YoY basis, it has increased only from ₹ 96 crore to ₹ 100 crore. So then what actually explains this increase in the margin on ticketing, Internet Ticketing from 83% to 84.7%? And is it sustainable as it was asked earlier also? You see, our number of tickets which we have booked since Q3 is daily average 13.59 lakh tickets per day. Whereas it was 12.48 lakh tickets per day. So this quarter, we have increased one lakh tickets per day on an average. And that much number. So that much fees also come in absolute term. And besides that, from 96 crore to we have brought to 101 crore in non-convenience fee. So that's how it has improved. No, I appreciate such increase in the profit and the revenue. I mean, I was looking for the margin percentage. It has gone significantly. It has increased significantly. So we just wanted to understand that should we say that now this 84%-85% is the new normal and this is what we can expect going forward also? Let us hope for the best. Yes. Thank you. Thank you. Thank you. Participants, you may press star and one to ask a question. The next question comes from the line of Nikhil Verma from SUD Life. Please go ahead. Good afternoon, sir. Thank you for taking my question. My question is, sir, in the terms of catering revenue, what kind of volume growth you are seeing? So as you told that number of train additions will be there. So mostly it will be Vande Bharat-based trains or some other kind of volume growth you are seeing? That decision is the Ministry of Railways. But so far, as we are hearing, like all of us, that besides Vande Bharat, Vande Bharat sleeper trains are also going to come. So that will also give us volume. So sir, any kind of guidance of how much it should increase by next quarter or year? That we can't predict, but there are so many routes which are going to come of Amrit Bharat trains. Thank you, sir. And my question is, while capturing the clerkage that is charged, does that go to IRCTC or what is the thing about that? Because I wanted to understand if it's reduced to the convenience fee. Yeah. Nikhil, I could not get you. You want to know that during cancellation of ticket, what clerkage charges, Railway charge is going to us or to Railway? Yes, sir. That is my question. So I already explained it to the previous speaker that we only charge convenience fee and that too only at the time of booking. During cancellation, we charge nothing. Okay. Thank you, sir. That was it. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Mohit Motwani from Tara Capital. Please go ahead. Hello. Hi. Am I audible? Yes. Yeah. Hi. Thank you for the opportunity. Sir, my question is on your opening remarks on the Internet Ticketing segment where you said that the growth could be limited, incrementally limited from this point onwards. So I want to understand what are the streams of revenue are you looking at? Have you decided any streams or there is something going on along those lines? And this growth that you saw, 5% has actually moderated from the last Q2. So what should we expect in terms of trajectory going forward? Not looking for any numbers, but if you can give us a sense of what can be the future trajectory for this. As I explained earlier also, we are already reaching to 87%. We have touched 87%. So the scope of the percentage improvement is we are not forcing much. But as the volume itself is growing very high because of the investment in coaches and in infrastructure of Indian Railways. So certainly, and with the coming of both the DFC lines, the line capacity is also released for running more and more passenger trains. So in absolute term, we see a very handsome business out from here. So far as margin is concerned, it will remain as percentage-wise, it should remain the same in the near future. Thank you. Okay. And sir, can you say that 87% just further clicking on this, can you say that 87% of the tickets are now already booked? So would you say that the market has reached a saturation from a penetration point of view or there is scope for growth there? Because the other modes of transport, if you see, right, today, airways have become more prominent. So is that the case that the market has reached a little bit of saturation? That's the reason you are also believing that the growth from a volume standpoint may be relatively limited? No, no. I got your point. I got your point. I'm not saying that market is saturated. Market is booming. But the percentage of share which we have raised is almost 90%. So you can understand and appreciate the situation that what extra we can. So we should maintain and slightly improve the margin when the volume increases. That is what we are planning. Thank you. Okay. Thank you for the answers. Thank you. Thank you. Participants, please press star and one to ask a question. The next question comes from the line of Rattan Joneja from CoValue Technologies Private Limited. Please go ahead. Yeah. Good evening, sir. So I have one question. What is the status of Payment Aggregator license which we were expecting from RBI? It's been quite some time. Good evening, Rattan. We have already applied for the in-principle approval of RBI on 12th of December. And as you know that, RBI does scrutiny of any application they receive in a very threadbare manner. So we had engaged some consultant, and they have planned, and we have already submitted our application. So hopefully, we'll get the in-principle approval of RBI soon, and then we'll plan to get the license as such. Thank you. And can I ask one more question, please? Welcome. Okay. What is going to be the impact on IRCTC's revenue and cost benefits from this license? You see, I am very happy to inform you that when we have not got the license, still we are doing payment gateway business for our internal clients, internal customers. And I am happy to share with you that our share in gross margin value is quite handsome, around 20-22%. And we are number one in transaction value on website booking, and we are number two in mobile application booking. And in both the website and mobile combined or individually, we are ahead of Paytm. So what I understand is that once we get the license and the opportunities in this business, what I see is huge. So that will decide once we get the license into our business. Potential is there. I can commit that much. Okay. Can you elaborate on the potential, please, in terms of markets or? Exact numbers, I will not be able to give, but. [Crosstalk] No, I can just tell you where we can have a moat. Like if you see the Railway business as such, we are only doing a part of reserved ticketing. The freight business is there. Another unreserved ticketing is there. Similarly, GeM is there, which is doing huge amount of business during the procurement. So government business in itself, and there is no other company other than IRCTC in government parlance, which is doing this kind of business. So what we are seeing is if we touch only government part, there is a huge, huge potential on a transactional value level. Thank you very much. Okay. And one more thing. I have a strategic question. Our convenience fee has remained flat in terms of per PNR, whereas prices of tickets have been rising, particularly since Vande Bharat has come in. So, are we thinking anything in terms of moving the convenience fee as a percentage of tickets, percentage of the ticket value, since we can then ride the inflation? Rattan, can I come? Yes. You have given both the question and answer too. Your question is how we can maximize our profit through this convenience fee either by increasing the rate or increasing the volume. And you see that you yourself told that because of coming of Vande Bharat train, you are seeing only part of the story of fare announcement of Vande Bharat, whereas we are seeing a volume announcement. And since the beginning, I am repeating this that we are trying to maximize our volume. Okay. So at present, we are not seeing any announcement in the rate as such. No, not rate. I'm talking why don't we move into percentage so that we don't have to think about rates? [Foreign Langugae] Because it's been five years. Another five years will go. Which management pitch for this you have? We'll try to understand your thing. But what I find, and our team finds, that you see, if you are doing business, you can do how you should do. So here, it's a very price-sensitive segment. So we are wanting to maximize our revenue and profit both by getting more and more business. You see, already we are making a margin of 84%-85%. How much more margin you want to extract from a passenger? Can we share? Okay. Thank you. Thank you. The next question comes from the line of Rajesh Gajra, an Informist. Please go ahead. Hello. Hello. Can you hear me? Yeah. Sir, can you repeat? Earlier on in the opening remarks, you gave the EBITDA margin individually for your catering segment, for your Rail Neer, and for your web ticketing segment? Please. Thank you. EBITDA margin is 34.04% this quarter. And what else you want? I could not hear you, my colleague. For each of the segments, and versus year-ago margin. The catering margin is percentage-wise 12.19%, Rail Neer 12.31%, IT 84.71%, and tourism 16.94%. And the year-ago margins? Could not get you what you want. For each of the segments, what was the year-ago? That is Q3 of FY24, what were the margins, respective margins? For comparison purposes. Comparison quarter on quarter? Ajit, year on year. Year on year, it was catering 15.44%, Rail Neer minus 3.89%, IT 83.02%, and tourism 12.28%. Okay. Thank you very much. Thank you. The next question comes from the line of Rahul Jain from Dolat Capital. Please go ahead. Yeah. Hi. Most of my questions have been answered. Just one or two bookkeeping questions if it is handy. I think we spoke about the Golden Chariot being restarted. So if we could understand what is the seasonality for this particular train, is it heavy on the Q3, Q4, just like Maharajas' Express? So that is point number one. And secondly, if you could share the contribution of luxury train revenue for the quarter. The Golden Chariot is also run during the winter season, wherein foreigners, they generally prefer to come to India. So it will be Q3, Q4, like Maharajas' Express. And so far as this segment revenue is concerned, Maharajas' Express, this quarter, we achieved ₹ 38 crore revenue as against year-on-year, Q3, ₹ 24-27 crore. Right. Yeah. And Q1, Q basis, Q2, ₹ 21 crore. Right. And last question from my side. Regarding this State Tirth, in general, if you could explain how the situation and demand is playing out here. There has been some moderation that we have observed. So how are our interaction with various state and tourism segment is working to drive this part of the revenue piece? See, what do you want to understand? Our modus operandi, how we work or how we get the business? So my primary question is to understand, right now, are we getting a lot of interest from various state government on driving this segment, or it is continuing to be slightly weaker compared to the past trend? You see, what is speaking number? Number is speaking that it is on the right path. And there is a lot, many encouragement among state government to come to us and ask for the State Tirth. Nowadays, we called it Bharat Gaurav Train. ₹ 65 crore is Q3 revenue in Bharat Gaurav Train. And in Q2, it was ₹ 26 crore only, and last year, Q3, it was ₹ 28 crore only. Sir, how much you said for the current quarter? 65 crore. ₹ 65 crore. Thank you. That's it from my side. Thank you. Thank you. Ladies and gentlemen, that brings us to the end of the question and answer session. I would now like to hand the conference over to the management for the closing comments. Thank you, all of you, for a patient hearing and interaction with the management of IRCTC. All the best for all of us, including the stakeholders. Thank you. Thank you. Ladies and gentlemen, on behalf of Dolat Capital Market Private Limited, that concludes this conference. You may now disconnect your lines.