Ladies and gentlemen, good day and welcome to IRCTC Limited Q4 and full year FY 2026 earnings conference call. As a reminder, all participant line will be in 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. I now hand the conference over to Mr. Rahul Jain from Dolat Capital Market Private Limited. Thank you, and over to you, sir. Thank you, Ria. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q4 FY 2026 earning conference call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC Limited, represented by Sanjay Kumar Jain, who is CMD of the company; Sudhir Kumar, who is Director of Finance and CFO; and also we have today with us Rahul Himalian, Director of Tourism and Marketing; and Manoj Sharma, Director of Catering Services of the company. Now, I would like to hand the conference over to IRCTC management to take the proceedings forward. Over to you, please, Sanjay. Thank you, Rahul. A very good afternoon, everyone. It's my pleasure to welcome you to the earnings call of IRCTC for the quarter and year ending March 31st, 2026. The financial results for Q4 2026 were announced yesterday and filed with the stock exchanges. I will begin with a brief overview of our performance. Thereafter, our Director of Tourism and Marketing, Mr. Rahul Himalian, will present a detailed financial and segment-wide analysis, as our Director of Finance is not available because of his personal casualty in his family. We will then open the floor for questions. Q4 FY 2026 stood out to be extremely encouraging with the highest-ever revenue and profitability in the company's history in absolute terms. This reflects the strength of our operating model, resilient business segment, and sustained momentum across core business verticals. The company has registered all-time high financial performance in terms of revenue from operations, PAT, and EBITDA in the financial year 2025-2026. During the financial year, revenue from operations of IRCTC stood at INR 5,215 crore, registering an increase of around 12% as compared to previous financial year 2024-2025, driven by strong performance across all segments with improved operational efficiency and prudent cost management. EBITDA stood at INR 1,666 crore, registering an increase of approximately 7% from previous years. During the financial year, PAT stood at INR 1,393 crore, registering an increase of approximately 6% from previous years. The company had also declared and paid the highest dividend in the financial year 2025-2026 of INR 720 crore. Out of this, INR 680 crore has already been paid as interim dividend, and INR 40 crore has been declared as a final dividend by the BoD, subject to the approval in the AGM. Thank you. I now hand over the call to Mr. Rahul Himalian, our Director of Tourism and Marketing, for a detailed discussion on the financial and segmental performance. Thank you. Thank you, sir. [Non-English content] Good afternoon, ladies and gentlemen. I'm Rahul Himalian, Director of Tourism and Marketing, IRCTC. On behalf of the entire management team of IRCTC and the IRCTC fraternity, I extend a very warm welcome to all of you to this earnings call today to present you with the overall financial and operational performance of IRCTC in the financial year 2025-2026, along with the results of the fourth quarter of FY 2025-2026. I am pleased to share that the company has delivered a very strong and resilient financial performance during the financial year [Non-English content], including quarter ending March 31st, 2026, reflecting the robustness of a diversified business model, disciplined execution, and continued focus on operational excellence and customer centricity. While discussing the financial results of financial year 2025-2026, you'll be glad to know that IRCTC recorded its highest-ever revenue from operations at INR 5,215 crore in the financial year 2025-2026, compared to INR 4,675 crore in financial year 2024-2025, registering a year-on-year growth of 11.55%, which is more than the year-on-year growth of 9.74% recorded in financial year 2024-2025. Number two, IRCTC recorded highest-ever total revenue of INR 5,475 crore in the financial year [Non-English content] compared to INR 4,904 crore in financial year [Non-English content] Registering a year-on-year growth of 11.64%, which is more than the year-on-year growth of 10.80% recorded in financial year [Non-English content] Number three, IRCTC also recorded the highest ever profit before tax of INR 1,875 crore, compared to INR 1,757 crore in financial year 2024-2025, registering a year-on-year growth of 6.72%. The overall profit earned by the company has been driven with strong performances from all business verticals of IRCTC, including catering, IT, tourism, and Rail Neer. Similarly, the EBITDA grew from INR 1,550 crore in financial year 2024-2025, INR 1,666 crore in financial year 2025-2026, registering a growth of 7.48%. Now taking you deeper into the segment-wise performance for financial year 2025-2026, the catering segment recorded a revenue of INR 2,399 crore in financial year 2025-2026 as compared to INR 2,125 crore in financial year 2024-2025, registering a year-on-year growth of 12.89%. That is nearly 13%. The Rail Neer segment recorded a revenue of INR 391 crore versus INR 379 crore in financial year 2024-2025, registering a year-on-year growth of 3.17% and a marked growth in profit year-on-year of 21.74%. The internet ticketing segment recorded a revenue of INR 1,536 crore in financial year [Non-English content] as compared to INR 1,426 crore in financial year [Non-English content] registering a year-on-year growth of 7.71% with a marked growth in profit of 7.55%. The tourism segment recorded a revenue of INR 890 crore in financial year 2025-2026 as compared to INR 745 crore in financial year 2024-2025, registering a year-on-year growth of 19.46% with a whopping growth in profit of 36.17%. Allow me to briefly highlight the segment-wise performance for Q4 of financial year [Non-English content] The total revenue from operations stood at INR 1,460 crore in Q4 of financial year [Non-English content] as compared to revenue of INR 1,269 crore in Q4 of financial year [Non-English content] registering a growth of 15.05%. There was a marginal dip in the comparative profit figures in Q4 with profit at INR 447 crore as compared to INR 472 crore in financial year [Non-English content] prima facie due to macro environmental factors and exceptional item amounting to INR 48 crore legacy items, which were considered as income in the financial year 2024-2025. EBITDA for the quarter stood at INR 399 crore with a healthy EBITDA margin of 27.33%. While margins were impacted slightly due to a change in revenue mix, particularly higher contribution from catering and tourism segments, the company continued to maintain strong and sustainable profitability. Talking about the business segments for Q4 of financial year 2025-2026. The tourism segment delivered an excellent performance in Q4, grossing an overall revenue of INR 304 crore compared to INR 274 crore in financial year 2024-2025, registering a growth of 10.95% year-on-year, despite the current geopolitical environment. The EBITDA margins improved to 16%, driven by a better product mix and focused cost rationalization initiatives. Internet Ticketing. The Internet Ticketing reported revenue of INR 390 crore versus INR 373 crore, reflecting a year-on-year growth of 4.56%. You'll be glad to know that today we command 89% share of reserved railway tickets, and the segment continued to deliver robust profitability with EBITDA margin of 76%, driven by strong operating leverage and sustained cost efficiencies. Catering. The catering segment recorded revenue of INR 671 crore compared to INR 529 crore in 2024-2025, achieving an impressive growth of 26.84% year-on-year. The margin in this segment were impacted due to higher sales contribution from train catering operations and pilot initiatives such as branded catering projects undertaken with a view to enhancing customer experience and passenger satisfaction. Nevertheless, catering continues to remain a steady and scalable growth driver supported by increasing passenger volumes and a continuous effort towards service enhancement. Lastly, Rail Neer. Rail Neer generated a revenue of INR 95 crore compared to INR 92 crore, registering a year-on-year growth of 3.26%. The segment witnessed an improvement in margins during the quarter, supported by economies in material costs, operational efficiencies, and sustained consumer confidence in the brand. Overall, our fourth quarter performance demonstrates the resilience and strength of IRCTC's business fundamentals despite the ongoing geopolitical turmoil, prudent cost management with rational austerity measures, strong digital capabilities, and unwavering commitment to operational excellence. We remain confident about our future business growth trajectory and believe the company is well-positioned to create sustainable long-term value for all its stakeholders. With these remarks, I conclude my today's address to the IRCTC family. We will now open the floor for questions please. Thank you [Non-English content] 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 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 handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Jinesh Joshi from P L Capital. Please go ahead. [inaudible] Thanks for the opportunity. Sir, if I look at our e-ticketing EBIT margin, it was at about 76% in this quarter, while the catering EBIT margin was also down to about 6.2%. I understand in the opening remarks you did mention something about the catering division, and there was some one-off with respect to some branded project that you highlighted. If you can be a bit more specific and quantify what were the one-off elements in these two segments which have led to erosion in margins. [inudible] We cannot only hear you because of noise from background. [Non-English content] Container. Right now or the other. Sorry. [Non-English content] Sir, can you please repeat your question? My question is on the Internet Ticketing EBIT margin, which was down to 76%, and also the catering EBIT margin, which was down to 6.2%. Just wanted to know, were there any one-offs in this segment? [inaudible] What is this noise? Hello, behind. Sorry. Am I audible? Dolat Capital. Dolat Capital, some noise is there from the background. [Non-English content] Dolat Capital? [Non-English content] Sir, can we request you to rejoin the queue? [Non-English content] [Non-English content] He's still talking. Sir, Rahul sir's line is on mute only. No, please see that. That is why totally accept because we are also regulated. Jinesh- Are you- There's a lot of background noise from your line. Can you please rejoin the question queue? As there is no response, we'll move ahead. The next question is from the line of Kanishk Gupta from SS Family Office. Please go ahead. Yeah, sir. A very good afternoon to you. Sir, my question would be particularly on the August Kranti Rajdhani train. Despite being a premium Mumbai-Delhi train, which currently stops at Mathura but not at Agra, which is a major tourist and business destination. From a personal observation, I have observed that many passengers deboard at Mathura and then travel onward to Agra by road, creating additional inconvenience and transit inefficiency. Additionally, another train, Mumbai-Delhi Tejas Rajdhani, currently does not stop at Mathura or at Agra. Have you evaluated any possibility of introducing an Agra stoppage for such premium trains due to the high tourism destination like Agra could enhance passenger convenience and premium passenger demand on this corridor? May I come in, SS Gupta Family? Hello. Sorry. You are listening. Yes, sir. Am I audible? Yes, sir. [Non-English content] is another train, Rajdhani train from Mumbai, which goes up to CSMT [Non-English content] Nizamuddin. Passengers aspiring to go to Agra can take that route. Secondly, this is concerning Indian Railways, where we will certainly, if you send some request to them, they will consider introducing another train also. Thank you. No, sir. What I mean to say is that if Agra availability, Agra [Non-English content] to direct IRCTC's revenue potential can increase because [Non-English content] one of the seven wonders of the world is present there. [Non-English content] IRCTC cannot go to Guwahati via Srinagar. It has to go from Delhi to Guwahati via Kanpur or via Moradabad. The route is not there. You got my point? Thank you. Okay, sir. Got it. Sir, the second question would be on the convenience fees across AC and non-AC ticket categories have largely remained unchanged for several years despite rising digital volumes and inflation and continued investment in the platform infrastructure. How do you evaluate the scope for revisiting convenience fee structure over the long term while balancing affordability and monetization? At the moment, we are not planning to announce anything, but of course, when it will pinch us, we'll think about it. Thank you. Sir, given the strong cash balance that currently IRCTC has and ability to generate highly efficient cash flows, what would be the key capital allocation priority over the next few years? You see, we are asset-light company, but we are basically trying to invest into our platform. First, we are improving our infrastructure of e-ticketing, so to give a convenience to our passengers. Secondly, to make it more secure, we are putting money into that. Besides that, we are planning to have four additional Rail Neer plants expansion of existing two Rail Neer plants, and we are also trying to go in hotel business. Sir, on this question as a follow-up, dividend payout ratio remains relatively strong at approximately 50%. Any other methods you are currently evaluating to reward shareholders as in terms of buyback? Yes, the decision is done by DIPAM, Ministry of Finance. Though we qualify for their criteria, but there is a number of years barrier there. That rule, our board has already apprised DIPAM in this regard. Thank you. Sir, last question would be on that IRCTC operated at 36% approximately four years ago, 36% EBITDA margins, while Q4 FY 2026 margins are currently at 27%. Can you elaborate the key drivers behind this compression and whether those earlier 36% margins were structurally sustainable or largely a peak driven by favorable e-ticketing business mix and operating leverage? You see, we are aspiring to improve our revenue by increasing our different business segments. In the process, the high margin business or revenue, as you already know that we are working on 89% of railway ticket booking. There we are finding it not very encouraging look forward. We have planned to improve the other segment of our business like catering, tourism, railways. There, our margin is around anywhere 10%-12%. We have planned to see the improve in absolute margin, but we are regularly telling that in all the investors call, and earlier also, that we will maintain 30%. If you go through this financial year, the margin comes to around 31.95%. Why there is a dip of up to 27%, because in this quarter, we have booked some exceptional items. If we deduct those exceptional items in this quarter, it will be around 30% only. Thank you. Sir, in the long run, is it safe to say that you aim to target mid-30s kind of margin? Yes, 30%. We are aspiring to maintain 30%. Okay, sir. That's it from my side. Thank you and all the best for the future. Thank you. Next question is from the line of Mr. Jinesh Joshi from P L Capital. Please go ahead. Am I audible now? Yes, sir. Please go ahead. Yes. Yeah. Sir, what was the exceptional item that you booked in this quarter, and if you can quantify that amount? Secondly, also, can you share, did we get any revenue from running election special trains in 4Q? That is my first question. You see, there are three major items which I can quantify. First, the legacy item, which was booked in March 2025, was around INR 48 crore, which is not there this year. Then allocation of CSR activities, which was last year INR 7 crore only. It is INR 31 crore this year. We have provided for additional ECL of around INR 16 crore as against INR 8 crore. First thing is this. Secondly, election special, we have a revenue of INR 2.38 crore. Sir, just to repeat the numbers because there was some issue in your voice. You highlighted that election special revenue was INR 2.38 crore and the ECL provisioning was INR 16 crore. What was the CSR number that you highlighted for this quarter? Legacy item was INR 48 crore, which was there in March 2025. This year it is not there. CSR as against INR 7 crore booked last year. This time, the whole of CSR, INR 31 crore has been booked, that is additional INR 24 crore in this quarter. ECL, last year we booked INR 8 crore. This year we have provided INR 16 crore. Largely, these are the exceptional items. So far as election special, in this quarter, we have booked INR 2.38 crore. In the financial year, it is INR 6.77 crore. Perfect, sir. Thank you. If you want, we'll send across you the exact figures also. That we'll check. No, sir. This is pretty clear. Sir, my second question is on the catering division. I believe the last price hike happened in 2019. Now, given the surge in gas prices, is there a possibility of a revision in catering prices? Basically, how are the licensees coping with the inflation, given their input cost has also risen. Your comments on that. Just in case, hypothetically, if the price hike happens, will we benefit from the old contracts that have been awarded to the licensees? I thought of asking this because they were given at a fixed fee. If you can just clarify on this bit. You see, your hypothesis, I cannot answer till the price is raised because it is an administered item and is decided by Ministry of Railways. I can't comment onto that. Thank you very much. Last bookkeeping question. If you can share the number of ticket booked, the convenience fee, and the AC share in this quarter. Number of ticket booked in AC class is 6.85 crore and non-AC class 6.54 crore. Total 13.39 crore. Share of UPI? 51.7%. The convenience fee income also, sir. Convenience fee income was INR 247 crore. Sir, just one suggestion. If you can maybe put out a presentation and give out all these KPI numbers, it will be really handy. That is one suggestion from my side. Thank you so much. Sure. Thank you. Next question is from the line of Madhuc handa Dey from MC Pro. Please go ahead. Hi. My question is related to the previous question. You called out some exceptional items. I just wanted to check that there's a sharp decline in the EBIT margin for catering from 10.4%- 6.3%. Was anything business specific in this margin decline? Similarly, for internet ticketing, it's 85%-76%, that kind of a decline. Was there anything business specific? In the catering, the margin dipped because of this exceptional item. First of all, last year, same quarter, we have provided for ECL item of only INR 5 crore. This year it is INR 16 crore. CSR allocation under catering was done as against INR 1 crore, it's INR 5 crore. Legacy item, this year it is not there. Last year, INR 33 crore. Direct cost because of GST, because increase in the premium train sale is around INR 3 crore. This is regarding catering. No. Sorry, sir. I didn't understand the last item that you called out. GST increase in premium train, this year it is INR 3 crore. Last year, there was nothing. That's what you said, right? No. Over to last year, additional INR 3 crore. Additional INR 3 crore. Because of increase of the sale. Okay. As regards IT business, the reason for the down is allocation of CSR of additional INR 17 crore on this, direct cost around INR 8 crore, and increase in the UPI share, it is again INR 8 crore. Okay. I saw in the fourth quarter, there was a shortage of commercial cylinder. Did that impact margin by any chance in your business? Actually, we have done many things to get rid of this problem. First of all, we have allowed our vendors to cook on the pantry car, which are already having safety facilities. All our LHB pantry car now can produce meals in a running train. We have allowed our vendors or licensees to cook their meals and serve onto the train. That is run on electricity. Secondly- Okay. ...at very big places, we have used this electric as a mode of induction cooking. Thirdly, we have tied up with all this marketing company, IOCL, BPCL, HPCL, to give us the priority as per the government directives. Okay. Great. No problem. Sir, just a last question from my side. Because of the increase in airfare, especially on international routes, we are hearing that there is a lot of diversion of tourism to domestic tourism in this peak summer holiday season in India. Are you seeing any change in the number of tickets booked or holidays booked or overall increase in passenger traffic? Hello? Yeah. In our tourism, this quarter, our tourism revenue grew from INR 274 crore- INR 304 crore. Despite all these issues, this has increased. Similarly, IT business has also increased from INR 372 crore- INR 390 crore. Certainly, that has added to our revenue. We got the opportunity and we have utilized it. Sir, my question was pertaining to this quarter, which means we are already one and a half months into this new quarter. My question was, are you seeing any increased activity in domestic tourism in this quarter, which is the April-June quarter? We are already one and a half months into it. You want me to comment on a thing which I should not, because it's a listed company. Yes, we are very hopeful. Thank you. Okay. Thank you. Thank you. Next question is from the line of Sonal from Prescient Capital. Please go ahead. Hi, this is Sonal Minhas, I hope am audible? Sir, your voice is not clear. Yeah. Am I audible or should I speak again? Yeah, please. Go ahead. Sure. Okay, I'll just. Sir, you can go ahead with your question. Hi. Am I audible now? Yes, sir. Yeah, sure. Yes. Sorry for this, sir. I have a question with regard to the% of tickets that are booked on IRCTC with your channel partners and online travel agents like EaseMyTrip, MakeMyTrip and others. What would be that share for this particular financial year, if you could give us an understanding? I will send you the details. As a channel partner, I think 28% around. All right, sir. Sir, has that number increased over the last one year directionally, without taking absolute numbers? Appears to be same, but we'll send you the numbers. Thank you. Okay. Sir, I have a follow-up question on this one. From a tech perspective, how do you see your channel partners directionally from here to the next two, three years? Do you think IRCTC can do much better on their portal to actually bypass these channel partners, or these are channel partners who can actually add value to your business, your platform? Just want to understand from a build-out perspective, IRCTC, going forward. Why do you want me to lose money? You are my investor, you should be happy if I work with them more. Thank you. All right, sir. Thank you. Thank you. Next question is from the line of Abhishek from Investec. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. My question is on the other expenses. Other expenses in a quarter comes at around roughly INR 40 crore-INR 50 crore, but in this quarter it is around INR 109 crore. What are the reasons behind that? As I explained in my initial talk, that we have booked the CSR around INR 31 crore-INR 32 crore and ECL at INR 16 crore. That's why it has increased. Thank you. Okay, sir. Thanks. Thank you. Next question is from the line of Pranav Mashruwala from Dolat Capital. Please go ahead. Hello. Yes. Hello. Please go ahead. Yes. Hi. Thank you for the opportunity. One question on tourism. The top line has been healthy, but there's been some mild contraction in the margin. What has been the current growth driver for Q4? Was there some lower margin Bharat Gaurav or lower tourism packages versus lower premium luxury tourism? How can we think about some of the sustainability of margins in this business? Decrease in margin is basically because of allocation of CSR of INR 1.5 crore and decrease in the margin of Tejas Express, two Tejas Express we are running. Otherwise, this margin would be around 18%. Thank you. Okay, great. One question would be on Rail Neer. Here we have seen a good margin expansion. What has been driving this margin expansion? Any operational efficiencies which are more sustainable or improved capacity utilization? Yeah. This last quarter, the preform rates were quite good, that's how the margin percentage increased. Thank you. Okay. Just maybe a broad level question. We've seen good growth in catering and tourism overall. The ticketing growth has been a bit moderating, considering even the digital penetration is high. The adoption is quite good. How do we see the revenue mix evolving over the next few years, and which business will be the primary growth driver for us? You see, revenue-wise, primary growth I see in catering. It will continue to maintain around 15%. Tourism, we are eyeing to continue with around this year we are booking 19%, should continue to be around 20%. IT business is 7%. We want to increase the non-convenience fee. For that, we are already working on unified portal and IP. That will be around 10%. We want to maintain that. Thank you. Thank you. That's all from my side. Thank you. Next question is from the line of Kartik Gada from Multipl Wealth. Please go ahead. Thank you for the opportunity. Am I audible? Yes, please. Yeah. On this CSR, which you mentioned, against INR 7 crore we booked INR 31 crore. Understand. What led to increase? Because in terms of full-year revenue growth, we are at 11.5%, but the CSR increase is almost 4x, a little more than 4x. What is the rationale for such a sharp increase in CSR? From previous quarters. You see, CSR, as you must be knowing, it depends on the profitability of last three years and 2% of that. This year, why we booked this expenditure in the last quarter, because most of our projects for CSR was sanctioned in this quarter. Thank you. Okay. Would there be such volatility going ahead also, or we should see it stabilizing around these levels? This is an exceptional item. You see, every month if I book for, say, INR 2 crore or INR 3 crore kind of thing, then in 12 months, we can book around INR 36 crore, INR 32 crore, which is there, the CSR liability onto us. Generally, it depends because we identify the projects, we examine its feasibility and viability and whether it is good or not. It takes time. It is just an exceptional item, you can say that. Thank you. Okay. Just to understand in accounting terms, there is some element of both CSR and ECL in the EBIT line item also, and hence we are seeing lower EBIT margins for catering and internet ticketing. Would that be right understanding? Exactly. Okay. Last question from my end. Just to reconfirm the number of tickets which you mentioned, the total was INR 13.39 crore? Yes. Okay. Thank you so much. That's it from my side. Thank you. Thank you. Next question is from the line of Harsh Yadav from Dolat Capital Market Private Limited. Please go ahead. Hi. Am I audible? Yeah. Please go on. Sir, you stated that enhancement of licensing fee for catered and posted trains for this quarter is a matter of sub judice. Could you quantify the potential incremental revenue that has not been recognized? What would be the timeline for resolution with respect to high courts? You are talking of the previous court case which is going on for [CC60]? Yes. That is under litigation. I should not comment on it now, but under litigation. Okay. One more question. The RBI deadline. Sir, your voice is really very low. Is it better now? Sir, your voice is really very- Am I audible now? Yes, sir. This is better. Yes. The RBI deadline for submitting final application for the payment aggregator license has been extended to August 26th, and you mentioned onboarding a tech service provider in Q3. Could you share the current milestone status of this application? Once the license is secured, how quickly do we plan to launch the unified portal, and what is the expected monetization roadmap for cross-selling travel services? August is the deadline, and I'm happy to tell that we'll be able to do it by that time. We have already engaged our partner. Thank you. One more question on Rail Neer. As you mentioned last quarter that you are doubling capacity for Danapur and Ambernath and also working on four greenfield plants. What would be the execution status of these plants? You indicated in Q3 that you are exploring tie-ups with other beverage brands to bridge that 40% demand-supply gap. Has there been any progress on those discussions? Yeah. We have already tendered our expansion plan for Ambernath from 2 lakh bottles per day to 3 lakh bottles. Similarly for Danapur Railway plant from 1 lakh- 2 lakh bottles. We have already tied up with the partner. The work is going on. As regards four plants, we have already got land at Mysore and Prayagraj. Bhagalpur, one land which was given was not that good, we have again represented to give a good land where we can extract good water and no problem of future water scarcity. In Ranchi, verbally, they have already told that it is allotted to you, we have not got any formal communication from them. As regards engaging with other partners, channel partners, discussion is going on. Our experience till date is not very encouraging, we are trying to find out a good partner for that. Thank you. Okay. Just one final question on catering. You had highlighted that the prepaid Vande Bharat model operates on higher billing but lower margin. With the Ministry of Railways planning to scale Vande Bharat trains, how should we model the long-term sustainable margin for catering division? Are there pricing adjustment or licensing fee revision in discussion with the Railway Board? You see, I never told that we don't get a good margin in Vande Bharat train. In fact, we are getting two things. One is our licensing, which is quite good. The other thing is our booking of revenue, because how it works. First, our licensees, they give us the licensee for taking the ride onto the train, and then they serve the meals to them, and they raise a bill to us. In turn, we take the money from railways, which in turn takes the money from the passengers in the tariff, in the passenger fare. That's how we are booking two things. One is licensing, another is turnover. When we book the turnover, we have to raise the bill, and for that 5% is the bill which raised, which we don't get a ITC credit. Whenever the increase in the train revenue will be there will be an element of 5% of GST. That means I have to increase the revenue, so I have to bear this 5%. That's what I want to tell. Thank you. Harsh sir, you're not audible. If you're speaking anything. Yes. I think I just cut off, but it's okay. I got it. Thank you. Thank you. That was the last question of the day. I now hand the conference over to management for closing comments. [Non-English content] Manoj Sharma, Director, Catering Services. [Non-English content] Thank you very much. Thank you. On the behalf of IRCTC Limited, that conclude this conference. Thank you for joining us, and you may now disconnect your lines.