Indian Railway Catering & Tourism Corporation Ltd Management Discussions.


The Indian economy faced multiple headwinds in fiscal 2019-20 due to a global slowdown. The GDP growth settled at 4.2% in FY 2019-20, registering a decline from FY 2018-19. Despite this, Indian economy is estimated to be the 5th largest economy in the world in terms of GDP. The decline in GDP can be primarily attributed to lower consumer spending, reduced public and private investments and subdued demand for goods and services. It was also led by declining automobile sales, stress on the NBFC sector and stagnant growth in the real estate sector.

Despite these headwinds, the economy has achieved its crop production target of 291 Million tonnes, due to above normal rainfall, in FY 2019-20. To revive the economy, the government has introduced a plethora of reforms like corporate tax cuts, launch of a phased manufacturing programme for 5 years to support production of EV components and has slashed interest rates to boost demand across sectors. The reforms also helped India to rise to the 63rd position on World Banks Ease of doing business report, 2019.

The outlook for economic growth is not very favourable owing to outbreak of CoVID-19 and GDP is anticipated to contract by 4.5% for FY 2020-21.1 The pandemic completely halted economic activity and has disrupted supply chains all over the country and has brought about significant disruptions in the health sector. It is expected to have far-flung economic and social consequences, with strong cross-border spill over effects through trade, tourism and financial linkages. When things gradually return to normal, economic activity is expected to revive with a strong demand for products and services. To further strengthen the economy, the government has planned various fiscal and economic reforms to improve investor confidence, with the GDP growth expected to touch 6% in FY 2021-22.1


Indian Railways (IR) is the backbone of long-distance passenger transport in India with a network that spans more than 115,000 km, making it the worlds 3rd largest railway network and one of the largest railway systems in the world under single management. It is operated and managed by "Ministry of Railways". The Railways run 13, 452 passenger trains connecting more than 8000 stations carrying 23 Million passengers, and over 9141 freight trains daily,4 carrying 3 Million tonnes of freight every day. Indian Railways transports 90% of the total coal moved in the country, supplying 50% of the power in India.

Indian Railways has constantly focused on improving punctuality of its mail and express trains and its performance in this regard has improved to 75.67% during April-Dec 2019, as compared to 68.19% for the same period in 2018.3

Punctuality of trains has led to greater customer satisfaction as minimum delays allow passengers to reach destinations on time. Revenue of Indian Railways continues to grow at a sustained rate. The gross revenue stood at Rs 145,333.61 Crores (US$ 20.79 Billion) in FY 2019-20 (till January 2020). Passenger earnings for Indian Railways is estimated at Rs 44,279.72 Crores (US$ 6.34 Billion) in FY 2019-20 (till January 2020). Freight remains the major revenue earning segment for Railways, accounting for 63.96% of its total revenue in FY 2019-20 (till January 2020), followed by passenger segment. Passenger traffic stood at 6.99 Billion in FY 2019-20 (till January 2020) while Freight traffic reached 999.51 Million tonnes.4

Indian Railways efforts to continuously enrich consumer experience have led to the introduction of Unreserved Ticketing App (UTS) in 2018, to book unreserved tickets through a mobile app. UTS Mobile App provides the option to go paperless and allows passengers to book train tickets at their convenience, thereby doing away with the hassle of standing in queues. Bookings on UTS increased 315% for East Coast Railway (ECoR), to record more than 9.6 Lakhs bookings till December 2019.3

Investment in Railway Sector

High Speed Rail Projects: As many as 6 new rail corridors are in the pipeline as Indian Railways plans to expand Indias first bullet train project, which is expected to be completed by 2023. As preparations for the project continue, Detailed Project Reports (DPRs) for 6 more high-speed rail projects have been sanctioned by Indian Railways. These 6 projects consist of Delhi-Noida-Agra-Lucknow-Varanasi (865 kilometres distance), Delhi-Jaipur-Udaipur-Ahmedabad (886 kilometres distance), Mumbai-Nashik-Nagpur (753 kilometres distance), Mumbai-Pune-Hyderabad (711 kilometres distance), Chennai-Bengaluru-Mysuru (435 kilometres distance), and Delhi-Chandigarh-Ludhiana-Jalandhar-Amritsar (459 kilometres distance).

Redevelopment of Stations: The government is set to award contracts for 50 station redevelopment projects, entailing an investment of around Rs 50,000 Crores, in 2020-21.

Public Private Partnership Model: Ministry of Railways has announced 150 private trains in the next few years, that will run on the Indian Railways network via PPP model. This reduces the burden on the government and allows railways to benefit from private sector funding.

Wi-Fi Connectivity: To improve connectivity at rail stations, Ministry of Railways provides free, high-speed Wi-Fi connectivity at several railway stations across the country.

Semi high-speed corridor: Around US$ 8.89 Billion has been planned to be invested in developing a semi high-speed rail corridor in Kerala.

Government Initiatives for Indian Railways

The government aims to make Indian Railways the growth engine of the economy. As a result, the government has increased investment and introduced modern technology with a focus on safety, speed and services. In accordance with its plans to improve Indian Railways further, certain initiatives were announced in Union budget 2020-21:

Railways will set up a Kisan Rail to build a national cold supply chain for perishables, including milk, meat and fish. This will be set up through PPP arrangements. Express and freight trains will have refrigerated coaches to support the Kisan Rail initiative.

Rs 100 Lakhs Crores will be invested on infrastructure, over the next five years. This will include projects to modernize railway stations, metro and railway transportation, logistics and warehousing.

Large solar power capacity will be set up alongside rail tracks, on land owned by Railways.

4 station re-development projects and 150 passenger trains will be operated through PPP model.

More trains like Tejas will be introduced to connect iconic tourist destinations and high-speed train projects to be pursued.

A 148 km long suburban transport project will be set up in Bangalore, at a cost of Rs 18,600 Crores. The central government will provide 20% equity and facilitate external assistance of up to 60% of the project cost.

Capex for 2020-21 has been pegged at an all-time high of Rs 1.61 Lakhs Crores with plans for electrification of the entire

BG network by 2023-24.

The target for new lines, gauge conversion and doubling/ tripling etc. for 2020-21 stands at 3750 kms against 3150 kms in 2019-20.

The government has initiated upgradation of a decade old signalling system, to convert it into an Automatic Train Protection system which will be developed with a potent mix of proven international technology and indigenously developed systems.

Budgetary allocation for Railways
(Rs in Crores)
2018-19 2019-20 2020-21 % Change (2020-
Actuals Revised Budget 21BE/2019-20 RE)
Gross Budgetary Support 52838 68105 70250 3%
Internal Resources 4663 5000 7500 50%
Extra Budgetary Resources 75876 83247 83292 0%
Total 133377 156352 161042 3%

(Note: BE – Budget Estimate and RE – Revised Estimate)


E-Booking Industry

The Indian booking industry, both online and offline, comprises of airline travel booking, railway booking and hotel booking. Over the past few years, the Indian booking industry has been growing on account of increasing domestic and inbound tourism. With growing internet penetration and emergence of Artificial Intelligence (AI), the online travel industry in India is gaining traction. A large number of people are now turning to web portals and mobile apps for better travel deals.

The online air ticketing segment accounts for 59-61% of the overall online booking market.5 It was further aided by rising internet and smartphone penetration, incentivized rates offered through airline loyalty programmes, increased usage of Online Travel Agencies (OTAs) for competitive airfares and price comparisons. Rail bookings, on the other hand, account for 24-26% of the online booking industry in India. E-booking is estimated to stand at 73-75% of the total railway booking in FY 2019-20 and is anticipated to reach 81-83%, with 425-435 Million tickets estimated to be booked online by FY 2023-24.6

The online booking market is estimated to reach Rs 2380-2850 Billion by FY 2023-24, growing at a CAGR of 16-17% from FY 2019-24.4 Factors such as rising internet penetration, availability of low data, affordable smart phones, increasing number of online travel agencies & aggregator and convenience of online booking, will augment growth in this segment. The increasing usage of credit/debit cards as payment mechanisms and proliferation of channels like OTAs is likely to fuel further growth in the medium to long term.

Food catering services

The Indian food industry was valued at Rs 4.24 trillion in FY 2018-19, registering a CAGR of 11% from 2016-2019. The organized sector, with a share of 35% of the market share, is estimated to grow at a CAGR of 15% from 2019-2023, to reach Rs 2.58 trillion in FY 2022-23.5 The growth will be primarily driven by urbanization, rising income levels, internet penetration and due to a varied choice of cuisines available in India.

With a growing number of passengers on long journey routes, the demand for catering services in railways is also expected to grow. Rail passengers travelling on First Class, 3-tier AC or with reserved tickets on second class is most likely to avail catering services, aiding the growth of mobile catering revenues. E-catering services, although still a small part of catering services in the railway industry, is expected to experience strong growth on the back of increasing restaurant listings, ease of on-seat food delivery and its growing preference among travellers. Going forward, revenue from static catering services is expected to grow at 13-14% due to the addition of new food plazas/fast food units.

The rail catering industry is expected to be valued at Rs 14.5-15 Billion by FY 2023-24, growing at a CAGR of 7.5-8.5% from FY 2019-24. The growth in the catering industry will be on account of a likely increase in passenger traffic, due to the addition of long distance trains. Rising affordability, choice of varied food items and increasing coverage of catering services through the addition of base kitchens and static catering units will further boost growth. Tie-ups with popular restaurants and quick service restaurant (QSR) chains on the e-catering platform will further augment growth in this sector.

Packaged Drinking Water

Packaged drinking water is anticipated to be valued at more than Rs 400 Billion by 2023, growing at a CAGR of ~20.75% between 2018 and 2023. Increasing awareness about the importance of safe drinking water to maintain good health along with rise in per capita income is creating a demand for bottled water in India.

The revenue in the bottled water segment is expected to stand at US$ 6464 Million in 2020. In relation to Indias total population of 135 Crores, the estimated revenue generation from packaged drinking water is likely to be US$ 4.68, per person, in 2020 and the average per capita consumption is expected to stand at 17.5 litres. In India, bottled water is sold in one-litre bottles, two-litre bottles, 500 millilitre bottles, 250 millilitre bottles, pouches, and barrels of 15-20 litres.

Factors such as ability and willingness to pay for clean drinking water, rising affordability, increasing focus on hygiene and cleanliness and growth in tourism with preference for packaged drinking water over tap water are likely to boost the growth of the segment. Further, the packaged drinking water sold in railway is estimated to grow at a CAGR of 2% between FY 2019-24 due to increased booking of upper class tickets. The upper-class ticket booking segment also represents the population that is likely to purchase packaged drinking water during rail travel.

Travel and Tourism

The tourism industry is one of the fastest growing sectors in India, making a significant contribution to the GDP. It is also one of the biggest drivers of growth and employment. The sector accounts for 12.75% of employment - contributing 5.56% to direct employment and 7.19% to indirect employment. Indias total earnings from tourism was about US $29.96 Billion in CY 2019 as compared to US $28.59 Billion in CY2018, registering a growth of 5%. The Ministry of Tourism has set an optimistic target for the industry, aiming to reach US $50 Billion by 2022.

According to the World Travel and Tourism Council (WTTC), direct contribution of Indias travel and tourism industry to GDP will grow by approx. 12%, and is expected to reach approx. Rs 11.7 trillion in 2024. Improved connectivity and affordability of air and rail travel, government initiatives for promoting domestic tourism, growing convenience of online bookings, and higher exposure to unexplored domestic and foreign tourist destinations are likely to be the main growth drivers for this segment.

The Tourism industry has also received a budget allocation of Rs 2500 Crores for FY 2020-21. This will help to boost domestic demand in the travel and tourism industry. The Ministry of Culture has also received an allocation of Rs 31500 Crores for FY 2020-21.7 To attract domestic as well as international tourists to India, five archaeological sites have been identified for development purposes. The iconic sites of Rakhigarhi in Haryana, Hastinapur in Uttar Pradesh, Shivsagar in Assam, Dholavira in Gujarat and Adichanallur in Tamil Nadu will be revamped with on-site museums, with an aim to attract more tourists.

Foreign Tourist Arrival (FTA) in India, during CY 2019 was 10.90 Million as compared to 10.56 Million in the previous year, registering a growth of 3.2%.8 The growth in FTA was on account of liberalization of e-Visa – in case of tourist visa, business visa, medical visa and employment visa. Moreover, introduction of Intern and film visas also contributed to the growth of FTA. This improved Indias ranking to 34 out of 140, in the Travel & Tourism Competitiveness Report published by the World Economic Forum.

During CY 2019, 2.93 Million e-Tourist visas were issued as compared to 2.37 Million for CY 2018, registering a phenomenal growth of 23.6%.8 Arrival of tourists with e-visas have a retrospective effect on the Foreign exchange earnings (FEE) of India. The FEE for the period from January – December 2019 have increased to Rs 2.11 Lakhs Crores from Rs 1.94 Lakhs Crores, registering a growth of 8.3%.8 However, due to the recent outbreak of Coronavirus, the FTA reduced by 22.6% in the period between January and March 2020 which stood at 2.46 Million as compared to 3.18 Million in January-March 2019.8

Indias rank in Travel & Tourism Competitiveness report 2019, published by World Economic Forum.


Incorporated on 27th September, 1999, Indian Railway Catering & Tourism Corporation (IRCTC) is an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations.

IRCTC as a Public Sector Undertaking, provides single window solution to all travel, tourism, internet ticketing and hospitality related services. It has completely redefined travel and tourism in India. With a host of services ranging from online ticket bookings, to hotel and flight bookings, the online portal meets varied travel needs with just a few clicks. IRCTC also promotes domestic and international tourism with special tour packages and advanced e-ticketing services.

IRCTC is the only entity authorized by Indian Railways to sell railway tickets online, provide catering services on trains, and deliver packaged drinking water at railway stations and trains in India. The company operates through four major divisions - Catering & Hospitality, Internet Ticketing, Travel & Tourism, and Packaged Drinking Water (Rail Neer), offering a comprehensive range of products and services that meet the needs and expectations of millions. Some of the highlights of the aforesaid business segments are mentioned below:

1. E-Ticketing:

The IRCTC e-Ticketing System was migrated to Next Generation E-Ticketing System (N-GeT) on 28-Apr-2014 to enhance the capacity of e-ticket booking. The capacity was enhanced from 2000 to 7200 tickets per minute which at present has been further increased to more than 25,000 tickets per minute, recently, by implementing advanced technology. This system has made a record of booking 26,458 tickets in a minute on 05.03.2020 (at 11:02 Hrs.).

IRCTCs e-ticketing services now account for 72.75% of reserved tickets booked online on Indian Railways. The remaining tickets are being booked through Passenger Reservation System (PRS), manned by Railway employees.

2. IRCTC Rail Connect App (Mobile Ticketing):

To easily reach mobile customers, IRCTC has launched IRCTC Rail Connect Mobile App on Android Platform for a next generation e-ticketing system on 10th January, 2017. IRCTC has also launched Mobile App on iOS platform on 10-Oct-2019. Through IRCTC Rail Connect Mobile App on Android & iOS Platforms, a total of 14.15 Crores tickets were booked, which is 47% of total tickets booked online. Daily booking on this Mobile App has been more than 3.86 Lakhs tickets a day, during FY 2019-20.

3. New User Interface for IRCTC e-Ticketing Website/Mobile App:

IRCTC Launched a new user friendly Interface for its Next Generation e-Ticketing system (NGet) to book train tickets faster. IRCTC revamped its e-ticketing Website and Rail Connect Mobile App to make it more passenger-friendly, clutter-free and easier to log-in. It is also a secure site ensuring complete data privacy and allows users to smoothly navigate through the site without any hassles.

New User Interface on the Website was launched on 14th June, 2018 with additional functionalities such as Enquiry without Login, Waitlist Ticket Confirmation Probability, Additional Filters, Flexibility in selection of Date of Journey, etc.,

New User Interface for Mobile App was launched on 14th October, 2019. Many new functionalities such as Enquiry without Login, Enhanced Dashboard with Integrated Menu Bar, Advanced Passenger Addition Form, Optimized Registration Flow, etc., have been added in the Mobile App.

4. Rail Catering:

Indian Railways had issued the New Catering policy in 2017 which has now been implemented and mobile catering of trains has been transferred to IRCTC for improvement in quality of catering services and to enhance passenger experience.

5. Water Vending Machine:

IRCTC has been mandated to set up water vending machines on railway stations. The Company have also installed water vending machines (‘WVMs) at railway stations to provide purified, chilled and portable drinking water to passengers at affordable rates.

1926 Water Vending Machine (WVM) has already been commissioned at 685 stations.

6. Vistadome Coach:

Indian Railways first Vistadome coach with glass ceiling LED lights, a large observation window at the lounge, 360 degree rotatable seats for better viewing, electronically operated automatic sliding doors, ceramic tiled toilets, a mini pantry and service station, a wide side door for entry of physically challenged passengers, is being operated in the picturesque Araku Valley in Andhra Pradesh. Vistadome coaches are also being operated between Mumbai and Goa. Railway plans to introduce more Vistadome coaches in various Hill sections and Heritage Railways of India such as Kalka-Shimla, Patalpani - Kalakund sector etc. IRCTC also offered hospitality services to these segments. Special tourism packages have also been planned.

7. Executive lounges at railway stations:

IRCTC has made arrangements for Airport lounge-like facilities at railway stations in New Delhi, Jaipur, Agra Cantt, Madurai, Ahemdabad ADI and Sealdah to provide rail passengers access to exclusive facilities at an affordable price. The facilities offered in these lounges include fully air-conditioned premises, comfortable seating arrangements (Sofa/ Recliners etc.), Wash & Change facility, Locker facility/ Luggage Rack, Buffet Services etc.

Wheel Chair are also available for Senior Citizens/specially abled people. It offers services to Corporate Tourist in the form Concierge Services, Wi-Fi, Business center and Newspaper/ Books. IRCTC is also setting up 2 more Executive Lounges at NDLS (Pharaganj Side) & BSB.

8. IRCTC Payment System:

Payment options offering successful transaction facilities are critical for the success of the e-commerce industry. IRCTC, over the years, has offered various payment options such as Net Banking, Credit Card, Debit Card, Wallets, Cash Cards, BHIM/UPI, m-Visa/Scan and Pay, Prepaid Card(UBI), Pay-On-Delivery/Pay- Later, etc. to make payments on its e-ticketing app and other dedicated web applications. Even, users from other countries can book reserved rail e-tickets using International Credit Cards (Issued outside India) on the available Payment Gateways provided by Atom Technologies and also by using Multiple Payment Options including International Credit Cards provided by Payment Aggregators - PayU and AirPay.

The payment system on IRCTC Rail Connect Mobile App has been further strengthened with the integration of Banks like ICICI as PG and HDFC & American Express as Payment Aggregators. Now IRCTC Rail Connect Mobile App is running on both Android as well as iOS platforms.

The transaction on IRCTCs Platform is completely safe and has been certified by VISA, VeriSign, RuPay, American Express, Safe Key, mVisa, UPI and Master Secure etc. Bank Account or Card Account details of user are not saved in the server of IRCTC at the time of ticket booking, thereby preventing any misuse of data.

9. Ask Disha Chat bot:

IRCTC has launched Ask Disha services on 11th October, 2018, for IRCTC users on its website and Mobile App w.r.t. frequently asked questions in reference to various services and products offered by IRCTC. Ask Disha Chatbot offers intuitive customer support by answering customer queries pertaining to services provided by IRCTC. Ask Disha (Digital Interaction to Seek Help Anytime) is an Innovative solution based on Artificial Intelligence & Machine Learning to provide quick response to users.

10. I-Pay - IRCTC as Payment Aggregator:

IRCTC iPay, a self-hosted payment gateway offers various payment options - Credit/Debit Cards, e-Wallets, UPI, etc. It offers a streamlined experience as it allows the customer to complete transactions through a single page and offers the merchant control over customer experiences, informing them about responsibilities, liabilities, and protections. I-Pay promises to provide better payment experience to the user and it will help to build Brand Loyalty.

11. Waitlist confirmation prediction:

This feature will enable the passenger to decide whether to book a waitlisted ticket or otherwise and/or whether to prefer an alternate train, before booking online tickets.

12. Proliferation of E-ticketing Service to Armed Forces & Central Paramilitary Forces:

IRCTC has provided e-ticketing services to Comptroller General Defence accounts (CGDA) by integrating the Defence Travel Portal with IRCTC e-ticketing system in October, 2009 for booking Reserved Rail e-Tickets for their personnel.

IRCTC has developed e-ticketing application along with warrant management system for Central Paramilitary Forces- in July, 2018. At present, following forces are in operation:

NSG was launched w.e.f. 04th July, 2018 CRPF was launched w.e.f 11th July, 2018 NDRF was launched w.e.f 23rd August, 2019

Further, e-ticketing services for BSF, ITBP, AR & CISF are being developed.

This service has been given designated as G2G (Government to Government) service and is fully digitized with cashless transactions. This system, when fully implemented, will eliminate the need for exchanging warrants between Indian Railways and Paramilitary Forces.

13. OTP (One Time Password) Based Refund Process:

OTP based refund through an SMS, for tickets cancelled by Retail Service Providers (agents) and also for the tickets which remain fully waitlisted, when such tickets have been booked by the passengers through agents, has been implemented. OTP SMS based refund process brings transparency in the system and is advantageous for the customer. It is a user-friendly facility, wherein passengers will know about the exact refund amount received by the agent on his behalf, against a cancelled ticket or a fully waitlisted dropped ticket.

14. IRCTC Trains:

IRCTC has launched its 3 trains – 2 Tejas Trains & 1 Ordinary Train, for which all ticketing operations are handled by Internet Ticketing Centre. The ticketing system for these trains have dynamic features in comparison to Road, Rail & Air traffic.

IRCTC Tejas Train on - LJN-NDLS-LJN route launched on 04th October, 2019
IRCTC Tejas Train on - ADI-MMCT-ADI route launched on 17th January, 2019
IRCTC Kashi Mahakal - Express from INDB to BSB via Ujjain launched on 20th February, 2020

15. Event Management Portal:

IRCTC launched Event Management Portal on 21st September, 2019 to utilize it for event bookings and to cater to online registrations for events like workshops, seminars etc. and facilitate online bookings for exhibitions, games events etc.,

16. Concessional Bookings:

The concessional booking facility of IR is also available for Journalists and Divyang (Physically Challenged) passengers, for booking online tickets using respective Photo ID cards issued by Indian Railways, through IRCTC Website and IRCTC Rail Connect Mobile App.

17. E-Ticketing Service to Members of Parliament (MPs):

Online e-ticketing facility for Members of Parliament and Ex- Members of Parliament is going to start soon on IRCTC e-ticketing portal. Now, MPs and Ex-MPs will be able to book the tickets on MP Pass Concession as per their convenience and entitlement. Booking facility will be available on www. for sitting MPs, Ex-MPs and their Companions. All the features viz. booking, cancellation, TDR filing can be done by logging in on the same portal Registration of MPs will be done through a MP Registration Module which will be provided to Parliament Secretariat.


IRCTC is the only Company authorized to sell railway tickets online.

It has become a ‘One Stop Solution in the travel industry, offering a range of services including online ticketing, tour packages, packaged drinking water and catering.

IRCTC is the only company to distribute packaged drinking water across all stations as well as trains in India. The Company has also installed ATVMs for selling mineral water at lower prices.

IRCTC is the only authorized entity to provide catering services in trains. To expand its services, the company has installed food plazas/stalls across all stations in India in a bid to increase its market share. The companys relentless focus on quality food drives it to deliver hygienic food prepared by professionals.

The company has a strong presence in the Travel and Tourism industry with special trains running for domestic and international travellers, showcasing Indias rich cultural heritage. The company has also tied up with private entities to position itself as a one stop solution for customers in the tourism and hospitality industry.

The Companys strong leadership and expert management team offers strength to deliver strong financial results and constant growth, year after year.

Company is a lean organisation with minimum fixed cost.


• any adverse change in policy of the Ministry of Railways;

• any failure to maintain or enhance consumer awareness of our brand;

• inability to implement our growth strategy successfully including in relation to Catering, Travel and Tourism, internet – ticketing business;

• declines or disruptions in the travel industry;

• fluctuations in operating costs and impact on our financial results;

• any non-compliance with, or changes in, regulations applicable to us may adversely affect our business;

• seasonal changes that may affect the demand for our products and services; any adverse claims, media speculation and other public statements relating to the food quality, catering facilities and service;

• prevailing regional or global economic conditions and political situation in India or in countries in the region or globally; and

• increase in competition and other factors affecting the industry segments in which our Company operates.


IRCTC is one of the largest hospitality and catering companies of the country with a vast gamut of businesses in hospitality and catering spread over passenger trains, railway stations, station premises and other ancillary business activities. The Company has diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels, which are in line with our objective to build a "one stop solution" for our customers.

The Company is one of key strategic partners of Indian Railways in various value chains and strategies. IRCTC strives to strengthen and enhance the services provided by Indian Railways, and tap opportunity presented by digital payments in the Indian economy which are growing at significant pace. The Company transacted payments of more than Rs 34,054.74 Crores in FY 2019-20 for Reserved Rail e-Ticketing Transactions through Banks and Payment Aggregators. In order to capitalize on this opportunity both in house and beyond, we have implemented our own payment gateway platform named IRCTC e-Wallet, and are also developing additional payment tools to facilitate easy and efficient payment by our customers.

The Catering Policy 2017 to unbundle the production and distribution of catering service provides a good opportunity to further grow our business, with an opportunity to offer more services ourselves or through our licensees. Under the Catering Policy 2017, food preparation will be operated by IRCTC, or alternatively it may be tendered separately to caterers that may setup or refurbish base kitchens meeting the conditions and requirements we have established including proper certification and compliance with applicable guidelines and food safety norms. Also, IRCTC has been mandated by the Ministry of Railways to redesign our existing pantry cars with a view to equip them with modern appliances and technology for the ease of cooking and maintaining hygienic standards. In addition, the Company also plans to serve more than 1,500 non-pantry car trains through train side vending ("TSV")

We successfully operated Indias first private trains in the name of Lucknow-Delhi Tejas Express and Ahmedabad- Mumbai Tejas. These private trains are yet another step of the Ministry of Railways in its endeavour to improve the overall travelling experience of rail passengers by providing state of the art amenities to them on trains and IRCTC has been able to achieve the task flawlessly.

To increase our presence and meet the remaining and future requirements of the packaged drinking water, Railneer, at station premises and trains, the Company is setting up three new Rail Neer plants at Una, Bhusawal and Vijaywada. Further, four plants at Ranchi, Kota, Vishakhapatnam and Bhubneshwar will be set up by 2021-2022.

The Companys major constraints are Policy directives issued from time to time on catering & internet ticketing, Dominant unorganized sector especially in railway catering and Railneer and High market competition in Travel and Tourism segment.

The Company offer products and services on various online platforms, including To leverage the significant number of visitors on our website, it is intended to continuously develop our online offerings with enhanced product design capabilities and other value added services in order to offer our customers a personalised experience. In addition, to further expand our customer base, we have incorporated mobile e-wallets services to our payment options. The Company believes the rise in number of internet users in India and related changes in their shopping habits, and better acceptance of internet as a convenient medium for making purchases, will allow us to leverage our single platform strategy, and, at the same time, capture the needs of customers.


1. Internet Ticketing: IRCTC currently has a monopoly on online ticketing services for Indian Railways. It was introduced to make ticket bookings safe, easy and convenient for customers, to completely remove the hassle of waiting in queues. With a transaction volume of more than 25 Million per month and 5.5 Million logins per day, the Company operates one of the most highly populated and transacted websites in the Asia-Pacific region.

As of March 31, 2020, more than 14 Lakhs passengers travelled with online ticket on Indian Railways on a daily basis, which consisted of approximately 72.75 % of Indian Railways passengers booked online. Online ticket bookings on IRCTC can be carried out any time of the day, throughout the year.

The Next Generation e-Ticketing System interface of IRCTC has been launched with numerous passenger-friendly features, offering a clutter-free experience with easier log-in, site navigation and enhanced security. Therefore, ticket bookings have increased from 7200 per minute in 2014 to more than 25000 tickets per minute, as on March 31st, 2020. The Company has also built a new data centre to increase the capacity and inflow of daily bookings. The internet – ticketing system is designed and operated in conjunction with the Centre for Railway Information Systems (CRIS), the IT arm of Indian Railways. The Company has a strong customer database and leverages the same to cross sell its product and add value to its products to enhance customer engagement and derive top-line growth.

2. Catering Business: It is the continuous endeavour of Indian Railways to provide best quality and hygienic food to passengers. IRCTC was formed with the main objective to improve Catering and Tourism services. The Company provides food catering services to passengers of Indian Railways, on trains and stations. To make catering services easily available, the company introduced e-catering services through IRCTCs mobile application, ‘Food on Track, and its e-catering website. The Company provides catering services through mobile catering units, base kitchens, cell kitchens, refreshment rooms, food plazas, food courts, train side vending, and Jan Ahaars spread across the Indian Railways network. Presently catering services are divided into two categories:-

Mobile Catering: This business segment involves catering services to train passengers on trains. Services are provided on trains like Rajdhani, Shatabadi, Duronto, Gatiman, Tejas and Vande Bharat trains and on express trains with or without pantry cars. In trains without pantry cars, meals are served through train-side vending services. A network of base kitchens support the supply of meals on mobile trains, in accordance with the Catering Policy 2017. To facilitate passengers to book food of their choice from other than railway sources, E-catering is available. As of March 31, 2020, e–catering is available at approximately 352 stations and served by more than 700 food outlets.

Static Catering: This segment includes off board catering services offered to stations with fast food units, food plazas, Jan Ahaars, refreshment rooms, base kitchens, and at executive lounges and other facilities at station premises, including budget hotels and Rail Yatri Niwas. As of March 31, 2020, the company managed 56 Jan Ahaars, 169 refreshment rooms, 24 cell kitchens and 11 base kitchens. The company also operates 138 food plazas and 155 fast food units and increased the total number of operational units to 293.

3. Packaged Drinking Water (Rail Neer): The Company has a monopoly to manufacture and distribute packaged drinking water at all railway stations and in trains across India. The Company sells its packaged drinking water under the brand ‘Rail Neer. Currently, the Company operates fourteen Rail Neer plants located at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, Hapur, Ahmedabad, Bhopal, Jabalpur, Guwahati, Howrah and Nagpur. With an installed production capacity of approximately 1.4 Million litres per day, it caters to approximately 45% of the current demand of packaged drinking water at railway premises and in trains. IRCTCs packaged drinking water, Rail Neer, was ranked as a top performer by ‘Consumer Voice Magazine in 2017.

To increase its market share and to meet the growing demand, the company is authorized to construct new Rail Neer plants at Bhusawal, Vijayawada, and Una which are under construction and will be commissioned by 2021. Further, 4 new Rail Neer plants have been approved at Vishakhapattanam, Bhubaneswar, Kota and Ranchi and are expected to be commissioned by 2021-22.

4. Travel and Tourism: As per the requirements of Indian Railways, IRCTC provides a wide array of Travel and Tourism services. The Companys footprint is spread across major tourism sites and it is perfectly placed to provide online booking facilities for hotels, railway tickets, air tickets and holiday packages. IRCTC has therefore, firmly established its position among Indias leading travel and tourism companies, catering to diverse travel needs.

The Company also offers customized hotel and tourism packages to meet varied customer requirements. It also has lounges, hotels and retiring rooms, rated 4 star and above, to offer maximum comfort and convenience. It also has tie-ups with OYO rooms and hotels along with other properties to cater to customer demands. Its Railway tourism package provides specially curated Heritage Special, Buddhist Special, Pilgrimage Special, and Bharat Darshan trains to attract domestic and international tourists, to showcase Indias rich cultural heritage. It also operates luxury trains like the Maharaja Train to offer truly exclusive travel experiences. With a diversified portfolio, the company is also planning to enter/expand into other segments such as helicopter travel, medical tourism and others in the near future.


The Vision and Mission of the Company are as follows:


"To be the leading provider of high quality travel, tourism and hospitality related services, for a range of customer segments, with consistently high level of customer satisfaction."


"IRCTC will establish itself as a leader in the area(s) of hospitality services, Travel and Tourism, packaged drinking water, and Internet Ticketing by providing value added products and services for passengers, tourists and other customers, targeting IR and Non-IR related services alike, building a resilient business portfolio that is scalable and based on core competence."

The Company is recognised by the Indian market as one of the leading brands in railway catering and internet ticketing. The Companys goal is to continue to establish ourselves as the leader in other business segments including travel and tourism packages and packaged drinking water. With value added products and services for passengers, tourists and other customers, targeting both railway and non-railway related services and the like, IRCTC continues to build a business portfolio that is scalable and based on our core competence in offering catering and related services to Indian Railways.

In order to provide value added services to its stakeholders, IRCTC has planned various initiatives in financial year 2020-21, including, Launching on Rupay Platform in IRCTC iMudra wallet cum prepaid card; Launch of Loyalty Scheme for Tejas Trains, Allowing Booking for Agents on Mobile by IRCTC in addition to desktop mode; Operation of e-catering services on three renowned e-commerce/payment/wallet/travel websites or platforms etc.


The Company operates in a dynamic environment and therefore, continuously assesses and identifies risks to efficiently mitigate them and ensure business sustainability. IRCTCs risk management committee monitors risks arising from various functions and operations, and adopts robust and effective strategies to ensure best business outcomes.

Risk Type Definition of Risk Mitigation Strategies
Pandemic Risk The beginning of the 2020 has witnessed the global spread of COVID-19. Threat from COVID-19 is continuing to grow, and at a rapidly accelerating rate. Governments in many countries announced lockdowns and asked people to stay indoors. Around the world , these coronavirus lockdowns have driven professional and social life out of the physical world and into the virtual realm. IRCTC in its full preparedness has started to regulate its activities towards the new normal. In the segments , which are bound to have customers/passengers contact, employees are being given the required trainings. Further a detailed Standard Operating Procedure is being prepared to combat the risks. Emphasis is also given on automation of the manual processes.
Dependence Risk The Companys business and its revenues are substantially dependent on the policies of the Ministry of Railways and operations of Indian Railways. Any policy change or any adverse decision may affect the revenue of the Company for e.g. in 2016 the decision to scrap service fee affected the Companys revenue. As a Central Public Sector Enterprise (CPSE), the company is authorized by the Government to offer various products and services to the public on behalf of Indian Railways, as well as receive operative support from the Ministry of Railways from time to time. Any work related to railways is offered to IRCTC on a priority basis due to its reach and scale of operations. Therefore, regular supply of orders and contracts from GoI has a positive impact on the company and its revenue streams remain diversified owing to its extensive service portfolio.
Competition Risk If GoI or Ministry of Railways open up the market for private players then the Company can lose its market monopoly. Intense competition may have an adverse impact on the Companys operation and profitability. The experienced management of IRCTC is perfectly poised to make strategic decisions that augur well for the Company and also guides the Company to efficiently deal with competition from private players.
Human Resource Risk The Company operates in a labour intensive industry and hires contract labour to provide certain services. Worker strikes or demand for increased wages and benefits may adversely affect the profitability of the Company. Further, the loss of Key Managerial Personnel or difficulty in retaining talented employees may affect the business operation of the company. The Company considers its human resource as a key asset and therefore, follows a policy to encourage, retain and promote talented employees through performance evaluations at regular intervals. It also offers competitive remuneration packages and opportunities for professional growth. To mitigate the risk of inadequate manpower, the Company has also collaborated with third party contractors to provide human resources as and when needed.
Technology Risk The Company relies on advanced technology to smoothly operate its systems. Any technical glitch, interruption, or system failure may result in loss of revenue as nearly 25000 tickets are booked through its website, every minute. It is likely to affect the Companys brand image and may result in lower revenues. The Company relies on world-class technology to mitigate such risks and its next generation, e-ticketing website has the capability to book 25000 tickets per minute. The Company also has backup systems and contingency plans to prevent critical data losses and ensures smooth operations and services across its business processes.
Cyber Security Risk Security breaches, whether instigated internally or externally, could materially and adversely harm the business. Secured transactions over the internet are essential for the Companys business operations. Hacking of customer data or cyber threats can result in massive loss of revenue and hurt the Companys brand image significantly. The company relies on state-of-the-art technology to encrypt and authenticate data, thereby ensuring secure transmissions over the internet. The Company safeguards data with advanced security systems and successfully defends the system against malicious virus or other cyber threats.
Quality Risk The food and catering service must adhere to quality standards prescribed by the authorities. The Company has made significant investments to modernize, upgrade and refurbish existing kitchens, in accordance with the Catering Policy 2017. The Company has quality control checks in place to ensure safety and hygiene of ingredients and food delivered by its suppliers.
Any adverse claims, media speculation or other public statements related to the food and service quality could materially and adversely affect the Companys reputation and corporate image, or otherwise affect its ability to efficiently conduct business operations. The company has obtained necessary quality certificates to adhere to the standards prescribed as per law.
Consumer Preference Risk A significant portion of the Companys revenue is derived from the sale of food that is characterized as North Indian, Punjabi, or South Indian. Any change in consumer preference could have an adverse effect on the Companys operations. The Company tracks such changes and modifies its menu from time to time, in an effort to respond to changing consumer preferences, tastes and purchasing habits. As consumers continue to seek better quality products at economical rates, the Company is focused on offering best quality products at affordable rates, while keeping an eye on improving services further.
Environment Risk The Companys packaged drinking water is served in plastic bottles and non- biodegradable wraps are also used for food packaging. The choice of such ingredients pose an environmental threat that needs to be efficiently mitigated. Indian Railways has been instructed to take steps to minimize plastic waste and ensure proper disposal of such products. As an effort to reduce its environmental impact, the Company has installed ATVMs to collect plastic water bottles for recycling purposes.
Regulatory Risk The Company operates in industries that are subject to extensive national and state environmental laws and regulations which govern the discharge, emission, storage, handling and disposal of a variety of substances that may be used in or result from its business operations. It also includes health and hygiene requirements for disposal of food waste. The Company continuously keeps track of regulatory norms and accordingly obtains licenses, approvals, permits and registrations to undertake its business activities. Application for renewal licenses and registrations are also carried out from time to time to carry out business as usual.


Since IRCTC, is a hospitality sector company, the Company has made following strategies (long term and Medium term) to overcome the challenge posed by Covid-19:

1. Travel and Tourism

IRCTC preparedness for the New Normal:

While it is predicted that domestic and international tourism is likely to resume any time once the restrictions are reviewed & lifted starting from October 2020, the following preparatory measures have been initiated to prepare the IRCTC staff and the infrastructure to meet with the new set of demands/expectations of guests and regulatory framework:

Employee Training: 300 members including Executives & staff at all levels are undergoing online training on various aspects related to workplace hygiene, personal hygiene, sanitation protocols, guest handling etc. The training programmes have been organized through reputed organizations viz. TUV Nord India, Bureau Veritas and India Tourism Development Corporation (ITDC).

Guidelines for the new normal: A Handbook has been created incorporating broad guidelines for tourism segment within IRCTC. This handbook is being circulated among the existing database of IRCTC to keep the patrons informed of the changes/modifications proposed for the new normal and also uploaded as a travel advisory in the tourism portal

Certification programmes: It is planned to undertake a certification programme for the tourist trains viz Maharajas Express, Golden Chariot, and Deluxe Tourist Train (Buddhist & Domestic tours) to ensure that the systems and processes are in line with the necessary protocols for the new normal.

Infrastructure changes: While it is difficult to bring much infrastructure changes in trains, an exercise is underway to plan changes to reduce touch points, install UV lights, UV sanitation, air-conditioning filters etc. in the Tourist Trains viz. Maharajas Express, Golden Chariot and Deluxe Tourist Train.

IRCTC will plan different strategies for the following two broad categories:

a. Essential, Corporate & Pilgrimage Travel: Some of the broad areas for special focus for the current year would be Hotel integration across various categories within India, Tie ups for Road bridging (Fleet operators for Charters, journey Tickets for standalone /small family groups etc) and with Self Driven Car companies, Defining Sanitization Protocols based on Govt. Guidelines, capitalizing on PSU/Govt business.

b. Non-Essential & Leisure Travel: Ties ups with hotels at destinations in IRCTCs zones , needs to be made to plan fixed departure programs, promotion of customized travel with air tickets, local transport, sightseeing and hotels, Tie ups with mid segment players both in transport, hotels and ground arrangements, promotion of "PLAN YOUR OWN TRIP", where guests are given options of destinations, followed by flights, followed by hotels, followed by local transport, followed by local tours etc.

2. Internet Ticketing

a. Payment Aggregator Business: The Company will enter into Payment Aggregator business as a separate vertical in near future to mark the opening of new business segment. Internet Ticketing business though a monopoly but will soon be peeking up and CAGR of above 10% in this vertical will become difficult. POC for the product is already in progress for internal usage. To further increase company revenue, it has become necessary to start fintech business at accelerated pace. IRCTC will be offering this product in open market after meeting out necessary regulatory requirements.

b. Customer Communication: We are working on a strategy to shift customer communication on newer methods like Artificial Intelligence and Machine Learning based Chatbots to redress customer grievances. Larger volumes enquiries will be made IVR based to reduce calling and mailing load on Call centre agents. POC for this has been carried out and further processes are being developed.

c. Automation of Manual Processes: Many routine processes like Invoice Generation, MIS Reports (Daily, weekly and monthly) and PRS & Bank reconciliation activities are complex and take lot of time and manpower efforts. These processes will be automated through Robotic Process Automation Tools to save on manpower and time.

d. Lead Generation for Third Party Products: Lead generation of Third Party products like Insurance, Cards, Real Estate business for sale of affordable housing and rentals will be leveraged through IRCTC website and Retail Agent Base for generating additional revenue stream.

e. OTP Based Login Authentication for Retail Service Providers /RSPs (Agents) and permitting booking for agents (RSPs) on Mobile phones:

In addition to above, following measures are being taken to improve the e-ticketing infra on NGET:

New User Interface on Website and Mobile Apps: This new interface will help users in trains selection through train enquiry in a single click as the availability and fare of all classes of a train will be visible simultaneously in contrast to the multiple searches at present.

Use of Google reCaptcha to detect Bots: This tool will help in filtering users who will try to use scripting or Tatkal software to book tickets. Proof of Concept (PoC) carried out with the tool has been successful.

Deployment of On-Premise Distributed Denial of Service (DDOS) Mitigation Devices: To further increase security at Application and IT infrastructure level from DDOS attacks, On-premise DDOS mitigation devices will be deployed in Data centre.

Automation of Manual Processes: Many routine processes like Invoice Generation, MIS Reports (Daily, weekly and monthly) and PRS & Bank reconciliation will be automated through Robotic Process Automation Tools to save on manpower and time.


To overcome current situation, to increase its market share and to meet the growing demand, the company is planning to setup new Railneer plants. Construction of new Railneer plants at Bhusawal, Vijayawada, and Una is underway. Further, four new Rail Neer plants have been approved at Vishakhapattanam, Bhubaneswar, Kota and Ranchi and will likely to be commissioned by 2021-22.

The Company is also exploring backward integration through setting up preform manufacturing unit in existing Rail Neer Plants.


Adhering to its continuous endeavour to provide quality, safe, value and hygienic food to passengers, the Company is keeping pace with phase-wise lifting of lockdown to fulfil the catering and hospitality needs of the passengers both on-board and off-board through its bouquet of catering and hospitality. Catering in Railways especially On-board the trains might witness radical changes due to changes customer preferences. Some amendments are already in discussion like:

1. Converting Pre paid trains like Rajdhani and Shatabdi (where currently catering charges are part of the ticket fare) to post paid trains (where passengers are to purchase the Food and Beverages inside the trains from the vendors as per their likes).

2. Exploring the option of Ready to Eat (RTE) meals to be offered as a choice to freshly cooked food.

3. Aggressively working on the E-catering segment, which might see an upward trend if prepaid trains are converted into post paid trains.

4. Gradually opening its Refreshment Rooms, Cell Kitchens, Food Plaza & Fast Food Units in a phased manner, strictly following SOPs as prescribed by Ministry of Health and Family Welfare (MoHFW) from time to time

5. Training of Employees in order to sensitise the frontline as well as supervisory staff of Catering Department, online training programs have been designed

We are confident of winning the confidence of passengers by adopting to best industry practices, technological tools and ensuring compliance of safety norms.


The Company has adopted adequate Internal Control Procedures commensurate with the size of the company, complexity of its business and aligned with evolving business requirements. It ensures efficient conduct of its business, adherence to companys policies, safeguarding of its assets including purchase of raw material & consumables, store and spares, fixed assets and sales of goods/services. It also helps to maintain accuracy and completeness of accounting records and the timely preparation of reliable financial information. An effective internal control system also helps in the detection and prevention of errors, irregularities and frauds, thereby ensuring efficiency of operations and security of assets.

The Company has an internal audit system that requires the Internal Auditors to comment on the existence of adequate internal control systems and compliance therewith in addition to the opinion on existence of proper risk assessment and mitigation mechanism. The Internal Auditor is an experienced Chartered Accountant firm which has been selected through a transparent selection process, and upon appointment directly report to the Management. This ensures Internal Auditors independence. Reports of the Internal

Auditors are reviewed, compliances are ensured, and synopses of Audit Reports along with compliance are put up by Internal Audit Department for consideration of the Audit Committee.

The internal control and audit system are being reviewed periodically by the Management as well as by the Audit Committee, followed up by corrective action, whenever necessary as a part of continuous improvement. A report by a professional agency is in place for further strengthening the Internal Financial Control in IRCTC. Most of the recommendations of the report have been implemented and rest are being implemented for strengthening the Internal Financial Control.



The total Revenue increased by 20.14 % from Rs 1958.94 Crores to Rs 2353.54 Crores in financial year 2019-20. Profit before tax grew by 55.75 % from Rs 478.56 Crores to Rs 745.35 Crores in financial year 2019-20. The profit after tax grew by 71.30 % from Rs 308.56 Crores to Rs 528.57 Crores in financial year 2019-20. The comparative performance of major financial parameters during the financial years 2019-20 and 2018-19 is given below:

(Rs in Crores)
Particulars F.Y. 2019-20 F.Y. 2018-19 Change (%)
Revenue from operations 2275.48 1870.00 21.68
Profit before interest, depreciation, exceptional items and tax (EBIDTA) 791.45 472.16 67.62
Less: Interest and Finance Charges 7.27 2.35 209.36
Less: Depreciation 39.94 28.64 39.46
Profit before tax (PBT) before exceptional items 744.24 441.17 68.70
Exceptional items : Loss(-)/Gain(+) 1.11 37.39 (97.03)
Profit before tax (PBT) after exceptional items 745.35 478.56 55.75
Less: Provision for taxation 216.78 169.99 27.52
Profit after tax (PAT) 528.57 308.56 71.30
Dividend (as a % of Equity share capital) on cash basis 139% 93% 49.46%
Final dividend – on cash basis (as a % of Equity share capital) 38.98% 55.50% (29.76)
Net-worth 1327.82 1071.02 23.98
Earnings Per Share (H) 33.04 19.12 72.80
(Rs in Crores)
Particulars F.Y. 2019-20 F.Y. 2018-19 Change (%)
Segmental Operative Revenue
Catering 1044 1024 1.95
Railneer 222 173 28.32
Internet Ticketing 620 231 168.40
Tourism 295 246 19.92
State Teertha 95 195 (51.28)
Segmental Profit
Catering 120 147 (18.37)
Railneer 52 33 57.57
Internet Ticketing 495 161 207.45
Tourism 10 31 (67.74)
State Teertha 15 49 (69.39)


Details of significant changes (i.e. change of 25% or more as compared to the FY 2018-19) in key financial ratios, along with detailed explanations thereof is as follows:

Financial Ratios

Particulars FY 2019-20 FY 2018-19 Change (%) Remarks
Debtors Turnover (No. of Days) 126.63 114.66 -10.44 -
Inventory Turnover (No. of Days) 1.57 1.54 -1.95 -
Interest Coverage Ratio NA NA NA -
Current Ratio 1.6 1.56 2.56 -
Debt Equity Ratio [NA] [NA] [NA] -
EBIDTA Margin (%) 33.63 24.10 39.54 EBIDTA and Net profit Margin have increased mainly due to levy of Convenience Fee on booking of Rail tickets through website of IRCTC which started w.e.f. 01st September, 2019 and operation of seven new rail neer plant on PPP model during the current financial year.
Net Profit Margin (%) 22.46 15.75 42.60
Return on Net Worth 39.81 28.81 38.18


IRCTCs success depends on the ability of its people, to perform duties in a manner that exceeds customer expectations. The Company aims to strengthen its workforce with efficient skill development programs and trainings focused on enhancing professional capabilities. IRCTC also intends to enhance employee performance through various developmental programs in the field of operation, technology, HR management and finance. Employees in mid-level and senior managerial positions are also encouraged to enrol in various programs conducted by renowned institutes like IIM and MDI. IRCTC also aspires to ensure the health and safety of its employees along with maintaining a conducive working environment.

The Company believes in its management to provide strategic leadership and direction to explore new and emerging business opportunities while constantly improving the companys operations. The Company has successfully maintained an attractive employee attrition rate, by offering competitive remuneration packages, acknowledging and rewarding talented employees and providing opportunities for growth. As on March 31st, 2020, the Company has a total of 1384 full time employees across all its business segments.

During the year, the Companys attrition rate remained 0.2%, which signifies the congenial atmosphere for employees of IRCTC.

The other details related to Human resource and Employee welfare have been mentioned in the Directors report, which may be referred.


Certain statements in the MDA section concerning future prospects may be forward-looking statements which involve a number of underlying identified / non identified risks and uncertainties that could cause actual results to differ materially. In addition to the foregoing changes in the macro-environment, global pandemic like COVID-19 may pose an unforeseen, unprecedented, unascertainable and constantly evolving risk(s), inter-alia, to the Company and the environment in which it operates. The results of these assumptions made, relying on available internal and external information, are the basis for determining certain facts and figures stated in the report. Since the factors underlying these assumptions are subject to change over time, the estimates on which they are based, are also subject to change accordingly. These forward-looking statements represent only the Companys current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.