Indian Railway Catering & Tourism Corporation Ltd Management Discussions.


The Indian Railways (IR) is the economic artery of India spanning over a network of 67,580 route km. It operates 9,146 freight trains; 13,523 passenger trains and manages more than 8000 stations. The network is the second1 largest in the world under a single management and provides an economical mode of transportation for commodities and passengers. IR employs more than 1.4 million people and is the 8th largest employer in the world. The IR contributes significantly to nation-building efforts and acts as a facilitator for urbanisation and integration of economy, culture, and polity.

During the pandemic, Indian Railways completely suspended their passenger train services due to the lockdown, only the second time since its inception in 1853. To maintain the supply of essential commodities, it introduced Special Parcel Trains which continued operations even beyond the lockdown period. Till December 25, 2020, the Indian Railways operated 7,267 special trains to transport more than 6 lakh tonne of consignment.1 Shramik special trains were also introduced with the objective of helping migrant workers, pilgrims, and students stranded in various Indian states during the lockdown. 4621 such trains were deployed in the four months from May to August 2020.1 In FY2021, the IR carried 924.82 million tonnes of freight and 443.3 million passengers till December 2020, making it the fourth largest freight carrier and the largest passenger carrier in the world.2

In line with making India self-reliant and a 5 trillion-dollar economy by 2025, Indian Railways has embarked on a mission to transform the industry with a focus on infrastructure development, safety, and private sector involvement. The Government, in its Union Budget FY2022 allocated RS. 1.1 trillion for the Indian Railways with a CAPEX of RS. 1.07 trillion.3

The IR strives to consistently improve the punctuality of its mail and passenger trains to ensure customer satisfaction and enable passengers to reach their destination on time.

Indian Railways is estimated to register a gross revenue of RS. 2,17,460 crore in FY214. Freight earnings, covering a significant portion of the revenue, remained at RS. 81764.68 crore in Q3 FY2021. Passenger earnings in the same period stood at RS. 6718.3 crore5 due to the countrywide lockdown and general restrictions on movement. In November 2020, the Indian Railways acquired RS. 10,657.66 crore (US$ 1.44 billion) from cargo loading, reporting an increase of 4% compared to the previous year. Indian Railways also announced that 40% of the dedicated freight corridor (DFC) will be opened for traffic by the end of FY2021 and the project is expected to be completed by June 2022.

Investment in Railway Sector

Major investments and developments by Indian Railways in FY2021:

High-Speed Rail Projects: The National High-Speed Rail Corporation Limited (NHSRCL) collaborated with L&T to plan and develop 47% of the construction work for the Mumbai-Ahmedabad bullet train project. Additionally, Jindal Steel and Power Limited (JSPL) developed heat-treated rails suitable for high-axle and high-speed load applications. These rails are used for high-speed corridors, bullet trains, and Metro rail. The Railways also intends to introduce AC coaches for trains running at a speed of more than 130kmph, to improve passenger experience in high-speed trains.

Public-Private Partnerships: Amazon India partnered with Indian Railways during the pandemic to operate Parcel Special

Trains for transporting consignments during the lockdown. In October 2020, Amazon India helped to complete the first train journey to deliver goods between Mumbai and Delhi as part of its logistic deal with Western Railways. The deal aims to transport an estimated 2,712 tonne of goods for 113 days in FY2021, generating a revenue of RS. 2 crore (US$269.93 thousand).

Enhancement Projects: Indian Railways completed eight major capacity enhancement projects amidst the pandemic. These included three critical development projects with a consolidated length of 68 km, upgradation of the railway line from Jhajha in Bihar to Pandit Deen Dayal Upadhyaya Junction in Uttar Pradesh, a stretch of 389 km, three other critical projects for a stretch of 45 km, and a newly-constructed port connectivity line of 82 km to Paradip.

Additional trains during Covid-19: During the lockdown and even when train services started, various passengers were stranded in places where they had travelled to. Due to heavy demand for railway tickets, the waitlist was enormous. To tackle this challenge, the Indian Railways introduced the ‘Clone Train Scheme in September 2020 and intended to run these trains for waitlisted passengers.6

Government Initiatives for Indian Railways

Even amidst the pandemic, the Indian Railways remained operational and helped to maintain the supply of essential commodities and services. To revamp its infrastructure and offer better facilities to travellers, the Government aims to enhance the capacity of the railway network and significantly improve experiences. Some of the initiatives undertaken by the Government include the following:

The National Rail Plan aims to increase the modal share of railways in transportation through infrastructure development and capacity expansion, to fulfil increased demand for railway services by 2050.7

The Government has allowed private participation for operating passenger trains to improve punctuality, reliability and maintenance of the railway network. It is expected to be a revenue-sharing model and 109 pairs of origin destinations, in 12 clusters, have been selected for the bidding. It is expected to attract RS. 30000 crore of investments from the private sector.8

To ensure passenger safety and prevent Covid-19 infection, the Indian Railways developed Post-Covid coaches with copper-coated handles and locks, hands-free water tanks and flushes.

To reduce the use of plastic, the Ministry of Railways is encouraging the sale of tea in earthen pots ‘Kulhads. The Ministry of Railways also confirmed collaborations with other modes of transport to develop a multi-modal transportation network.

A feasibility study on seven bullet train projects was approved by the Ministry of Railways.

To encourage FDI investments, the Government has started a Project Development Cell (PDC).

Rs. in crores

2019-20 2020-21 2021-22 CAGR
Actuals Revised Budget (19-20 to 21-22)
Gross Budgetary Support 67,842 29,250 1,07,300 26%
Internal Resources 1,321 3,875 7,500 138%
Extra Budgetary Resources 78,902 83,292 1,28,567 13%
Total 1,48,064 1,61,692 2,15,058 21%

Source: Expenditure Profile, Union Budget 2021-22; PRS.

E-Booking Industry

In recent times, consumers prefer to make travel bookings on their own, particularly via online travel aggregators (OTA). These online companies offer the comfort of booking from home and often entice consumers with package deals and price-saving options. As a result, many travellers have turned away from traditional brick-and-mortar travel agencies to online alternatives. The Indian Railways also facilitates online ticket bookings through its e-booking portal.

The recent pandemic has affected the online travel market severely and this is likely to have an impact in the future as well. As countries implemented travel restrictions, national and international tourism came to a halt. Meanwhile, companies in the online travel industry also felt the negative effects of the pandemic and relied on intercity taxi bookings and other essential services to hedge against declining revenues.9

Food Catering Services

India is exhibiting high growth potential in the food delivery business due to rising income, growing consumption and changing lifestyle preferences. As more and more people enter the countrys burgeoning job market, the time to prepare home-cooked meals reduces significantly. It continues to add an impetus to the food catering sector. The on-demand and on-the-go segment of food delivery is a natural extension of the services provided by this sector to people who are travelling long distance via trains. The industry is expected to grow to RS. 5,99,784 crore at a CAGR of 9% by 202210.

Due to the nationwide lockdown, the food catering service was severely affected. Food aggregators faced losses of up to 25% in their businesses. As per the NRAI, the restaurant and food industry suffered losses of approximately RS. 80,000 crore in 2020. While the restaurant business struggled to stay afloat, alternatives of using healthy food on their menu helped certain restaurants to revive business after the lockdown. Demand for vegetarian and fresh food dominated and the preference for local ingredients increased considerably.

Following the closure of all refreshment rooms and food plazas in railway stations, rail catering services were deeply affected. Barring tea and coffee sales by licensed vendors, onboard catering services were completely closed. However, certain fast-food units and vending machines were available for use on railway stations and e-catering services at certain railway stations resumed in early 2021.

Packaged Drinking Water

Packaged drinking water is one of the most common items sold across the country. No seminars or conferences are complete without packaged drinking water. The pandemic dealt a severe blow to the sector with sales reducing by 50%. Tweaking their delivery model, the bottled water companies adopted direct-to-consumer selling models and delivered packaged drinking water through online apps. Foraying into the direct selling market is not easy, but many companies took this step to acquire customers and make up for their losses. The packaged drinking water market in India is valued at $24 billion as of 2019 and is expected to reach $60 billion by the end of 202311. However, a 30% contraction has been noticed in this segment due to the pandemic.

Travel and Tourism

The pandemic is estimated to have a debilitating impact on the Indian travel and tourism sector, which includes hotels, travel agencies, tour operators, family entertainment venues, restaurants and all forms of transportation.12 The global travel and tourism industry is estimated to lose US$3.4 trillion (approx RS. 248.37 trillion) and 121.1 million jobs for the baseline scenario are expected to be at risk. The Indian tourism industry too is anticipated to witness a loss of US$16.7 billion (approx RS. 116.88 billion), affecting approximately 50 million jobs.

The tourism industry in India has been an important growth driver for the economy, in terms of GDP share and employment generation. It was also the worst-hit during the pandemic. Indias rich cultural heritage and diverse geographic landscape makes it an attractive destination for tourists from all over the world. The country is bestowed witRs. 38 UNESCO - World Heritage sites, beautiful beaches and snow clad mountains that offer the perfect mix of travel options. With an ever-increasing millennial population, higher disposable incomes, and more affordable options for travel and accommodation, tourism trends have largely shifted from destination-based tourism to experience-based tourism. The lockdowns and restrictions on international arrivals to India coincided with the peak travel season between March and April. Being largely integrated with the local economy, the spill-over effects were felt across broad business segments.

The number of foreign tourist arrival to India between January and March 2020 was 2.46 million, down by 22.6% in comparison to the same period in 2019. A total of 8,37,721 tourists arrived on e-Tourist Visa during the same period, registering a negative growth of 7.7% in comparison to 2019.13

Tourism is a significant source of foreign exchange earnings (FEE) for the economy. During the reference period (January-March 2020), the foreign exchange earnings from the tourism industry stood at RS. 44,203 crore, compared to RS. 52,378 crore in the same period in 2019.

After the lockdown was lifted, demand revived as people yearned for short trips after months of staying at home. The Ministry of Tourism constituted a National Tourism Taskforce comprising concerned stakeholders, to meet the challenges posed by the Covid-19 pandemic. The Ministry has also started the National Integrated Database of Hospitality Industry (NIDHI) to facilitate information exchange and ease of doing business.14 Government schemes like ‘Dekho Apna Desh continued even during the pandemic with a series of webinars on domestic tourist hotspots. With many western countries still restricting travel, domestic tourists are expected to bring the travel and tourism industry back on track in FY2021- 22. The Ministry of Tourism also developed the System for Assessment, Awareness & Training for Hospitality Industry or the SAATHI initiative to implement SOPs/guidelines for the safe operation of restaurants, B&Bs, hotels, and other hospitality units during the pandemic. The Government is also promoting tourism in NorthEastern India and developing infrastructure including airports and bridges to facilitate travel. Other initiatives by the Ministry of Tourism:

Incredible India Tourist Facilitator (IITF) Certification Programme, a digital initiative of the Ministry of Tourism, was launched to create a pool of locally trained professionals to enhance the overall experience of tourists and to generate local employment opportunities.

The Incredible India website was launched in all six UN languages – Chinese, Arabic, English, French, Russian and Spanish to attract tourists from the region.

Ministry of Tourism has initiated photography/ videography of important tourism and cultural sites using drone cameras during the lockdown to get the best footage.

17 new projects are planned, including the launch of seaplane services from Ahmedabad to the Statue of Unity.

Various projects were undertaken and inaugurated under the umbrella schemes of PRASHAD and Ek Bharat Shrestha Bharat.

Swadesh Darshan Scheme, launched by the Ministry of Tourism, Government of India, for the integrated development of 15 theme-based tourist circuits like Buddha Circuit, Coastal Circuit, Desert Circuit, Eco Circuit, Heritage Circuit, Sufi Circuit, Himalayan Circuit, North East Circuit, Krishna Circuit, Ramayana Circuit, Rural Circuit, Spiritual Circuit, Tirathankar Circuit, Wildlife Circuit and Tribal Circuit. The scheme aims to promote, develop and harness the potential of tourism in India.

Initiative by IRCTC:

Issued SOP to contain spread of Covid-19 for operation of passenger trains, Tourist trains & tour packages i.e. Thermal screening, sanitisation of coaches, luggage, etc.

Direct tie-ups with hotels & transportations companies for launching of affordable packages.

Safety kit consisting of sanitizer, gloves, surgical mask, etc. are provided to all tourists.

The New normal - online training to all tourists and hospitality staff of IRCTC provided for hygiene and cleanliness after the post-Covid scenario.


Incorporated on September 27, 1999, the 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 a 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 authorised by the 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 the 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. The Online Ticketing System has been upgraded continuously for enhanced capacity and security of the system. At present, the NGeT system has a capacity to book more than 26,000 tickets per minute with a record booking of 26,458 tickets in a minute.

IRCTCs e-ticketing services now account for 79.63% of reserved tickets on Indian Railways booked online. The remaining tickets are being booked through the Passenger Reservation System (PRS) being manned by Railway employees.

2. IRCTC Rail Connect App (Mobile Ticketing):

To mark further presence in mobile internet of the country, IRCTC launched the IRCTC Rail Connect Mobile App on Android Platform on the NGeT system in January 2017. Through IRCTC Rail Connect Mobile App on Android & iOS Platforms, a total of 8.08 crore tickets were booked, which is 46.45% of the total tickets booked online. The daily average booking on the Mobile App has been 2.21 Lakh tickets during FY2020-21. Mobile ticketing this year has been on the lower side due to a drop in the overall passenger traffic as a result of the Covid-19 Pandemic restrictions in the entire country, affecting rail movement.

3. IRCTC Payment System:

Payment options and successful transaction rates are critical for the success of the e-commerce industry. IRCTC over the years has developed and nurtured a robust system of payment gateways with various payment options such as Net Banking, Credit Card, Debit Card, Wallets, Cash Cards, BHIM/UPI, Scan and Pay, Pay-On-Delivery / Pay- Later, etc. for the IRCTC website application and other dedicated web applications and App. Even, foreign users can book tickets using their International Credit Card (Issued outside India) on the available Payment Gateways provided by Atom Technologies and ITZ Cash Card along with other Multiple Payment Options.

The transaction on IRCTCs website 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 users are not saved in the servers of IRCTC at the time of booking tickets, thereby ensuring prevention of any misuse.

4. Tatkal Scheme for Reserved Tickets:

The Tatkal charges have been fixed as a percentage of fares at the rate of 10% of the basic fare for second class and 30% of the basic fare for all other classes subject to minimum and maximum limits. Tatkal tickets are issued for the actual distance of travel, instead of end-to-end, subject to the distance restrictions applicable to the train. The same Tatkal berth/seat may be booked in multiple legs till preparation of the charts. At the time of preparation of charts, the unutilised ones are released to the General RAC/ Waiting list passengers. Tatkal facility is also available in the Executive Class of Shatabdi Express trains by earmarking 10% of the accommodation available i.e. 5 seats per coach. Tatkal booking opens at 10 AM for AC Classes and 11 AM for

Non-AC Classes one day in advance of the actual date of the journey, excluding the date of the journey. The scheme is available on and IRCTC Rail Connect where customers can book tickets on the Tatkal scheme seamlessly.

5. VIKALP Scheme:

Travellers who have been put on the waiting list, irrespective of a booking quota or concessions, can choose maximum five trains under this scheme. It does not confirm a berth, since it depends on the availability of seats in the given train. There is no refund or extra fare charged for these changed trains, including the Tatkal prices. Either all passengers of a PNR opting for this scheme will be transferred to alternate trains in the same class or none will. Once confirmed in an alternate train, the cancellation charges apply as per the usual rules. A person can be transferred to any train available within the window as per selection made by the user. The train list once selected under VIKALP can be changed or updated only once.

6. IRCTC – SBI Co-branded Credit Card on RuPay Platform:

In pursuance of the Honble Prime Ministers vision of ‘Aatma Nirbhar Bharat, ‘Digital India and towards fulfilment of mission of Honble Minister of Railways in achieving greater self reliance, IRCTC and SBI have together launched a new co-branded Contactless Credit Card on the RuPay Platform of NPCI. The card was dedicated to the service of nation by the Honble Minister of Railways and Minister for Commerce and Industry Sh. Piyush Goyal on 28th July, 2020.

The Card is designed to reward Frequent Railway Travellers, wherein the new Co-branded Credit Card offers the rail passengers maximum savings proposition on their travel together with exclusive benefits on retail, dining and entertainment as well as transaction fee waivers.

The IRCTC SBI Credit Card on RuPay platform is fully indigenous, developed by IRCTC & SBI Card on RuPay platform of NPCI.

Equipped with Near Field Communication (NFC) technology whereby the users can expedite their transactions at the POS machines by just tapping the card on the machines without requiring to swipe the card.

This card will be featured with Common Mobility card features which will be used for access across metros/ buses/transport system pan India.

7. BHIM/UPI Payment Mode:

For those users, who make online payment for e-tickets through BHIM/UPI payment mode, Convenience Fee is charged at a reduced rate @ RS. 10/- + GST per ticket for

Non- AC Classes and RS. 20/- + GST per ticket for AC Classes (including First Class), to promote digital payments, thereby fulfilling the Digital India mission of the Government of India.

8. Travel Insurance:

IRCTC introduced the Travel Insurance for Indian Citizens (above five years) who book their e-tickets through the IRCTC Website Application only. The travel insurance provides accidental coverage to the passengers during their travel over Indian Railways. In case of an accident due to collision between trains, derailing of the train carrying passengers or any other kind of train accident, the passengers or the nominee can claim compensation. The coverage of the policy will be on a PNR basis and will include death, permanent total disability, permanent partial disability as well as hospitalisation charges during stay at hospitals. This travel insurance, up to RS. 10 lakhs, is provided to passengers who opt for it by paying a very small premium of RS. 0.49 per passenger.

9. Senior Citizen Concession:

Indian Railways grants concession for fares of all classes of Mail/ Express/ Rajdhani/ Shatabdi/ Jan Shatabdi/ Duronto group of trains to Male Senior Citizens of minimum 60 years and Female Senior Citizens of minimum 58 years. The element of concession is 40% for men and 50% for women.

To reduce its huge subsidy burden, the Indian Railway has now given senior citizens the option of foregoing concessions on the purchase of reserved class tickets. If the user wishes to book tickets without the Senior Citizen concession, the user may select the "Forego Full Concession" option under "Option for Senior Citizen Concession" section of the Passenger Details form and if the user wishes to avail 50% concession, the user may select the "Forego 50% Concession" option under "Option for Senior Citizen Concession" section of the Passenger Details form. The facility for the Senior Citizen concession is available since the beginning of e-ticketing services of the Indian Railways.

10. Concessional Bookings:

The concessional booking facility is also available for Journalists and Divyang (Physically challenged) passengers for booking of online tickets on the IRCTC Website and Mobile Apps using ID cards provided by the Indian Railways.

11. Online Booking for Railway Pass Holders:

Online booking of Reserved Rail ticket using the Railway Pass has been implemented for Railway employees who are in service. Convenience Fee and Travel Insurance is not applicable for these bookings.

12. Bus Integration:

IRCTC has launched a Bus Service on its microsite www. on January 29, 2021. The booking of State Road Transport buses as well as Private Operators are now available through IRCTC with more than 50,000 bus operators covering 22 states and three Union Territories, including the Kashmir region. This service will also enable last mile connectivity to the Railway passengers. It is expected that this business will grow substantially and provide multimodal transport system on a single platform viz. trains, flights and bus for customers convenience and choice of mode of travel through IRCTC.

13. Rail Catering:

Indian Railways issued the New Catering Policy in 2017, which has now been implemented and the entire mobile catering of trains has been transferred to IRCTC for improvement in quality of catering services and on-board meal experience of the passengers. However, due to Covid-19, the Company served Ready-to-Eat (RTE) foods in trains through the Pantry Car or Train Side Vending contracts, as mentioned elsewhere in the Directors Report.

14. 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.

15. 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 located in Andhra Pradesh. Vistadome coaches are also being operated between Mumbai and Goa. The Railways plans to introduce more Vistadome coaches in various Hill sections and Heritage Railways of India such as Kalka-Shimla, Patalpani - Kalaikund sector etc. IRCTC has also been providing hospitality-related services to these segments. Special tourism packages have also been planned.

16. Executive Lounges at Railway Stations:

The New Delhi Railway Station already has a plush and revamped executive lounge, equipped with a massage centre, 5D movie theatre, business centre, recliners, complimentary drinks and buffet, and a spa and health centre. The Indian Railway Catering and Tourism Corporation (IRCTC) had to launcRs. 50 such executive lounges at various railway stations across the country, out of which six have been commissioned and have been received very well by the passengers and the travel and hospitality fraternity.

A foreigner can also book his ticket using an International Credit Card (Issued outside India) on the available Payment Gateways provided by Atom Technologies and also through ITZ Cash Card Multiple Payment Options.


IRCTC is the only Company authorised 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 authorised 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.


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.


High growth rate in Hospitality & Tourism segment; Growth in online business; IT and E-Governance; Joint Venture with other Government bodies;

Benchmarking international standards in mobile catering through multilateral collaborative agreements with foreign railways and mobile catering players.


1. Internet Ticketing: IRCTC currently has a monopoly on online ticketing services for the 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 14.5 million per month and 2.6 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, 2021, more than 0.83 million passengers travelled on Indian Railways on a daily basis, which consisted of approximately 79.63% of Indian Railways tickets booked online. Online ticket bookings on IRCTC can be carried out at any time of the day, throughout the year.

NGeT System: The next generation e-ticketing (NGeT) 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 26,000 tickets per minute, as on March 31, 2021. 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 and add value to its products to enhance customer engagement and derive top-line growth.

New User Interface (UI): IRCTC has been constantly contributing to enhance the customer experience and convenience while booking reserved rail e-tickets through its Website and Rail Connect Mobile App with the aim of retaining its customer base. Keeping in mind the same, IRCTC has launched the New User Interface of e-ticketing Website and Mobile App with modified functionalities and some additional features. Revamping of IRCTC e-ticketing user interface is a Digital India initiative, which promises to transform the service delivery experience offered to travellers. Further, the New Interface for e-ticketing enhances user personalisation and facilitation of the IRCTC Website and the IRCTC Rail Connect Mobile Apps (Android & iOS Platforms) with user-friendly features and more comfortable navigation, which is secured with advanced data systems and processes. The look-and-feel of the interface has been changed with a simplified and appealing design. This work has been carried out despite Covid-19 pandemic restrictions.

2. Catering Business: It is the continuous endeavour of Indian Railways to provide quality and hygienic food to passengers. IRCTC was formed with the main objective of improving 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. Catering services are divided into two categories:-

Mobile Catering: This business segment involves catering services on trains, offering meals booked through the mobile app or website. 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. As of March 31, 2021, e–catering is available at approximately 202 stations and served by more than 650 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, 2021, the company managed 56 Jan Ahaars, 176 refreshment rooms, 17cell kitchens and 11 base kitchens. The company also operates 134 food plazas and 146 fast food units and increased the total number of operational units to 287.

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 14 ‘Rail Neer plants located at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, Hapur, Ahmedabad, Bhopal, Guwahati, Nagpur, Jabalpur and Sankrail. With an installed production capacity of approximately 1.41 million litres per day, it caters to approximately 70% of the current demand of packaged drinking water at railway premises and in trains.

To increase its market share and to meet the growing demand, the company has been authorised to construct new Rail Neer plants at Una, Bhusawal and Vijayawada. Of which, the Rail Neer plant at Una (Himanchal Pradesh) has been set up and its commercial operation has already started on 31st July, 2021. Further, three new Rail Neer plants have been approved at Bhubaneswar, Visakhapattanam and Kota. Rail Neer plant at Visakhapattanam will be commissioned by 2021-22 and Rail Neer Plants at Bhubaneswar and Kota are likely to be commissioned by 2022-23.

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 customised 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.

IRCTC is a reputed brand in the travel industry in our country, and as a team, is in all preparedness to gradually commence tourism activities from October 20 onwards adhering to and ensuring all safety health protocols issued by the Government of India and travel restrictions issued by the respective state governments and guidelines from time to time. Travel advisories have been uploaded in the IRCTC tourism portals and are periodically updated as a ready reckoner to our valued guests. A periodical review on the pandemic situation across the country and outside along with the feedback from our valued guests, all necessary changes in the tour operations will be facilitated to foray & enter the new norm for travel & tourism in the post Covid scenario.

FUTURE OUTLOOK – Chugging Ahead

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 scaleable and based on core competencies".

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 itself 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 based on its core competencies in offering catering and related services to Indian Railways.

To provide value-added services to its stakeholders, IRCTC has planned various initiatives in financial year 2021-22, including, monetisation of Chatbot Services & Train Information Enquiry Services through Third-Party Organisations/Operators, National Rail Museum booking website and Mobile App, provisions for issuance of digital bills and cashless payments in trains, ticket booking through Chatbot, EMI-based payment on the e-Ticketing Mobile App, online corporate travel services for Govt./PSUs, automated payments to hotels & bus aggregators/ vendors to reduce payment time, launch of wellness packages and tie-ups with five wellness institutions/yoga centres/hotels, etc, agent booking module for luxury tourist trains (Maharajas, Golden Chariot and Buddhist tours) etc.

RISK AND CONCERNS – Robust Strategies

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 AftertheoutbreakofCovid-19in2020,there were global lockdowns and restrictions on travel and various operations imposed by the respective governments worldwide. The second wave has further brought about uncertainty of the duration of this phenomenon, and threatens people and businesses worldwide. IRCTC has systems in place due to the experience of the pandemic in 2020, beginning with the strict adherence to Covid-19 protocols to maintain safe and operational environments. Special training to ensure maximum protection from Covid-19 infections are given to employees serving in segments with duties involving contact with customers or passengers. We have also in place detailed Standard Operating Procedures to aid in combating the risks along with automation of several 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 authorised 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 the GoI or the Ministry of Railways opens 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.
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 technologies to ensure that the Confidentiality, Integrity and Availability of all its online services and its data are adequately secured from prevailing cyber security threats. The Company safeguards its data with advanced security systems and successfully defends the system against malicious virus or other cyber threats. Regular Information Security Audits are conducted through CERT-In empanelled external Information Security Audit Agencies.
Business Continuity Risk Loss of business due to unscheduled withdrawal of passenger rail services for considerable period of time for reasons such as regional or national lockdown to curb the spread of a pathogenic contagious outbreak. The companys management team continuously monitors key local and global developments to identify Covid 19 associated risk. The company has deliberated on its learnings from interventions taken in the backdrop of covid 19 situation in India in 2020, and is now better equipped to deal with the subsequent waves. Moreover, the company has identified few market adjacencies and market diversification.
Financial Risk Financial mismanagement or negligence could negatively impact the business operations, financials and any ongoing projects. The Company has a dedicated team of professionals which monitors all financial transactiosn entered into by the company. The company follows financial prudence and scientific methodologies for any project evaluation and keeps a close watch on financial markets to anticipate any risk and adapt accordingly.
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 26000 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 more than 26000 tickets per minute with record booking of 26,458 tickets per min. The Company also has back-up systems and contingency plans to prevent critical data losses and ensures smooth operations and services across its business processes.
Quality Risk The food and catering service must adhere to quality standards prescribed by the authorities. 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 started selling only RTE (Ready to Eat meals) to make available hygienic & quality meals in pandemic situation. The Company has quality control checks in place to ensure service of hygienic food.
Risk from counterfeit products Counterfeit products, passed off by others using our brand name could decrease market share and negatively impact the brand image. The Company has a strong policy against using its brand for any purpose without its permission and legal actions are taken against those violating the trademark. The company keeps a strong vigil by spreading awareness, providing complaint centre by toll free number or written complaint and surprise inspections.
Consumer Preference Risk A significant portion of the Companys revenue is derived from the sale of food that is characterised as North Indian, Punjabi, or South Indian. Any change in consumer preference could have an adverse effect on the Companys operations. With the introduction of RTE only policy, it has become easier to change and modify the menu from time to time, to meet consumer preferences, tastes and purchasing habits.
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 the ingredients poses 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 licences, approvals, permits and registrations to undertake its business activities. Application for renewal licences 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

While it is predicted that domestic and international tourism is likely to resume any time once the restrictions are reviewed & lifted as well as vaccination done in countries, starting from August 2021. Tourism department have been initiated following preparatory measures to prepare the IRCTC staff and the infrastructure to meet with the new set of demands/ expectations of guests and regulatory framework:

Standard Operating Procedure (SOP) for taking preventive measures: Standard Operating Procedure (SOP) based on the guidelines issued by MHA & MHFW on preventive measures for Tourist Trains / Tours to contain spread of COVID-19 & dealing with emergencies have also been issued and implemented.

Employees 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 organised through reputed organisations viz. TUV Nord India, Bureau Veritas and Indian Tourism Development Corporation (ITDC).

Vaccination to officers & Staff: In tie-up with M/s Appollo Hospital, a special drive has been conducted to vaccinate officers and staff along with relatives.

Safety Kits and sanitisation: Provided safety kit to passengers of tourist trains which includes facemask, hand sanitizer, gloves, etc. and santisation of luggage, passenger and cabins of the train are done at every entry level for safety of passengers.

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

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 sanitisation, air-conditioning filters etc. in the Tourist Trains viz. Maharajas Express, Golden Chariot and Deluxe Tourist Trains.

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

a. Essential, Corporate & Pilgrimage Travel: Direct Tie-up with hotels, transportation companies is being done across various categories within India, promotion of online bus booking will be done, 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. Promotion of pilgrim special train along with Bharat Darshan tourist trains for future as best affordable product with all inclusive services.

b. Non-Essential & Leisure Travel: Planning to launch more customised packages as well as adventure tour packages. "Work from Hotel" concept will be promoted with competitive pricing due to direct tie-ups. 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, sight-seeing 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

Despite continuity of COVID 19 Pandemic for 2nd year with more intense 2nd wave, IRCTC with its optimistic outlook has planned to bring into its system some new projects which not only promise to promote IRCTC Brand name but also proves the companys expertise and adaptability to latest innovative technologies in vogue in the market place. At the same time, it is also anticipated to earn revenues through new businesses for IRCTC.

Following are some future projects to be undertaken by Internet Ticketing :

a. Monetisation of Chatbot Services by extending to Third Party Organisations. Having gained experience in running Chatbot enquiry service on its e-ticketing platform, IRCTC will now extend AI based Chatbot services (like AI Chatbots, VoiceBots, VideoBots, Virtual Assistants, Intelligent RPA, and Bots etc) to government and private organizations across various verticals & functions.

AI powered multi-format, multi-lingual and multi-channel Virtual Assistant will help organisations save operational/support cost and generating additional revenue, besides enhancing customer adoption, engagement and satisfaction.

b. National Rail Museum Booking Website and Mobile App: IRCTC will develop a Website and Mobile App along with integration of multiple payment gateways for the online ticket booking of National Rail Museum entry/ride tickets. (Presently physical ticket booking is under the management of NRM). Online ticketing for entry to NRM will avoid long queues at the entry gates, reduce the cash handling at NRM, fetch the visitors data automatically and also promote digitalization and cash free transactions. It will also provide various MIS reports as per the requirement of NRM.

IRCTC will also develop a Mobile application for validity/ confirmation by scanning the QR code tickets. IRCTC will also fecilitate booking at the different ride counters through Point of Sale machines. Museum ticketing for Railways and verification of rides by QR code, will be a new venture for IRCTC and will also earn additional revenue to IRCTC.

c. Ticket Booking Through Chatbot: Ask DISHA (Digital Interaction to Seek Help Any Time) is an AI powered multi-format, multi-lingual and multi-channel Virtual Assistant, presently providing enquiry services to IRCTC users. This platform will be extended for booking e-tickets by IRCTC users. This channel will enable IRCTC to further permeate online ticket booking to its users and envisages to become a more user friendly platform. This type of ticket booking will help the users to new business adoption & also enhance customer satisfaction. This may add new set of users on IRCTC E-ticketing platform which at present are not able to book tickets in online mode. The following features will be made available on e-ticketing through AI based Chatbot Ask DISHA:

Ticket Booking Ticket Cancellation Availability Check Fare Check Trains Between Stations

d. EMI Based Payments on e-Ticketing Mobile App:

In this Service, the high value tickets purchased by the customer on IRCTC, using their credit card/ debit card, can be converted into EMI payments by converting transaction amount into a number of equal monthly instalments (EMIs). This essentially means that customers have converted the transaction amount (dues) into a loan and have opted to pay it via EMIs over a fixed number of months as chosen. EMI amount includes a portion of the principal outstanding and interest component, which customer need to pay every month until the full amount is paid. This may help more number of customers to purchase high value tickets (upper classes) on IRCTC as the customer need not pay total fare of the ticket immediately in one go at the time of ticket booking. Service will be provided through integration of EMI payment service providers for booking reserved rail e-tickets on IRCTC Rail

Connect Mobile App. This may help users financially in the current market scenario, badly impacted by Covid-19 Pandemic

e. Automated Payments to Hotels & Bus Aggregators/ Vendors to reduce payment time: With the increase in Hotel integrations on Tourism portal, manual process of making payments to Hotel Aggregators/Bus Vendors has become cumbersome and time consuming. There is need to automate the process of payments to the Hotels and Bus providers on a timely basis for the circulation of money in the existing market scenario and to keep the Service Providers trust on IRCTC. The payment automation solution for the timely payments would also enable IRCTC to bring in automation of the reconciliation and payment process to its vendors. This would help the Hotel and Bus booking business ventures of IRCTC to be viable and enhance the IRCTC Tourism brand.

f. Train Information Enquiry Services to Third Party Operators: Train Information Services will be provided to Third Party Operators for dissemination of Authentic Train information (Availability and fare, Trains between Stations, Cluster Station List, Train Schedule, Boarding Stations List, PNR Enquiry, etc.) on their respective platforms to the customers. This service will be integrated with those firms who do not intend to provide online rail ticket booking service, but are interested in providing train related information to their customers. This will not only enhance the customer convenience and satisfaction but also enable to create a new revenue stream for IRCTC, without levying any cost to the customers.


To overcome current situation, to increase its market share and to meet the growing demand, the company is planning to setup new Rail Neer Plants. Construction of new Rail Neer plants at Bhusawal, Vijayawada, and Vishakhapattanamis are underway. Further, three new Rail Neer plants have been approved at Bhubaneswar, Visakhapattanam and Kota. Rail Neer plant at Visakhapattanam will be commissioned by 2021-22 and Rail Neer Plants at Bhubaneswar and Kota are likely to be commissioned by 2022-23.

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 . Discontinuation of inclusion of catering charges and services in the fare of premium trains like Rajdhani, Shatabdi, Duranto, Gatiman. Vande Bharat, Tejas etc. Passengers will be able to pick options from available alternatives like buying RTE food on the train, bringing in their own food, order from e-catering, take away from static units at railway stations etc. None of the currently operational trains have meals included in the fare.

2. Conversion of pantry cars into point of sales for various customer amenities and travel needs.

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.


Internal Controls are systematic and procedural steps adopted by an organisation to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations.

Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organisations systems and processes, as well as help to prevent and detect errors and irregularities. The actual steps of mitigation (e.g., review, approval, physical count, segregation of duty, etc.) are referred to as ‘Control Activities.

The Company has engaged an independent external firm, comprising Chartered Accountants as Internal Auditor. The internal audit assignments are carried out on a half-yearly basis. The Internal Audit carries out extensive audits throughout the year covering each and every aspect of the business. The Company has also hired another firm of Chartered Accountants to issue the Independent Auditors Report on the Internal Financial Controls over Financial Reporting for the Company under Clause (i) of SubSection 3 of Section 143 of the Companies Act, 2013.

The report issued thereupon has been attached along with the Standalone Financial Statements. The Audit Committee reviews the internal control systems with the Internal Auditor and Statutory Auditor before the Financial Statements are placed before it for recommending to the Board for approval.


The total Revenue decreased by 62.91% from RS. 2342.41 Crores to RS. 868.68 Crores in financial year 2020-21. Profit before tax reduced by 64.24% from RS. 729.58 Crores to RS. 260.89 Crores in financial year 2020-21. The profit after tax reduced by 62.99% from RS. 513.11 Crores to RS. 189.90 Crores in financial year 2020-21. The comparative performance of major financial parameters during the financial years 2020-21 and 2019-20 is given below:

(Rs. in Crores)

Particulars F.Y. 2020-21 F.Y. 2019-20 Change (%)
Revenue from operations 783.05 2264.31 (65.42)
Profit before interest, depreciation, exceptional items and tax (EBIDTA) 275.43 778.44 64.61
Less: Interest and Finance Charges 8.15 9.76 (16.50)
Less: Depreciation 46.28 40.21 15.10
Profit before tax (PBT) before exceptional items 221.49 728.47 (69.60)
Exceptional items : Loss(-)/Gain(+) 39.40 1.11 3449.54
Profit before tax (PBT) after exceptional items 260.89 729.58 (64.24)
Less: Provision for taxation 70.99 216.48 (67.21)
Profit after tax (PAT) 189.90 513.11 (62.99)
Dividend (as a % of Equity share capital) on cash basis 25% 38.98 35.87
Final dividend – on cash basis (as a % of Equity share capital) 25% 38.75% (35.48)
Net-worth 1466.95 1313.82 11.66
Earnings Per Share (H) 11.87 32.07 (62.99)


(Rs. in Crores)

Particulars F.Y. 2020-21 F.Y. 2019-20 Change (%)
Segmental Operative Revenue
Catering 223.41 1033.23 (78.38)
Railneer 57.24 221.96 (74.21)
Internet Ticketing 448.56 619.80 (27.63)
Tourism 53.85 295.24 (81.76)
State Teertha 0 94.09 (100)
Segmental Profit
Catering (84.30) 107.33 (178.54)
Railneer (5.36) 51.40 (110.42)
Internet Ticketing 353.22 492.68 (28.31)
Tourism (70.38) 10.58 (765.55)
State Teertha 0 14.38 (100)


Details of significant changes (i.e. change of 25% or more as compared to the FY 2020-21) in key financial ratios, along with detailed explanations thereof is as follows:

Particulars F.Y. 2020-21 FY 2019-20 Change (%)
Debtors Turnover (No. of Days) 251.73 125.40 (100.74)
Inventory Turnover (No. of Days) 3.05 1.57 (94.26)
Interest Coverage Ratio NA NA -
Current Ratio 1.77 1.61 9.96
Debt Equity Ratio NA NA -
EBIDTA Margin (%) 31.76 33.23 (4.42)
Net Profit Margin (%) 21.86 21.91 (0.20)
Return on Net Worth 12.95 39.05 (66.85)


Our human capital is our most important asset. To retain the best talent, the Human Resource department of your Company focuses on designing and implementing various HR policies, procedures and programmes to develop and upgrade knowledge, skills, creativity, aptitude and talent of the employees

IRCTC believes that only a motivated workforce can mitigate the challenges put to the business environment. Your Company firmly believes that "Leadership and Learning are indispensible to each other." Preparing employees for tomorrow is being given a major thrust for effectively taking up challenges. Focus is now on discharging new roles and responsibilities. Employees in the mid-level and senior managerial positions are also encouraged to enrol in various programmes conducted by renowned institutes like IIM and MDI.

Overall 2128 employees were trained during the Financial Year 2021 on various contemporary technical and managerial modules. IRCTC also aspires to ensure the health and safety of its employees along with maintaining a conducive work environment.

The Company took all the requisite steps to create an enabling environment for the employees to enhance their domain knowledge as well as to help them to work from home due in light of the Covid-19 pandemic.

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 31st March 2021, the Company has a total of 1372 full time regular employees across all its business segments.


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, a 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.

For and on behalf of Board of Directors
(Rajni Hasija)
Date: 12.08.2021 Chairman & Managing Director
Place: New Delhi DIN: 08083674