Indian Railway Catering & Tourism Corporation Ltd Auditor Reports

Business Responsibility and Sustainability Report (BRSR) Core

Indian Railway Catering and Tourism Corporation Limited (IRCTC)

Financial Year 2024-25

To

The Board of Directors

Indian Railway Catering and Tourism Corporation Limited 4^th Floor, Tower-D, World Trade Centre, Nauroji Nagar, New Delhi-110029

INTRODUCTION

WIRE Consultancy (WIRE), has been engaged by Indian Railway Catering and Tourism Corporation Limited ("IRCTC" or "the Company") to undertake independent verification and provide reasonable assurance on the nine (9) core sustainability performance indicators disclosed in the Companys Business Responsibility and Sustainability Report (BRSR) Core for the financial year ending 31^st March, 2025. This engagement has been conducted to meet the regulatory requirements established by the Securities and Exchange Board of India (SEBI) through its circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated July 12, 2023, which mandates reasonable assurance of BRSR Core disclosures by the top 1,000 listed entities. IRCTC, being a leading public sector enterprise in Indias railway catering and tourism sector, has voluntarily embraced comprehensive sustainability reporting aligned with the National Guidelines on Responsible Business Conduct (NGRBC) principles. The assurance has been performed in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) - "Assurance Engagements Other than Audits or Reviews of Historical Financial Information" and incorporates best practices in sustainability data verification.

ORGANIZATIONAL BOUNDARY AND REPORTING SCOPE

The assurance covers IRCTCs standalone operations (total 37 operational sites) across India for the reporting period 1^st April, 2024, to 31^st March, 2025. The organizational boundary encompasses:

Corporate Office, New Delhi

5 Zonal Offices

10 Regional Offices

20 Rail Neer plants (RNP)

1 Air Ticketing Office

SCOPE OF ASSURANCE

The scope of the assurance includes the following:

Evaluation of disclosed data and sustainability context of BRSR Core included in the BRSR report over the reporting period 1^st April, 2024 to 31^st March, 2025.

Review of appropriateness and robustness of underlying reporting systems and processes used to collect, analyze and review the information reported.

Evaluation of disclosures made in the Report against the SEBI Business Responsibility and Sustainability Reporting Core format and National Guidelines on Responsible Business Conduct (NGRBC) principles for adherence to the assurance requirements as required for reasonable level of assurance, in accordance with

ISAE 3000 (Revised).

Evaluation of the Subject Matter against the principles of Completeness and Accuracy as defined in the SEBI BRSR Core format. The subject matter of assurance engagement comprises the nine (9) BRSR Core indicators disclosed in IRCTCs Business Responsibility and Sustainability Report for FY 2024-25, as specified in Annexure I of the SEBI BRSR Core framework:

1 Green-house gas	Total Scope 1 emissions (Break-up of the GHG into CO2, CH4, N2O, HFCs, PFCs,
(GHG) footprint	SF6, NF3, if available) (Reported)
	Total Scope 2 emissions (Break-up of the GHG (CO2e) into CO2, CH4, N2O,
	HFCs, PFCs, SF6, NF3, if available) (Reported)
	GHG Emission Intensity (Scope 1 +2) - Total Scope 1 and Scope 2 emissions
	(MT) / Total Revenue from Operations adjusted for PPP (Reported)
	GHG Emission Intensity (Scope 1 +2) - Total Scope 1 and Scope 2 emissions
	(MT) / Total Output of Product or Services (Due to the diverse segments of
	IRCTC, there is no single type of physical output for its services and products)
2 Water footprint	Total water consumption (Reported, based on some estimation)
	Water consumption intensity - Mn Lt or KL / Rupee adjusted for PPP
	(Reported)
	Water consumption intensity - Mn Lt or KL / Product or Service (Due to the
	diverse segments of IRCTC, there is no single type of physical output for its
	services and products)
	Water Discharge by destination and levels of Treatment (Reported, based on
	some estimation)
3 Energy footprint	Total energy consumed (Reported)
	% of energy consumed from renewable sources (Reported)
	Energy intensity - Joules or multiples / Rupee adjusted for PPP (Reported)
	Energy intensity - Joules or multiples / Product or Service (Due to the diverse
	segments of IRCTC, there is no single type of physical output for its services
	and products)
4 Embracing	Plastic waste (A) (Reported)
circularity - details	E-waste (B) (Reported)
related to waste	Bio-medical waste (C) (Not Applicable)
management by
	Construction and demolition waste (D) (Not Applicable)
the entity
	Battery waste (E) (Not Applicable)
	Radioactive waste (F) (Not Applicable)
	Other Hazardous waste. Please specify, if any. (G) (Not Applicable)
	Other Non-hazardous waste generated (H). (Paper and Cardboard Waste
	Reported, but estimated)
	Total waste generated ((A+B + C + D + E + F + G + H) (Reported)
	Waste intensity - Kg or MT / Rupee adjusted for PPP (Reported)
	Waste intensity - Kg or MT / Unit of Product or Service (Due to the diverse
	segments of IRCTC, there is no single type of physical output for its services
	and products)
	Each category of waste generated, total waste recovered through recycling,
	re-using or other recovery operations (Reported, based on some estimation)
	Intensity - Kg of Waste Recycled Recovered /Total Waste generated

 

S.NO. ATTRIBUTE	PARAMETER
	(Reported)
	For each category of waste generated, total waste disposed by nature of
	disposal method (Reported, based on some estimation)
	Intensity - Kg of Waste Recycled Recovered /Total Waste generated
	(Reported)
5 Enhancing	Spending on measures towards wellbeing of employees and workers – cost
Employee	incurred as a % of total revenue of the company (Reported)
Wellbeing and	Details of safety related incidents for employees and workers (including
Safety	contract-workforce) - Number of Permanent Disabilities (Reported as NIL)
	Details of safety related incidents for employees and workers (including
	contract-workforce) - Lost Time Injury Frequency Rate (LTIFR) (per one
	million-person hours worked) (Reported as NIL)
	Details of safety related incidents for employees and workers (including
	contract-workforce) - No. of fatalities (Reported as NIL)
6 Enabling Gender	Gross wages paid to females as % of wages paid (Reported)
Diversity in	Complaints on POSH - Total Complaints on Sexual Harassment (POSH)
Business	reported (Reported- 1 complaint received)
	Complaints on POSH - Complaints on POSH as a % of female employees /
	workers (Reported)
	Complaints on POSH - Complaints on POSH upheld (Reported)
7 Enabling Inclusive	Input material sourced from following sources as % of total purchases –
Development	Directly sourced from MSMEs/ small producers and from within India
	(Reported)
	Job creation in smaller towns – Wages paid to persons employed in smaller
	towns (permanent or non-permanent /on contract) as % of total wage cost
	(Reported)
8 Fairness in	Instances involving loss / breach of data of customers as a percentage of total
Engaging with	data breaches or cyber security events (Reported as NIL)
Customers and	Number of days of accounts payable (Reported)
Suppliers
9 Open-ness of	Concentration of Purchases from trading houses as % of total purchases
business	purchases & sales (Reported as not applicable)
	done with trading Number of trading houses where purchases are made
	houses, dealers, from (Reported as not applicable)
	and related parties Purchases from top 10 trading houses as % of total
	along-with loans purchases from trading houses (Reported as not
	and advances & applicable)
	investments
	Sales to dealers / distributors as % of total sales
	(Reported as NIL)
	Number of dealers / distributors to whom sales are
	made (Reported as NIL)
	Sales to top 10 dealers / distributors as % of total sales
	to dealers / distributors (Reported as NIL)
	Share of RPTs (as respective %age) in Purchases
	(Reported)
	Share of RPTs (as respective %age) in Sales (Reported)
	Share of RPTs (as respective %age) in Loans & advances

MANAGEMENTS RESPONSIBILITY

IRCTCs management is responsible for:

Preparation and presentation of the BRSR Core disclosures in accordance with SEBI guidelines

Design, implementation and maintenance of internal controls relevant to the preparation of BRSR Core indicators

Prevention and detection of fraud and error

Ensuring compliance with applicable laws and regulations

Making available all information and explanations necessary for the assurance engagement

OUR RESPONSIBILITY AND ASSURANCE STANDARDS

WIRE Consultancys responsibility for this engagement encompasses delivering reasonable assurance and providing a professional conclusion based on comprehensive evaluation procedures. Our engagement scope was specifically focused on the verification of disclosed BRSR Core indicators and did not extend to evaluating IRCTCs strategic ESG frameworks, management effectiveness of sustainability initiatives, or comprehensive assessment beyond the defined nine attributes specified in Annexure I - Format of BRSR Core. Our professional obligations include:

Designing assurance procedures to achieve reasonable confidence that BRSR Core attributes are materially accurate and complete

Developing objective conclusions through evidence-based sampling and verification methodologies

Communicating our professional opinion directly to IRCTCs Board of Directors with clear methodology disclosure Assurance Framework Follows:

International Standard on Assurance Engagements (ISAE) 3000 (Revised) - Assurance Engagements Other than Audits or Reviews of Historical Financial Information

SEBI BRSR Core Guidance Document

National Guidelines on Responsible Business Conduct (NGRBC) principles

Our procedures were designed to obtain reasonable assurance regarding the accuracy of BRSR Core indicators, recognizing that reasonable assurance provides high confidence while acknowledging inherent limitations in detecting all potential misstatements. This professional engagement is conducted with the fundamental assumption that IRCTCs presented data and information maintain integrity and are substantially free from material misrepresentation.

ASSURANCE METHODOLOGY AND PROCEDURES

Understanding IRCTCs business model, organizational structure, and operational processes

Identifying material BRSR Core indicators and assessing inherent risks

Evaluating internal controls over sustainability data collection and reporting

Performed Verification Activities (29^th July- 4^th August, 2025)

On-site Assessment- 29^th & 31^st July, 2025: Corporate Office Delhi, Rail Neer Plant Nangloi, Zonal Office Delhi

On-Desk Assessment - 30^th July & 1^st - 4^th August, 2025: All 37 operational sites

Examination of source documents, policies, procedures, invoices, utility bills, waste disposal certificates, employee records, and management information systems

Review of underlying calculations, data aggregation processes, and conversion factors

Conducted exhaustive interviews with relevant personnel of IRCTC (including executives, managers and staff members at the corporate, regional and site levels) and collected system output data from IRCTCs sustainability team

Assessment of information provided in the BRSR report in accordance with SEBI BRSR Core guidelines and ensuring compliance with the nine specified core indicators as per Annexure-I format requirements Note:

Electricity: Verification based on electricity bill data and records from respective state electricity boards and distribution companies

Water: IRCTC has provided water withdrawal bills and done engineering estimations for Water consumption for the Rail Neer Plant, Zonal Office and Regional Offices Estimations are based on site occupancy metrics and plant production records, calculated in accordance with Ground Water Authority guidelines and respective state water board regulations.

Waste: For non-hazardous waste generated from office buildings and Rail Neer Plants (including plastic, paper and cardboard waste), IRCTC has provided waste generation records verified through authorized vendor disposal certificates. Where site-specific or monthly data was unavailable, representative averages from comparable operational sites have been applied using conservative estimation methodologies

Solar Energy: Renewable energy consumption verified from solar bills and records.

LIMITATIONS AND EXCLUSIONS

The assurance scope was limited to the nine BRSR Core indicators as specifically mandated by SEBI guidelines, thereby excluding broader sustainability disclosures. Forward-looking statements, strategic commitments, and future targets were excluded from the verification process as they represent management intentions rather than historical performance data. Joint venture and subsidiary operations fell outside the defined verification boundary, maintaining focus on IRCTCs standalone operational control. The engagement involved reliance on management representations for certain data points where independent third-party verification was not operationally feasible or cost-effective.

Exclusions from Environmental Data:

Fugitive emissions from fire extinguishing systems are excluded due to minimal contribution to overall emissions and operational safety requirements

Company-owned vehicle fleet emissions excluded as IRCTC does not maintain owned vehicle fleet for operations

Minor refrigerant leakages from air conditioning systems at offices are excluded due to difficulties in accurate measurement and minimal materiality

AREAS FOR ENHANCEMENT

The following improvement areas are identified for IRCTCs consideration, aligned with the organizations sustainability objectives:

Consider pursuing ISO 45001:2018 certification across operational facilities to strengthen occupational health and safety management systems

Implement comprehensive third-party water audits across all plant operations to establish accurate measurement protocols, maintain systematic logbooks, and capture multiple parameters that will enhance data precision for water consumption monitoring and production process optimization

Explore opportunities for wastewater recycling systems and rainwater harvesting infrastructure across Rail Neer plants and major operational facilities to enhance water security

Consider developing Scope 3 emissions inventory following ISO 14064 standards to encompass value chain emissions

INDEPENDENCE AND COMPETENCE

WIRE Consultancy maintains complete independence and as required by SEBI circular SEBI/HO/CFD/CFD-SEC-2/P/CIR/2023/122 dated 12/07/2023, WIRE confirms no conflict of interest exists with IRCTC. The assurance team adheres to fundamental principles of integrity, objectivity, professional competence, due care, and confidentiality.

WIRE operated as an independent third-party ESG assurance provider with qualified environmental and social specialists. During the reporting period, no engagements were undertaken with IRCTC that could compromise independence or impartiality. WIRE was not involved in BRSR content preparation except for this assurance statement and maintained complete impartiality during all stakeholder interviews.

CONCLUSION

Based on our procedures described above, nothing has come to our attention that causes us to believe that IRCTCs BRSR Core indicators for FY 2024-25 are not prepared, in all material respects, in accordance with the SEBI BRSR Core framework and related guidance. The disclosed nine BRSR Core attributes provide fair representation and meet the content and quality requirements of SEBIs BRSR Core format. The underlying data collection and reporting systems demonstrate reliability and completeness. IRCTCs BRSR complies with key requirements including governance oversight, stakeholder responsiveness, materiality coverage, and information connectivity as specified in SEBI guidelines. Based on SEBIs reasonable assurance requirements, including scope definition, risk-based methodologies, and data validation techniques, we conclude that the BRSR Core disclosures are materially accurate and reliable, supporting stakeholder confidence and ESG reporting transparency.

Other Matters

IRCTC demonstrates strong commitment to sustainability reporting excellence with appropriate governance structures supporting reliable ESG data management. The organization maintains effective internal quality assurance processes with transparent stakeholder engagement mechanisms. This assurance statement should be read in conjunction with IRCTCs complete Business Responsibility and Sustainability Report for FY 2024-25.

Ms. Poonam Pandit
Head - Environment & Sustainability
WIRE Consultancy	Date: 04-08-2025
4th Floor, Tower-C, Bhutani Techno Park,	Place: Noida
403A, Sector 127, Noida, U.P.-201301	Doc. No: WC/SA/25-26/388

Independent Auditors Report

To the Members of

Indian Railway Catering and Tourism Corporation Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and Notes to the Standalone Financial Statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "Standalone Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013, as amended, ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of the Act read with the Companies (Indian Accounting Standard) Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit (financial performance including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the Standalone Financial Statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial Statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Emphasis of Matter

We draw attention to:

1. Note No. 37.2(iv) regarding Arbitration award pronounced in April 2022 amounting to H 7,471.65 Lakhs plus simple interest @ 6% per annum from January 2018 onwards, given in favour of certain licensees which represents principal amount towards claims for supply of welcome drinks not paid to licensees and recovery of differential costs for the supply of regular meals to the passengers on the instructions of Railways whereas the price of combo meal, which is lower than the price of regular meal, was reimbursed to these licensees. The Company has filed objections against the award and the same was listed before Honourable High Court of Delhi. The Company contends that the main liability in this matter would be of Railways and the Company has the right to recovery from Railways in case ultimately it is made liable to pay.

The hearing before Honble high court was done on 19.07.2023 and as per the order dated 09.10.2023, of Honble high court, the company has been advised to deposit bank guarantee amount. The company has filed objections appeal against the award. In compliance of Honble Delhi High Court order, Bank Guarantee to the tune of H 8,471.65 lakhs have been deposited with the court registry as per the orders of Honble Delhi High Court.

The Honble High Court of Delhi set aside and quashed the award of H 4200 Lakhs against IRCTC while upholding the smaller claim of H 3200 lakhs and the aforesaid bank guarantee(s) has been released IRCTC. Aggrieved by the said decision, the Corporation and the licensee both have separately filed petitions u/s 37 of Arbitration and Conciliation Act, 1996 for challenging the impugned judgment. The Ld. Divisional Bench by way of judgment dated 10.02.2025 has restored the Arbitral award qua the Claimants claim towards second regular meal and welcome drinks. IRCTC has filed SLP against the judgement dated 10.02.2025 before the Honble Supreme Court.

2. Note No.37.2(v) regarding Notice dated 25.02.2022 issued by the National Anti-Profiteering Authority (GST) alleging profiteering amounting to H 5,041.44 Lakhs for the period July 1, 2017 to May 31, 2020 against the Company under Section 171 of the CGST Act, 2017 for not passing on the benefit of reduction in rate of tax to the consumers by way of commensurate reduction in the MRP of Railneer brand of drinking water manufactured and sold by the Company even though there was reduction in the tax rate on the introduction of GST w.e.f. July 1, 2017. The Company contends that Railneer drinking water falls under controlled price segment as the MRP is fixed by Ministry of Railways, Government of India and the MRP fixed in the year 2012 is still continuing despite substantial increase in prices of raw-materials, power, HR cost, freight etc. Legal opinion obtained by the Company justifies the contention of the Company. Competent Commission of India ("CCI") is now vested with powers to adjudicate all such cases in which benefit of tax reduction not being passed to consumers by the assesses and the matter is now pending with CCI.

3. Note No. 49(b) regarding railway share on railneer, railway board clarified that for Rail Neer plants run departmentally by the company, the profits between Railway board and company shall be shared in the ratio of 15:85 and for plants operated under PPP model/run by DCO, profits between Railway board and company shall be shared in the ratio 40:60. Provision for the differential amount of profit sharing @25% (40%-15%) up to 31^st March, 2023 amounting H 1451.24 Lakhs was shown as an exceptional item for the year ended 31^st March, 2024, even though the Company had made representation to the Railway Board for sharing of profit at uniform ratio of 15:85 for all Railneer plants till FY 2022-23. However, Railway Board has advised IRCTC for sharing of profit in the ratio of 40:60 for PPP plants.

4. Note No. 39 regarding Balance confirmation letters from parties & banks: Guidelines issued by the Company for obtaining balance confirmation letters from parties & banks have been followed. We are informed that no balance confirmation letters are sent to Railways/ Government Bodies since their books of account are maintained on cash basis. The third-party balances are subject to confirmations and reconciliations from the various parties. The balance confirmation letters have been sent to private parties but the response from the parties is not satisfactory. The system and the procedures of obtaining balance confirmations at periodic intervals need to be strengthened to ensure better response from the parties.

5. Note No.51(b) regarding non-sharing of input tax credit data of GST for certain periods by Developer cum Operators ("DCO") of four Rail Neer plants resulting in non-recognition of these claims receivables in the books of account of the Company. Amount of such claims are not ascertainable at this stage. Further, these DCOs are also disputing these claims including claims of H388.46 Lakhs debited to their accounts for the year 2024-25.

6. Note Nos.10.1 & 58(i) Regarding trade receivables as on March 31, 2025 includes of H 1,672.43 Crores due from Railways and Government as on March 31, 2025 (As on March 31, 2024 H 1296.18 Crores). Out of dues from Railways and Government, outstanding for more than 3 years amounts to H120.77 Crores and defaulted amount of H 35.80 Crores.

7. Note No. 72 regarding Certain applications made by the Company for advance ruling relating to applicability of Goods and Services Tax in respect of certain income

/ receipts amounting to H 33,595 Lakhs received mainly from the Ministry of Railways, Government of India for which the decision of the Authority for Advance Ruling is awaited.

8. Note No.73 regarding the Railway Boards Commercial Circular no. CC60 of 2019 regarding increase in catering tariff for post and pre-paid trains, the effect of enhancement of License Fee for the periods from 18^th November, 2019 to 22^nd March, 2020 (for post-paid trains) and 27^th November, 2021 to 31^st March, 2025 (for post and pre-paid trains) has not been recognized as some of the licensees have challenged Companys decision in respective Honble High Courts of Delhi, Mumbai, Kolkata and Guwahati and arbitration. As the matter is sub-judice and the occurrence is dependent on outcome of certain event in future, the impact of increase in License fees for pre-paid and post-paid trains has not been recognized in the financial statements for the quarter and year ended 31^st March, 2025 and for previous years up to 31^st March, 2024.

9. Note No. 78 regarding: (i) Differences between certain subsidiary and control ledger balances which are under process for identification, reconciliation and adjustments, if any, as on March 31, 2025, (ii) review and improvement of system of identification and disclosure of trade payables including MSME suppliers and their classification into Micro, Small and Medium category to ensure proper disclosure of their dues in Standalone Financial Statements as on March 31, 2025 which needs improvement by way of confirmations from such parties.

10. (a) Note No. 76 regarding enhancement of charges for operation of two Tejas trains by the Railway Board, Ministry of Railways with effect from August 13, 2021 vide its letter dated June 05, 2023 as the earlier instructions for charges were valid till August 12, 2021. During the year ended March 31, 2024, the Company has made provision for enhanced charges with effect from August 13, 2021 for the period up to March 31, 2023 amounting to H 5,126.20 Lakhs and shown as an "Exceptional Item in the financial results. However, the Company has made representation to the Railway Board All for withdrawal of these instructions for enhanced charges from retrospective effect which is pending.

(b) Exceptional items include H 220.72 lakhs towards the reversal of RU, stabling and other charges waived off on Golden Chariot train by KTDC for the previous Financial Year 2022-23 and of H 3,988.09 lakhs towards net Impact of one-time reconciliation of Legacy balances.

Our opinion on the Standalone Financial Statement is not modified in respect of above matters.

Key Audit Matter

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.

Assessment of litigation and related disclosure of contingent liabilities

Refer to Note No. 2 (c) to the Standalone Financial Statements

– Use of estimates and judgements-Provisions, Contingent liabilities and Contingent assets and Note No. 37.2 to the Standalone Financial Statements for "Contingent Liabilities" and other significant litigations stated therein.

As at March 31, 2025, the Company has exposures towards number of litigations relating to various matters as set out in the aforesaid Note.

Significant managements judgement is required to assess such matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should be made. The judgement is also supported with legal advice in certain material cases as considered appropriate.

As the ultimate outcome of the litigations are uncertain and the position taken by the management are based on the application of their best judgement which may be subject to management bias, related legal advice including those relating to interpretation of laws/regulations, we have identified this as a Key Audit Matter.

How our audit addressed the key audit matter

Our audit procedures included the following:

We understood, assessed and tested the design and operating effectiveness of key controls surrounding assessment of litigations relating to the relevant laws and regulations;

We read and considered latest orders / awards by various courts / authorities on these matters;

We conducted detailed discussions with in-house legal head, tax consultants and senior management to understand their assessment on the most likely outcome of the material litigations and to understand the basis considered for the provisions made towards these litigations;

We performed our assessment on a test basis on the underlying calculations supporting the contingent liabilities/other significant litigations disclosed in the Standalone Financial Statements;

We considered external legal opinions, where relevant, obtained by management;

We evaluated managements assessments by understanding precedent set in similar cases and assessed the reliability of the managements past estimates /judgements;

We evaluated managements assessment around those matters that are not disclosed or not considered as contingent liability, as the probability of material outflow is considered to be remote by the management; and

We assessed the adequacy of the Companys disclosures.

Based on the above work performed, the assessment of management in respect of litigations and related disclosures relating to contingent liabilities/other significant litigations in the Standalone Financial Statements is considered to be reasonable.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the Standalone Financial Statements and our auditors report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance / conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance. Such other information is pending as on the date of our audit report.

Responsibilities of Management for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, and cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial Statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of reasonably knowledgeable user of the Standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and evaluating results of that work; and (ii) to evaluate the effect of any identified misstatements in the Standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act, based on our audit we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit except for the following:

(i) Balance confirmation letters were not received by us from most of the parties and some of the banks. Further, balance confirmation letters were not sent by offices of IRCTC to railways and Government Departments. Impact of our observations stated above on Standalone Financial Statements cant be quantified.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss including other Comprehensive income, the Cash Flow Statement and Statement of Changes in equity dealt with by this report are in agreement with the books of account.

(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified in the companies (Indian Accounting Standards) rules, 2015 (as amended) under Section 133 of the Act.

(e) In terms of Notification No. 463 (E) dated 5^th June, 2015 issued by the Ministry of Corporate affairs, provisions of Section 164(2) of the Act regarding disqualifications of the Directors, are not applicable as it is a Government Company.

(f) With respect to the adequacy of internal financial controls over financial reporting with reference to the Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2". Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

(g) As required by sub-section (5) of section 143 of the Act, we enclose herewith "Annexure 3", a Statement on the Directions issued by the Comptroller and Auditor General of India.

(h) As per notification No. GSR 463 (E) dated June 5, 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 197 of the Act is not applicable to the Government Companies. Accordingly, reporting in accordance with requirements of provisions of section 197(16) of the Act is not applicable to the Company.

(i) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements. Refer Note No. 37.2 of the Standalone Financial Statements.

ii. The Company has not entered into any long-term contracts including derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

iv. (a) The Company has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to any persons or entities, including foreign entities ("intermediaries"), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether directly or indirectly lend or invest in other persons or entities or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(b) The Company has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any persons or entities, including foreign entities ("intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding party "Ultimate Beneficiaries" or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on such audit procedures that we have considered appropriate in the circumstances; nothing has come to our notice that has caused us to believe that the representations made to us under paragraphs (iv)(a) and (b) contain any material mis- statement.

v. The final dividend paid by the Company during the current year in respect of the same declared for the previous year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.

The interim dividend declared and paid by the company during the year and until the date of this report is in compliance with Section 123 of the Act. Further, the board of directors of the company have proposed final dividend for the current year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend.

vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tampered with and audit trail has been preserved by the company as per statutory requirements for record retention.

For N. K. Bhargava & Co.

Chartered Accountants

(Firms Registration No. 000429N)

(N. K. Bhargava) (Partner)

Membership No: 080624

Place: New Delhi Dated: May 28, 2025

UDIN: 25080624BMLCQC5333

"Annexure 1"

referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year ended March 31, 2025 i. a. (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment except for number-wise identification of these assets.

(B) The Company has maintained proper records showing full particulars of intangible assets;

b. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has a regular programme of physical verification by which all Property, Plant and Equipment are verified at the year-end which, in our opinion, is a reasonable interval having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification;

c. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties (other than immovable properties where the Company is a lessee and lease agreements are duly executed in favour of the lessee. Refer FootNotes below for cases where lease agreements are not executed) disclosed in the Standalone Financial Statements are held in the name of the company except for the following properties in respect of which title deeds are yet to be executed;

Description of property (1)	Gross carrying value (2)	Held in name of (3)	Whether promoter, director or relative or employee (4)	Period held (5)	Reason for not being held in name of company (6)
Land for Hotel at	H 66.98	See Reason	See Reason given	Since	Land records transferred in
Village Bimeetha,	Lakhs	given in Column	in Column 6 of	03.09.2013	the name of IRCTC. Hence,
khajuraho, Madhya		6 of this Table	this Table		title deed is not required.
Pradesh
Land for Hotel at	H 1,275	See Reason	See Reason given	Since	Land records transferred in
Kevadia, Gujrat	Lakhs	given in Column	in Column 6 of	15.10.2020	the name of IRCTC. Hence,
		6 of this Table	this Table.		title deed is not required.
Office Space at	H 40948.22	See Reason	See Reason given	Since	Title deed yet to be
Nauroji Nagar, New	Lakhs	given in Column	in Column 6 of	28.03.2024	executed.
Delhi		6 of this Table	this Table.

Foot-Notes for immovable properties taken on lease:

1. Residential Buildings at D/91 & D/141, Western Railway Colony, Pali Hills, Mumbai costing H 325 Lakhs held since 03.10.2012 was allotted by Railways for which License agreement is yet to be executed.

2. Land allotted by Assam State Government at Jagi Road, Assam for H 8.06 Lakhs for Rail Neer plant vide order dated February 17, 2017. Lease agreement is yet to be executed. However, its a one-time settlement of land for a period of 25 years and as per the information provided by management, they discussed with state government authorities that there is no need of execution of lease deed.

3. Land given by Railways since December 17, 2009 for Ambernath Rail Neer Plant (ROU H 28.23 Lakhs). Renewal of Lease Agreement is pending since April 01, 2021.

4. Three residential flats costing H 1,374 Lakhs near Safdarjung Railway Station occupied since November / December 2022. Lease agreement is yet to be executed with Railways.

d. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not revalued its Property, Plant and Equipment (including Right of Use assets) or intangible assets or both during the year. Accordingly, clause 3(i)(d) of the Order is not applicable to the Company;

Name of the statue	Name of the Dues	Period to which amount pertains	Forum where dispute is pending	Gross Liability (Amount s Jin Lakhs)	Paid (Amount Jin Lakhs)	Net Liability (Amount Jin Lakhs)
Service Tax	Tax on Renting, Agent	01.04.2007 to	CESTAT	10,480.19#	-	10,480.19#
	Business, catering etc.	31.03.2012
Service Tax	Tax on Renting, Agent	2012-13 Up to	CESTAT	23.05	2.31	20.74
	Business, catering etc.	June 2017
Service Tax	Demands on catering,	2014-15	High Court/	56.36	4.23	52.13
	tour operations, goods		Tribunal/
	transportation etc.		Appellate
			Authority
Service Tax	On Sale of Package	2008-09 to	CESTAT/	38.57	-	38.57
	Drinking Water	2012-13	Commissioner
			(Appeals)

e. According to the information and explanations given to us and on the basis of our examination of the records of the Company, there are no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under;

ii. a. The physical verification of inventory (except finished stock at most of the Depots which was confirmed in writing by third parties) has been conducted at reasonable intervals by the management and the coverage and procedure of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed;

b. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has been sanctioned (renewed) working capital limits in excess of five crore rupees in the form of overdraft against fixed deposits receipts held with bank. Overdraft facility was not utilised during the year and we are informed that no returns or statements were required to be filed by the Company;

iii. In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has made an investment of H 2500.00 Lakhs in subsidiary.

Further, the company has not provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured, to companies or firms, limited liability partnerships or any other parties during the year;

iv. In view of above paragraph (iii) in respect of loans, investments, guarantees and security, the compliance with the provisions of section 185 and 186 of the Companies Act with respect to the loans, investment, guarantee and security, as applicable; v. The Company has not accepted any deposits or any amounts which are deemed to be deposits from the public. Accordingly, clause 3(v) of the Order is not applicable to the Company;

vi. According to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records under sub-section ( 1 ) of section 148 of the Companies Act, 2013 for the products manufactured by it and the services provided by it. Accordingly, clause 3(vi) of the Order is not applicable to the Company;

vii. a. According to the information and explanations given to us and on the basis of our examination of the records of the Company, except for delays in deposit of part amounts of monthly GST & GST TDS dues aggregating to H 464.73

Lakhs for the year (Previous year H 339.05 Lakhs), delays in deposit of part amounts of monthly Income-tax TDS dues of H 6.04 Lakhs and PF dues of certain employees who failed to link their Aadhaar Cards with their PF Number, the Company is generally regular in depositing undisputed statutory dues including, provident fund, income-tax, and other material statutory dues applicable to it to the appropriate authorities.

According to the information and explanations given to us, no undisputed amounts payable in respect of GST, Income-tax, and other material statutory dues were in arrears as at March 31, 2025 for a period of more than six months from the date they became payable except for PF dues of H 18.12 Lakhs in respect of those employees who failed to link their Aadhaar Card number with their PF number;

b. According to the information and explanations given to us, the statutory dues which have not been deposited with the appropriate authorities on account of any dispute are as under:

Name of the statue	Name of the Dues	Period to which amount pertains	Forum where dispute is pending	Gross Liability (Amount s Jin Lakhs)	Paid (Amount Jin Lakhs)	Net Liability (Amount Jin Lakhs)
Service Tax	Demand	2014-15 (2nd	Deputy	14.28	1.43	12.85
		Half year &	Commissioner
		2015-16
Service Tax	Demand	2010-11 to	CUSTOMS,	458.95	458.95	-
		2013- 14	CENTRAL
			EXCISE AND
			SERVICE TAX
			APPELLATE
			TRIBUNAL
Service Tax	Demand Cum SCN	2016- 17(upto	Commissioner	64.94	-	64.94
		Jun17)	of Central tax
Service Tax	Demand	2011 to 2015	Commissioner	2.95	2.95	-
			of Central tax
			(Appeals)
VAT	Demand on Mobile	2008-09 to	Supreme Court	8,251.01	-	8,251.01
	Catering Services	June 2017
VAT	Assessment , Interest &	2005-06 &	Jt. Comm.	229.83	229.83	-
	Penalty	2008-09	of Sales Tax
			(Appeal)
VAT	ITC Denial, demand on	2010-11 to	Tribunal	161.70	80.87	80.83
	Mobile Catering	2012- 13
VAT Bihar	Demand on Mobile	2008?09 to	Supreme Court	915.80	-	915.80
	Catering Services	2011-12
VAT Bihar	Demand on Mobile	2011-12	High Court/	73.24	-	73.24
	Catering Services		Tribunal/
			Appellate
			Authority
VAT Delhi	Assessment , Interest &	2012-13	VATO, SPL OHA	77.74	-	77.74
	Penalty
VAT Delhi & CST	Assessment , Interest &	2009-10 to	Special	599.39	-	599.39
	Penalty	2010-11	Commissioner
			(DVAT)
VAT Delhi & CST	Assessment , Interest &	2013-14 to	DVAT OHA	433.84	8.03	425.81
	Penalty	2016- 17
VAT Jharkhand	Demand	2010-11 to	High Court/	40.03	-	40.03
		2012- 13	Tribunal/
			Appellate
			Authority
VAT Kerala	Pertaining to Denial of	2014-15	ACTO	47.57	-	47.57
	Compounding Rate
VAT Odisha	Demand on Mobile	2011-12 to	Tribunal	82.91	13.53	69.38
	Catering Services	2012- 13
VAT Rajasthan	Demand	2015-16 and	Commercial	30.22	-	30.22
		2017-18	Tax Officer
VAT- AP	ITC Denial, demand on	2010-11 to	Tribunal	208.01	86.66	121.35
	Mobile Catering	2012- 13
VAT UP	Assessment , Interest &	2008-09	Commissioner	17.08	6.83	10.25
	Penalty		(UPVAT)

 

Name of the statue	Name of the Dues	Period to which amount pertains	Forum where dispute is pending	Gross Liability (Amount s Jin Lakhs)	Amount Paid (Amount Jin Lakhs)	Net Liability (Amount Jin Lakhs)
TN VAT Act	Demand	2014-15	Assistant	5.91	5.91	-
			Commissioner
TNVAT	Demand	2015- 2016 to	Assistant	319.13	-	319.13
		2017-18	commissioner
			(ST)
Delhi CST	Demand	2016-17	VAT - Official	84.61	-	84.61
			Hearing
			Authority
Delhi CST	Demand	2017-18	Special hearing	8.63	-	8.63
			authority
Income Tax	Assessment	2019-20	AO, Income Tax	3.63	-	3.63
Income Tax TDS	Demand	2007-08 to	TDS Authority	23.34	-	23.34
		2022- 23
CGST Act 2021	Demand	2017-18, 2018-	Additional	41.34	-	41.34
		19 & 2019- 20	director
			general
GST- TS	Assessment	2017-18, 2018-	Additional	140.73	12.39	128.34
		19 &2019-20	director
			general
GST OD	Demand	2018-19 to	CT & GST	450.16	-	450.16
		2020- 21	officer
Finance Act &	Demand	2015- 2017	Commissioner	2.17	2.17	-
Central excise			(Appeal II)
			Central Excise
			& GST
Entry Tax	Assessment , Interest &	2011-12 to	High Court	0.90	-	0.90
	Penalty	2012- 13
GST- AP	Show Cause Notice	2018-19 &	Additional	13.03	13.03	-
		2019- 20	Director
			General
GST - Maharashtra	Assessment	2017-21	GST Authority	3030.69	117.41	2913.28
GST- CO	Tran-1 Liability	2017-18	Commissioner	184.87	88.99	95.88
			of Central Tax
			(Appeals)
GST- CO	Assessment	2018-19	GSTAT	388.47	388.47	352.73
GST- RJ	Assessment	2018-19	GST Authority	1.15	-	1.15
GST- ND	Assessment	2019-20	Commissioner	285.75	14.81	270.94
			of Central Tax
			(Appeals)
GST- UP	Assessment	2020-21	Commissioner	137.29	-	137.29
			of Central Tax
			(Appeals)
GST- KL	Demand	2017-18 to	GST Authority	242.05	-	242.05
		2021- 22
GST- KA	Demand	2017-18 to	GST Authority	42.18	-	42.18
		2020- 21
GST- TN	Demand	2017-18 to	GST Authority	166.79	1.58	165.21
		2020- 21
TOTAL				24,591.69	876.95	23,714.74

viii. According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not surrendered or disclosed any transactions, previously unrecorded as income in the books of account, in the tax assessments under the Income-tax Act, 1961 as income during the year;

ix. (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, except for sanction of overdraft facility from bank against fixed deposits with banks, the Company has not availed any loan or other borrowings from any other lender. The Company has not defaulted in repayment of loan or in payment of interest thereon;

(b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not been declared a wilful defaulter by the bank;

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company has not obtained any term loans. Accordingly, clause 3(ix)(c) of the Order is not applicable;

(d) According to the information and explanations given to us and on the basis of our examination of the records of the Company, we report that no funds were raised on short- term basis by the Company. Accordingly, clause 3(ix)(d) of the Order is not applicable;

(e) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not taken any funds from any entity or person on account or to meet the obligations of its subsidiaries. Accordingly, clause 3(ix)(e) of the Order is not applicable;

(f) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Accordingly, clause 3(ix)(f) of the Order is not applicable;

x. The company has not raised any money by way of Initial Public Offer or Further Public Offer (including debt instruments) during the year. Further, the Company has not made any preferential allotment or private placement of shares or convertible debentures during the year. Accordingly, clause 3(x)(a & b) of the Order is not applicable to the Company;

xi. a. According to the information and explanations given to us by the Company and based on audit procedures performed, no fraud by the Company or any fraud on the Company by its officers and employee has been noticed or reported during the y e a r ;

b. According to the information and explanation given to us, no report has been filed by us under subsection (12) of section 143 of the Companies Act during the year in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government;

c. As represented to us by the management, there are no whistle-blower complaints received by the Company during the year;

xii. According to the information and explanations given to us by the company, the Company is not a Nidhi company. Accordingly, provisions of paragraph 3 (xii) of the Order is not applicable to the Company;

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act where applicable and details of such transactions have been disclosed in the Standalone Financial Statements as required by the applicable Standards on Auditing;

xiv. a. The Company has an internal audit system commensurate with the size and nature of its business. However, in our opinion, needs improvements in terms of coverage of business conducted by the Company and also transaction audit including material year-end transactions needs adequate coverage to make it commensurate with the size and nature of its business;

b. We have considered the reports of the Internal Auditor for the year ended march 31, 2025 furnished to us;

xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered in to any non-cash transactions with directors or persons connected with them. Accordingly, provisions of paragraph3(xv) of the Order is not applicable to the Company;

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934). Accordingly, provisions of paragraph 3 (xvi) of the Order is not applicable to the Company;

xvii. The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year;

xviii. There was no resignation of statutory auditors during the year. Accordingly, provisions of paragraph 3 (xviii) of the Order is not applicable to the Company; xix. According to the information and explanations given to us and on the basis of financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on date of audit report that the Company is not capable of meeting its liabilities existing at the balance sheet date as and when they fall within a period of one year from the balance sheet date. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet, will get discharged by the Company as and when they fall due;

xx. a. In our opinion and according to the information and explanations given to us, in respect of other than ongoing projects, there is no unspent amount which was required to be transferred to a Fund specified in Schedule VII to the Companies Act. Accordingly, clause 3 (xx) (a) of the Order is not applicable to the Company; b. Amount remaining unspent, out of CSR requirements for the financial year 2024-25, under sub- section (5) of section 135 of the Act amounting to H 1169.50 Lakhs as on

March 31, 2025 (H 280.36 Lakhs as on March 31, 2024) in respect of ongoing projects has been transferred to special account in compliance with the provisions of sub-section (6) of section 135 of the said Act.

For N. K. Bhargava & Co.

Chartered Accountants

(Firms Registration No. 000429N)

(N. K. Bhargava) (Partner)

Membership No: 080624

Place: New Delhi Dated: May 28, 2025

UDIN: 25080624BMLCQC5333

"Annexure 2"

referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year ended March 31, 2025

Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

1. Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over financial reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

2. Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting with reference to these Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these Standalone Financial Statements were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial control with reference to these Standalone Financial

Statements and their operating effectiveness. Our audit of internal financial control over financial reporting with reference to the Standalone Financial Statements included obtaining an understanding of internal financial control with reference to these Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls over financial reporting with reference to these Standalone Financial Statements.

3. Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial controls with reference to the Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial controls with reference to the Standalone Financial Statements include those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Standalone Financial Statements.

4. Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with reference to the Standalone Financial Statements, including the possibility of collusion or improper management override of controls, material mis-statements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to the Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

5. According to the information and explanations given to us and based on our audit, we have following observations in this regard for the year ended March 31, 2025: i. Maker and checker concept, which is an important internal financial control, is generally missing i.e. not being implemented resulting in number of errors and omissions in financial and other data based on which transactions are recorded in books of account. Company needs to strengthen more professional staff.

ii. We noted that: (a) differences exists between certain subsidiary and control ledger balances in books of account maintained in ERP where in such accounts and differences are being identified and reconciliation is under progress.

iii. Guidelines issued by the Company for obtaining balance confirmation letters from parties have been followed by offices. No balance confirmation letters were sent to Railways as the Railways maintain their books of account on cash basis. Further, response to balance confirmations sought from private parties and some of the banks was negligible and the system and procedures of obtaining balance confirmations at periodical intervals has not been reviewed and strengthened to ensure better response from the parties.

iv. Manual controls are followed instead of system-based automated controls, checks and balances as the transactions executed through 3^rd party applications / portals are posted manually in ERP by compiling data through Excel as the existing ERP application is not integrated with certain functions / segments of the Company.

v. Large number of inoperative debit and credit balances exists as on March 31, 2025 including large number of legacy entries. Identification, reconciliation of the inoperative balances has been done during the year. However, the adjustments/ write-off / write-back has been done in respect of private parties only as approved by the Board.

6. Opinion

In our opinion and to the best of our information and according to the explanations given to us and read with our observations stated in paragraph 5 above, the company has, in all the material respects, adequate internal financial controls with reference to the Standalone Financial Statements in place and such internal financial controls with reference to the Standalone Financial Statements were operating effectively as of March 31, 2025, based on the internal controls over financial reporting criteria established by the Company considering the components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial reporting issued by ICAI.

For N. K. Bhargava & Co.

Chartered Accountants

(Firms Registration No. 000429N)

(N. K. Bhargava) (Partner)

Membership No: 080624

Place: New Delhi Dated: May 28, 2025

UDIN: 25080624BMLCQC5333

"Annexure 3"

referred to in paragraph 2(g) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year ended March 31, 2025

For N. K. Bhargava & Co.

Chartered Accountants

(Firms Registration No. 000429N)

(N. K. Bhargava) (Partner)

Membership No: 080624

Place: New Delhi Dated: May 28, 2025

UDIN: 25080624BMLCQC5333