Indian Railway Ctrng nd Trsm Corp Ltd — Q3 FY26

Indian Railway Ctrng nd Trsm Corp Ltd Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=6uNk5VyOwuw Published: 3 months ago

0:02 2 seconds Ladies and gentlemen, good day and welcome to the IRCTC Limited Q3 FY26 0:09 9 seconds earnings conference call hosted by Dalat Capital. As a reminder, all participant 0:16 16 seconds lines will be in the listenonly mode and there will be an opportunity for you to ask questions after the presentation 0:24 24 seconds concludes. Should you need assistance during this conference call, please signal an operator by pressing star then 0:32 32 seconds zero on your touchstone phone. Please note that this conference is being recorded. 0:38 38 seconds I would now like to hand the conference over to Mr. Rahul Jen from Dalat Capital. Thank you and over to you sir. 0:48 48 seconds Thank you Alic. Good afternoon everyone. 0:51 51 seconds On behalf of Dollar Capital, we welcome you all to the QT FYI 26 earnings conference call of IRCTC Limited. I take 0:59 59 seconds this opportunity to welcome the management of IRCTC represented by Mr. 1:04 1 minute, 4 seconds Sanjay Kumar Jen who is chairman and managing director of the company, Mr. 1:09 1 minute, 9 seconds Sudhir Kumar who is director of finance and CFO. We also have on the call Shri Rahul Himalanji who is director of 1:17 1 minute, 17 seconds tourism and marketing and Mr. Manor Sharma, director for catering services of the company. And now I would like to 1:24 1 minute, 24 seconds hand the conference over to IFC management to take the proceedings forward. Over to you, please. 1:33 1 minute, 33 seconds Thank you all. Good afternoon. 1:37 1 minute, 37 seconds It's my pleasure to welcome you to the earning call of IRCTC for the quarter ended 31st December 2025. 1:47 1 minute, 47 seconds The financial results for Q3 26 were announced yesterday and filed with the stock exchanges. 1:56 1 minute, 56 seconds I will begin with a brief overview of our performance after which our director of finance and CFO Mr. Sudir Kumar will 2:05 2 minutes, 5 seconds present a detailed financial and segment wise analysis. 2:10 2 minutes, 10 seconds We will then open the floor for questions. 2:13 2 minutes, 13 seconds Q3 FY26 stood out to be extremely encouraging 2:20 2 minutes, 20 seconds with the highest ever revenue and profitability in the company's history. 2:25 2 minutes, 25 seconds This reflects the strength of our operating model, resilient business segments and sustained momentum across core business verticles. 2:36 2 minutes, 36 seconds During the quarter, PAT stood at 394 cr rupees, registering a healthy 2:43 2 minutes, 43 seconds year-on-year growth of 15.5% driven by strong performance in internet ticketing, rail nearer and tourism along 2:52 2 minutes, 52 seconds with improved operational efficiencies and prudent cost management. Avita stood 2:58 2 minutes, 58 seconds at 465 cr rupees a jump of 11.5% 3:04 3 minutes, 4 seconds year on year. Revenue from operations increased to 1449 3:12 3 minutes, 12 seconds K rupees from 1225 K in the corresponding quarter last 3:18 3 minutes, 18 seconds year reflecting a growth of 18.2% with a robust contribution across all business segments. 3:26 3 minutes, 26 seconds This consistent performance is anchored in a citizen centric business model, a 3:33 3 minutes, 33 seconds strong brand positioning and continuous enhancement of our digital capabilities. 3:40 3 minutes, 40 seconds We remain committed to the expanding new age offerings, improving operational efficiency and leveraging technology to 3:48 3 minutes, 48 seconds enhance customer experience while exploring emerging opportunities in tourism, hospitality and value added 3:56 3 minutes, 56 seconds services. We are confident of sustaining this growth momentum supported by our strong financial position and commitment 4:05 4 minutes, 5 seconds to long-term stakeholders value. Thank you. I now hand over the call to Mr. 4:10 4 minutes, 10 seconds Suhir Kumar, our director of finance and CFO for a detailed discussion on the financial and segmental performance. 4:18 4 minutes, 18 seconds Thanks. Good afternoon ladies and gentlemen. 4:22 4 minutes, 22 seconds On behalf of the management team, I extend a warm welcome to all of you to this earning call to discuss our 4:30 4 minutes, 30 seconds financial and operational performance for the third quarter of financial year 202526. 4:38 4 minutes, 38 seconds I'm pleased to share that the [clears throat] company has delivered a strong and resilient performance during the quarter reflecting the robustness of 4:46 4 minutes, 46 seconds our diversified business model and disciplined execution. Profit after tax stood at rupees 394 crores registering a yearon-year growth of 15.5%. 5:00 5 minutes Total revenue for the quarter reached 1,449 cringing an 18.2% 2% increase over the 5:08 5 minutes, 8 seconds corresponding period last year. Abitar rose to 465 cr with a healthy AITA margin of 32.1%. 5:16 5 minutes, 16 seconds Although margins moderated slightly due to changes in revenue mix particularly higher contribution from scring and 5:23 5 minutes, 23 seconds tourism our overall profitability remain strong and sustainable. 5:28 5 minutes, 28 seconds Let me now briefly highlight the segment wide performance. 5:32 5 minutes, 32 seconds Internal testing continue to be our most profitable segment and a core strength of the company. Revenue stood at rupees 5:41 5 minutes, 41 seconds 4001 cr up 12 uh 13.2% yearonear nearly 89% of the reserved railway 5:49 5 minutes, 49 seconds tickets in India are now booked through our online platform underscoring our leadership in digital ticketing. The 5:57 5 minutes, 57 seconds segment delivered an impressive AITA margin of 85% reflecting a strong operating leverage and cost efficiency. 6:08 6 minutes, 8 seconds Catering recorded revenue of 661 cr achieving a robust growth of 19.1% yearonear. 6:16 6 minutes, 16 seconds Margins were impacted due to higher sales in train waste catering operations and pilot initiatives such as brand 6:25 6 minutes, 25 seconds catering projects along with a continued focus on enhancing customer value and passenger satisfaction. 6:33 6 minutes, 33 seconds Despite this, the segment remains a steady and scalable growth driver supported by rising passenger volumes and ongoing service improvements. 6:45 6 minutes, 45 seconds Rail generated revenue of rupees 98 cr registering a 6.5% yearon-year growth. 6:52 6 minutes, 52 seconds Margin improved during the quarter driven by economies in material cost and sustained operational efficiencies along 7:00 7 minutes with strong brand acceptance in the market. 7:04 7 minutes, 4 seconds Touring delivered an excellent performance with revenue of rupees 289 cringing a 29% year-on-year growth 7:12 7 minutes, 12 seconds despite temporary geopolitical disruptions. Avatar margins improved to 19% reflecting a better product mix and 7:20 7 minutes, 20 seconds focused cost cost rationalization initiatives. Our overall third quarter results demonstrate the resilience of 7:28 7 minutes, 28 seconds our business, disciplined cost management, a strong digital backbone and unwavering focus on operational 7:36 7 minutes, 36 seconds excellence. We remain confident in our growth momentum and are well positioned to create sustainable long-term value 7:44 7 minutes, 44 seconds for our stakeholders. With this, I conclude my remarks. We will now open the floor for questions. Thank you. 7:53 7 minutes, 53 seconds Thank you, sir. 7:54 7 minutes, 54 seconds We will now begin with a question and answer session. 7:58 7 minutes, 58 seconds Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove 8:07 8 minutes, 7 seconds yourself from the question queue, you may press star and two. 8:11 8 minutes, 11 seconds Participants are requested to use handsets while asking a question. 8:16 8 minutes, 16 seconds Ladies and gentlemen, we will wait for a moment while the question Q assembles. 8:26 8 minutes, 26 seconds The first question comes from the line of Jignesh Jooshi from PL Capital. Please go ahead. 8:33 8 minutes, 33 seconds Uh thanks for the opportunity and uh congrats on good set of numbers sir. My question is on the K3 business uh which 8:41 8 minutes, 41 seconds reported a very healthy growth of uh 19% in this quarter. So if you can highlight uh the reasons behind that and also in 8:49 8 minutes, 49 seconds the opening commentary you mentioned that margins were impacted uh due to the Wandi Bharat project. So if you can just talk a bit about that as well. 9:02 9 minutes, 2 seconds Uh thank you Mr. Jooshi. It's a very good question. 9:07 9 minutes, 7 seconds We have uh seen that our revenue from Vandara trains 9:16 9 minutes, 16 seconds uh this time the billing has increased uh by 70 kores and so the license and so be the license 9:24 9 minutes, 24 seconds fee. So the main reason for catering u u business uh revenue enhancement is 9:33 9 minutes, 33 seconds introduction of additional 40 trains during the period and uh so far as margin is concerned 9:43 9 minutes, 43 seconds when we log the revenue for the wand billing 9:51 9 minutes, 51 seconds uh it it doesn't give us that much license fee. 9:56 9 minutes, 56 seconds and additionally 5% GST we have to stay out of that. So that is the main reason 10:05 10 minutes, 5 seconds of uh the margin uh not uh very high which uh you have indicated. 10:18 10 minutes, 18 seconds Sure sir. And uh secondly you mentioned that uh 40 additional trains uh were introduced in this quarter which basically led to a very uh good growth. 10:29 10 minutes, 29 seconds Uh uh sir how to how to think from uh FYI 27 and 28 perspective because if I look at our catering business in 1Q and 10:37 10 minutes, 37 seconds 2Q the growth was slightly weaker and suddenly we have seen a very sharp jump led by addition of trains. Uh so can you 10:44 10 minutes, 44 seconds give some color as to how many uh new trades are expected to be introduced in in say 27 and 28 and how how to think 10:52 10 minutes, 52 seconds from the uh a two-year perspective especially on the growth side. 10:58 10 minutes, 58 seconds Again it's a very uh pertinent question important question how it look like in the catering business. So you must have 11:07 11 minutes, 7 seconds uh seen the budget uh announcements and and the discussion there thereafter in the parliament and 11:15 11 minutes, 15 seconds uh various um media coverage wherein it is very categorically told by rail 11:22 11 minutes, 22 seconds ministry that they are going to introduce 260 wand train sets. So these 11:30 11 minutes, 30 seconds trains uh are already in the pipeline and uh that is certainly uh going to add good business for I if Katherine. 11:42 11 minutes, 42 seconds Got that sir. One last bookkeeping question from my side. if you can just uh uh give out the figures for number of 11:50 11 minutes, 50 seconds tickets uh that were booked in this quarter and what was the share of uh UPI transactions and also the breakdown 11:58 11 minutes, 58 seconds between convenience and non-convenience revenue. Yeah. So that is the last question from my side. 12:07 12 minutes, 7 seconds Our convenience revenue is 2 251 K and non-convenience revenue is 150 K during this quarter. 12:17 12 minutes, 17 seconds And uh the ticket booking average daily ticket booking in lakhs is around 14.64 12:23 12 minutes, 23 seconds K lakh per day as against 13.59 lakhs last year December 24 12:31 12 minutes, 31 seconds and uh the UPI share has increased from 46.86% last year to 50.18%. 12:41 12 minutes, 41 seconds Thank you. Thank you so much sir and all the best. Thank you. Thank you. 12:47 12 minutes, 47 seconds A reminder to all participants, please press star and one to ask a question. 12:56 12 minutes, 56 seconds The next question comes from the line of Kashish Ma from Dalat Capital. Please go ahead. 13:06 13 minutes, 6 seconds Kash please go ahead with your question and unmute your line in case if you are on mute. Hi, am I audible? 13:14 13 minutes, 14 seconds Yes. Yeah. I Yeah. Thank you for taking my question and congratulations to the team on the wonderful quarter. I have a 13:21 13 minutes, 21 seconds couple of questions. So firstly on the payment aggregator license that you know the IRC received the inprincipal 13:29 13 minutes, 29 seconds approval uh in the previous quarter and it was said that uh by January end uh they would be submitting the final 13:37 13 minutes, 37 seconds application. So just uh you know the timelines treated on that thing and just wanted a view of how the management is you know looking at that thing from a 13:46 13 minutes, 46 seconds strategic business driver uh potentially going ahead. 13:52 13 minutes, 52 seconds So uh our document submission date has been extended by RBI till uh to August this 14:01 14 minutes, 1 second year and we have already engaged our technology service provider. 14:07 14 minutes, 7 seconds So uh most likely we'll be uh most likely we'll be uh like 14:16 14 minutes, 16 seconds submitting the documents at the earliest right. Oh and uh one more question uh 14:24 14 minutes, 24 seconds again so regarding real need uh it was announced that you know the company will be undertaking four green field projects 14:31 14 minutes, 31 seconds in uh FI27 I think. So again you know what are the timelines because actually you know green field operations take a 14:39 14 minutes, 39 seconds bit of time in getting operationalized and what sort of capacity expansion are we looking at uh once these plants you 14:46 14 minutes, 46 seconds know get operational you see um first of all we are enhancing 14:52 14 minutes, 52 seconds the capacity of our existing plant at Danapur and Amber we are doubling its capacity 15:01 15 minutes, 1 second in addition our board has already sanctioned four uh uh installation of 15:07 15 minutes, 7 seconds four new plants uh at Msur, Priyagar, Bhagalpur and Rachi. 15:14 15 minutes, 14 seconds Uh so we'll be adding around 25 to 30% capacity uh in say in one and a half years. 15:24 15 minutes, 24 seconds Right. Right. Thank you. Thank you so much. Thank you. 15:30 15 minutes, 30 seconds Thank you. A reminder to all participants, please press star one to ask a question. 15:40 15 minutes, 40 seconds The next question comes from the line of Hers Yadav from Dalat Capital. Please go ahead. Uh hi. Uh am I audible? 15:49 15 minutes, 49 seconds Yes, H. Yeah. Congratulations on a wonderful set of uh numbers this quarter. I firstly just wanted to 15:57 15 minutes, 57 seconds confirm the numbers for uh convenience non-convenience. Uh if if I'm right then it was 251 cr for convenience. Uh and 16:06 16 minutes, 6 seconds also for a daily ticket booking if you could share that again. I missed that. 16:14 16 minutes, 14 seconds uh I could not get you properly but I think you want to know what is the uh share of convenience fee in the IT 16:21 16 minutes, 21 seconds earnings that is 251 uh K and non-convenience fee realization is 150 K. 16:29 16 minutes, 29 seconds Okay. Um, regarding your uh rail me, could you share uh the uh the average volume of rail me bottles you sold uh 16:38 16 minutes, 38 seconds per day in Q3 and how close are we to reaching that 2 million bottles per day capacity target? 16:48 16 minutes, 48 seconds uh around uh 16:59 16 minutes, 59 seconds honey average is 12.68 lakhs bottle. 17:05 17 minutes, 5 seconds Okay. 12.68 lakh. Um I had uh one more question uh around uh 17:14 17 minutes, 14 seconds the Amrid Bhar station scheme. uh we had previously noted that uh static catering 17:22 17 minutes, 22 seconds units were being impacted by these uh station upgrades. So has that normalized here in Q3 now or uh are we seeing uh 17:31 17 minutes, 31 seconds some uh revenue flow back from these upgraded stations yet or are we yet to see that 17:39 17 minutes, 39 seconds 563 earlier we were having our purchase at 543 station it has now increased to 563 17:52 17 minutes, 52 seconds okay uh all Right. Um I have a few more questions. Uh if you could give me the 18:01 18 minutes, 1 second time to ask them. Uh I could uh I also wanted to confirm the UTI uh transaction share was it 50.18%. 18:14 18 minutes, 14 seconds Yes. 18:15 18 minutes, 15 seconds Okay. Uh also regarding the labor code impact, you had mentioned in the footnotes that you are still assessing 18:22 18 minutes, 22 seconds the labor code impact and seen a lot of peers seeking provisions this quarter. 18:27 18 minutes, 27 seconds So could you give me like a broad range of quantum of any potential liabilities in the case in Q4? 18:36 18 minutes, 36 seconds Uh I I don't see there is any maj major impact because uh uh we are still examining uh the impact as such in 18:44 18 minutes, 44 seconds detail. uh because uh there are two things which may which may come for us like earlier used to be given in five 18:53 18 minutes, 53 seconds years so it has been reduced to one year and health checkup. So like for our regular employees we have 19:01 19 minutes, 1 second no problem because we we we will see to that and uh whatever impact that will be 19:08 19 minutes, 8 seconds adding to our cost but that way we will compensate by increasing the volume and revenue of the business. 19:19 19 minutes, 19 seconds Uh so tourism uh did really well and uh how much of this uh do you think would we be 19:27 19 minutes, 27 seconds able to uh uh this influx of seasonality would we be able to uh carry over to Q4 19:36 19 minutes, 36 seconds for Maharaja Express and Bharat Goro? 19:40 19 minutes, 40 seconds You see all our segments have shown a very good uh increase and 19:47 19 minutes, 47 seconds we are targeting to achieve 15% sustainable growth this year. 19:57 19 minutes, 57 seconds Okay. 20:00 20 minutes Uh just uh one last question from my end. Uh this is a little uh generic in nature but I just wanted to ask you. So 20:09 20 minutes, 9 seconds uh you have a huge database and uh you know there are there any u anonymized 20:17 20 minutes, 17 seconds data insights or products that you have created for third parties uh that you would like to use or is it strictly uh 20:25 20 minutes, 25 seconds for personal IRCTP use uh uh due to privacy concerns compliance. 20:36 20 minutes, 36 seconds You see, we have to see DPDP compli compliances and uh we have a very uh 20:43 20 minutes, 43 seconds like we have planned to introduce our unified portal and uh taking use of uh 20:50 20 minutes, 50 seconds data available with us to cross-ell our um products but uh this will be in compliance to DPDP guidelines. 21:00 21 minutes Okay. uh with these uh Swiggy Zomato integrations uh and e catering going uh 21:08 21 minutes, 8 seconds do you see any uh do you see this as a cannibalization of your onboard pantry 21:13 21 minutes, 13 seconds car sales or is it purely incremental harbing 21:23 21 minutes, 23 seconds you see there there is no d of market for both kinds of things like uh as As I 21:31 21 minutes, 31 seconds as I showed you the figure of uh this quarter both our normal cing also increased and our ecing also increased by u say 25%. 21:43 21 minutes, 43 seconds This is chal that is being so the the the difference is like uh in 21:49 21 minutes, 49 seconds basic cing we serve the dal chamal kana type of thing but in e catering you can add to what you eat. 21:59 21 minutes, 59 seconds So these both the things are complementing each other and I don't see any uh downside anywhere in both the segments. 22:09 22 minutes, 9 seconds Okay. It should it will be win. Mhm. 22:15 22 minutes, 15 seconds Uh regarding the OTAA platform that you had mentioned um are you aggressively looking to compete with private OTAAS or 22:23 22 minutes, 23 seconds non-real inventories like hotels or flights this year? Yeah. the focus will primarily be on cross-selling existing rail passengers. 22:34 22 minutes, 34 seconds You see uh our our forte is rail passengers but now at the moment our 22:42 22 minutes, 42 seconds rail passengers are utilizing the services related travel related services 22:50 22 minutes, 50 seconds um from other OTAA sites and from unorganized sector. Even if we are able 22:57 22 minutes, 57 seconds to like capture some of the value added services 23:03 23 minutes, 3 seconds to our customer, this is a very good business proposition for us. Around 16 23:10 23 minutes, 10 seconds lakhs tickets we are booking every day and uh our total other transactions are only 10,000 a day which includes hotel, 23:19 23 minutes, 19 seconds airlines, tour packages and all. So uh if we put a unified portal then we will 23:28 23 minutes, 28 seconds be able to at least offer our services at at a platform a single platform to 23:37 23 minutes, 37 seconds our passengers and uh whatever packages we are working at the moment we have got a very good feedback from the customers 23:46 23 minutes, 46 seconds and most of these customers are our uh like uh family and friends kind of things more more from the word of mouth. 23:56 23 minutes, 56 seconds So when when we will be able to provide a platform we are very sure to encase the crosselling. Thank you. 24:06 24 minutes, 6 seconds Uh just one final question from my end uh regarding uh wand bharat. So uh as you see wand bharat take larger share of 24:14 24 minutes, 14 seconds the catering mix. How does the unit economics actually differ if you compare it to standard or express mail like the 24:22 24 minutes, 22 seconds prepaid nature of it? Is it working better for you? And uh how does it compare to what you have otherwise with the express trains and standard mail that you have? 24:35 24 minutes, 35 seconds You see there are two kinds of trains. One is prepaid another is postpaid. 24:42 24 minutes, 42 seconds Vandara's trains are prepaid trains where we know the assumed number prior 24:49 24 minutes, 49 seconds to uh departure of the train. So we we we we get the assessment of volume and 24:59 24 minutes, 59 seconds um we we we accordingly get a higher revenue share. Whereas in postpaid 25:06 25 minutes, 6 seconds trains uh we are not sure of the volume and uh in the process uh like passengers 25:14 25 minutes, 14 seconds they may or may not ask for the meals. So that that does not give us 25:22 25 minutes, 22 seconds that much confidence. So increase in wand trains as I told that 260 uh wand 25:29 25 minutes, 29 seconds train sets are getting uh introduced. So that that business is more uh good for 25:38 25 minutes, 38 seconds our company rather better for our company. Okay. Thank you. Thank you. This was it. 25:48 25 minutes, 48 seconds Thank you. A reminder to all participants, please press star and one to ask a question. 25:58 25 minutes, 58 seconds The next question comes from the line of Rahul Jen from Dollar Capital. Please go ahead. 26:06 26 minutes, 6 seconds Yeah, thanks for the opportunity and congratulation on to the management for very strong results. I have few 26:14 26 minutes, 14 seconds questions. Uh firstly on the catering business uh you said there was launch of uh more one day bha train. Uh so this 40 26:23 26 minutes, 23 seconds odd number which you mentioned uh or the 70 odd crumb uh is the increase we saw 26:30 26 minutes, 30 seconds on a yi basis is what I understand and not on aq basis. Is that understanding right? 26:42 26 minutes, 42 seconds Uh all are all 40 trains are not vandas. 26:45 26 minutes, 45 seconds There are certain to trains are also there. Only 19 trains are vandarat out of this. 26:54 26 minutes, 54 seconds Sure. And the 260 or is this a yearon-year basis? 27:01 27 minutes, 1 second Sure. And uh on the uh 260 train of course this would come over a period of years. It won't happen in the current 27:10 27 minutes, 10 seconds fiscal alone. Is that uh also a fair estimate? 27:16 27 minutes, 16 seconds Yeah. Yeah. That I told when they were asking about 2027 28 estimates there I have told. 27:23 27 minutes, 23 seconds Sure. Then uh moving to the rail segment uh uh can we have any assessment in 27:30 27 minutes, 30 seconds terms of what percentage of total demand for the segment is currently served by real need and what more untapped 27:39 27 minutes, 39 seconds opportunity exist uh for us as our more and more plants will come 27:48 27 minutes, 48 seconds uh around uh 50% uh and 60% depending upon uh season is being served. 27:58 27 minutes, 58 seconds So basically even if we increase our capacity by uh close to 100% uh we will 28:06 28 minutes, 6 seconds still be able to accommodate on the demand side of it. 28:11 28 minutes, 11 seconds Yeah, that that's why our management is uh uh like going to uh add capacity, add 28:19 28 minutes, 19 seconds new plants. We are thinking further thinking because because not we had done anything but thinking we are tying we are thinking to tie up with certain 28:27 28 minutes, 27 seconds other brands also. Uh discussion is going on but not uh fractified anything at the moment that we will let you know once the things happen. 28:40 28 minutes, 40 seconds Sure. And uh in the uh in the tourism segment we saw significant growth. Uh 28:48 28 minutes, 48 seconds can you uh give some breakup in terms of the revenue mix? How much it came from uh luxury train or Maharaja kind of 28:57 28 minutes, 57 seconds train? How much it came from uh Tjis Bharat Gora? Any break up on the tourism segment state ta and all would be great to understand. 29:08 29 minutes, 8 seconds Maharaja's revenue grew by 39% and in absolute term it is 53.14 crores. 29:16 29 minutes, 16 seconds Our state and bhat goro train revenue grew by 51% and it's 118.91 29:24 29 minutes, 24 seconds cr. Our air ticket cutting business also grew by 41%. 29:30 29 minutes, 30 seconds And uh but uh the figure is 6.74 cr. Uh our budget total and rail yatri nas grew business grew by 38%. 29:41 29 minutes, 41 seconds uh in absolute term 5.3 cr and other packages incre announced by 19% which is 55.26 to six crores. 29:52 29 minutes, 52 seconds You have anything on pages? Uh what was the revenue for the pages revenue is 50 K. 30:01 30 minutes, 1 second Thank you. Uh and uh from I can understand that catering momentum should broadly continue given that this has 30:10 30 minutes, 10 seconds come from more train launches. Uh but from a tourism point of view, how the pipeline looks like? uh do we expect uh 30:18 30 minutes, 18 seconds the Q4 to see some moderation because uh the seasonality uh would be lower or you 30:25 30 minutes, 25 seconds think there is enough uh roots that are identified uh for Bharat Galava State Titha uh even in Q4 to uh continue the 30:34 30 minutes, 34 seconds momentum you see uh overall this year we'll be 30:41 30 minutes, 41 seconds able to achieve 15% and uh uh I don't see any dip in the because you see Maharaj express is also running in this 30:49 30 minutes, 49 seconds Q4 and uh that is the uh that is giving us the highest ever revenue and uh our 30:57 30 minutes, 57 seconds state and Batg trains are also in fact we have added one train so that will add to our revenue. 31:10 31 minutes, 10 seconds Sure. And uh on the uh lastly on the uh on the ticketing business uh we said 31:19 31 minutes, 19 seconds that uh payment gith business would be uh taking some time before we uh commercialize that part. Uh in the 31:27 31 minutes, 27 seconds interim do we see any uh driver for this segment to grow other than the train network expansion that we already 31:35 31 minutes, 35 seconds covered? uh is is any other subsegment or any other driver? 31:43 31 minutes, 43 seconds No, payment gateway will be uh announcing uh in a in in arithmetical mode only not in a geometric progression mode till we get a license. And uh 31:53 31 minutes, 53 seconds regarding uh we are more focusing on non-convenience fee uh revenue which has g by 26% this quarter. So uh we'll focus 32:02 32 minutes, 2 seconds more on non-convenency and any specific uh part of that revenue 32:10 32 minutes, 10 seconds stream that has seen this uh growth in in this particular quarter 32:17 32 minutes, 17 seconds you see all segments give uh like uh in our marketing and ad revenue it is 24.78 32:26 32 minutes, 26 seconds crores as against 13.29 29 crores we achieved in December 24 business also grew by 62 uh is is 32:36 32 minutes, 36 seconds achieve 62 cr 62.47 cr we have achieved in this business as against 52.53 cr 32:43 32 minutes, 43 seconds similarly our loyalty program has given 21.88 88 cr as against 15.35. So all our segment has uh shown a good increase. 32:52 32 minutes, 52 seconds Thank you. 32:55 32 minutes, 55 seconds Uh those were my questions. Uh and best wishes for the time ahead. Thank you very much. 33:04 33 minutes, 4 seconds Participants please press star one to ask a question. 33:16 33 minutes, 16 seconds A reminder to all participants, please press star one to ask a question. 33:37 33 minutes, 37 seconds Participants, you may press star one to ask a question. 33:47 33 minutes, 47 seconds The next question comes from the line of RT an individual investor. Please go ahead. Yeah. So, thank you for the opportunity. 33:56 33 minutes, 56 seconds Uh, congratulations on good set of numbers. So, my first question is on the uh ticketing business. So, you said that 34:03 34 minutes, 3 seconds 89% of tickets are already booked online. So what are the key growth drivers you are seeing in this business going forward? 34:16 34 minutes, 16 seconds No, you are also uh as I told earlier we are focusing more on non-convenience fees and in fact 34:25 34 minutes, 25 seconds this quarter it has increased by 26%. So that's the uh main thing we are uh looking at looking forward. 34:34 34 minutes, 34 seconds Okay. And could you just share the uh current occupancy trend for the 3S access train? 34:42 34 minutes, 42 seconds Just a moment. 34:44 34 minutes, 44 seconds It is uh lacage is 69% and Ahmedabad is 109%. 34:52 34 minutes, 52 seconds And are we planning to add any new route? Any uh what's your question please? 34:59 34 minutes, 59 seconds Are we planning to add any new route for the previous express like any new service? No, no, not yet. 35:06 35 minutes, 6 seconds Okay. Okay. Thank you so much. 35:11 35 minutes, 11 seconds Thank you. A reminder to all participants, you may press star one to ask a question. 35:23 35 minutes, 23 seconds Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for the closing remarks. 35:36 35 minutes, 36 seconds A very good evening to everyone. I'm Rahulan, director of tourism and marketing. First of all, I would like to congratulate us for doing quite well. In 35:46 35 minutes, 46 seconds Q3, we had a revenue from operations growing at 18.29% and PAT at 15.4%. 35:52 35 minutes, 52 seconds But what is more important that Q1 to Q3 also saw a growth and we are all now motivated inspired to do well for this 36:00 36 minutes financial year 202526. Wishing you all the best. Thank you. 36:07 36 minutes, 7 seconds Thank you sir. Ladies and gentlemen on behalf of Dalat Capital that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.