Indian Railway Catering & Tourism Corporation Limited (IRCTC) Earnings Call Transcript & Summary

Ladies and gentlemen, good day, and welcome to the IRCTC Limited Q2 FY '24 Earnings Conference Call hosted by Dolat Capital. [Operator Instructions] Please note that this call is being recorded. I now hand the conference over to Mr. Rahul Jain from Dolat Capital. Thank you, and over to you, sir.

Thank you. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q2 FY '24 Conference Call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC, represented by Ms. Seema Kumar, who is CMD of the company; and Mr. Ajit Kumar ji, who is the Director of Finance and CFO of the company. And we also have Mr. -- Dr. Lokiah Ravikumar, who's Director of Catering; and Mr. K.M. Mishraji, who is Director for Tourism & Marketing segment. And now I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please.

Good afternoon, everyone. I'm Seema Kumar, CMD here. At the beginning, I would like to extend a very warm welcome to all the participants for the con call of IRCTC Limited for the quarter ending September 30, '23. Yesterday, the company had announced the unaudited financial results for the second quarter of FY '24 and then same has been advised to the both stock exchanges as well. Now I will give a first -- brief overview of Q2 FY '24, followed by the Director of Finance and CFO, who will give the details of performance of various business segments following which, we shall have the question-and-answer session. In Q2 FY '24, company has reported revenue just under INR 1,000 crore mark at INR 995.3 crores, which is a growth of 23.5% Y-on-Y and almost at par on quarter-on-quarter basis. The larger segment Catering as well as Tourism have been the main driver of the Y-on-Y revenue along with -- in this year. I'm very happy to report that almost all the segments have reported an improvement in EBIT margins, both on Y-on-Y as well as Q-on-Q basis. Absolute EBITDA has also hit a new high at INR [ 366.6 crores ] [Audio Gap] INR 294.67 crores in September quarter of FY '24, making an increase of 30.36% from INR 226.3 crores in Q2 FY '23. Net profit is the highest ever profit registered by the company in the history of IRCTC in this quarter. The Board of Directors of the company have declared an interim dividend of INR 2.5 equity share for a face value of INR 2 per share for FY '24, which is 125% of paid-up share capital, which stands at INR 160 crores. At the consolidated level, EBITDA margin stands at 36.8% vis-a-vis 37.8% Y-on-Y and 34.2% Q-on-Q basis. Here, I would like to conclude my opening remarks by wishing you and your dear ones a very happy and prosperous Diwali. Now I will hand over this call to my colleague and our Director of Finance and CFO, Shri Ajit Kumar ji to brief you on the financial and segmental performance of the company. Thank you.

I hope you and your dear ones are in a good health. I shall first give a brief overview about Q4 FY '23 results, post which we shall have the question-and-answer session. Q2 FY '24 revenue saw another quarter of good growth. Revenue of INR 995.3 crores grew by 24% year-over-year and on a quarter-over-quarter basis, and it was almost at par. Consolidated EBITDA margin improved quarter-on-quarter to 36.8% versus 34.2% quarter-over-quarter and 37.8% year-over-year given the change in revenue mix. Net profit before exceptional items for the quarter came at INR 294.7 crores versus INR 226 crores in FY -- in quarter 2 FY '23 and INR 232.2 crores Q1 FY '24. Now let us move to the business segments of the company, the Catering segment. It reported a 29% year-on-year growth in revenues to INR 431.5 crores quarter-on-quarter basis, and it declined by 10% due to lean season in the quarter 2, which is a usual factor -- usual scene we have seen in the earlier years. However, I would like to highlight that Q2 FY '24 revenue run rate is higher than the best quarter of FY '23, which was Q4 FY '23 by 9%. Importantly, the EBITDA margin continue to report good improvements to 17.2% versus 14.6% quarter-over-quarter and 10.6% year-on-year basis. The Internet ticketing -- next segment, this continued demonstrate resilient amid conversion of reserved tourist tickets back to unreserved tickets during the pre-pandemic period and the revenue for the quarter was at INR 327.5 crores, growing by 9% year-on-year and 13% quarter-on-quarter. And EBITDA margin for the quarter came at 83.7% versus 82.7% quarter-on-quarter and 84.2% year-on-year. The next segment is Tourism and State Teertha, that segment saw strong growth in revenue for the quarter at INR 161.4 crores, implying a growth of 63% year-on-year and 13% quarter-on-quarter. Given the revenue growth, the segment reported positive EBITDA margin of 3.6% versus a loss both on quarter-on-quarter and year-on-year basis. And the last segment, Rail Neer saw Q2 FY '24 revenue of INR 78 crores, implying a growth of 4% quarter-on-quarter, and decline of 19% year-on-year. Reported EBITDA margin of 12.9% versus 7.5% year-on-year and 13.2% quarter-on-quarter. For Q2 FY '24, the cash and bank balances and net worth of the company at the end of the quarter is INR 2,026 crores and INR 2,846 crores respectively. I wish you that happy and prosperous Diwali to all of you. Now we can straightaway move to the question-and-answer session. Thank you.

[Operator Instructions] The first question is from the line of Jinesh Joshi from Prabhudas Lilladher Private Limited.

I have a question on the Catering segment. So I think in the month of September, we made an announcement that IRCTC will manage catering facilities in all coaches and trains that are booked on the full tariff rate. So first, if you can just speak about the opportunity size that we target over here. And also, what kind of incremental revenue do we foresee from this arrangement per se?

Actually, this full tariff rate, FTR trains, these are train on demand booked by the party. So there is not a fixed kind of a target we can fix, but I can give you the kind of year-on-year demand we have. Roughly this is not a very huge market, but it's a big responsibility because it has been given entirely to the IRCTC to do this businesses. Last year, there were roughly 100-odd trains which are booked on full-tariff rate. So looking at the same kind of traffic or maybe marginally depending on the market demand. So these trains are booked by the parties for the movement on special occasions, et cetera.

Got that. So in nutshell, the opportunity size is not big enough, right?

Right now, it can't be ascertained, but I can tell you what is the trend for the previous year. We will know by the end of the year or maybe during the course of discussion, we will let you know by mail, the details of number of trains run and at the size of the pie, we are looking at through the FTR trains.

Sure. Madam, my second question is also with respect to the Catering segment. So can you share how has been our response with respect to the tie-up with Zomato that we announced some time back? What is the fee per order that we get over here. And I believe the current arrangement is limited to 5 stations. So do we plan to go pan-India over here?

Yes, definitely. This is just a pilot we have tied up because there, we are dealing not per meal, we are dealing with the volumes. So we have come up with a pilot MoU -- pilot agreement with the Zomato to start with, and if it is successful, we will definitely like to go on the pan-India level.

What is the fee per order, if you can share?

We have just started in October, but it will be INR 40 -- lump sum INR 40 per order.

Got that. One last question from my side. If you can just share the number of tickets booked and convenience fee for the quarter?

Yes, sure. Just give me a moment, please. I will give you. Convenience fees for this Q2 of '23, '24 is INR 220.98 crores, and as compared to Q2 '22, '23 was INR 200.23 crores, which is a growth of 10% quarter-on-quarter and also 11% on -- sorry, 11% quarter-on-quarter and 10% year-on-year.

Number of tickets booked if you can just share that number?

Yes, tickets booked also I can share you, we have a number of ticket booked for the Q2 '23, '24 are 1,164 lakhs as compared to 1,069 lakhs in Q2 of '22, '23.

Okay, madam.

Next question is from the line of Sidharth Agrawal from Systematix.

I've been follower of IRCTC since a long time. Ma'am just 2 questions actually, maybe just 1 question. Some other online ticketing platforms like MakeMyTrip and EaseMyTrip, they're offering products like free cancellation and trip guarantee offers with train ticket booking. So what I wanted to know is IRCTC is also planning to launch a similar feature to retain ticketing users? And if yes, then when and any estimate of the annual revenue potential from the same? Or when can we start seeing revenues on such product?

See, as of now, we have no such products for the offering, but definitely taking the market trend in the view, we can and we should rather look at the offerings available in the market.

Okay. But nothing has been fructified or thought of right now?

Not yet, not yet.

So don't you feel -- I'm not trying to preempt anything, but don't you feel that you may be using a large number of customers for that?

As I have told you, the customers are of Indian Railways customers because this is -- we are front-end for the e-ticketing of Indian Railways. But yes, as you have pointed out, if something is available in the market being offered by other players, we would definitely like to have a look at it.

Okay, fine. I got it.

Next question is from the line of Rohan Nagpal from Helios Capital Asset Management.

So you told us that INR 221 crores is convenience fee revenue for the quarter. What could you -- could you provide a breakup of the remaining INR 100-odd crores that is booked under Internet ticketing or what fraction of that is, say, advertising or iPay revenue, et cetera?

Yes, definitely. As I said, convenience fee stands at INR 221 crores. Then agent business is INR 44 crores, then payment gateway business is INR 17 crores. Then loyalty program is INR 12.39 crores, marketing advertisement, et cetera is INR 7.29 crores, iPay is INR 19.58 crores, and then digital marketing, et cetera is INR 1.16 crores. All clubbed together, make it INR 323.46 crores.

Got it. And so you said payment gateway is INR 17 crores and iPay is about INR 11 crores?

iPay, I said INR 19.58 crores.

INR 19.58 crores. Okay. And what is the -- what's the exact difference in the economics of transactions that are carried out through the regular gateway and through iPay?

Yes. I'll give it to you. Just give me a moment, please. iPay transactions, I can give you the growth in the -- like the trend of growth in the iPay transactions. For the quarter, this is -- revenues from the iPay transactions have increased 13.63% as compared to the previous quarter because we have registered revenues of INR 1.75 crores and also increase of 59% over the previous quarter, that is Q2 of FY '22, '23. During the call, I will try to get you the data of what you're looking for, how much is the percentage of total transaction by the iPay.

And one more question on catering. So what is the total number of trains on which catering can potentially be offered? And what is the sort of progress that we have made in terms of implementation of the new catering policy tariff on these trains?

See, during the -- I can tell you during the quarter Q2, we have added 11 pair of Vande Bharat trains and also a large number of -- this is mobile catering. As far as static catering is concerned, we have added 18 new units, 8 fast food units, 2 plaza, one that adding room, refreshment room are at 6 phases, and then total 18 static catering units have been added, 11 Vande Bharat trains have been added. As a result, if you see in mobile catering, my revenues has gone up by 26.7%, if you see quarter-on-quarter -- year-on-year. Last year, in Q2, I was at INR 292.82 crores. And this year, in Q2, I'm INR 371.16 crores, which is an increase of 26.7%. Similarly, in static catering, if we have a look at it, in Q2 of '22, '23, I was at INR 33.70 crores. While in this year, Q2, we are at INR 55.90 crores, which is a 65% increase. So we are definitely progressively making huge size in both segments of catering, mobile catering as well as static catering.

Understood. That's very encouraging. I'm trying -- I was just trying to get at least from the perspective of how much headroom is there for this to grow? So how many trains are there where the new catering policy is still not implemented or is yet to be implemented?

See, it's like I would say roughly, say, 200 odd contracts are in pipeline for train side vending. All the pantry car trains have been covered, all the prepaid Mail/Express trains have been covered which are having pantry car. So few trains which -- we have to do for the train side vending, these catering contracts are in the pipeline.

Okay. Understood.

Next question is from the line of Rohit Jain from Tara Capital.

So just a question again on catering. The license renegotiation that was due. Has it been completed, let's say, for all the trains in which there is pre-book meals like Shatabdi, Rajdhani, et cetera?

Yes, the exercise is complete. I suppose you are hinting towards the revision of the license fee, which was to be done as per [ CC-63 ] of 2019.

Yes.

That has been done. We have raised the bills. There are few court cases also have been registered. We are in the process of realizing it.

So I mean, what I'm trying to understand is that since it was supposed to be done on a retrospective basis, are we going to, let's say, get any onetime benefits going ahead? Or all the benefits have already been accounted for?

No, no. This is -- from the post dated, from 2019, we are...

My understanding is that this tariff revision was from 2019, '20, as you mentioned, but because of COVID, et cetera, it could not be implemented. So what I'm trying to understand is, do our numbers reflect the benefit of retrospective change in license fee? Or are we going to register a onetime gain whenever we get that income?

You're right. Whenever the realization happens, we will register a gain. Right now we have [indiscernible] and raised the bill.

And on a prospective basis, is it fair to say that there is no increase in the license fee, the current quarter revenues reflect the steady-state run rate?

Yes. This is as per the existing license fee.

Okay. And last question is, there was a dip in the catering revenues sequentially from last quarter to this quarter. Is it just because of seasonality? Or is it because of some other factors as well?

You're absolutely spot on. This is because of seasonality. As you know, April, May, June is the peak summer period for people to travel because of summer rush. That is the reason, it happens every year. And there have been few cancellations because a lot of infrastructure work is going on Indian Railways, which we are all aware. So there are some increase in number of cancellation as well as because of seasonality, there has been very slight decrease as compared to Q1 to Q2.

Understood. And one question on the ticketing side. Can you share the percentage of tickets booked using UPI and also the AC, non-AC split?

Give me a moment please. I can give you the breakup of class wise. If we see the class wise breakup, AC tickets -- AC class and other ticket you see. For the Q2 is 540 lakhs in Q2 of '23, '24 as compared to 484 lakhs AC tickets in Q1 of '23, '24. And if I compare it with the Q2 of the last year, last year was 438.11 lakhs. So there is a mark increase in number of tickets booked.

Understood. And UPI versus non-UPI?

UPI, I can give you the revenues, how they have gone up.

Sure.

So that will give an indication of -- that will give an indication of increase in traffic. So -- just give me a minute please. As far as the UPI, which is -- you see Q2 of '23, '24, 453 lakh tickets have been booked in the Q2 on UPI transactions.

Okay. And ma'am, just one last suggestion from my side. All these granular data that we provide on the call, if you can just put them on a slide deck and sort of release that with the earnings, that would be very helpful sort of to keep track of it.

Yes, yes. But I'll just mention, since you're asking for the UPI, I just want to a very interesting data. If you see a UPI transaction share, I think one more caller has asked earlier, it has increased continuously. If you see transaction share has grown by 38.95% UPI transactions.

So currently, about 38% of the tickets are booked using UPI, is it?

Yes.

And what was this number last quarter?

Last quarter, number of tickets were -- last quarter, it was 393 lakhs.

As a percentage? Like you said, this quarter, it was 38%. What was it last quarter?

Last quarter, [Foreign Language] And last -- sorry, if you see on the quarter, year-on-year it is 7%. As you have suggested, all the data so that everybody can see and I don't have to pitch -- everybody doesn't need...

Exactly. Yes, yes. That would be very helpful if we can put all of this in a slide deck.

Yes, that will be clear. We'll do that. I think it's a good suggestion.

Next question is from the line of Ankit Agarwal, an Individual Investor.

Yes. So first of all, congratulations on your good set of numbers. And...

Could you be little bit louder -- could you be a little louder please?

Congratulations on a good set of numbers, and wishing you a very happy Diwali in advance. Ma'am, I wanted to know that if you could provide any guidance for like FY '24 revenue and in terms of margins and for FY '25 as well?

Future growth? We can expect to continue with the same theme and do better.

Okay. And ma'am, what would be the reason for decline in the Rail Neer revenue -- Rail Neer revenues in the first half of FY '24?

See, Rail Neer again, be it catering or be it Rail Neer, this is directly linked to the number of people traveling in the train. And as I have -- we have discussed in the earlier call, April, May, June is the peak season for rail travel because of summer rush. And then June, July, August, Q2 is always if you compare, as compared to Q1, it would look a little lesser. But if you see the same period, identical period for the Rail Neer, in last year '22, '23 for Q2, I'm talking about, there's an increase of 3.81% in the Rail Neer segment as well, because we have registered a revenue of INR 78 crores as against INR 75 crores last quarter. So there is a increase in Rail Neer segment also this year.

One last question, ma'am. Ma'am, there is a margin decline as well in the Rail Neer section in Q2, in second quarter. And like what's the reason behind that? And what is the steps taken to revive it?

So -- Rail Neer, I feel requirement is largely -- is directly linked to number of people traveling in the train. So if I have a more cancellation and if I have lesser people traveling because of seasonality of April, May, June. Again, you will see in the next quarter because of festive season, there will be a jump. This is a trend every year. So there is no systemic degradation of the services. Our capacity is very much there to produce the Rail Neer. We will -- depending on demand, the results are seen.

And then one last thing, any indication of the second half of FY '24 will be better in terms of like better than the first half of FY '24?

Yes, definitely. We are looking forward to do much, much better because of coming festive seasons and also tremendous efforts we are making in the -- all the segments be it tourism, be it state special trains and everything.

Next question is from the line of Madhuchanda Dey from MC Pro.

I have a couple of questions. I mean, maybe I have missed this answer, but I didn't get what was the reason for this kind of a 13% jump in the Internet ticketing revenue sequentially?

See, what happened in the Internet ticketing, the tickets are booked 120 days in advance because that is our advanced reservation period. So all these tickets were booked in advance, right?

Okay, for the festive season?

Yes. Okay. While the Catering and Rail Neer would be actually based on number of people traveling, while e-ticketing is in advance and Catering and Rail Neer is directly related to the number of people traveling during that time. That is the reason.

Yes, got it. And just 1 clarification. This 2S category doesn't contribute anything, right, to the Internet ticketing now?

It is now reduced to very little because now it was -- Board has withdrawn that mandate, which was given to us during the COVID, this is a very, very small segment.

And so this entire jump has come because of the advanced ticketing for the festive season?

Yes.

Okay. My second question is on the catering margin, which has improved although the revenue has declined, as you rightly pointed out, because of the lower number of passengers traveling, et cetera. So what was the reason for the improvement in margin? And what is a sustainable margin for the Catering business?

In this, what happens, if we add number of trains, it will improve my revenues or this thing because during this quarter, 11 pair of Vande Bharat new trains were added, okay? So -- and then as I told in the earlier calls, even in static catering unit, we have added more number of units. In e-catering also, our business on quarter-to-quarter is increasing. So while you would see my expenditure is also linked directly to the number of trains I serve. So if there are more cancellations, so I am serving lesser trains, which also takes away my expenditure portion. So my margins are directly linked to revenues and expenditures, which is directly linked to the number of trains which are traveling.

No. I mean, I still didn't understand that the jump-in margin is quite substantial. If one looks at the segmental margin, it is 14.6 to 17.2.

Yes, I'll give you some data to substantiate and try to rephrase my answer to you. If we see in catering, you also see at the expenditure part of it. I'll have to tell you. Yes.

So are you trying to say that the addition of Vande Bharat, et cetera, are better margin businesses even within catering?

Prepaid -- yes, prepaid trains are my premium trains, which give me better margin because there is assured catering business in prepaid. This is part of the ticketing, right?

Okay. So one part of this jump could we explain because you have added Vande Bharat kind of premium trains into the catering, right?

Yes.

Okay. So I have another question with some other participant also asked you, which is in catering, for instance, what is the total number of trains that you're servicing either pantry or through mobile?

See, if I could just give the perspective I have on my hand. Before COVID, we were serving total 891 pair of trains, in which, the trains without pantry were 474, right? 474 pairs and rest was trains with pantry cars. Now, after the COVID, we are serving around say, 363 plus 381. So without pantry has been covered almost 80% while we were serving only 474 trains. And now we are serving 749 pair of trains without pantry cars. So there is a tremendous jump in the trains without pantry cars. The coverage has increased tremendously...

And with pantry cars, how many are you serving now?

With pantry car, I'm serving 437 Mail/Express trains, 37 Gatimaan, Tejas, Vande Bharat, and 66 pairs of Rajdhani, Shatabdi, Duronto.

So that has reduced?

No. I'll tell you, it's not reduced. Can I just -- see, the demand Tejas, Vande Bharat are only 5, all the Vande Bharat have been introduced now in this year from 12, we have reached to 34 pairs.

No, I didn't get the numbers, ma'am. You said pre-COVID, you were serving 891 pairs with pantry cars. So what is that number post-COVID?

No, no, no. 891 was total train pre-COVID. Out of which, 474 were the non-pantry. So if I take that out, so this will be 417.

Okay.

Right? 417 [ will be this ]. Now -- right now, we are at 1,284 pairs from 891...

Okay. All together? Okay. Got it.

Got it?

Okay. Got it. And ma'am, what is the potential? Where can it go to by the end of, say, FY '25? This number of...

See, it all depends number of new services being introduced by the Railways, which are in the offering. Vande Bharat, as you are aware, large number of orders have been placed, all the Vande Bharat would be coming. There is roughly assessment of 450 Vande Bharat in the coming years. And also, besides Vande Bharat, there are a few hundred -- 200-odd trains, in which I have to do the train side vending contracts. So we can -- we are looking at -- Vande Bharat is totally dependent on number of services introduced by the Indian Railways and 200-odd trains, which are still to be covered in the train side vending, as chunk is already running, I have to provide services.

Okay, ma'am. So if you can share the similar statistics for Internet ticketing, how many trains are covered by you under Internet ticketing and how many more trains are in the pipeline in the next 2 years?

See, Internet ticketing is almost 80%. Okay? It is not -- I can tell you, it's not train specific. It is -- inventory is 20% people are still going to the counters, right, railway counters. 80% are doing on the e-ticketing. So it is not train specific. The whole inventory is divided, people who can do e-ticketing and the people who still opt to go to the railway counters.

Okay. And how many more in terms of new train addition? I mean the growth can only come from -- the penetration is kind of 80% is a very decent penetration. So the growth can only come from addition of inventory which can happen only if Indian Railways decides to introduce new trains?

Yes, that's right.

So what is that pipeline?

So that would be -- I'm not privy to this, because this is a decision of Ministry of Railways.

Right. But still, as you pointed out about Vande Bharat et cetera.

Actually those were the announced. Obviously, when Vande Bharat trains have introduced, their ticketing inventory will also be added. For the new trains also, the ticketing inventory would be added for those 20 trains. And then 80% of those sales or 90% of that inventory, we are expected to be added to the e-ticketing. As and when new train is added, e-ticketing also grows along with the Catering and Rail Neer.

Okay. So we just wanted to get a sense of the organic growth in the sense if say, between, say, last year and this year, what is the total -- what is the quantum increase in the inventory of tickets?

Sure. Okay. Total inventory, you mean Indian Railways?

Yes, of internet ticketing.

Actually, I'll tell you -- we'll share with you. It is a little -- it will need more detailed discussion on this. Because even in train, a single berth can be booked multiple times. So that results into...

Right, right. Got it. Got it. Got it.

So we will definitely get back. It is a detailed discussion matters, right?

Okay. And then ma'am just one last housekeeping question. What was the share of the Tejas revenue in tourism?

Yes. Just give me a moment. I have the data. Tejas is -- for the Q2 of '23, '24, revenues from Tejas are INR 33.98 crores as compared to Q1 of '23, '24, INR 45.88 crores, this is because of Tejas.

Okay. And their profitability?

See, we are working towards this because now whatever concessions were given by the Ministry of Railways, they have withdrawn all those concessions. Now we are realigning our expenditure contracts to make it a profitable venture.

So it is not broken even in this quarter?

We are -- right now, we are in the process of realigning our operating -- our expenditure contracts.

Next question is from the line of Deepesh Lakhani from Dolat Capital.

So my question was on your collaboration with Zomato in this quarter. So what is the response from this collaboration? And are you making any margins out of this?

See, as I stated in one of the calls, it is just begin, it is 2-week -- 3-week old collaboration with Zomato. And now what we have said is -- for Zomato, we have worked out a model where we had -- IRCTC is taking INR 40 per order, right? And Zomato and Railway is taking -- Railway's share comes to INR 16.

Okay. Okay.

This is to -- actually I'll tell you in the next quarter, picture will be clearer how much volume Zomato is bringing to us and what is -- how much are the earning patterns. That is why we have limited it to 5 -- pilot has been limited to 5 stations for a 6-month period to understand how this model will work, which is dependent on the volumes rather than percentage of each order, percentage value of each order.

All right. All right. Got it. Also I wanted to ask what are the average bottles produced in a day in this quarter?

Sorry. Can you repeat it?

Average -- how many bottles are produced in a day average in this quarter?

Rail Neer?

Yes, yes.

See, we are producing around 12 lakh liters per day. We have the capacity of 16 lakh liter per day. But as per the demand, we are producing 12 lakh liter per day. And also, we have added 1 Rail Neer plant in this quarter at Kota. Kota Rail Neer plant commissioned on 19th October of this quarter.

Okay. Okay. And the Bhubaneswar, ma'am?

Bhubaneswar and NTPC-Simhadri is likely to come in the next quarter, Q3 of this year.

Okay. Okay. So what will be our capacity then after adding this?

See, right now, I am at 1,624 -- 16,24,000. And after adding Bhubaneswar, and NTPC-Simhadri, because this is 72,000 each liter.

Okay. Okay. And so my last question, what is the update on Tejas train online charges which you accounted in last quarter? You had mentioned that you are in words with the Ministry of Railways...

Yes, this is -- we are still touching with the ministry to have a relook at the decision because they have withdrawn it from the prospective date.

Okay. Okay.

That will be the last question for the day. I would now like to hand the conference over to Ms. Seema Kumar for closing comments.

I would like to thank each one of you who have taken time out to have a conversation with the management and to understand and give us also the direction in which company needs to look at to go for the further growth. Wishing you all of you and your families a very happy Deepavali to you. Thank you, and very good evening.

Thank you, ma'am. On behalf of Dolat Capital, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.