Indian Railway Catering & Tourism Corporation Ltd

Dear Shareholders,

We are delighted to present the 25^th Annual Report on the business and operations of Indian Railway Catering and Tourism Corporation Limited (herein referred to as ‘IRCTC' or ‘Company') and its Audited Statements of Accounts for the financial year ended MarcRs. 31, 2024 (FY'24), together with the Auditors' Report and Comments on the Accounts by the Comptroller and Auditor General (C&AG) of India. The detailed financial and operational performance of the Company is produced in the report.

KEY PERFORMANCE HIGHLIGHTS FOR FY 24:

• Highest ever Revenue from operations of RS. 4,270.18 Crore from Catering, Rail Neer, Tourism & Internet Ticketing business.

• Highest ever PAT of RS. 1,111.26 Crore.

• Catering Services in 1250+ trains and served more than 16 lakhs meals per day.

• Transactions value for e-Catering crossed RS. 250 crore, subsequent to tie-ups with Food Aggregators in FY 24.

• Under the aegis of Ministry of Railways, IRCTC operated 181 Bharat Gaurav Train Tours and provided services to 1.17 lakh tourists in FY 24.

• Provided services in 337 Aastha trains carrying 5.48 lakh passengers.

• Highest ever average per day 12.38 lakh rail e-tickets issued in FY 24.

• Incorporation of IRCTC Payments Limited, wholly owned subsidiary of IRCTC for payment aggregator business.

FINANCIAL PERFORMANCE OVERVIEW

The summarised financial performance of the Company during F.Y. 2023-24 along with the corresponding performance of F.Y. 2022-23 are mentioned below:

Amount (J in Cr.)

(Amount in US $)

• Capital Structure

As on MarcRs. 31, 2024, the authorized share capital of the Company stood at RS. 250 Crores consisting of 125 Crore equity shares of RS. 2/- each and paid-up share capital of the Company was RS. 160 Crores consisting of 80 Crore equity shares of RS. 2/- each. During the financial year 2023-24, the Company has not issued any shares.

The details of dematerialisation of shares, Demat Suspense Account / Unclaimed Suspense Account are provided in the Corporate Governance Report, as annexed to this report.

• Shareholding of the President of India (PoI)

President of India (PoI) holds 49,91,72,170 equity shares (i.e., 62.40% of the total paid-up equity share capital) in the Company with face value of RS. 2/- each.

• Dividend

The Board of Directors has recommended a Final Dividend of RS. 4/- per share (i.e., 200% on the paid-up share capital) for the financial year 2023-24, amounting to RS. 320 Crores, subject to approval of the shareholders in the ensuing AGM. This Final Dividend is in addition to the Interim Dividend of RS. 2.50 per share (i.e., 125% of the paid-up share capital) declared by the Board of Directors in the month of November 2023 and already paid to the shareholders in December 2023.

Accordingly, total dividend for the financial year 2023-24 amounts to RS. 520 Crores (i.e. 325% on the paid-up share capital) which works out to 46.79 % of the post-tax profits for 2023-24 and 16.10% of Networth as of MarcRs. 31, 2024.

The declaration of dividend by the Company for the financial year 2023-2024 is in compliance with the guidelines issued by the Department of Investment and Public Asset Management (DIPAM), which prescribes that the minimum dividend to be paid for the year should be at least 5% of net worth or 30% of profit after tax, whichever is higher.

The Dividend Distribution Policy of the Company is available on the Company's website at

https://www.irctc.com/assets/images/IRCTC

_DIVIDEND%20DISTRIBUTION%20POLICY-_31.07.2019

_CB%20Comments%20r05.08.20191.pdf

• Unpaid/Unclaimed Dividend

The details of unpaid/unclaimed dividend are available on the website of the Company at the link https://www. irctc.com/iepf.html, and is also disclosed in the Corporate Governance report.

• Transfer to Reserves

During 2023-24, the Company transferred RS. 35 Crores to General reserves.

• IRCTC's Rank at Stock Exchanges (BSE and NSE)

Based on the market capitalization of the Company as on 31^st MarcRs. 2024, your Company was ranked at 113^th position at both BSE and NSE.

• Market capitalization

Market capitalization (BSE) of the Company increased from RS. 45,840 crore on MarcRs. 31, 2023 to RS. 74,396 crore on MarcRs. 31, 2024.

• Company's contribution by way of revenue share to Ministry of Railways

The Company contributes by way of revenue share to Ministry of Railways (MoR) and the total share of such contribution was RS. 944.62 Crores during the year as against RS. 704.90 Crores in FY 2022-23.

Contribution to the revenue to MoR comprises of Haulage Charges, Railway Share and Dividend.

• Employee Stock options

Your Company has not provided any Employee Stock Option, therefore, disclosure requirement in relation to ESOP under Rule 12(9) and Rule 16(4) of the Companies (Share Capital and Debentures) Rules, 2014 is not applicable.

OPERATIONAL PERFORMANCE

The segment wise operational performance of the Company during 2023-24 is detailed below:

a. CATERING & HOSPITALITY:

The Catering and Hospitality segment of IRCTC is segregated as produced below:

Mobile Catering

Mobile Catering segment caters to passengers travelling while in a train through onboard catering services arrangements and comprises of following:

Mobile Catering segment caters to passengers travelling while in a train through onboard catering services arrangements. Mobile Catering services are being provided through pantry cars/ mini pantries (with on-board storage, reheating and cooling facility) in the trains or through Train Side Vending (TSV) in trains, which do not have pantry cars/ mini pantries. The food for service on the trains is picked up from originating/ en-route stations and is served to the passengers.

As on MarcRs. 31, 2024, IRCTC provided Onboard Catering Services in 1265 trains.

• Vande Bharat Trains:

Vande Bharat train is the pride of Indian Railways. As on 31.03.2024, IRCTC had managed onboard catering services in 51 Vande Bharat Trains over Indian Railways.

The menu of catering services for Vande Bharat train is designed on the basis of regional cuisine and popular demand of the passengers, including millet items.

• Rajdhani, Shatabdi & Duronto Express Trains:

These are the premium segment trains over Indian Railways. The catering charges are included in the ticket fare. Depending on the duration and timings of the journey, the catering services include morning tea, breakfast, lunch, high tea and dinner. The tariff for catering services of these trains is governed by Railway whereas the menu is decided by IRCTC duly considering regional preferences. As on 31.03.2024, IRCTC provided on-board catering services in 25 Rajdhani Express, 21 Shatabdi Express and 18 Duronto Express trains.

• Gatiman & Tejas Express Trains:

These are also the premium segment trains over Indian Railways under prepaid model. The catering charges are included in the ticket fare. The tariff for catering services of these trains is governed by the Railway Board whereas the menu is decided by IRCTC duly considering regional preferences. As on 31.03.2024, IRCTC provided on-board catering services in 01 Gatiman and 02 Tejas Express trains.

• Mail Express Trains:

These are the trains where catering charges are not included in the ticket fare and passengers have to purchase the meal items onboard. The food item menu issued vide Commercial Circular no. 60 of 2019 is applicable in these trains. The menu items consist of Breakfast (Veg/Non Veg), Std. Veg. and Non-Veg. meal (with Egg curry and Chicken Curry). As on 31.03.2024, IRCTC provided on-board catering services in 443 Mail/Express trains.

• Train-Side Vending:

There are a large number of trains which do not have pantry cars or mini pantries. In such Mail/ Express trains, Onboard Catering Services is arranged by IRCTC through Train Side Vending. In this arrangement, food and beverages for servicers are arranged from originating and en-route stations.

As on MarcRs. 31, 2024 IRCTC provided Onboard Catering Services through Train Side Vending arrangements, (sectional / end to end) in 702 trains.

• War Room for Handling Complaints/Grievances:

An exclusive War Room for complaint and feedback management has been set up at IRCTC's Corporate Office, to facilitate fast and prompt redressal of passenger complaints and grievances on real time basis.

The War Room is equipped with latest communications facilities and manned by qualified, skilled and trained manpower. The War Room is functional round-the-clock 24x7 on all days.

• Quality Control

To improve the standard quality meals and service for passengers, IRCTC has put the following systems in place.

> Regular & Surprise Inspections:

Regular onboard inspections are being conducted by IRCTC officials periodically in trains and catering units at stations, in addition, surprise inspections are also being carried out by IRCTC's officers from the Corporate and the Zonal offices and designated Railways' officials. Necessary corrective actions are taken on the deficiencies noticed during these inspections. During the FY 2023-24, around 11,840 onboard monitoring checks and 9,600 surprise inspections were carried out .

> Food Sampling:

In order to ensure food safety, food samples of Raw Material, Cooked Food, Ready to Eat (RTE) and Proprietary Article Depot (PAD) items are being tested on regular basis to ensure compliance with FSSAI standards by sending samples regularly for testing in NABL- accredited labs. During the financial year 2023-24, a total of 24,269 samples of Raw

Material, Cooked Food, RTE and PAD items were collected and tested in NABL labs.

> Third Party Food Safety and Hygiene Audits:

Third Party Food Safety & Hygiene audits are undertaken by IRCTC to get feedback on hygiene, quality of food, infrastructure facility, implementation of FSSAI regulations etc. During the FY 2023-24, Third Party Food Safety and Hygiene Audits were conducted in 259 Mobile Units and 163 Static Units.

> Customer Satisfaction Survey:

Third party Customer Satisfaction Surveys are also undertaken by IRCTC to get the feedback and opinion of travelling passengers, through reputed professional agencies. During the FY 2023-24, Customer Satisfaction Survey was conducted in 370 Static units and 332 Mobile units by M/s Foresight Research & Consulting Pvt. Ltd.

> On-Board deployment of Catering Supervisors:

IRCTC deploys Supervisors/Catering assistants to conduct end-to-end monitoring of catering services on all premium prepaid trains and also sectional monitoring of all Mail/Express trains where catering services are being rendered. This is to ensure that the on-board monitoring staff addresses the grievances of passengers on a real time basis.

> On-Line Empanelment:

To ensure transparency in system, IRCTC has introduced online empanelment process for Propriety Article Depot (PAD) and Ready to Eat (RTE) products. Any applicant sitting in the comfort of his or her office or home can apply for empanelment of its products to IRCTC through an online process placed at www.irctc.com and www.tenderwizard.com/IRCTC. The applicant is informed about the outcome of the application in a time-bound process.

> Introduction of MSEMs:

In line with the Govt. of India's initiative for promotion of MSMEs, IRCTC has provided various exemptions for the promotion of MSMEs. During FY 2023-24, IRCTC empanelled 08 brands promoted by MSME firms for supply of food items over Indian Railways network.

> Complaint Monitoring & Redressal:

A passenger can give feedback or register complaint against catering services on ‘Rail Madad' module that allows passengers to lodge complaints through mobile app/web platform. There are other various methods to register complaints such as, CPGRAM, National Consumer helpline, Complaint Books, etc.

There is a monitoring team designated by IRCTC, which forwards the complaints feedback data to the concerned department/s and files interim reply to passengers online followed by final remarks on the action taken. Complaints / feedback pertaining to IRCTC are recorded on E CSIM (Catering Service Information Management)

on the action taken and disposal thereof. During the FY 2023-24, a total number of 19,891 catering complaints were registered on E-CSIM platform, and all complaints were disposed off.

> QR Codes:

To enhance the travel experience of passengers, the concept of QR Codes was started to provide information on the meals prepared in the Base Kitchens i.e. date of preparation, name of the kitchen, FSSAI, weight, live CCTV streaming link etc. which builds the confidence and assurance to the passengers on the quality and hygienic standards maintained. The above facility is being implemented in phases across various base kitchens pan India.

> CCTV Monitoring:

During the FY 2023-24, IRCTC enabled live monitoring in 36 kitchens through CCTV cameras on IRCTC portal. To ensure the hygiene levels of the cooked food and safety parameters, IRCTC installed CCTV cameras facilitating 24X7 monitoring of kitchen units/ Base kitchens, which is overseen by the War Room located at Corporate Office and Central Control Room.

> Point of Sale (POS) Handheld Billing Machines:

To curb overcharging, issuance of invoices through POS machines in all the catering units has been made mandatory for all the vendors. The same is being implemented in various phases. These machines enable issuing of bills for every transaction, both in Mobile and Static catering units which facilitates proper accounting system and control. Efforts have been made for cashless transactions in all Trains, Train-Side Vending etc. under the Digital India initiative of the Government of India. As on 31.03.2024, 4128 POS machines have been made available in 891 rakes of Pantry cars trains and 4035 POS machines in 1106 rakes of TSV trains. In addition, 657 POS machines have been made available in 534 static catering units viz, Refreshment Rooms, Jan Ahaars, Food Plazas, Fast Food units, Retiring Rooms, Executive Lounges and RYN/ BNR Hotels under IRCTC.

Static Catering:

Static catering units are located at station premises and offers catering services to the travelling passengers across the country. Static Catering comprises of the following:

As on MarcRs. 31, 2024 IRCTC managed 141 Refreshment Rooms, 40 Jan Ahaars, 9 Base Kitchens, 146 Food Plazas and 159 Fast Food Units. Refreshment Rooms and Jan Ahaars are located at Railway platform and sell low budget meal items to the travelling passengers. The tariff of the items sold through Refreshment Rooms and Jan Ahaars are regulated and approved by Ministry of Railways/IRCTC. A list of the items to be sold on these units along with their prices is provided by the Ministry of Railways/IRCTC. These units usually sell items to passengers on the platform and sometimes supply food to moving trains.

• Jan Ahaars:

Jan Ahaar serves snacks and a-La-carte items, standard breakfast, standard meals, Janta Khana, as authorized by the Railways. In addition, Jan Ahaar aLso serves approved brands of packed items such as aerated drinks, Biscuits, Chips, Namkeens, ChocoLates and Ready to Eat meaLs (RTE) and RaiLneer Packaged Drinking Water (PDW) etc. on MRP basis.

• Refreshment Rooms:

IRCTC manages Refreshment Rooms at A1 & A category stations at aLL stations. These units are generally part of station building. The meal items served at these units incLudes snacks, a-La-carte items, standard breakfast/meals, Janta Khana etc. The tariff of the cooked food items is regulated. In addition, approved brands of packed items such as aerated drinks, Biscuits, Chips, Namkeens, ChocoLates and Ready to Eat meaLs (RTE) and Railneer PDW etc. are also served.

• Management of Base Kitchens:

Base Kitchen is a large cooking and packing facility set up in the vicinity of Railways premises from where food is prepared, packed, transported and served in trains. There is no sale of food items directly to the passengers from Base Kitchens. The food from Base kitchen is supplied in all types of trains. IRCTC managed total 09 Base kitchens as on 31.03.2024.

• Up-gradation of Kitchens:

As per the provisions contained in Catering Policy-2017 and to execute the unbundling of catering services, IRCTC upgraded 48 Kitchens in order to cover more trains for suppLy of meaLs from Kitchen units/Base kitchens. During the year 2023-24, IRCTC has further upgraded 23 kitchens duly installing the modern and mechanized kitchen equipment for meal production. The upgraded kitchens have the facility of QR code on meal packets, live monitoring through CCTV cameras etc. Food Safety Supervisors (FSS) have been depLoyed for coLLection of Food sampLes for lab testing. Commercial Circular No. 24/2023 issued by RaiLway Board has permitted Long term contracts for train cluster tenders, for which "State of Art" Base Kitchens will be set up and managed by the successful licensees of the train contract in each of the sections where cluster trains are operational. The impLementation is under process.

• Food Plazas (FPs)/Fast Food Units (FFUs):

Food Plazas are multi-cuisine outlet in the stations providing a variety of food items under one roof, in a reLaxed dine-in atmosphere with a good ambience and a common kitchen to provide a wide variety of food items. The quality and rates for items of Food PLazas are market-driven. As on 31.03.2024, IRCTC managed 146 Food Plaza across Indian Railway network.

Fast Food Units are major units in the stations serving fast food items through self-service counters and faciLity of take away service is aLso avaiLabLe for passengers across the counters. The quaLity and rates for items in Fast Food Units are aLso market- driven. As on 31.03.2024, IRCTC managed 159 Fast Food units across Indian Railway Network.

• Executive Lounges:

IRCTC has been mandated for management of Executive Lounge at stations, which provides a range of services on payment basis. These services include, facilities such as wash and change, wi-fi internet, live TV, channel music, newspaper/book stand, buffet services concierge services for pre-departure and post arrival assistance to the passengers. As on 31^st March, 2024, IRCTC managed Executive Lounges at 9 stations viz. New Delhi (Paharganj Side & Ajmeri Gate side), Agra Cantt, Jaipur, Ahmedabad, Madurai, Sealdah, Dwarka and Varanasi. Executive Lounge is also under commissioning at Bhopal Railway Station and Varanasi Railway Station.

• Retiring Rooms:

IRCTC manages Retiring Rooms at major railway stations to improve the accommodation facilities for the travelling passengers and to provide affordable and comfortable stay facilities. Retiring Room offers facilities such as Air-Conditioned Rooms and Dormitories, Quality Linen, Locker facility for luggage, LED Television, Bathrooms with all basic facilities such as WC, Geysers, Shower etc. with pantry and housekeeping services. As on MarcRs. 31, 2024, IRCTC managed 36 Retiring Rooms. IRCTC has taken over 100 sites from Ministry of Railways, which are in the process of tendering.

• Non-Railway Catering (NRC):

IRCTC manages various canteens, cafeterias, kiosks etc. located in various Govt. as well as non-Govt. offices including institutional catering for provision of hospitality and catering services. The NRC unit serves quality & hygienic breakfast, lunch, dinner, snacks etc. As on 31.03.2024, IRCTC managed 09 Non-Railway projects.

• Rail Yatri Niwas/BNR Hotels:

IRCTC also develops, operates and maintains Rail Yatri Niwas/BNR Hotels. The sites have been given to IRCTC on licence with permission to sub-license the rights to third parties through Public-Private Partnership. As on MarcRs. 31, 2024, IRCTC operated One Rail Yatri Niwas at Howrah and two BNR Hotels at Puri and Ranchi.

e-Catering:

To provide quality and a wider range of cuisine while traveling, IRCTC has introduced its new e-Catering Website & Mobile app (Food on Track) for food delivery in trains at selected stations. Available for download from Google Play and iTunes, passengers can now easily

install the app on their android or iOS smart phones and get palatable yet affordable food delivery in trains from a variety of food partners. The prices of food booked under e-Catering are market driven, where the restaurant fixes the menu.

With this new online food delivery app, passengers can order food on train by simply entering their travel details such as PNR number, Train name, seat/berth number and expect a delicious and quick food delivery on train. This effective system of online food delivery on train not only guarantees tasty food on your seat but also a revamped railway food menu making your journey a bit more fun. With multiple food aggregators at stations, travellers can now enjoy an extensive set of meals ranging from North Indian to South Indian, Pizzas to mouthwatering Biryanis, butter chicken and Chinese delicacies etc.

IRCTC e-Catering has integrated with B2C partners. Some are already made LIVE such as Ixigo, Confirmtkt, Make My Trip, Yatra, Railofy etc. to improve the process of reach out to customers.

Some of the major brands associated with e-Catering services are Domino's Pizza, Haldiram's, Faasos, A2B, Oven Story, Behrouz Biryani, Wow Momo's etc.

• Booking of e-Catering orders through Zomato & Swiggy

Recently, IRCTC e-Catering services has partnered with M/s Zomato Ltd. and M/s Swiggy with the shared vision of bringing convenient food options to our passengers, to make their train journeys delightful. "We are confident that our collaboration will bring immense delight to our customers as we remain committed to exploring the unique ways that make train journeys more comfortable and memorable for our passengers.''

Future Strategy:

1. Identification of Fresh sites for Food Plazas & Fast Food unit at A1 and A Category Stations:

To provide catering services at market driven rates and standards, Railway Board has been requested to handover fresh sites at 146 stations for setting up of Food plaza & Fast Food Units.

2. Retiring Room & Dormitories:

In order to increase the approach towards accommodation services at stations and revenue of IRCTC, Railway Board has been requested to issue instructions to Zonal Railway to expedite handing over of the 100 more sites of Retiring Rooms especially at A1 & A category Stations to IRCTC.

Budget Hotels:

IRCTC plans to built a network of a well-planned chain of hotels that target the economy / budget travellers. Hotels at following locations are being/have been planned:

• Budget Hotel at Lucknow: Work for setting up of 109 Keys Budget Hotel at Lucknow is nearing completion.

Due process of acquiring regulatory / operational licenses is in process. The Hotel is being set up through PPP Model with investment of RS. 20 crore. The hotel will have facilities to cater to demand of tourists and Meetings, Incentive, Conferences and Exhibitions (MICE). Expected date of Soft Operation of Budget Hotel at Lucknow is September, 2024.

• Budget Hotel at Khajuraho: Work for setting up of 60 Key Budget Hotels at Khajuraho is in progress. Development of Hotel is through PPP Model with investment of RS. 7.5 crore. Expected date of completion of Budget Hotel at Khajuraho is August, 2025.

• Budget Hotel at Kevadia: Due to increase in footfall at Statute of Unity and to tap the tourism potential of upcoming tourist destination of Kevadia, IRCTC is in process to create 500 Key Budget accommodation in the town. In the first phase, work for setting up of 125 Key Budget Hotels at Kevadia is in progress through PPP Model with investment of RS. 20 crores. Expected date of completion of Budget Hotel at Kevadia is December, 2025.

• Other Hotels in pipeline: To have presence on pan India basis, IRCTC has approached other states governments i.e, Himachal Pradesh, Uttar Pradesh, Uttarakhand, Sikkim, Meghalaya, Andhra Pradesh, Nagaland and J&K for allotment of land as follows:

a. Budget Hotel at Goa: IRCTC is in process for allotment of land near New Manohar International Airport, MOPA, Goa. Govt. of Goa has already identified land parcel for IRCTC Hotel at Goa.

b. Budget Hotel at Ayodhya, Uttar Pradesh:

IRCTC is in process to purchase suitable land parcel for development of Budget Hotel at Holy City of Ayodhya.

c. Budget Hotel at Kohima, Nagaland: Govt. of Nagaland has approached IRCTC for setting of budget hotel in Kohima, Nagaland. Discussions are in advanced stage for allotment of land to IRCTC for the above said project.

d. Budget Hotel at Gangtok, Sikkim: Govt. of Sikkim has offered a land parcel to IRCTC for setting of Hotel at Gangtok, Sikkim. Discussions are in process for allotment of land to IRCTC for the above said project.

b. TRAVEL AND TOURISM

Being a Railway PSU, IRCTC specialises in rail-based products and is the market leader in this segment. IRCTC is one of the leading travel and tourism companies in the market, catering to the needs of diverse tourist segments be it land, customised or LTC packages. Besides rail based tourism products, IRCTC has also diversified into various other tourism businesses for increasing the market share in the immensely competitive tourism market. Further new avenues have also been explored by planning new packages based on heritage, culture, adventure, medical wellness and special interest tours. IRCTC has launched attractive, competitive and economical tour packages on its exclusive tourism portal, www.irctctourism.com for showcasing and booking of various tourism products in a single space, shown below as:

During FY 2023-24, IRCTC has marketed its tourism products across India though various marketing activities especially Digital Marketing & Social Media. In addition to the conventional methods of marketing and advertising, Digital Marketing & Social Media has contributed significantly due to large number of followers on social media. The major contributors in achieving the highest tourism revenue are Bharat Gaurav Trains (including State Special trains and the Deluxe Tourist Train), IRCTC Corporate Tejas Trains, Maharajas' Express, Domestic Air Packages, Holiday/ Customised/ Education Tours etc.

The performance of tourism products is provided below:

1. Domestic Tourism

i. Rail Tour packages - IRCTC offers comprehensive rail tour packages with all inclusive services like confirmed onward and return rail journey, road transfers, accommodation, meals and sight-seeing at reasonable rates. During FY 2023-24, IRCTC provided service to 26,395 passenger through Rail Tour packages, with an increase of 21.41% as compared to 21,741 tourists in FY 2022- 23.

ii. Holiday packages - IRCTC also operates Holiday Packages (Land Packages) which includes road transfers, accommodation, meals and sightseeing as per the itinerary. In these packages, services are offered ex-destination (whether from Railway Station/ Airport / Bus Stand). During FY 2023-24, a total 45,477 passengers availed IRCTC land packages.

iii. Packages with charter coach and train -

These are all inclusive packages like Rail Tour Packages, where the train travel is arranged through chartered coaches or trains by IRCTC. During FY 2023-24, IRCTC operated 17 RTP with charter coaches catering to 972 passengers in comparison of 14 RTP charter coach tours during FY 2022- 23.

iv. Customized tour package - These packages are tailor-made based on the requirement of the tourists such as, budget, level of luxury, places of Interest, length of stay, etc. During the financial year 2023-24, total 6,671 number of passengers availed customised packages of IRCTC.

v. Leave Travel Concession (LTCs): Government of India has authorised IRCTC as one among three PSUs for operating LTC tours. IRCTC offers general and customised LTC packages to Government employees. All IRCTC tours qualify for LTC travel.

vi. Domestic Air packages: IRCTC operated various Domestic Air packages from all the Zones to various destinations like Shirdi, Goa, Delhi, Tirupati, Gangtok, Darjeeling, Kalimpong, Andaman and Nicobar, Ladakh, Srinagar, Mumbai, Puri, Konark, Ayodhya and more. During FY 2023-24, IRCTC operated 598 Domestic Air packages and provided services to 12,122 passengers.

IRCTC provides accidental insurance coverage of RS. 10 lakhs to every passenger who makes booking for IRCTC Domestic packages.

2. Inbound Tourist Targeted Tours

i. Maharajas' Express:

Maharajas' Express has created a brand image for IRCTC in the field of luxury tourism in the international arena. Since its launch in the year 2010, Maharajas' Express has been awarded as the World's leading Luxury Tourist Train on several occasions right from the year 2012 to 2018 at the World Travel Awards. Maharajas' Express was also awarded with Seven Stars 2022 in the category "Luxury Hospitality and Life style Awards" in November 2022 and Asia's leading Luxury Train Award 2023 by World Travel Awards.

Maharajas' Express operates on four different itineraries out of which three itineraries are of 6 Nights/ 7 Days and one of 3 Nights/ 4 Days which cover places like Udaipur, Jodhpur, Bikaner, Jaipur, Ranthambore, Agra, Khajuraho and Varanasi. The itineraries have been uploaded with departure dates on the website of the train www.the-maharaias.com . The train is operated during the tourist season September to April.

During the FY 2023-24, IRCTC operated 26 trips for 995 tourists (paid passengers), as compared to, 23 trips for 975 tourists (paid passengers) in FY 2022- 23.

ii. Golden Chariot: Golden Chariot, the only Luxury train being operated in South India by Karnataka State Tourism Development Corporation, was taken over by IRCTC for marketing, operations and maintenance for a period of 10 years through an Agreement signed between the two organisations in 19^th November, 2019 with physical possession of the train by IRCTC in January, 2020.

The itineraries and departure dates of the train for the season 2023-24 and 2024-25 have already been announced and published on the official website www.goldenchariot. org. Three itineraries viz. Pride of Karnataka (5 Nights/6 Days), Jewels of South (5 Nights/6 Days) and Glimpses of Karnataka (3 Nights/4 Days) have been planned various destinations in Karnataka, Tamil Nadu, Kerala and Goa.

iii. Deluxe Tourist Train : IRCTC has been operating the new rake of Deluxe Tourist Trains with International level features like Two Dining Cars, Vacuum Bio-toilets, Air Suspension springs, Security lockers, modified 2AC coaches with side seating facility, On-board housekeeping and security, CCTV camera security, accidental insurance facility, Foot massager and Mini library, etc. This rake is utilised for operating Buddhist Circuit Tour, which is under operations since 2007. The Buddhist tour is of duration of 7 Nights and 8 Days package covering all major Buddhist Pilgrim locations in India and Lumbini in Nepal.

During FY 2023- 24, IRCTC operated 04 trips of Buddhist circuit Tours witRs. 218 tourists against 01 trip witRs. 44 tourists in FY 2022- 23.

IRCTC has been working to increase the utilization of Deluxe Tourist Train by operating itineraries including Buddhist Special as well as Ramayana Circuit, North East Circuit, Garvi Gujarat etc. In FY 2023-24, IRCTC operated 11 trip witRs. 1592 passengers whereas, in FY 2022-23, IRCTC operated 05 trips witRs. 833 passengers on-board.

iv. Outbound Tour Packages: IRCTC has

formulated various tour packages covering destinations outside India. During FY 2023-24, IRCTC operated 81 tours and provided services to 2,299 passengers whereas, in FY 2022-23, IRCTC operated 95 outbound packages and provided services to 3,195 tourists.

3. Air Ticketing and Corporate Travel

i. Online Air ticketing: IRCTC's air-ticketing micro

site www.air.irctc.co.in provides online booking facility of Domestic as well as International Air- tickets at very competitive prices with the lowest

convenience fee as compared to other portals of Online Travel Agents (OTA) in the market.

Mobile app of IRCTC facilitates the booking of air tickets on the go for Android and iOS users. The average number of air ticket booked per day through IRCTC during FY 2023-24 was 5,166 as compared to 5,322 in FY 2022- 23. IRCTC also provides complimentary travel insurance coverage of H50 lakhs to passengers of all the booking made through IRCTC web page and App.

ii. Corporate Travel Business: IRCTC offers complete Travel Solutions for Corporate, which includes air ticketing, booking of domestic (including LTC tickets), as well as international tickets, hotel bookings, Visa facilitation, Insurance etc. IRCTC has decentralised this business at Zonal level to make more tie-ups with PSUs/ Ministries/ Government Departments, etc. and better co-ordination with the organisations. IRCTC has tie-ups with more than 280 PSUs/ Ministries/ Government Departments and institutions for providing corporate travel services.

4. Mass Tourism

i. Bharat Gaurav Trains: IRCTC has initialised the operation of Bharat Gaurav trains across India with the procured LHB rakes provided by Indian Railways for promotion of Rail based tourism in domestic market at reasonable price. With the change of policy issued by Railway Board, all tourist trains are operated under "Bharat Gaurav Policy". IRCTC has 10 rakes for operation of Bharat Gaurav trains across India and one additional rake of Karnataka Govt is also managed & operated by IRCTC. In FY 202324, IRCTC operated 75 Bharat Gaurav train tours and provided services to 42,255 number of passengers in comparison of 10 trips and service to 5,330 passengers (including 03 tours operated for Karnataka Govt.) in FY 2022-23.

ii. State Tirth Special tours:

a) State Special tours by Trains: IRCTC operates the state special tourist train tours in collaboration with various state governments. The government selects the beneficiaries of the tour package who are mostly senior citizens. These train tours cover various destinations of tourist and pilgrim importance across India. In FY 2023-24, IRCTC operated 95 State Special Trains for Delhi, Rajasthan, Madhya Pradesh, Goa, Chhattisgarh& Odisha Government carrying 70,213 tourists to various pilgrim places. Whereas in FY 2022-23, IRCTC operated 96 State Special trains for Madhya Pradesh, Rajasthan, Delhi, Goa, Odisha & Jharkhand and provided services to 94,508 passengers.

b) State Special tours by Air: For the very first time, IRCTC operated State Special tours for elderly residents of state through Air. These air tours were organised for Rajasthan State Government ex- Jaipur to Kathmandu on regular basis as well as ex- Bhopal/ Indore to Mathura/ Vrindavan- Gangasagar- Varanasi- Shirdi. In FY 2324, IRCTC operated 87 tours for total 8,291 passengers.

5. IRCTC Corporate Trains:

During FY 2023-24, IRCTC operated Corporate Trains on regular basis (i.e. 6 days a week) and is successful in placing it as a unique train among general public. ADI-MMCT Tejas operated witRs. 95% occupancy level and LJN-NDLS Tejas operated witRs. 70% occupancy levels. IRCTC is trying to increase the occupancy level by offering various options to passengers like Advance Reservation Period (ARP) of 120 days, lean & peak season pricing to attract passengers, etc.

i. Election Special Trains: IRCTC has been nominated as Single window for booking and movement of Election Special Trains alongwith provision of on-board catering services to the forces on movement. IRCTC operated 542 election special trains and provided services to 4,93,944 para-military forces during FY 202324 as compared to 244 Election Special Trains in FY 2022-23 in connection with assembly elections of Madhya Pradesh, Rajasthan, Jharkhand, Odisha, Goa and Delhi .

6. Special Purpose Tours:

i. Educational Tours: IRCTC operates educational tours for students under its "travel to learn" scheme and has tie-ups with various State Governments as well as private schools for operating educational tours for their students. During the year 2023-24, IRCTC has operated various education tours as:

a. Special educational train tour such as "College on Wheels" was operated for Jammu & Kashmir University to various parts of India like Ahmedabad, Mumbai, Goa, Wardha, Nagpur, etc. ex- Shree Mata Vaishno deve Katra witRs. 762 students & faculties.

ii. Cultural Exchange tours: IRCTC operated the following Cultural Exchange tours in FY 2023- 24 as:

a. Tamil Kashi Samagam 2.0 was operated from Chennai to Ayodhya- Kashi - Prayagraj and service was provided to 1,512 participants.

b. IRCTC operated Yuva Sangam tours-an initiative by Government of India under "Ek Bharat Shresth Bharat" scheme to strengthen people to people connect especially between youth belonging to various States/UTs. IRCTC successfully conducted 54 tours and provided service to around 2650 participants.

7. Other Tourism Activities

i. Event Management: IRCTC has been organizing various Conferences, Events and Incentive packages for Indian Railways, PSUs, Education Department and other prominent institutions. During FY 2023-24, IRCTC conducted 19 Events and provided services to 13,411 beneficiaries as compared to 5 Events in FY 2022-23 for 180 beneficiaries.

ii. Logistic Business: IRCTC ventured into Cargo / Logistics Sector for offering transportation and supply chain management solutions to Government Organizations and targeting both domestic and international freight business. IRCTC is awarded work by BSF, MoD Headquarter and Ordinance Factory Khamaria.

iii. Booking of Charter Trains and Coaches:

Ministry of Railways nominated IRCTC as the single window agency for online booking of all trains and coaches on charter basis. The online booking of FTR Trains/ coaches is done through IRCTC's exclusive web page, www.ftr. irctc.co.in/ftr.IRCTC also provides list of trains where coaches can be added to facilitate the customer, which is updated on regular basis. During FY 2023-24, 576 (187 trains & 389 coaches) charter trains/ coaches were booked through IRCTC, whereas in FY 2022-23, 539 (140 trains and 399 coaches) charters were booked through IRCTC.

iv. Hill and Heritage Charters: IRCTC actively promotes the 5 Hill Railways of India viz Nilgiri Mountain Railway (NMR), Darjeeling Himalayan Railway (DHR), Kalka-Shimla Railway, Kangra Valley Railway and Matheran Railway. IRCTC operates hill charters over Kalka-Shimla, Nilgiri

Mountain Railway and Darjeeling Himalayan Railways UNESCO's "World Heritage Sites".

v. Luxurious Railway Saloon Car: Ministry of Railways has entrusted IRCTC with the task of marketing and booking of Saloon Cars across India, which is now open to be booked by any passenger or company as special rail products.

A Saloon Car generally has a living room, two air-conditioned bedrooms - one twin bedroom and the other similar to AC First Class coupe with attached baths, dining area and a kitchen.

Optional services like in-house attendant, catering, pick and drop are arranged as per demand of tourists. During FY 2023-24, IRCTC successfully operated 80 Saloon Cars across India.

vi. Online booking of Retiring Rooms at Stations and Hotel Booking: IRCTC provides the convenience of booking of retiring rooms online to Railway passengers having confirmed PNR across 387 Railway stations through IRCTC tourism portal. Passengers can also book Retiring Rooms on the go on Android and iOS mobile through IRCTC App.

Hourly booking is also available at 65 stations. At present, about 80% of total retiring room bookings of Indian Railways are being done online.

IRCTC has upgraded Retiring Rooms at 14 stations viz. Kacheguda (KCG), Nanded (NED), Parbhani (PBN),Kazipet (KZJ),Guntur (GNT),Karwar (KAWR),Udupi (UD),Dahod (DHD),Kakinada (CCT),Varanasi (BSB),Hosapete (HPT), Ayodha Dham (AY), Araku (ARK),Thanjavur (TJ) under PPP model and booking has been made online in 2023-24. The upgraded retiring rooms have hotel like facilities such as fully Air-conditioned rooms with Wifi, TV, Geyser, linen, sofas etc.

During FY 2023-24, total bookings for Retiring Rooms was 8.04 lakhs with a total revenue of H48.43 Crores as against 6.23 lakh bookings with revenue of H38.83 Crores in FY 2022-23.

vii. Online Hotel Booking: IRCTC has direct integration with accommodation partners (Hotels, Home stays, Dormitories, paying Guest Houses, Yatri Nivas, Holiday Homes, etc.) for online booking through www.hotels. irctc.co.in and IRCTC Tourism mobile apps - Android and iOS.

Further to boost hotel business, IRCTC has also carried out integrated with Hotel Aggregator to widen the range of hotel inventory on IRCTC's Hotel website. Customers now can book more than 70,000 hotels across 2,773 cities with starting tariff as low as RS. 300. Most of the hotels are located near Railway Stations, Airports and city centers.

In 2023-24, there were 12,290 bookings with total revenue of RS. 4.14 Crores as against 10667 bookings with total revenue of RS. 2.67 Crores during FY 2022-23.

viii. Booking of Tickets in Special Trains for ‘Meri Maati Mera Desh (MMMD) campaign organised by Ministry of Culture, Govt. of

India: Ministry of Culture, Government of India has launched Meri Maati Mera Desh (MMMD) campaign as a part of closing ceremony of ‘Azadi Ka Amrit Mahotsav' in August- September 23, encouraging people from each district/ village to take part in Amrit Kalash Yatras. Soil and rice from villages were collected in Amrit Kalash which were then sent to Blocks and from Block level to the capital city of the respective state/ UT. Furthermore, the Amrit Kalash from across the country was transported to Delhi from 28^th - 30^th October for the culmination of the campaign.

As per the directions of Ministry of Culture, IRCTC booked tickets in special trains to facilitate movement of Amrit Kalash from across the country to Delhi. Accordingly, total 2704 PNRs were booked for 16,147 passengers

in 20 Special Trains amounting to RS. 1.82 Cr in October - November 2023.

ix. Aastha Special Trains to Ayodhya:

Ministry of Railways decided to run special Aastha Trains as a tourism project to sociocultural destination Ayodhya from across India. Booking of tickets was done through the IRCTC Tourism Portal with round-trip ticketing. A special ticketing application was developed on the portal for easy booking in a record time.

The Aastha Train operations commenced on January 28, 2024. IRCTC issued region-wise color-coded ID card cum tickets which were printed by concerned IRCTC's Zones and handed over to the Organisations/ passengers.

Communication with passengers and team/ coach leaders was done through WhatsApp and SMS channels. Additionally, for the first time in the Railways, IRCTC has issued cutting- edge blockchain-based Non-Fungible Token (NFT) Digital tickets cum Memorabilia through SMS and WhatsApp. These digital tickets act as a souvenir and allow pilgrims to upload photos and share their experiences on social media.

A total of 337 Aastha Trains were operated, carrying over 4.5 lakh pilgrims. The trains originated from 22 states and 03 UTs. The operation of Aastha Trains has been immensely successful among the pilgrims with a customer satisfaction rating of 4.59 out of 5. For Aastha trains, the ticketing system was fully developed by IRCTC internal team. For the first time in Indian Railways, blockchain based dynamic NFT (NonFungible Token) was issued as tickets with the theme of the pilgrimage.

The Aastha Train initiative has been a success, strengthening national unity through pilgrimage while showcasing the government's commitment to Swachh Bharat, Digital India, and effective citizen service.

x. Online Bus booking: Since January 2021, IRCTC's dedicated Bus Portal www.bus. irctc.co.in provides online ticket booking to its customers and also facilitates last mile connectivity, where trains and flight services are not available. Presently, online bus booking can be done across 27 states and 7 UTs. During FY 2023-24, total 1,95,416 passengers availed the online bus booking service with total no. of TIDs booked during FY: 2023-24 as 1,26,015. On an average about 345 bus tickets were booked per day through IRCTC's Bus Portal during FY 2023-24 as against 300 tickets booked per day during FY 2022-23.

As compared to FY 2022-23, during FY 2023-24, the portal registered an increase of 19% in passengers travelled and 23% in revenue generated.

Going ahead in this direction, IRCTC signed an Memorandum of Understanding (MOU) with Maharashtra State Road Transport Corporation (MSTRC) on 13^th September 2023 to enable MSRTC's online bus booking services via IRCTC's bus booking portal/website to enhance passengers' experience by allowing them to simplify their travel arrangements from a single point and giving the passengers, advantage of seamless access of last-mile connectivity via IRCTC Bus Booking Portal, ensuring a smooth journey.

The exchange of MoU Folders between CMD/IRCTC and Principal Secretary/Transport in the August Presence of Hon'bte Chief Minister, Maharashtra - Shri Eknath Shinde.

xi. IRCTC Mobile Apps:

In a step towards promoting IRCTC products, the company has its user-friendly Travel and Tourism Mobile Apps for Android and iOS users. It hosts various products & services like Bus, Flights, Hotels, Retiring Room, Lounge, Tour Packages, Bharat Gaurav, Cruise, Buddhist Train, Maharajas, Golden Chariot, National

Rail Museum, Trains at a Glance, Train Tickets, Heliyatra& Digital Memories.

xii. Tourism Portal:

Realising the potential of Online Travel Agency, IRCTC's upgraded tourism portal www.irctctourism.com offers on-line booking of Tourist Trains, Air tickets, Tour packages be it through rail, air or land, Hotel, Saloon Cars, AC Tourist Trains, Event Management, etc. To be at par with the user friendliness and facilities which other OTAs offer, IRCTC has revamped its tourism website.

During FY 2023-24, total 10,23,785 transaction IDs (TIDs) were generated for 23,17,989 passengers with a revenue of RS. 773.68 Cr, in comparison to 8,15,630 transaction IDs (TIDs) for 18,08,548 passengers with the revenue of RS. 537.24 Cr in FY 2022-23.

xiii. Trains at a Glance (TAG): The Trains at a Glance - time table of Indian Railways with a high readership gives detailed information about routes, timings of important passenger trains, premium trains; other details, which are handy for rail travel such as reservation procedures, rules and regulation of travelling, passenger amenities on trains and in stations including catering, menu types and rates, and also about rail-based tourism. IRCTC has been entrusted with the work of printing and publishing of TAG.

Ministry of Railways has released the 44^th edition of Trains at a Glance for the customers, which has been dedicated to the service of the nation in October, 2023.

During FY 2023-24, a total of 2540 TAGs were delivered at the doorsteps of the customers.

Trains at a Glance - 2023 is also available in digital format as "E-Book". During FY 2023-24, a of total 4549 E-Books (English and Hindi) were subscribed.

xiv. Indian Railway Magazines: Since its launch in 2020, IRCTC's segment of online platform for booking of two Annual Railway Magazines (both in English & Hindi) - Indian Railways & Bhartiya Rail has enhanced the reach of magazine to prospective readers owing to digitalization.

During FY 2023-24, total TIDs generated was 504 with revenue of RS. 1.57 lakhs.

Made live on 29.02.2024, these magazines are also being booked in digital format as

"e-Magazine" and have garnered good response from the subscribers.

xv. Online Ticketing for National Rail Museum (NRM): IRCTC manages Online Ticketing System of National Rail Museum (NRM), Chanakyapuri, New Delhi by facilitating visitors, who wish to book their online tickets in advance through website (www.nrmindia.org) for visiting Museum, and for different Rides. Institutional Bookings by Schools & other Institutions are also enabled in the system.

Ticket booking can be made via multiple payment modes, i.e., Credit/Debit cards, Net banking, Wallets, UPI, etc. Further, counter bookings are also enabled with POS machines for digital payments.

QR codes enabled tickets can be scanned through the Mobile App provided to the Ticket checking staff at the different counters for facilitating the easy entry of visitors.

During FY 2023-24, 81,921 tickets were booked with a transaction value of RS. 2,52,47,922 as compared to 63,574 tickets booked with a transaction value of RS. 2,18,99,590.

xvi. Shri Kedarnath Heliyatra Ticketing System:

As per the signed MoU between IRCTC and UCADA (Uttarakhand Civil Aviation Development Authority) for providing Helicopter ticket booking system for passengers to visit Shri Kedarnath Dham, IRCTC has developed the Helicopter ticketing website www.heliyatra. irctc.co.in and has successfully launched online Helicopter ticket booking from 08.04.2023 for a tenure of 5 years.

The online ticketing system for Helicopter service to visit the Holy Shrine of Shri Kedarnath Dham by the pilgrims, is a prestigious project for IRCTC, which is unique with complexities and multiple variations. IRCTC will be handling administrative & Technical operations, Payment Gateway accounting/ reconciliation, etc.

During FY 2023-24, a total of 83,714 tickets were booked for 1,92,551 pilgrims, with total transaction value of H121 Cr., and out of which IRCTC's Convenience Fees amounted to H5.38 Cr. (Excl. GST).

Future Strategy:

Being a tourism arm of Indian Railways, in initial phases, IRCTC has developed and promoted more of Rail based tourism products. But to manage the competition in the market, IRCTC also launched and operated various non- rail based tourism products. With this extremely diversified tourism product lines, there is tremendous scope of growth in the field of tourism and it is seen that as per the projection given by WTTC (World Travel & Tourism Council), the tourism business will grow by 5.1% approx. (compound annual growth rate) in next 10 years (2023- 2033).

IRCTC has been adding new ventures into his cap by launching more Rail was well as non-rail based tourism products to further enhance and consolidate tourism business in the coming years.

IRCTC has been mandated to promote domestic tourism with launch of "Bharat Gaurav Trains" which are also being used for operation of State Special tourist trains. Also to promote International Tourism, more of outbound tour packages are being launched.

IRCTC has total 10 Bharat Gaurav rakes, which has been utilised to promote domestic tourism across India and operation of 01 rake of Karnataka Govt is also managed by IRCTC. The composition of the rakes has been kept with minimum composition of 14 coaches.

However, specific thrust of the company areas identified now for the coming financial year 2024-25 are:

i. Bharat Gaurav Trains: IRCTC has initialised the operation of Bharat Gaurav trains across India with the procured LHB rakes provided by Indian Railways for promotion of Rail based tourism in Domestic market at reasonable price. It is expected that IRCTC will operate more than 200 tours in FY 2024-25 including State Special Train Tours.

ii. Rail Tour Packages: To give a boost to Rail based tourism, IRCTC has plan to launch more and more pilgrimage and leisure based tourism packages in addition to make in concerted efforts to increase the occupancy of existing rail tour packages.

iii. Customised Holiday packages: One the basis of demand of customers, IRCTC will plan and develop more customized packages for small groups of family and friends, which will give variety to customers.

iv. Outbound tours: Destination Management

Companies (DMCs) are being engaged to provide competitively priced packages with quality deliverables in the land arrangements for outbound tours.

v. Domestic Air Packages: Special thrust has been given for this segment and the plan is to increase the business tremendously. Like to outbound tours, all zones have been given stiff target on number of trips to be operated as well as on number of tourists to be carried.

vi. State Special tours by Air: State Government of Rajasthan and Madhya Pradesh has planned to operate State Special trains through IRCTC. IRCTC will operate State Special Tours and also co-ordinate with other States to operate such packages from their states too.

vii. Online Hotel Business: A revamp of Hotel Business is being envisage in terms of website design, prospective collaborations with more partners and focus marketing/promotional activities.

viii. MICE: IRCTC is foraying into the segment of MICE by strengthening the panel of back-end service provider as well as targeting more and more corporate to patronize IRCTC.

c. INTERNET TICKETING

Since its launch in 2002 and after more than two decades of unparalleled progress, IRCTC's website is the largest e-commerce website in Asia Pacific region. The growth of this platform has enabled the common man, to reap the benefits of new technology, making online ticketing more accessible, convenient and affordable. Through IRCTC internet ticketing website and mobile app, people can book tickets from the comfort of their homes, offices etc. eliminating the need to physically visit the PRS counter, saving time, and reducing the hassle.

IRCTC pioneered internet-based rail ticket booking through its Website and Mobile App which accounted for 82.68% of the total reserved tickets booked online on Indian Railways in 2023-24, which is likely to further increase through AI based booking, seamless payment methods on single platform.

The site offers round-the-clock ticket booking services, except for a 35-minute break from 23:45 hrs to 00:20 hrs. In the financial year 2023-24, the IRCTC Website and Mobile App recorded an average daily ticket sale of 12.38 lakh tickets, representing an increase of 5% from the previous financial year's average of 11.82 lakh tickets. These numbers highlight the system's impressive growth and ascendancy in the Indian e-commerce space.

Convenience Fee

IRCTC collects Convenience Fee on e-ticket bookings at the rate of RS. 15/- + GST per ticket for Non-AC Classes and RS. 30/- + GST per ticket for AC Classes (including First Class/FC). For those users, who make online payment for e-tickets through BHIM/UPI payment mode, Convenience Fee is charged at a reduced rate @ RS. 10/- + GST per ticket for Non- AC Classes and RS. 20/- + GST per ticket for AC Classes (including First Class), to promote digital payments, thereby fulfilling the Digital India mission of the Government of India.

Since its launch on 31^st March, 2022, Ask DISHA Chatbot (Digital Interaction to Seek Help Anytime) has heralded a revolutionary paradigm shift in IRCTC e-ticketing . This ArtificaI Intelligence (AI) and Machine Learning (ML) based innovative system marks a significant improvement over traditional methods. This cutting-edge feature has streamlined the booking process and enhanced the user experience. The booking growth of Ask DISHA itself proclaims the success and bright future ahead.

It is highly anticipated that above trend will continue to proliferate and shape the future of IRCTC e-ticketing in future with modern cutting edge technologies.

Overview

i. Internet Ticketing: With a transaction volume of more than

37.75 million per month and 6.91 million logins per day, the Company operates as one of the most highly populated and transacted websites in the Asia-Pacific region. During FY 2023-2024, on an average 12.38 lakh tickets per day were booked online for approx 22 Lakh passengers per day for travelling on Indian Railways, which comprises of approximately 82.68% of Indian Railways' reserved tickets booked online.

ii. NGeT System: The Next Generation E-Ticketing (NGeT) System was implemented as a replacement for the previous e-ticketing system. It has increased the per-minute ticket booking capacity from 2000 to 7200 tickets, significantly improving the system's efficiency. In addition, a state-of-the-art data center has been setup in CRIS premises at Chanakyapuri, New Delhi, to support the upgraded system, increase the capacity and inflow of daily bookings which is regularly updated to keep up with technological advancements. The Company has a strong customer database and leverages the same to cross sell and add value to its products to enhance customer engagement and derive top-line growth.

The NGeT System has capacity to book over 28,000 tickets per minute, making it one of the most efficient online ticketing systems globally. However, IRCTC has achieved Highest ticket booking record of 28,434 tickets in a minute.

The NGeT System's outstanding performance and success is another break through to the IRCTC's commitment to innovation and technological advancement. The magnificent growth, efficiency, and seamless experience have enabled millions of people to access affordable and convenient online ticketing service, further solidifying its status as a leading e-commerce website.

iii. IRCTC Rail Connect Mobile App e-ticketing: During FY 2023- 24, average mobile ticket booking was 6.35 Lakhs per day, witRs. 12.20 Crore downloads on the Mobile App and Daily Mobile Logins as 51.77 Lakhs. During FY 2023-24, more than 2322 lakh tickets were booked using Mobile App, as against 2042 Lakh tickets booked in FY 2022-23. IRCTC Rail Connect Mobile is one of the top most rated Mobile App of India in Google play store.

Rail Connect Mobile App is available on both Android and iOS platforms.

iv. IRCTC i-Pay - Payment Aggregator: IRCTC's own Digital Payment Gateway- IRCTC i-Pay (A PCI-DSS Compliant Payment Solution) is one-stop payment solution facilitates payments through all payment modes (like Internet Banking, Debit Card, Credit Card, Wallets, UPI Account & Autopay) and for safe and secure transaction between the merchant website, multiple issuing institutions, acquiring banks and the payment gateway providers. During FY 2023- 24, i-Pay has generated a revenue of RS. 114.54 Crores with growth of 19.33% in comparison of revenue of RS. 95.99 Crores in FY 2022-23.

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

vi. IRCTC Payment System: Payment options and successful transaction rates are critical for the success of the e-commerce industry. IRCTC over the years has developed and nurtured a robust system of payment gateways with various payment options such as Net Banking, Credit Card, Debit Card, BHIM/UPI, Multiple Payment Provider, Pay-Later, EMI among others for the IRCTC website application and other dedicated web applications and App. Even, foreign users can book tickets using their International Credit Card (Issued outside India) on the available Payment Gateways provided by Atom Technologies, PayU-MPP, Razorpay-MPP and

Pine Lab (Powered by Plural) along with other Multiple Payment Options.

The transactions on IRCTC's website are completely safe and have been certified by VISA, VeriSign, RuPay, American Express, Safe Key, mVisa, UPI and Master Secure etc. Bank Account or Card Account details of users are not saved in the servers of IRCTC at the time of booking tickets, thereby ensuring prevention of any misuse.

vii. Tatkal Scheme for Reserved Tickets: The Tatkal charges have been fixed as a percentage of fares at the rate of 10% of the basic fare for second class and 30% of the basic fare for all other classes subject to minimum and maximum limits. Tatkal tickets are issued for the actual distance of travel, instead of end-to-end, subject to the distance restrictions applicable to the train. The same Tatkal berth/seat may be booked in multiple legs till preparation of the charts. At the time of preparation of charts, the unutilised ones are released to the General RAC/Waiting list passengers. Tatkal facility is also available in the Executive Class of Shatabdi Express trains by earmarking 10% of the accommodation available i.e. 5 seats per coach. Tatkal booking opens at 10 AM for AC Classes and 11 AM for Non-AC Classes. Tatkal tickets can be booked one day in advance from the train originating station excluding the date of journey of enroute stations. The scheme is available on www.irctc.co.in and IRCTC Rail Connect Mobile App where customers can book tickets on the Tatkal scheme seamlessly.

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

ix. Loyalty Program: IRCTC offers co-branded credit card to customers with SBI Bank of Baroda and HDFC Bank on the indigenous RuPay platform. The passengers may book their tickets and purchase other goods from market using IRCTC Cobranded Credit Card. On IRCTC portal, the passenger on booking of Rail tickets, earns loyalty points, which in turn can be redeemed at IRCTC's e-ticketing website to book rail tickets. These cards when used at IRCTC's e-ticketing website, extends benefit by giving 1% waiver on payment gateway charges.

During FY 2023-24 revenue of RS. 39.54 Crores was generated from this segment as against RS. 37.52 Crores earned in FY 2022-23. There are 10.12 Lakh active card holders in this scheme which also includes 4.33 Lakh card holders of Credit Card on RuPay platform.

x. BHIM/UPI Payment Mode: During FY 2023-24,total BHIM/UPI transactions were 1806.12 which is 39.87% of total online ticketing as against 1454.71 transactions in FY 2022-23.

xi. Travel Insurance: IRCTC introduced the travel insurance for Indian citizens who use the IRCTC website application to book their tickets. The travel insurance provides accidental coverage to passengers during their travel with the Indian Railways. In case of an accident due to collision between trains, derailing of the train carrying passengers or any other kind of train accident, the passengers or the nominee can claim compensation. The coverage of the policy is on a PNR basis and includes death, permanent total disability, permanent partial disability as well as hospitalisation charges. This travel insurance, up to RS. 10 lakhs, is provided to passengers who opt for it by paying a premium RS. 0.45 per passenger. During the fiscal year, a total of 46.55 Crores passengers have opted for Travel Insurance.

xii. Concessional Bookings: The concessional booking facility is available for Journalists and Divyang (physically challenged) passengers for booking of online tickets on IRCTC's Website and Mobile Apps using ID cards provided by the Indian Railways.

xiii. Online Booking for Railway Pass Holders: Online booking of Reserved Rail ticket, using the Railway Pass has been implemented for Railway employees who are in service. Convenience Fee and Travel Insurance is not applicable for these bookings. During FY 2023-24, 33.67 lakh tickets were booked online using Railway Pass/PTOs as compared to 27.40 lakh tickets in FY 2022-23.

xiv. E-ticketing Portal for Para Military Forces: IRCTC's e-ticketing facility has proved to be an extremely convenient tool for the Paramilitary Forces for handling their reserved train e-ticket requirements. It has also eliminated the need for cumbersome manual processes of railway warrant management, the reconciliation and accounting between Indian Railways and the Ministry of Home Affairs.

IRCTC has developed a dedicated website to maintain the e-ticketing system along with the Warrant Management System for booking of e-tickets through this portal for travel in trains in a hassle-free manner. As a result, there is continuous growth in ticket booking. During FY 2023-24, total 10.68 lakh tickets were booked through paramilitary forces, which is 18.85% more, as against 8.99 tickets booked in FY 2022-23.

Presently IRCTC is serving Seven Central Paramilitary Forces, namely, NSG, CRPF, NDRF, AR, CISF, BSF and ITBP.

xv. Data & Cyber Security: The Company relies on state- of-the-art technologies to ensure that the confidentiality, integrity and availability of all its online services and its data are adequately secured from the prevailing cyber security threats. The Company safeguards its data with advanced security systems and successfully defends the system against malicious virus or other cyber threats.

IRCTC's E-Ticketing System is a well-protected system, equipped with industry-standard state-of-the-art security technologies for protection from cyber threats and data theft. This includes Network Firewalls, Network Intrusion Prevention System and Web Application Firewalls, DDoS Protection Services etc. The website runs on an Extended Validation (EV) SSL/TLS Certificate that provides end- to-end data encryption between the website and its users. Sensitive data like user passwords are stored in encrypted form in the database. In continuous efforts to improve the security posture of NGeT System, IRCTC has engaged CERT-In empanelled Security Auditor for Bi-Annual Cyber Security Audit of Applications and ICT infrastructure.

All online payment integration, including net banking and Credit/Debit Card are implemented on the URL- redirection model wherein all users are redirected to concerned banks/payment gateway websites for the on-line payment process, fully eliminating any chance of Credit/Debit card data leakage at the IRCTC end.

The company has deployed a number of security solutions viz. Web Application Firewalls, Privileged Identity Management, Secure Email Gateway and Malware Sandboxing solutions, DDoS Protection Services (Clean Pipe Services) etc. with the objective of enhancing its cyber security posture for its Travel & Tourism and Catering services. A Vulnerability Management Solution has been deployed by IRCTC for overview of vulnerabilities in its environment and timely remediation of same.

In order to provide secure and reliable remote access to its enterprise applications for its workforce, a Zero- Trust based Secure Access Solution with multi-factor authentication capability has been implemented. The solution will allow IRCTC workforce to safely log in to corporate applications and desktops any-time any-where and to access private applications/systems they need to be efficient and productive.

Information Security Policies, including Privacy Policy, of IRCTC are uploaded on IRCTC Corporate Portal (under Employee Login). The web link is not available publicly.

Internet Ticketing Statistics

a. No. of E-Tickets and Passengers Booked: A total of 4529.83 lakh tickets have been booked in 2023-24 as compared to 4313 lakhs tickets in 2022-23. In total, 8025.06 lakh passengers booked E-Tickets in 2023-24 as compared to 7706.40 lakh passengers in 2022-23

c. E-ticketing fare Collection: During the year 2023-24, an amount of RS. 61,736.71 crores was collected as Ticket Fare from the users as E-ticketing revenue, which is 13.67% more than the last year's collection of RS. 54,313.46 crores.

d. Growth of Online Reserved Rail Ticketing

e. Segment-wise Online Ticket Booking Share 2023-24

New Initiatives Taken During 2023-24

Integrated Railway Helpline & Enquiry System (IRHES-139):

The Integrated Railway Helpline & Enquiry System (IRHES-139) is a comprehensive service that offers railway information and assistance to passengers facing any issues. IRCTC has upgraded the service with advance technological features. The system employs IVRS with Automatic Speech Recognition (ASR), powered by Natural Language Understanding (NLU) / Natural Language Processing (NLP), enabling passengers to interact naturally in their mother tongue and supported in 13 Languages - Hindi, English, Marathi, Gujarati, Tamil, Telugu, Kannada, Malayalam, Bengali, Assamese, Punjabi, Oriya, and Urdu.

This innovative approach incorporates APIs from PRS, NGeT, UTS, Rail Madad, NTES, and more, without utilizing railway space or incurring additional expenses. The infrastructure is cloud-based (MeitY empaneled) and adheres to ISO 27000 compliance standards for IT security compliance. This ensures scalability and an SLA-based approach, while boasting an impressive 85% automation rate. Approx. 2.5 Lakhs calls are being handled per day, out of which, 14-15 % calls are handled by agents and rest by the AI based IVR system. Approx. 1 Lakh SMSs are being handled every day with approx. 6500 complaints being registered on Rail Madad every day througRs. 139. Calls abandoned rate is registered as approximately 1%.

a) New services added on IRCTC Website during FY 20232024:

1. Passengers of Vande Bharat trains can now choose Tea / Coffee as catering option while booking tickets w.e.f. 25.07.2023

2. Same day refund feature for Rail e-ticketing has been introduced for transactions, whereas amount deducted but ticket not booked.

3. In Vande Bharat trains, new SMS service has been implemented to confirmed passengers to book meal through link provided via SMS w.e.f. 17-012024. Besides, functionality of sending menu of available meal plans through SMS, Confirmation of meal booking, Failed meal booking, Cancellation of Meal booking & Refund of Cancelled meal booking through SMS and Mails also implemented w.e.f. 21-02-2024.

b) New services added on IRCTC Rail Connect Mobile

Apps during FY 2023-2024:

1. Login through Biometric or pattern lock avoiding PIN and without CAPTCHA is started in iOS Mobile App w.e.f. 07-Apr-2023.

2. Tea/Coffee as food option added in trains as catering service during booking process in Android Mobile App on 26-Jul-23 and on iOS Mobile App on 8-Aug-23.

3. Integration of Amazon Associates as Advertisement partners for Deals, Offers and Shopping Experience and as Bill Payment and Recharge partners is enabled and product made live on Android Mobile App on 14-Sep-23.

4. Integration of (Comprehensive Payment Solution) enhanced payment and refund flow implemented on IRCTC Rail Connect Mobile Apps w.e.f. 16-Nov-

2023 due to which success rate of ticket booking and timely refund rate has been improved.

5. In Vande Bharat trains passengers can book Meals post booking on Mobile Android Apps w.e.f. 11-Jan-

2024 & on Mobile iOS Apps w.e.f. 22-Feb-2024.

6. Ordering of food using e-Catering services in Mobile iOS Apps started w.e. f. 22-Feb-2024.

Highlights of Internet Ticketing FY 2023-24

1. IRCTC e-ticketing platform achieved 2^nd highest per minute booking record of 26,672 on 01-March-2024 at 11:02 AM. and 3^rd highest per minute booking record of 25,712 on 08-02-2024 at 10:01 AM.

2. IRCTC e-ticketing platform achieved highest hourly booking record of 1,85,513 during tatkal hours between

10 A.M. to 11 A.M. on 21-03-2024

3. IRCTC e-ticketing platform achieved highest hourly booking record of 2,23,193 during tatkal hours between

11 A.M. to 12 Noon on 22-03-2024.

4. Total number of tickets booked were 4529.83 Lakhs, which is 5.03% more than last year.

5. Total 12.20 Crore Mobile App (on Android & iOS:) Downloads till 31^st March, 2024.

6. The average Mobile App bookings during 2023-24 were 6.35 Lakh tickets per day, as compared to 5.60 Lakh tickets in 2022-23. 13.70% of IRCTC e-Tickets have been booked through IRCTC Rail Connect Mobile App during FY 2023-24.

7. Share of Reserved Rail tickets booked online was 82.68% in 2023-24, as compared to 80.99% of the reserved tickets booked online in 2022-23. There has been continuous increase in online booking share over the years.

8. Substantial and consistent revenue growth shown in ticket booking through AskDisha Chatbot. During FY 2023-24, total tickets were 11.04 Lakhs (which is 91% in comparison to previous year) and Total Revenue Earned was RS. 162.21 Crores.

Future Strategy:

IRCTC with its optimistic outlook has planned to bring into its system some new projects which not only promise to promote IRCTC Brand name but also proves the company's expertise and adaptability to latest innovative technologies in vogue in the market place. At the same time, it is also anticipated to create new businesses and thereby generate additional revenues for the company. Not only widening its business arena, IRCTC will be using innovative technologies in vogue, for system improvement.

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

a) Towards One India - One Ticket Initiative (DMRC)

In a significant step towards enhancing the convenience and ease of travel for passengers, the Indian Railway Catering and Tourism Corporation (IRCTC) and the Delhi Metro Rail Corporation (DMRC) have entered into a Memorandum of Understanding (MoU) to introduce QR code-based ticketing for DMRC services through the IRCTC portal, as part of "One India-One Ticket Initiative." CMD/ IRCTC and MD/DMRC signed the MoU in the presence of senior officials from the Corporations on 14^th August,2023.

Under this partnership, passengers who book online tickets through the IRCTC platform will have the added convenience of seamlessly booking DMRC QR codebased tickets. These DMRC tickets can be issued in sync with the Advance Reservation Period of Indian Railways. By integrating these services, passengers can effortlessly plan their entire journey in one go. The DMRC QR code-based ticket will be seamlessly generated and printed on the Electronic Reservation Slip (ERS) of IRCTC. This integration aims to streamline travel experiences, eliminating the need for passengers to endure long queues and saving valuable time.

b) Diversification of IRCTC as Fintech Company

iPay, being own business initiative of IRCTC, was started as a pilot project in 2018-19 eyeing its usage in IRCTC websites and huge market opportunity in government businesses where IRCTC iPay becomes a good fit and better equipped to provide customized payment service. In the era of digital payments and Government of India's push to make India a less cash economy, there is an immense gap in the demand and supply for such kind of product. Further being a product of IRCTC, a public sector, it shall have an added advantage over private players in lieu of trust and reliability.

To fulfill this vision and for business diversification of IRCTC in fintech space, a wholly owned subsidiary of IRCTC i.e IRCTC PAYMENTS LIMITED has been incorporated on 10^th February, 2024.

In this regard, IRCTC PAYMENTS LIMITED is planning to operate as a payment aggregator ("PA") as per RBI Guidelines on Regulation of Payment Aggregators and Payment Gateways for Non-bank PAs.

c) GSA B2B Policy

IRCTC is exploring the possibility of extending its Web Services B2B facility to organizations of foreign countries. Agents affiliated with foreign country organizations, referred to as 'GSA Retail Service Providers' (GRSP), shall be allowed to book IRCTC reserved rail e-ticket through the portal or website of the General Sales Agent (GSA), referred to as the 'GSA B2B Principal Service Provider'. This arrangement allows these GRSPs to facilitate ticket bookings for the general public in their respective countries. The objective of this policy is to target and encourage the potential foreign countries agents to register themselves as GSA for providing IRCTC reserved rail e-ticketing service.

d) Same Day Online Refund

IRCTC has been constantly contributing to enhance the customer experience and convenience for reserved rail e-tickets through its Website and Rail Connect Mobile App with the aim of retaining its customer base. IRCTC e-ticketing system has to address the payment and refund issues which is the main reason for the largest number of complaints.

The earlier traditional file based method of refund were getting initiated for refund to user on T+1 day. However, now, IRCTC has implemented the functionality of same day refund initiation for failed transaction cases (where user's Account gets debited and ticket not booked) of online Rail e-ticket transactions. The first step put forward in this process was laid in the month of December'2023. Now all such transactions are being initiated for refund on the same day. The refund for the transactions done through UPI are being refunded on the same day in user's account.

IRCTC is in the process to implement the same day refund for cancelled tickets also, so that the refund will be initiated same day for cancelled ticket also.

e) IRCTC Co-Branded Co-Sell (Cross-Selling) Chatbot

IRCTC Co-Branded Co-Sell/Cross-Selling Chatbot is a Conversational AI Platform solution on platform buy out model to cater to all information/queries, transactions & feedback across organizations (PSUs, Government Departments & Private Enterprises) in association with technical Partner. In this arrangement, complete platform, dashboard, customer / merchant care support and support the installation, customization and other AI services etc. shall be provided. This product will be launched on DMRC website shortly.

f) ICT Refresh

The NGeT system was launched on April 2014, since then, the ICT Infra has been upgraded/augmented to enable the system handle increasing loads and integration of new services/functionalities. The ICT infra were placed under AMC support from respective OEMs so that support is available for the system 24x7. Procurement and implementation of ICT Infrastructure and Help Desk Services for NGeT System under NGeT ICT Refresh Project is under process, in coordination with CRIS for development of new Data Centre space for hosting new ICT Infra of NGeT under ICT Refresh. The project will ensure the sustainability of the NGET system for another 5 years with the capability to handle changing requirements, added functionalities, services and load.

d. PACKAGED DRINKING WATER (RAIL NEER)

Rail Neer is an exclusive brand of packaged drinking water of Indian Railway Catering and Tourism Corporation (IRCTC). Our packaged drinking water is processed, purified, bottled, and packaged at the state of the art plants and widely available at all major railway stations across the Indian Railways Network.

Rail Neer Packaged Drinking Water has been made mandatory at major railway stations and to step up the production to meet growing demand, IRCTC is setting up various Rail Neer plants across the country.

During FY 2023-24, three new Rail Neer plant at Kota (Rajasthan), Simhadri (Andhra Pradesh) and Bhubaneswar (Orissa) with production capacity of 72000 bottles per day each has been set up. All three new plants have 100% rain water harvesting system to conserve water. To save energy, LED lighting fixture and energy efficient blowing machine and air compressors have been installed at all new Plants.

As on 31^st March, 2024, IRCTC has 19 operational Rail Neer plants located at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, Sankrail, Una, Bhusawal, Kota, Simhadri and Bhubaneswar. out of which plants at Amethi, Parassala, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, Sankrail, Una, Bilaspur, Bhusawal, Kota, Simhadri and Bhubaneswar are operated under the PPP model.

Performance of Rail Neer plants during FY 2023-24 as compared with FY 2022-23 is tabled hereunder:

(Amount in US $)

Quality: Rail Neer Plant at Nangloi, Danapur, Palur and Bilaspur are accredited with ISO 9001:2015 quality management system certification and Rail Neer Plant, Ambernath is accredited with ISO:22000-2015 certification.

The result of the tests carried out by the accredited laboratories on Rail Neer Packaged Drinking Water indicates that the quality of Rail Neer conforms to European Economic Community (EEC) norms for pesticide residue.

Technology/Capacity upgradation

• Rail Neer Plant Simhadri has been set up in association with NTPC Ltd. The plant has been set up within the premises of NTPC Power Plant Simhadri. This project is based on desalinated water. NTPC treats the desalinated water through the process of Flue Gas Based Sea Water (FGSW) desalination system and supply to Rail Neer Plant througRs. 1.2 km SS pipeline where it is further mineralised to meet BIS requirement for packaged Drinking Water. This project of Packaged Drinking Water based on flue gas based sea water (FGSW) desalination system is innovative, low carbon intensive plant. This plant is first of its kind in our country. The waste heat from existing flue gas in fossil fired power plant is utilised for distillation of sea water instead of steam or electricity as used in conventional desalination system.

• We are also planning to upgrade the existing conventional Fork Lift Truck drive-in racking system to Battery and remote operated Cassette Drive in racking system.

• IRCTC has developed a Rail Neer App for billing and monitoring Rail Neer distribution operations in plants. This App has improved performance of Rail Neer distribution operations and helpful to utilise it as a decision-making tool. Rail Neer Carrying and Forwarding Agencies (CFAs) have been empowered to issue invoice through Rail Neer App to licensees, enabling live record and reconciliation of sale and supply of stock to trains and catering units. This has simplified the process of bill settlement in real time, rendering accurate results every time. It has also resulted in savings in stationary and offers time for reconciliation. Further, the data of billing is automatically uploaded on GST portal.

Future Strategy:

To meet increased demand of Rail Neer over Indian Railways, capacity enhancement of Rail Neer Plant Palur, Ambernath and Danapur is under process and work is likely to be executed in FY 2024-25. With the capacity augmentation work, additional production of approx. 3 lakh bottles per day is expected to be created.

IRCTC's current production capacity is around 17.68 lakh litres/ day, spread over nineteen working plants. With the likely commissioning of one more plant at Mallavalli near Vijayawada (Andhra Pradesh) July, 2024, capacity will be enhanced to approx. 18.40 lakh litres/day.

e. HUMAN RESOURCE DEVELOPMENT

The Company continues to invest in the Human Resource Development with a push on HR policy changes and introduction of online systems. Many progressive schemes have been implemented to improve alignment between individuals and the organisation. Revamping the Performance Management System with the introduction of PMS for E7 & E8 employees, introduction of separate Skill Development Section, enhancing employee engagement and strengthening internal communication with "Talk to Management Programmes", internal grievance handling and use of e-platform based interventions for learning and development.

As on 31^st March, 2024, the Company had a total manpower strength of 2726 personnel with the following details:

(Amount in US $)

#Engaged through Manpower Service Provider Agency for providing support services.

The percentage of women employees, SC/ST/OBC employees, persons with disabilities and ex-servicemen out of regular employees of the Company is mentioned below:

(Amount in US $)

Employee Welfare:

Employees are the backbone of a successful company. They are valuable assets that must be invested in, nurture and encouraged to be the best they can be. It is the responsibility of the company to create a positive work environment that fosters employee engagement, motivation, satisfaction and retention. It has to be ensured that all employees are happy, healthy, safe, and productive. Employee welfare refers to the services and benefits provided to the employee for their well-being which includes physical safety, mental health, and stress- management programs.

Going ahead in this direction, the Company took following initiatives: ^•

• Talk to Management: The employees/contractual staffs can interact with HR head of IRCTC regarding his/her long pending grievances or any innovative idea for improving the performance of organization or any other issue, without the intervention of his controlling officer/ supervisor. The basic idea behind this scheme is to get suggestions from the employees through ‘brainstorming' for system improvement of the organization, besides resolving the grievance of the employee.

• Introduction of Skill Development Section: IRCTC has introduced a Skill Development & Training Section wherein the Training Cell has conducted various training programs related to Food Safety & Hygiene, POSH, MDPs, Orientation programs, Virtual campus, GeM, HR conclaves, Cyber Security, Stress Management, Wellness Programs during the FY 2023-24 and covered training across all levels. IRCTC has introduced its own LMS (Learning Management System) known as i-Prepare which is available on Google Play. 629 staffs/officers attended various training programs through IRCTC i-prepare app.

• Empanelment of in-house doctors at office premises:

IRCTC is providing free consultation services of AYUSH Physicians, General Allopathic Physician and Gynaecologist to the employees of the Corporate Office and North Zone. Ayush treatment has helped a large number of staff and their families in recovering from illnesses i.e. common cough, cold and prevention of seasonal diseases. With the empanelment of a General Allopathic Physician, the employees are saved from rushing to clinics/dispensaries for normal clinical ailments saving their time & money. Further, women employees are being attended to for their gynae issues with the empanelment of in-house Gynaecologist.

• Compassionate Ground appointments in place of deceased regular employee: IRCTC is providing

Compassionate Grounds appointment for dependents of IRCTC regular employees who lose their lives while in service (except in case of suicide) in order to support the family/dependants and liabilities left by the deceased employee.

• Provision of financial aid to the family in the event of death of employee: IRCTC Employees' Contributory Welfare Scheme has been introduced with an aim to provide immediate financial aid to the family in the event of death of an IRCTC's employee. An employee can become a member of scheme on voluntary basis, by contributing a nominal amount of RS. 100/- per month.

• Empanelment of hospitals for OPD and IPD treatments:

For medical treatment requiring hospitalization and indoor attention, full reimbursement is being made of the expenses incurred in Empanelled Hospitals, Government Hospitals, Government aided Hospitals, etc. The empanelled hospitals are also providing OPD consultations to employees and their dependants either on CGHS rates or on discounted rates.

• Social Security measure for retired employees and their spouse: As a social security measure, IRCTC has introduced the Post Retirement Medical Scheme which has been extended to post-retirement medical benefit to the eligible employees in IDA pay scale and their spouses who have superannuated/retired/died on or after 01.01.2007 after putting in 15 years of service in CPSE(s). This scheme also covers those employees who have already superannuated, retired or medically retired on or after 01.01.2007.

• Coverage of accidental deaths: With the introduction of Group Life Insurance scheme, IRCTC has extended the coverage of accidental death as well as natural death with monetary limit of 70 months basic pay plus Dearness Allowance for all employees of IRCTC, including deputationists.

• Ex-gratia for deceased employee: An amount of RS. 25,000/- is granted as ex-gratia to the dependent family members of the deceased employee as funeral expenses.

• Engagement of apprentices: As per the Ministry of Skill Development and Entrepreneurship guidelines, IRCTC is duly fulfilling its obligation of engaging apprentices for training in the band of 2.5% to 10% of the sanctioned strength. For this period of training, a stipend is paid to each apprentice as per directives of the Ministry of Skill Development & Entrepreneurship. During the year 202324, 73 apprentices (i.e. 5.41% of the total employee strength) were engaged.

A small glimpse of the trainings conducted during the last two financial years is as under:

(Amount in US $)

*Excluding the Programs available at i-Prepare app.

No of staff trained through LMS (i-prepare)

(Amount in US $)

Steps and initiatives taken by IRCTC for Health & Safety Improvements of Human resources

IRCTC is fully aware of the Health & Safety issues pertaining to its employees and, therefore, regularly conducts Training sessions/ Workshops/Webinars on heath and allied activities. The programnes conducted during FY 2023-24 are listed below:-

(Amount in US $)

Industrial Relations

The industrial relations climate in the Company has traditionally been harmonious and cordial. A collaborative and seamless IR atmosphere has been maintained in the Company so that IRCTCians are ready for the challenges faced by the Company due to the changing business environment. An effective work culture has been established in the company through empowerment, transparency, decentralisation and practice of participative management to support the management in overcoming challenges faced by the Company.

Particulars of Employees

The provisions of Section 134(3)(e) of the Act are not applicable to a Government Company. Consequently, details on Company's policy on Directors' appointment and other matters as required under Section 178 (3) of the Act, are not provided.

Similarly, Section 197 of the Act is also exempt for a Government Company. Consequently, there is no requirement of disclosure regarding the statement showing the names and other particulars of every employee of the Company, who if employed throughout / part of the financial year, was in receipt of remuneration in excess of the limits set out in the rules are not provided in terms of Section 197 (12) of the Act read with Rule 5 (1) & (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Digitisation of HR data

During the year, the Company took various steps towards the digitization. Various in-house developed software applications have been successfully implemented :

a. Performance Management System for online assessment of all the officers / staffs upto E-8 level.

b. Development of online receipt of ID card request from all employees / staff of IRCTC.

c. Online application for receipt of training requests from employees.

d. Vigilance Complaint management System.

e. Vendor Authentication management System.

f. New modules integrated in HRMS system.

g. IOS based HRMS mobile app for all the employees is in testing phase for launch:

i. NoC for external employment,

ii. Sanctioning of Marriage Gift to the regular employees,

iii. NoC for Passport (Fresh/Renewal) are developed in HRMS system.

Use of Information Technology/ERP

Information Technology works as a key link among the various user departments. Various initiatives have been taken during the year for benefit of employees, such as E-office upgradation.

In addition to the above and aiming to widely use of electronic means in daily routine work, various in-house applications have been designed, developed and implemented in the organization.

Efforts were taken for involvement as well as transparency in official work involving general public outside IRCTC with in-house developed applications such as, successful completion of Online vendor empanelment system with Integrated Payment Gateway for Packaged items and Ready To Eat products, Agency Integration of Gift Voucher/ Gift Card based White Label Solution, Advertising Agency on DAVP/BOC Rates, Authentication through online Vendor Authentication management System.

Further, the Company also undertook integration of Air ticketing portal with ERP and relaunched New Railneer App during 2023-24.

f. VIGILANCE

Vgilance wing in IRCTC is a key department acting as direct link between CVC, Railway Board Vigilance and the Organization. It has been entrusted with the responsibilities of mandate to carry on various surprise checks and scrutinize records/documents of various other departments from time to time for detection of any, malpractices, corruption and unwarranted/unlawful business conduct in the organization. It coordinates with IRCTC management and Railway Board Vigilance in dealing with matters of vigilance administration, policy and disciplinary proceedings against erring officials. IRCTC vigilance wing is headed by a full time CVO assisted by Deputy CVO, 2 Vigilance Officer, and 3 Vigilance Inspectors in Corporate office. Further, there are 5 Vigilance Officers, one in each zone for handling vigilance related matters in the Zonal office & field units. CVO being the extended arm of CVC is deeply engaged in furthering culture of transparency, fair procedures, good business conduct and raising vigilance awareness in the organization. The focus area of vigilance department is to promote work culture of intelligence gathering, monitoring and surveillance. Efforts are being made to undertake pro-active preventive Vigilance measures. This is to ensure fair systems and procedures in place thereby increasing transparency and reducing scope for discretion.

During 2023-24, the vigilance department investigated 27 complaints in detail, and, 47 complaints having no Vigilance angle were forwarded to concerned department for necessary action. Total 111 preventive/surprise checks were conducted in catering and e-ticketing sector. The malpractices and incidents of corruption so detected were communicated to the concerned department for stringent action against the licensees and erring employees. The resultant fine recovered was to the tune of RS. 13,33,455/-.

Further, on the recommendation of Vigilance department, two system improvements were implemented by management to minimise instances of malpractices, especially in the procurement, catering, tourism and e-ticketing sectors. As a mandate of CVC, CMD/IRCTC undertook periodical review of activities and performance of vigilance department with the CVO.

As per the directives of Central Vigilance Commission (CVC) "Vigilance Awareness Week" was observed at IRCTC from 30^th October, 2023 to 5^th November 2023 with the theme, "ysiMTa fdrtY Ht; a? Hr sfV ah," Say no to corruption; commit to the Nation" and all employees took "Integrity Pledge". Various programmes/ competitions/ seminars were conducted in all the offices of the IRCTC with a view to create awareness about preventive measures through system improvement. Moreover, new initiatives were implemented like "TEJASathon" in which interactive session with passengers were done for increasing awareness among general public. It was observed to encourage all stakeholders, employees, associated vendors and citizens to collectively participate, fight against corruption and to raise public awareness regarding existence, causes, gravity and the threat posed by corruption.

Integrity Pact

IRCTC has implemented the integrity pact programme in line with the recommendations of the Central Vigilance Commission with an objective to ensure that all activities and transactions between a Company or Government departments and their Suppliers are handled in a fair, transparent and corruption-free manner. The adoption of the Integrity Pact by IRCTC has helped in establishing healthy business practices. To ensure transparency and healthy competitiveness in public procurements/ contracts, IRCTC has adopted the Integrity Pact. Two (02) Independent External monitors are appointed in IRCTC with the approval of the CVC. Currently, Shri Apurva Varma, IAS (Red.) and Shri Bharat Prasad Singh. IFoS (Red.) are IEMs for Integrity Pact in IRCTC. A coordinator has also been appointed for Integrity Pact for monitoring and implementation of Integrity Pact. Integrity Pact now being used in all the tenders which are beyond the identified threshold values.

Establishment of Vigil Mechanism

Disclosure regarding establishment of vigil mechanism is included under the Corporate Governance Report at Annexure-"B".

Your Company has established Whistle Blower Policy/ Vigil Mechanism to report genuine concerns about unethical behaviour, actual or suspected fraud, violation of Code of conduct and also instances of leak of unpublished price sensitive information. The said vigil mechanism provides for adequate safeguards against victimization of persons who use the mechanism and has provision for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases.

g. CORPORATE SOCIAL RESPONSIBILITY

The Company has been actively engaged in various CSR activities over the years, encompassing the entire gamut of social welfare / upliftment activities across the nation. The Company has identified thrust areas under CSR, which inter alia include healthcare and sanitation, education and empowerment of women and socially / economically backward groups, etc. During the year, the Company spent the entire budget of RS. 16.64 crore on various CSR activities. A report on the Company's CSR activities as per the provisions of the Companies Act along with the CSR highlights for the year is annexed at Annexure-"C" to the report. The composition of the CSR Committee is provided in the Corporate Governance Report. The CSR policy of the Company can be accessed at the website of the Company on the web link https://www.irctc.com/assets/ images/CSR-Vision-Document.pdf

h. COMPLIANCES

• Right to Information Act

An elaborate mechanism has been set up throughout the Company to deal with matters relating to the Right

to Information Act 2005. As required under the RTI Act, detailed information is hosted and regularly updated on the official website of the Company, i.e., https://www. irctc.com/rti.html which inter-alia includes details of CPIOs / APIOs/Appellate Authorities, third party audited reports on mandatory disclosures, etc. To deal with RTI applications in a fast track mode, IRCTC generates one Unique Registration No. (URN) for each application and the same is replied by the concerned CPIO/PIO well within the prescribed time limit.

The Company has aligned with the online RTI portal launched by DoPT, Govt. of India, and all the applications/ appeals received through the portal are disposed off through the portal only. The Quarterly Reports / Annual Reports are submitted, within the prescribed timeline, on the website of the Central Information Commission, i.e., www.cic.gov.in.

During 2023-24, a total of 2351 RTI Applications and 162 RTI Appeals under the RTI Act, 2005 were received and all the applications were dealt/disposed-off in a timely manner.

(Amount in US $)

Detail of RTI Applications and Appeals is as below.

#The pending cases were within stipulated time lime of 30 month as per the RTI Act, 2005.

• Presidential Directives

The Company follows the Presidential Directives as and when received from Ministry of Railways. However, no Presidential Directive was received during the year.

• Rajbhasha (Official Language)

Rajbhasha section has been set up in the Corporate Office of IRCTC, so that implementation of Rajbhasha Policy of Govt. of India can be ascertained. Experienced Official Language officers and employees have been deployed in the Rajbhasha Department. Presently, in the Corporate Office of IRCTC, Group General Manager/ HRD has been designated as Chief Official Language Officer and Assistant Manager, Rail Neer as Rajbhasha Adhikari to look after the administrative work of Hindi in addition to their normal work. Apart from this, DEO and Consultant are performing all types of work under them. Such as execution of works related to the Department of Official Language in all zonal and regional offices of IRCTC, following and guiding the Annual Program issued by the Ministry of Home Affairs, Department of Official

Language and informing about all the work related to the Department of Official Language.

In all the Zonal offices of IRCTC, retired Senior Official Language Officer/Official Language officers from the Department of Official Language of Central Government Offices/Undertakings/Public Bodies/Departments have been engaged as Consultant/Official Language. 05 Consultants/Rajbhasha have been posted in 03 zonal offices, and appointment of Consultants/Rajbhasha is in process for other 02 zones.

A library has been established in the Official Language Department of the Corporation Office. Different types of interesting and informative Hindi books are available in the library. These include novels, story collections, poetry collections and many analytical and informative books on various contemporary subjects by eminent and well- known writers and creators of Hindi literature.

Hindi SaptaaRs. 2023

Hindi Saptaah week was organized from 14^th to 21^st September, 2023 at IRCTC Corporate Office. During

Rajbhasha Week, propagation of the Hindi Day messages of Railway Minister and Chairman and Managing Director/ IRCTC in all regional and subordinate offices along with corporate office was done and Rajbhasha Competitions in every subordinate office/corporate office were organised.

During Rajbhasha week Hindi workshops, Noting, Drafting and Shabd Gyan Competitions were organized. 95 contestants participated in the competitions out of whicRs. 16 employees were awarded with prizes.

Inspection by Parliamentary Committee on Official Language:

During 2023-24, various regions/zones were inspected, viz, Patna/ Regional Office, Lucknow/Regional Office, Benguluru/Regional Office, Vijaywada/Area Office, Vishakhapattnam/Area Office and Danapur/Area Office.

Inspection of Regional Office, Bengaluru by Second Sub Committee of Parliament on official Language on 14.07.2023

Inspection of Area Offices of Vishakhapattnam & Vijaywada by Second SubCommittee of Parliament on official Language on 23.08.2023 & 25.08.2023

Inspection of Area Office, RailNeer Plant, Danapur by Second SubCommittee of Parliament on official Language on 29.12.2023

• Disclosure Requirement under Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal ) Act 2013

The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules thereon are being strictly complied with. The Company is committed to the prevention of sexual harassment of women at workplace and takes prompt action in the event of reporting of such incidents.

In accordance with the Act, to provide protection against sexual harassment of women at workplace and to maintain their safety, IRCTC has nominated Internal Complaints Committee(s) with the composition as required under the Act, at the Corporate Office as well as Zonal offices of the company.

The detail of complaints, received, disposed off and pending during the year 2023-24 is reproduced below:

(Amount in US $)

• Procurement from Micro and Small Enterprises (MSEs)

In line with the Public Procurement Policy of the Government of India, as amended, the Company is required to procure minimum 25% of the total procurement of Goods and Services from MSEs, out of whicRs. 4% is earmarked for procurement from MSEs owned by SC / ST entrepreneurs and 3% from MSEs owned by women. The procurement from MSEs during FY 2023-24 was as under:

(Amount in US $)

Several initiatives were undertaken to identify the entrepreneurs for procurement of goods and services from MSEs owned by SC / ST enterprises and women owned MSEs.

• Facilitation for payment of invoices through TReDS Portal:

In exercise of powers conferred by Section 9 of the Micro, Small and Medium Enterprise Development Act, 2006 (27 of 2006), the Central Government issued instructions that all CPSEs shall be required to get themselves on boarded on the Trade Receivables Discounting System (TReDS) platform, set up as per the notification of the Reserve Bank of India.

In compliance with the above instructions, your Company is on the TReDS platform, registered with Receivables Exchange of India Limited (RXIL) , to facilitate financing of trade receivables of MSEs by discounting of their receivables and realisation of their payment before the due date.

The company is having real time bill tracking system with facility for uploading of bills by vendors and releasing payments. In order to enable MSEs to avail the benefit of TReDS portal, the company is ensuring decision on acceptance/rejection of Goods & Services and payment to MSE vendors within the stipulated time period of the contracts.

• Mandatory use of GEM for procurement:

During the year, GEM portal was extensively used for procurement of capital goods, consumables as well as services across zones & regions. During FY 2023-24, IRCTC's total procurement through GeM is as under.

(Amount in US $)

i. COMPLIANCES UNDER THE COMPANIES ACT 2013 / SEBI (LODR) REGULATIONS 2015

• Annual Return

As required under the provisions of the Companies Act, 2013, the Annual Return is hosted on the Company's website and can be accessed from the link https://irctc. com/Annual%20Return.html

• Deposits

The Company has not accepted or invited any deposits from the public under Chapter V of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the year under review. Therefore, the information required to be reported under Rule 8 (5) (v) of Companies (Accounts) Rules, 2014 is NIL.

Further, as provided in Secretarial Standards, information regarding details of National Company Law Tribunal (NCLT)/National Company Law Appellate Tribunal (NCLAT) orders with respect to depositors for extension of time for repayment, penalty imposed, if any is also NIL.

• Particulars of loans & guarantees given, investments made and securities provided

During the year, the Company has not provided any loan or provided any guarantee under section 186 of Companies Act, 2013 read with Companies (Meetings of Board and its Powers) Rules, 2014.

The details of investments made by the Company in its wholly owned subsidiary company i.e., IRCTC Payments Limited during the FY 2023-24 forms part of the notes

to the standalone financial statements provided in the Annual Report.

• Contracts and arrangements with related parties

During the Financial Year, the Company has not entered into any material transaction with any of its related parties, which have potential conflict with the interest of the Company at large. All the contracts / arrangements / transactions entered into with related parties were in the ordinary course of business and on arm's length basis. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) of the Companies Act, 2013 read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 is "Nil" and is annexed to the report as "Annexure-H".

In accordance with the requirements prescribed under Companies Act, 2013, SEBI (LODR) Regulations, 2015 and Accounting Standard -24 on Related Party disclosures, the details of transactions with related parties are disclosed in Note No. 44 of the Notes to Financial Statements for the year ended 31^st MarcRs. 2024.

• Internal Financial Control System

Your Company has established adequate Internal Financial Controls by laying down policies and procedures to ensure the efficient conduct of its business, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial information commensurate with the operations of the Company. The effectiveness of these Internal Financial Controls is ensured through management reviews, self-assessment and independent testing by the Internal Auditor. These assessments indicates that your Company has adequate Internal Financial Controls over Financial Reporting in compliance with the provisions of the Companies Act, 2013 and such Internal Financial Controls are operating effectively. The Audit Committee reviews the Internal Financial Controls to ensure its effectiveness for achieving the intended purpose. Independent Auditors Report on the Internal Financial Controls of the Company in terms of Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 by the Statutory Auditors is placed along with the Financial Statements.

M/s Ashok Shyam & Associates, Chartered Accountants were engaged for certification of Internal Financial Control (IFC) for FY 2023-24, in accordance with the applicable provisions of the Companies Act, 2013 and rules framed thereunder.

The report of M/s Ashok Shyam & Associates, Chartered Accountants on Internal Financial Control was placed before the Audit Committee for the consideration and deliberations. Details of the internal control system are provided in the Management Discussion and Analysis Report given at Annexure-"A".

• Risk Management

The Company has in place a Board Level Risk Management Committee and the details of the composition, meetings held and terms of reference are included under the Report of Corporate Governance placed as Annexure -''B''.

The Company also has a below Board level Committee comprised of of GGM level officers, including GM (Quality projects & Corporate Co-ordination) as Chief Risk Officer (CRO). The functions of the Committee are to identify the risks related to the specific business segments of IRCTC in order to establish an appropriate risk management framework in the Company.

During quarterly meetings of below Board Risk Management Committee, various risks are identified and deliberated at the Board level committee. The details of the identified risks with their mitigation strategies are mentioned in the Management Discussion & Analysis Report enclosed as Annexure-"A".

• Significant and Material Orders

There are no significant or material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

• Secretarial Standards

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India to the extent applicable.

• Investor Education & Protection Fund (IEPF)

The details related to status of shares transferred to the IEPF in compliance with the provisions of the Companies Act, 2013 has been provided in the Corporate Governance Report.

• Reporting of frauds by Auditors

The Auditors in their report for the year have not reported any instance of fraud committed by the officers/employees of the Company.

• Credit Rating of securities

During FY 2023-24, the Company has not received any credit rating by the rating agencies.

• Corporate Insolvency Resolution Process initiated under the Insolvency and Bankruptcy Code, 2016

The Company has no information to disclose under above.

• Failure to implement any Corporate Action

The Company has implemented all Corporate Actions successfully within prescribed timelines. Therefore, the Company has nothing to report.

• Particulars relating to Conservation of energy, Technology Absorption and Foreign Exchange Earnings and Outgo etc.

The details pertaining to Conservation of Energy and Technology Absorption; and Foreign Exchange Earnings and Outgo, as required to be disclosed under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is given as under:

Conservation of Energy:

Your Company is committed to minimizing adverse environmental impacts resulting from its operations, products, and services. To achieve this, the company implements various efforts and initiatives aimed at utilizing processes, practices, materials, and products that prioritize pollution avoidance, reduction, and control.

Furthermore, IRCTC ensures compliance with relevant environmental laws and regulations while effectively operating pollution control facilities across all its plants and units. This proactive approach is integral to safeguarding the environment, promoting a safe and clean environment, and reducing dependence on conventional energy sources.

The particulars on Conservation of Energy in details are mentioned in Business Responsibility and Sustainability Report enclosed as Annexure - "D".

Technology Absorption: ^•

(Amount in US $)

• Expenditure incurred on Research and Development.

Your Company does not undertake exclusive research projects as it does not have the presence in such a domain. However, to improve the technical capability and enhance competence, various methods and techniques are developed and innovative systems have

been introduced for its business segments viz. Rail Neer, Catering and Internet Ticketing.

• Foreign Exchange Earnings and Outgo

The Foreign Exchange earned in terms of actual inflows during the year and the Foreign Exchange outgo during the year, in terms of actual outflows, compared to previous year is mentioned below:

(Amount in US $)

• Retirement of Directors by Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Shri Manoj Kumar Gangeya, ED (Planning), Railway Board & Government Nominee Director is liable to retire by rotation at the ensuing 25^th AGM of the Company and being eligible, offers himself for re-appointment. The details of Shri Manoj Kumar Gangeya, ED (Planning), Railway Board & Government Nominee Director, seeking re-appointment at ensuing AGM are contained in the Notice of AGM.

• Policy on Performance Evaluation of Directors

The provisions of Section 134(3)(p) of the Companies Act, 2013 require a listed entity to include a statement indicating the manner of formal evaluation of performance of the Board, its Committees and of individual Directors. However, the said provisions are exempt for Government Companies as per Ministry of Corporate Affairs (MCA)'s notifications dated 05.06.2015 and 05.07.2017. IRCTC being a Government Company under the administrative control of the Ministry of Railways is also exempted from the above-mentioned provisions of Companies Act.

In IRCTC, the evaluation of performance of Functional Directors includes self-evaluation by the respective functional directors and subsequent assessment by CMD with final evaluation by the Ministry of Railways.

The performance evaluation of CMD includes selfevaluation and final evaluation by the Ministry of Railways.

In respect of Government Nominee Directors, their evaluation is done by the Ministry of Railways as per the procedure laid down. Since, Independent Directors are appointed by the administrative ministry, their evaluation is also done by the Ministry of Railways and Department of Public Enterprises.

j. MEMORANDUM OF UNDERSTANDING

Evaluation of MoU performance for the year 2022-23 as per DPE parameters is finalized, and, the Company secured a rating of "Very Good" based on the outcomes achieved with reference to the key performance indicators (KPIs) enshrined in the Memorandum of Understanding (MoU) for the financial year 2022-23.

The company signed Memorandum of Understanding (MoU) with the Ministry of Railways for 2023-24 and its evaluation is under process with DPE.

The MOU for FY 2023-24 includes some of the compliance parameters and their compliance status are as follows:

(Amount in US $)

(Amount in US $)

k. AWARDS AND ACHIEVEMENTS

Asia's leading Luxury Train Award 2023 to Maharajas' Express Train by World Travel Awards ( 30^th Annual World Travel Awards in September 2023).

l. DETAILS OF SUBSIDIARIES AND ASSOCIATE/JOINT VENTURE COMPANIES

Your Company has following subsidiaries and associate/joint venture companies as on MarcRs. 31, 2024:

i. Subsidiary Companies:

IRCTC Payments Limited:

IRCTC Payments Limited was incorporated on February 10, 2024 as a wholly owned subsidiary of the Company for the purpose of payment aggregator business. It has an authorized share capital of RS. 25 Crores, consisting of 2.5 Crores equity shares of RS. 10/- each, and a paid- up share capital of RS. 15 Crores, consisting of 1.5 Crores equity shares of RS. 10/- each. Details of Directors, CEO,

CFO & Company Secretary of IRCTC Payments Limited are available on the website of Company at the web-link https://www.irctc.com/Subsidairy.html.

ii. Associate/Joint Venture companies:

Royale Indian Rail Tours Limited (RIRTL):

Royale Indian Rail Tours Limited (RIRTL) is a joint venture between IRCTC and Cox & Kings Limited in the ratio of 50:50 incorporated on 27^th November, 2008 with an objective to acquire, furnish, maintain, manage and operate luxury trains and to market holiday packages.

Accordingly, a luxury train having 23 coaches was manufactured, fabricated and funded by the company and was marketed in the name of Maharajas' Express and was leased to the Royale Indian Rail Tours Limited (RIRTL) for the purpose of running, operating and managing the luxury tourist train for a period of 15 years. However, due to certain issues between the equity partners, the lease of the luxury train was withdrawn and the JV Agreement dated 10^th December, 2008 was terminated. Cox & Kings Limited initiated arbitration proceedings seeking restoration of Joint Venture Agreement. The Arbitral tribunal after concluding the Arbitration proceedings passed an Award dated 31.07.2023 in favour of IRCTC by rejecting all the claims of Cox & Kings.

IRCTC has also filed a petition against Royale Indian Rail Tours Limited (RIRTL) and Cox & Kings Limited and others before National Company Law Tribunal (NCLT) (erstwhile Company Law Board) under sections 388B, 397, 398, 399 and 403 of the Companies Act, 1956 and the said petition is sub-judice. NCLT has declared the said company (RIRTL) to be in managerial dispute. Details of the Joint Venture are covered in the notes to accounts of the standalone financial statements for the period ending 31^st March, 2024 vide note no. 37.2(ii) and 45. The parties have also taken permission from the NCLT for not holding the Board and General meetings of RIRTL without its approval in July, 2013. The matter relating to the winding up of RIRTL, whereby an express order from NCLT is to be obtained, is under process and further course of action would be taken accordingly based on the developments in this process.

iii. Companies which have become/ ceased to be Company's Subsidiaries, Joint Ventures and Associates Companies during FY'24

(Amount in US $)

m. CONSOLIDATION OF FINANCIAL STATEMENTS

As mentioned in the paragraph above, the Board meetings and general meetings have not been held in RIRTL since financial year 2010-2011, due to pending dispute with Cox & Kings Limited. Therefore, the consolidation of financial statements as required under section 129(3) of the Companies Act 2013 could not be done as also explained and disclosed vide Note No. 45 of the Notes to accounts of the standalone financial statements for the period ending 31^st MarcRs. 2024.

Also, as IRCTC's wholly owned subsidiary company i.e., IRCTC Payments Limited, was incorporated after 31^st December 2023, its first financial year will end on 31^st March, 2025; hence, the financial statements of IRCTC Payments Limited will be placed on the website of the Company from the FY 2024-25 onwards. However, IRCTC Payments Limited has prepared its Financial Statements (certified by the Management) for the period from February 10, 2024 to MarcRs. 31, 2024 for consolidation purpose.

The salient features of financial statements of subsidiary company as per the first proviso of Section 129(3) of the Companies Act, 2013 is given under Note No. 84 of the Consolidated Financial Statements forming part of this Annual Report.

The Board of Directors of the Company at its meeting held on May 28, 2024 had approved the audited (Standalone and Consolidated) Financial Statements for FY 2023-2024.

n. AUDITORS Statutory Auditor

In accordance with Section 139(5) of the Companies Act 2013, Comptroller & Auditor General of India has appointed M/s N.K. Bhargava & Co., Chartered Accountants as Statutory Auditor of the Company to audit the financial statements for the financial year 2023-24. The details of payment made to Statutory Auditor during financial year 2023-24 on consolidated basis is mentioned below:

(Amount in US $)

Secretarial Auditor

Pursuant to Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, IRCTC has appointed M/s Kumar Naresh Sinha & Associates, an independent firm of practicing Company Secretaries to conduct Secretarial Audit for the financial year 2023-24.

The Secretarial Audit Report for the financial year ended MarcRs. 31, 2024 is enclosed as Annexure-"E" to this report.

Internal Auditor

As per Section 138 of the Companies Act, 2013 read with Rule 13 of Companies (Accounts) Rules 2014, the Company has appointed M/s S. K. Misra and Gujrati, Chartered Accountants, an independent accounting firm to undertake the assignment of internal audit for FY 2023-24. The details regarding scope and functions of the firm is placed in the Management Discussion and Analysis Report.

Cost Auditor

The business segments of IRCTC are not covered under Cost Audit Rules notified by Ministry of Corporate Affairs. However, the Company conducted the cost audit of cost records maintained by the Rail Neer Plants on a voluntary basis only through M/s HMVN & Associates as the Cost Auditor for the year 2023-24.

o. COMMENTS OF COMPTROLLER & AUDITOR GENERAL (C&AG) OF INDIA

The Comptroller & Auditor General of India has undertaken supplementary audit on the financial statements (Standalone & Consolidated) of the Company for the year ended 31^st March, 2024 under Section 143(6) of the Companies Act, 2013.

The comments of the C&AG on the financial statements (Standalone & Consolidated) of the Company for the year ended 31^st March, 2024 shall also form part of this report.

C&AG paras from other audits : In additionto the supplementary audit of the financial statements mentioned above, the C&AG conducts various types of audits. During the FY 2023-24, the C&AG team issued three paras during the transaction audit of the IRCTC corporate office for the period related to FY 2020-21 to 2022-23. These three paras are pertaining to the operating losses of the Tejas train, Golden Chariot train, and Buddhist train operated by IRCTC. The replies have been submitted to the C&AG and are currently under scrutiny.

(Amount in US $)

p. DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors of the Company in pursuance of section

134 (5) of Companies Act, 2013 confirms that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts on a going concern basis; and

(v) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

q. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMPs)

The Chairman & Managing Director (CEO), Director (Finance), Director (Catering Services), Director (Tourism & Marketing), Chief Financial Officer and Company Secretary are Key Managerial Personnel (KMPs) of the Company.

The following changes have taken place in the Board of Directors and Key Managerial Personnel of your Company since the last Annual General Meeting:

1. Smt. Seema Kumar (DIN: 10064353), former Member (Operations & Business Development)/Railway Board, who was appointed as Chairperson and Manging Director (Additional Charge) on the Board of IRCTC w.e.f. June 01, 2023, relinquished the additional charge of post of CMD/IRCTC on January 09, 2024, due to appointment of Shri Sanjay Kumar Jain (DIN: 09629741), PCCM/Northern Railway as CMD/IRCTC (Additional Charge).

2. Shri Kamlesh Kumar Mishra (DIN: 10186377), Executive Director (Business Development), Railway Board, who was appointed as Director (Tourism & Marketing) (Additional charge) on the Board of IRCTC w.e.f. June 01, 2023, relinquished the additional charge of post of Director (Tourism & Marketing)/IRCTC on February 16, 2024, due to appointment of Shri Rahul Himalian (DIN: 10393348) as Director (Tourism & Marketing) on the Board of IRCTC.

3. Shri Sanjay Kumar Jain (DIN: 09629741), PCCM/Northern Railway, who was appointed as Chairman and Managing Director on the Board of IRCTC, assumed additional charge w.e.f. January 10, 2024 and regular charge w.e.f. February 14, 2024.

4. Shri Rahul Himalian (DIN: 10393348) was appointed as Director (Tourism & Marketing) on the Board of IRCTC w.e.f. February 16, 2024.

The Board of your Company wishes to place on record their sincere appreciation for the valuable services rendered by Smt. Seema Kumar (DIN: 10064353), former Member (Operations & Business Development)/Railway Board and Shri Kamlesh Kumar Mishra (DIN: 10186377), Executive Director (Business Development), Railway Board during their association with the Company.

The following directors are holding office as on the date of the report:

(Amount in US $)

r. INTEGRAL REPORTS

The following reports as reproduced in the table below with relevant sub-appendices form an integral part of this Directors' Report, and have been placed with their Annexures respectively:

(Amount in US $)

The Management Discussion and Analysis Report provides an overview of the affairs of the Company, its legal status and autonomy, business environment, mission & objectives, sectoral and segment-wise operational performance, strengths, opportunities, constraints, strategy and risks and concerns, as well as human resource and internal control systems [Annexure - "A"].

The Report on Corporate Governance highlights the philosophy of Corporate Governance and Key Values of the Company, composition of its Board of Directors and its Committees, their details including profile of directors who joined the Board during 2023-24 and thereafter, attendance and remuneration of directors, declaration of independent director etc., other relevant disclosures and general information for shareholders [Annexure - "B"]. It is supplemented by the following compliance certificates:

i. Certificate signed by the Chairman & Managing Director affirming receipt of compliance with the Code of Conduct and Key Values from all Board members and Senior Management personnel during the year 2023-24. (Placed at Appendix - "B1");

ii. Certificate from Chairman & Managing Director and Director Finance (CFO) with respect to the truth and fairness of the Financial Statements, due compliances, and financial reporting (placed at Appendix - "B2");

iii. Certificate of compliance of Corporate Governance provisions signed by a practising company secretary (placed at Appendix - "B3");

iv. Certificate by practising Company Secretary regarding non-disqualification of directors of the Company (placed at Appendix- "B4").

The Annual Report on CSR and Sustainability Activities provides a brief outline of the company's CSR and Sustainability policy, the composition of the CSR Committee, the average net profit of the Company for the last three financial years, prescribed CSR expenditure, and details of CSR spent on the activities / projects undertaken during the financial year etc. [Annexure - "C"].

As per Regulation 34 of SEBI (LODR) Regulations, 2015 the top one thousand listed entities based on market capitalisation (calculated as on MarcRs. 31 of every financial year) shall include in its Annual Report, a business responsibility and sustainability report (BRSR), describing the initiatives taken by them from an environmental, social and governance perspective, in the format as specified by the SEBI from time to time.

Accordingly, considering the fact that the Company, as of 31^st MarcRs. 2024, is amongst the top 1000 listed entities as per the criteria, the business responsibility and sustainability report is prepared and annexed to this report as Annexure -"D"

The independent reasoanable assurance of the core indicators of BRSR by TUV India (P) Limited is annexed as Annexure-"D-1"

Pursuant to Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, IRCTC has appointed M/s Kumar Naresh Sinha & Associates, Company Secretaries, an independent practicing firm of Company Secretaries to conduct Secretarial Audit for the financial year 2023-24. The Secretarial Audit Report for the financial year ended MarcRs. 31, 2024 is annexed to this Report [Annexure -"E"].

The replies of the management to the observations contained in the Secretarial Audit Report for the FY 2023-24 are placed as Annexure-"F"

The replies of the management to the remarks/emphasis of matter made by the Independent Auditor in his report on the financial statements for the year 2023-24 are placed as Annexure-"G"

The Form AOC-2 prescribed under clause (h) of sub-section (3) of Section 134 of Companies Act and Rule (8) of the Companies (Accounts) Rules is enclosed as Annexure-"H"

ACKNOWLEDGEMENTS

Your directors are highly grateful for all the support and guidance extended by Ministry of Railways, Ministry of Tourism, DIPAM, Ministry of Finance, Department of Public Enterprises, various State Governments, and all other departments and agencies of the Government of India in the Company's operations and growth strategies. The Directors also express their gratitude to the Comptroller and Auditor General of India (C&AG), Statutory Auditors, Secretarial Auditor, Internal Auditor and Cost Auditors for constructive suggestions and continuous cooperation.

The Directors place on record their sincere appreciation towards the Company's valued customers and esteemed shareholders for the support and confidence reposed by them in the management of the Company and look forward to the continuance of the same in future.

The Directors wish to place on record their appreciation for the continued cooperation received from all the technology collaborators, suppliers, contractors and for the support provided by the financial institutions, bankers and stock exchanges.

Your directors also wish to express their sincere appreciation for the dedicated efforts, hard work, and commitment exhibited by all employees of IRCTC.

(Amount in US $)