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Indian Railway Catering & Tourism Corporation Ltd.

BSE: 542830 Sector: Services
NSE: IRCTC ISIN Code: INE335Y01020
BSE 00:00 | 03 Dec 820.50 -0.35






NSE 00:00 | 03 Dec 819.90 -1.35






OPEN 815.00
VOLUME 394254
52-Week high 1278.60
52-Week low 267.19
P/E 154.52
Mkt Cap.(Rs cr) 65,640
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 815.00
CLOSE 820.85
VOLUME 394254
52-Week high 1278.60
52-Week low 267.19
P/E 154.52
Mkt Cap.(Rs cr) 65,640
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indian Railway Catering & Tourism Corporation Ltd. (IRCTC) - Director Report

Company director report

Dear Shareholders

The Directors are pleased to present the 21st Annual Report on the operations andresults of your Company together with the audited financial statements Auditors' Reportand review of financial statements by the Comptroller and Auditor General of India (CAG)for the financial year ended 31st March 2020. The detailed financial and operationalperformance of the Company is produced in the report.


The key highlights of the financial performance of the Company during F.Y.2019-20 alongwith the corresponding performance in F.Y.2018-19 are mentioned below:

(Rs in Crores)

Particulars F.Y. 2019-20 F.Y. 2018-19 % age Increase/
Turnover 2275.48 1870.00 21.68
Total Income 2353.54 1958.94 20.14
Profit before tax 745.35 478.56 55.75
Provision for Tax 216.78 170.00 27.52
Profit after tax 528.57 308.56 71.30
Dividend (including Interim dividend of Rs 160 Crores for 2019-20 and Rs 60 Crores for 2018-19) 200 122.37 63.44
Reserves & Surplus 1167.82 911.02 28.19
Net Worth 1327.82 1071.02 23.98
Earnings Per Share (Rs) 33.04 19.12 72.80

a. Disinvestment through IPO

The Government of India announced the disinvestment of Company's shares during thefinancial year 2019-20. Accordingly Department of Investment and Public Asset Management(DIPAM) Ministry of Finance appointed IDBI Capital Markets & Securities Limited SBICapital Markets Limited and Yes Securities (India) Limited as Book Running Lead Managers(BRLMs) and Crawford Bayley & Co. and Hogan Lovells International LLP as Domestic andInternational Legal Advisors for carrying out the process of disinvestment of 20160000equity shares (including Employee Reservation Portion of 160000 equity shares i.e. 0.10%of paid-up share capital) i.e. 12.60% of the paid up equity share capital of the Companythrough Initial Public Offering (IPO) of shares by the Promoters (i.e. Government ofIndia) to the public.

The public issue was opened on 30th September 2019 and closed on 3rd October 2019 atan offer price of Rs 320/- per equity Share (including a share premium of Rs 310/- perequity Share) with discount of Rs 10/- per equity share for retail investors and eligibleemployees.

The Company's IPO received an overwhelming response and was subscribed more than 112times making it the most successful IPO in last two fiscal years and so far the bestperformed IPO in respect of PSUs.

The Company's shares were admitted into both the depositories i.e. National SecuritiesDepository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and aretraded under International Securities Identification Number (ISIN) – INE335Y01012.The Company's shares were listed on 14th October 2019 on BSE Limited (BSE) and NationalStock Exchange of India Limited (NSE).

The proceeds of the issue amounting of Rs 637.97 Crores was credited to the account ofGovernment of India PAO DIPAM. Listing of equity shares has made the Company morerecognizable and has enhanced the brand image of IRCTC.

b. Capital Structure:

As on 31st March 2020 the Authorised share capital of the Company was Rs 250 Crorescomprising of 25 Crores equity shares of Rs 10/- each and paid up share capital of the

Company was Rs 160 Crores comprising of 16 Crores equity shares of Rs 10/- each. In thebeginning of the year the entire equity share capital of Rs 160 Crores was held byPresident of India and its nominees.

Due to the disinvestment announced by Govt. of India as mentioned in the para (a)20160000 equity shares were offered through IPO. Subsequent to the IPO the Presidentof India held 139839944 shares and 56 shares were held by the nominees of President ofIndia [seven nominees holding eight shares each]. However these 56 shares held by sevennominees of President of India were also transferred to President of India during theyear. In view of above as on 31st March 2020 the President of India (Government ofIndia) through Ministry of Railways holds 139840000 equity shares i.e. 87.40% of thepaid up equity share capital of the Company.

The details of dematerialization of shares Demat Suspense Account / Unclaimed SuspenseAccount is provided in the Corporate Governance Report as annexed to this report.

c. Dividend

The Board of Directors had declared an interim dividend of Rs 10/-per equityshare (i.e. 100% on the paid-up share capital of Rs 160 Crores) amounting to Rs 160 Croreson the paid-up share capital of Rs 160 Crores in February 2020. The said interim dividendwas paid to all the shareholders in March 2020. Further the Board of Directors in itsmeeting held in July 2020 has recommended a final dividend (over and above the interimdividend) of Rs 2.50 per equity share (i.e. 25% on the paid-up equity share capital of Rs160 Crores) amounting to Rs 40 Crores out of profit for the year 2019-20 subject toapproval of the shareholders in the AGM.

As per the guidelines issued by Department of Investment and Public Asset Management(DIPAM) the minimum dividend to be paid for the year should be at least 5% of net worth or30% of profit after tax whichever is higher. With this the total dividend for year2019-20 would be aggregated to Rs 200 Crores (i.e. 125% on the paid-up equity sharecapital of Rs 160 Crores) which works out to 37.84% of the post-tax profits for 2019-20and 15.06% of Networth as at 31st March 2020.

Your Company in a short span of six months of its market debut made its place in thelist of top 500 listed companies based on the market capitalization of the Company as on31st March 2020. The Company ranked 131st and 129th on BSE and NSE respectively at theend of the financial year 2020.

In view of above and in pursuance to the requirements of Regulation 43A of theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 ("LODR") your Company has formulated a Dividend DistributionPolicy. The Dividend Distribution Policy is given as a separate annexure as Annexure-Eand is available on Company's website i.e.

d. Transfer to Reserves

During 2019-20 the Company transferred Rs 35.00 Crores to

General reserves.

e. Contribution to Revenue of Ministry of Railways

The Company also contributes by way of revenue share to Ministry of Railways (MoR) andthe total share of such contribution was Rs 413.56 Crores during the year as against Rs316.38 Crores during the previous year. Contribution to the revenue of (MoR) comprises ofHaulage Charges Concession fee License fee User Charges and Dividend.

2. COVID-19

We all witnessed an unprecedented global breakout of the COVID-19 pandemic in the lastquarter of financial year 2019-20 leading to a humanitarian crisis lockdown across manycountries and a significant economic fallout.

In India the second half of March saw an intensified slowdown due to the virusoutbreak resultant containment measures by various states and finally a nation-widelockdown. Though 2019-20 financials did not see a significant impact of Covid-19 thefirst quarter of FY 21 may observe an adverse impact on the Company's revenue as theentire Tourism and Hospitality industry in India as well across the world has beenimpacted from the pandemic. Since the situation is quite volatile the Company isassessing and monitoring the situation regularly.

As a responsible citizen we stood with the nation in the fight against COVID-19 anddespite huge constraints distributed more than 21 Lakhs meals cooked food items to theneedy people at various locations across the country in close coordination with the LocalAdministration NGOs and Railway Protection Force (RPF) from our 30+ kitchen units set upat various locations. The Company also distributed around 2.72 Lakhs railneer bottles toDelhi and Mumbai police personnel during the lockdown period. We also supplied around 3.26Lakhs meals in 1st phase of "Shramik Special trains" (from 1st May 2020 to 7thMay 2020) run by Indian Railways for migrant labourers.

As directed by SEBI vide its circular no. SEBI/HO/CFD/ CMD1/CIR/P/2020/84 dated 20thMay 2020 the Company filed the disclosure regarding material impact of Covid-19 on IRCTCbusiness and details regarding Company's readiness to combat the challenge posed by thispandemic. The Company's financial statements for the year 2019-20 also reflected theimpact of Covid-19 to the extent applicable.

IRCTC is a reputed brand in the travel and hospitality industry in our country and asteam is in all preparedness to gradually commence our activities by adhering and ensuringall safety health protocols issued by Government of India. A periodical review on thepandemic situation across the country along with the feedback from our valued customerswill help us to foray and enter the new normal for hospitality sector in the post Covid-19scenario.


The segment wise operational performance of the Company during FY 2019-20 is detailedbelow:

a. Catering & Hospitality;

b. Travel & Tourism;

c. Internet Ticketing;

d. Packaged Drinking Water (Rail Neer).

Railway Catering

i. Mobile Catering

Mobile catering refers to catering services provided to rail travellers aboard a trainthrough a pantry car (on-board cooking facility) attached to the train or base kitchens(large cooking and packing facility within/near Railway premises for food preparation anddistribution to trains or static units) located at major stations in the country.

As on 31st March 2020 IRCTC managed on-board catering services on 417 trains (24Rajdhanis 2 Tejas 1 Gatiman 2 Vande Bharat 23 Shatabdis18 Durontos and 347 Mail/Express trains).

As per Catering Policy-2017 IRCTC is supposed to unbundle catering services bycreating a distinction primarily between food preparation and food distribution. IRCTChas set up some new kitchens and has also upgraded existing ones to prepare the food underits own supervision. The process for setting up and upgradation of more kitchens isunderway. These kitchens are being provided with modern equipments. Details ofnew/upgraded kitchens have been mentioned under respective head.

ii. Train Side Vending (TSV)

A large number of trains do not have pantry cars attached to them. To arrange foron-board catering services on such trains IRCTC appoints a Licensee for operation ofTrain Side Vending (TSV) who arranges food which includes Standard Meals viz. Breakfast& Lunch/Dinner in partial and complete unbundling model to be picked up from Nominated/Approved Kitchen units' en-route and serve to passengers according to their needs throughvendors who travel on the trains and pick up orders. As on 31st March 2020 contractsfor 26 sections over Indian Railway network have been finalized for provision of TSVservices for trains without Pantry Cars.

iii. Pantry Car design and development

IRCTC is in the process of re-designing of pantry cars with modern equipment as perthe directions of the Railway Board to implement flameless cooking. A new designsubmitted to Rail Coach Factory Kapurthala was finalized in consultation with RDSO.Accordingly Railway Board has been requested to direct RCF to manufacture 02 prototypePantry Cars with flameless cooking facility. On the basis of performance of prototypepantry car all pantry cars will be re-designed.

The significant features of redesigned Pantry cars would include compact pantry carswith all modern flameless cooking equipment fully AC LHB coach adequate storage facilityfor dry and perishable items sufficient staff berths (23 nos.) proper exhaust systemappropriate garbage bins etc.

iv. Base Kitchens

Base Kitchens are large cooking and packing facilities set up in the vicinity ofrailway premises whether inside or outside Railway premises from where food is preparedand disturbed in trains or to the static units.

As on 31st March 2020 IRCTC managed 11 Base Kitchens located at New Delhi HowrahAhmedabad Patna Mumbai Central Mumbai CST Ballarshah Nagpur Balasore Sealdah andKharagpur Jn. The Base Kitchens at New Delhi and Howrah are managed departmentally IRCTC itself. However for other locations service providers have been engaged foroperations. Third party food safety supervisors have been deployed at these kitchens totest the food samples to standardise the procedure and to train the staff.

With an aim to bring uniformity in passenger experience the Company introduced newtechnology to monitor the food production process in its base kitchens. The new systemcomprises a network of CCTV cameras installed at its Base Kitchens.

Total 46 Base Kitchen/Kitchen units have been linked with CCTV cameras to enable livestreaming from these kitchens.

As per Catering Policy 2017 IRCTC has to set up modern Base Kitchens for production ofhygienic meals that will be transferred to trains. Accordingly 55 locations have beenidentified for setting up base kitchens/ kitchen units and work for the same is inprocess. In 2019-20 seven kitchens have been upgraded.

Quality Control

To make provision for standard quality meals and service for passengers IRCTC has putthe following system in place.

(i) Regular & Surprise Inspections: Surprise Inspections are carried out intrains and static units of IRCTC by Executive & above level officers of IRCTC's Zonesand designated Railways officers. Necessary corrective actions are taken on thedeficiencies noticed during these inspections.

(ii) Food Safety Supervisors: Two National Accreditation Board for testing andcalibration laboratories (NABL) accredited labs have been assigned the task of ensuringquality in bulk production units. Food Safety Supervisors in 40 production units have beenassigned accordingly. Food Safety Supervisors monitor food preparation conduct daily/weekly/ audits as per specified criteria and impart routine training to the kitchen staffand collect food samples for lab testing on a regular basis to ensure quality foodproduction.

(iii) Food Sampling: Food samples are regularly picked up by the designated FoodSafety Supervisors deployed by IRCTC and Indian Railway Officials from all the units andsent to NABL accredited labs for testing.

(iv) On Board deployment of Catering Supervisors: IRCTC has deployedsupervisors/ Catering assistants for regular monitoring of catering services on allpremium/Mail/ Express trains having pantry cars and also to address the grievances ofpassengers on real time basis

(v) Unbundling Model: Food is being supplied from designated Base kitchens tothe trains as per the unbundling policy (Catering Policy 2017). Standard meals are loadedfrom en-route IRCTC nominated Kitchen Units to trains. IRCTC has deployed food safetysupervisors in the kitchens to ensure good quality and correct quantity of food.

(vi) QR Codes: QR codes are being affixed on meal boxes supplied from IRCTCkitchen units. Passengers can scan these QR codes and get information about date ofpreparation name of kitchen FSSAI weight live CCTV streaming link etc. As on31.03.2020 QR codes on 29 units have been made live. IRCTC has finalised contracts for QRCodes in 38 Base Kitchens. Out of these QR codes are being attached to meal packets from29 Kitchen Units and it is going to be implemented in 09 other kitchen units. Moreoveranother 25 units will also be covered soon.

(vii) CCTV Monitoring: To ensure real time monitoring of Kitchen units IRCTC hasinstalled CCTV cameras in IRCTC kitchen units. These cameras are being monitored 24 X 7 atIRCTC Corporate Office and Central control. The general public can also view live feedsfrom CCTVs through Rail Drishti portal. 46 Kitchen units have already been linked to RailDrishti portal to enable Live streaming facility.

(viii) POS handheld billing Machines: To eradicate overcharging IRCTC has mademandatory for its vendors to issue invoices through POS machines. These machines enableissuing of bills for every transaction including those in a moving train. This alsoensures proper accounting system and control. At present all units mobile and statichave provision for billing through POS. All units also have facility for cashlesstransaction of one or another kind as per viability and demand. Nearly 5000 POS machineshave been installed and are being used in 347 Mail Express trains.

(ix) Metallic plate: For public awareness regarding POS billing IRCTC hasinstalled 12256 Metallic plates on trains informing passengers "If you don't getbill your food is free". The above plates have been fixed at prominent places insidevarious trains

Periodic Screening by Independent Agencies:-

(i) Third Party Food Audits: Third Party Food Safety & Hygiene audits areconducted by NABCB (National Accreditation Board for Certification Bodies) accreditedAuditors in all base kitchens trains Food plazas/Fast Food Units. In year 2019-20 thirdparty food safety & hygiene audit were conducted in all important trains and staticunits.

(ii) Customer Satisfaction Survey: In year 2019-20 Customer Satisfaction surveyhas been conducted in all IRCTC managed trains regularly by MRSI (Market Research Societyof India) member Agencies to get the feedback and opinion of travelling passengers.

Static Catering

Static catering refers to catering services offered to patrons at static units atrailway establishments located at railway stations across the country.

These static units include Jan Ahars (unit serving economy combo meals comprising ofregional and local items) Cell Kitchens (mini base kitchens supplying food to trains orstatic units) Refreshment Rooms (unit where a-la-carte items ready-to-eat meals andthali meals are served) Food Plazas (multi-cusine plaza serving food items atmarket-driven rates) Fast Food Units (major units selling fast food items throughself-service counters) and Food Courts (cluster of stalls selling food items such asbranded products/eatables).

IRCTC managed 169 Refreshment rooms 56 Jan Ahaars and 24 Cell Kitchens as on 31stMarch 2020. These units are situated on Railway platforms and sell low budget eatables. Alist of items to be sold on these units along with their prices is provided by Ministry ofRailways/IRCTC. These units usually sell items to passengers on the platform and sometimessupply food to moving trains.

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

Fast Food Units are major units where through self-service counters fast food itemsare sold. In these outlets packaged food is served to customers in take-away packets.

Food Plaza is a multi-cuisine plaza giving a variety of choice for eating. The qualityand rates for items of food plazas are market-driven. Food court is a cluster of stalls ata nominated place where food items such as branded products/eatables are provided.

The food plaza/fast food unit business is a segment where prices are market driven.Food Plazas normally provide multi-cuisine food under one roof in a relaxed dine-inatmosphere with a good ambience and a common kitchen to provide a wide variety of fooditems.

During the year the Company commissioned 16 Food Plazas and 40 Fast Food Unitsthereby managing 293 operational units as on 31st March 2020.

The company also awarded – 21 FPs and 34 FFU during 2019-20. The total earningsfrom FPs/FFUs for FY 2019-20 have been approximately Rs 67.77 Crores. IRCTC has roped inbranded players like Domino's Adyar Anand Bhawan and Hotel Sravana Bhawan in FY 2019-20.

In FY 2020-21 IRCTC plans to commission approximately 50 additional Food Plazas(FPs)/Fast Food Units (FFUs).


E-Catering service allows passengers to book food from partner restaurants. Food isdirectly delivered to passengers in respective train berths. Booking of food has to bedone in advance. Services are available through select stations to bonafide passengers inreserved trains only i.e. based on PNR. It has been introduced to provide a range ofoptions to passengers for ordering food of their choice. The prices of food booked undere-Catering are market driven. Menu is freely set by restaurants depending on commonpreferences.

This service was started on Indian Railways in 2014 with limited vendors in 28 trains.Subsequently it was based out of stations and has been expanded to 358 stations.As of now 690 vendors (either directly associated with IRCTC or are under 08appointed food aggregators) are currently providing e-catering services on these stations.On an average 21571 meals were booked per day through e-catering in Financial Year2019-20 in comparison to 11858 meals per day in 2018-19 registering a growth of 82%.

A number of brands like Domino's Subway Haldiram's Faasos Biryani Blues A2BSravana Bhawan Nirula's etc. have already associated with e-catering platforms of IRCTC.

Growth of e-Catering

Financial Year Total Meals (booked) Meals per day % increase vis-a-vis previous year
2014 – 2015 1490 22
2015 – 2016 161679 443 1914
2016 – 2017 1559670 4273 865
2017 – 2018 1893511 5188 21
2018 – 2019 4328312 11858 129
2019 –2020 7873415 21571 82

This service can be availed by train passengers through the website and mobile App – Food on track which is available on bothAndroid and iOs platforms along with telephone calls to 1323. The short code 1323 canalso be used for customer support.

To ensure transparency system generated invoices are issued to passengers against eache-catering order which is the first-of-its-kind service on Indian Railways.

Executive Lounges

The Company opens world class Executive lounges (private areas) as part of developmentof Indian Railways. Executive lounges is one of its class fully air conditioned facilitywhere railway passenger can stay while waiting for train.

IRCTC has set up 06 Executive Lounges at New Delhi Agra Cantt Jaipur AhmedabadMadurai & Sealdah and 3 more stations viz. Varanasi Jn. Hazarat Nizamuddin New Delhi(Paharganj side) are expected to be commissioned in FY 2020-21.These lounges are providedwith airport like ambience resting facilities and buffet facilities.

Retiring Rooms

With a view to provide improved passenger amenities and effectivepost-arrival/pre-departure facilities by utilising the available resources at RailwayStations Ministry of Railways has mandated IRCTC to renovate operate and maintainRetiring Rooms at Railway Stations. Accordingly IRCTC undertook the renovation work atall A-1 & A category stations through reputed private hospitality service providersto upgrade Retiring Rooms with star hotel like facilities. The tariffs are different atdifferent category of stations and service providers have the flexibility to charge as perfacilities and standards provided. Common facilities available in the Retiring Roomsinclude Air Conditioned Rooms and Dormitories quality linen locker facility for luggageLED Television bathrooms with all basic facilities such as WC Geysers Shower etc. withpantry and housekeeping services. The refurbished Retiring Rooms have been appreciated andpraised by passengers at large.

IRCTC has awarded contracts of Retiring Rooms for 14 stations in 2019-20. Total 09locations have been commissioned in 2019-2020. For FY 2020-21 5 more Retiring Rooms areexpected to be commissioned.

Budget Hotels

IRCTC has been mandated by the Indian Railways for developing operating andmaintaining Budget Hotels. The sites have been given to IRCTC on license basis withpermission to sub-license the rights to third party through Public-Private Partnership.

The Company is presently operating two Rail Yatri Niwas at Ginger Rail Yatri Niwas NewDelhi and Sampath Rail Yatri Niwas Howrah and two BNR Hotels from Puri and Ranchi.

Performance of MOU Targets for the year 2019-20 and achievements thereof: (i)Imparting of Recognition of Prior Learning (RPL) training to employees of Contractors byIRCTC in coordination with National Skill Development Corporation (NSDC) under PradhanMantri Kaushal Vikas Yojna (PMKVY) scheme.

During the fiscal year 2019-20 IRCTC/CO launched RPL training on pan India level.Under this program IRCTC Licensee Catering Staff (Steward Cook & Pantry Car Manager)engaged in onboard catering services got short term skill training to improve cateringservices in trains. A total of 7444 staff enrolled for the training and 5598 candidateshave successfully completed their training and were provided with skill certificates fromMSDE (Ministry of Skill development & Entrepreneurship).

Complaint Monitoring and Redressal:

IRCTC has developed an internet based module for Catering Services InformationManagement or (E-CSIM) with a comprehensive portal for its catering business. The moduleis also being used for online redressal of catering complaints at stations and on trains.Alternatively a passenger can also give feedback or make complaints against cateringservices on ‘Rail Madad' which allows passengers to lodge complaints through mobileapp/website and enables them to check redressal status in real-time.

Digitisation of Information:-Catering Service Information Management (CSIM)

IRCTC is one of the largest public sector company in the field of hospitality and hasalways emphasized the need for a computerized database for streamlining its vast cateringand packaged drinking water business and also to ensure transparency and foster betterrelationship with its business partners.

With this aim the company launched its Catering Services Information Management (CSIM)portal on 1st April 2019. The portal offers comprehensiveinformation about the catering business of IRCTC for all stakeholders including railwayzones licensees employees and customers. The module covers all verticals of thehospitality business such as mobile and static catering Rail Neer package drinking waterwater vending machines e-catering retiring rooms executive lounge and budget hotels.

The CSIM dashboard provides vital information about the catering and hospitalitybusiness of IRCTC. All related tools of the module visually track analyze and display keyperformance indicators metrics and key data points to monitor and respond to the exactstatus of licensee vendors and customers' feedback. As on date a total of 251 licenseesof mobile and static catering units and water vending machines are registered in CSIM.

CSIM with its various modules in different hospitality product lines mobile cateringstatic catering water vending machines and Rail Neer package drinking water has adatabase of various units licensees and other stakeholders of these business segments. Itprovides features for automatic license fee calculation invoice generation and paymentstracking to ensure seamless operation on a day to day basis.

CSIM also has a separate module for registering complaints related to Mobile staticand WVM units from different sources eg. Rail Madad / 139 / Twitter / CPGRAM / Zones etc.The complaints are duly acknowledged and redressed by the concerned officials / Licenseeand the same is updated in the system. The process aims at to ensure maximum corporategovernance through digitisation.

The other important feature is the facility to upload and view vital documents relatedto the catering and hospitality business such as MoUs policies reports and ParliamentQuestions. It provides access to questions as well as answers given related to variouscatering verticals. A search bar is also available for accessing the databank in future.

The in-house CSIM module is a dynamic pool of information related to various cateringand hospitality business and is being used as a rule book for departments and it hasbrought about much needed automation leading to greater efficacy in operations of thecatering departments. IRCTC is continuously upgrading its CSIM module to enhanceoperational ease and transparency in the catering business.


India with its rich and diversified historical natural and cultural heritage is hometo numerous attractive tourist destinations. The country's geography and topography has atremendous potential to attract tourists from across the globe.

With globalization and overall development of the country in terms of infrastructureand tourism facilities foreign tourist arrivals to India has tripled from 3 Million peryear in 2003 to around 11 Million in 2018 and analysts expect to see more than 30 Milliontourists in India annually by 2028. At the same time domestic tourism to all states andUnion Territories have improved India's rapidly growing tourism sector and it now plays ahuge role in the nation's economy supporting tens of millions of jobs and generatingbillions of dollars each year.

In its annual analysis quantifying the global economic and employment impact of Travel& Tourism in 185 countries and 25 regions the World Travel & Tourism Council's(WTTC) research reveals that the sector accounted for 10.4% of global GDP and 319 Millionjobs or 10% of total employment in 2018. Domestic tourism which represented 71.2% of alltourism spending in 2018 had the strongest growth in developing nations and it continuesto support opportunities for development and regional economic benefits. India contributed6% to Global Travel and Tourism GDP Growth in 2018. The report further forecast that by2029 India will have nearly 14 Million ‘new travelling households' which will besecond only to China. India stood at the 8th position among the World's Top 20 largestTravel & Tourism economies in 2018.

As per the report of WTTC Travel & Tourism contributes to 10.4% of Global GDP andis directly responsible for generating one in 10 of the world's jobs and for eightsuccessive years has outpaced the growth of the global economy. However the Coronapandemic affected the travel and tourism business drastically. The research conducted byWTTC shows a severe Travel & Tourism GDP loss of up to US$2.1 trillion globally in2020. It estimates that upto 75 Million jobs in global Travel & Tourism are atimmediate risk due to the coronavirus pandemic. However the real impact on Tourism due tothe virus outbreak is yet to be ascertained.

IRCTC in Tourism Business

IRCTC today has become one of the leading travel and tourism companies in the marketcatering to the needs of diverse tourist segments. With the strength of being a RailwayPSU IRCTC specialises in rail tourism and at present is the market leader in thissegment. Besides rail tourism IRCTC has also diversified into various other tourismbusinesses for increasing the market share in the immensely competitive tourism market.

The various tourism business segments of IRCTC include Luxury Train Tours Maharajas'Express Buddhist Circuit Special Train Bharat Darshan Special Tourist Trains Rail TourPackages International and Domestic Air packages Land Tour Packages Hotel bookingCustomised and LTC tours and Event Management Initialisation of operation and managementof Private Trains operated on sectors like Lucknow- Delhi- Lucknow Ahmedabad- Mumbai-Ahmedabad and Varanasi- Indore- Varanasi. IRCTC has an exclusive tourism for booking various tourism products through a single platform.

The income from Travel & Tourism Business of IRCTC has observed increase of 18.29%from Rs 251.25 Crores in 2018-19 to Rs 297.20 Crores in 2019- 20. The Income from StateTeerth Tourism Business of IRCTC has observed a decrease of 51% from Rs 194.57 Crores in2018- 19 to Rs 94.94 Crores in 2019-20.

Since the virus outbreak in December 2019 inbound outbound and domestic tourism wasimpacted and IRCTC was also affected due to this crisis. Most of the tourist trains suchas Bharat Darshan Pilgrim special State specials and luxury trains like Maharajas'Express Golden Chariot Buddhist Special Trains etc planned for last quarter of 2019-20were to be cancelled. The outbound tours planned to various international destinations hadto be called off. There had been an evident reduction in domestic tourists which affectedour domestic tourism products such as Rail Tour Packages Holiday Packages LTC Tours etc.

Domestic Tourism

(i). Rail Tour packages - This is a comprehensive package of IRCTC where itoffers an all-inclusive package with confirmed onward and return rail journey ticketsalong with road transfers accommodation meals and sight-seeing at reasonable rates.During the year 19-20 more than 13630 tourists have availed the RTP service of IRCTCagainst a total of 9606 tourists in the previous year.

(ii). Holiday packages - IRCTC also operates Holiday Packages (LandPackages) which includes road transfers accommodation meals and sight-seeing. In FY2019- 20 a total of 58337 passengers availed IRCTC land packages against 33725passengers in the previous year.

(iii). Packages with charter coach and train - These are all-inclusive packageslike Rail Tour Packages where the train travel is arranged through chartered coaches ortrains by IRCTC. In FY 2019- 20 IRCTC operated 22 RTP with charter trains/ coachescatering to 1211 passengers whereas during FY 2018-19 IRCTC conducted 12 tours andserved 610 passengers.

(iv). Customized tour package - IRCTC's flexibility in accommodating the demandsof the customer is clearly demonstrated in customised tour packages. These packages aretailor-made as per the requirement of the tourists and are designed according to budgetlevel of luxury places of Interest etc. During the year a total of 1700 tourists availedthese packages.

(v). Leave Travel Concession (LTCs):

Government of India has authorised IRCTC as one among three PSUs for operating LTCtours. IRCTC offers general and customised LTC packages to Government employees. IRCTCarranged exclusive LTC packages for 19 passengers. All IRCTC tours qualify for LTC travel.

(vi). Domestic Air packages

Air packages are increasingly becoming popular. IRCTC operated packages from all theZones to various destinations like Shirdi Goa Delhi Tirupati Gangtok DarjeelingKalimpong Andaman & Nicobar Ladakh Srinagar Kashmir Mumbai Mysoor CoorgBangalore and more. During the year 6464 passengers availed 322 domestic air packagetours.

(vii).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 foroperating educational tours for students. During the year 2019- 20 a total of 147451students (including students of Delhi local tours) benefitted from our Educational tours.

Inbound Tourist Targeted Tours

(i) Maharajas' Express

Maharajas' Express has created a brand image for IRCTC in the international arena as aluxury tourism brand. Launched in the year 2010 the Maharajas' Express has been awardedas the World's leading Luxury Tourist Train consecutively from 2012 to 2018 at the WorldTravel Awards. Maharajas' Express operates on four different itineraries. Three packagescover 6 Nights/ 7 Days and one 3 Nights/ 4 Days package is designed to visit places likeUdaipur

Jodhpur Bikaner Jaipur Ranthambore Agra Khajuraho and Varanasi. The itinerarieshave been uploaded with departure dates on the website of the train train is operated during the tourist season from September to April.

During the year 2019-20 a total of 1074 tourists availed the services of Maharajas'Express over 25 trips as against 1142 tourists in 32 trips in the previous year. AveragePassenger per trip has increased from 36 pax during 2018-19 to 43 pax during 2019-20.

(ii) Buddhist Circuit Special Train:

IRCTC operates The Buddhist Circuit Special Tourist Train since 2007. This is a fullyair-conditioned train offering a 7 Nights and 8 Days package covering all major BuddhistPilgrimages in India and Lumbini in Nepal. The new rake of Buddhist Circuit Train hasadvanced features like Two Dining Cars Vacuum Bio-toilets Air Suspension springsSecurity lockers modified 2AC coaches with side seating facility On-board housekeeping& security CCTV cameras accidental insurance facility Foot massager & Minilibrary etc. The itineraries have been uploaded with departure dates on the website ofthe train During the year a total of 365 tourists travelledthrough this train as compared to 408 tourists in 2018-19.

(iii) Golden Chariot:

Golden Chariot the only luxury train being operated in South India by Karnataka StateTourism Development Corporation was taken over by IRCTC for marketing operations andmaintenance for a period of 10 years through an Agreement signed between the twoorganisations in November 2019. The Agreement was signed in the august presence of Hon'bleMinister of State for Railways Sh. Suresh Angadi Hon'ble Minister of Tourism Govt. ofKarnataka Sh. C T Ravi Chairman Railway Board Sh. V K Yadav and other senior officersof Ministry of Railways IRCTC and KSTDC.

IRCTC took over physical possession of the train in January 2020 and a number ofrefurbishment works were initiated including change of upholstery and draperyreplacement of floor carpets in rooms to vinyl flooring complete renovation of bathroomsand floor of both restaurants installation of new corridor carpets repair andprocurement of new kitchen equipment procurement of smart TVs with subscriptions toNetflix Amazon Hotstar etc. for all guest cabins procurement of crockery cutleryglassware room and restaurant linen of international repute. New features were added tothe train including installation of CCTV cameras in public areas and installation of firealarm system. Provision for seamless wifi connectivity was also enabled in the train.

Three trips of an itinerary Pride of Karnataka were planned in March - April 2020 tomark a new beginning of the train. The 6 Nights/7 Days trip would have covered BandipurNational Park Mysore Halebidu-Chikmangalur Hampi Badami-Pattadakal-Aihole and Goa.These trips were cancelled due to the outbreak of Coronavirus.

Website of the train was revamped and online booking facility was added to it topromote direct bookings on the website. Agents within India were sensitised about theenhanced features of the train and new itineraries and international marketing was alsoinitiated.

However due to various restrictions imposed by countries including India on themovement of international travellers due to the Covid-19 pandemic trips had to becancelled.

Itineraries and departure dates for the season 2020-21 and 2021-22 have already beenannounced and published on the official website www.goldenchariot. org. Three itinerariesviz. Pride of Karnataka (6 Nights/7 Days) Jewels of South (6 Nights/7 Days) and Glimpsesof Karnataka (3 Nights/4 Days) have been planned for various destinations in KarnatakaTamil Nadu Kerala and Goa.

(iv) Outbound Tour Packages

Realising the potential of the outbound tourist market in the country IRCTC hasstarted operating outbound tour packages to various tourist destinations across the world.In FY 2019- 20 approx. 3629 tourists availed the outbound tour packages and generated anincome of Rs 27.98 Crores for IRCTC as compared to 4164 tourists and an income of Rs27.38 Crores in FY 2018-19.

The MoU 2019-20 target of "Increase in revenue from International & DomesticAir packages over previous year" by 15% (Excellent) has been achieved by IRCTCinspite of the setbacks caused due to the Coronavirus outbreak.

Air Ticketing And Corporate Travel

(i) Online Air ticketing:

IRCTC's air-ticketing micro-site provides online booking facilityof Domestic as well as International Air-tickets at very competitive prices with thelowest facilitation charges in comparison to Online Travel Agents (OTA) in the market.

IRCTC Air has the facility of Mobile app for Android and IOS users which is a boon formaking Airline bookings on the go.

During FY 2019- 20 an average of 5688 air tickets were booked per day through IRCTCair ticket website as compared to 4676 air tickets in FY 2018-19 registering a growth ofapprox 20% surpassing the MoU 2019-20 target of "Increase in Air Ticket booking overprevious year by 15%" (Excellent).

IRCTC is also providing insurance coverage of Rs 50 Lakhs to each passenger oncomplimentary basis for all online bookings made through web & app.

(ii) Corporate Travel Business:

IRCTC offers complete Travel Solutions for Corporates including air ticketing bookingof domestic LTC tickets as well as International tickets hotel bookings Visafacilitation Insurance etc. IRCTC has tied-up with more than 110 PSUs/ Ministries/Government Departments & institutions.

Mass Tourism

(i) Bharat Darshan/ Aastha Circuit Tourist Train:

One of the most popular tourism products of IRCTC Bharat Darshan Tourist Trains arespecial tourist trains offered by the company to primarily target the common man. Thesetrains operate from various cities across the length and breadth of the country onvarious circuits covering various tourist destinations. Attractively priced at Rs 900/-per day per passenger for Non-AC Sleeper

Class and Rs 1100/- per day per passenger for 3AC class the tour package isinclusive of rail and road travel all meals sightseeing and accommodation. Above alltourists are also insured with accidental insurance of up to Rs 10 Lakhs.

During FY 2019- 20 IRCTC have operated 92 trips of Bharat Darshan as against 99 tripsof Bharat Darshan Tourist Trains in FY 2018-19.

(ii) State Special trains

IRCTC runs these special train tours in collaboration with various state governments.The government selects the beneficiaries of the tour package mostly senior citizens.These train tours cover various tourism and pilgrimage sites across India. During FY2019-20 IRCTC tied up with State Governments of Delhi Madhya Pradesh Odisha Rajasthan& Jharkhand and operated the State Special trains. During the year a total of 64733tourists availed these tours in 68 trips. An income of Rs 94.94 Crores was generated fromthe operation of State Special trains.

(iii) IRCTC Trains:

As per the directives to privatise Indian Railways management & operation ofpassenger trains was supposed to be allocated to private players. IRCTC was mandated tooperate three passenger trains. The trains IRCTC presently operates are

a) LKO-NDLS Tejas

b) ADI-MMCT Tejas

c) Varanasi-Indore AC passenger train.

IRCTC has inaugurated its 1st passenger train on 4th Oct 2019 on the Lucknow to NewDelhi sector. The train was inaugurated by Hon'ble Chief Minister of Uttarpradesh Sh YogiAdithyanath. The second train was inaugurated on the Ahmedabad- Mumbai- Ahmedabad route on17th Jan 2020 by the Hon'ble Chief Minister of GUJRAT Sh. Vijay Rupani and the 3rdpassenger train and the first overnight passenger train was inaugurated on 16th Feb 2020on the Varanasi- Indore- Varanasi line.

Railways have provided these trains to IRCTC on lease after paying applicable leasecharges and in return IRCTC also has to make payments to Railways as Fixed and Variablecharges for operating these trains.

Along with a host of features and facilities being offered by IRCTC to the passengersof Tejas Express in the form of exclusive food and beverage services on-board securityhousekeeping and infotainment services IRCTC is offering a comprehensive service alongwith a travel insurance without any additional cost to the passengers.

This complimentary travel insurance with coverage of Rs 25 Lakhs is beingoffered to each and every passenger travelling on IRCTC trains. General travel insurancecoverage with exclusive coverage of Rs 1 Lakhs against household theft / robbery duringthe travel period of the passengers is being offered by IRCTC.

In case of an accidental death and permanent disablement an insurance claim of Rs 25Lakhs will be handed out.

Through partial disbursement an amount of upto Rs 15 Lakhs and upto Rs 5 Lakhs foremergency hospitalization will be handed over to the passengers of IRCTC trains.

Besides IRCTC also pays a compensation of Rs 100/- in case of delays of more than onehour and Rs 250/- in case of delays of more than two hours to every passenger.

The Lucknow- New Delhi Tejas commences its trip from Lucknow in the morning and returnsfrom New Delhi in the afternoon. This train stops at Ghaziabad and Kanpur. Similarly theAhmedabad-Mumbai Tejas starts in the morning from Ahmedabad and returns from Mumbai byevening. The ADI Tejas have enroute stops at Nanded Vadodara Bharuch Surat Vapi andBorivali. Both these trains run 6 days a week.

The first overnight train of IRCTC from Varanasi to Indore named Kashi MahakalExpress runs in two routes. While this train runs in routeBSB-SLN-LKO-CNB-JHS-BINA-BPL-UJN-INDB for 4 days (2 up and down trips) it runs for 2days( 1 trip up and down) in BSB-ALD-CNB-JHS-BINA-BPL-UJN-INDB route. The train hasenroute stops at Lucknow Kanpur Jhansi Bhopal and Ujjain.

The salient features of IRCTC Trains are

i. Exclusive reservation counters at stations.

ii. Train tickets can be exclusively booked on IRCTC website and itsmobile app "IRCTC Rail Connect". Tickets can also be booked through IRCTC'sonline travel partners like Paytm Ixigo PhonePe Make My Trip Google Ibibo Railyatrietc.

Advance reservation period of 60 days.

Children below 5 years of age are exempted from fare

Dynamic Train fare

High quality food and beverages.

Regional delicacies served on trains to suit the preference of passengers.

On board hospitality services managed through professional and competent staff fromeither gender.

Professional On-board Hospitality and Security Staff available at all times.

Availability of complimentary RO water on trains

Easily accessible complimentary on-board infotainment services during your entirejourney

Complimentary On-board Travel and Tourism Magazine

Complimentary Travel Insurance of Rs 25 Lakhs for every passenger with a coverage of Rs1 Lakh for household theft / robbery during the travel period.

Compensation to passengers for train delays.

(iv) Election Special Trains:

IRCTC has been entrusted with the job of moving the Military and Para-Military forcesfor the general and assembly elections from FY 2013-14 onwards. IRCTC has been nominatedas a Single window for booking and movement of Election Special Trains. During FY 2019-20 IRCTC operated 346 trains for moving Para-military forces for General Election andgenerated an income of Rs 6.23 Crores (only 5% facilitation charge of IRCTC).

(v) AC Tourist Train:

Utilizing the conventional rake of the Buddhist Special Tourist Train IRCTC operatedthe AC Tourist Train tour packages for the first time in FY 2018-19. During the FY 2019-20 IRCTC have operated 8 AC Tourist Train tours for 1501 passengers as compared to 4 ACTourist Train for 665 passengers in FY 2018-19.

(vI) Pilgrim Special Tourist Trains (PSTT):

IRCTC is planning to operate Pilgrim Special Trains and requested Railway Board toprovide separate rakes for operation of Pilgrim Special Tourist Trains. PSTT will have 5sleeper and 5 3AC coaches. Attractively priced at Rs 900/- per day per passenger forNon-AC Sleeper Class and Rs 1500/- per day per pax for 3AC class passengers the tourpackage will be an all-inclusive package consisting of rail and road travel all mealssightseeing and accommodation.

(vii) Theme Based Tourist trains:

a) Ramayana Express:

IRCTC launched and operated four special tourist trains "Ramayana Express".One train was operated from Tirunevelli in Tamil Nadu. The destinations covered areAllahabad Ayodhya Buxar Chitrakoot Dham Hampi Janakpuri (Nepal) Nandigram NasikRaghunathpur Shringaverpur Sitamarhi and Varanasi etc. The train operated all inclusivetour package from 05.03.2020 to 18.03.2020.

b) Temple Tours:

Another unique tour package of IRCTC covers the temples of Andhra Pradesh andKarnataka. The "Temple Tour of Andhra Pradesh" operated from 11.12.2019 to17.12.2019 ex-Madurai. The package covers destinations like Ahobilam- Mahanandi-SriSailam- Bhadrachalam- Simhachalam- Annavaram. Other Temple Tours "Temple Tour ofSouth Canara" operated from 05.12.2019 to 09.12.219 ex- Madurai. The package coversMurudeshwara- Kollur- Mookambika- Sringeri- Horanadu- Dharmasthala. The package hasprovided services to 708 passengers.

Other Tourism Activities

(i) Event Management:

IRCTC has ventured into Event Management business and organised various ConferencesEvents and Incentive packages for Indian Railways PSUs Education Department and otherprominent institutions. IRCTC had the privilege of managing the event for Hon'ble PrimeMinister Hon'ble President Hon'ble Minister for Railways & other prominentpersonalities. During FY 2019- 20 IRCTC has conducted and managed various Events such as"Sanghosthi" majorly for Indian Railways and generated an income of 81.82Lakhs.

Realising the potential of event management as a business segment IRCTC plans toposition itself as a full-fledged event management company and offer its event managementservices for organising various events (Meetings Incentive tours Conferences andExpositions – MICE) for Ministry of Railways its PSUs and other governmentorganizations across the country.

(ii) Booking of Charter Trains and Coaches:

IRCTC has operated 568 (81 trains & 487 coaches) charters in the financial year2019-20 for various tourist groups. Ministry of Railways nominated IRCTC as the singlewindow agency for online booking of all trains and coaches on charter basis. The websitefor online booking of FTR Trains/ coaches is

(iii) Cruise Packages:

International Cruise packages: : IRCTC has ventured into a new business ofCruise packages across the world (International and Domestic). IRCTC has operated itsfirst cruise package with Norwegian Getaway Cruise from 24th Jun 2019 to 06th July 2019including Emirates Return Flight Hotel stay (1+1 Nights) Insurance & Visa charges(Denmark) for a 12N/13D package generating a revenue of 62.5 Lakhs.

Norwegian Getaway cruise started from Copenhagen (Denmark) on 25th Jun 2019 andcontinued till 04th July 2019 (9N/10D) covering Warnemunde (Germany) Gdynia (Poland)Helsinki (Finland) St. Petersburg (Russia) Stockholm (Sweden) and back to Copenhagen(Denmark).

Further IRCTC has recently launched 10 International and 6 Domestic Cruise packageswhich are also available on IRCTC's tourism portal.

River Cruise packages: IRCTC has collaborated with river cruise liners foroperation of river cruise on the mighty Ganges and the Brahamaputra in the domesticmarket. Gangasagar and Sunderland Domestic River cruise packages has also been launchedand uploaded on IRCTC tourism portal.

With this IRCTC has achieved the MOU target of launching of International Cruisepackages as well as Domestic River cruise packages in India with excellent rating in theboth targets.

IRCTC has ventured into a new business segment of Air Charter. On the pilot run basisIRCTC has provided service to Ministry of Railways and operated four Air charters duringthe FY 2018- 19. Initially the business will be restricted to Government clients and willbe later extended to all after stabilising operations in the market.

(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 andMatheran Railway. IRCTC operates hill charters over Kalka-Shimla Nilgiri Mountain Railwayand Darjeeling Himalayan Railways UNESCO's "World Heritage Sites". IRCTC hasrecently launched packages for Kalakund which is situated in the recently introducedHeritage section of Patalpani- Kalakund under Ratlam Division of Indian Railways.

(v) Luxurious Railway Saloon Car

Ministry of Railways decided to open bookings for its fleet of luxurious saloon coachesand has entrusted IRCTC with the task of marketing and booking these special packages. ASaloon Car generally has a living room two air-conditioned bedrooms – one twinbedroom and the other similar to an AC First Class coupe with attached baths dining areaand a kitchen. Optional services like attendant catering pick and drop is arranged asper demand of tourists. During FY 2019- 20 IRCTC has successfully operated 33 salooncharters across India in comparison to 20 Saloon Cars in the previous year. IRCTC hasrequested Railways to provide 6 exclusive fully AC Saloon Cars for operating charters andSaloon Car tours across its five Zonal Offices and 1 in New Delhi.

(vi) Online booking of Retiring Rooms at Stations and Hotel Booking:

IRCTC has been providing the convenience of booking of retiring rooms online to Railwaypassengers having confirmed PNR across 537 Railway stations through IRCTC tourism portal.Passengers can also book Retiring Rooms on the go on Android and IOS mobile Apps. Hourlybooking is also available at 43 stations. About 65 % of total retiring room bookings arebeing done online. 20% of the bookings are being done through mobile apps.

IRCTC has started upgrading and managing services of Retiring rooms at 16 Railwaystations including Sealdah Rajinder Nagar Tata Nagar Udupi Madgaon AhmedabadVadodara Thivim Lucknow Jaipur Gorkhpur Tirucharpalli Madurai Kachiguda Tirupati& Bilaspur. The upgraded retiring rooms have hotel like facilities such as fully ACWifi TV Geyser linen sofas etc.

Total bookings during FY 2019- 20 were 4.46 Lakhs and total revenue was Rs 22.66Crores.

(vii) Advance Tourism:

IRCTC Tourism is offering a tour package of five nights and six days to Meghalaya. Thetour will comprise flights connecting Bengaluru with Guwahati and a motorcycle-basedjourney to Mawsynram and Mawlyngbna in Meghalaya.

(viii) IRCTC Mobile Apps:

Mobile Apps and Mobile responsive websites are the need of the hour for customers.Therefore to promote IRCTC's products IRCTC has introduced user friendly travel andtourism mobile Apps. ‘IRCTC Air' and ‘IRCTC Tourism' mobile application werelaunched on 31st May 2016. The application for IRCTC App is already available for Androidand IOS users. An integrated IRCTC app "IRCTC Connect" featuring Rail &Air ticketing and IRCTC Tourism has been released on 10.01.2017. Till 31st March 2020IRCTC Rail connect app was downloaded more than 1 Crore times and packages are beingbooked regularly on the app. A Mobile App has been developed on Android as well as iOS forMaharajas' Express to simplify the guest feedback system and promote off-board excursions.App also has features for detailed itinerary live train tracking etc.

(ix) Tourism Portal :

In an era of modern technology where internet websites and apps are ruling the worldIRCTC has realised the potential of growing as an Online Travel Agency. IRCTC launched itstourism portal in March 2007 and has been offering complete onlinetravel solutions to the customers since the last 9 years. The portal has won the"National Tourism Award" in the year 2008 "Website of the Year" forthree consecutive years i.e. 2014 2015 & 2016 from "Leisure & Travel"by Matrix Lab and has been awarded "Indian e-retail award" for four consecutiveyears from 2015 to 2018 by Franchise India. The portal offers on-line booking of TouristTrains Air tickets Hotels Saloon Cars AC Tourist Trains Event Management Tourpackages on rail air or land. To be at par with the user friendliness and facilitiesoffered by other OTAs IRCTC has revamped its tourism website. Golden Chariot Train hasalso launched its website in 2019-20. Total Bookings in 2019-20 was 518277 catering to12.18 Lakhs passengers and generating gross revenues of 282.83 Crores.

(x) Online Feedback module:

IRCTC started taking online feedback of tourists/ passengers travelling or availingservice on IRCTC tourist trains packages etc. through Tablets during the course of thetour to get actual feedback of passengers and to take necessary action for making theirproduct better. IRCTC Tourism department has circulated 3 tablets to each zone for regularonline feedbacks.

(xi) Part Payment facility:

Online and Offline Customers can now utilize the Part payment facility to book theirTourism packages and plan their journeys in advance without blocking the full amount.

(xii) Online Hotel Booking:

IRCTC integrated accommodation partners (Hotel Home stay Bed &Breakfast PGsDormitories paying Guest Houses YatriNivas holiday Homes start up etc.) on itsplatform for online bookings through https://www. or‘irctctourism' mobile apps – Android & IOS

At present following hotels can be booked:-

Le Roi Hotels Oyo Rooms FAb Hotels Oga Hotels Comopolitian Hotels Ginger Hotels

Customers can now book more than 3172 hotels across 135 cities with a starting tariffof Rs 600/. Most of the

Hotels are located near Railway Stations Airports and city centres. IRCTC offers Nocancellation charges if cancelled before 24 hrs of check–in.

Tourism Planning

The extremely diversified tourism product lines provide IRCTC tremendous scope ofgrowth in the field of tourism. In line with this the company plans to further enhanceand consolidate its tourism business in the coming years by expanding and streamliningexisting business lines as well as introducing new product lines.

IRCTC tourism needs to be more dynamic and flexible to tackle the situation after theCoronavirus pandemic. The industry is expected to take a minimum of 10 months to recoverafter the pandemic is controlled.

However Specific thrust areas identified now for the coming year would be:-

(i) Cruise Packages: IRCTC will focus on launching packages with Cruise linersacross the globe. IRCTC will block seats/ rooms in Cruises and sell them at Domestic &International level.

(ii) River Cruise Packages: IRCTC is also going to tie up with reputed Companiesin India to offer Luxury

River Cruise Tours. These tours will be offered to Maharajas Express guests also.

(iii) AC Tourist Trains: IRCTC will utilise the conventional rake of Buddhistfor operation of more AC Tourist Trains and launch and operate various tourist itinerariesacross India.

(iv) Pilgrim Special Tourist Trains: IRCTC is planning to launch and operatePilgrim Special Train with three new rakes to be obtained from Railways. IRCTC will usethe rakes across India round the year. Mixed rakes will be used for this purpose forinstance 5 coaches of Non-AC sleeper class and 5 coaches of 3AC.

(v) Adventure Tourism: IRCTC will continue to operate various Adventure tourpackages to North East. More adventure tourism packages will be launched to other parts ofIndia. The activities include biking hiking mountaineering etc.

(vi) Passenger Trains: IRCTC is planning to take more passenger trains from theclusters identified by Indian Railways for privatisation of Indian Railways through jointventures or independently. IRCTC is also planning to take charge of other trains availablewith Indian Railways namely "Tejas Express" for booking management andoperational activities with IRCTC. However the final decision will be based on theanalysis of the financials and performance of this vertical.

(vii) FOREX VISA & International Travel Insurance: IRCTC has tie-ups withservice providers for FOREX VISA & Overseas Insurance. These businesses mainly targetIRCTC's outbound tour package clients and its Corporate clients.


IRCTC is one of the foremost travel and tourism companies in the country and over thelast couple of years IRCTC has developed a strong brand presence across the most popularsocial media platforms on the internet such as: Facebook Twitter Instagram and LinkedIn.This presence has given IRCTC an edge over others to connect with a massive audience baseand deliver better solutions or products to the customers. IRCTC has also been proactivein responding to the grievances received through their social media channels.

During the year 2019-20 IRCTC received a total of 519452 mentions across theinternet out of which 323477 were from social media platforms and the remaining195975 were from other sources such as news websites online forums etc. As a brandIRCTC has managed to garner great response from its users on social media with peoplesharing IRCTC posts 581837 times in 2019-20 and receiving 133899 positive mentionsacross social networks.

IRCTC saw an exponential growth in its follower base on its official social mediahandle that manages official posts IRCTC Air and IRCTC Tourism. The Instagram platformsaw the biggest jump of 10301% increase in followers while LinkedIn followers increased199% in the current year. Twitter follower base also increased by 73% followed byFacebook follower growth of 19%.

The growth in social media follower base was also complemented by a rise in websitetraffic resulting in a 58% increase in traffic on the IRCTC Tourism website.

The social media strategy of Maharajas' Express – IRCTC's flagship premier luxurytrain was focused on International guests who were looking to travel to India andexperience luxury while exploring the cultural heritage of this country. Maharajas'website went through a complete overhaul during the year 2019-20 and as a result it sawan increase of 34% in traffic. The social media platforms of Maharajas' Express also sawan increase in followers with Instagram being the most popular platform during 2019-20.Instagram follower base increased 64.79% followed by Facebook at 10.3% and Twitter byapprox. 9% during 2019-20.

For promotion of the Buddhist Circuit Tourist Train IRCTC initiated two pronged onlinemarketing strategy with social media marketing and constant marketing efforts across otherdigital mediums which helped the premium tourist train to increase its website traffic bya huge 218% during the year 2019-20. The social media platforms such as Instagram andFacebook also saw a followers growth of 93% and 52% respectively.

IRCTC Air's visibility in search engines improved in comparison to the previous year.Total traffic increased from 182248 in March 2019 to 202470 in March 2020 registering agrowth of 11.10% organic traffic. IRCTC Air has constantly ranked on the first page ofGoogle Search Engine Results due to our Search Engine Optimization and Search EngineMarketing efforts.


IRCTC's e-ticketing service has continued to grow from strength to strength ever sinceit came into the market and now accounts for 72.75% of reserved tickets booked online onIndian Railways in 2019-20. On an average 8.25 Lakhs tickets were sold daily throughIRCTC's website and Mobile App during 2019-20. The site offers round the clock ticketbooking services except for a 35 minute break from 2345 hrs to 0020 hrs.

(i) Service Charge:

A nominal service charge was earlier levied by IRCTC

@ Rs 20/- per e-ticket for Non-AC classes and @ Rs 40/-per e-ticket for AC classes.But it was withdrawn by Ministry of Railways w.e.f. 23-Nov-2016 to promote digitalpayment and the same continued till 31-Aug-2019.

Continued withdrawal of service charge has resulted in a loss in turnover amounting toRs 370 Crores in 2019-20. Total

Revenue loss from e-ticketing service charge from the date of its withdrawal in23-Nov-2016 to 31-Aug-2019 has been Rs 2088 Crores. For the FY 2019-20 reimbursement ofRs 32.26 Crores has been made by Ministry of Railways to IRCTC in the 1st quarterfor maintenance and operations of Internet Ticketing System.

The withdrawal of service charge on the tickets though has reduced the income fromthis segment efforts have been made to encash full potential of website along with mobileapplication schemes through data monetization retail management etc.

IRCTC has started collection of Convenience Fee on e-ticket bookings w.e.f. 01-Sep-2019at the rate of Rs 15/- + GST per ticket for Non AC Classes and Rs 30/- + GST per ticketfor AC Classes (including First Class/FC). For BHIM/UPI payments the Convenience Fee ischarged at a reduced rate of Rs 10/- + GST per ticket for Non- AC Classes and Rs 20/- +GST per ticket for AC Classes.

(ii) Earnings:

a. No. of E-Tickets and Passengers Booked:

A total of 3019.04 Lakhs tickets have been booked in 2019-20 as compared to 2841.72Lakhs in 2018-19. Total 5229.62 Lakhs passengers booked E-Tickets in 2019-20 as comparedto 4949.51 Lakhs passengers in 2018-19. The ratio of Passenger to Ticket during the yearwas 1.73:1.Number of tickets booked during the year has reduced due to the countrywidelockdown imposed due to the COVID-19 Pandemic.

b. E-ticketing Revenue Collection:

During the year 2019-20 a total of Rs 34054.74 Crores was collected as Ticket Farefrom the users as E-ticketing revenue which is 6.19% more than last year's collection ofRs 32069.70 Crores.

(iii) MOU Targets 2019-20 and Achievements thereof:

S. No. Target Status of achievement
1. Setting up and operationalization of OTP based system for ensuring refund to all customers who booked their rail e-tickets through agents by 31-Oct-2019 Achieved on 25-Sep-2019
2. Creation of own booking engine for handling all kinds of event ticketing like exhibitions games 31-Dec-2019 Achieved on 21-Nov-2019

(iv) New Initiatives Taken During 2019-20

CAPTCHA based login introduced to enhance security during peak hours on Mobile App(w.e.f. 16-Jun-19).

Three days Cyber Security Awareness Training Programme conducted for IRCTC Employeesfrom 28-Jun-2019 to 30-Jun-2019

Highest booking in a day through IRCTC Rail Connect Mobile App - 469949 tickets werebooked on 01-Jul-2019

Railway Complaints registration is now available by dialling 139 and Rail Madad(w.e.f.15-Jul-2019)

Boarding point change of System Tickets made available to Rail Users through IRCTCWebsite (w.e.f. 25-Jul-2019)

NDRF (National Disaster Response Force of Central Paramilitary Forces) e-ticketingsystem has been launched for booking Reserved Rail e-tickets for NDRF personnel (w.e.f23-Aug-2019).

The Convenience Fee on online tickets booked through IRCTC has been started w.e.f. 01-Sep- 2019.

A Convenience Fee of Rs 15/- + GST per ticket for Non-AC Classes and Rs 30/- + GST perticket for AC Classes is being levied on online tickets booked through IRCTC irrespectiveof the number of passengers booked on a ticket;

For the Users who will be making online payment for e-tickets through BHIM/UPI mode ofpayment the Convenience Fee would be charged at a reduced rate of Rs 10/- + GST perticket for Non- AC Classes and Rs 20/- + GST per ticket for AC Classes irrespective ofthe number of passengers booked on a ticket.

OTP (One Time Password) based refund process through SMS for tickets cancelled byRetail Service Providers (agents) and also for the tickets which remain fully waitlistedwhen such tickets have been booked by the passengers through agents has been launchedw.e.f. 25-Sept-2019. OTP SMS based refund process brings transparency in the system andbenefits the customer. It is an user friendly facility wherein passenger will know aboutthe exact refund amount received by agent on his behalf against a cancelled ticket orfully waitlisted dropped ticket. (MOU Target - 31-Oct-2019) Group Bookings madelive on IRCTC Tejas Trains w.e.f. 01-Oct-2019. IRCTC Tejas Train on LJN-NDLS-LJN route waslaunched on 04-Oct -2019 and all its ticketing operations have been handled by the ITCentre.

IRCTC Rail Connect Mobile App on iOS Platform was launched on 10-Oct-2019

New User Interface of IRCTC Rail Connect Mobile App on Android Platform was launchedon. 14-Oct-2019

Introduction of Gallery/Videos section in IRCTC Rail Connect Mobile App on iOSPlatform- launched on 06-Nov-2019.

Last transaction details feature added in transaction history menu of IRCTC RailConnect Mobile App:


On Android Platform - 08-Nov-2019. On iOS Platform - 03- Jan-2020

Event Management Portal launched and utilized for events on 21 & 22-Nov-2019. Thisportal will cater to online registrations for events like workshops seminars etc. andfacilitate online bookings for exhibitions games events etc. (MOU Target –31-Dec-2019)

New Premium Card has been introduced in IRCTC Loyalty Program w.e.f. 21-Nov-2019.

Fundamental Duties were displayed on ERS Home Page Alerts & Updates section ofIRCTC website from 25-Nov-2019.

Fundamental Duties have been displayed on IRCTC Rail Connect Mobile App:

On Android Platform - 25-Nov-2019. On iOS Platform - 27-Nov-2019

IRCTC Convenience Fee at reduced rates of Rs 10/- (Non-AC Classes) and Rs 20/- (ACClasses) on the tickets booked through BHIM/UPI payment mode has been started w.e.f.01-Jan-2020.

Another IRCTC Tejas Train on ADI-MMCT-ADI route was launched on 17-Jan -2019 and itsticketing operations have been handled by IT Centre.

New payment options like Payment Gateway and UPI payment options have been enabled fore-Wallet registration and deposit which offers more payment options to users (w.e.f.27-Jan-2020)

IRCTC launched its 3rd Train- Kashi Mahakal Express from INDB to BSB via Ujjain and itsticketing operations are being handled by IT Centre (w.e.f. 20-Feb-2020)

Mandatory and Free Travel Insurance up to Rs 10 Lakhs has been provided for thepassengers of Mahakal Express w.e.f. 20-Feb-2020.

Highest Tickets booked in a minute: 26458 tickets (05-Mar-2020 11:02 am)

Booking SMS is now being sent only to registered mobile numbers of users w.e.f.11-Mar-2020. Previously the booking SMS was sent to the passenger's mobile number.

Re-Verification of email IDs/mobile numbers of IRCTC users have been started to keepgenuine users on the system w.e.f. 12-Mar-2020.

Following Banks/ Payment Providers have been integrated on IRCTC Rail Connect MobileApp for booking Reserved Rail e-tickets by the customers:

i. ICICI Bank Payment Gateway for providing Debit/ Credit Card payment modes:

On Android Platform - w.e.f. 23-May-2010

ii. UPI (powered by PayTM): On Android Platform - w.e.f. 03-Jun-2019

iii. Airpay - for providing Multiple Payment modes (MPP)

On Android Platform - w.e.f. 24-Jul-2019

iv. HDFC Bank - for providing Multiple Payment modes (MPP)

On Android Platform - w.e.f. 09-Aug-2020.

v. American Express Bank Payment Gateway for providing Credit Card (Domestic) paymentmode

On Android Platform - w.e.f. 26-Feb-2020. On iOS Platform - w.e.f. 20-Mar-2020

(v) Highlights of Internet Ticketing (2019-20)

Total number of tickets booked were 3019.04 Lakhs 6.26% higher than last year.

Total Train Ticket Fare for online e-ticketing during the year was Rs 34054.74 Crores6.19% higher than last year.

4.46 Crores Mobile App (on Android & iOS) Downloads till 31st March 2020.

Mobile Bookings: The average Mobile App bookings during 2019-20 were 3.86 Lakhs ticketsper day as compared to 2.79 Lakhs tickets in 2018-19. 47% of IRCTC e-Tickets have beenbooked through IRCTC Rail Connect Mobile App.

About 72.75% of Reserved Rail tickets were booked online in 2019-20 as compared to70.01% in 2018-19.

(vi) Segment wise IRCTC e-ticketing share

S. No. Segment Total Booking Booking Amount (Rs in Crores) Share in %age
(Nos. in Lakhs)
1 IRCTC Mobile 1415.24 17269.72 47%
App Normal User
2 IRCTC Website 770.47 6775.11 26%
Normal User
3 B2C Normal User 464.47 4230.81 15%
4 Retailer Agents 276.02 4038.09 9%
5 G2G 92.84 1741.01 3%
Total 3019.04 34054.74 100%

(vii) Ticket Booking Segment Wise % age d. PACKAGED DRINKING WATER (RAILNEER)

As on 31.03.2020 IRCTC has fourteen operational plants located at Delhi Patna PalurAmbernath Amethi Parassala Bilaspur Sanand Hapur Mandideep Nagpur JagiroadJabalpur and Sankrail of which the plants at Amethi Parassala Sanand Hapur MandideepNagpur Jagiroad Jabalpur and Sankrail operate under PPP.

Performance of Rail Neer Plants during FY 2019-20 as compared with 2018-19 as givenbelow:

Financial Year Production (bottles in Crores) Turnover Plant Utlisation
(Rs in Crores) (%)
2019-20 27.50 (approx) 237.99 79%
2018-19 21.50 189.04 83%

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

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

During 2019-20 three new Rail Neer plants at Jagiroad near Guwahati (Assam) Manerinear Jabalpur (M.P) and Sankrail near Howrah (W.B) has been set up.

(i) Technology/Capacity up gradation:

To combat design duplication and consequent sale of spurious water a hologram has beenembedded on the Rail Neer bottle as a safety feature.

Use of Handheld Terminals (HHT) for monitoring Rail Neer distribution operations inplants.

Rail Neer Carrying and Forwarding Agencies (CFAs) have been empowered to issue invoicethrough Handheld Terminals (HHTs) to licensees enabling live record and reconciliation ofsale and supply of stock to trains and catering units in one plant as pilot project. Thishas simplified the process of bill settlement in real time rendering accurate resultsevery time. It has also resulted in savings in stationary and offers time forreconciliation. Further the data has been proposed to be populated on IRCTC's server toassess performance of Rail Neer operations and utilize it as a decision making tool.

(ii) Road Ahead :

Average daily requirement of Packaged Drinking Water on Indian Railways is approx 18Lakhs bottles/day. IRCTC's production capacity is 14.08 Lakhs bottles/day spread overfourteen working plants. With the commissioning of five more Plants capacity will beenhanced to approx 17.68 Lakhs bottles per day which will be operational by 2020-21 andit is considered adequate for meeting current demand on Indian Railways. The newly set upplants at Jagiroad Jabalpur and Sankrail have started commercial operation.

Rail Neer Plants at Una (H.P.) and Bhusawal (MH) are in advanced stages of completionand Rail Neer Plant at Mallavalli near Vijayawada is in civil construction phase. Allthree plants are expected to be commissioned in FY 2020-21.

Further setting up of two more plants at Bhubaneswar and Simhadri nearVishakhapattanam are under tendering process.

(iii) Water Vending Machines

Ministry of Railways has directed IRCTC to provide purified chilled and potabledrinking water to railway passengers at an affordable rate (@ Rs 5/- per 1 litre) through WaterVending Machines (WVMs) thereby reducing pollution on account of lesser consumptionof plastic bottles. It will also help to generate employment in station premises.

Till 31st March 2020 your Company has cumulatively installed 1926 Water VendingMachines. Out of 1194 stations of category of A1 A B and C a total of 685 stations havebeen provided with WVMs covering around 97% of A-1 category stations.

Awards Received during the year - Rail Neer was awarded with Asia's most trustedbrand award 2019 in the packaged drinking water category.


The Human Resource Development (HRD) function in IRCTC has been designed in a way toadopt latest methods to constantly update the knowledge ability skills and productivityof the employees. IRCTC firmly believes in the resource-based theory which emphasises thatinvestment in people adds to the value of the company. HRD also ensures putting the rightpeople to the right task to get the maximum output. The employees are provided appropriateguidance for transformation of their knowledge into skills. The employees are encouragedto engage as partners in the organization which creates a healthy and harmoniousenvironment for achieving the aims/objectives and targets of the corporation.

As on 31st March 2020 the Company had total manpower strength of 2494 with thefollowing details:

Category No. of Employees
Regular Employees 1384
Deputationists 62
On Contract 393*
Out Sourced 655#

*Engaged on contract basis for mobile catering supervision for a period of two years.

# Engaged through manpower agency for supplying support services.

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

Category No. of Employees % of total no. of regular employees
Women employees 102 7.37
SC Personnel 261 18.86
ST Personnel 73 5.27
Other Backward Classes 341 24.64
Persons with Disabilities 05 0.36

(i) MoU targets 2019-20 and achievements thereof:

S. No. Target Status of
1 Designing a structured induction and on boarding policy for new recruits Achieved. Policy issued on 30th November 2019.
S. No. Target Status of Achievement
2 Achievement of Human Resource parameters of continuous nature viz Holding of DPC without delay for Executives(E0 & above) Review & its implementation of Employees performance on the lines of FR(56)J Regular updation of Online Human Resource Management System (HRMS) For career progression 10 % executives were imparted one week training in IIMs. Achieved in the fields mentioned.
3 Capability development programmes for employees to build their technical & managerial competencies for higher positions with special focus on Web based learning. conducted 6 capability development programmes with special focus on web based learning.

(ii) Employee Welfare:

Human Resources being a very vital organ in the organization there is a need forWelfare activities which helps in keeping the morale and motivation of the employees highso as to retain the employees for longer duration. HR Deptt. took following welfaremeasures during 2019-20 :-

Compassionate Ground Appointment Policy: The biggest concern of a person issurvival of his family after his demise. To safe guard the concern IRCTC has introducedthe policy for appointment on compassionate grounds of a dependant family member of aregular employee who lose his/her life while in service.

Comprehensive Group Insurance Scheme: Earlier Coverage of accidental death aswell as natural death under the Comprehensive Group Insurance Scheme was amount to 60months basic pay plus Dearness allowance which has now been enhanced to 70 months basicpay plus Dearness allowance for all employees including deputationists working in IRCTC.

Engagement of Apprentices: As per the Ministry of Skill Development andEntrepreneurship guidelines IRCTC is fulfilling its obligation of engaging Apprenticesfor training in the band of 2.5% to 10% of the sanctioned strength. Initially 38candidates were selected as Apprentices in the trades of COPA and Food Production; out ofwhich 33 candidates are still undergoing training of Apprenticeship in this organisation.For this period of training stipend is paid to each Apprentice as per directives of theMinistry of Skill Development & Entrepreneurship.

Health Awareness Camp/Seminar: With view to help IRCTC staff for their healthwellbeing IRCTC in collaboration with Dr. Reddy's Foundation organised 10 health awarenessseminars presented by eminent medical professionals on various health awareness topicslike Oral Health Asthma Gastrointestinal disorder Obesity Hypertension Gynaecologicalissues etc.

Alternative Method of Medical Treatment: To promote the alternative method ofmedical help IRCTC is providing free consultation services of Homeopathy Physicians tothe employees of the Corporate Office and North Zone. Homeopathic treatment has helpedlarge number of staff and their families in treating day-to-day illness i.e. common coughcold and prevention from seasonal diseases.

(iii) Industrial Relations

During the year the Industrial Relations in the Company have been cordial without lossof any man-days. The Corporation is having an effective grievance machinery for redressalof the complaints/grievances of its employees. An effective work culture has beenestablished in the company through empowerment transparency decentralisation andpractice of participative management.

(iv) Particulars of Employees

As per provisions of section 197(12) of the Companies Act 2013 read with the Rule 5(2)and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 every Company is required to give a statement showing the names and otherparticulars of the employees drawing remuneration in excess of the limits set out in thesaid rules in the Annual Report of the Company.

However as per notification dated June 05 2015 issued by the Ministry of CorporateAffairs Government of India government companies are exempted from complying withprovisions of section 197 of the Companies Act 2013.

Your Company is a government company therefore such particulars have not beenincluded as part of the Directors' Report.


The following reports as reproduced in the table below with relevant sub-appendicesform an integral part of this Directors' Report and have been placed with their Annexurerespectively:

Category Annexures
Management Discussion and Analysis Report A
Report on Corporate Governance B
Annual Report on CSR and Sustainability Activities C
Business Responsibility Report D
Dividend Distribution Policy E
Extract of Annual Return F
Secretarial Auditor Report G
I-Addendum to Directors' Report (Management replies to remarks contained in the Independent Auditor's Report) H
II-Addendum to Directors' Report (Management replies to remarks contained in the Secretarial Auditor's Report) I
Form AOC - 2 J

The "Management Discussion and Analysis Report" provides an overviewof the affairs of the Company its legal status and autonomy business environmentmission & objectives sectoral and segment-wise operational performance strengthsopportunities constraints strategy and risks and concerns as well as human resource andinternal control systems [Annexure – "A"].

"Report on Corporate Governance" highlights the philosophy ofCorporate Governance and Key Values of the Company composition of Board of Directors andits Committees their details including profile of directors who joined the Board during2019-20 and thereafter attendance and remuneration of directors etc. other relevantdisclosures and general information for shareholders [Annexure – "B"].It is supplemented by following compliance certificates:

i. Certificate signed by the Chairman & Managing Director affirming receipt ofcompliance with the Code of Conduct and Key Values from all Board members and SeniorManagement personnel during the year 2019-20 (placed at Appendix – "B1");

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

iii. Certificate of compliance of Corporate Governance provisions signed by aPractising Company Secretary (placed at Appendix – "B3").

iv. Certificate by Practising Company Secretary regarding non-disqualification ofdirectors of the Company (placed as Appendix-"B4")

"Annual Report on CSR and Sustainability Activities" provides a briefoutline of the company's CSR and Sustainability policy the composition of CSR Committeeaverage net profit of the Company for the last three financial years prescribed CSRexpenditure and details of CSR spent on the activities / projects undertaken during thefinancial year etc. [Annexure – "C"].

"Business Responsibility Report"

As per Regulation 34 (2) (f) of SEBI (LODR) Regulations 2015 the top one thousandlisted entities based on market capitalization (calculated as on March 31 of everyfinancial year) shall include in its Annual Report a business responsibility reportdescribing the initiatives taken by them from an environmental social and governanceperspective in the format as specified by the SEBI from time to time. Considering thefact that the Company as of 31st March 2020 is amongst the top 1000 listed entities asper the criteria business responsibility report is prepared and annexed to this report asAnnexure -"D".

"Dividend Distribution Policy"

As per Regulation 43A of SEBI (LODR) 2015 the top five hundred listed entities basedon market capitalization (calculated as on March 31 of every financial year) shallformulate a dividend distribution policy which shall be disclosed in their annual reportsand on their websites. Considering the fact that the Company as on 31st March 2020 isamongst the top 500 listed entities as per the criteria the Board of Directors of theCompany has formulated and adopted the Dividend Distribution Policy.

The Dividend Distribution Policy is annexed to this report as Annexure –"E" and is also available on the Company's website i.e.

"Extract of Annual Return"

The extract of Annual Return pursuant to section 92(3) of the Companies Act 2013 andRule 12 of the Companies (Management and Administration) Rules 2014 in the prescribedform MGT-9 is appended to the Directors' Report.

[Annexure -"F"].

"Secretarial Audit Report"

Pursuant to section 204 of the Companies Act 2013 read with Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 IRCTC has appointed M/s Amit Agrawal& Associates Company Secretaries an independent practicing firm of CompanySecretaries to conduct Secretarial Audit for the financial year 2019-20. The SecretarialAudit Report for the financial year ended March 31 2020 is annexed as to this Report [Annexure–"G"]

"I- Addendum to Directors Report"

The replies of the management to the remarks/emphasis of matter made by the IndependentAuditor in his report on the financial statements for the year 2019-20 are placed as


"II- Addendum to Directors Report"

The replies of the management to the observations made by the Secretarial Auditor inhis report on the compliance of conditions of Corporate Governance for the year 2019-20are placed as Annexure-"I".

"Form AOC - 2"

The form AOC - 2 prescribed under clause (h) of subsection (3) of section 134 ofCompanies Act and Rule (8) of Companies (Accounts) Rule is enclosed as Annexure-"J"


During the year the Company took initiatives for updation of Oracle ERP 11i withRelease 12. Modules like Financial Purchasing Inventory Procurement Contract DatabaseARCS (Account Reconciliation Cloud Services) with enhanced functionalities are proposed tobe implemented in the Company on pan India basis. All official data of the organizationhas been maintained electronically in a secure environment with user's access rightscontrol. Field officers were provided tablets for capturing data through mobile apps forInspections in trains and taking feedback of the passengers. A dashboard is also providedfor higher management to review and take necessary action / corrective measures forimproving services.

Around 38 kitchens were equipped with CCTV cameras for regular monitoring of theoperations and also linked with Honorable MR's dashboard "Rail drishti". AControl room has been setup to monitor all these locations through large format displays(LFD). The Corporate portal of the Company was revamped. The Companysuccessfully managed & maintained IT-Infra services in luxury tourist trains"Maharajas' Express Buddhist Mahaparinirman Express"

Addition to above Golden Chariot Express has also been equipped with all IT amenitiesfor upcoming season.


The vigilance wing in IRCTC is a key department acting as direct link between CVCRailway Board Vigilance and the Organization. It has been entrusted with theresponsibilities of mandate to carry on various surprise checks and scrutinizerecords/documents of various other departments from time to time for timely detection offraud malpractices corruption and unwarranted/unlawful business conduct in theorganization. It coordinates with the IRCTC management and Railway Board vigilance indealing matters of vigilance administration policy and disciplinary proceedings againsterring officials. IRCTC vigilance wing is headed by full time CVO assisted by Deputy CVO3 Vigilance Officers and 2 vigilance inspectors in the corporate office. There are 5 othervigilance officers in various zones handling vigilance related matter in the field. CVObeing the extended arm of CVC is deeply engaged in furthering a culture of transparencyfair procedures good business conduct and raising vigilance awareness in theorganization. The focus area of vigilance department is to promote work culture ofintelligence gathering monitoring and surveillance. Efforts are being made to undertakepro-active preventive Vigilance measures. This is to ensure fair systems and proceduresthereby increasing transparency and reducing scope for discretion.

During the period 2019-20 the vigilance department investigated in detail 18complaints and 44 complaints were forwarded to concerned department for necessary action.Total 131 preventive/surprise checks were conducted in catering and e ticketing sector.Nearly 201 e-mail complaints from various sources were also processed. The malpracticesand incidents of corruption so detected were communicated to the concerned department forstrict action against the licensees and erring employees. The resulting fine recovered wasto the tune of Rs 1359368/-. Further on recommendation of vigilance department systemimprovements were implemented by various departments to minimise instances of malpracticesespecially in the procurement catering and e ticketing sector. As mandated by CVCguidelines the CMD undertook periodical review of activities and performance of vigilancedepartment with the CVO.

The Vigilance Awareness week was organized from 28th October 2019 to 02nd November2019. The theme of this year is "Integrity- A Way of Life" with emphasison preventive Vigilance by increasing transparency accountability following rule of lawbeing inclusive effective and efficient in all areas of functioning of the Government andits organizations.

Further a hand book on "Illustrative check point for various stages of PublicProcurement and Tendering Process" published by the Vigilance department wasreleased by CMD in the Corporate Office New Delhi. Banners and posters with appealingmessages were displayed prominently in work places Catering Units Trains etc. Variouscompetitions like Essay writing Poster making Debate Quiz were held at Corporate Zonaland regional offices of IRCTC. Sensitize program/ Workshop/ Seminars were organized forthe staff to make them aware of the various rules/regulations which are required to befollowed during day to day working. In order to create more awareness and participation ofthe public at large the Commission had envisaged a concept of "IntegrityPledge". During the week Internet Ticketing Centre of IRCTC sent about 32889215e-mails to the IRCTC e-ticket users informing them about observance of Vigilance AwarenessWeek Do's and Don'ts of the e-ticketing procedure booking of meal orders throughe-catering to prevent cases of cheating/corruption and taking of e-pledge on CVC website.

Integrity Pact

IRCTC has implemented the integrity pact program in line with the recommendations ofCentral Vigilance Commission with an objective to ensure that all activities andtransactions between a Company or Government departments and their Suppliers are handledin a fair transparent and corruption free manner. The adoption of Integrity Pact by IRCTChas helped in establishing healthy business practices. To ensure transparency and healthycompetitiveness in public procurements/ contracts IRCTC has adopted Integrity Pact. OneIndependent External monitor has been appointed in IRCTC with the approval of CVC. Acoordinator has also been appointed for Integrity Pact which is now being used in all thetenders which are beyond the identified threshold values.


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


IRCTC firmly believes that Corporate Social Responsibility (CSR) plays a major role inthe development of any country and therefore it has made CSR an integral part of itsethos and culture. Your Company goes beyond the statutory compliances and makes efforts tocontribute to the economic development while improving the quality of life of the localcommunity around the company's work centers and the society at large. To achieve thisgoal your Company has incurred an expenditure of Rs 7.67 Crores (2% of the average netprofits of the preceding three years) on CSR projects/activities in FY 2019-20.

Annual Report on CSR activities as required under Rule 8 of the Companies (CorporateSocial Responsibility Policy) Rules 2014 read with section 134(3) and 135(2) of theCompanies Act 2013 is placed at Annexure-"C".


10.1 Right to Information Act 2005

The Right to Information Act 2005 seeks to provide for setting out the practicalregime of right to information for citizens to secure access to information under thecontrol of public authorities in order to promote transparency and accountability in theworking of every public authority. To deal with RTI applications in a fast track modeIRCTC generates one Unique Registration No. (URN) for each application and the same isreplied by the concerned CPIO/PIO well within the prescribed time limit. In corporateoffice and zonal offices PIOs and Appellate Authorities have been nominated as per theprovisions of RTI Act 2005. The list of CPIO/PIOs Appellate Authorities is available onthe IRCTC website i.e. IRCTC has been aligned to online RTI MIS portalw.e.f. 01.04.2017 and all the applications received online are disposed off through onlineRTI Portal which results in faster disposal of RTI cases.

During 2019-20 a total of 2304 cases under RTI Act 2005 were received and all theapplications were disposed off in a timely manner.

Particulars Opening Balance as on 01.04.2019 No. of Applications received as transfer from other PAs u/s 6 (3) Received during the year No. of cases transferred to other PAs u/s 6(3) Decision where requests / appeals rejected Decision where requests / appeals replied Pending as on 31.03.2020
RTI Requests 263 59 2304 462 6 1789 369*
RTI Appeals 20 0 129 6 0 127 16*

*The Pending cases were within stipulated time limit of one month as per RTI Act 2005.

10.2 Presidential Directives

During the year Ministry of Railways conveyed its decision of disinvestment of itsshareholding in the Company through Initial Public Offering (IPO). Accordingly Governmentof India has disinvested 12.60% (20160000 equity shares) of its shareholding in theCompany by way of IPO and the Company was listed with BSE and NSE on 14th October 2019.

10.3 Rajbhasha (Official Language)

The Company continued its thrust on the Official language implementation as per theGovt. of India's Rajbhasha Policy. Several steps are taken to increase the use of

Rajbhasha in the Company and the Company has proved its commitment to ensure theimplementation of the Rajbhasha Policy. Various activities were undertaken during theyear such as organizing workshops training meetings various competitions etc. Foroutstanding and noteworthy contribution in Rajbhasha number of incentives and rewardschemes are in force.

A Hindi week was organized from 13th September 2019 to 20 September 2019 in thecorporate office in which various competitions such as Hindi Quiz Hindi dictation HindiEssay Hindi noting and drafting and Hindi Typing competition were organized where alarge number of participants took part. Winners were awarded Cash prizes along with aCertificate.

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

The provisions of the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013 and the rules thereon are being strictly complied with. TheCompany is committed for the prevention of sexual harassment of women at workplace andtakes prompt action in the event of reporting of such incidents. In accordance with theAct to provide protection against sexual harassment of women at workplace and to maintaintheir safety IRCTC has nominated the Internal Complaints Committee(s) with thecomposition as required under the Act at Corporate Office as well as Zonal offices of thecompany.

During the year the Company received one complaint of sexual harassment which hasbeen disposed off.

10.5Procurement from Micro and Small Enterprises (MSEs)

During the financial year 2019-20 your Company has procured 25.16% of the procurementfrom MSEs out of the total procurement done by the Company.

In exercise of powers conferred by section 9 of the Micro Small and Medium EnterpriseDevelopment Act 2006 (27 of 2006) the Central Government issued instructions all CPSEsshall 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 to the above instruction your Company has boarded on the TReDS platformon 20th March 2019 to facilitate financing of trade receivables of MSEs by discounting oftheir receivables and realization of their payment before due date.


11.1 Deposits

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

11.2 Particulars of Loans & Guarantees Given Investments Made and SecuritiesProvided

During the year the Company has not provided any loan made any investment; orprovided any guarantee under section 186 of Companies Act 2013 read with Companies(Meetings of Board and its Powers) Rules 2014. Therefore the information to be reportedunder section 186 of the Companies Act 2013 is NIL.

11.3 Contracts And Arrangements With Related Parties

The Company did not enter into any contract / arrangement / transaction with relatedparties under section 188 of the Companies Act 2013 read with Companies (Meetings ofBoard and its Powers) Rules 2014 during the year under review. The attention is alsoinvited to Note 44 to the financial statements and Form AOC-2 prescribed under clause (h)of sub-section (3) of Section 134 of the Companies Act 2013 and Rule 8 of Companies(Accounts) Rules 2014 is enclosed as Annexure - "J".

11.4 Internal Financial Control System

The Company has in place an internal control system which is commensurate with sizescale and complexity of its operations. Internal audit constitutes an important element inoverall internal control systems of the company. The scope of work of the internal auditis well defined and is very exhaustive to cover all crucial functions and businesses ofthe company. The internal audit of the company is carried out by the independentprofessional firms appointed for this purpose.

In addition to Internal Audit M/s UCC & Associates LLP Chartered Accountants wereengaged for certification of internal financial control (IFC) for FY2019-20 in accordancewith the provisions of Companies Act 2013.

The report of Internal Auditor and Internal Financial Control was placed before theAudit Committee for the consideration and deliberations. Details of the internal controlsystem are provided in the Management Discussion and Analysis Report given at Annexure-"A".

11.5 Risk Management

The Company has formed Board Level Risk Management Committee and the details of thecomposition meeting held and terms of reference are included under the Report ofCorporate Governance.

The Company also has a below Board level Committee constituted of GGM level officersincluding GGM (Security) IRCTC as Chief Risk Officer (CRO). The functions of theCommittee are to identify the risks related to the specific business segments of IRCTC inorder to establish an appropriate risk management framework in the Company.

During quarterly meeting of below Board risk management various risks have beenidentified and deliberated at the Board level committee. The major risks identified are asmentioned below:

1. Pandemic Risk

2. Dependence Risk

3. Competition Risk

4. Human Resource Risk

5. Cyber Security Risk etc.

The details of the identified risks with their mitigation strategies is mentioned inthe Management Discussion & Analysis Report enclosed as Annexure - "A".

11.6 Significant and Material Orders

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

11.7 Secretarial Standards

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


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

All out efforts and initiatives are taken by IRCTC to minimize adverse environmentalimpacts from its operations products & services by using processes practicesmaterials and products that avoid reduce and control pollution. Compliance with therelevant environmental laws and effective operation of the various pollution controlfacilities are ensured at all the Plants/Units for ensuing a safe and clean environmentand to reduce the dependence on conventional energy sources.

Further in its catering operations the Company has adopted several innovativetechniques to save energy and water in its Base kitchen at NDLS by shifting on PipedNatural Gas based cooking instead of traditional LPG cylinder and reusing of RO wastewater in cleaning washing and bathrooms at BK-NDLS. IRCTC also replaced 3x36 watts/2x40watts light with energy efficient 28 watt LED light fixtures.

The details on the above are mentioned in the Business Responsibility Report enclosedas Annexure – "D".

(a) Technology absorption-

Details are mentioned below in the table:

S. No. Particulars Status
(a) the details of technology imported; NIL
(b) the year of import; NA
(c) whether the technology has been fully absorbed; NA
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof; NA

(b) Expenditure incurred on Research and Development.

Your Company does not undertake exclusive research projects as it does not havepresence in such domain. However to improve the technical capability and enhancecompetence some methods and techniques have been developed and innovative systems havebeen introduced for its business segments.

(c) Foreign exchange earnings and Outgo-

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

(Rs in Crores)
Particulars 2019-20 2018-19
Foreign Exchange Earning 43.32 33.54
Foreign Exchange Outgo:
Foreign Travelling Expenses 0.47 0.67


As per the Companies Act 2013 the provisions in respect of retirement of Directors byrotation will not be applicable to Independent Directors. In view of this no IndependentDirector is being considered to be retired by rotation but all other directors will beretiring by rotation. Accordingly one third among all other directors namely Smt. RajniHasija Director (Tourism & Marketing) is liable to retire by rotation and beingeligible offers herself for reappointment.


IRCTC is a Government Company under the administrative control of Ministry of Railways.The functional directors including Chairman and Managing Director (CMD) are selected onthe recommendations of Public Enterprises Selection Board (PESB) in accordance with theprocedure and guidelines laid down by Government of India.

The Company enters into Memorandum of Understanding (MoU) with the administrativeministry i.e. Ministry of Railways Government of India every year containing keyperformance parameters for the company. The performance of the Company is evaluated byDepartment of Public Enterprise vis--vis MoU entered into with the Ministry of RailwaysGovernment of India.

The evaluation of performance of Functional Directors includes self-evaluation by therespective functional directors and subsequent assessment by CMD (on the basis ofachievement of MoU targets and MoU rating received) with final evaluation by the Ministryof Railways (the administrative ministry).

The performance evaluation of CMD includes self evaluation and final evaluation by theMinistry of Railways (based on the MoU rating received).

In respect of Government nominee directors their evaluation is done by the Ministry ofRailways as per the procedure laid down. Since independent directors are appointed by theadministrative ministry their evaluation is also done by the Ministry of Railways andDepartment of Public Enterprises.

Ministry of Corporate Affairs (MCA) vide its circular dated June 5 2015 had exemptedGovernment Companies from the provisions of section 178(2) of the Companies Act 2013which requires performance evaluation of every director by the Nomination &Remuneration Committee. The circular further exempted Govt. Companies from the provisionsof Section 134 (3) (p) of Companies Act 2013 which provide about manner of formalevaluation of its own performance by the Board and that of its Committees and IndividualDirector in Board's Report if directors are evaluated by the Ministry which isadministratively in-charge of the Company as per its own evaluation methodology.

Further Ministry of Corporate Affairs vide its notification dated 5th July 2017 hasexempted the provisions relating to review of performance of Chairperson andnon-independent directors and the Board as a whole and evaluation mechanism prescribed inSchedule IV of the Companies Act 2013 for Government Companies.


CPSE conclave emphasized on establishing a common knowledge management portal for allCPSEs with the objective to create a platform for enabling individuals teams and entirepublic sector enterprises to collectively and systematically share knowledgeInfrastructure Best practices SOP etc. to learn from others' experiences and to attaingreater heights.

Accordingly SAMANVAYA platform was launched under the aegis of Department ofPublic Enterprises. IRCTC is an active member on the platform and updates the detailsrelated to the Company regularly.

On similar lines DRISHTI Dashboard was created as a part of ‘Vision NewIndia 2022' to redefine the role and responsibilities of CPSEs through real-timemonitoring of their action plans derived from the challenges posed out of CPSE Conclave.The company has fed the information on the portal and regular updation is also being done.


The performance of the Company has been rated as "Good" based on the outcomesachieved with reference to the key performance indicators (KPIs) enshrined in theMemorandum of Understanding (MoU) for the financial year 2018-19.

On the basis of self evaluation Company is expected to receive "Excellent"rating for 2019-20. The MoU reflecting performance parameters for 2020-21 is underprocess.


IRCTC endeavours for an all-round growth and the same is reflected in the list of itsawards & achievements:

1. IRCTC's tourism vertical has been conferred India e-Retail Awards 2019 in thecategory "Leisure and Travel e Retailer of the Year" at a ceremony held at LalitHotel New Delhi on 13.10.2019.

2. IRCTC Rail Connect app awarded for best content in an e-commerce app in aspecialized category during the India Content Leadership Awards – ICL 2019 on04.10.2019

3. Digital Innovation Award was presented to IRCTC by Express computers on 26.09.2019

4. IRCTC presented with Express IT award 2019 organised by Financial Express (IndianExpress) on 13.12.2019.

5. Rail Neer conferred with Asia's Most Trusted Brand Awards 2019 in a functionorganised in Bangkok Thailand on 11.12.2019 by IBC infomedia Pvt Ltd a division ofInternational Brand Consulting Corporation USA.

6. IRCTC conferred with International Business Leadership Awards 2019 in a functionorganised in Bangkok Thailand on 11.12.2019 by IBC infomedia Pvt Ltd a division ofInternational Brand Consulting Corporation USA.

7. Customer Centric Excellence Award presented to IRCTC from ET Now during the Businessleader of the year award function held on 16.02.2020 at Taj Lands End Mumbai.

8. Company of the year award presented to IRCTC from ET Now during the Business leaderof the year award function held on 16.02.2020 at Taj Lands End Mumbai.

9. IRCTC won the Governance Now PSU Award under the Financial Category: StrategicInvestments in the 7th edition of PSU Awards held on 19th February 2020 at The Lalit NewDelhi.

10. IRCTC AI Chatbot AskDISHA has been honoured with Asia Leadership award for"Innovation Using Technology" in Mumbai on 27.11.2019.


The company's only Joint Venture with Cox & Kings Limited with 50:50 equity in thename of Royale Indian Rail Tours Limited (RIRTL) was incorporated on 27th November 2008with an objective to acquire furnish maintain manage and operate luxury trains and tomarket holiday packages with such luxury trains as an integral part.

Accordingly a luxury train having 23 coaches was manufactured fabricated and fundedby the company and was marketed in the name of "Maharajas' Express" and wasleased to Royale Indian Rail Tours Limited ("RIRTL") for the purpose of runningoperating and managing the luxury tourist train for a period of 15 years. However due tocertain issues between the equity partners the lease of the luxury train was withdrawnand the JV Agreement dated 10th December 2008 was terminated on 12th August 2011. Hon'bleSupreme Court permitted IRCTC to operate the said luxury train. Cox & Kings Limitedinitiated Arbitration proceedings seeking restoration of Joint Venture Agreement. Thearbitration is in advance stage before Arbitral Tribunal.

IRCTC has also filed a petition against Royale Indian Rail Tours Limited (RIRTL) andCox & Kings Limited and others before National Company Law Tribunal (NCLT) (erstwhileCompany Law Board) under sections 388B 397 398 399 and 403 of the Companies Act 1956and the said petition is subjudice. NCLT has declared the company to be managerialdispute. Details of the Joint Venture are covered in the notes to accounts of thefinancial statements for the periods ending 31st March 2020 vide note no. 37.3 and 45.RIRTL has also taken permission from the NCLT for not holding the Board and Generalmeetings without its approval in July 2013.


As mentioned in the Para above the Board meetings and general meetings have not beenheld in RIRTL since financial year 2010-2011 due to pending dispute with Cox & KingsLimited. Therefore the consolidation of financial statements as required under section129(3) of the Companies Act 2013 could not be done as also explained and disclosed videNote No. 45 of the Notes to accounts of the financial statements for the period ending31st March 2020.


20.1Statutory Auditors

Under section 139(5) of the Companies Act 2013 Comptroller & Auditor General ofIndia has appointed M/s Serva Associates as Statutory Auditors of the Company to auditthe financial statements for the financial year 2019-20. The Statutory auditor has beenpaid an audit fee of Rs 12.01 Lakhs excluding out of pocket expenses plus applicabletaxes for the year 2019-20.

20.2 Secretarial Auditor

Pursuant to section 204 of the Companies Act 2013 read with Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 IRCTC has appointed M/s Amit Agrawal& Associates an independent firm of practicing Company Secretaries to conductSecretarial Audit for the financial year2019-20

The Secretarial Audit Report for the financial year ended March 31 2020 is enclosed asAnnexure - "G" to this report.

20.3 Internal Auditor

As per the section 138 of the Companies Act 2013 read with Rule 13 of Companies(Accounts) Rules 2014 the Company has appointed M/s K.S. Choudhary & Co. CharteredAccountants an independent accounting firm to undertake the assignment of internal auditfor FY2019-20. The details regarding scope and functions of the firm is placed in theManagement Discussion and Analysis Report.

20.4 Cost Auditors

The business segments of IRCTC are not covered under new Cost Audit Rules notified byMinistry of Corporate Affairs. However the Company conducted the cost audit of costrecords maintained by the Rail Neer Plants on voluntary basis only through M/s R.J.Goel & Co. as the Cost Auditor for the year 2019-20.


The Comptroller & Auditor General of India has undertaken supplementary audit onthe financial statements of the Company for the year ended 31st March 2020 under Section143(6) of the Companies Act 2013.

The comments of the C & AG on the Annual Accounts of the Company for the year ended31st March 2020 shall also form part of this report.


The Board of Directors of the Company in pursuance of section 134 (5) of Companies Act2013 confirms that:

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

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

(iii) the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe 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 provisionsof all applicable laws and that such systems were adequate and operating effectively.


Chairman & Managing Director (CEO) Director (Finance) / (CFO) Director (CateringServices) Director (Tourism & Marketing) and Company Secretary are Key ManagerialPersonnel (KMPs) of the Company.

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


(i) In terms of Ministry of Railways letter no. 2011/E(O)II/40/38 dated 16.08.2019 Mr.Narendra (DIN: 08422372) Executive Director/F(PPP) Railway Board assumed theadditional charge of Director (Finance) on the Board of the Company w.e.f. August 192019.

(ii) In terms of Ministry of Railways letter no. 2011/E(O) II/40/38 dated 12.02.2020 Mr.Sanjeeb Kumar (DIN: 03383641) Executive Director/F(PPP) Railway Board assumed theadditional charge of Director (Finance) on the Board of the Company w.e.f. February 132020.

(iii) In terms of Ministry of Railways Order no. 2004/ PL/49/1 dated 18.03.2020 Mr.Vinay Srivastava (DIN: 08638850) ED (PSU) Railway Board has been appointed aspart-time Government Director on the Board of the Company w.e.f. March 20 2020.

(iv) In terms of Ministry of Railways letter no. 2017/E(O) II/40/29 dated 19.05.2020 Mr.Ajit Kumar (DIN: 07247362) has been appointed as Director (Finance) on the Board ofthe Company w.e.f. May 29 2020.


(i) Ms. Smita Rawat (DIN 07670758) ceased to be a member on the Board of theCompany w.e.f. October 11 2020 due to relinquishment of the charge of the post ofExecutive Director (NFR&T) Railway Board on 10.10.2019 as communicated by her videletter dated 18.10.2019.

(ii) Mr. Narendra (DIN: 08422372) ceased to be a member on the Board of theCompany w.e.f. January 16 2020 due to relinquishment of the charge of EDF/PPP RailwayBoard on 16th January 2020 in terms of Railway Board Order No. ERS-1/2017/2/105 dated14th January 2020.

(iii) Dr. Dheeraj Sharma (DIN: 07683375) ceased to be a member on the Board ofthe Company w.e.f. January 31 2020 pursuant to Ministry of Railways Office Order No.2008/PU49/1 dated 31st January 2017.

(iv) Dr. Rabi Narayan Bohidar (DIN: 00637818) ceased to be a member on the Boardof the Company w.e.f. January 31 2020 pursuant to Ministry of Railways Office Order No.2008/PU49/1 dated 31st January 2017.

(v) Ms. Kanak Aggarwal (DIN: 00074469) ceased to be a member on the Board of theCompany w.e.f. January 31 2020 pursuant to Ministry of Railways Office Order No.2008/PU49/1 dated 31st January 2017.

(vi) Mr. Sanjeeb Kumar (DIN: 03383641) ceased to be a member on the Board ofthe Company w.e.f. May 05 2020 due to relinquishment of the charge of EDF/PPP RailwayBoard on 05th May 2020 and his appointment as Director (Finance)/RVNL on immediateabsorption basis in terms of Railway Board Letter No. 2016/E(O)II/40/15 dated 30th April2020.

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

S. No. Particulars Date of Appointment
1. Mr. Mahendra Pratap Mall (DIN:02316235) From 18th September 2017 onwards
Chairman & Managing Director
2. Ms. Rajni Hasija (DIN: 08083674) From 18th May 2018 onwards
Director (Tourism & Marketing)
3. Mr. Ajit Kumar (DIN: 07247362) From 29th May 2020 onwards
Director (Finance)
4. Mr. Neeraj Sharma (DIN 08177824) From 12th July 2018 onwards
Part-time Government Director
5. Mr. Vinay Srivastava (DIN: 08638850) From 20th March 2020 onwards
Part-time Government Director
6. Prof. Sachin Chaturvedi (DIN: 07960871) From 10th October 2017 onwards
Part-time (non-official) Director
7. Mr. Comal Ramachandran Sundaramurti (DIN: 07965899) From 13th October 2017 onwards
Part-time (non-official) Director
8. Ms. Sarita Deshpande (DIN: 08098222) From 29th March 2018 onwards
Part-time (non-official) Director


The Board of Directors of your Company wishes to record their deep sense ofappreciation for the sincere efforts put in by the employees of the Company. YourDirectors also gratefully acknowledge the co-operation support and guidance extended tothe Company by the Government of India Ministry of Railways Ministry of Tourism andDepartment of Public Enterprises.

Your Directors also acknowledge with thanks the assistance and guidance rendered byStatutory Auditors the Comptroller and Auditor General of India Secretarial Auditor andCost Auditor and wishes to place on record their sincere thanks to its valued customersand licensees for their continued patronage.

For and on behalf of the Board of Directors

(M.P. Mall)
Date: 18th August 2020 Chairman & Managing Director
Place: New Delhi DIN:02316235