Indian Railway Catering and Tourism Corporation Ltd
NSE:IRCTC
Indian Railway Catering and Tourism Corporation Ltd
In the vast expanse of the Indian subcontinent, where nearly 23 million people embark on journeys by rail each day, the Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) stands as a crucial pillar. Originating in 1999 as an ancillary arm of the Indian Railways, IRCTC was tasked with transforming the passenger experience both on and off the rails. With a digital footprint that intertwines with the daily lives of millions, IRCTC revolutionized ticketing in India through its comprehensive online platform. This online portal became the backbone of its operations, simplifying the complexities of booking and serving as a streamlined interface between the passengers and the vast railway network. As this digital service flourished, revenue streams flowed not only from the commissions on ticket sales but also through various convenience charges and partnerships with financial service providers.
Beyond the realm of ticketing, IRCTC has diversified into areas that cater to the broader experiences associated with train travel. It found rich avenues in on-board catering, offering a multitude of meal options to passengers, which range from budget-friendly to premium, all tailored to cater to the diverse Indian palate. These services consistently add value, enhancing the travel experience and contributing to its revenue. Moreover, IRCTC plays an integral role in promoting tourism with packages that blend rail travel with curated experiences, opening up unexplored destinations. With its strategic ventures into bottled water under the 'Rail Neer' brand and exploratory digital projects in hospitality, IRCTC continues to evolve, tapping into the intertwined needs of travel, convenience, and leisure. Through these multifaceted streams, it sustains its mission to enrich and simplify the journey for its passengers, all while ensuring steady growth and profitability.
Earnings Calls
In Q3 of FY '25, IRCTC reported impressive revenue of INR 1,225 crores, reflecting a 10% year-over-year increase, with profits rising 14% to INR 341 crores. Catering and Tourism segments contributed significantly, achieving revenue growth of 15% and an impressive 80%, respectively. The EBITDA for the quarter was INR 417 crores, translating to a margin of 34.07%, while the strong performance of Internet Ticketing maintained an EBITDA margin of 84.71%. Looking ahead, the company aims to sustain this positive momentum with continued enhancements in service offerings.
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Ladies and gentlemen, good day, and welcome to the Q3 and 9 Months FY '25 Earnings Conference Call of IRCTC Limited hosted by Dolat Capital. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Rahul Jain from Dolat Capital. Thank you, and over to you, sir.
Thank you, Elaric. Good afternoon, everyone. On behalf of Dolat Capital, we welcome you all to the Q3 FY '25 Earnings Conference Call of IRCTC Limited. I take this opportunity to welcome the management of IRCTC Limited represented by Mr. Sanjay Kumar Jain, who is CMD of the company; Mr. Rabindra Nath Mishra, who is Director of Finance. And also, we have today with us Dr. Lokiah Ravikumar, who is Director of Catering Services; and Mr. Sudhir Kumar, CFO and GGM, Finance of the company.
And now I would like to hand the conference over to IRCTC management to take the proceeding forward. Over to you, please, Sanjay ji.
Thank you, Rahul. Very good afternoon to all of you, and a warm welcome to the IRCTC Earnings Call for Q3 Financial Year '25. Today, our company announced its financial results for the third quarter of financial year '25, which have been disclosed on both stock exchanges. I will begin with a brief overview of our Q3 financial year '25 performance, following which our Director of Finance, Mr. Rabindra Mishra, will provide a detailed analysis of our business segment performance. Afterwards, we'll open the floor for the question-and-answer session.
I am pleased to report that Q3 financial year '25 has been another exceptional quarter for our company with an all-time high revenue of INR 1,225 crores and a profit of INR 341 crores. This represents a revenue growth of approximately 10% and a significant increase of PAT at the rate of 14% approximately on a year-on-year basis. The Catering and Tourism segment were the prime drivers in the quarter-on-quarter comparison with revenue increases of 15% and hoping 80%, respectively. This performance underscores the strength and potential of these business areas.
Similarly, on a year-on-year basis, revenue across all segments have shown growth. Our EBITDA for the quarter reached INR 417 crores, marking a 5.83% growth on a year-on-year basis and 11.8% increase on quarter-on-quarter basis. The EBITDA margin is 34.07%. Overall, these results highlight the company's strong performance and resilience. We remain committed to sustaining this positive momentum and driving continued growth and profitability in the coming quarters.
With that, I conclude my opening remarks and hand over the call to our Director of Finance to provide further insight into the company's financials and segmental performance. Thank you.
Thank you, CMD sir. Good afternoon, everyone. I hope you and your loved ones are in very good health and [indiscernible]. I will begin with a brief overview of our quarterly performance comparing it with the previous quarter, followed by the question-and-answer session. In Q3 financial year '25, we achieved another quarter of robust growth with a margin of INR 341.21 crores, reflecting a 10% quarter-on-quarter increase and 14% year-over-year increase. That way it's a very robust growth. This growth was primarily driven by our Rail Neer and Tourism segment, which despite having relatively lower margin, made significant contribution to our overall revenue.
While coming to the business segment highlights, I will mention the detail of the all the verticals. First is Internet banking. The Internet ticketing segment continued to demonstrate resilience despite nearing saturation with 87.42% approx of the ticket now being booked through our portal. We acknowledge that incremental growth in ticket booking may be limited from this point onwards. However, we are actively exploring opportunities to enhance our nonconventional source of income beyond convenience fee.
The segment reported revenue of INR 53.72 crores, reflecting a 5.4% year-on-year growth with a slight quarter-on-quarter decline of 4.65% attributed to the seasonal surge in advance booking for the festive season. Additionally, our residual income from other sources categorized under nonconventional income increased by INR 5.64 crores compared to the previous quarter. Despite this, the EBITDA margin remained strong at 84.71% compared to 80.03% quarter-on-quarter and 83.02% year-on-year, underscoring our strong market position and operational efficiency.
In the segment B, that is Catering. The Catering segment maintained strong growth momentum with revenue rising to INR 554.81 crores, which is an increase of 15% quarter-on-quarter and 9% year-on-year. However, the EBITDA margin declined to 12.19% compared to 12.78% quarter-on-quarter and 15.44% year-on-year due to low margins in the segment.
The revenue growth highlights the increasing demand for our catering services and our ability to scale operations effectively. In the Tourism segment, which witnessed a remarkable growth with the revenue reaching INR 224 crores in the Q3 financial year '25, marking an 80% quarter-on-quarter increase and 16% increase on year-on-year increase.
This exceptional performance was driven by the operation of the luxury segment, that is Maharaja Express, the State Teerth trains and increased business in the Tejas Express. While coming to the fourth segment, that is Rail Neer. The Rail Neer segment reported steady revenue of INR 92.39 crores, reflecting a 7% quarter-on-quarter increase and a 16% year-on-year increase. The EBITDA margin remained stable at 12.84% compared to 10.37% quarter-on-quarter. Additionally, our absolute EBITDA increased by 32% quarter-on-quarter and 464% year-on-year in this segment of Rail Neer, demonstrating our effort to enhance profitability by expanding capital utilization and adding new production capabilities.
Overall, our Q3 financial year '25 results highlight a successful quarter of growth and strategic execution. We remain committed to sustaining the momentum and delivering long-term value to our stakeholders. As of today, the company's net worth is INR 3,546 crores.
This concludes my remarks. We will now proceed to the question-and-answer session. Thanks a lot, everyone.
[Operator Instructions] The first question comes from the line of Jinesh Joshi from PL Capital.
Sir, I want to understand how launch of SwaRail is likely to impact our business. Now what I understand is that this app is developed by CRIS and every online transaction basically will be routed through our booking engine which effectively means that there is no loss of business for us. But what I want to know is how will CRIS benefit out of this? I mean, do we have to pay any share to them from the convenience fee that we earn? Or will they take an additional fee over and above what we charge from the consumer to make money? So just some clarification on that side.
Thank you, Jinesh. Your question is about super application. This will have no impact on our convenience fee because this is just one of the many modes which we are doing. So to my mind, to our mind, this will make no difference because the convenience fee, whatever is being charged to the passengers will be coming straight to IRCTC.
Perfect. And we don't have to share any quantum with them, right?
No, no. I already explained it to you that there is no change in anything. We will get the share as we are getting as of now. This is just one-off.
Got it, sir. And sir, my second question is on our eCatering business. Just wanted to get some update on that side because we have tied up with Swiggy and Zomato since quite some time to expand our eCatering business. So I mean, can you share the progress over here? I mean, how many stations have we covered so far or any volume number that you may want to call out? And lastly, what is our eCatering?
May I come in Jinesh? I'm happy to inform you all that from a bigger like 2,000 meals per day a few quarters back -- this quarter, we have done more than 1 lakh orders -- meals per day, not orders, meals per day. So in -- if you compare our year-on-year basis, last year, it was 61,000 meals per day. This quarter, we have done 102,561 meals per day. On a quarter-on-quarter basis also, last quarter, Q2, it was 54,000. So we are growing very fast.
Possible to share what is the contribution of eCatering revenue, the total catering revenue? Any number you want to call out?
Hello sir, you are not audible.
I just wanted to know if you want to call out the share of eCatering revenue for 9 months or maybe for this quarter.
This quarter, we have booked a revenue of INR 15 crores as against INR 9 crores last year-on-year basis.
Sir, one last bookkeeping question from my side. If you can share the number of tickets that we have booked in this quarter and the convenience fee income? And also one follow-up on our depreciation charge. I believe the new office building was supposed to be capitalized in October '24. But if I look at our depreciation run rate, I mean, it is similar to what it was in the previous quarter. So just wanted to know if that building has been capitalized or not. And once the capitalization happens, what should be our quarterly run rate on the depreciation side.
Jinesh, your question is both morning and evening. So let me first answer your morning. This convenience fee is, this quarter, we achieved INR 254 crores and on a year-on-year basis, it was INR 239 crores in Q3 '24. And regarding your question on to our capitalization part, this will be doing in this quarter, Q4.
Tickets booked, please.
What's your question?
Number of tickets booked.
Total number of tickets you want to know?
Yes, sir, for the quarter.
For the quarter, total tickets we have booked is INR 12.51 crores.
Okay. Got it, sir. I'm fine with the number. Yes. I don't want the each quarter number.
[Operator Instructions] The next question comes from the line of Deepak from Sundaram Mutual Funds.
Sir, my first question is with respect to catering. So I just wanted to understand the relationship between our tariff rate increase and license fees. First, I was reading in one of the document by Railway Board that for the current running contract, let's say, even if the tariff hike comes in the food menu, there won't be any change to the license fee for the contracts which are currently running. Is that understanding correct? So basically, there won't be any material impact on, let's say, increase in the license fee because of, let's say, higher revision of tariffs. Is that understanding correct?
Your question is finished? Should I come or should I wait for the next question?
Sir, I'll ask one by one, so that it's easier for you to answer.
So as you correctly read, there is -- there will not be any impact on license fee if the tariff is enhanced because that has also -- that has been clearly indicated in the tender document. So whatever benefit they are expecting to derive because of the tariff enhancement has already been considered by the bidders of the tenders while bidding.
And a second question, what would be our Vande Bharat train revenue contribution to Catering and Internet ticketing separately in this quarter, Q3?
We'll let you know. Thank you.
And sir, coming to Internet ticketing. So this quarter, we saw a 5% Q-o-Q decline in Internet ticketing. But despite that, our margins have improved by 3, 4 percentage points. So I just wanted to understand, is that margin sustainable? Or is it one-off in Q3?
You see, if you see quarter-wise-quarter, you are correct that our Internet ticketing revenue is less. It is because of the seasonal nature of bookings. So in our Q2, we have booked tickets of all the seasons like Diwali, Dussehra, Chhath, which was -- which is not there in Q3. But if you compare with Q3 '24, there is an improvement of 5%. And if you also see the 9-month performance in IT ticketing revenue, it has also increased to INR 1,054 crores as against INR 953 crores, giving around 11% growth.
Sir, I understand that. My question was despite a 5% Q-o-Q decline in revenue, our margins have improved. Okay. So I just wanted to understand, is that margin which we are currently reporting, 84.7%, is it sustainable going forward?
That you see this all depends on the type of booking. Like when we talk of overall IT earnings, it consists of 2 things. One is convenience fee and another is your NFR, non fair revenue. So when we are already doing 87% of the booking, now we are trying to maximize our non fair revenues. So this is what will happen now, and that is what has happened.
Okay. So basically, the non-convenience fees portion as proportion revenue has gone up. That's why we see an increment in the margins. Is that understanding correct?
Yes, please.
And sir, my final question would be with respect to Tourism. So you have already provided in your opening remarks that because of luxury trains and Tejas and State Teerth, we saw a very good comeback on tourism revenue this quarter. So is it sustainable going forward? Or was it kind of one-off because of some events which is happening? And is the margin sustainable? Because I think this quarter, we have reported the highest margin in tourism. Is it sustainable?
Of course, yes. Rather, we'll grow further.
Okay. On margin front?
You see, if you see our luxury train, last year, we did overall in the year INR 65 crores. This year, we are expected to come up to more than INR 95 crores, and it is giving us around 30% margin of our business. So these kind of products are already -- you see, there is a euphoria for tourism. All of the world, they are trying to see towards India. So we are increasing our share of luxury trains, be it Maharaja Express or Golden Chariot. I'm happy to share that for the first time after 2019, we have -- we could run Golden Chariot and there is a good buzz in the market about that.
So this will continue. We have taken additional rate of Bharat Gaurav Train because we are having the business out of that. That is also -- that will also add both revenue and the margin to us. So I'm seeing margin -- I don't find any reason why, the margin will not be either at the same level or improve further.
Okay, sir. Very encouraging, sir. Sir, my final question would be with respect to one of the regulation, which has kicked in that the advance booking has come down from 4 months to around 2 months, right? And that has impact on the revenue with respect to the canceled ticket, right? Because we collect our convenience fees even on the canceled tickets. So I just want to understand on average, I mean, how much revenue in the Internet Ticketing convenience fees, do we get from canceled ticket? And what could be the, let's say, revenue loss because of this implication of advance window coming down from 4 months to 2 months?
Actually, so far as the number of days of ARP is concerned, it will not cause any, any, any difference in convenience fees, first thing. Because there are number of fleets are there and every day, there is -- you see many trains -- you see large investment has taken place in railways since last 3, 4 years. And this year also, there is a good budget CapEx support to the railways. So all these things will make it possible to run more and more number of trains. So far as the capacity is concerned, that will -- that is bound to increase or enhance.
And we should not subject to -- we should not be very, very [indiscernible] that we earn out of the cancellation charge. So what we should focus is how we can provide better and better services and more and more ticket booking. So our target is that. So I see it with that perspective. And there, I am finding the business is used to come to us. Thank you very much.
Sir, that is fine. Your goal and your inclination towards public service, that's very encouraging. But what I wanted to understand ask you in simple terms that out of this INR 254 crore convenience fees, which you booked in Q3, how much of that has means, what is the proportion of canceled ticket revenue in this INR 254 crores?
One thing I want to share with you, the cancellation -- when the tickets are canceled, earlier also, we were not taking -- charging anything. We used to take convenience fee only and only on -- at the time of booking. So it will not have any impact on to us.
[Operator Instructions] The next question comes from the line of Madhuchanda Dey from Moneycontrol Pro.
I have a housekeeping question. Sir, the first one, which is if your convenience fee is INR 254 crores, so the non-ticketing is about INR 100 crores. Is that the correct figure? And if you could share the figure for the corresponding quarter, which is Q3 FY '24.
So this is INR 239 crores is the convenience fee Q3 '24 and INR 96 crores is the non-convenience fee, INR 96 crores in Q3 '24.
And the number of tickets sold is INR 11.46 crores or that's a different number?
Yes. On year-on-year basis, the tickets sold is INR 12.51 crores this year. And last year, it was INR 11.48 crores, which is 9% of the total sale of ticket, which has increased.
Okay. Got it. got it. I have a very simple question. If you could explain, you ended last year, which is FY '24 on a Catering margin of 13.8%. But I mean now that is at around 12.2%. I mean just wanted to understand what is the trajectory? What is pulling down the Catering margin?
So if you see the Catering margin, we have already explained when Director of Finance was explaining that there are 2, 3 things which has come in the way. First is that we have closed down our base kitchens, 9 base kitchens, which we are running on departmental basis that was closed because of the new catering policy wherein now we have gone for licensing model. So there, immediately, it is seeing that there is a squeeze in the margin. But overall, if you see the number of trains which are coming, so the margin will certainly improve. Then if you see this -- if you see the absolute terms, it has improved.
The second thing is the new tendering process, which we have done through clustering node. Here, we are not charging 15% on a billing. And our main focus is now on creating infrastructure, a network of base kitchens all across India so that -- which we are envisaging that a large number of Catering business is going to come to IRCTC because of the introduction of many new trains in the coming quarters and the years. So we are preparing ourselves by creating sufficient infrastructure so that we don't lose on that account. So margin is going to improve.
Yes. I have a last question, if I may. That is on the [indiscernible]. Was there any capacity addition in this quarter -- fresh capacity came on board? And what kind of capacity addition are we going to see in the next few quarters?
So recently, we have added Vijayawada plant, which we inaugurated on 7th of October '24. And there are 3 plants which we are planning to bring in the coming financial year. So that will also add to our capacity by, say, around l50,000 bottles and I think it's 2 lakhs bottles.
So what's the current capacity if you could just mention that after this new plant?
Total capacity is 18.4 lakhs bottles per day.
Okay. That is now. And is it going to go up to?
Add around 2 lakh bottles.
By which quarter?
In the coming financial year.
Okay. Roughly in the second half, right?
That I can't commit now.
The next question comes from the line of Balaji from IIFL.
I just wanted to understand the benefit, if any, which you will see from the ongoing Kumbh Mela. So will we see a sharp increase in ticketing volumes? And what should be the approximate quantification of that? And moreover, what can be the potential improvement in both Catering and Rail Neer revenue from the ongoing Kumbh Mela.
You see it's one of its kind. Here, what specifically we have done that I can share with you. We have -- we are running 8 Bharat Gaurav tourist trains in this area, covering Prayagraj, Varanasi and Ayodhya. So there, we are bringing thousands of people there on our train. This will be where the ticket is ours, the whole tourist package is ours. Second, that we have created set up 100 rooms, 100 tents, Mahakumbh Gram - Tent City of IRCTC, which is fully sold out. So these are the direct things which we are doing. Besides that, you know that everybody is moving towards that. And railway has run so many special trains also. And so we are getting benefit in all our like ticketing, Catering and Rail Neer, as you correctly pointed out. Thank you very much.
This is helpful. So any sense on the numbers, if you could provide based on how it has been for the past one month?
If you want, I have to calculate, otherwise, because this will come in this quarter only, you can wait.
The next question comes from the line of Mohit Jain from Tara Capital.
Can you hear me?
Yes.
Sir, thanks for the presentation. Sir, on the Internet Ticketing, you said one of the reasons the margin has improved is because the non-fare revenue has increased significantly. But sir, on a Y-o-Y basis, it has increased only from INR 96 crores to INR 100 crores. So then what actually explains this increase in the margin on ticketing -- Internet Ticketing from 83% to 84.7%. And is it sustainable as it was asked earlier also?
You see our number of tickets, which we have booked since Q3 is daily average is INR 13.59 lakh tickets per day whereas it was INR 12.4 lakh tickets per day. So this quarter, we have increased 1 lakh tickets per day on an average. And that much number. So that much fees also come in absolute terms. And besides that, from INR 96 crores to we have brought to INR 101 crores in non-convenience fee. So that's how it has improved.
No, sir. I appreciate such increase in the profit and the revenue. I mean I was looking for the margin percentage. It has gone significant -- it has increased significantly. So I just wanted to understand that should we say that now this 84%, 85% is the new normal, and this is what we can expect going forward also?
Let us hope for the best.
[Operator Instructions] The next question comes from the line of Nikhil Varma from SUD Life.
My question is, sir, in the terms of Catering revenue, what kind of volume growth you are saying? So as you told that number of train additions will be there. So mostly it will be Vande Bharat-based trains or some other kind of volume growth you are seeing?
That decision is of the Ministry of Railways. But so far as we are hearing like all of us, that besides Vande Bharat, Vande Bharat sleeper trains are also going to come. So that will also give us volume.
So sir, any kind of guidance of how much it should increase by next quarter or year?
That we can't predict, but there are so many rigs which are going to come of Amrit Bharat trains.
And my next question is while [indiscernible] that is charged, does that go to IRCTC or what is the thing around that -- because I wanted to understand if it is free relates to the convenience fee on Ayodhya.
Nikhil, I could not get you. You want to know that during cancellation of ticket, what clerk charges the railway charge is going to us or to railway. Is this your question?
Yes, sir, that is my question. Yes, that is.
So I already explained it to the previous speaker. That we only charge convenience fee and that too only at the time of booking. During cancellation, we charge nothing.
[Operator Instructions] The next question comes from the line of Mohit Motwani from Tara Capital.
Sir, my question is on your opening remarks on the Internet ticketing segment, where you said that the growth could be limited -- incremental would be limited from this point onwards. So I want to understand what are the streams of revenue are you looking at? Have you decided any streams or there is something going on along those lines? And this growth that we saw 5% has actually moderated from the last 2 quarters. So what should we expect in terms of trajectory going forward? Not looking for any numbers, but if you can give us a sense of what can be the future trajectory for this?
As I explained earlier also, we are already reaching to 87% -- we have touched 87%. So the scope of the percentage improvement is -- we are not foreseeing much. But as the volume itself is growing very high because of the investment in coaches and in infrastructure of Indian Railways. So certainly -- and with the coming up of both the DFC lines, the line capacity is also released for running more and more passenger trains. So in absolute term, we see a very handsome business out from here. So far as margin is concerned, it will remain -- as percentage wise, it should remain the same in the near future.
Okay. And sir, on the -- can you say it again 87% -- just double clicking on this. And you say that 87% of the tickets are now already booked. So would you say that the market has reached a saturation from a penetration point of view or there is scope for growth there because the other means of transport, if you see, right, today, airways has become more prominent. So is that the case that the market has reached a little bit of saturation? That's the reason you're also believing that the growth from a volume standpoint may be relatively limited.
No, I got your point. I got your poin. There is -- I'm not telling that market is saturated. Market is booming, but the percentage of share which we carries is almost 90%. So you can understand and appreciate the situation that how -- what extra we can -- so we should maintain and slightly improve the margin when the volume increases. That is what we are planning.
[Operator Instructions] The next question comes from the line of Rattan Joneja from CoValue Technologies Private Limited.
So I have one question. What is the status of payment aggregated license, which we were expecting from RBI? It's been quite some time.
Good evening, Rattan. We have already applied for the in-principal approval of RBI on 12th of December. And as you know that, RBI does a scrutiny of any application they receive in a very threadbare manner. So we had engaged some consultant, and they have planned and we have already submitted our application. So hopefully, we'll get the in-principal approval of RBI soon, and then we'll plan to get the license as such.
And can I ask one more question, please?
Welcome.
Okay. What is going to be the impact on IRCTC revenue and cost benefits from this license?
You see, I'm very happy to inform you that when we have not got the license, and still we are doing payment gateway business for our internal clients, internal customers. And I'm happy to share with you that our share in gross margin value is quite handsome, around 20%, 22%. And we are #1 in transaction value on website booking, and we are #2 in mobile application booking. And in both the website and mobile combined or individually, we are ahead of Paytm. So what I understand that once we get the license and the opportunities in this business, what I see is huge. So that will decide once we get the license to our business. Potential is there. I can commit that much.
Okay. Can you elaborate on the potential please, in terms of markets or...
Exact numbers, I will not be able to give, but I can...
I don't want the numbers.
No, I can just tell you where we can have a moat. Like if you see the railway business as such, we are only doing a part of reserve ticketing. The freight business is there. Another your unreserved ticketing is there. Similarly, GeM is there, which is doing huge amount of business during the procurement. So government business in itself. And there is no other company other than IRCTC in government parlance, which is doing this kind of business. So what we are seeing is if we touch only government part, there is a huge, huge potential for -- on a transaction value level. Thank you very much.
And one more thing. I have a strategic question. Our convenience fee has remained flat in terms of per PNR. Well as prices of tickets have been rising, particularly since Vande Bharat has come in. So are we thinking anything in terms of moving the convenience fee as a percentage of tickets -- percentage of the ticket value since we can then ride the inflation.
Rattan, can I come?
Yes.
You have given both the question and the answer too. Your question is how we can maximize our profit through this convenience fee by -- either by increasing the rate or increasing the volumes. And you see that you yourself told that because of coming of Vande Bharat train, you are seeing only part story of a fare enhancement of Vande Bharat, whereas we are seeing a volume enhancement. And since beginning, I'm repeating this, that we are trying to maximize our volumes. Okay. So at present, we are not seeing any enhancement in the rate as such.
No, not rate. I'm talking why don't we move into percentage so that we don't have to think about rates. Because it's been 5 years, another 5 years will ago.
[Foreign Language] We will try to understand your things. But what I find and our team find -- that you see, if you are doing business, you can do the -- how you should do. So here, it's a very price-sensitive segment. So we are wanting to maximize our revenue and profit both by getting more and more business. You see already, we are making a margin of 84%, 85%. How much more margin you want to extract from a passenger can we share?
The next question comes from the line of Rajesh Gajra, an [indiscernible].
Sir, can you repeat. Earlier on in the opening remarks, you gave the EBITDA margin for -- individually for your Catering segment, for your Rail Neer and for your Web Ticketing segments. Please?
EBITDA margin is 34.04% this quarter. And what else you want? I could not hear you.
For each of the segments and versus year ago margin?
The Catering margin is percentage-wise 12%, 12.19%, Rail Neer 12.31%, IT 84.71% and Tourism 16.94%.
And the year ago margins?
Could not get you what you want.
For each of the segments, what was a year ago that is Q3 of FY '24, what were the margins, respective margins. For comparison purposes.
Comparison quarter-on-quarter?
Year-on-year.
Year-on-year, it was Catering 15.44%, Rail Neer minus 3.89%, IT 83.02% and Tourism 12.28%.
The next question comes from the line of Rahul Jain from Dolat Capital.
Most of my questions have been answered. Just 1 or 2 bookkeeping questions, if it is handy. I think we spoke about the Golden Chariot being restarted. So if we could understand what is the seasonality for this particular train? Is it heavy on the Q3, Q4 just like Maharaja Express? So that is point number one. And secondly, if you could share the contribution of luxury train revenue for the quarter?
The Golden Chariot is also run during the winter season, wherein foreigners, they generally prefer to come to India. So it will be quarter 3, quarter 4 like Maharaja Express. And so far as this segment revenue is concerned. Maharaja Express this quarter, we achieved INR 38 crores revenue as against year-on-year, quarter 3 '24, INR 27 crores. And yes, and Q-on-Q basis, Q2 INR 21 crores.
And last question from my side. Regarding this State Teerth, in generally, if you could explain how the situation and demand is playing out here. There has been some moderation that we have observed. So how are our interaction with various state and tourism segment is working to drive this part of the revenue piece?
What do you want to understand. Our [indiscernible] how we work or how we get the business?
So my primary question is to understand, are we -- right now, are we getting a lot of interest from various state government on driving this segment? Or it is continue to be slightly weaker compared to the past trend?
You see what speaks in number? Number is speaking that it is on the right path. And there is a lot many encouragement among the state government to come to us and ask for the State Teerth. Nowadays, we called it Bharat Gaurav Train. INR 65 crores is Q3 revenue in Bharat Gaurav Train. And in Q2, it was INR 26 crores only. And last year, Q3, it was INR 28 crores.
Sir, how much you said for the current quarter?
INR 65 crores.
Thank you. Ladies and gentlemen, that brings us to the end of the question-and-answer session. I would now like to hand the conference over to the management for the closing comments.
Thank you, all of you for a patient hearing and interaction with the management of IRCTC. All the best for all of us, including the stakeholders. Thank you.
Thank you. Ladies and gentlemen, on behalf of Dolat Capital Market Private Limited, that concludes this conference. You may now disconnect your lines.