COMPANY ANALYSIS OF IRCTC

A Research Project

Submitted in partial fulfilment of the

requirements for the award of the degree

of
Bachelor of Business Administration

Submitted by

UNNATI GUPTA

(Enroll. No.: FCM/BBA/2017-20/000119)

Under Supervision of

Mr Goutam Ghosh
Associate Professor
Faculty of Management Studies

FACULTY OF COMMERCE AND MANAGEMENT STUDIES

SRI SRI UNIVERSITY, CUTTACK, ODISHA November, 2019

 SRI SRI UNIVERSITY, ODISHA

CANDIDATE’S DECLARATION

I hereby certify that the work which is being presented in the report entitled
“COMPANY ANALYSIS OF IRCTC”, in partial fulfilment of the requirements for the
award of the Degree of Bachelor of Business Administration and submitted in the Faculty
of Commerce and Management Studies of the Sri Sri University, Odisha is an authentic
record of my own work carried out during a period from ….. to ……. under the supervision
of Mr Goutam Ghosh, Associate Professor Faculty of Commerce and Management Studies,
Sri Sri University, Odisha.

Unnati Gupta

This is to certify that the above statement made by the student is correct to the best of my
knowledge.

Dated: ____________

Mr Goutam Ghosh

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 Acknowledgement

I would like to convey my sincere gratefulness to all those who gave me the
opportunity to complete this project. I acknowledge the huge importance of this
research and especially of this project undertaken.

All the outset I would take the opportunity to express my sincere thanks to Prof.
Dr. Namita Rath, Head of Department FMS, Sri Sri University, Cuttack,
for providing me the opportunity to do the research work.

I am highly obliged to Prof Mr Goutam Ghosh his untiring help, valuable

guidance and kind supervision which were the main stream to bring this work in
present shape. I wish to thank him for his constant guidance and support in the
successful completion of this research work.

I would also like to thank all those students of Sri Sri University, Cuttack who
contributed in this project.

Last, but not the least, I thank My Parents, for giving me life in the first place,
for educating me, for their unconditional support and encouragement to purse
my interest.

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CHAPTER 1: INTRODUCTION

1.1 REVIEW OF LITRETURE

The Indian Railways (IR) was founded in 1853 and today, it proudly stands as the second-
largest railway network in the world. IR is also known to be one of the largest rail networks
in the world which spreads across over 100,000 kms. It carries more than 23 Million
passengers, and also accounts for over 12,000 trains, 7,000 stations and 72,000 miles of track.

Indian Railways is also known to be the world’s largest employer that also transports a mind-
boggling 6 billion passengers annually!

In an attempt to modernize its functioning and along with a whole new range of
modifications, extending the legacy ahead; the Indian Railways entered the digital world in
2002 with – IRCTC, Indian Railway Catering and Tourism Corporation. And today it has
grown on to become not just India’s but also Asia Pacific’s largest e-commerce portal.

Let’s dissect IRCTC in detail!

Commenced in 2002; IRCTC or Indian Railway Catering and Tourism Corporation in

abbreviated terms, is the subsidiary of Indian Railways, which as a whole manages the
catering, tourism and online ticketing operations for the railways.

The entity is mainly led by Dr. A.K. Manocha (Chairman & Managing Director), and is
followed by his team which includes – M. P. Mall (Director, Finance), Shri R. N.
Kalita (Director, Customer Service), Mrs. Amritbir Kaur Brar (Director, Tourism &
Marketing) and many others as well.

IRCTC has often been referred to as the marketing wing of the IR as well, which has
successfully managed to change the complete look and feel of IR, along with the way they
were serving their customers by offering all-round solutions.

It primarily had been setup by the Ministry of Railways with the basic purpose of boosting
and capitalizing on the catering and tourism activity of the railways, and also to
professionalise and upgrade these services with public-private participation.

But on a broader note, IRCTC has been initiated by IR to upgrade, professionalize and
manage the catering and hospitality services of the system at stations, on trains and various
other locations in general.

Other than that, IRCTC is also taking care to make sure that, the environment benefiting in
some or the other way. In a similar attempt, IRCTC has launched – ‘Green Marketing’.

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Beyond all that, to offer better services to its customers, IRCTC had also introduced their
mobile app, some time back. Most of the services one may find on the website can also be
availed using the app as well.

Due to its numerous advantages, the app has picked up really quickly and is now being used
many as well. Some of the most basic benefits that the mobile app offers to its customers
include – Convenience, Doorstep delivery, Easy to use, Secure payment gateway, Versatility
and Payment options.

Anyway, as a part of the renovation and innovation, IRCTC has opted for a business model
wherein it offers a range of services via website and mobile which include: -

1. Ticket Booking: -

IRCTC are the pioneers of internet-based and mobile phone-based railway ticket booking
service through their website, and had initiated with the same in 2002.

‘E-ticket’ as the name itself suggests is the ticket that one books online, while ‘I-ticket’ is a
service which is basically the same like regular tickets except that, they are booked online
and delivered by post. The portal also caters to all kinds of other requests like Tatkal tickets
for urgent booking, Concession tickets for senior citizens and students, Season tickets, etc., as
well.

Over the period of time, they also launched quite a few programs for the benefit of the masses
in general. Some of which included the loyalty program for frequent travellers called ‘Shubh
Yatra’, and in an attempt to make it even more easier for the commuters to book e-tickets,
they also launched a scheme called ‘Rolling Deposit Scheme’ (RDS), which allowed
passengers to reserve seats against advance money.

2. Tourism: -

Since the time of inception of IRCTC, they have opted for a dynamic marketing strategy of
partnering with major tour operators and State Tourism to provide exclusive tour packages
across the country.

To boost domestic and foreign tourism across India, IRCTC also arranges for budget and
deluxe package tours, with options like ‘Bharat Darshan’, special luxury trains such as
‘Buddhist Circuit Train’ and ‘Maharaja’s Express’, etc. are offered depending on the package
one opts for. One can also customise their tour as per their requirement as well.

Other than that, they also provide various adventure tourism packages that include water
sports, adventure and wildlife treks, etc.

IRCTC has also recently introduced ‘station-based’ e-catering service at 45 stations, which
will leverage travelling passengers to order food of their choice from leading private caterers
to be delivered at these stations (not moving trains).

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Going ahead; IRCTC is in preparations to set up around 100 budget hotels across all the cities
that are known to be tourist hotspots, be it an international or a domestic tourist.

3. Tatkal Booking: -

Basically, Tatkal scheme is where commuters can book tickets at short notice. Although, this
scheme has always been there, but only after IRCTC introduced it under its wing, it has
gotten a lot better.

Tatkal E-ticket on IRCTC can be booked for selected trains only one day in advance which
excludes the date of journey. The booking for these E-tickets start from 10:00 am onwards for
AC coach and 11:00 am onwards for NON-AC.

4. Online Hotel Booking and Catering: -

IRCTC not only helps the passengers or tourist with traveling tickets, but it also offers online
hotel bookings and even cab booking options, to help make the journey even more simple.

Other than that, IRCTC also offers catering services to the commuters in ways like –
Stationary passenger stalls, Mobile units or the pantry compartment, Base kitchens that
supply food to trains, Food plazas, etc.

Additionally, in a recent development, IRCTC has also introduced ‘Jan Ahar’ that offers
quality food at very reasonable price. Moreover, they have also partnered with a range of
private food brands and food delivery entities to offer good quality and different variety of
food.

IRCTC also provides pure drinking water bottles at all stations throughout the country by the
name of – ‘Railneer’, at a rate as cheap as ₹12 per litre.

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1.2 COMPANY PROFILE

Type Public

Traded As BSE: 542830

NSE: IRCTC

Industry Railways

Number of locations India

Area served PAN INDIA

Products E-ticketing, Offline booking, Online booking

Services Catering, Tourism and Online ticketing

Revenue ₹1506 cr. (2016)

Members 30 million registered users

Parent Indian Railways

Website irctc.co.in

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CHAPTER 2: OVERVIEW OF THE COMPANY

2.1 OPERATIONS OF IRCTC IN INDIA

As a Central Public Sector Enterprise wholly owned by the Government of India and under
the administrative control of the Ministry of Railways, Indian Railway Catering & Tourism
Corporation Ltd (IRCTC) is the only entity authorised by Indian Railways to provide catering
services to railways, online railway tickets and packaged drinking water at railway stations
and trains in India. It was incorporated with the objective to upgrade, modernize and
professionalize catering and hospitality services, managing hospitality services at railway
stations, on trains and other locations and to promote international and domestic tourism in
India through public-private participation. It operates one of the most transacted websites,
www.irctc.co.in, in the Asia-Pacific region with transaction volume averaging 25 to 28
million transactions per month during the five months ended August 31, 2019. It has also
diversified into other businesses, including non-railway catering and services such as e-
catering, executive lounges and budget hotels, which are in line with its objective to build a
“one stop solution” for its customers. Currently, IRCTC operates in four business segments,
namely, internet ticketing, catering, packaged drinking water under the “Rail Neer” brand,
and travel and tourism:

Internet Ticketing: IRCTC is the only entity authorised by Indian Railways to offer railway
tickets online through its website and mobile application. It currently operates one of the
most transacted websites in the Asia-Pacific region with a transaction volume of more than
25 million per month and 7.2 million logins per day. The booking of railway tickets through
the internet is now available 24 hours per day, 365 day per year, with the only exception
being daily maintenance closure from 23:45 hours to 00:20 hours. The main objective behind
the introduction of the internet ticketing was that instead of requiring passengers to be
physically present at the Passenger Reservation System (PRS), the PRS should be brought to
the door steps of passengers.

Catering: IRCTC provides food catering services to Indian Railway passengers on trains and
at stations. On-board catering services are referred to as mobile catering and catering services
at stations are referred to as static catering. It provides catering services through mobile
catering units, base kitchens, cell kitchens, refreshment rooms, food plazas, food courts, train
side vending, and Jan Ahaars over the Indian Railways network. All other catering units, such
as refreshments rooms at stations categorised at B or below, AVMs, milk stalls, and trolleys
are managed by zonal railways. IRCTC also offer e-catering services to passengers through
its mobile application "Food on Track" and its e catering website, www.ecatering.irctc.co.in.

Packaged Drinking Water (Rail Neer): IRCTC is the only entity authorised by the Ministry of
Railways to manufacture and distribute packaged drinking water at all railway stations and on
trains, according to CRISIL. It manufactures and distribute packaged drinking water under

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brand “Rail Neer”. Currently, it operates ten Rail Neer plants located at Nangloi, Danapur,
Palur, Ambernath, Amethi, Parassala, Bilaspur, Hapur, Ahmedabad and Bhopal, with an
installed production capacity of approximately 1.09 million litres per day, which caters to
approximately 45% of the current demand of packaged drinking water at railway premises
and in trains. Travel and Tourism: It has been mandated by Indian Railways to provide
tourism and travel related services. It has footprints in across all major tourism segments such
as hotel bookings, rail, land, cruise and air tour packages and air ticket bookings, and are
known as one of India's leading travel and tourism companies catering to the needs of diverse
tourist segments. With the strength of being a CPSE under the administrative control of the
Ministry of Railways, it specializes in rail tourism. It has an established track record of
delivering strong annual returns to shareholders and its return on equity has exceeded 23%
for each fiscal year since Fiscal 2017. It has been a profitable and debt free company since
incorporation.

2.2 CONTRIBUTION OF IRCTC TOWARD INDIAN ECONOMY

Indian Railways play a pivotal role for the entire lower and upper middle class sectoral travel
segment. It serves as the most economical mode of transport among the prevailing travel
modes in India. With a modest beginning in India from 1853, the Indian Railways has
emerged today as the main vehicle for socio-economic development of the country. Indian
railway is a labor intensive industry having a workforce of over 13.6 lakhs employees. Indian
railway is one of the largest employment providers in India. Employment generation has been
one of the important objectives of development planning in India. Indian railway is
contributing significantly to the employment generation.
Rail transportation has a number of favorable characteristics as compared to road
transportation. It is six times more energy-efficient than road and four times more
economical. The social costs in terms of environment damage or degradation are significantly
lower in rail. Rail construction costs are approximately six times lower than road for
comparable levels of traffic. It is the only major transport mode capable of using any form of
primary energy.

How is Indian Railway Contributing to Nation’s Economic Development?

 Service sector is playing vital role in the development of Indian economy. Railway
being an important part of service sector also contributing to nation’s economic
development directly as well as indirectly.

 Indian railways are not only generating formal employment but also a large scale of
informal employment through its forward and backward linkages. Service sector is
gradually improving its share in employment.

 Capacity building on existing routes will help in carrying more and more freight, also
in increasing passenger travelling.

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  E-catering services in train are helping in fueling the growth of Indian Railways and
in turn generate better employment opportunities. This has emerged as a major boon
for employment generation and in turn supports the growth of Indian economy.

 Extensive network expansions through the “Diamond Quadrilateral Scheme” will

help in easier movement of goods and reduce the lead time for businesses. This
massive project is aimed at creating high speed rail network in India which would
connect four metro cities in India i.e. Delhi, Mumbai, Kolkata and Chennai. In the
first phase, segregated rail corridors will be upgraded using conventional technology
to train speeds of 160 to 200 km/h. In the second phase, key intercity corridors will be
identified and state of the art high speed corridors will be developed up to 350 km/h
using public private partnership and state ownership. The objective is to develop at
least 4 corridors of 2000 km by 2020 and have at least 8 other corridors in different
stages of progress. Current development is focused on creating six corridors:

 Delhi – Kolkata corridor: New Delhi – Aligarh – Agra – Kanpur – Lucknow –

Sultanpur – Varanasi – Buxar – Gaya – Patna – Dhanbad – Asansol – Bardwan –
Kolkata

 Delhi – Mumbai corridor: New Delhi – Gurugram – Rewari – Jaipur – Ajmer –

Bhilwara – Udaipur – Himmatnagar – Ahmedabad – Anand – Vadodra – Surat – Vapi
– Boisar – Virar – Thane – Mumbai

 Mumbai – Chennai corridor: Thane – Navi Mumbai – Lonavala – Pune – Kolhapur

– Belagavi – Hubballi – Davangere – Tumkur – Bangaluru – Banagarpet – Chennai

 Kolkata – Chennai corridor: Kolkata – Haldia – Cutttack – Bhubaneshwar –

Vijayanagram – Vishakapatnam – Rajahmundry – Nellore – Chennai

 Delhi – Chennai corridor: New Delhi – Agra – Gwalior – Guna – Bhopal – Itarsi –
Betul – Nagpur – Nizamabad – Hyderabad – Vijaywada – Ongole – Chennai

 Mumbai – Kolkata corridor: Thane – Nashik – Aurangabad – Akola – Nagpur –

Durg – Raipur – Bilaspur – Rourkela – Kharagpur – Kolkata

 The social costs in terms of environment damage or degradation are significantly

lower in rail.

 Rail construction costs are approximately six times lower than road for comparable
levels of traffic.

 It is the only major transport mode capable of using any form of primary energy.

Thus we see that Indian Railway contributes to major part in GDP through employment
generation, freight collection, e-catering services etc. Adding to the transparency, the recent
move toward e-tendering will also help in assessing the profitability and contribution towards
development on the whole.

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CHAPTER 3: INDUSTRY ANALYSIS

3.1 OVERVIEW OF RAILWAY SECTOR IN INDIA

Trend in Passenger traffic and Freight traffic for Indian railways during the past 5 years

(FY14-FY18) Passenger traffic growth has remained flat over the past four years’ Total
railway passenger traffic has remained nearly flat over the past four years, going from 8,397
million passengers in fiscal 2014 to 8,286 million passengers in fiscal 2018. Passenger traffic,
after falling by 1-2% between fiscals 2014 and 2016, witnessed a revival in fiscal 2018,
largely driven by a turnaround in non-suburban traffic.

Going forward, the share of suburban passenger traffic in total railway passenger traffic is
expected to slightly increase from ~57% in fiscal 2019 to ~58% in fiscal 2024, as passenger
traffic on the suburban network is likely to grow at a 0.5-1.5% CAGR during the period,
while non-suburban passenger traffic remain flat. Within non-suburban passenger traffic,
share of upper class reserved ticket bookings in total railway passenger traffic is expected to
grow slightly from ~2% in fiscal 2019 to ~3% in fiscal 2024, with the segment growing at a
5.5-6.5% CAGR during the period on account of growing preference for convenient travel.
The share of second class mail/express ticket bookings (reserved) is expected to inch up from
~17% in fiscal 2019 to ~18% in fiscal 2024, with the segment growing at a 1.5-2.5% CAGR.
Freight traffic growth revives in fiscal 2018 after remaining flat for two years Total railway
freight traffic grew from 1,052 million tonnes in fiscal 2014 to 1,160 million tonnes in fiscal
2018, registered a 2.5% CAGR during the period. Growth in freight traffic was majorly
driven by strong freight demand from coal, pig iron and finished steel, iron ore, and container
service during the four years. In fiscal 2018, freight traffic rebounded to a 4.8% on-year
growth on the back of strong freight demand from coal, cement, container service, and other
goods. Government introduced measures to increase freight traffic, with an objective of
increasing the share of Indian Railways (IR) in freight transport across India. Government
announced the Eastern and Western Dedicated Freight Corridors (DFC), which aims to cut

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down on the turnaround time between importing and consuming destinations through
construction of a railway network specialised for freight traffic.

Investments in Railways sector over the next three years (FY19-FY21)

Robust investments over the next three years to be driven by dedicated freight corridors The
government announced a planned outlay of Rs 1.59 trillion for the railways in the Interim
Union Budget 2020, 14% higher than the preceding year's revised estimate of Rs 1.39 trillion,
thus driving investment in the sector. About 41% of the planned outlay is expected to be
financed through budgetary support, and the remaining through internal sources and market
borrowings/institutional finance.

The growth in investments is driven by:

Availability of funding from Life Insurance Corporation (LIC) and Multilateral agencies
Improvement in the pace of approvals Provision of additional resources such as Rashtriya
Rail Sanraksha Kosh (RRSK) Increase in private sector participation (especially in rolling
stock, station redevelopment, connectivity projects, etc.) In the short term, investments in
railways are expected to continue the strong momentum as government maintains focus on
network decongestion, particularly doubling and electrification works. Allocation to
decongestion projects is estimated to be way above that made towards expansion projects, as
the former is bankable/amenable to external financing (provide a rate of return greater than
12% based on detailed project reports prepared by the railway zones), cheaper, and likely to
be completed and monetised quickly

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The four-pronged strategy adopted: 1) plucking the low-hanging fruit by prioritising and
commissioning vast backlog of projects, amounting to ~Rs 3.3 trillion for the major heads
(excluding annual rolling stock procurement), 2) standardising and expediting project
sanctioning to ensure a robust project pipeline and facilitating time-bound execution, 3)
transforming the DNA of the institution via greater empowerment and accountability to
enhance efficiency, and 4) focusing on bolstering its own finances – will help reinvigorate
Indian Railways.

3.2 REVIEW OF IRCTC’S CATERING REVENUES

IRCTC’s catering revenues to grow at 7.5-8.5% CAGR in the next five years
CRISIL Research has considered IRCTC revenues from catering business as rail catering
industry size, since IRCTC is entirely responsible for catering services provided to rail
travelers through mobile catering and static catering. IRCTC plans to expand its base kitchen
network, with 15-20 greenfield base kitchens to be set up along with conversion of some Jan
Ahar outlets on railway stations into base kitchens. IRCTC also plans to add pantry cars to
some trains not having pantry cars. Growth in mobile catering services is likely to moderate
to 7-8% going forward as revenue is expected to normalize after handover of catering
services as per New Catering Policy 2017, supported by rise in rail travelers, increasing
spending power of consumers, and improved coverage of catering services due to addition of
base kitchens. Initiatives such as providing access to CCTV footage from base kitchens on
IRCTC’s website and providing QR codes on food packaging to access food details and base
kitchen CCTV footage will help address concerns about quality of food being served. Healthy
growth in rail passengers travelling on upper class and second class reserved tickets, who are
most likely to avail catering services provided by IRCTC, is likely to aid growth in mobile
catering revenues. E-catering services, although still a small part of catering services, are
expected to continue strong growth on the back of increasing restaurant listings, ease of on-
seat food delivery and growing preference of travelers. Going forward, revenue from static
catering services is expected to grow at 13-14% due to moderation in addition of new food
plazas/fast food units as coverage on railway stations nears saturation.

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Key industry trends

E-catering gaining traction among rail travellers IRCTC launched station-based e-catering
services in September 2014 as a pilot project covering 14 trains, and was expanded to 201
trains as of 31st March 2015. As per the Rail Budget 2016-17, the initiative has been
extended to all 409 A and A-1 class stations, as against the 45 stations covered in the pilot
phase. E-catering services offered through IRCTC’s e-catering website, the Food on Track
app, online platforms of approved aggregator partners, or by calling on 1323. As of July
2019, e-catering services had ~700 partner restaurants listed on its portal. Average meals
booked per day was around 1 in October 2014, steadily growing to ~8,500 in July 2018, and
further up to 19,847 meals in July 2019. The growth in meal orders has been driven by
increasing access to internet-enabled devices, growing online penetration in rail bookings,
and expanding list of popular restaurants and quick service restaurant (QSR) chains on the e-
catering platforms. Growing number of young travellers having awareness about food brands
has also boosted growth in e-catering orders. The e-catering services initiative has shown
strong growth despite logistical issues in timely deliveries at correct seats/berths and
inconsistent internet coverage, especially in moving trains.

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Since its introduction in fiscal 2015, annual order volumes for e-catering services registered a
~541% CAGR to grow from ~800 in fiscal 2015 to ~1.3 million in fiscal 2019. During the
period, revenue from e-catering services grew at a ~609% CAGR, reaching Rs ~402 million
in fiscal 2019 from Rs ~0.2 million in fiscal 2015. Order volumes and revenue from e-
catering services more than doubled in fiscal 2019, due to strong growth in orders from the
mobile app along with strong performance of mobile website introduced during the year.

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CHAPTER 4: MANAGEMENT PLANS

4.1 PROGRESS STRATEGIES

Today, the success story of IRCTC is by far an inspiration for the entire collection of e-
commerce portals in India. However, behind their success too lies a well-strategized business
plan, near flawless execution, and a dedicated team.

Apart from the timing of entering into the dying railway industry, below mentioned are some
of the main reasons why IRCTC was able to pull off the biggest profitable success in such a
short span: -

1. Web Interface: – By making the web interface simple, self-explanatory, decent

looking, and a one-stop-solution; IRCTC has managed to win the hearts of many!

2. Economical: – Since a wide range of “other costs” were now not applicable in online
booking, they managed to drastically reduce the ridiculously high prices, and also
succeeded in at the same time, also maintained its look-and-feel. And who would
mind trying out a cheap and easy-to-use medium.

3. Delivery: – A masterstroke move indeed – IRCTC has managed to win the whole
game by asking only one Courier Company to manage the whole ticket delivery, thus
giving IRCTC more control over delivery. Their delivery is so good that, every single
ticket be it to consumers living in remote locations across the country, reaches on
time.

4. Payment Options: – Offering multiple payment options comes off as an added benefit,
and when options like online payments which require bank details, highly secure
payment gateways (the site is VeriSign certified) makes it even more safe and hassle-
free to use the platform. As of date, the portal has a tie-up with 18 major banks for
Payment Gateway services.

4.2 REVENUE MODEL, GROWTH AND PROFITS

The major source of income for IRCTC is taking a ‘Service Charge’ on selling tickets, but
largely speaking, the organization works on a ‘Commission-Based Model’ otherwise.

Their model is quite similar to online marketplaces in general, where their sales don’t
actually include actual goods sold, but instead, they take commission from sellers and also

16
make money from advertisements on their ecommerce sites.Other than that, IRCTC also
makes money by online bidding options for banners in railway stations as well.

Talking about their profits – IRCTC was launched with a very small capital base of INR 20
crores, and had managed to make sales of only 27 tickets on the first day and 3,343 tickets in
the first month. This was less than nothing.

This number drastically grew by 2009-10 when it sold more than 7.20 crore tickets, which
further increased to INR 9.69 by the next fiscal year. By now they accounted for more than
45% of all visitors to travel websites in India and 19% of total Internet audience as well. And
by 2013, IRCTC had about 6 lakh registered users.

They were also known to be the fastest growing e-commerce site in the whole of the Asia-
Pacific region.

And more recently in 2015, the portal jumped up by 34% from last year and crossed the INR
20,000-crore mark or roughly $3 billion in terms of revenues through only online ticket sales.
This was nearly a double the turnover of Flipkart – the largest online retailer of India.

They also made a new record of selling nearly 1100,000 tickets in a day.

What is even more interesting to know is that, unlike all other marketplaces which are still
loss-making, IRCTC also posted an increase in their profit after tax (PAT) of INR 130 crores
as compared to the figures of last year of INR 72 crores.

Overall, IRCTC also saw an increase of 19% or roughly INR 1,141 crores in their income,
which mainly included income from tickets, sales of Rail Neer water, onboard catering
services and licence fees from outsourced catering vendors, etc.

4.3 ORGANIZATION STRUCTURE

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CHAPTER 5: MANAGEMENT DISCUSSION AND ANALYSIS

5.1 SWOT ANALYSIS

5.2 OUTLOOK

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