Indian Railway Catering and Tourism Corporation Ltd (NSE: IRCTC) Q3 2025 Earnings Call dated Feb. 11, 2025
Corporate Participants:
Sanjay Kumar Jain — Chairman and Managing Director
Rabindra Nath Mishra — Director Finance
Analysts:
Rahul Jain — Analyst
Jinesh Joshi — Analyst
Deepak — Analyst
Madhuchanda Dey — Analyst
Balaji — Analyst
Mohit Jain — Analyst
Nikhil Verma — Analyst
Mohit Motwani — Analyst
Rattan Joneja — Analyst
Rajesh Gajra — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q3 and Nine 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.
Rahul Jain — Analyst
Thank you, Alevik. 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, Finance; and also we have today with us Dr. Lokiah Ravikumar, who is Director, 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.
Sanjay Kumar Jain — Chairman and Managing Director
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, 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 INR1,225 crores and a profit of INR341 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 segments were the prime drivers in the quarter-on-quarter comparison with revenue increases of 15% and hooping 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 INR417 crores marking a 5.83% growth on 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, Finance to provide further insight into the company’s financials and segmental performance. Thank you.
Rabindra Nath Mishra — Director Finance
Thank you, CMD, sir. Good afternoon, everyone. I hope you and your loved ones are in very good health and Jill. 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 INR341.21 crores, reflecting a 10% quarter-on-quarter increase and 14% year-on-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 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 non-conventional source of income beyond convenience fee. The segment reported revenue of INR353.72 crore, 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 non-conventional income increased by INR5.64 crore compared to the previous quarter. Despite this, the EBITDA margin remained strong at 84.71% compared to 81.03% 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 INR554.81 crore, 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 revenue reaching INR224 crore in the Q3 financial year ’25 marking an 80% quarter-on-quarter increase and a 16% increase on year-on-year increase, this exceptional performance was driven by the operation of the luxury segment that is Maharaja Express, State Teerth trends and increased business in the Tejas Express.
While coming to the fourth segment that is Rail Neer, the Rail Neer segment reported a steady revenue of INR92.39 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 products and 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 INR3,546 crore.
This concludes my remarks. We will now proceed to the question-and-answer session. Thanks a lot, everyone. Thank you.
Questions and Answers:
Operator
[Operator Instructions] The first question comes from the line of Jinesh Joshi from PL Capital. Please go ahead.
Jinesh Joshi
Yeah. Thanks for the opportunity. Sir, I want to understand how launch of Swa Rail 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 is 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?
Sanjay Kumar Jain
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. Thank you.
Jinesh Joshi
Perfect. And we don’t have to share any quantum with them, right?
Sanjay Kumar Jain
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. It is just one of the…
Jinesh Joshi
Got it, sir. Got it. Got it. And sir, my second question is on our e-Catering business. Just wanted to get some update on that side because we have tied up with Swiggy and Zomato for since quite some time to expand our e-Catering 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 e-Catering…
Sanjay Kumar Jain
May I come in, Jinesh?
Jinesh Joshi
Yeah.
Sanjay Kumar Jain
I’m happy to inform you all that from a meager like 2,000 meals per day a few quarter back, this quarter, we have done one more than 1 lakh orders — meals per day, not orders, meals per day. So 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 quarter-on-quarter basis also, last quarter, Q2, it was 54,000. So we are growing very fast. Thank you.
Jinesh Joshi
Possible to share what is the contribution of e-catering revenue, the total catering revenue, any number you want to call out? Hello, am I audible?
Operator
Hello, sir, you are not audible.
Jinesh Joshi
I just wanted to know if you want to call out the share of e-Catering revenue for nine months or maybe for this quarter.
Sanjay Kumar Jain
Hello. Am I audible now?
Operator
Yes, now you are.
Sanjay Kumar Jain
So this quarter we have booked a revenue of INR15 crore as against INR9 crore last year-on-year basis.
Jinesh Joshi
Got that. 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?
Sanjay Kumar Jain
Jinesh, your question is both morning and evening. So let me first answer your morning. This convenience fee is this quarter we achieved INR254 crores and on year-on-year basis, it was INR239 crores in Q3 ’24. And regarding your question on to our capitalization part, this will be doing in this quarter, Q4. Thank you.
Jinesh Joshi
Tickets booked, please.
Sanjay Kumar Jain
What’s your question?
Jinesh Joshi
Number of tickets booked.
Sanjay Kumar Jain
Total number of tickets you want to know?
Jinesh Joshi
Yes, sir, for the quarter.
Sanjay Kumar Jain
For the quarter total tickets we have booked is 12.51 crore. Okay?
Jinesh Joshi
Got it, sir. I’m fine with the number. Yeah, I don’t want the base quarter number. Thank you. Thank you so much.
Operator
[Operator Instructions] The next question comes from the line of Deepak from Sundaram Mutual Funds. Please go-ahead.
Deepak
Yeah, thanks. Am I audible?
Operator
Yes.
Deepak
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, because 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 fees because of, let’s say, higher revision of tariff. Is that understanding correct?
Sanjay Kumar Jain
Your question is finished or should I come or should I wait for the next question?
Deepak
Sir, I’ll ask one-by-one so that it’s easier for you to answer.
Sanjay Kumar Jain
So as you correctly read, 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. Thank you.
Deepak
Okay. And a second question, what would be our Vande Bharat Train revenue contribution to Catering and Internet ticketing separately in this quarter, Q3?
Sanjay Kumar Jain
We’ll let you know. Thank you.
Deepak
Okay. 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 just wanted to understand is that margin sustainable or is it one-off in Q3?
Sanjay Kumar Jain
You see, if you see quarter-by-quarter, you are correct that our Internet ticketing revenue is less. It is because of the seasonal nature of booking. So in our Q2, we have booked tickets of all the seasons like Diwali, Dusshera, Chatt 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 nine months performance in IT ticketing revenue, it has also increased to INR1,054 crores as against INR953 crores, giving around 11% growth. Yes, sir, I understand that my question was despite a 5% Q-o-Q decline in revenue, our margins have improved.
Deepak
Okay. So I just wanted to understand is that margin which we are currently reporting it is 4.9%, is it sustainable going-forward. That you see this all depends on the type of booking like we — when we talk of overall
Sanjay Kumar Jain
That you see — this all depends on the type of booking like we — when we talk of overall IT earning, it consists of two things. One is convenience fee and another is your NFR, non-fare revenue. So when we are already doing 87% of the booking, now we are trying to maximize our non-fare revenue. So this is what will happen now and that is what has happened.
Deepak
Okay. So basically the non-convenience fees portion is proportion revenue has gone up. That’s why we see an increment in the margins. Is that understanding correct?
Sanjay Kumar Jain
Yes, please.
Deepak
Okay. Okay. Got it, sir. 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?
Sanjay Kumar Jain
Of course, yes. Rather, we’ll grow further.
Deepak
Okay. On margin front?
Sanjay Kumar Jain
You see, if you see our luxury train, last year, we did overall in the year INR65 crores. This year, we are expected to come up to more than INR95 crores and it is giving us around 30% margin of our business. So these kinds 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 could run Golden Chariot and there is a good buzz in the market about that. So this will continue. We have taken additional rake 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.
Deepak
Okay, sir. Very encouraging, sir. Sir, my final question would be with respect to one of the regulations, which has kicked in that the advance booking has come down from four months to around two months, right? And that has impact on the revenue with respect to the cancelled ticket, right? Because we collect our convenience fees even on the cancelled tickets. So I just want to understand on average, I mean, how much revenue in the Internet ticketing convenience fees do we get from cancelled ticket? And what could be the, let’s say, revenue loss because of this implication of advance window coming down from four months to two months?
Sanjay Kumar Jain
Actually, so far as the number of days of ERP is concerned, it will not cause 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 three, four 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 selfish 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.
Deepak
Okay, sir. 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 INR254 crores convenience fees, which you booked in Q3, how much of that has means, what is the proportion of cancelled ticket revenue in this INR254 crores?
Sanjay Kumar Jain
One thing I want to share with you, the cancellation — when the tickets are cancelled, earlier also, we were not taking — charging anything. We used to take convenience fee only and only at the time of booking. So it will not have any impact on to us.
Deepak
Okay. Okay. Thank you, sir.
Operator
[Operator Instructions] The next question comes from the line of Madhuchanda Dey from Moneycontrol Pro. Please go-ahead.
Madhuchanda Dey
I have a housekeeping question. Sir, the first one, which is if your convenience fee is INR254 crores, so the non-ticketing is about INR100 crores. Is that the correct figure? And if you could share the figure for the corresponding quarter, which is Q3 FY ’24.
Sanjay Kumar Jain
So this is a INR239 crore is the convenience fee Q3 ’24 and INR96 crore is the non-convenience fee, INR96 crore in Q3 ’24.
Madhuchanda Dey
And the number of tickets sold is 11.46 crore or that’s a different number?
Sanjay Kumar Jain
Yeah. On year-on-year basis the tickets sold is 12.51 crore this year. Last year it was 11.48 crores, which is 9% of the total sale of ticket which has increased.
Madhuchanda Dey
Okay. 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?
Sanjay Kumar Jain
So if you see the Catering margin, we have already explained when Director, Finance was explaining that there are two, three things, which has come in the way. First is that we have closed down our base kitchens, nine 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 mode, 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. Thank you.
Madhuchanda Dey
Yeah. I have a last question, if I may. That is on the Rail Neer. 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?
Sanjay Kumar Jain
So recently, we have added Vijayawada plant, which we inaugurated on 7 October, ’24. And there are three 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 more, I think it’s 2 lakhs bottles.
Madhuchanda Dey
So what’s the current capacity if you could just mention that after this new plant?
Sanjay Kumar Jain
Total capacity is 18.4 lakhs bottles per day.
Madhuchanda Dey
Okay. That is now. And is it going to go up to?
Sanjay Kumar Jain
Add around 2 lakh bottles.
Madhuchanda Dey
By which quarter?
Sanjay Kumar Jain
In the coming financial year.
Madhuchanda Dey
Okay. Roughly in the second half, right?
Sanjay Kumar Jain
That I can’t commit now.
Madhuchanda Dey
Okay. Fine, thank you. Thanks a lot.
Operator
Thank you. The next question comes from the line of Balaji from IIFL. Please go ahead.
Balaji
Good afternoon. Thanks for taking my question. 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? Thank you.
Sanjay Kumar Jain
You see it’s one of its kind. Here, what specifically we have done that I can share with you. We are running eight 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 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.
Balaji
Thank you. This is helpful. So any sense on the numbers, if you could provide based on how it has been for the past one month?
Sanjay Kumar Jain
If you want, I have to calculate, otherwise — because this will come in this quarter only, you can wait.
Balaji
Right. Okay. Okay. Thank you. Thank you and all the best.
Operator
Thank you. The next question comes from the line of Mohit Jain from Tara Capital. Please go-ahead.
Mohit Jain
Hello. Sir, can you hear me?
Operator
Yes.
Sanjay Kumar Jain
Sure.
Mohit Jain
Yeah. Sir, thanks for the presentation, sir. Sir, on the Internet ticketing, sir, 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 INR96 crores to INR100 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?
Sanjay Kumar Jain
You see our number of tickets which we have booked since Q3 is — daily average is 13.59 lakh tickets per day whereas it was 12.48 lakh tickets per day. So this quarter, we have increased 1 lakh tickets per day on an average, enhanced that much number. So that much fees also come in absolute terms. And besides that, from INR96 crores to we have brought to INR101 crores in non-convenience fee. So that’s how it has improved.
Mohit Jain
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?
Sanjay Kumar Jain
Let us hope for the best. Yes, thank you.
Mohit Jain
Thank you, sir.
Operator
[Operator Instructions] The next question comes from the line of Nikhil Varma from SUD Life. Please go ahead.
Nikhil Verma
Good afternoon, sir. Thank you for taking my question. 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?
Sanjay Kumar Jain
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.
Nikhil Verma
So, sir, any kind of guidance of how much it should increase by next quarter or year?
Sanjay Kumar Jain
That we can’t predict, but there are so many rigs which are going to come of Amrit Bharat trains.
Nikhil Verma
Thank you, sir. And my next question is while cancelling the clerkage that is charged, does that go to IRCTC or what is the thing about that, because I wanted to understand if it is free relates to the convenience fee on Ayodhya.
Sanjay Kumar Jain
Nikhil, I could not get you. You want to know that during cancellation of ticket, what clerkage charges the railway charge is going to us or to railway. Is this your question?
Nikhil Verma
Yes, sir, that is my question. Yes, that is.
Sanjay Kumar Jain
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.
Nikhil Verma
Okay. Thank you, sir. That was it.
Sanjay Kumar Jain
Thank you.
Operator
[Operator Instructions] The next question comes from the line of Mohit Motwani from Tara Capital. Please go ahead.
Mohit Motwani
Hello, hi, am I audible?
Operator
Yes.
Mohit Motwani
Yeah. Hi, thank you for the opportunity. 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 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% had actually moderated from the last two 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?
Sanjay Kumar Jain
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 — percentage wise, it should remain the same in the near future. Thank you.
Mohit Motwani
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.
Sanjay Kumar Jain
No, I got your point. I got your point. There is — I’m not telling that market is saturated. Market is booming, but the percentage of share which we have carried 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. Thank you.
Mohit Motwani
Okay. Thank you for the answers. Thank you.
Operator
[Operator Instructions] The next question comes from the line of Rattan Joneja from CoValue Technologies Private Limited. Please go ahead.
Rattan Joneja
Yeah. Good evening, sir. So I have one question. What is the status of payment aggregator license which we were expecting from RBI? It’s been quite some time.
Sanjay Kumar Jain
Good evening, Rattan. We have already applied for the in-principal approval of RBI on 12 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. Thank you.
Rattan Joneja
And can I ask one more question, please?
Sanjay Kumar Jain
Welcome.
Rattan Joneja
Okay. What is going to be the impact on IRCTC’s revenue and cost benefits from this license?
Sanjay Kumar Jain
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 number one in transaction value on website booking and we are number two 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.
Rattan Joneja
Okay. Can you elaborate on the potential please in terms of markets or…
Sanjay Kumar Jain
Exact numbers, I will not be able to give, but I can…
Rattan Joneja
I don’t want the numbers.
Sanjay Kumar Jain
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.
Rattan Joneja
Okay. 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?
Sanjay Kumar Jain
Rattan, can I come?
Rattan Joneja
Yes.
Sanjay Kumar Jain
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.
Rattan Joneja
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 five years, another five years will ago.
Sanjay Kumar Jain
[Foreign Speech] 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?
Rattan Joneja
Okay.
Sanjay Kumar Jain
Thank you.
Operator
Thank you. The next question comes from the line of Rajesh Gajra, an informist. Please go-ahead.
Rajesh Gajra
Hello. Can you hear me? Yeah. 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? Thank you.
Sanjay Kumar Jain
EBITDA margin is 34.04% this quarter. And what else you want? I could not hear you.
Rajesh Gajra
For each of the segments and versus year ago margin?
Sanjay Kumar Jain
The Catering margin is percentage-wise 12.19%, Rail Neer 12.31%, IT 84.71% and Tourism 16.94%.
Rajesh Gajra
And the year ago margins?
Sanjay Kumar Jain
Could not get you what you want.
Rajesh Gajra
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?
Sanjay Kumar Jain
Comparison quarter-on-quarter?
Rajesh Gajra
Year-on-year.
Sanjay Kumar Jain
Year-on-year, it was Catering 15.44%, Rail Neer minus 3.89%, IT 83.02% and Tourism 12.28%.
Rajesh Gajra
Okay. Thank you very much.
Operator
Thank you. The next question comes from the line of Rahul Jain from Dolat Capital. Please go-ahead.
Rahul Jain
Yeah, hi. Most of my questions have been answered. Just one or two 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?
Sanjay Kumar Jain
The Golden Chariot is also run during the winter season, wherein foreigners they generally prefer to come to India. So it will be quarter three, quarter four like Maharaja Express. And so far as this segment revenue is concerned, Maharaja Express this quarter we achieved INR38 crores revenue as against year-on-year quarter three ’24 INR27 crores. And Q-on-Q basis Q2 INR2 crores.
Rahul Jain
Right. 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?
Sanjay Kumar Jain
What do you want to understand? Our modus operandi, how we work or how we get the business?
Rahul Jain
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 continued to be slightly weaker compared to the past trend?
Sanjay Kumar Jain
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. INR65 crores is Q3 revenue in Bharat Gaurav Train. And in Q2, it was INR26 crores only. And last year Q3, it was INR28 crores only.
Rahul Jain
Sir, how much you said for the current quarter?
Sanjay Kumar Jain
INR65 crores.
Rahul Jain
INR65 crores. Thank you. That’s it from my side.
Sanjay Kumar Jain
Thank you.
Operator
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.
Sanjay Kumar Jain
Yeah. 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.
Operator
[Operator Closing Remarks]