Indian Railway Catering and Tourism Corporation Limited

Value
Built for

Growth
Designed for

Indian Railway Catering and Tourism Corporation Limited 2 3 r d An nu al Rep or t 2021 -22
(A Govt. of India Enterprise-Mini Ratna Category-I )

Registered & Corporate Office

11th Floor, B-148, Statesman House,
Barakhamba Road, New Delhi - 110001 Indian Railway Catering and Tourism Corporation Limited
Tel 011-23311263/64 | Fax 011-23311259 (A Govt. of India Enterprise-Mini Ratna Category-I )
CIN L74899DL1999GOI101707
23 r d A nnual Rep o rt 2021-22
Contents Like the year before, FY 22 also
began on a sombre note, with
the pandemic continuing to
pose headwinds. We once again
demonstrated the resilience of our
02-48 business model, supported by the
Corporate Overview
outstanding efforts and dedication
of our teams.
02 About Us
04 Our growth journey across decades During the year, we focused on
06 Building incremental value, designing
sustainable growth
business continuity, optimised our
08 Creating stakeholder wealth costs, changed our business mix and
responsibly continued to serve our customers with
10 Improving our ESG Roadmap
12 Our Business Model
the best of services, which remain our
14 Chairperson's Message hallmark since we began our journey
18 Financial highlights more than two decades ago.
20 Business Segments
21 Catering As the scenario gradually normalised and
26 Packaged Drinking Water the economy regained its momentum, our
28 Internet Ticketing foresight and fortitude helped us grow our
32 Travel and Tourism
revenue and profitability significantly during
40 Societal welfare
42 Profile of Board of Directors
the year, with the contribution of all business
46 Corporate Information segments.
48 Ten years financial highlights Our growth trajectory will accelerate
further in the coming years, as we provide
exceptional value to our customers through
49-212 our wide range of services. We will continue
Statutory Reports to focus on serving the aspirations of our
49 Directors’ Report customers, strengthen our infrastructure
90 Management Discussion and Analysis and technology backbone and contribute to
Report
India’s economic growth and prosperity.
110 Report on Corporate Governance
149 Annual Report on CSR Activities
157 Business Responsibility & Sustainability Scan QR code to
Report (BRSR) read more about us
142% 254.87%
Y-o-Y PAT growth
Y-o-Y revenue growth

213-302 Forward-looking statements

Some information in this report may contain forward-looking statements which

Financial Statements
213
226
Independent Auditor’s Report
Balance Sheet
include statements regarding Company’s expected financial position and results of
operations, business plans and prospects etc. and are generally identified by forward-
looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,”
ZERO
Debt in books as on
46%
ROCE
“may,” “will” or other similar words. Forward-looking statements are dependent on
227 Statement of Profit and Loss assumptions or basis underlying such statements. We have chosen these assumptions March 31, 2022
228 Statement of Cash Flow or basis in good faith, and we believe that they are reasonable in all material respects.
232 Accounting Policies as per Indian However, we caution that actual results, performances or achievements could differ

40%
materially from those expressed or implied in such forward-looking statements. We
Accounting Standards (Ind AS)
undertake no obligation to update or revise any forward-looking statement, whether
303 Comments of C&AG of India as a result of new information, future events, or otherwise.
ROE
About Us
India’s reliable travel partner
Indian Railway Catering and Tourism Corporation Ltd (IRCTC),
a Mini Ratna (Category-1 Central Public Sector Enterprise), is
the only entity that is authorised by the Indian government to
provide online railway tickets, catering services to railways and
packaged drinking water at railway stations and trains in India.
Only 1971
Company authorised to issue Human Resource Capital as
online railway tickets and catering on March 31, 2022
IRCTC was established in 1999 as an extended arm of Indian Railways with the objective of upgrading catering
services
and hospitality services. We strive to encourage international and domestic tourism in India by developing budget
hotels, special tour packages, global reservation system and information and commercial publicity. IRCTC has
become a one-stop solution for travellers with service offerings such as catering, internet ticketing, travel and
tourism and packaged drinking water.

6.31% 31.86%
5-year CAGR in revenue between 5-year CAGR in PAT between
FY 18 to FY 22 FY 18 to FY 22

Vision
Mission
To be the leading provider of high-quality travel,
tourism and hospitality related services, for a range
of customer segments, with consistently high level
of customer satisfaction

Our mission is to enhance customer services through railway catering,

hospitality, travel & tourism with best industry practices and aim to
cement itself as a leader by providing value added products and services
for passengers, tourists and other customers, targeting Indian Railways
and Non-Indian Railways related Services alike and building a robust
business portfolio that is scalable and based on core competence.

02 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 03
Our growth journey across decades

Corporate Overview
IRCTC went public with its
Operated Luxury Saloon maiden IPO
Car in Train
India’s first private train
Lucknow-Delhi Tejas Express
flagged off
Commenced
Five new Rail Neer Plants set
internet ticketing
services
2018 up at Sanand, Hapur, Nagpur,
Mandideep and Jagi Road

1st Rail Neer Plant

set up at Nangloi,
2017
2002

Statutory Reports
New Delhi
2019
2nd Rail Neer Plant set
1999 up at Danapur, Patna Issuance of Catering Policy 2017 by MoR for

2003 IRCTC.

7th Rail Neer Plant set up at Bilaspur, Chhattisgarh

Second IRCTC Tejas
Express inaugurated on the
Incorporated as an
extended arm of the
2004 Ahmedabad–Mumbai–
Ahmedabad route.
Indian Railways

Financial Statements
Two new Rail Neer Plants set
Conferred “Mini-Ratna Status”
up at Sankrail and Maneri OFS announced whereby 20%
for Category – I Central Public
Stake further diluted.
Sector Enterprise

Launched Maharajas’ Express 2016

Luxury Tourist Train
2020
2008
Optional Travel Insurance started 2021
online and provided free insurance
2010 to all Confirmed/RAC passengers

6th Rail Neer Plant set up at

Parassala, Trivandrum
2014 Launch of IRCTC e-ticketing service through Chatbot
platform of IRCTC Website www.irctc.co.in and IRCTC
Rail Connect Mobile Apps.
3rd Rail Neer Plant set Launched Air-Ticketing SMS Ticket
booking launched Launch of Bharat Gaurav Tourist Train connecting India
up at Palur, Chennai micro-site
and Nepal on ‘Shri Ramayana Yatra’
Started E-Catering Services
on Trains
2015 15th Rail Neer Plant set up at Una, Himachal Pradesh

Launched Next Generation

E-Ticketing System (NGeT)
2011 2012 2013
4th Rail Neer Plant setup at
Ambernath, Maharashtra IRCTC achieved highest ticket bookings i.e. 2022
13,45,519 tickets in a day

5th Rail Neer Plant setup at Amethi, Uttar Pradesh

04 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 05
Highlights for the year
Growth drivers for IRCTC

Corporate Overview
More than 8.03 crore users 123.68% 166.4% 252% Indian rail network continues to grow,
Growth over previous year Growth over previous year Growth in business over expanding its presence and new trains
62.73 lakhs daily logins previous year being added
65.57% 19.86 Crore
On an average 11.44 lakhs Growth in license fees Bottles sold 64% Investment in railways up by 27.5% in
tickets booked per day Growth in bookings over Union Budget 2022-23, to H ~1.4 lac
6.52 Mn previous year (in terms of no. of
Record booking of 15.88 lakhs crore.
Food meals booked through e-catering passengers travelled)
ticket in a day on 21st March, 2022
5,25,981 Introduction of technology in rail mobility
Bookings made in FY 22 (in terms (like REMMLOT to GPS track the trains)

I N
of no. of passengers travelled)

Statutory Reports
~400+ Vande Bharat Trains to be
introduced

T E
Increase in leisure travel post Covid-19
ease out

R N E

R A I L
According to World Travel and Tourism
designing sustainable growth

T O U R I S M
Building incremental value,

Surging year-on-year

Council, travel and tourism in India is

C A T E R I N G
IRCTC

expected to grow by 7.4% in 2022

The world of

151 (Nagpur, Hapur, Sanand, 17.2%

More trains covered for catering since Mandideep, Maneri, Jagiroad, Share of Railway tourism in total
1 : 1.76 2017 Sankrail & Una) New plants revenue for FY 22 Faster vaccination coverage among a
T

Financial Statements
Current passengers per ticket ratio added in last five years larger part of population
74.40%
Convenience fee income grown at Growth in E- catering partners outlets (Bhusawal, Vijayawada, Extensive promotion of tourism in the
T I

N E E R
174.27% since 2015 added in last three years Bhubaneswar, Kota and country
(Convenience Fee increased from Visakhapatnam)
J 253 Cr. in FY 15 to J 694 Cr. 57 New plants expected to be
India is ranked 34th out of 140 countries
C

in FY 22) Pantry increased over last five years commissioned in next 3 years
in Travel and Tourism Competitive Index
(2019) – up from ranked 65 in 2013
K

Improved
Quality and brand perception
E T

among consumers Upgradation of railway stations and trains

Increased private sector investment and

I

job creation in tours and travel in the

country
N
G

Increasing religious and pilgrimage

tourism
Increasing preference towards Growing sales and distribution Opening of tourism across
hygiene and quality food among network of Rail Neer across domestic and international
Co-creating value

Value-added services and cross- Rapid internet penetration and rising

travellers more stations borders will increase bookings
selling services/ products mobile users
‘Seat-step’ food delivery with Huge untapped market leaves Religious tourism continues to
Growing numbers of visitors / users
multiple choices of cuisines shifting opportunity for growth grow aggressively Surge in Digital payments and growing
on website and mobile application
trends of consumers towards acceptance towards services through
will further strengthen the digital Efficient operations to lead Affordable convenience fee
e-catering online/application mode
advertisements lower costs and improved on non-rail bookings driving
margins increased customer traction
Safer and Secure banking network
towards our business
Improved branding and increasing confidence among the users
packaging leading for online mode
to rising growth

06 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 07
 Among India’s most valuable
Creating stakeholder wealth responsibly

Corporate Overview
companies

We endeavour to create value for shareholders – our primary Your Company, in a short
source of capital. Our expertise and high-performance based span of time since its market
technology enables us to deliver performance consistently, in debut in 2019, made its place
turn creating a valuable brand among the investor community. in the list of top 100 listed
companies, based on the
Capital appreciation Relative outperformance
market capitalization of the
11,644 Cr

Statutory Reports
How IRCTC’s stock price has outperformed the BSE Sensex and Nifty 50
Company, as on 31st March
I BSE Sensex and IRCTC Share Price 2022. The Company ranked
Market capitalisation
as on listing date i.e. October 14, 2019 60000
57000
1000
81st and 79th on BSE and NSE
900
54000
800 respectively, at the end of the
61,976 Cr
51000

IRCTC Price*
BSE Sensex

48000
700
financial year 2022.
I 48000 600

Market capitalisation 42000 500

39000
as on March 31, 2022 400
36000
300
33000

Financial Statements
30000 200

432.25 %
27000 100
Aug'20

Dec'20
Feb'20

Feb'22
Jun'20
Apr'20

Oct'20

Aug'21
Dec'19

Dec'19
Feb'21

Jun'21
Apr'21
Oct'19

Oct'21
Growth in market Sensex IRCTC
capitalisation * IRCTC’s equity share Price has been adjusted for Split.

Consistent dividend payouts NSE Nifty and IRCTC Share Price

18000 1000
17000 900
42.77

42.19

16000 800
40.46

15000 700
IRCTC Price*
NSE Nifty
39.66

38.98

14000 600
13000 500
12000 400
11000 300
10000 200
200.00

280.00
122.37

80.00

9000 100
88.81

Aug'20

Dec'20
Feb'20

Feb'22
Jun'20
Apr'20

Oct'20

Aug'21
Dec'19

Dec'19
Feb'21

Jun'21
Apr'21
Oct'19

Oct'21

2017-18 2018-19 2019-20 2020-21 2021-22

Nifty IRCTC
Dividend payout, excluding taxes (H in crores)
Dividend payout ratio (%) * IRCTC’s equity share Price has been adjusted for Split.

08 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 09
Improving our ESG Roadmap

Corporate Overview
CSR focus areas

Our dedication to ESG is demonstrated by our capacity to meet

and surpass our obligations to our stakeholders today and in
the future.
We have achieved success while maintaining a constant focus on excellent governance and sensitivity to societal and Disaster Education Skill Health Environment Sanitation
ecological needs. As a responsible business, we readily accepted our responsibility to include environmental, social
relief development sustainability
and governance (ESG) factors in our business.

Statutory Reports
1,971 1,130 0
Environment stewardship
Environment sustainability is a major
concern and we at IRCTC have Human Resource Capital Employees trained on Lost Time Injury
embraced several strategies to address health and safety Frequency Rate
it. We have been focusing on energy
management, plastic waste reduction,
and judicial water usage to reduce our
ecological footprint. The PET bottle
weight was reduced from 22 grams to
J 9.90 crore
CSR budget
11,427
CSR beneficiaries
Page 174
For more information on Social
responsibility refer to BRSR
20 grams and the HDPE cap weight was

Financial Statements
reduced from 2.2 grams to 1.6 grams
to reduce our plastic use. We have
been enhancing operational efficiency
and implementing the 3R principle Governance Identified stakeholders
across our facility to further reduce our
environmental impact. We believe in a strong and transparent
governance framework to propagate

4,370
ethical values and protect the interests
of stakeholders. We emphasise the
Page 179
need to ensure internal openness
metric tonnes For more information on Environment stewardship refer to principle-6 of BRSR
and accountability. We are dedicated
Plastic waste generated to embrace our responsibilities as a
Social responsibity responsible business organisation
Customers Shareholders/ Regulators and
Investors Government

470.64
under the direction of experienced
We respect societal rights and management and the Board of
understand that it is our duty to Directors. We have identified relevant
metric tonnes uphold them. We strive to ensure stakeholders and have a regular
the underserved section of society dialogue with them to resolve their
Reduction in plastic consumption
receives the advantages of our social concerns. We rely on cutting-edge

2.02
activities. Through our CSR initiatives, technologies to make sure that all of
we concentrate on the households and our online services and the data they
communities in which we operate. We contain are appropriately protected from
joules/rupee are dedicated to giving our employees, the current cyber security threats. Employees Communities & Civil Vendors/
colleagues and value-chain partners a Society/NGOs Collaborators
Energy intensity
safe and healthy working environment

0.0002
since we are a people-oriented

1,34,03,080
business. We are aware that our
success and aspirations for expansion
litre/rupee depend heavily on the general physical, Page 157
Water intensity mental and occupational health of our For more information on Customer complaints resolved through the
personnel. Governance refer to BRSR call centre

10 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 11
Our Business Model

Corporate Overview
Inputs Value creation Output Outcome

Our financial resources consist of equity, net worth

Strong Corporate Governance and • PAT I 663.69 Cr • Increasing revenues
and current assets. Business Segments
Technology-led service platform • Increase in net worth • Improving profitability
• I 160 Cr Equity I 428.07 Cr • Robust margins

Statutory Reports
• I 1,883.88 Cr Net Worth • Lowest marketing
• E-ticket booking for railways on Mobile expenses in the industry
• ZERO Long-term debt application - 1915 Lakh tickets and Website 2259
• Serving Food and Lakh tickets (742.27 Lakh tickets booked by
ering Beverage in trains normal users) and 1516.85 Lakh tickets booked
Our key human resources are the employees that C at • Employee productivity 100% • Diverse workforce
• Delivering food to by Agents)
work at our company. These include permanent
the passenger on- • 52304 hours of training provided • Engaged and motivated
employees as well as contract workers. • Ticket booking for airways and buses
demand on their • Growth and development
• AI Customer supported ‘Ask Disha’ customer
• 1971 Human Resource Capital seat through our
support – Total Queries handled by AskDisha
of employees
application and
• I 237.44 Cr. Employees Chatbot in FY 22 are
food partners Internet ti
benefit expenses 53,16,235 (English cke

Financial Statements
• Food plazas at tin
Queries - 51,26,204 • Overall Increase in traffic 137.06% • More consumers on-

g
stations and Hindi Queries boarded
Continuous investment in technology to ensure (161.92 % Increase in web site traffic
1,90,031) 127.48% Increase in Mobile Traffic) • Increase in consumer
seamless delivery of service
• 139.85% Increase in e-ticketing satisfaction with
• Overall traffic on e-ticketing application 2289.66 seamless ticketing
(Increase from 1740 Lakh tickets in
Mn (703.65 Mn Website traffic and 1586.01 Mobiile service
FY 21 to 4174 Lakh tickets in FY 22)
App traffic)
• 20.23% Growth in users
• I 75.22 Mn Downloads of IRCTC application till
on application (Increase from 6.68 Cr.
date (Android and iOS combined)
Users till FY 21 to 8.03 Cr. Users till
• I 20.35 Cr. Investment in technology gW
ater FY 22)
kin
upgradation in last three years . rin
nd tourism
el a
D

av
d

Tr
e
ag

• Energy conserved 615260 Mwh • Invest in renewable

Pack

Natural resources are required for sustaining • Tour packages energy

operations and services. • Special trains for • Water saved 179400 Litres
• Reduce carbon
specific • Plastic recycled 560 MT
• 37992755624 Joules Energy consumed footprint
• Manufacturing and destinations,
• 37,8046 Kil.ltrs. Water consumed providing Rail Neer, to enhance
a packaged drinking tourist experience
water to travellers
Strengthening relationship with consumer, • Luxury Tourist • 432.25% Growth in Market • Wealth creation for
employees and all the other stake holders and Trains- Maharajas' capitalisation since listing on stock investor with consistent
communities, Express & Golden Chariot exchanges dividend payout
• Accommodation
• I 9.90 Cr CSR Budget for FY 22. • Proactively invest in
• Outbound Packages social responsibilities
• 57 Empanelled vendors for Mobile Catering
• Corporate Travel Business • Growing trust among
• 28 new Vendors for Static Catering
an average of 11.44 Lakh tickets booked per day With the customers and
• 175 new Vendors for E-Catering Served more than 7343 Lakh Passengers
an annual ticket fare of J 38178.32 Crores collected strengthening brand
With 62.73 Lakh daily logins and
• 2185504 Shareholders against 4174.49 Lakh tickets booked in FY 22 recall

12 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 13
Chairperson's

Corporate Overview
Message

Statutory Reports
infrastructure will deliver tailwinds the Company for FY 22, is H. 3.50/- per
helping India to sustain in the long term. equity share of the face value of

After being the worst sufferers of During the year H 2./- each.

the pandemic, the travel and tourism

industry has finally shown recovery,
under review, we Coming to our segment wise highlights
for the year 2021-22, regarding Internet
with a promising surge in travel in registered a strong Ticketing, I am delighted to inform that
the second half of fiscal 2021-22. An
increase in vaccine rollout and the
financial performance an average of 11.44 lakh tickets were
sold daily through IRCTC’s website

Dear Shareholders
relaxation on inbound and outbound with a total income and Mobile App, which accounted for
travel led the Indian travel and tourism 80.43% of the total reserved tickets
of H 1,952.30 crores

Financial Statements
The fiscal 2021-22 has been a year of industry to finally be able to overcome booked online on Indian Railways .
recovery and transition for the Indian the pandemic induced shock to the which increased from The Company touched another
industry. With a soaring hope for travel
economy. After experiencing the
worst of the pandemic, the gradual industry to quickly come back to H 861.64 crores in milestone of achieving a record booking
of 15.88 lakh tickets on 21st March,
opening of the economy with increasing normalcy, the current fiscal is likely to be
a year of travel comprising of Domestic
2020-21. 2022. We also launched full fledged
vaccination coverage and a further
Travel, Revenge Travel and enhanced E-ticket booking through AskDisha
resumption in businesses activities
corporate Travel. Chatbot and IRCTC BOB Loyalty
helped India gained momentum. Signs
Cobranded Credit Card on RuPay
of continued economic revival could
The rebound in travel has been more platform in collaboration with Bank of
be evidenced in the healthy growth of
apparent on the online than in the H 1,952.30 crores which increased from Baroda. Your Company also Integrated
indicators like total GST transaction, coal
offline booking segment. With a wider H 861.64 crores in 2020-21. Our EBITDA Bus facility in IRCTC Exclusive section
production, electricity demand etc.
adoption of internet usage, there has stood at H 953.56 crore over of IRCTC Rail Connect Mobile App &
However despite the fast paced been a boost in online ticket booking. H 272.74 crore in the previous fiscal. Our IRCTC Website (www.irctc.co.in ).
recovery, towards the end of the fiscal, The fiscal 2021-22 showed a further PAT grew to H 663.69 crores from
increased preference of customers H 187.02 crores in FY 21. Both Coming to tourism segment, I am
the economy had been subjected to
for online bookings with increased EBITDA and PAT ended up at healthy pleased to report that we have become
external risks. The geopolitical stress
dependence on online travel platforms margins of 48.84% and 34.00% the first agency to accomplish the
between Russia and Ukraine elevated
oil and commodity prices thereby and apps. It is the seamlessness online respectively.
exacerbating the already soaring bookings provided to customers that is
making them their preferred choice. As Considering the excellent performance
inflation in India.
we move ahead, I believe, with more of the Company, the Directors have
Although the headwinds prevail in near Indians preferring internet for effective recommended a final dividend of
term, India with its ever resilient spirit prices and convenient accommodations H 1.50/- per share (H 120 Crores) for
is well equipped to mitigate the long and the changing consumer FY 22, subject to approval of
term impacts of the conflict. Through preferences, we are poised to seize the shareholders in the Annual General
the budget 2022-23, the government multitude of opportunities that lie ahead. Meeting. This is in addition to the
has enacted structural reforms that interim dividend of H 2/- per share (H 160
are in line with its long term goals. The During the year under review, Crores) declared in February 2022 and
massive ramp up of capital spending we registered a strong financial paid to shareholders in March 2022.
as well as the emphasis on developing performance with a total income of With this, the total dividend declared by

23rd Annual Report 2021-22 15

 Corporate Overview
milestone of becoming the connecting to resumption of operation of regular on pan India basis. These ‘state of art’ mentioned plants, Railneer plant at facilitates effective management and
link between two countries under trains and cooked food from November executive lounges have won admiration Una, Himachal Pradesh has been enables company to maintain a high
the Bharat Gaurav Scheme of the 2021 onwards, the Company has started from one and all for their impeccable commissioned and commenced level of business ethics and to optimize
government. the operations of mobile catering in full décor, service and facilities for the commercial operations during FY 22. To the value for all its stakeholders. I am
swing. As on 31st March, 2022, Your railway passengers to wait comfortably increase its market share and to meet pleased to inform that your company
Moving on, in order to promote and do Company provided Onboard Catering during pre-departures and post-arrivals. the growing demand, your Company has achieved an “Excellent” grading
marketing of the first indigenous luxury Services in 391 Trains and managed 180 Recently, Hon’ble Prime Minister Shri plans to setup new Rail Neer plants at in Corporate Governance for the year
cruiser liner in India, we have signed an refreshment rooms, 55 Jan Ahaars, 06 Narendra Modi made a visit to IRCTC’s Bhusawal, Vijayawada, Visakhapatnam, 2020-21 by Department of Public
agreement with leading cruise liners in Cell Kitchens and 306 Food Plaza/Fast Executive Lounge at Varansai Railway Bhubaneswar and Kota. Enterprises and expects “Excellent”

Statutory Reports
the fiscal. This has given our users the Food units. I am happy to convey that Station and interacted with IRCTC’s rating for FY 22.
advantage of sailing to some of the best post resumption , E-Catering has also officials about the facilities of executive The Company continues to involve in
Indian and international destinations. started picking up orders and average lounges. meaningful welfare driven initiatives The opportunities for us continue
meals booked through e-Catering in through Corporate Social Responsibility to strengthen and with our massive
Your Company also launched and Your Company also plans to build a that distinctively impact the quality of life experience in running train associated
March, 2022 were 24,813 per day.
operated a number of Land Tour network of a well-planned chain of in society and helping underprivileged operations, we hope to keep delivering
Packages, Domestic Air Packages, Your Company is also successfully hotels that target the economy / budget people. In the wake of the COVID-19 value to our shareholders. Indeed, I
Bharat Darshan, Pilgrimage Special operating eight Executive Lounges travellers. Presently, Budget Hotels at pandemic, your Company prioritized would like to conclude by thanking
Tourist Train, State Special Trains, Lucknow, Khajuraho and Kevadia are response towards strengthening our workforce, customers and
customized travel packages, Deluxe under construction and Company is the health system response. Your shareholders. Without their continuing
tourist train and IRCTC Corporate Trains exploring the avenues for such hotels Company also extended its support to trust and contributions, none of our
during FY 22. With full resumption of at other locations and has approached the downtrodden people affected by many achievements would have been

Financial Statements
passenger train services by the end several state Governments for the same. COVID-19 areas under CSR program. possible.
of 2021, IRCTC started the operation Thus, during the year 2021-22, the
of Rail Tour packages and accordingly The Company has 15 operational Company completely utilised the CSR
started the process of getting Railneer plants located at Nangloi, Budget of H 9.90 Crores towards CSR
earmarked berths in the requested Danapur, Palur, Ambernath, Amethi, Regards,
activities.
trains. During the year, your Company Parassala, Bilaspur, Sanand, Hapur,
also operated "Ramayana Yatra" with Mandideep, Nagpur, Jagiroad, Maneri, Your Company is committed to maintain
AC Deluxe tourist train covering all Sankrail and Una, out of which plants the highest standard of Corporate
major destinations of Lord Rama at Amethi, Parassala, Sanand, Hapur, Governance and adhere to the Rajni Hasija
like Ayodhya- Sitamarhi- Janakpur- Mandideep, Nagpur, Jagiroad, Maneri, Corporate Governance requirements Chairperson & Managing Director
Varanasi- Prayagraj- Chitrakoot- Nasik- Sankrail and Una are operated under set out by SEBI and Department of
Hampi- Rameshwaram- Kachipuram- the PPP model. From the above- Public Enterprises. Good governance
Bhadrachalam.

With respect to Catering segment, Recently, Hon’ble Prime ...achieved an “Excellent”

as we all are aware that due to the Minister Shri Narendra grading in Corporate
Covid-19 pandemic, operations of Modi made a visit to Governance for the year
regular Rajdhanis, Tejas, Gatiman, Vande
Bharat, Shatabdis, Duronto, and Mail/
IRCTC’s Executive Lounge 2020-21 and expects
Express trains were under suspension at Varanasi Railway “Excellent” rating for
during the year 2020- 21 and major Station and interacted with FY 22 also by Department
part of 2021-22, and, only special trains IRCTC’s officials about of Public Enterprises.
were operated by Railways to facilitate
movement of passengers. However, due
the facilities of executive
lounges.

Note: This does not purport to form proceedings of this Annual General Meeting.

16 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 17
Financial highlights

Corporate Overview
2%
Revenue from Operations Net Worth Operating Revenue mix
(H in crore) (H in crore) (H in crore)

Catering
FY 22 FY 22
8%
1879.48 1883.88

Statutory Reports
Railneer
FY 21 776.66 FY 21 1455.81 Internet Ticketing
Tourism
FY 20 2264.31 FY 20 1,313.82
State Teerath
FY 19 1870.00 FY 19 1,071.02
FY 18 1471.17 FY 18 945.37

6.31 18.81

EBITDA PAT 27%

Financial Statements
(H in crore) (H in crore)

FY 22 953.56 FY 22 663.69
FY 21 272.74 FY 21 187.03
FY 20 778.44 FY 20 513.11
FY 19 472.16 FY 19 308.56
FY 18 360.30 FY 18 219.52

27.55 31.86

9%
ROCE Dividend per share
(in %) (H per share)

FY 22 46 FY 22 3.50
FY 21 18 FY 21 1.00 54%
FY 20 54 FY 20 2.50
FY 19 45 FY 19 1.53
FY 18 36 FY 18 1.11

6.32 33.26
IRCTC’s (1) equity share of face value of J 10/- each was sub-divided into five (5)
equity shares of face value of J 2/- each w.e.f. the record date i.e. 29th October,
2021. Accordingly, Dividend Per Share has been reflected, post
sub-division in October 2021.

18 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 19
 Corporate Overview
Catering
Segments IRCTC is one of the country's leading Hospitality Enterprise,
serving to Railway Passengers. Our services are designed
specially to serve the travellers combining the best of

Statutory Reports
hygiene and taste.
Catering Packaged Drinking Water
Hospitality and catering business-

1 2 3 4

IMAGE
Business

Financial Statements
Internet ticketing Travel and tourism
Mobile Catering Static Other hospitality
business catering business E-catering

• Services offered in • Food plazas • Executive lounges

Rajdhani, Shatabdi, • Fast food units • Retiring rooms
Duronto, Gatiman, Tejas, • Refreshment rooms • Rail Yatri Niwas/BNR
Vande Bharat • Jan Ahaar Hotels
• Mail / Express trains • Cell Kitchens
• Train Side Vending • Base Kitchens

Monitoring of catering services Passengers can also submit grievances on services via
the 'Rail Madad' application or the web portal
IRCTC has stationed experienced catering supervisors on trains
www.railmadad.indianrailways.gov.in.
to keep an eye on the on-board catering services. In addition
to monitoring, these supervisors have been also tasked to get
feedbacks from the passengers to further enhance the experience. No. of complaints received and addressed in FY 22

Complaint redressal Particulars E -CSIM CPGRAM National

IRCTC has developed a special internet based module for consumer
addressing complaints from passengers that is known as Catering helpline
Service Information Management (E-CSIM) and also has a Number of 5596 1660 99
dedicated portal www.catering.irctc.co.in for the same. Complaints Received
Number of 5596 1630 99
Complaints addressed

27%
Contribution to total revenue

20 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 21
 Corporate Overview
1 Mobile 2 Static 3 Other Hospitality 4 E-Catering
Catering Catering services

391 passenger trains have pantry cars IRCTC has set-up/developed Food Number of Food Plaza and IRCTC has set-up Executive lounges and E-catering is a relatively new service Number of partner
to provide on-board catering services Plaza, Fast food unit, Refreshment Fast food units Retiring rooms over the Indian Railway by IRCTC where passengers with restaurants

306 1,774
by IRCTC. Regular quality checks are Rooms, Jan Ahaars and Cell Kitchen (IR) network for passengers to have a reservation tickets can order food
undertaken to ensure the best quality on Railway stations to serve safe and space to relax and feel comfortable. online (while they are on-the-journey)
of the services. IRCTC also provides hygienic food at affordable prices These Retiring rooms and lounges are from the restaurants that have partnered
train side vending services for trains or to Railway passengers. Jan Ahars equipped with amenities like reclining with IRCTC. The food is then delivered Direct Vendor- 260
expresses that do not have pantry cars, (unit serving economy combo meals sofas, wi-fi services, buffet meals, clean to the respective berth/seat. The

Statutory Reports
Number of Jan Ahaars Food Aggregator- 11
orders are taken from the passengers comprising regional and local items), washrooms at minimal prices. Many new bookings have to be done in advance
and meals are picked up from specified
pick-up points accordingly.
Cell Kitchens (mini base kitchens
supplying food to trains or static units),
Refreshment Rooms (unit where a-la-
55 retiring rooms are being developed and
renovated across some major railway
stations in India to enhance traveller’s
and the services are available only on
selected stations.
Vendor's through
Aggregator- 1514

carte items, ready-to-eat meals, and comfort and convenience. The total
thali meals are served), Food Plazas Number of Base numbers of other static units as on 31st Meal Served per day
Trains with provision of (multi-cuisine plaza serving food items kitchens March, 2022 are as under:
FY 22

11
on-board catering services at market-driven rates) and Fast Food

8,632
through pantry car Units (major units selling fast food items Number of Executive lounges

391 10
through self-service counters). We are
also developing Base kitchens with

Financial Statements
modern technology to serve food of the Number of
highest quality. The total numbers of Refreshment rooms FY 23
(1st April’22 to 31 May’22 )

180
static catering unit as on 31.03.2022 are Due to Covid restrictions, the executive

21,730
as follows: Lounge operations were affected.
Despite adverse impact of Covid
pandemic, 02 (Two) Executive Lounges
have been commissioned in 2021-22 at
Number of Cell kitchens
New Delhi (Paharganj side) and Varanasi

6 Railway station.

Number of Retiring rooms

Increase in App traffic (Monthly
Average).

25
The Railway Board has instructed for FY 22

1.67 Cr.
introduction of Ready-To-Eat Meals in
place of cooked food. Further, Railway
Board also instructed to put on hold the Due to Covid restrictions, the Retiring
kitchen up-gradation activities. rooms operations were affected.
Despite adverse impact of Covid
pandemic 5(five) Retiring Rooms were Percentage increase

49 %
commissioned at Agra Cantt, Gwalior,
Lonavala , Pallakad and POD concept
retiring room at MMCT Railway station.

Number of Rail Yatri Niwas /

BNR Hotels

04
22 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 23
 Corporate Overview
Highlights for the year (2021-22)

Meals booked on March 20, 2022 on

Holi Promotions Navratri
E-Catering. The highest ever! Holi special food items
Promotions
were delivered for the first

34,980
Significant efforts were made
time. Our Gujiya & Thandai during the promotion of
combos attracted some Navratri special food items
media attention too. like introduction of Sabudana
Page views resulted in highest Khichdi. Ranging from push
single day traffic on website and app notifications on our apps, the

Statutory Reports
combined! marketing team introduced
emailers, standees on railway

~10 lacs platforms and special changes

on the website and mobile
application, to make the
promotion a grand success.

Regulatory improvements

In January 2022, we revamped the

Financial Statements
system to fully comply with the updated
GST norms for food aggregators.
We also introduced the Bill of Supply
mechanism for vendors which simplified
payments to vendors. We worked with
CDAC & CERT-In teams and made
several improvements to the security of
the tech system.

24 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 25
 Corporate Overview
IRCTC has 15

Packaged
manufacturing plants as of now Upcoming Rail Neer
Plants
Bhusawal (Maharastra)-
Advance stage of commissioning

Drinking Water
Vijayawada (Andhra Pradesh)-
advance stage of civil
construction.

Bhubaneswar (Odisha)- under

Statutory Reports
construction.
Rail Neer was launched by IRCTC to enhance the amenities for the Kota (Rajasthan)- contract
passengers. Rail Neer is packaged drinking water, packed in state-of-art awarded.
factories. The factories that pack the bottles are fully automated and
Visakhapatnam (Andhra
there is no manual handling of the product to ensure the safety and Pradesh)- Commercial
sanitation of the bottled water. Production to
During the year, commercial operation of Rail Neer Plant, Una was commenced, while be started.
the new Rail Neer plant at Visakapatnam is ready for operation.
Key Highlights

Financial Statements
9%
Share in total
revenues

42%
Capacity
Utilization

Our Plant locations

• Nangloi (Delhi) • Sanand (Gujarat)
• Danapur (Bihar) • Mandideep (Madhya Pradesh)
• Palur (Tamilnadu) • Nagpur (Maharashtra)

19.86Crore •
•
•
Ambernath (Maharashtra)
Amethi (Uttar Pradesh)
Parassalla (Kerala)
•
•
Sankrail (West Bengal)
Maneri (Madhya Pradesh)
• Jagiroad(Assam)
Total bottles
produced • Bilaspur (Chhattisgarh) • Una (Himanchal Pradesh)
• Hapur (Uttar Pradesh)

26 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 27
 Corporate Overview
Internet
New Initiatives

Internet ticketing

1. Launch of Multi Lap Enquiry facility in 12. e-Gift Vouchers option inclusion 17. Launch of IRCTC BOB Loyalty

Ticketing
IRCTC Rail Connect Mobile App and under 'IRCTC Exclusive' section of Cobranded Credit Card on RuPay
IRCTC Website. IRCTC Rail Connect Mobile App on platform in collaboration with Bank
Android. of Baroda.
2. Start of Retiring Room booking facility
in IRCTC Rail Connect Mobile App. 13. Integration of "EMI based" payment
option in IRCTC Rail Connect

Statutory Reports
3. Launch of Rail E-Ticket booking for Mobile App. On Android: 5,539
Privilege Pass / PTO holders in IRCTC
IRCTC is the only authority that is permitted to offer service of tickets were booked using EMI
Rail Connect Mobile App on iOS
online ticket booking for Indian Railways through application platform.
payment mode since its launch.

and website. 14. Automated Payment system for

4. Integration of Bus facility in IRCTC disbursing payments to Hotels/Bus
Exclusive section of IRCTC Rail Operators/Vendors implemented.
Connect Mobile App & IRCTC 18. E-ticket booking through Ask
There has been a continuous increase Key Highlights Website (www.irctc.co.in). 15. IRCTC has developed e-ticketing Disha Chatbot: Now railway
in online ticket booking over the years. application for Paramilitary Forces e-tickets can be purchased

54%
5. Infant Divyaang Concession Booking
In FY 22 about 80.43% of the total
reserved tickets were booked online. J38178.32 crores with Escort in IRCTC Rail Connect
for booking reserved rail e-tickets
to their personnel. 
through AskDisha in a convenient
conversational manner using voice

Financial Statements
Mobile App and Website.
With rising internet penetration and and chat, even without the need
digital banking, the traffic on website Contribution to revenue Of ticket fare collected in FY 22 16. Developed e-ticketing application
for an IRCTC password. AskDisha
6. User Registration with Junk/ for Paramilitary Forces, Central
and mobile application is expected to Disposable email id has been (Digital Interaction to Seek Help
continue with enhanced revenue from Industrial Security Force and Border
Anytime) is an Artificial Intelligence

4,174.49 lakhs tickets

restricted on IRCTC e-Ticketing Security Force (BSF) for booking
the advertisements website. and Machine learning based
reserved rail e-tickets to their
Chatbot. The same was launched
personnel.
7. Integration of SBI General Insurance on 30-Dec -2021 for selected
Total tickets booked and Liberty General Insurance users and Full fledged for all users
The online ticketing system will
2259 Lakh tickets booked through IRCTC Website as travel insurance partners for on 31-Mar-2022.
bring a major relief to these Central
(742.27 Lakh tickets booked by normal users and IRCTC e-ticketing. Paramilitary Forces in handling their
1516.85 Lakh tickets booked by Agents)
reserved train ticket requirements
8. General passenger booking through
1915.37 Lakh tickets booked through IRCTC Rail and also from cumbersome
Hon’ble MP/Ex MP users Ids in
Connect Mobile App (Android & iOS) manual processes Railway
IRCTC Rail Connect Mobile App
Warrant management and their
Facility on iOS and Android.
reconciliation.
Share of Bookings (%) 9. Refund of Travel insurance premium
amount refund against cancellation
1 of tickets in IRCTC Rail Connect
15
Mobile App on Android.

10. Inclusion of ADD MEAL option in

20 46
IRCTC Rail Connect Mobile App on
Android and iOS.

11.44
11. Changes for On board Catering
18
Services in IRCTC Rail Connect
lakh IRCTC Mobile App Normal User Mobile App on Android and iOS.
IRCTC Website Normal User
tickets per day B2C Normal User
Average tickets booked per day Retailer
through IRCTC website and application G2G

28 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 29
 Corporate Overview
Microsoft Power BI (Business Customer rating by booking date Success transaction amount Retiring rooms EMI-based payment IRCTC Part payment
Intelligence) tool implemented Failed transaction amount

68154
in Ask-Disha to check and see Started in April 2021, users can now book The introduction of EMI-based payment IRCTC also offering Part Payment options

56366

56294
real-time reporting. The reports 7.29M (33.22%) retiring rooms at railways stations across allows users to book tickets and other for pre-booked packages booked by
are available in the form of data the country. travel bookings with an option to pay it passengers either through Online or Off-
at convenience. We have partnered with line and plan their journeys in advance

32254
visualization.
02 banks and fintechs i.e. PayTm and without blocking the full amount.
Analytics Razorpay, who are now partners on our
9009 18K platform to provide users with a choice of

1429
Total Tickets booked Total No of Passengers multiple EMI payment options.
14.65M (66.78%)
5,539 tickets were booked using

Statutory Reports
Total tickets booked by booked quota
IRCTC Android IR IRCTC IR
Mobile App Mobile Desktop Desktop EMI payment mode during FY 22
7,249

Web Web Web

through IRCTC Mobile App (EMI-based
transactions closed).

19. Implementation of option to book 20. Implementation of option to Re-

full fare berths for infant passengers verify profile details with Aadhaar.
(0 to 4 years) along with other In case, user has updated his/her
622

549

Bus booking
473

passengers Aadhaar details, they can re-verify

116

profile details with Aadhaar.

The integration of Bus Booking Service
General Senior Tatkal Pooled Ladies 21. E-ticketing Statistics in comparison to previous Financial Year is considered an important last-mile

Financial Statements
Citizen Quota
connectivity to IRCTC’s value-chain,
Booked Quota Total Tickets Details 2020-2021 2021-2022 % Increase enabling users to book a bus after
booked Total No. of tickets booked 1740.46 4174.49 139.85% reaching a destination through rail or
Ladies 116 (in Lakhs) air. Users could now book buses across
Pooled Quota 473 Total Ticket fare collected 17761.59 38178.32 114.95% diverse routes across 22 states and 7
(H in Cr.) UTs, with several private partners like
Tatkal 549
% share of e-ticketing 79.63% 80.43% 1.00% M/s Abhi Bus & M/s Red Bus and State
Senior Citizen 622
Average tickets booked 4.76 11.44 140.34% Road Transport Corporations tied up
General 7,249 per day (In Lakhs) on its tourism portal. Going forward,
Total 9009 we expect the segment to grow and
contribute significantly to business, with
Total tickets booked by booking date
improving road infrastructure.

Transactions No. of Pax.

34637 52628

01 Jun 08 Jun 15 Jun

Success transaction Failed transaction

5k(32.98%)

11k(67.02%)

30 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 31
 Shri Ramayana Yatra

Corporate Overview
Under the initiative ‘Dekho Apna Desh’

Travel and
introduced by the Government of India,
we introduced the ‘Shri Ramayana
Yatra’ by Deluxe AC Tourists train under
religious tourism. Covering 7500 kms
across 10 cities and 06 states, the

Tourism
special tourist train provides travellers
with fine dining resturants, modern
kitchen, shower cubicles, sensor-based
washroom functions, foot massager,
security guard for each coach, CCTV
camera, accommodation at hotels,

Statutory Reports
travel insurance and IRCTC tour guide
India being home to multiple rich and diverse cultures makes it a country manager for a 17-day trip across
that attracts tourists from all over the world. IRCTC strives to cater to the locations associated with Lord Shri
needs of these travellers. We simplify tourism by exploring different avenues Rama’s life. In the FY 22, IRCTC has
operated 3 trips of Shri Ramayana Yatra
to enhance the experience of travel tourism through Railways, roadways, with 375 passengers.
airways and waterways.
Luxury Cruise
Tourism offerings Key Highlights
In August’21, we signed an agreement
I R C T C
8% with Cordelia Cruises, operated by

Financial Statements
Tourism
Waterways Leisure Tourism Pvt Ltd
for promotion and marketing of first
Contribution to indigenous luxury cruise liner in India.
total revenue

Air Ticketing Railway Tourism Miscellaneous

• Hotels
• Lounges
• Retiring Rooms
Railway Tour Packages
(RTP)
•
•
•
Corporate Travel
Cancelation
Concierge
63,350
Tourists availed our tour packages
• RTP Charters
• IRCTC Hotels • Tour Packages • Cab (RTP, LTP & Customised packages)

Special Trains • LTC Packages

Hotels & Tourism
Packages • Others
• Charter Booking
• Tourism Packages • Semi Luxury
39
269
• Air Packages • Election Special
• Domestic • Educational Tours Chartered
• Customized • Buddhist Trains trains operated Passengers
• City Tours • State Special Bookings made since launch in
• Heritage September’21

2440
• Pilgrimage Special
• Bharat Gaurav
• Hill Charter
Average air tickets
Luxury Train booked per day

• Maharajas' Express
• Golden Chariot

32 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 33
Special trains

Corporate Overview
Bharat Darshan it passes through some of the most travellers. The train takes passengers
important locations. Gaya, Nasik, Ujjain, across India’s heartland at reasonable
IRCTC offers special trains to cater to the needs This is one of the most cherished Varanasi, Allahabad, Ayodhya, Somnath, prices.
of people who want to experience the rich and affordable tourist travel trains in Amritsar, Katra, Tirupati, Kanyakumari,
culture and heritage of India as well as add on the country. The train takes travellers Rameshwaram, Madurai, Puri, etc
Deluxe Tourist train
through city with rich culture and
to their travelling experience heritage. The train’s path is such that
are some of the famous tourist spots
included in tour packages. IRCTC has launched these trains to
capturing the mid-segment market,
Maharaja Express Golden Chariot Pilgrim Special offering better services than Bharat
Darshan or Pilgrim Special Tourist trains.
IRCTC owns one of the finest luxury In partnership with Karnataka State Pilgrim Special is introduced by IRCTC

Statutory Reports
trains which aims to provide a royal Tourism Development Corporation to enhance the spiritual experience of
experience to the travellers. The train has Limited (KSTDC), the Golden Chariot
various cabins with different themes and train takes passengers on a thrilling
lush interiors and is equipped with latest journey through Karnataka, Tamil Nadu,
features for security of the passengers Kerala and Goa. The Golden Chariot
like electronic smoke detection system, offers three travel packages: 'Pride
CCTV, Pneumatic suspension for of Karnataka,' 'Jewel of South,' and
superior ride comfort, RFID door locks 'Glimpses of Karnataka,'.
and round the clock paramedic services.
The carriages are all equipped with ACs,
Wi-Fi, televisions, DVD players etc for the

Financial Statements
entertainment of the guests.

208 passengers
Bookings made in FY 22

34 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 35
New offerings

Corporate Overview
Following are some future projects to National Rail Museum Booking
•  for dissemination of Authentic used in IRCTC’s in-house products/ working towards awarding contract • Planning to Launch Itineraries
be undertaken: Website and Mobile App: IRCTC in Train information (Availability and services (Air, Train, Tourism, for Third Party Food Safety and of Bharat Gaurav: IRCTC plans
association with Ministry of Railways fare, Trains between Stations, e-Ticketing etc). Hygiene Audits to the FSSAI to launch itineraries of Bharat
Monetisation of Chatbot Services
•  and National Rail Museum (NRM), Cluster Station List, Train Schedule, approved agency for mobile and Gaurav trains with consideration
by extending to Third Party will develop online ticketing system Boarding Stations List, PNR Enquiry, • Up-gradation of additional static units to the service provider. to operation of short duration
Organisations. Having gained for National Rail Museum through etc.) on their respective platforms to Kitchen Units: In addition to packages to make it more
experience in running Chatbot which visitors can book their online the customers. present 48 upgraded kitchen units, • Additional budget hotels in reasonable and price competitive.
enquiry service on its e-ticketing tickets in advance for entry and IRCTC is in process of identifying pipelines: To have presence
platform, IRCTC will now extend rides. • e-Market Place: IRCTC will be and upgrading more kitchens for on pan India basis, IRCTC has • Plans to enter into segments such
AI based Chatbot services (like AI providing e-Market place and maximizing supply of meals for approached various states viz. as Helicopter Travel, Medical

Statutory Reports
Chatbots, VoiceBots, VideoBots, Train Information Enquiry Services
•  Bill Payments/Recharge services service on trains. This shall further J&K, Himachal, Uttarkhand, Sikkim, Tourism etc.
Virtual Assistants, Intelligent RPA, to Third Party Operators: Policy for and other third party services like the compliance of unbundling as Meghalaya, Andhra Pradesh etc; for
and Bots etc) to government and integration of service providers for Online Insurance on its Website per Catering Policy-2017. allotment of land. • To expand the avenue of Non-
private organizations across various providing Train Information Services and Mobile App in partnership with Rail based tourism such as MICE,
verticals & functions. has been framed by IRCTC. Train popular e-Commerce firms like • Deployment of Food Safety • Association of Brands at Multiple Corporate Travel Business,
Information Enquiry Service will be Amazon, Flipkart, HDFC Life, etc. Supervisors: To monitor the food Locations on PAN India basis for Cruise/ River packages, etc.
provided to Third Party Operators production on safety and quality enhancement in E-Catering.
Diversification of IRCTC as
•  parameters, IRCTC will deploy Food • Exploring backward integration
Fintech Company: IRCTC iPay is an Safety Supervisors through NABL • Exploration of Non Fare Revenue: through prefrom manufacturing
Online Payment Gateway owned accredited agencies in production IRCTC will propose to generate units in existing Rail Neer plants.
and operated by Indian Railway units. Non- Fare Revenue (NFR) to
compensate the haulage charges • Setting up of more Rail Neer
Catering and Tourism Corporation

Financial Statements
• Third Party Food Safety and imposed to run the Bharat Gaurav plants on pan India basis to
Limited and is a first fintech initiative
Hygiene Audits: To ensure quality trains through marketing & selling of increase the market share and
of IRCTC. As iPay is presently being
service to passengers: IRCTC is space/ areas of the rake. meet growing demands.

36 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 37
Digital Initiatives

Corporate Overview
IRCTC i-Pay as Payment issuing institutions, acquiring banks iPay Transactions (2019-2022) USPs in new AI Virtual
Gateway: and the payment gateway providers. (H in crore) Assistants (Ask DISHA 2.0):
The IRCTC iPay empowers merchants
IRCTC in its journey has faced several to collect, process, and distribute No. of Txns. (In Lakh) • Fully cloud-based auto scaling
Txn. Amount (In Cr.) platform. It monitors the applications
challenges from Payment Gateways payments by utilizing its extensive

4,416.54
operating in the market. To take up the range of product suite. IRCTC iPay and automatically adjusts capacity

4,076.08
challenge thrown by Payment Gateways payment gateway provides a better to maintain steady performance.
and banks to IRCTC in its journey of digital experience, improved online • Ask DISHA 2.0 is secured,
e-ticketing, it was considered wise to digital payment convenience and ease Conversational AI platform built and

2,454.55

Statutory Reports
own its Payment Gateway. IRCTC, now, of doing business. Presently solution is certified by CERT-In empaneled
has its own Digital Payment Gateway- available on IRCTC website www.irctc. agency.
IRCTC iPay (A PCI-DSS Compliant co.in, Rail connect Mobile App, IRCTC
• Solution is Artificial Intelligence and
Payment Solution) a one-stop payment Air website www.air.irctc.co.in, IRCTC
Machine Learning based.
solution which facilitates payments Tourism website www.irctctourism.com.

397.02
310.96

209.87
233.27
through all payment modes (like In the Financial Year 2021-22, i-Pay has • Booking can also be done through

10.43
Internet Banking, Debit Card, Credit generated a revenue of H 52.88 Crores voice. (English, Hindi & Hinglish)
Card, Wallets, UPI Account & Autopay) with good profit margins. • Quick Refunds in case of payment
and for safe and secure transaction success but ticket not booked. (a
between the merchant website, multiple 2018-19 2019-20 2020-21 2021-22 problem being faced in Website
and Mobile Apps)

Financial Statements
iPay Revenue (2019-2022) • Retry Failed Transaction within 15
(H in crore) min.
• Guided ticked booking experience
•  ooking by voice (in English, Hindi
B
& Hinglish)
•  TP based Ticket Booking: without
O

52.88
35.45

21.32
2.56

knowing IRCTC password

• Save Passenger List

2018-19 2019-20 2020-21 2021-22 53,16,235

Total Queries handled by AskDisha
Chatbot in FY 22.
Out of which 51, 26,204 are English
Queries and 1, 90,031 Hindi Queries.

38 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 39
Societal welfare

Corporate Overview
At IRCTC, we believe that overall development of communities in
which we operate is integral to the success of our business. Therefore,
our corporate social activities are aimed at ensuring the social and
economic well-being of the communities in which we operate.

Focus areas: Healthcare Education

Statutory Reports
Significant portion of our CSR funds We also continue to contribute We continue to extend our support
are utilised towards upgrading the towards our existing projects including towards educating young minds of
healthcare infrastructure of the supporting Railway Children India the country. During the year under
country and ensuring easy access for providing nutritional food to review, we made financial contribution
to primary healthcare. Towards this vulnerable children, Healthy Aging in Sewa Bharti for development of girl
end, during the year under review, India for purchase of Food truck for students hostel at Changa Gondoh
Healthcare Education we collaborated with Artificial Limbs Kitchen up gradation, Grask Gramin Doda in Jammu & Kashmir. We also
Manufacturing Corporation of India Rojgar Avam Samaj Kalyan Samiti and supported ENNOBLE Social Innovation,
for provisional Aid and Appliance Anmol-Educational and Social Welfare the YeloGreen School to revamp
to differently-abled people at Society for purchasing crutches and the infrastructure and cluster quality
Jammu. We also extended financial Wheelchairs for person with disabilities. education in Government School in

Financial Statements
support to SULABH International With increasing threat of Covid-19 virus Ladakh. During the year under review,
for construction of 9 seated Sulabh during 2nd & 3rd wave, we continue we provided scholarship for education
Toilet Complexes at Janki Sthan, to contribute in PM CARES Fund and support to 15 children of blind people
Research & Sitamarhi (Bihar), Wishing Factory distribute meals and Railneer to the through Bright Future Organization.
Armed for establishing a Chelation Pump, Covid cell of Northern Railway Civil
Development
Forces Library cum Thalassemia Wellness Hospital (NRCH).
Centre in Guna (Madhya Pradesh) Environment sustainability
and Narmada Samagra for providing
one River Ambulance in the village During the year under review, we
near Narmada (Madhya Pradesh). contributed towards providing pet Bottle
Crusher Units at five Railway stations.

Research and Development

Environment We provided financial assistance to
Sustainability Indian Institute of Technology Mumbai for
incubators and research & development

9.90 Crore
projects of biodegradable plastic made
up from agriculture waste for food
H packaging.
Spent on CSR activities

Armed forces

During the year under review, we

contributed to Armed forces to Central
Welfare Fund and Armed Forces
Flag Day Fund (AFFDF) for welfare of
Ex-Servicemen and their widows and
dependents.

40 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 41
Profile of Board of Directors

Corporate Overview
Smt. Rajni Hasija is the Whole - Time Director (Tourism & Marketing) and holds additional Shri. Vinay Srivastava served as Government Nominee Director of our Company up to
charge of Chairman & Managing Director of our Company. She has been on the Board of September 12, 2021.He has multifaceted experience in Government Service. A Mechanical
our Company since May 18, 2018. She is an officer of Indian Railway Traffic Service (IRTS) Engineer from Jamalpur with a Masters Degree in Public Administration from Syracuse University,
of 1989 batch. She is a science scholar with an M.Phil from Delhi University. She also he has experience of Rolling Stock Design, Manufacture, Testing and Operations.He is presently
possesses a post graduate diploma in Human Resource Management and a degree in working as Executive Director in Railway Board looking after Passenger Rolling Stock and Public
Law. In her illustrious career in Indian Railways spread over 32 years, she has worked in Sector Units of the Railways. He has worked as Chief Mechanical Engineer in Indian Railways
various managerial capacities in various divisions, zones as well as various Public Sector Organization for Alternate Fuels, where he was in charge of solar energy, biofuels, fuel cell
Undertakings and has extensive experience in the field of IT, marketing, operations and propelled vehicles and other alternate sources of energy. He has worked in RCF Kapurthala
planning over Indian Railways. She has also been associated with IRCTC in the capacity of in Coach Production and Coach Design, and as Sr DME Hyderabad in South Central Railway.
Smt. Rajni Hasija Shri Vinay Srivastava

Statutory Reports
Group General Manager handling IT business segment and also overall in-charge of an entire He has also worked in RDSO in Administration, Testing and Carriage Directorate. Apart from
Chairperson & Managing Director zone. Smt. Hasija had a pioneering role in the inception and development of the internet Government Nominee Director Railways he has also worked in public facing role as Regional Passport Office Lucknow in
(Additional Charge) and ticketing site of railways ‘www.irctc.co.in’. With her sound technical knowledge, organizing and (up to 12.09.2021) MEA. He also has policy experience at the highest levels while working as Director in Cabinet
planning and ability to communicate with her peers and team, she has successfully completed Secretariat, handling infrastructure ministries including MoUD, HUPA, Railways, Road Transport,
Director (Tourism & Marketing)
very challenging and time-bound projects for IRCTC, which ranged from planning and Civil Aviation etc and managed Coordination roles with State Governments. He has also worked
execution of the dynamic online cum counter ticketing platform for Commonwealth Games as an aide to Minister in the Ministries of Environment Forest and Climate Change, HRD and
2010 to International Marketing of Maharajas’ Express Luxury Tourist Train. Information and Broadcasting.

Shri Ajit Kumar, an officer of Indian Railway Account Service (IRAS) of 1989 Batch is associated Shri Vishwanath Shanker is presently working as Executive Director (Planning), Railway Board
with IRCTC since May 29, 2020. He has vast experience in different organizations of Indian and also has been on Board of IRCTC since December 14, 2021. He is an officer of Indian Railway
Railways as well as outside bodies. Apart from Division and Headquarters, he has worked Traffic Service (1990 Batch). He has worked on several zones and divisions of Indian Railways
in Diesel Locomotives Workshop (DLW), Railway Electrification, IRPMU. Shri Ajit Kumar has and with majority of experience of Railway Operations in Western Region, Ports, Northern Region
served as Director/Finance Accounts in New Delhi Municipal Corporation (NDMC).. He etc. He has attended various trainings including training in Freight and Logistics in Germany

Financial Statements
was also Member Finance/Rail Land Development Authority (RLDA) and Board member of along with on the Job training with Hamburg Port Consultancy. He has undertaken higher
Indian Railways Station Development Corporation (IRSDC). With Legal background, he was management courses in ISB, Hyderabad, ICLIF, Kuala Lumpur and INSEAD, Singapore. He has
instrumental in documentation of Tender & Contracts. In Northern Railway, he was looking been instrumental in the preparation and Development of National Rail Plan for Indian Railways.
after Catering Contracts and earning tenders of Commercial Department. Before taking over
Shri Ajit Kumar charge of Director/Finance, IRCTC, he was posted as Financial Adviser & Chief Accounting Shri Vishwanath Shanker
Director (Finance) & CFO Officer (FA&CAO) in Indian Railway Organization for Alternative Fuels under Ministry of Government Nominee Director
Railways (IROAF). (w.e.f. 14.12.2021)

Shri. Debashis Chandra, Director (Catering Services), IRCTC is an Officer of Indian Railway Traffic Shri Vinay Kumar Sharma has been appointed as Independent Director on IRCTC’s Board
Service of 1993 batch and appointed as Director (Catering Services) on the Board of IRCTC since November 9, 2021 by Ministry of Railways, Government of India. He is a social activist
since January 18, 2022.He is qualified in Hotel Management, Catering Technology and Applied who holds Bachelor degree in Business Administration, Master degree in Economics and
Nutrition from Institute of Hotel Management, Kolkata. He is a graduate in Arts from Calcutta Social Work from Devi Ahilya Vishwavidyalaya (DAVV), Indore. He possesses a diverse and
University. He has also completed two Post Graduate Diploma in Marketing Management and wide ranging experience in the areas of Management, Finance, Sales, Marketing, Corporate
Operations Management from IGNOU. Prior to taking over as Director (Catering Services), IRCTC, Governance and planning. He has been Regional Head Credit in IndusInd Bank (2002-2008)
he worked as Group General Manager, IRCTC, East Zone. He joined IRCTC on deputation in and Regional Relationship Manager Head Project Accounts in ICICI Bank Limited (2008-2012).
July, 2015 and took absorption in February, 2019. During his tenure with IRCTC, he managed the He is presently active in the field of organic farming.
biggest Zone of IRCTC i.e. East Zone for Catering, Tourism and Rail Neer operations as Zonal
Shri Debashis Chandra Head. He also worked as Group General Manager (Catering Planning & Project) at Corporate Shri Vinay Kumar Sharma
Director (Catering Services) Office, New Delhi. During his illustrious career in Indian Railways, he worked in various capacities
Independent Director
(w.e.f. 18.01.2022) as Manager at BNR Hotel, Puri, Sr. Commercial Manager (Catering), Dy. Chief Commercial
Manager, Chief Public Relations Officer and Dy. General Manager (G) in South Eastern Railway. (w.e.f. 09.11.2021)

Shri Namgyal Wangchuk has been appointed as Independent Director on IRCTC’s Board
Shri Neeraj Sharma, ED (Passenger Marketing), Railway Board is the Part-Time Government
since November 12, 2021 by Ministry of Railways, Government of India. He is a lawyer by
Director of our Company. He has been on the Board of our Company since July 12, 2018.
profession having an experience of 23 Years of practice as an Advocate in various area(s) of
He is an officer of the Indian Railway Traffic Service (IRTS) of 1991 batch. Mr. Sharma is a post
practice in Civil/Criminal/Matrimonial/Tribunals/Corporate etc. He holds a Bachelor degree in
graduate from Govind Ballabh Pant University of Agriculture and Technology, Nainital and a
Arts from University of Kashmir in 1991. He obtained LL.B degree from University of Delhi in
Ph.D from Indian Agriculture Research Institute, New Delhi. During his association of more
1997 and was on the Roll of the Delhi Bar Council as a practicing Advocate in Delhi High Court
than 25 years with Indian Railways, he has held various positions in North Eastern Railway and
from March 1998 to March 2000. He worked as an Associate with Kesar Dass B & Associates
Northern Railway including Assistant Operations Manager, Divisional Operations Manager,
from 1998 to 2000. He also served as Munsiff/ Judicial Magistrate 1st Class from August 2001
Senior Divisional Operations, Senior Divisional Commercial Manager Professor Administration,
to August 2003. He is an empanelled advocate with Nationalized Banks such as State Bank
Disaster Management in IRITM (Indian Railway Institute of Transport Management), Lucknow,
Shri Namgyal Wangchuk of India, IDBI Bank Ltd., Axis Bank & Union Bank of India.
Shri Neeraj Sharma Chief Public Relations Officer, Northern Railway and Chief Commercial Manager (Passenger
Marketing), Northern Railway. Due to his accomplishments, he has been awarded twice with Independent Director
Government Nominee Director
Minister of Railways Award, the highest recognition in Indian Railways. (w.e.f. 12.11.2021)

42 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 43
CFO Company Secretary

Corporate Overview
Sh. Gaisingam Kabui Sh. Sudeesh V.C Dr. Lokiah Ravikumar
Group General Manager (Finance) Group General Manager General Manager (Tourism)
(Internet Ticketing Services - II)

Statutory Reports
Mr. Ajit Kumar Ms. Suman Kalra
Director (Finance) & CFO Company Secretary and
Compliance Officer

Senior Management Sh. Rajesh Rana Sh. Saket Chand Srivastava Sh. Sudhir Warrier
General Manager General Manager General Manager
(Mobile Catering Services) (Rail Neer Project) (Other Catering Services)

Financial Statements
Zonal Heads

Dr. Parag Agrawal Sh. Sanjeev Misra Sh. Sunil Kumar

Chief Vigilance Officer Group General Manager Group General Manager
(Procurement) (Internet Ticketing Services)

Sh. SS Jagannathan Sh. Rahil Himalian Sh. D. Narasinga Rao

Group General Manager Group General Manager Group General Manager
(South Zone) (West Zone) (South Central Zone)

Sh. Sandip Trivedi Sh. Awdhesh Kumar Sh. Rajesh Kumar

Group General Manager (HRD) Group General Manager (Services) Group General Manager (Tourism)

Sh. Ashish Kumar Sh. Zafar Azam

Group General Manager Group General Manager
(North Zone) (East Zone)

44 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 45
Corporate Information

Corporate Overview
Board of Directors Internal Auditor Railneer Plant, Amethi Zonal Offices Bankers Registrar & Share Transfer Agent:
S Ramanand Aiyar & Co. Chartered Plot No. C11 & 12 UPSIDC Industrial Area, HDFC Bank Alankit Assignment Limited
Smt. Rajni Hasija Accountants 708, Surya Kiran 19 Takaria Gauriganj, Distt. Amethi North Zone
ICICI Bank
Chairperson & Managing Director Kasturba Gandhi Marg, Rail Yatri Niwas, Ground Floor, New Address:
Bank of Baroda
(Additional Charge) and Director New Delhi-110001 Railneer Plant, Parassala Delhi Railway Station, Ajmeri Gate Side,
Punjab National Bank 4E/2, Alankit House, Jhandewalan
(Tourism & Marketing) Railway yard, New Parassala Railway New Delhi - 110 002
State Bank of India Extension near Jhandewalan Metro
Cost Auditor Station, Kerela -695502
Shri Ajit Kumar East Zone Canara Bank Station New Delhi-110055
M/s R.J. Goel & Co.
Director (Finance) & CFO 31, Community Cetre, Ashok Vihar, Old Koilaghat Building (Ground Floor), Bank of India
Phase - I, Delhi - 110052. Railneer Plant, Bilaspur 3, Koilaghat Street, Kolkata - 700 001 Union Bank of India Email id: [email protected]
Shri Debashis Chandra Plot No. 22/23, Sector-B, Sirgitti Indian Bank
Phone Number: 011-42541234

Statutory Reports
Director (Catering Services) Secretarial Auditor Industrial Area, Distt. Bilaspur, IDBI Bank
West Zone
(w.e.f. 18.01.2022) Amit Agrawal & Associates (Company Chattisgarh- 495004 Axis Bank
2nd Floor, New Administrative Building, Share Listed at:
Secretaries) H-63, Vijay Chowk, Yes Bank
Central Railway, CST, Mumbai - 400 001
Shri Neeraj Sharma UCO Bank Stock Exchange SCRIP CODE
Laxmi Nagar, Delhi - 110 092.
Railneer Plant, Hapur BSE Limited 542830
Executive Director (Passenger South Zone Federal Bank
Marketing), Railway Board, Registered & Corporate Office I-2, Industrial Area, Massori Gulavathi Karnataka Bank National Stock IRCTC
6A, The Rain Tree Place, 9, Mc Nicolas
Government Nominee Director Road, Hapur Induslnd Bank Exchange of India Limited
11th Floor, Statesman House, B-148, Road, Chetpet, Chennai - 600 031
Barakhamba Road, Connaught Place, Kotak Mahindra
Shri Vishwanath Shanker Central Bank of India Depositories:
New Delhi Railneer Plant, Nagpur
South Central Zone
Executive Director (Planning), Bank of Maharashtra National Securities Depository Limited
D-53, MIDC Buti Bori Industrial Area, 3rd Floor, Oxford Plaza, Sarojini Devi
Railway Board, Karur Vysya Bank (NSDL)
Internet Ticketing Dist. Nagpur Road, Secunderabad,
Government Nominee Director Indian Overseas Bank
New Operations Center, Northern

Financial Statements
(w.e.f. 14.12.2021) Andhra Pradesh – 500 003 Central Depository Services (India)
RBL Bank Ltd
Railway Reservation Office, IRCA Railneer Plant, Sankrail South Indian Bank Limited (CDSL)
Shri Vinay Srivastava Complex, State Entry Road, Website: www.irctc.com
FP3/8, Food Park, Phase-III, Sankrail IDFC First Bank
Executive Director(PSU), Railway Board, New Delhi- 110 055.
E-mail iD: [email protected] AU Small Finance Bank ISIN : INE335Y01020
Government Nominee Director Tourism Office
(up to 12.09.2021) Railneer Plant, Bhopal
M-13, Punj House, Block M, Connaught Plot no. 01, Warehousing Complex,
Shri Vinay Kumar Sharma Place, New Delhi-110001 Industrial Area, Manideep, Phase-II, Dist.
Independent Director Raisen (MP)
(w.e.f. 09.11.2021) Railneer Plant, Nangloi
Northern Railway’s Wireless Station Railneer Plant, Jagi Road
Shri Namgyal Wangchuk Area, Opp. Nangloi Bus Depot, Rohtak
Independent Director Village Borkhal under Uttar khola
Road, Nangloi, Delhi- 110 041.
(w.e.f. 12.11.2021) Mouza, Amlighat, Dist. Morigaon,
Guwahati(Assam)
Railneer Plant, Danapur
Supplementary Information Loco Colony, South R.P.F. Barracks,
Railneer Plant, Sanand-II,
Khagaul, Danapur, Patna- 801 105.
CFO Ahmedabad
Mr. Ajit Kumar Railneer Plant, Palur Plot no. 668 at Sanan-II, Industrial
Palur Railway Station Village and Post Estate, Ahmedabad
Company Secretary and Compliance Palur, Taluk- Chengalpattu,
Officer Railneer Plant, Jabalpur
Distric- Kanchipuram
Plot No. 11, Sec- E, IGC Maneri Dist.
Ms. Suman Kalra (Tamil Nadu) – 603101
Mandla (Jabalpur)
Statutory Auditor Railneer Plant, Ambernath
Railneer Plant, Una
P. R. Mehra & Co. Near GIP Dam, Additional MIDC, Post
Plot no. - 5A(1), Industrial Area Mehatpur,
Chartered Accountants Anand Nagar, Ambernath (East), Distt.
Dist. – Una (H.P.)
(Registration No. 000051N) Thane, Maharashtra – 421506
901 New Delhi House
27 Barakhamba Road
Connaught Place New Delhi-110001

46 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 47
 Directors’ Report
(Amount H in Crores)

-
-
1.87
0.01
1.39
1,408
51.16
414.81
50.62
47.22
1,883.88
-
1,883.88
160.00
19.37
7.93
438.91
1,723.88
-
35.00
-
280.00
663.69
889.51
48.98
11.05
953.55
998.75
1,952.30
2021-22**

Corporate Overview
Corporate
Dear Shareholders,

-
-
1.76
0.01
0.61
1,417
68.35
116.89
18.73
17.69
1,455.81
-
1,455.81
160.00
9.85
6.54
450.32
1,295.81
-
35.00
-
80.00
187.03
257.51
46.35
8.27
272.74
588.90
861.64
2020-21**

Overview
It gives us great pleasure to present the 23rd Annual Report on business and operations of Indian Railway Catering and Tourism
Corporation Limited and its Audited Statements of Accounts for the financial year ended March 31, 2022 (FY’22), together with the
Auditors’ Report and Comments on the Accounts by the Comptroller and Auditor General (C&AG) of India. The detailed financial and
operational performance of the Company is produced in the report.

-
-
1.61
0.03
1.62
1,446
66.77
320.69
59.25
55.53
1,313.82
-
1,313.82
160.00
43.32
9.76
380.96
1,153.82
-
35.00
-
200.00
513.11
729.58
40.21
9.76
778.44
1,563.98
2,342.41
2019-20**

(A) FINANCIAL PERFORMANCE:

The key highlights of the financial performance of the Company during F.Y.2021-22 along with the corresponding performance in

-
-
1.55
0.02
1.30
1,509
75.90
192.85
44.09
44.68
1,071.02
-
1,071.02
160.00
33.54
7.89
356.35
911.02
-
35.00
-
122.37
308.56
478.56
28.64
2.35
472.16
1,486.78
1,958.94
2018-19**

F.Y.2020-21 are mentioned below:

Statutory
Statutory Reports
Amount (H in crores)

% age Increase/
Particulars F.Y. 2021-22 F.Y. 2020-21
(Decrease)

Reports
-
-
1.60
0.03
1.06
1,464
76.68
548.80
38.11
35.86
945.37
-
945.37
40.00
37.59
7.41
336.63
905.37
-
35.00
-
88.81
219.52
338.98
23.66
2.91
360.30
1,184.45
1,544.75
2017-18**

Revenue from Operations 1,879.48 776.66 142.00

Total Income 1,952.30 861.64 126.58
EBITDA (Profit Before Exceptional Items, Finance Cost, Tax, 953.56 272.74 249.62
Depreciation & Amortisation)

-
-
1.80
0.03
1.07
1,494
77.71
536.73
45.79
42.58
778.34
-
778.34
40.00
47.51
6.58
337.62
738.34
-
35.00
-
84.68
214.69
331.45
22.41
2.54
356.40
1,242.31
1,598.71
2016-17**

Depreciation 48.99 46.35 5.70

Profit Before Tax & Exceptional Items 893.52 218.12 309.64
Profit before tax 889.51 257.51 245.43
Provision for Tax 225.82 70.49 220.36

Financial
-
-
1.96
0.02
1.03
1,483
78.35
986.48
47.08
43.79
700.57
-
700.57
20.00
35.23
8.26
310.69
680.57
-

FinancialStatements
35.00
-
75.45
197.30
306.79
21.22
1.81
329.82
1,193.58
1,523.41
2015-16**

Profit after tax 663.69 187.02 254.87

Interim Dividend 160 - -
Ten years financial highlights

Final Dividend 120 80 50

Statements
General Reserve 35 35 -

-
-
1.55
0.01
0.76
1,511
79.46
653.15
52.77
48.18
444.25
-
444.25
20.00
21.89
9.54
276.84
424.25
-
35.00
-
26.13
130.63
214.03
20.42
-
234.45
906.76
1,141.21
2014-15*

Reserves & Surplus 1723.88 1295.81 33.04

Net Worth 1883.88 1455.81 29.40
Earnings Per Share (H) 8.30 2.34 254.70

-
-
1.45
0.01
0.57
1,672
84.90
360.05
41.56
36.73
346.92
-
346.92
20.00
11.80
9.53
213.52
326.92
-
35.00
-
14.40
72.01
127.41
16.77
-
144.18
810.52
954.70
2013-14*

(i) Capital Structure After the requisite approvals of the exchanges i.e BSE and NSE
and depositories, NSDL and CDSL, new ISIN i.e. INE335Y01020
- Due to sub-division of equity shares during FY 22 (as explained
-
1.20
0.01
0.42
1,725
84.93
294.19
37.17
31.67
291.77
-
291.77
20.00
11.06
9.08
203.12
271.77
-
35.00
-
11.77
58.84
92.41
16.04
-
108.45
611.24
719.69
2012-13*

has been allotted to the Company. The effect of change in face

in the para below), the authorised share capital of the Company value of the share was reflected on the share price at the Stock
* Figures are as per Revised Schedule VI format of Balance Sheet stood at H 250 crore consisting of 125 crore equity shares of Exchanges where the Company is listed (BSE and NSE) with
H2/- each and paid-up share capital of the Company was H160 effect from 28th October, 2021 (i.e. ex-record date).
Crore consisting of 80 Crore equity shares of H2/- each as on
Operating Margin to capital employed

31st March, 2022. The details of dematerialisation of shares, Demat Suspense

Profit before tax to Capital employed

** Figures are as per IND-AS Financial Statements

Profit after tax to share capital (in%)

Account / Unclaimed Suspense Account are provided in the

(ii) Sub Division/Split of Equity Shares
Expenditure (including increase/

Corporate Governance Report, as annexed to this report.

Foreign exchange earning per
Expenditure to income (in %)
Transfer to General Reserve

Foreign exchange earnings

During the FY 2021-22, subsequent to receipt of approval

Fixed Assets (Gross Block)

(iii) Shareholding of the President of India (PoI)

Foreign Projects Reserve

Government Investment

of Ministry of Railways and Department of Investment and

Number of employees
Income per employee
Reserve and Surplus

Public Assets Management (DIPAM), Ministry of Finance, There was no change in the shareholding of the President of
Dividend Declared
decrease in stock)

Debt/ Equity Ratio

Interest Expenses

Capital Employed
Operating Margin

Government of India, the shareholders in its 22nd AGM held on India in the Company’s equity share capital and it remained at
Profit before Tax

Other Reserves

29th September, 2021 approved the proposal of sub-division of 67.40%. However, subsequent to sub division/split of equity
Profit after tax

Share Capital

Current Ratio
Depreciation
Total Income

Investments
Sr. Particulars

Inventories

Company's one (1) equity share of face value of H10/- each into shares of the Company, the President of India’s shareholding
employee
Net Worth

five (5) equity shares of face value of H2/- each and consequent in respect of number of equity shares increased to 53,91,72,170
(in %)

amendment in the existing Capital Clause V of the Memorandum equity shares of H2/- each in 2021-22 from 10,78,34,434 equity
(in%)

of Association (MOA) of the Company. shares of H10/- each in 2020-21.

No.

29
26

28
25
20

22

24
23

27
21
19
16

18
10

15
12
13
14

17
11
9
6

8
5
2

3
4

7
1

48 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 49
Further, the Company is compliant with Minimum Public (B) INTEGRAL REPORTS: The Annual Report on CSR and Sustainability Activities (C) IMPACT OF COVID-19 ON IRCTC: COMBATING
Shareholding (MPS) requirement as prescribed under the provides a brief outline of the company’s CSR and Sustainability THE CHALLENGES:

Corporate Overview
Securities Contracts (Regulation) Rules, 1957. The following reports as reproduced in the table below with policy, the composition of the CSR Committee, the average
relevant sub-appendices form an integral part of this Directors’ net profit of the Company for the last three financial years, The Indian tourism and hospitality industry have emerged as
(iv) Dividend Report, and have been placed with their Annexure respectively: prescribed CSR expenditure, and details of CSR spent on one of the key drivers of growth among the services sector in
the activities / projects undertaken during the financial year India. Tourism in India has significant potential considering the
As per the guidelines issued by the Department of Investment
[Annexure – “C”]. rich cultural and historical heritage, variety in ecology, terrains
and Public Asset Management (DIPAM), the minimum dividend Name of the Report Annexure
to be paid for the year should be at least 5% of net worth or 30% and places of natural beauty spread across the country. Tourism
Business Responsibility and Sustainability Report
of profit after tax, whichever is higher. is an important source of foreign exchange in India similar to
Management Discussion and Analysis “A”
As per Regulation 34 (2) (f) of SEBI (LODR), 2015, the top many other countries. The foreign exchange earnings from
Report
The Board of Directors had declared an interim dividend of one thousand listed entities based on market capitalisation 2016 to 2019 grew at a CAGR of 7% but dipped in 2020 due to
Report on Corporate Governance “B”
H2/-per equity share (i.e. 100% on the paid-up share capital of (calculated as on March 31 of every financial year) shall include in the COVID-19 pandemic.
Annual Report on CSR and Sustainability “C”
H160 crores) amounting to H160 crores, in February 2022. The their Annual Report, a business responsibility report describing
Activities The service sector as a whole is in process of recovery from the
said interim dividend was paid to all the shareholders in March the initiatives taken by them from an environmental, social and
Business Responsibility & Sustainability “D” impact of the nationwide lockdown imposed during March-May
2022. Further, the Board of Directors in its meeting held in May,

Statutory Reports
Report governance perspective, in the format as specified by the SEBI
2022 recommended, a final dividend (in addition to the interim 2020 and localised lockdowns during the second covid wave in
Secretarial Auditor Report “E” from time to time. However, SEBI vide its notification dated 05th
dividend) of H1.50/- per equity share (i.e. 75% on the paid-up April-May 2021, although some of the sub-sectors may continue
Management replies to remarks contained “F” May, 2021 has provided that the requirement of submitting a
equity share capital of H160 Crores) amounting to H120 Crores, to be impacted. During the first half of 2021-22, the Services
in the Independent Auditor’s Report business responsibility report shall be discontinued after the
out of profit for the year 2021-22, subject to approval of the financial year 2021–22 and thereafter, with effect from the sector grew by 10.8 per cent. The recovery is more pronounced
shareholders in the ensuing AGM. Form AOC-2 “G” given the Gross Value Added (GVA) of Services crossed the
financial year 2022–23, the top one thousand listed entities
The Management Discussion and Analysis Report provides based on market capitalization shall submit a business pre-pandemic level in Q2 of FY 2021-22. However, being a
With this, the total dividend for the FY 2021-22 would aggregate contact intensive sub-sector, GVA of ‘Trade, hotels, transport,
to H280 Crore i.e. 42.19 % of the post-tax profits for 2021-22 and an overview of the affairs of the Company, its legal status responsibility and sustainability report in the format as specified
and autonomy, business environment, mission & objectives, by the Board from time to time. SEBI also provided that even communication & services related to broadcasting’ still remains
14.86% of Networth as at 31st March, 2022.
sectoral and segment-wise operational performance, strengths, during the financial year 2021–22, the top one thousand below its pre-pandemic level. The overall Services sector GVA
In pursuance to the requirements of Regulation 43A of the opportunities, constraints, strategy and risks and concerns, as well listed entities may voluntarily submit a business responsibility is expected to grow by 8.2 per cent in 2021-22, although the
Securities and Exchange Board of India (Listing Obligations and as human resource and internal control systems [Annexure – “A”]. and sustainability report in place of the mandatory business spread of Omicron variant brings in a degree of uncertainty for

Financial Statements
Disclosure Requirements) Regulations, 2015 (“LODR”), your responsibility report. Accordingly, considering the fact that near term, especially in segments that require human contact.
Company has formulated a Dividend Distribution Policy and is The Report on Corporate Governance highlights the the Company, as on 31st March 2022, is amongst the top 1000
philosophy of Corporate Governance and Key Values of The Company closely monitored all the measures taken to battle
available on the Company’s website with web link https://irctc. listed entities as per the criteria, a business responsibility and
the Company, composition of its Board of Directors and its the impact of Covid-19 and emerged victorious , which can be
com/assets/images/IRCTC_DIVIDEND%20DISTRIBUTION%20 sustainability report has been prepared on voluntary basis and
Committees, their details including profile of directors who witnessed through its financial and operational performance
POLICY-_31.07.2019_CB%20Comments%20[05.08.2019].pdf is annexed to this report as Annexure –“D”.
joined the Board during 2021-22 and thereafter, attendance during FY 2022. Segment-wise initiatives are detailed below:
(v) Transfer To Reserves and remuneration of directors etc., other relevant disclosures Secretarial Audit Report
and general information for shareholders [Annexure – “B”]. It is • Catering
During FY 2021-22, the Company transferred H35 Crore to supplemented by the following compliance certificates: Pursuant to Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Adhering to our continuous endeavour to provide quality,
General Reserves.
i. Certificate signed by the Chairman & Managing Director Personnel) Rules, 2014, IRCTC has appointed M/s Amit Agarwal value for money, safe and hygienic food to passengers,
(vi) Ranking of IRCTC at Stock Exchanges (BSE & NSE) affirming receipt of compliance with the Code of Conduct & Associates, Company Secretaries, an independent practicing IRCTC steadily kept pace with phase-wise lifting of the
and Key Values from all Board members and Senior firm of Company Secretaries to conduct Secretarial Audit for the lockdown to fulfil the catering and hospitality needs of
We feel delighted to report that IRCTC, in a short span of time passengers off-board through its bouquet of catering and
Management personnel during the year 2021-22 (placed at financial year 2021-22. The Secretarial Audit Report for the financial
since its market debut in 2019, made its place in the list of top hospitality services available at various railway stations. With
Appendix – “B1”); year ended March 31, 2022 is annexed as Annexure – “E”.
100 listed companies, based on the market capitalization of the lifting of lockdown restrictions by Government of India/State
Company, as on 31st March 2022. The Company ranked 81st and ii. Certificate from Chairman & Managing Director and Director Management replies to observations made in Independent Govts, IRCTC commenced operations of its static catering
79th on BSE and NSE respectively, at the end of the financial Finance (CFO) with respect to the truth and fairness of Auditors' Report units, viz., Jan Ahaars, Refreshment Rooms, Cell Kitchens,
year 2022. the Financial Statements, due compliances, and financial Food Plazas and Fast Food Units, in a phased manner, strictly
reporting (placed at Appendix – “B2”); The replies of the management to the remarks/emphasis
(vii) Company's Contribution By Way of Revenue Share to following SOPs as prescribed by the Ministry of Health and
of matter made by the Independent Auditor in his report on
Ministry of Railways Family Welfare (MoHFW) from time to time. The services of
iii. Certificate of compliance of Corporate Governance the financial statements for the year 2021-22 are placed as
mobile catering with meals were completely restored by the
The Company contributes by way of revenue share to Ministry provisions signed by a practising company secretary Annexure-“F”.
end of the financial year. The Company ensured facilities for
of Railways (MoR) and the total share of such contribution (placed at Appendix – “B3”);
was H419.67 crore during the year as against H155.83 crores The Form AOC-2 prescribed under clause (h) of sub-section (3) passengers like invoices and promoting cashless payments
during the previous year. Contribution to the revenue of (MoR) iv. Certificate by practising company secretary regarding of section 134 of Companies Act and Rule (8) of the Companies - POS and e-payment applications.
comprises of Haulage Charges, Railway's Share and Dividend. non-disqualification of directors of the Company (placed at (Accounts) Rule is enclosed as Annexure-“G”.
Appendix-“B4”).

50 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 51
• Tourism such as the improvement of travel facilitation, the removal • Railneer drop of production and reduction in the sale of Rail Neer
of barriers, the easing of fiscal policies, the introduction of bottles compared to pre covid year.
India’s beauty and diversity and its tourism potential is To cater the captive rail traveller market, IRCTC introduced

Corporate Overview
incentives as well as the support of destinations. To support
enormous. With its rich and diversified historical, natural Rail Neer Packaged Drinking Water in the year 2003 However, with restrictions being relaxed, the Company has
the sector’s recovery, WTTC has launched global protocols
and cultural heritage, India is home to many attractive with the first manufacturing plant at Delhi. Subsequently, taken initiatives to increase the production and sale of Rail
with the aim of rebuilding confidence amongst consumers
tourist destinations of the world. The country’s geography more plants were added and currently fifteen operational Neer bottles and has also resumed the work of ongoing
so that they can travel safely once the restrictions are lifted.
and topography has a tremendous potential to attract plants with total production capacity 14.80 lakh litres per Rail Neer plants. Production of Rail Neer in FY 2021-22 was
tourists across the globe. While the road ahead may appear uncertain, we anticipate day, spread across the country are supplying Rail Neer 19.86 crore bottles in comparison to 7.52 crore bottles in
that the challenges along the way can be converted into to railway stations and trains for the benefits of railway FY 2020-21.
Tourism in India has an equally strong relevance to economic passengers. Five more plants are being set up on PPP
opportunities in Travel & Tourism. The sector will pivot and
development, cultural growth and national integration. With model with capital support from IRCTC. It is expected that
adapt to ultimately return stronger. (D) OPERATIONAL PERFORMANCE:
globalisation and the overall development in the country by 2022-23, the total manufacturing capacity will increase
in terms of infrastructure and tourism facilities, the foreign From a demand perspective, COVID-19 is transforming to approx 18-20 lakh bottles per day. The segment wise operational performance of the Company
tourist arrivals in India has tripled from 3 million per year in traveller inclinations and behaviours toward the familiar, during 2021-22 is detailed below:
2003 to around 11 million in 2019 but reduced drastically predictable, trusted and even low risk. Domestic and During the Covid-19 pandemic in the last financial year
2021-22, Rail Neer was catered to the Central Hospital &

Statutory Reports
in 2020 to 2.74 million (-75%). At the same time, domestic regional vacations, extensive research and planning, and (i) Catering & Hospitality;
tourist visits has also been affected by the pandemic but Front line workers of the Central/State Governments. The
the outdoors will reign in the short-term, with tourism (ii) Travel &Tourism;
still with better condition in Q3 & Q4 of FY 2021- 22, 7.29 Covid-19 pandemic has impacted Rail Neer operations of
businesses and destinations already adapting accordingly. (iii) Internet Ticketing;
million domestic tourist travelled across country. the Company adversely, as Rail Neer is exclusively sold
Proactive communication will be key to spur demand.
in trains and stalls on railway stations. Due to suspension/ (vi) Packaged Drinking Water (Rail Neer).
Prior to the pandemic, the global Travel and Tourism Though the longevity of these shifts is still unknown, the
termination of trains and stall services at stations, Rail Neer
(including its direct, indirect and induced impacts) business Travel & Tourism sector has a unique opportunity to rethink
production and sale were affected severely, resulting in a
sector accounted for 1 in 4 of all new jobs created by Travel and refresh prevailing business models, in partnership with
& Tourism during 2014- 19 period, whereas in 2020, 1 in local communities.
11 jobs was created across the world. Total contribution to (i) Catering & Hospitality
Travel & Tourism is a tremendously resilient sector and
GDP from Travel & Tourism in 2019 was 10.4% of global GDP
a fundamental part of our life. The current trends are The Catering and Hospitality segment of IRCTC is segregated as produced below:
(US$ 9.2 trillion), whereas it has been reduced in 2020 to
encouraging. However, there is a need for clear rules

Financial Statements
5.5% of global GDP (US$ 4.67 trillion).
and agreements amongst countries to safely restore
The pandemic has dealt a crippling blow to the Indian travel international mobility and protect a sector which will be
and tourism industry and the entire value chain linked to instrumental in powering the global economic recovery. Catering and Hospitality
the sector is likely to lose around H5 lakh crore or $65.57
billion, according to a study by industry chamber CII and The COVID-19 pandemic has dented the tourism industry.
hospitality consulting firm Hotelivate. The organised sector In September 2021, the Ministry of Tourism announced E-catering
alone is likely to lose $25 billion in FY2020-21. Overall, due plans to allow international tourists to enter India and formal
to the pandemic, the Indian Travel and Tourism industry is protocols are under discussion. According to previous
staring at a likely job loss of around 38 million. announcements, the first 5 lakh foreign tourists will be
issued visas for free.
In 2020, the travel & tourism industry’s contribution to Mobile Catering Other Catering Services
the GDP was US $ 121.9 billion; this is expected to reach • Internet Ticketing
• Rajdhani, Shatabdi & Duronto • Food Plaza
US $ 512 billion by 2028. In India, the industry’s direct (RSD)
Ticket bookings during the year witnessed a remarkable • Fast Food Units
contribution to the GDP is expected to record an annual • Mail Express
increase, with a record booking of 15.88 Lakh tickets in a • Refreshment Rooms
growth rate of 10.35% between 2019 and 2028.
day booked on 21st March 2022. Average ticket booking • Gatiman ,Tejas & Vande Bharat • Jan Ahaars
As such, the importance of taking strategic approach, built was 11.44 lakh tickets per day during FY 2021-22 as against • Train Side Vending (TSV) • Cell Kitchens
on facts and experience, and ensuring business continuity, 4.80 Lakhs per day booked during FY 2020-21. This • Base Kitchens
remains central to the successful management and swift significant enhancement in online ticket booking has • Executive Lounges
recovery of a crisis. To enable the sector to bounce back in been because of the restrictions being relaxed on travelling • Retiring Rooms
the aftermath of Covid-19, World Travel and Tourism Council as well as restoration of train operations back to normalcy • RYN/BNR Hotels
(WTTC) has recommended the implementation of policies by Indian Railways with improvement in COVID situation. • Non Railway Catering (NRC)

52 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 53
• Mobile Catering these inspections. Around 40600 inspections were empanelled 13 brands promoted by MSME/start-up firms There is a monitoring team designated by IRCTC
carried out during the FY 2021-22. for supply of food items over Indian Railways network. which forwards the complaints feedback data
Mobile Catering segment caters to passengers travelling while

Corporate Overview
to the concerned department/s and files interim
in a train through onboard catering services arrangements. Food Sampling: Complaint Monitoring: A passenger can give feedback reply to passengers on social media. Complaints /
Mobile Catering are provided through a pantry cars/ mini or register complaints against catering services on feedback pertaining to IRCTC are recorded on E
pantries (with on-board storage, reheating and cooling facility) In these testing times to ensure hygiene standards ‘Rail Madad’ module that allows passengers to lodge
and minimum hand contact, the cooked food has been CSIM (Catering Service Information Management)
in the train or through Train Side Vending (TSV) in trains which complaints through mobile app/web platform. There for consolidation purpose.
do not have pantry cars/ mini pantries. The food for service on replaced with MRP-based Ready to Eat (RTE) food and are other various methods to register complaints such
the trains is picked up from originating/ en-route stations and other Propriety Article Depot (PAD) snacks. To ascertain as, CPGRAM, National Consumer helpline, Complaint Complaints Redressal: IRCTC recorded 5596 catering
is served to the passengers. that food is safe for consumption and does not contain Books, etc. complaints on its E-CSIM platform and all complaints
any harmful contaminants, food samples of RTE and were disposed off during the period.
As on 31st March, 2022, IRCTC provided Onboard Catering PAD items are tested to ensure compliance with FSSAI
Services in 391 Trains. standards by regularly sending samples for testing in
NABL-accredited labs. Around 37 Food samples were
Due to the Covid-19 pandemic, operations of regular collected collected and tested in NABL labs during the
Rajdhanis, Tejas, Gatiman, Vande Bharat, Shatabdis, financial year 2021-22.

Statutory Reports
Durontos, and Mail/Express trains were under suspension
during the year 2020-21 and major part of 2021-22. During Third Party Food Safety and Hygiene Audits:
this period, special trains were being operated by Railways
Third Party Food Safety & Hygiene audits are undertaken
to facilitate movement of passengers. IRCTC was managing
by IRCTC to get feedback on hygiene, quality of food,
Onboard Catering Services of these Special Trains by
infrastructure facility, implementation of FSSAI regulations
providing Ready to Eat (RTE) meals and packed items only.
etc. However, due to pandemic during FY 2021-22, the
Since November 2021, Railways have resumed operations exercise couldn't be undertaken. Hence, third party food
of regular trains and service of cooked food has also been safety & hygiene audits shall be conducted in all the
started on all trains. The resumption of cooked food has trains and static units in the coming year.
resulted in increase of revenue and profit of Catering QR Codes: To upgrade technical facilities for travelling
Customer Satisfaction Survey: passengers, the concept of QR Codes was started to
segment, during last quarter of 2021-22.

Financial Statements
provide information about the date of preparation, name
Third party Customer Satisfaction surveys are also
• Train-Side Vending of the kitchen, FSSAI, weight, live CCTV streaming link etc.
undertaken by IRCTC to get the feedback and opinion
Post resumption of cooked food service in trains by Ministry
There are a large number of trains which do not have pantry of travelling passengers through reputed professional
of Railways, restoration of the same is in process.
cars or mini pantries. In such Mail/ Express trains, Onboard agencies. For FY22, this could not be undertaken due
Catering Services is arranged by IRCTC through Train to Covid -19 pandemic. However, the same is planned CCTV Monitoring: To ensure the hygiene levels of the
Side Vending. In this arrangement food and beverages for to be undertaken in the financial year 2022-23. cooked food and safety, IRCTC had installed CCTV cameras
servicers are arranged from originating and en-route stations. in IRCTC kitchen units for 24X7 monitoring of kitchen units/
On-Board deployment of Catering Supervisors: IRCTC
has deployed supervisors/ Catering assistants for end- Base kitchens through monitoring room at Corporate Office
In order to speed up the process and also to maximize and Central Control. Post resumption of cooked meals, the
revenue, IRCTC decided to go for centralized end to end to-end monitoring of catering services on all premium
trains and sectional monitoring of all Mail/Express trains. CCTV live feed will be restored.
TSV arrangements. These arrangements are in addition
to 363 trains covered under Sectional TSV. This decision The on-board monitoring staff also addresses the POS Handheld Billing Machines: To eradicate
has helped in making arrangement for Onboard Catering grievances of passengers on a real time basis. overcharging, IRCTC has made issuance of invoices
Services in maximum number of trains and also helped us On-Line Empanelment: In the times of the pandemic, through POS machines mandatory for all vendors. These
in increasing the revenue from catering segment. protocols like social distancing, ensuring highest machines enable issuing of bills for every transaction,
standards of hygiene and ease of doing business were including those in a moving train. This also ensures proper
As on 31st March, 2022, IRCTC is providing Onboard Catering accounting system and control. At present, all units,
Services through Train Side Vending arrangements, followed. Hence, to ensure and to bring transparency
in system, IRCTC has introduced online empanelment mobile and static, have provision for billing through the
(sectional / end to end ) in 486 trains. POS. Efforts have been made for cashless transactions in
process for Propriety Article Depot (PAD) and Ready to
• Quality Control Eat (RTE) products. Any applicant sitting in the comfort all Trains, Train-Side Vending etc. under the Digital India
of his or her office or home can apply for empanelment initiative of the Government of India. As on 31.03.2022,
To improve the standard quality meals and service for of its products to IRCTC through an online process 2270 POS machines were made available in 867 rakes of
passengers, IRCTC has put the following systems in place. placed at www.irctc.com.html. The applicant is informed Pantry cars & TSV trains. Further, 581 POS machines were
about the outcome of the application in a time-bound made available in 474 operational static units, Refreshment
Regular & Surprise Inspections: Rooms, Jan Ahaars, Cell Kitchens, Food Plazas, Fast Food
process.
units, Retiring Rooms, Executive Lounges and RYN/BNR
Surprise inspections are carried out in trains and
Introduction of MSME/Start-ups: In line with the Govt. Hotels under IRCTC.
static units of IRCTC by officers of IRCTC’s Zones and
of India's initiative for promotion of MSME and start-ups,
designated Railways' officers. Necessary corrective
IRCTC has provided various exemptions for the promotion
actions are taken on the deficiencies noticed during
of MSMEs and start-up firms. In FY2021-22, IRCTC

54 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 55
Static Catering: As on 31st March, 2022, IRCTC managed 180 refreshment rooms,
55 Jan Ahaars and 06 Cell Kitchens. These units are located
Static catering units include offering catering services to patrons

Corporate Overview
on railway platforms and sell low budget eatables. A list of the
at static units at railway establishments located at railway items to be sold on these units along with their prices is provided
stations across the country. These include the following : by the Ministry of Railways/IRCTC. These units usually sell items
to passengers on the platform and sometimes supply food to
• Jan Ahaars (units serving economy combo meals comprising
moving trains.
regional and local items);
• Cell Kitchens (mini base kitchens supplying food to trains or Food Plazas(FPs)/Fast Food Units(FFUs)/Food Courts:
static units);
Fast Food Units are major units, where through self-service
• Refreshment Rooms (units where a-la-carte items, ready-to-
counters, fast food items are sold. In these outlets, packaged
eat meals, and thali meals are served)
food is served to customers in takeaway packets. Food Plaza
• Food Plazas; are multi-cuisine plazas with a variety of eating choices. Food
• Fast Food Units; and ; court are cluster of stalls at a nominated place, where food
items such as branded products/eatables are provided.

Statutory Reports
• Food Courts. Fast Food Unit- Chennai Central Fast Food Unit- Chennai Central

The food plaza/fast food unit business is a segment where prices are market driven. Food Plazas normally provide multi-cuisine
food under one roof, in a relaxed dine-in atmosphere with a good ambience and a common kitchen to provide a wide variety of food
items. As on 31.03.2022, IRCTC managed 306 Food Plaza/Fast Food units.

Financial Statements
Fast Food Unit- Nellore Fast Food Unit- Mansi

Food Plaza- Church Gate Food Plaza- Coimbatore

Food Plaza- Ernakulam South Food Plaza- Bangalore Garden

Food Plaza- New Delhi Food Plaza- Sealdah

56 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 57
E-Catering your journey a bit more fun. With multiple food aggregators at
stations, travellers can now enjoy an extensive set of meals
To provide quality and a wider range of cuisine while traveling,

Corporate Overview
ranging from North Indian to South Indian, Pizzas to mouth
IRCTC has introduced its new e-Catering app for food delivery watering Biryanis, butter chicken and Chinese delicacies etc.
in trains at select stations. Available for download from Google
Play and iTunes, passengers can now easily install the app on E-catering services have been resumed from 1st February, 2021
their android or iOS smart phones and get palatable yet cheap with more stations being added under the e-Catering umbrella
food delivery in trains from a variety of food partners. The prices in a phase-wise manner, considering Central/State Government
of food booked under e-Catering are market driven, where the guidelines.
restaurant fixes the menu.
IRCTC e-Catering has integrated with B2C partners. Some are
With this new online food delivery app, passengers can order already made LIVE such as Ixigo, Confirmtkt, Make My Trip, Yatra,
food on train by simply entering their travel details such as Paytm etc. to improve the process of reach out to customers.
PNR number, Train name, seat/berth number and expect a
delicious and quick food delivery on train. This effective system Some of the major brands associated with e-Catering services
of online food delivery on train not only guarantees tasty food are Domino's Pizza, KFC, Subway, Haldiram's, Faasos, Biryani

Statutory Reports
on your seat but also a revamped railway food menu making Blues, A2B, Sarvana Bhawan, Nirula's, etc.

Executive Lounge, Varanasi Executive Lounge, Madurai

Growth of E-Catering Executive Lounges

Financial Statements
As on 31st March, 2022, IRCTC managed 08 Executive Lounges
2014-15 22
at New Delhi (Paharganj Side & Ajmeri Gate side), Agra Cantt,
2015-16 443 Jaipur, Ahmedabad, Madurai, Sealdah and Varanasi. Besides
2016-17 4273 the spacious environment of the executive lounges, many other
facilities are provided to the passengers at nominal charges,
2017-18 5188 like reclining sofa, meals in buffet service, wi-fi internet services,
2018-19 11858 shower facilities etc. These Executive lounges are one of its
class fully air conditioned facility, where railway passenger can
2019-20 21571
stay while waiting for train.
2020-21 9180
2021-22 17863
*Average meals booked per day

E-Catering has started picking up orders post resumption and

meals booked through e-Catering in March, 2022 was 24,813
meals per day,

Executive Lounge, Sealdah Executive Lounge, Ahmedabad

58 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 59
Retiring Rooms Rail Yatri Niwas/Budget Hotels

Ministry of Railways has mandated IRCTC to renovate, operate and maintain Retiring Rooms at Railway Stations, keeping in view IRCTC also develops, operates and maintains Rail Yatri Niwas/BNR Hotels. The sites have been given to IRCTC on licence with

Corporate Overview
the improved amenities and effective post-arrival/pre-departure facilities for esteemed Railway Passengers. IRCTC undertook the permission to sub-licence the rights to third parties through Public-Private Partnership. As on 31st March, 2022, IRCTC operated two
renovation work at all “A-1” & “A” category stations through reputed firms /companies in the field of hospitality, to upgrade Retiring Rail Yatri Niwas at New Delhi and Howrah and two BNR Hotels at Puri and Ranchi.
Rooms with star hotel like facilities at reasonable prices.

Common facilities available in the Retiring Rooms includes Air Conditioned Rooms and Dormitories, Quality Linen, Locker facility
for luggage, LED Television, Bathrooms with all basic facilities such as WC, Geysers, Shower etc. with pantry and housekeeping
services. The refurbished Retiring Rooms are well appreciated by passengers at large. As on 31st March, 2022, Retiring Rooms at 21
stations i.e. Vadodra, Bilaspur, Thivim, Madgaon, Kacheguda, Udupi, Sealdah, Tiruchchirappalli, Jaipur, Lucknow, Madurai, Tirupati,
Ahmedabad, Tata Nagar, Gorakhpur, Rajendar Nagar Terminal, Pallakad, Mumbai Central (POD Concept), Lonavala, Gwalior and Agra
have been commissioned.

Statutory Reports
Financial Statements
Palakkad Madurai

IRCTC plans to built a network of a well-planned chain of hotels • Budget Hotel at Khajuraho: Work for setting up of 60Keys
that target the economy / budget travelers. In this regard, Hotels Budget Hotel at Khajuraho is in progress. Development of
at following locations are under construction: Hotel is through PPP Model with investment of H7cr.

• Budget Hotel at Lucknow: Work for setting up of 125Keys • Budget Hotel at Kevadia: Due to increase in footfall at
Budget Hotel at Lucknow is in advanced stage. The Hotel is Statute of Unity and to tap the tourism potential of upcoming
being set up through PPP Model with investment of H20 cr. tourist destination of Kevadia, IRCTC is in process to create
Pod/Capsule concept retiring room and Dormitory Bilaspur The hotel will have facilities to cater to demand of tourists 500Keys hotel facility in the town. In the first phase, work
and MICE. for setting up of 125Keys Budget Hotel at Kevadia is in
progress through PPP Model with investment of H20cr.

Architectural view

60 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 61
• Other Hotels in pipeline: To have presence on pan India period of unprecedented pandemic duly adhering to The largest ever vaccination drive conducted by 2021 which enabled IRCTC to get the berths earmarked to
basis, IRCTC has approached other states governments Covid protocols of the central and state government and Government of India for administering the doses of operate the package.

Corporate Overview
i.e, Himachal Pradesh, Uttar Pradesh, Uttarkhand, Sikkim, strictly adhering to the guidelines issued by Corporate COVID-19 vaccine across the entire country instilled the
Meghalaya, Andhra Pradesh, Nagaland and J&K for Office. IRCTC successfully operated a number of domestic much required confidence of safety among the citizens (b) Holiday packages – IRCTC also operates Holiday
allotment of land as follows: packages and also few international packages without leading to resurgence of travel demand. IRCTC also left no Packages (Land Packages) which includes road transfers,
any hassle and thus played a catalystic role in instilling stone unturned in marketing its tourism products well among accommodation, meals and sight-seeing. In FY 2021-22,
a. Development of Budget Hotel at Goa: Govt. of Goa confidence among the tourists to travel again. the customers and also encouraged the people to avail the 56,854 guests availed holiday packages of IRCTC as
has already allotted land for development of Budget various tour packages wherein utmost care would be taken compared to 9,657 guests in FY 2020-21. The increase
Hotel at Goa. The work for setting budget hotel is in IRCTC, today, is one of the leading travel and tourism to keep them in an environmental bubble and ensuring their in the business has been primarily due to the aggressive
progress. companies in the market, catering to the needs of diverse safety during the tours. The tourism business of IRCTC would marketing campaigns launched by the company.
tourist segments. With the strength of being a Railway PSU, have recorded further increase in turnover in FY 2021-22,
b. Development of Budget Hotel at Ayodhya, Uttar IRCTC specialises in rail tourism, and at present, is the (c) Packages with charter coach and train – These are
had the international VISA restrictions not been place as
Pradesh: Govt. of Uttar Pradesh has already earmarked market leader in this segment. Besides rail tourism, IRCTC all inclusive packages on the lines of Rail Tour Packages
only limited visas of emergency nature were granted , and
land for development of Budget Hotel at Holy City of has also diversified into various other tourism businesses (RTP), where the train travel is arranged through chartered
operation of outbound air packages remained suspended
Ayodhya. for increasing its share in the immensely competitive coaches or trains by IRCTC. In the FY 2021- 22, IRCTC
for almost the entire financial year.
operated 14 RTP with charter trains/ coaches catering to

Statutory Reports
tourism market.
c. Development of Budget Hotel at Kohima, Nagaland: 2,558 passengers in comparison to just 1 RTP charter coach
IRCTC developed strong linkages with all its service
Govt. of Nagaland has approached IRCTC for setting of The tourism business segments of IRCTC include Luxury tour with 49 passengers during FY 2020-21.
providers and successfully established tie-ups with hotels,
budget hotel in Kohima, Nagaland. Discussions are in Tourist Trains such as Maharajas’ Express and Golden transportation service providers etc. ensuring best in class
advanced stage for allotment of land to IRCTC for the Chariot for the upscale market, Buddhist Circuit Special (d) Customized tour package - IRCTC also offers Customized
facilities and services to its guests. Further, new avenues
above said project. Train and Deluxe Tourist Train for the mid segment, Bharat tour packages tailor-made as per the demands of the tourists
have also been explored by planning packages based on
Darshan/ Aastha Circuit Tourist Trains for the budget wherein the elements of the tour packages such as choice
(ii) Travel and Tourism new themes such as heritage, culture, adventure, medical
segment. Other tourism products include State sponsored of destination, transportation, accommodation and other
wellness and special interest tours. The hard work done
Pilgrim Special Tourist Trains, Rail Tour Packages, services are offered as per the choice of the customers,
The COVID-19 pandemic had a cascading impact on the by the tourism team in FY 2020-21 in establishing strong
International and Domestic Air packages, Land Tour During the financial year 2021-22, a total of 1,155 tourists
travel tourism industry not only in the country but in the linkages with the supplier with well negotiated rates
Packages, Hotel bookings (online and offline), Customised availed the packages as against 311 in previous year.
whole world. However, IRCTC with its team of tourism resulted in launch of attractive tour packages at extremely
professionals, was successful in converting the challenges and LTC tours, Event Management and IRCTC Premium competitive rates . (e) Leave Travel Concession (LTCs)

Financial Statements
into business opportunities. IRCTC launched all its tour Passenger Trains i.e. Lucknow – Delhi - Lucknow IRCTC
packages with the new normal and strictly adhering to the Tejas Express and Ahmedabad – Mumbai – Ahmedabad IRCTC launched and operated a number of Land Tour IRCTC has been authorised by Government of India for
Covid-19 protocol giving highest priority to the health and IRCTC Tejas Express Trains. IRCTC has a dedicated Packages, Domestic Air Packages, Bharat Darshan, operating Leave Travel Concession tours for government
safety of the guests. IRCTC was the first company to resume tourism portal, www.irctctourism.com which is also a one Pilgrimage Special Tourist Train, State Special Trains, employees. IRCTC offers general as well as customised LTC
train tour packages for masses during this challenging stop shop for booking of various tourism products and customized travel packages, Deluxe tourist train and IRCTC packages to interested government employees. All IRCTC
services offered by the company. Corporate Trains during FY 2021-22. A Standard Operating tours qualify for LTC travel. During the year, IRCTC arranged
Procedure (SOP) based on the revised guidelines issued exclusive LTC packages to 79 guests.
by Ministry of Home Affairs and Ministry of Health and
IRCTC’s Tourism Products and Services Family Welfare on health protocols to be adhered to during (f) Domestic Air packages
operation of Tourist Trains / Tours to contain spread of
COVID-19 and dealing with emergencies was also issued. Domestic Air packages are gaining traction in the present
With full resumption of passenger train services in the end scenario as people are still cautious about travelling
Domestic Tour Inbound Tourist Mass Tourism Outbound Tour Air Ticket and Other Tourism abroad with the ongoing pandemic. As international travel
of 2021, IRCTC started the operation of Rail Tour packages
Packages Targeted Tours Packages Corporate Travel Activities restrictions were in place till March, 2022 IRCTC cashed in
Bharat Darshan and accordingly started the process of getting earmarked
Rail Tour Packages Maharajas’ Express / Aastha Tourist Air Ticketing Event Management berths in the requested trains. the opportunity and operated a large number of domestic
Trains air packages from various destinations across the country.
Holiday Packages Golden Chariot Corporate Travel Booking of Charter
State Special Trains & Coaches
The performance of tourism products is provided below: The domestic air packages are increasingly becoming more
Packages with Buddhist Special
Tourist Trains popular day by day. IRCTC operated a number of Domestic
Charter Train/ Tourist Train Hill and Heritage • Domestic Tourism
Coaches Pilgrim Special Charters
Majestic Rajasthan (a) Rail Tour packages – Rail Tour Packages also famously
Tourist Trains
Customised Tours Tourist Train Saloon Tours and
known as “RTPs” is one of most unique products of
IRCTC Corporate Charters
LTC Tours Delux Tourist Train IRCTC wherein the company offers an all inclusive
Trains
Online reservation tour package to the customers which comprise
Domestic Air
Election Special of Accommodation
Packages of confirmed onward and return rail journey, road
facilities
Educational Tours
transfers, accommodation, meals and sight-seeing at
Adventure Tourism reasonable rates.

In FY 2021-22, 5,341 tourists availed Rail Tour Packages of

IRCTC as compared to only 20 in the previous financial year.
This increase in the business of RTPs was primarily due to
the resumption of regular passenger trains in the end of

62 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 63
 Air packages from all the Zones to various destinations like as Udaipur, Jodhpur, Bikaner, Jaipur, Ranthambore, The train operates on three different itineraries namely • Outbound Tour Packages
Shirdi, Goa, Delhi, Tirupati, Gangtok, Darjeeling, Kalimpong, Agra, Khajuraho and Varanasi which are also the Pride of Karnataka (6 Nights/7 Days), Jewels of South (6
Due to the VISA and other international travel restrictions

Corporate Overview
Andaman and Nicobar, Ladakh, Srinagar, Mumbai, Puri, living example of the cultural grandeur of the country. Nights/7 Days) and Glimpses of Karnataka (3 Nights/4
Konark, Ayodhya and more. IRCTC is also offering an IRCTC has a dedicated website www.the-maharajas. Days) covering various famous tourist destinations of in place on account of COVID-19 pandemic, IRCTC could
accidental insurance coverage of H 10 lakhs to each com displaying all information about the train, facilities, the states of Karnataka, Tamil Nadu, Kerala and Goa. operate only 2 outbound packages to the neighbouring
passenger availing the packages. In FY 2021- 22, IRCTC journeys and tariff with scheduled dates of departure On the lines of Maharajas’ Express, Golden Chariot Nepal with 79 tourists in FY 2021-22 as compared to non-
operated 249 Domestic Air Packages catering to 5,085 in the forthcoming seasons. The train operates during too has an exlusive website www.goldenchariot.org operation of any International Air packages in FY 2020- 21.
guests compared to 75 packages with 1,419 guests in FY the tourist season from September to April every year. containing information about the train, its facilities,
2020-21. journeys and tariff with scheduled departures for the
During the FY 2021- 22, IRCTC operated 3 charter forthcoming seasons.
trips with 208 domestic tourists on-board. Due to
(g) Educational Tours
the international travel restrictions in place during the Due to the international travel restrictions in place and
IRCTC operates educational tours for students under entire financial year owing to the ongoing pandemic, virtually no inbound traffic, in FY 2021- 22, IRCTC was
its “Travel To Learn” scheme. The company has IRCTC was constrained to cancel all the scheduled not able to operate any trip of the train.
established tie- ups with various State Governments as commercial trips of Maharajas’ Express in FY 2021-22.
c) Buddhist Circuit Special Train

Statutory Reports
well as private schools for operating educational tours
for their students. The ongoing pandemic had virtually The Buddhist Circuit Special Tourist Train is a fully air-
put brakes to this business which is also an important conditioned train offering an all inclusive train tour
contribution of the company to the society. For almost 2 package of 7 Nights and 8 Days package covering all
academic years, school students were confined to their major Buddhist Pilgrim locations in India and Lumbini
home for health and safety with only virtual and online in Nepal. The new rake of Buddhist Circuit Train has
learning being implemented by the schools. During the been designed as per international standards and has
year 2021- 22, Schools opened in end of academic a number of facilities such as two exclusive Dining
session primarily for preparing the students for the year • Air Ticketing and Corporate Travel
Cars, Vacuum Bio-toilets, Security lockers, modified
end exams. Still IRCTC managed to operate Educational AC 2-Tier coaches with side seating facility, on-board a) Online Air ticketing
Tours for 514 students in FY 2021- 22. housekeeping and security, CCTV camera security,

Financial Statements
foot massager and mini library, etc. The itinerary and With the aim of becoming a full fledged Online Travel
scheduled departures of the train are made available Aggregator and giving the option of booking air tickets
on the website of the train www.irctcbuddhisttrain.com. to the customers, IRCTC started the business of online
IRCTC could not operate any trip of the Buddhist Circuit air ticketing. IRCTC’s air-ticketing micro-site www.air.
Special Train in last 2 financial years due to restrictions irctc.co.in provides online booking facility of domestic
imposed on international travellers due to the ongoing as well as international air-tickets to the customers at
pandemic. very competitive prices with the lowest convenience
fee as compared to other air ticket booking platforms
d) Deluxe Tourist Train in the market.

With the aim to increase the utilization of Buddhist IRCTC also offers the facility of booking air tickets on
b) Golden Chariot Special Train rake and operate it on different tourist the go, through its Mobile app IRCTC Air for Android
• Inbound Tourist Targeted Tours circuits for domestic tourists, IRCTC launched the and IOS users. In FY 2021-22, the average air –
The Golden Chariot is a luxury tourist train primarily
Deluxe Tourist Trains. In FY 2021-22, IRCTC aggressively tickets booked in a day through IRCTC air ticketing
operating in various circuits of the southern part of the
a) Maharajas’ Express marketed and promoted the deluxe train tours for the website was 2,440 which is marginal increase from
country. IRCTC took over the marketing, operations
domestic tourists. Accordingly, the company operated previous year average of 2,426. IRCTC also provides
Maharajas’ Express – a brand of and maintenance of the Golden Chariot train from
9 tours of the train with 1,016 tourists on-board as complimentary travel insurance coverage of H 50 lakhs
IRCTC in International luxury tourism Karnataka State Tourism Development Corporation in
compared to only 1 tour operated in FY 2020- 21 with 84 to passengers, booking online.
was launched in the year 2010. The 2019 for a period of 10 years through an agreement
passengers on-board.
iconic train has been voted as the signed between the two organisations. IRCTC took b) Corporate Travel Business
World’s Leading Luxury Tourist Train over physical possession of the train in January, 2020.
consecutively from the year 2012 to IRCTC offers complete Travel Solutions for Corporate,
2018 by the coveted World Travel Awards. which includes air ticketing, booking of domestic
including LTC tickets, as well as International tickets,
Maharajas’ Express operates on four different itineraries hotel bookings, Visa facilitation, Insurance etc. IRCTC
out of which three itineraries are of 6 Nights/ 7 Days has decentralised the business at Zonal level to
while one itinerary is of 3 Nights/ 4 Days duration. make more tie-ups with PSUs/ Ministries/ Government
The train covers famous tourist destinations such Departments, etc. and better co-ordination with the
organisations. IRCTC Corporate Office has tie-up with
85 PSUs/ Ministries/ Government Departments and
institutions. IRCTC, through its Corporate Office and
Zones, has tied-up with around 200 organizations

64 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 65
 comprising PSUs/Ministries/Government Departments cover of H 10 lakhs. During FY 2021-22, IRCTC has e) Election Special Trains c) Hill and Heritage Charters
for the corporate travel business. operated 17 trips of Pilgrim Special Tourist Trains
IRCTC has been nominated as Single window for IRCTC actively promotes the 5 Hill Railways of India viz

Corporate Overview
carrying 9,974 pilgrim passengers whereas in the FY
• Mass Tourism booking and movement of Election Special Trains Nilgiri Mountain Railway (NMR), Darjeeling Himalayan
2020- 21, only 4 trips of Pilgrim Special Tourist Trains
could be operated carrying 2,426 passsnegers. alongwith provision of on-board catering services to Railway (DHR), Kalka-Shimla Railway, Kangra Valley
a) Bharat Darshan/ Aastha Circuit Tourist Train the forces on movement. In FY 2021-22, IRCTC has Railway and Matheran Railway. IRCTC operates hill
Bharat Darshan Tourist Train has been one of the With the implementation of the Bharat Gaurav policy on successfully operated 367 Election Special Trains charters over Kalka-Shimla, Nilgiri Mountain Railway
most popular tourism products of IRCTC developed tourist trains by Ministry of Railways, the operation of whereas in FY 2020-21, 275 trains for moving Para- and Darjeeling Himalayan Railways UNESCO’s “World
primarily for the budget segment tourists. These Pilgrim Special Tourist Trains will be also discontinued military forces for General Elections was operated. Heritage Sites”. IRCTC operated 01 charter train of
trains operate from various cities across the length from 01.04.2022 onwards. total 7 coaches on Kalka Shimla Hill section with 108
• Other Tourism Activities passengers in FY 2021- 22 while in FY 2020- 21, IRCTC
and breadth of the country on various circuits d) IRCTC Corporate Trains operated 1 Hill Charter coach on Kalka Simla Section
covering famous tourist destinations. The trains a) Event Management
are attractively priced at H 900/-+GST per day with 12 passengers on board.
per passenger for Non-AC Sleeper Class and IRCTC has been organizing various Conferences,
H 1100/- + GST per day per passenger for 3AC class. Events and Incentive packages for Indian Railways,

Statutory Reports
The train tour package is inclusive of rail and road PSUs, Education Department and other prominent
travel, all meals, sightseeing and accommodation. institutions. In FY 2021- 22, IRCTC conducted 3 days
Above all the tourists are also insured for an accidental Event for 26 clients of M/s Braithwaite & Company
claim upto a sum assured of H 10 lakhs. Limited at Udaipur.

IRCTC operated 42 trips of the Bharat Darshan tourist

train in FY 2021-22 carrying 30,714 passengers as
compared to 21 trips operated in FY 2020-21 with
13,312 in FY 2020-21, registering a growth of 100% in
the number of trips operated and 131% growth in the
number of tourists who travelled on these trains.

Financial Statements
With the implementation of the Bharat Gaurav policy d) Luxurious Railway Saloon Car
on tourist trains by Ministry of Railways, the operation
of Bharat Darshan/ Aastha Cirucit Tourist Trains will be Ministry of Railways decided to open the bookings of
discontinued from 01.04.2022 onwards. its fleet of luxurious saloon coaches to open market
and has entrusted IRCTC with the task of marketing
b) State Special trains and booking of these special rail products. A Saloon
IRCTC operates the state special tourist train tours Car generally has a living room, two air-conditioned
in collaboration with various state governments. The bedrooms – one twin bedroom and the other similar to
government selects the beneficiaries of the tour AC First Class coupe with attached baths, dining area
package who are mostly senior citizens. These train and a kitchen. Optional services like attendant, catering,
tours cover various destinations of tourist and pilgrim pick and drop are arranged as per demand of tourists.
importance across India. In FY 2021- 22, IRCTC has After a number of pauses in FY 2020-21 and in the first During FY 2021- 22, IRCTC operated 48 saloon charters
operated 16 State Special Trains for Delhi Government quarter of FY 2021-22 due to the recurring waves of across India as compared to 29 Saloon Cars operated
and carried 15,757 tourists to various pilgrim places; the pandemic, the operations of trains were restored in FY 2020-21.
whereas in FY 2020-21, no state special tourist trains w.e.f. 7th August, 2021 onwards on regular basis. IRCTC
could be operated due to COVID- 19 pandemic. has even increased the number of coaches in both the
b) Booking of Charter Trains and Coaches
trains from 14 to 16. With the easing of COVID related
c) Pilgrim Special Tourist Trains restrictions, IRCTC has even increased the number of Ministry of Railways nominated IRCTC as the single
operational days of both the trains from 4 days in a window agency for online booking of all trains and
The Pilgrim Special Tourist Trains are special interest
week to 6 days in a week. coaches on charter basis. During FY 2021- 22, IRCTC
rail tourism product exclusively focussed on pilgrimage.
These trains are also attractively priced at H 900/- and booked 130 (39 trains and 91 coaches) charter trains/
IRCTC is focusing on generating more Non- fare
H 1500/- + GST per day per person for sleeper class coaches whereas, 94 (25 trains and 69 coaches)
revenue (NFR) from Tejas Express Trains and is in the
and 3rd AC class passengers respectively. The price is charters were booked in the financial year 2020-21
process of empanelment of advertisement agencies
inclusive of rail and road travel, all meals, sightseeing for various groups. The online booking of Full Tariff
for selling of advertisement spaces of interior and
and accommodation along with accidental insurance Rate (FTR) Trains/ coaches is done through IRCTC’s
exteriors of the coaches of the train.
exclusive web page, www.ftr.irctc.co.in.

66 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 67
 e) Online booking of Retiring Rooms at Stations and like facilities such as fully AC, Wifi, TV, Geyser, h) Tourism Portal
Hotel Booking linen, sofas etc.

Corporate Overview
• IRCTC had been providing the facility of online • In FY 2021-22, total bookings were 1.62 lakhs with
booking of retiring rooms to Railway passengers a revenue of H 10.20 crores against 10,121 booking
having confirmed PNR across 535 Railway and revenue of H 81.89 Lakhs in FY 2020-21.
stations through its tourism portal. Passengers
can also book Retiring Rooms on Android and f) Online Bus booking
IOS mobile Apps. Hourly booking is also available
With the aim of providing multi-modal transport booking
at 48 stations. About 65% of total retiring room
facilities online, IRCTC has started providing bus ticket
bookings are being done online. 20% of the
bookings on bus.irctc.co.in. With the resumption of
bookings are being done through mobile apps.
bus booking facilities online, IRCTC now has all three
Due to COVID-19, online booking has been
modes of transport viz. Rail, Air and Bus on its online
opened at 299 stations only.
platform for booking by customers, making it a one
• IRCTC has started upgrading and managing stop solution for travel needs. IRCTC has tied up with

Statutory Reports
services of Retiring rooms at 21 Railway stations, various online bus aggregators such as M/s Abhi Bus
these are Sealdah, Rajinder Nagar, Tata Nagar, and M/s Red Bus in January, 2021. The Bus service was
Udupi, Madgaon, Ahmedabad, Vadodara, Thivim, made available for booking from 29th Jan, 2021 and
Lucknow, Jaipur, Gorakhpur, Tiruchirapalli, is available at 22 states and 3 UTs as of now. 52,340
Madurai, Kachiguda, Tirupati, Bilaspur, Palakkad, no. of passengers availed service of IRCTC online
Mumbai Central, Lonavala, Agra Cantt. and bus booking in FY 2021- 22. Total no. of transactions
Gwalior. The upgraded retiring rooms have hotel booked during the FY 2021-22 is 34,460.
The portal offers on-line booking of Tourist Trains, Air • IRCTC registered users and Guest users can avail
tickets, tour packages - be it through rail, air or land, the part payment facility for online booking at
hotel, saloon cars, AC tourist trains, event management, www.irctctourism.com.
etc. To be at par with the user friendliness and facilities
which other OTAs offer, IRCTC has revamped its • The minimum ARP (Advanced Reservation Period)

Financial Statements
tourism website. In the FY year 2021-22, total TID’s for part payment facility would be for booking
booked was 49,745 with 2,56,991 passengers with done before 35 days from departure date.
gross revenue of H 167.89 Cr. Whereas, Total Bookings
• Part Payment is applicable on total booking
in 2020-21 was 27,905 with 83,573 passengers with
amount, where the package cost is greater than
gross revenue of H 39.06 Crores.
H 50000/-. It will be collected in 2 installments
i) Online Feedback module inclusive of GST.

IRCTC started taking online feedback of tourists/ o For Domestic/International Air Packages: -
passengers travelling or availing service of IRCTC 1st payment for 30% amount, Final/ Balance
tourist trains, packages, etc. through Tablets during the payment for 70%.
course of tour, to get the actual feedback which is to
o For All Other Packages: - 1st payment for 25%
be used for taking necessary action or steps to make
amount, Final/Balance payment for 75%.
the product better. IRCTC Tourism department has
circulated 04 tablets to each zone for regular online • If the due/final payment is not done within 30
feedback module. days prior to departure date, then the request
for the final payment would not be accepted &
g) IRCTC Mobile Apps j) Part Payment facility
booking would be treated as cancelled & relevant
Online and Offline Customers can now utilize the Part cancellation charges would be applicable.
The Company has the mobile apps in the name of “IRCTC
Air’ and “IRCTC Tourism”. The IRCTC apps are available payment facility to book their Tourism packages and
k) Online Hotel Booking
for Android and IOS users. Customers are using the app plan their journeys in advance without blocking the full
easily to book their choice of travel and tourism product amount. IRCTC had integrated accommodation partners (Hotel,
on the App. A Mobile App has also been developed on Home stay, Bed and Breakfast, PGs, Dormitories,
• Part payment is allowed for online booking for
Android as well as the iOS platform for Maharajas’ Express paying Guest Houses, Yatri Nivas, Holiday Homes, start
package cost above H 50,000/- per transaction for
to simplify the recording of guest feedback system and up etc.) for online booking through https://www.hotel.
all Packages.
promotion of off-board excursions. irctctourism.com or ‘irctctourism’ mobile apps.

68 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 69
 Park Hotels Sterling Holidays However the company has identified the following as IRCTC is planning to operate more premium IRCTC E-Ticketing Service Charge/ Convenience Fee (K in Cr.)
Oyo Rooms Svelte Hotels focus areas in the forthcoming financial year 2022- 23 corporate passenger trains in 10 different clusters

Corporate Overview
which are:- identified by Indian Railways on PPP model or
Pride Hotels Uberoi Anand 2014-15 0 253
independently. IRCTC also plans to take charge of
Oga Hotels Dorota House a. Rail Tour Packages: To give a boost to Rail based other trains available with Indian Railways under 2015-16 0 552
Comopolitian Hotels MP Tourism tourism and to make up for the perceived loss of the brand “Tejas Express”, for bookings, operation
revenue of Bharat Darshan and Pilgrim Special 2016-17 0 219 362
KTDC Hotels Le Roi Hotels and management.
trains, IRCTC will increase the number of Rail Tour 2017-18 80 694 0
Ginger Hotels Southern Grand Hotels Packages and will request Zonal Railways for g. Cruise Packages: Once the International travel
restrictions on out-bound tourists are reduced or 2018-19 88 805 0
Hotel Ramada
IRCTC Guest House, Katra blocking more number of berths as per VAT Policy
370 352

32
Sunil Enterprise Hotel Welkin Residency in the trains identified by IRCTC for operation of removed, IRCTC will focus on launching packages 2019-20
these packages. with Cruise liners for major cruise packages
Hotel Excellence Umrao Hotels 2020-21 0 299
across Globe. IRCTC also plans to block seats/
Chandra Inn Hotel Clarks Grand b. Customised Holiday packages: IRCTC will cabins in Cordila Cruises to sell them in Domestic 2021-22 0 694

Tamil Nadu Guest House Amantra Comfort Hotel focus on customized holiday packages as per and International market.
Cost refunded by Railways Service Charge Loss
the requirements of customers for small groups

Statutory Reports
Hotel Rialto Hotel Mayur h. River Cruise Packages: IRCTC in collaboration Service Charge/ Conv. Fee
of family and friends, which will give variety to
The Pride- Mussoorie Hotel Dwara with Antara Cruise is planning to launch packages
customers. Internet Ticketing Statistics
O2 Oxygen Fab Hotels in the country offering Luxury River Cruise Tours.
c. Direct tie-ups with Hotels and Transport These tours will be offered to the guests of a. No. of E-Tickets and Passengers Booked
Hotel Soniotel etc.
companies: IRCTC has initialised direct tie-ups Maharajas Express also.
with Hotels and hotel chains as well as transporters A total of 4174.49 lakh tickets have been booked in
to provide competitive package prices to the (iii) Internet Ticketing 2021-22 as compared to 1740.46 lakh in 2020-21.
Customers now can book around 6900 hotels across passengers. IRCTC shall continue to do so in the In total, 7343.26 lakh passengers got booked on
IRCTC pioneered internet-based rail ticket booking through
over 435 cities with starting tariff as low as H 600/-. times to come to pass on maximum benefit to E-Tickets in 2021-22 as compared to 3052.67 lakh
its Website and Mobile App which accounted for 80.43% of
Most of the Hotels are located near Railway Stations, customers. passengers in 2020-21. The ratio of Passenger to
the total reserved tickets booked online on Indian Railways
Airports and city centres. Most of the Hotels do not Ticket during the year was 1.76:1. The number of
d. Online Bus booking: IRCTC has tied up with M/s in 2021-22. On an average, 11.44 lakh tickets were sold daily
tickets booked during the year has shown a significant

Financial Statements
charge any cancellation charges if cancelled before through IRCTC’s website and Mobile App during 2021-22.
Abhi Bus and M/s Red Bus, for facilitating online increase with the lifting of restrictions imposed due to
24hrs of check–in. In 2021-22 there were 4925 The site offers round-the-clock ticket booking services,
bus ticket booking for the passengers and is in COVID 19 Pandemic.
transactions of hotel booking with gross revenue of except for a 35-minute break from 23:45 hrs to 00:20 hrs.
the process of continuously developing the portal
H 1.13 cr. Tickets Vs Passengers
making it more seamless for the passengers to Ticket booking has picked up the momentum after
Tourism Planning book tickets. Options will be explored to widen encountering the adverse impact of COVID 19 Global 7343 141 %
the reach of this business by adding more Bus Pandemic as the train operations were restored to normalcy 2021-22
The extremely diversified tourism product lines consolidators. 4174 140 %
by Indian Railways.
provide IRCTC, tremendous scope of growth in the 3053 -42 %
field of tourism. In line with this, the company plans e. Bharat Gaurav Trains: IRCTC will launch and Service Charge/Convenience Fee 2020-21
1740 -42 %
to further enhance and consolidate tourism business operate Bharat Gaurav Trains across India to
in the coming years by expanding and streamlining make up for the loss of revenue from Bharat Service Charge which was levied by IRCTC @ H 20 + Tax 5230 6 %
per ticket for Non-AC Classes and H 40/- + Tax per ticket for 2019-20
existing business lines as well as introducing new Darshan/ Pilgrim Special tourist trains operations. 3019 6 %
product lines. As a beginning, with one rake of non- AC sleeper AC Classes, on the Reserved Rail Tickets booked through
4950 14 %
coaches and other rake of AC coaches will start its platform, was withdrawn by the Ministry of Railways form 2018-19
IRCTC tourism needs to be more dynamic and flexible 23.11.2016 to 31.08.2019 as an initiative for promotion of 2842 15 %
operation in FY 2022-23 itself.
to handle the unprecendented situations such as digital transactions. 4340 16 %
the ongoing COVI-19 pandemic. Indian Railways has f. Passenger Trains: As the pandemic condition 2017-18
IRCTC started collection of Convenience Fee on e-ticket 2466 18 %
decided to withdraw the present charging policy of improves leading to an increase in movement of
tourist trains which includes Bharat Darshan/ Pilgrim passengers, IRCTC will operate both the Tejas bookings w.e.f. 01-Sep-2019 at the rate of H 15/- + GST per 3731 4 %
ticket for Non-AC Classes and H 30/- + GST per ticket for AC 2016-17
Special Trains, Maharajas' Express, Golden Chariot trains on 6 days in a week basis. To make this 2093 5 %
and Buddhist Circuit tourist trains, being operated by profitable, IRCTC is also empanelling Advertisment Classes (including First Class/FC). For BHIM/UPI payments, No. of Passenger
3596 9 %
IRCTC, which will be replaced by the new policy of Agencies to sell interior & exterior places/ areas the Convenience Fee is being charged at a reduced rate 2015-16 (in lakhs)
of H 10/- + GST per ticket for Non- AC Classes and H 20/- + 1993 9 %
"Bharat Gaurav Trains" charging principle that has led of both the Tejas trains to generate Non- Fare Total Ticket
to increase in haulage charges payable to Railways. Revenue. GST per ticket for AC Classes. 3288 18 %
2014-15 Booking
1830 16 % (in lakhs)

70 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 71
 b. E-ticketing Revenue e. IRCTC also started the Infant Divyaang Concession m. Automated Payment system for disbursing payments
Booking with Escort in IRCTC website and IRCTC to Hotels/Bus Operators/Vendors was implemented
During the year 2021-22, a total amount of H 38178.32

Corporate Overview
Rail Connect Mobile App from 25th August and 22nd in Jan., 2022. With this digitalisation, payments will
crores was collected as Ticket Fare from the users as September, 2021 respectively. : be timely processed by IRCTC with minimum manual
E-ticketing revenue, which is 115% more than the last intervention.
year’s collection of H 17761.60 crores. f. User Registration with Junk/Disposable email id has
been restricted on IRCTC e-Ticketing website. (21-Sep n. IRCTC has developed e-ticketing application for
Ticket Fare Collected (J in Crore) -2021) Paramilitary Forces for booking reserved rail e-tickets
to their personnel.
2021-22 38178 115% g. Integration of SBI General Insurance (27-Nov-2021)
2020-21 17762 -48% and Liberty General Insurance (01-Nov-2021) as travel • E-ticketing system was commissioned for Central
insurance partners for IRCTC e-ticketing with premium Industrial Security Force (CISF) for booking p. Customer benefits from IRCTC Bank of Baroda
2019-20 34055 6%
amount revised from 49 paisa to 35 paisa. Reserved Rail e-tickets for CISF personnel w.e.f. (BOB) Cobranded Credit Card:
2018-19 32070 13% 04-Feb-2022.
h. General passenger booking through Hon’ble MP/ • Joining Fee of H 500+GST on issuance.
2017-18 28475 16%
Ex MP users Ids in IRCTC Rail Connect Mobile App:

Statutory Reports
2016-17 24485 5% Facility to book General Passenger through Hon’ble • Renewal Fee of H 350+GST on Renewal each year.
2015-16 23395 13% MP/Ex MP users Ids through App.
• Activation Benefit - 1,000 bonus Reward Points
2014-15 20621 34% • iOS : 11- Nov -2021 on single transaction of H 1,000 or more within 45
days of card issuance.
• Android : 18- Nov -2021
New Initiatives taken during 2021-22 • E-ticketing system was commissioned for Border • Railway Lounge Access - 4 complimentary access
i. Inclusion of ADD MEAL option in IRCTC Rail Connect Security Force (BSF) for booking Reserved Rail per year (1 per quarter) at partner railway Lounges
a. The Multi Lap Enquiry facility in IRCTC Rail Connect e-tickets for CISF personnel w.e.f. 17-Feb-2022.
Mobile App: This feature will facilitate the user to add/ (Only for Primary Cardholder).
Mobile App and IRCTC Website: This feature
book meals of third party (Other than pantry) while
facilitates passengers with connecting train Journey • Fuel Surcharge Waiver - 1% fuel surcharge waived
booking tickets, through in IRCTC Rail Connect Mobile
bookings between pair of Stations for which direct across all petrol pumps in India, on transactions
App.
trains are not available.

Financial Statements
of H 500 - H 3,000, exclusive of GST and other
• Android : 02- Dec -2021 charges (Maximum surcharge waiver of H 100 per
• Website :
09-April -2021
statement cycle per credit card account).
• iOS : 06- Dec -2021
• iOS : 12- April -2021 • In the past e-ticketing system has been • 1 Reward Point = H 0.25/-.
j. Meal booking from 0n board Catering Services in developed for CRPF, NDRF, NSG & AR. The
b. Retiring Room booking facility in IRCTC Rail Connect
IRCTC Rail Connect Mobile App: Through this facility, online ticketing system will bring a major relief • Reward Points (Base) - 2 Reward points for every
Mobile App: This feature enable the passenger with
now customer can add/book meals for on board pantry to these Central Paramilitary Forces in handling H 100 spent on non-fuel retail purchases,
booking of Retiring Rooms for the tickets booked
car while booking tickets through IRCTC Rail Connect their reserved train ticket requirements and also
through App, at the stations wherever available. • Reward Points (Accelerated)- 2X i.e. 4 reward
Mobile App. from cumbersome manual processes for Railway
points on every H 100 spent on:
• Android : 27- April -2021 Warrant management and their reconciliation and
• Android : 02- Dec -2021
accounting between Indian Railways and Ministry • Grocery
c. Rail E-Ticket booking for Privilege Pass / PTO of Home Affairs.
• iOS : 06- Dec -2021
holders in IRCTC Rail Connect Mobile App: Through • Departmental stores (Max. 1000 RP per month)
this facility, Indian Railway employees can book train k. e-Gift Vouchers option inclusion under 'IRCTC o. Launch of IRCTC BOB Loyalty Cobranded Credit
tickets with Privilege Pass/PTOs through IRCTC Rail Exclusive' section of IRCTC Rail Connect Mobile Card on RuPay platform in collaboration with Bank of • Reward Points (Accelerated on IRCTC ticket
Connect Mobile App on iOS platform. App: This feature will enable the customer to buy Baroda. (21-Feb-2022): bookings)- Up to 20X reward points on 1AC, 2AC,
e-Gift Vouchers for various third party products as per 3AC, CC or EC class booking for ticket purchases
• iOS : 13- May -2021 at IRCTC portal.
the requirement.
d. IRCTC integrated the Bus booking facility in IRCTC: • Waiver of 1% of payment gateway transactions
• Android :
31-Dec-2021
Exclusive section of IRCTC Website (www.irctc.co.in) charges on Railway ticket booking on IRCTC using
and IRCTC Rail Connect App in Android and iOS on l. Integration of "EMI based" payment option on the cobranded credit card.
1st July 2021, 9th and 26th August, 2021 respectively. IRCTC Rail Connect Mobile App: This payment
This integration is facilitating the customers to book options will facilitate the customer to book e-ticket q. E-ticket booking through AskDisha Chatbot: For
Bus tickets through the Mobile App and Website by and pay the ticket fare in equal instalments as per the first time, railway e-tickets can be purchased in a
redirecting to the Bus booking page at Tourism portal. his/her convenience as per the applicable terms and convenient conversational manner using voice and
conditions. chat, even without the need for an IRCTC password.
• Website :
01-July -2021 The system requires no passwords but will work
• Android :
31-Dec-2021 based on the One Time Password (OTP) sent to
• Android : 09- Aug -2021
your mobile number. AskDisha (Digital Interaction to
• iOS : 26- Aug -2021 Seek Help Anytime) is an Artificial Intelligence and

72 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 73
 Machine learning based Chatbot, that answers queries 7. Integration of AskDisha Chatbot for E-ticket booking Segment-wise Online Ticket Booking Share
pertaining to various services offered by IRCTC on 31-Mar-2022. 1%

Corporate Overview
through which customer can now book reserved rail Total Booking IRCTC Mobile App
e-tickets also. 8. Advertisement/Marketing/Promotional Activities: %age
Booking Amount Normal User
Segment Share of 15%
(Nos. In (H In
r. Chatbot e-Ticketing service was launched on IRCTC • Push Notification Services on IRCTC Website Bookings IRCTC Website
Lakhs) Crores)
Website for selected Users on 30-Dec-2021 and and Mobile App: IRCTC had launched the Push Normal User
was launched in full-fledged manner for all Users on Notification Services on IRCTC Website and IRCTC Mobile App 1,915.37 15,101.32 46% 46% B2C Normal User
31-March-2022. Mobile App in July, 2021 for promoting IRCTC in- Normal User
20%
house products and services and also promotion IRCTC Website 742.27 8,218.42 18%
of the services/products of third party through Retailer
Normal User
push notifications. B2C Normal User 843.88 6,760.14 20%
Retailer 609.91 6,758.03 15% G2G
• New Ad Aggregator for IRCTC Website- IRCTC 18%
G2G 63.06 1,340.41 1%
integrated Ad Aggregator Technology on IRCTC
Total 4,174.49 38,178.32 100%
Website to meet the additional ad demand and for

Statutory Reports
generating incremental revenue to the Company.
The project was launched in September 2021. Data & Cyber Security (iv) Packaged Drinking Water (Rail Neer)

Efforts were made to fill up the unfilled Ad The Company relies on state of the art technologies to Railneer is a signature product of the Indian Railway Catering
inventory by way of direct advertisements. ensure that the confidentiality, integrity and availability and Tourism Corporation (IRCTC). Our packaged drinking water
of all its online services and its data are adequately is processed, purified, bottled, and packaged at the state of
s. Implementation of option to book full fare berths 9. System Improvement: secured from the prevailing cyber security threats. The the art plants and widely available at all major railway stations
for infant passengers (0 to 4 years) along with other Company safeguards its data with advanced security across the Indian Railway Network.
• IRCTC, Internet Ticketing Anti Fraud (ITAF) team
passengers (Launch date 31-March-2022). systems and successfully defends the system against
took an initiative to impose IP level blocks of Rail Neer drinking water has been made mandatory at railway
suspected logins on the basis of daily booking malicious virus or other cyber threats.
t. Implementation of option to Re-verify profile details stations and to step up the production to meet growing demand,
with Aadhaar. In case, user has updated his/her details of the peak Tatkal. This has caused IRCTC E-Ticketing System is a well-protected system, IRCTC is setting up various Rail Neer plants across the country.

Financial Statements
Aadhaar details, they can re-verify profile details with improved accessibility to Internet ticketing for the equipped with industry-standard state of the art security
Aadhaar. (31-Mar-2022). general passengers. Total 09 VPS/Cloud Service technologies for protection from cyber threats and As on 31st March, 2022, IRCTC has 15 operational plants located
Provider Company's IP were blocked for normal data theft. This includes Network Firewalls, Network at Nangloi, Danapur, Palur, Ambernath, Amethi, Parassala,
Highlights of Internet Ticketing (2021-22) user and whitelisted for IRCTC authorized vendors Bilaspur, Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri,
Intrusion Prevention System and Web Application
till March, 2022. Firewalls etc. The website runs on an Extended Sankrail and Una out of which plants at Amethi, Parassala,
1. A record of highest ever website booking of 15,88,592
Validation (EV) SSL/TLS Certificate that provides end- Sanand, Hapur, Mandideep, Nagpur, Jagiroad, Maneri, Sankrail
tickets was achieved on 21 March, 2022. • IRCTC conducted “Anti-Touting & Cyber Threat and Una are operated under the PPP model.
Intelligence Analysis” through a technology to-end data encryption between the website and its
2. Total number of tickets booked were 4174.49 Lakhs, driven firm M/s Pinaca Technologies Pvt. Ltd on pilot users. Sensitive data like user passwords are stored in
Performance of Rail Neer plants during FY 2021-22 as compared
which is 140% of the last year. basis for pro-active mitigation of touting activities encrypted form in the database.
with FY 2020-21 is tabled hereunder:
3. Total Train Ticket Fare for online e-ticketing during the through deep and intelligent data analysis. The All online payment integration, including net banking
year 2021-22 was H 38178.32 crores. outcome of the analysis has enabled to curtail the and Credit/Debit Card are implemented on the URL- Production Plant
effectiveness of touting activity through usage of Turnover
redirection model wherein all users are redirected to Financial Year (bottles in Utlisation
(H In crore)
4. Total 7.81 Crore Mobile App (on Android & iOS) illegal tatkal software. concerned banks/payment gateway websites for the Crore) (%)
Downloads till 31st March, 2022. on-line payment process, fully eliminating any chance
Growth of Online Reserved Rail Ticketing 2021-22 19.86 172.26 42.60%
of Credit/Debit card data leakage at the IRCTC end. 2020-21 7.52 57.24 16.35%
5. Mobile Bookings: The average Mobile App bookings
during 2021-22 were 5.25 Lakh tickets per day, as E-Ticketing Share (ln %)
Last year, the company had also refreshed the ICT Quality: Rail Neer Plant at Nangloi, Danapur, Palur and Bilaspur
compared to 2.21 Lakh tickets in 2020-21. 46% of 100.00
Infrastructure for its Travel & Tourism and Catering
80.43 are accredited with ISO: 9001- 2015 quality management system
IRCTC e-Tickets have been booked through IRCTC 80.00 70.09 72.75 79.63 services, and has deployed a number of cyber security
65.83 certification and Rail Neer Plant, Ambernath is accredited with
Rail Connect Mobile App during FY 2021-22. 54.26 57.23 59.89 solutions viz. Web Application Firewalls, Privileged
60.00 ISO:22000-2015 certification.
Identity Management, Secure Email Gateway and
6. Share of Reserved Rail tickets booked online was
40.00 Malware Sandboxing solutions with the objective of The result of the tests carried out by the accredited laboratories
80.43% in 2021-22, as compared to 79.83% of the
20.00 enhancing its cyber security posture. on Rail Neer Packaged Drinking Water indicates that the quality
reserved tickets booked online in 2020-21. There has
of Rail Neer conforms to European Economic Community
been continuous increase in online booking share 0.00 Showing its commitment towards cyber security, the (EEC) norms for pesticide residue.
2016-17

2017-18

2018-19

2019-20

2021-22
2020-21
2015-16
2014-15

over the years. PCI QSA Services have been hired by the company in
Feb 2022 for achieving PCI DSS Security Certification During 2021-22, a new Rail Neer plant at Simhadri near
for its Travel & Tourism business. PCI DSS Certification Visakhapatnam (Andhra Pradesh) has been set up.
compliance is expected in year F.Y. 2022-23.

74 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 75
 and Bhubaneswar are in civil construction phase. All these
plants are expected to be commissioned in FY2022-23.

Corporate Overview
Further, letter of award for setting up of one more plant at Kota
(Rajasthan) has been awarded.

(E) SOCIAL MEDIA PRESENCE OF IRCTC

Statutory Reports
Technology/Capacity upgradation

To combat design duplication and consequent sale of spurious

water, a hologram has been embedded on the Rail Neer bottle The travel and tourism sectors have faced challenges in 2021-
as a safety feature on pilot project basis. In comparison to the previous year’s performance, IRCTC The Search Engine Optimization strategies have tremendously
22 like travel restrictions at the national and international levels.
received an enormous growth in the number of followers

Financial Statements
helped in improving the websites ranking and traffic. More
Use of Handheld Terminals (HHTs) has been started for IRCTC has shown consistent efforts to stay connected and offer and subscribers on Instagram handle. YouTube witnessed a aggressive strategies will be applied in the upcoming months
monitoring Rail Neer distribution operations in plants. assistance to its customers, keep the audience informed about whopping 11871.30% increase in subscribers and Instagram which will help with the algorithm and improve reach and better
safety protocols and constant reminders about travel guidelines. has gained a 3.15% increase in the number of its followers. The visibility for IRCTC and its products across the internet.
Rail Neer Carrying and Forwarding Agencies (CFAs) have been Twitter account received a 27.83% increase in the number of
This has helped build a brand presence and recognition which
empowered to issue invoice through Handheld Terminals (HHTs) followers. On Facebook it increased by 6.68% and LinkedIn (F) HUMAN RESOURCE DEVELOPMENT
to licensees, enabling live record and reconciliation of sale and has helped to connect with new potential customers.
has gained a 117% increase in the number of followers while
supply of stock to trains and catering units in one plant as a pilot Pinterest received an 878.3% increase. IRCTC believes that Human Resource Development is one of the
During 2021-2022, IRCTC received 2,28,717 mentions that were essential resources for any organization and its development,
project. This has simplified the process of bill settlement in real
time, rendering accurate results every time. It has also resulted from social media platforms. For a brand, it’s a constant juggle The IRCTC’s Maharajas’ Express YouTube account has received that is, if the organization is self-motivated and growth-oriented.
in savings in stationary and offers time for reconciliation. Further, to produce interactive posts and engage its customers with a 103% increase in the number of subscribers followed by In IRCTC, Human resource department identifies, nurtures and
the data has been proposed to be populated on IRCTC’s server the brand. IRCTC posts received a 6,95,936 number of people the Instagram handle of E-catering. It has performed well and uses the abilities of the employees working for the company. It
to assess performance of Rail Neer operations and utilise it as a gained 60.66% increase in the number of followers. creates a structure for helping the employees of the organization
interactions which were received by other sources including
decision-making tool. in developing their organizational and personal abilities, know-
news websites, online forums etc. Receiving such significant IRCTC had introduced the “Shri Ramayana Yatra” Train which how and skills, The intent of HR department of IRCTC is to
Future Plans number of responses is a huge success in itself showing a covered all the sacred places associated with the life of Lord build a relationship between employer and employee by each
substantial growth in being able to communicate with potential Rama. It created a lot of buzz and excitement among the tourists investing in the other, resulting in improved communication,
Average daily requirement of Packaged Drinking Water on Indian which was clearly visible on social media. This was a great competency enhancement, motivation, and in doing so, a
customers. IRCTC has also received a total of 48,290 positive
Railways is approx. 18-20 lakh litres/day. IRCTC’s production experience for the devotees of Lord Rama. corporate culture of trust has created an environment that is
mentions across various social networks.
capacity is around 14.80 lakh litres/day, spread over fifteen working conducive for the success of the individual and the employer’s
plants. With the commissioning of five more plants, capacity will be goals. The Company has recently developed a structured and
In 2021, IRCTC connected with its users on two new social
enhanced to approx 18.40 lakh litres/day, and it will be operational robust succession planning framework for identification and
media platforms such as Koo and Telegram. Even though
by 2022-23. It is considered adequate for meeting the current development of talent for the leadership roles
demand from Indian Railways. Commercial operation of newly set the Koo profile was created in February, 2021 it gained over
up Rail Neer Plant at Una has started on 31st July, 2021. 30,000 followers instantly at present, the Koo handle has 124.8k
followers and is still growing with a tremendous response.
Rail Neer Plant at Simhadri near Visakhapatnam (Andhra
Pradesh) and Bhusawal (Maharashtra) is in advanced stages of IRCTC’s Telegram account was created in January, 2021, and
completion and Rail Neer Plants at Mallavalli near Vijayawada currently, it has seen a 291.44% rise in the number of followers
in 2021-22.

76 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 77
As on 31st March, 2022, the Company had a total manpower • IRCTC Medical Attendance Rules: For medical treatment the training was shifted from offline to online mode. A small conducted by Director & GGM level officers) for E0 & above
strength of 1971 personnel with the following details: requiring hospitalization and indoor attention, full glimpse of the trainings conducted during the last financial level officers through IRCTC training portal for capacity

Corporate Overview
reimbursement is being made of the expenses incurred in year 2020-21 and financial year 2021-22 is as under: building of the company.
Empanelled Hospitals, Government Hospitals, Government
Category No. of Employees
• Officers were imparted training through reputed institutes
aided Hospitals, etc. The scheme covers the employees/ Number
Financial No. of staff
on various management related topics whose details are
family suffering from critical diseases viz. Cancer, Renal of training Man days
Year trained enlisted below:
Regular Employees 1363 Failure, Heart Disease, etc. programs
Deputationists 45 • National Program and Project Management Policy Frame
On Contract 0 • Post Retirement Medical Scheme (PRMS): It is a 2020-21 13 2253 3573 Work, GeM & GFR - by National Academy of Indian Railways,
Out-sourced 555# social security measure for the employees and their 2021-22 26 3323 6538 Vadodara
Consultants 08 family members for providing medical care after their
Brief highlights of training imparted: • FSSAI "Labeling & Display Regulations" - National
superannuation. This scheme is extended to post
# Engaged through manpower agency for supplying support services. Productivity Council Academy of Indian Railways, Vadodara
retirement medical benefit to the eligible employees in • Exposure to training of staff was drastically increased as
The percentage of women employees, SC/ST/OBC employees, IDA pay scale and their spouses who have superannuated/ • Towards an Ethical work Culture - DMRC
compared to training organized in previous financial year.
persons with disabilities and ex-servicemen out of regular retired/died on or after 01.01.2007 after putting in 15 years • Interactive Symposium on Right to Information Act - by SCOPE

Statutory Reports
employees of the Company is mentioned below: of service in CPSE(s). This scheme also covers those • Conduction of vast range of training programs having
employees who have already superannuated, retired or employee centric approach like Work ethics, Yoga & • Business Strategy & Decision Making, Mentoring for New
medically retired on or after 01.01.2007). meditations, Social & emotional health, POSH, GeM, Food Mentors, etc - by AIMA
% of total no.
No. of of regular Safety for Food Handlers, Orientation program for Public • Substance age disorder - By Institute of Counsellor Training
Category • Alternative Method of Medical Treatment: To promote
Employees employees relation, Personal & Professional Resilience post crisis, Research and Consultancy
(1363) the alternative method of medical help, IRCTC is providing Cyber Security, Insider Trading, etc.
free consultation services of Homeopathic Physicians to • Pay Fixation Rules, Disciplinary rules & procedures, etc by
Women employees 113 8.29 the employees of the Corporate Office and North Zone. • Conduction of Virtual Classroom (sessions conducted by NAHRD
SC Personnel 268 19.66 Homeopathic treatment has helped a large number of staff AM to JGM level officers) & Orientation program (sessions • Developing Yourself for Managerial Excellence by FCTD
ST Personnel 73 5.35 and their families in recovering from illnesses i.e. common
Other Backward Classes 335 24.57 cough, cold and prevention of seasonal diseases. Details of training programs conducted during FY-2021-22
Persons with Disabilities 11 0.80

Financial Statements
• Funeral expenses of a deceased employee: An amount of
Employee Welfare: H25,000/- is granted as ex-gratia to the dependent family Attended by Duration Attended by Mandays
members of the deceased employee as funeral expenses.
According to ILO, “Employee welfare should be understood as 1 Work Ethics & Professional Ethics & Supervisors & 1 Day 45 45
such service, facilities and amenities which may be established • Engagement of Apprentices: As per the Ministry of Skill Organizational Etiquettes Above
in or in the vicinity of undertakings to enable the persons Development and Entrepreneurship guidelines, IRCTC 2 Yoga Session by Ms. Prabha (PCTIL) All employees 1 Day 79 79
employed in them to perform their work in healthy and peaceful is duly fulfilling its obligation of engaging apprentices 3 FSSAI "Labeling & Display Regulations" - E-0 and above 2 day 6 12
surroundings and to avail of facilities which improve their health for training in the band of 2.5% to 10% of the sanctioned National Productivity Council
and bring high morale”. Abiding by the above-mentioned, the strength. For this period of training, a stipend is paid to 4 National Program and Project Management E-0 and above 1 day 4 4
Human Resources (HR) Department took the following welfare each apprentice as per directives of the Ministry of Skill Policy Frame Work
measures during 2021-22:- Development & Entrepreneurship. During the year 2021-22, (NPMPF) - by National Academy of Indian
68 apprentices (i.e. 3.45% of the total employee strength) Railways, Vadodara
• Comprehensive Employee Welfare Scheme: Extended
were engaged. 5 Personal & Professional Resilience Post E-0 and above 2 day 25 50
the coverage of accidental death as well as natural death
amounting to 70 months basic pay plus Dearness Allowance • Talk to Management: Recently, a scheme ‘Talk to Crises - FCTD
for all employees of IRCTC, including deputationists. Management’ has been launched, where an employee/ 6 Towards an Ethical work Culture - DMRC trg. AM/Vigilance 03 days 1 3
contractual staff can interact with HR head of IRCTC (i.e. 7 Strengthening of Mental, Social & Emotional Workmen & Above 3 days 135 405
• Compassionate Ground Appointment Policy for health - PCTIL
Group General Manager/HRD) informally regarding his/
IRCTC Regular Employees: Introduced appointment on 8 Orientation program for PRO - by Sh. Manoj Supervisors & 1 Day 20 20
her grievances or any innovative idea for improving the
Compassionate ground for the dependents of IRCTC’s Verma (Sr. News Anchor, LSTV) Above
performance of organization or any other issue, without the
regular employees who lost their lives while in service 9 GeM & GFR by National Academy of Indian E-0 and above 2 days 7 14
intervention of his controlling officer/supervisor. The basic
(except in case of suicide), irrespective of the period of Railways, Vadodara
idea behind this scheme is to get suggestions from the
service left, till the age of superannuation. 10 Interactive Symposium on Right to Information E-5 & E-6 2 days 2 4
employees through ‘brainstorming’ for system improvement
of the organization, besides resolving the grievance of Act - by SCOPE
• Employees’ Contributory Welfare Scheme: IRCTC
Employees’ Contributory Welfare Scheme has been the employee. 11 Prevention of Sexual Harassment of Women Workmen & Above 1 Day 41 41
introduced with an aim to provide immediate financial aid to at Workplace - Adv. Rinku Tiwari
• Training to Employees: Training Cell has conducted 12 Online session of Insider trading - Sh. Naresh Workmen & Above 1 Day 150 150
the family in the event of death of an IRCTC’s employee. An
various training programs related to COVID awareness, Kumar Sinha
employee can become a member of scheme on voluntary
Food Safety & Hygiene, POSH, MDPs, Orientation 13 Cyber Security Awareness - by CDAC Workmen & Above 1 Day 175 175
basis, by contributing a nominal amount of H100/- per
programs, Virtual campus, during the FY-2021-22 and 14 Business Strategy & Decision Making E-5 1 Day 3 3
month.
covered training across all levels. Due to COVID, mode of Workshop - by AIMA

78 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 79
 Apart from this, online enrollment & admit card generation is and procedures in place thereby increasing transparency and
now digital in IRCTC. reducing scope for discretion.

Corporate Overview
Attended by Duration Attended by Mandays
Launched a digitally driven method named “Online Grievance During the period 2021-22, the vigilance department investigated
System” for communicating with management and sharing of in detail 4 complaints and forwarded 20 complaints to concerned
15 Basic Module of GeM (Government e-Maket Supervisors & 1 Day 125 125
ideas for improving the performance of organization or any department for necessary action. Total 78 preventive/surprise
Place) - by GeM Above
grievance. The basic idea behind this special move is to get checks were conducted in catering and e ticketing sector. The
16 Online training on Food Handlers- Food Workmen & Above 1 Day 500 500
suggestions from the employees through contrivance for malpractices and incidents of corruption so detected were
Safety & Personal Hygiene
system improvement of the organization. communicated to the concerned department for strict action
17 Substance age disorder - By Institute AGM & above 1 day 6 6
of Counsellor Training Research and A management tool named “Litigation Management System” is against the licensees and erring employees. The resultant
Consultancy launched for getting status of legal matter at once. fine recovered was to the tune of H 29,52,076/-. Further, on
18 Online workshop on Data analysis using excel E 1 & above 3 day 5 15 recommendation of vigilance department, system improvements
Efforts taken for general public outside IRCTC: were implemented by various departments to minimise instances
by Princeton Academy
IRCTC has various business segments hence numerous brands of malpractices, especially in the procurement, catering
19 Webinar on " Liver care during challenging Workmen & Above 1 day 50 50
& firms are enlisted as service provider. To encourage potential and e-ticketing sectors. As mandated by CVC guidelines,
times " in association with Dr. Reddys

Statutory Reports
users by providing a digital platform for online registration of CMD/IRCTC undertook periodical review of activities and
Foundation For Health Education
firm, submission of application & payment, “Empanelment performance of vigilance department with the CVO.
20 Pay Fixation Rules by NAHRD AM & above 2 day 4 8
21 Residential workshop on Disciplinary rules & JGM & above 3 day 3 9 system for READY TO EAT & PAD” is implemented.
As per the directives of Central Vigilance Commission (CVC)
procedures by NAHRD Initiatives taken to contain the spread of global pandemic “Vigilance Awareness Week” was observed at IRCTC from 25th
22 Developing Yourself for Managerial JGM & above 2 day 3 6 in IRCTC: October to 01st November, 2021 with the theme “ Independent
Excellence by FCTD India @75; Self reliance with Integrity” and all employees
Restricted access within the office premises, by implementing
23 Virtual Campus for all employees Workmen & above 12 Sessions 800 1600 of IRCTC took “Integrity Pledge”. Various programmes/
“Access Management System”.
24 Orientation Program for E0 to E3 Staff E0 to E3 14 Sessions 160 2240 competitions/ Seminars were conducted in all the offices of
25 Mentoring for New Mentors by AIMA E6 to E8 1 Day 14 14 Digitization of office: the IRCTC with a view to create awareness about preventive
26 Food safety for food handlers Fostac training Workmen & 1 Day 960 960 measures through system improvement. Moreover, new
Achieved milestone of 100% use of eoffice system in IRCTC.
by M/s HUL Supervisors initiatives were implemented like “TEJASathon” in which
Data security is maintained with the help of Digital Signature

Financial Statements
Total 3323 6538 Certificate. interactive session with passengers were done for increasing
awareness among general public. Special emphasis on
Industrial Relations (G) USE OF INFORMATION TECHNOLOGY (IT) Mandatory use of GEM for procurement: PIDPI (Public Interest Disclosure and Protection of Informers)
During the year, GEM portal was extensively used for complaints and awareness among employees were created as
The industrial relations climate in the Company has traditionally ERP: per the advice of CVC during Vigilance Awareness Week 2021.
procurement of capital goods, consumables as well as services
been harmonious. A collaborative and seamless IR atmosphere
has been maintained in the Company so that IRCTCians are During the year, the Company has adopted, latest upgraded across zones & regions.
ready for the challenges faced by the Company due to the version of ERP “Oracle Release 12”. Functional processes like
changing business environment. An effective work culture Financial, Purchasing, Inventory Management and all Contracts (H) VIGILANCE
has been established in the company through empowerment, with enhanced functionalities are implemented in the Company
on pan India basis. The vigilance wing in IRCTC is a key department acting as
transparency, decentralisation and practice of participative
direct link between CVC, Railway Board Vigilance and the
management to support the management in overcoming
All official data of the organization has been maintained Organization. It has been entrusted with the responsibilities
challenges faced by the Company.
electronically in a secure environment with user’s access rights of mandate to carry on various surprise checks and scrutinize
Particulars of Employees control. records/documents of various other departments from time to
time for timely detection of fraud, malpractices, corruption and
The provisions of Section 134(3)(e) of the Act are not applicable In addition to the above and aiming to widely use of electronic unwarranted/unlawful business conduct in the organization. It
to a Government Company. Consequently, details on Company’s means in daily routine work, various in-house applications have coordinates with the IRCTC management and Railway Board
policy on Directors’ appointment and other matters as required been designed, developed & implemented in the organization. vigilance in dealing matters of vigilance administration, policy
under Section 178 (3) of the Act, are not provided. IT works as a key link between the various user departments. and disciplinary proceedings against erring officials. IRCTC
Various initiatives have been taken during the year for benefit vigilance wing is headed by full time CVO assisted by Deputy
Similarly, Section 197 of the Act is also exempt for a Government of Employees as well as general public. CVO, 3 Vigilance Officers and 3 Chief Vigilance inspectors in
Company. Consequently, there is no requirement of disclosure the corporate office. There are further 5 Vigilance Officers in
Drives for internal use by Employees of IRCTC:
of the ratio of the remuneration of each Director to the median various zones handling vigilance related matters in the field.
employee’s remuneration and other such details, including the Developed & implemented online systems for supporting CVO being the extended arm of CVC is deeply engaged
statement showing the names and other particulars of every official functioning of Employees & providing more interactive in furthering culture of transparency, fair procedures, good
employee of the Company, who if employed throughout / part of platforms for outside public as well such as; business conduct and raising vigilance awareness in the
the financial year, was in receipt of remuneration in excess of the organization. The focus area of vigilance department is to
limits set out in the rules are not provided in terms of Section 197 (12) By using “Gratuity & Annual Property Return” system, Employees promote work culture of intelligence gathering, monitoring and
of the Act read with Rule 5 (1) / (2) of the Companies (Appointment may declare online filling of information related to their nominee surveillance. Efforts are being made to undertake pro-active
and Remuneration of Managerial Personnel) Rules, 2014. & property. preventive vigilance measures. This is to ensure fair systems

80 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 81
 (I) CORPORATE SOCIAL RESPONSIBILITY Presidential Directives "C" regionand expressed satisfaction on the progress
of the official language in all the offices of IRCTC and
No Presidential Directive was received during the year.

Corporate Overview
The Company has been actively engaged in various CSR also praised the work being done by the Department of
activities over the years, encompassing the entire gamut of social Official Language.
Rajbhasha (Official Language)
welfare / upliftment activities across the nation. The Company
has identified thrust areas under CSR, which inter alia include After formation of Department of Official Language in Head
healthcare and sanitation, education and empowerment of Office of IRCTC, nomination of Rajbhasha Officer/Rajbhasha
women and socially / economically backward groups, etc. During Assistant were subsequently processed in all the subordinate
the year, the Company spent the entire budget of H 9.90 crore on zonal and regional offices with the approval of the Competent
various CSR activities. A report on the Company’s CSR activities Authority. The above formation and nominations were made for
as per the provisions of the Companies Act along with the the use and propagation of official language in all the offices.
CSR highlights for the year is annexed at Annexure-“C” to the Apart from this, the facility of Hindi libraries is being provided to
report. The composition of the CSR Committee is provided in the all the employees in the head office as well as in the zonal and
Integrity Pact Corporate Governance Report. The CSR policy of the Company regional offices so that maximum number of employees/officers
can be accessed at the website of the Company on the web link can take advantage of it.

Statutory Reports
IRCTC has implemented the integrity pact programme in line https://www.irctc.com/assets/images/CSR-Vision-Document.pdf.
with the recommendations of the Central Vigilance Commission Replies of all applications, appeals or representations signed in
with an objective to ensure that all activities and transactions Hindi are given in the official language by each office of IRCTC.
between a Company or Government departments and their (J) 
COMPLIANCES OF VARIOUS APPLICABLE During the year 2021-22, various activities like organizing Hindi
Suppliers are handled in a fair, transparent and corruption- REGULATIONS/ GUIDELINES/ LAWS workshops, trainings, meetings, various competitions etc. were
free manner. The adoption of the Integrity Pact by IRCTC undertaken. Many awards, certificates and reward schemes are
has helped in establishing healthy business practices. To • Right to Information Act
also implemented for those who do excellent and commendable
ensure transparency and healthy competitiveness in public work in the official language.
An elaborate mechanism has been set up throughout
procurements/ contracts, IRCTC has adopted the Integrity Pact.
the Company to deal with matters relating to The Right
One Independent External monitor is appointed in IRCTC with At the quarterly meeting of the Official Language Implementation
to Information Act 2005. As required under the RTI Act,
the approval of the CVC. Currently, Dr. Parvez Hayat, IPS (Retired) Committee, all the officers were instructed by the Chairman and
detailed information is hosted and regularly updated on
is IEM for Integrity Pact in IRCTC. A coordinator has also been Managing Director to work in Hindi as per the determined target.

Financial Statements
the official website of the Company, i.e https://www.irctc.
appointed for Integrity Pact for monitoring and implementation It was persistently directed to keep an eye on and pay special
com/rti.html which inter-alia includes details of CPIOs /
of Integrity Pact. Integrity Pact now being used in all the tenders attention to the items having deficiencies, so as to enable, all
APIOs/Appellate Authorities, third party audited reports on
which are beyond the identified threshold values. officers/employees to use official language more with personal
mandatory disclosures, etc. To deal with RTI applications in
interest and achieving the set goals effortlessly. IRCTC actively participates almost in all the meetings of
Whistle-Blower Policy/ Establishment Of Vigil Mechanism a fast track mode, IRCTC generates one Unique Registration
Railway Hindi Salahkar Samiti, Railway Board, Official Language
No. (URN) for each application and the same is replied by the Hindi Week was organized from 13th September to Implementation Committee and Railway Official Language
Disclosure regarding establishment of vigil mechanism concerned CPIO/PIO well within the prescribed time limit. 21st September, 2021 at IRCTC Corporate Office. During the Officers meetings. IRCTC is also an active member of NARCAS
is included under the Corporate Governance Report at week, various competitions like Hindi quiz, Hindi dictation,
The Company has aligned with the online RTI portal (Undertaking) which includes all the top Government of India
Annexure-"B". Apart from vigil mechanism, Company has a Hindi essay writing, Hindi noting, draft writing and Hindi typing
launched by DoPT, Govt. of India, and all the applications/ Undertakings.
full fledged Vigilance Department headed by Chief Vigilance competitions were organized. A large number of participants
Officer. The Department operates on the guidelines of Central appeals received through the portal are disposed off
took part in these competitions. Cash prizes as well as Disclosure Requirement under Sexual Harassment of Women at
Vigilance Commission on Vigilance management in Public through the portal only. The Quarterly Reports / Annual
certificates were distributed to 16 winners by the Chairman and Work Place Act (Prevention, Prohibition and Redressal Act) 2013
Sector Enterprises and is guided further by instructions issued Reports are submitted, within the prescribed timeline, on
Managing Director on 01.10.2021.
by the Department of Personnel and Training. The prime focus the website of the Central Information Commission, i.e., The provisions of the Sexual Harassment of Women at
of Vigilance activities has been Preventive and Participative www.cic.gov.in. An effective presentation related to Official Language Rules- Workplace (Prevention, Prohibition and Redressal) Act, 2013
Vigilance by having regular interaction with employees and Acts was presented to all the Heads of Departments by Chief and the rules thereon are being strictly complied with. The
During 2021-22, a total of 1694 cases under the RTI Act,
other stakeholders to spread awareness among the masses. Official Language Officer, effectively describing the increase in Company is committed to the prevention of sexual harassment
2005 were received and all the applications were disposed
the number of participants participating in the Official Language of women at workplace and takes prompt action in the event
off in a timely manner.
Week 2021. A virtual training program was organized on of reporting of such incidents. In accordance with the Act, to
18.02.2022 to spread the use of official language among all the provide protection against sexual harassment of women at
Received officers and employees and to bring awareness about Hindi to workplace and to maintain their safety, IRCTC has nominated
No. of
during Decisions Decisions the employees from different offices. the Internal Complaints Committee(s) with the composition as
Opening applications No. of cases Closing
the year where where required under the Act, at the Corporate Office as well as Zonal
balance received as transferred balance
Particulars [including requests/ requests/ During the year 2021-22, the second sub-committee of offices of the company.
as on transfer from to other PAs as on
cases appeals appeals the Parliamentary Committee on Official Language also
31.03.2021 other PAs u/s u/s 6(3) 31.03.2022
transferred rejected replied
6(3) inspected West and North Zone including its regional offices During the year, one complaint of sexual harassment was
to other PAs]
viz. Bhopal,Chandigarh. Apart from this, the committee also received by the Company and same was taken up by the
Requests 36 12 1599 366 2 1266 1 inspected the South Zonal Office/Chennai coming under concerned Internal Complaint Committee and matter has
First Appeals 4 0 95 0 0 98 1 been closed.

82 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 83
Procurement from Micro and Small Enterprises (MSEs) Likewise, the DRISHTI Dashboard has been created as a part companies/departments under Ministry of Railways, such as During quarterly meetings of below Board Risk Management
of Vision New India 2022 to reform the role and responsibilities CRIS, Railtel and RVNL) during the year in the ordinary course Committee, various risks have been identified and deliberated
In line with the Public Procurement Policy of the Government

Corporate Overview
of CPSEs through real-time monitoring of their action plans, of business and at arm’s length. The disclosures related to at the Board level committee. Some of the major risks identified
of India, as amended, the Company is required to procure derived from the challenges posed out of the CPSE Conclave. RPTs in accordance with applicable accounting standards are are as mentioned below:
minimum 25% of the total procurement of Goods and Services The company has fed the information on the portal and regular provided at Note-44 of the Standalone Financial Statement of
from MSEs, out of which 4% is earmarked for procurement from the Company. (i) Pandemic Risk
updation is also being done.
MSEs owned by SC / ST entrepreneurs and 3% from MSEs (ii) Dependence Risk
owned by women. The procurement from MSEs during FY Memorandum Of Understanding In view thereof, Form No. AOC-2, in terms of Section 134(3)(h) (iii) Competition Risk
2021-22 was as under: read with Section 188 of the Act and Rule 8(2) of the Companies (iv) Human Resource Risk
The performance of the Company has been rated as “V. Good” (Accounts) Rules, 2014 is annexed to report as “Annexure-G”. (v) Cyber Security Risk
based on the outcomes achieved with reference to the key (vi) Business Continuity Risk
performance indicators (KPIs) enshrined in the Memorandum of Internal Financial Control System (vii) Financial Risk
Parameters Targets Actual
Understanding (MoU) for the financial year 2020-21. (viii) Technology Risk
Your Company has put in place adequate Internal Financial
Total Procurement from 25% 30.76% (ix) Quality Risk
Controls by laying down policies and procedures to ensure
MSEs (General, Reserved (x) Risk from counterfeit products
(K) COMPLIANCES UNDER COMPANIES ACT the efficient conduct of its business, safeguarding of its assets,

Statutory Reports
SC/ST & Women) (xi) Consumer Preference Risk
2013/ SEBI (LODR) REGULATIONS 2015 prevention and detection of frauds and errors, accuracy and
(xii) Commercial Risk
Procurement from 4% (Sub-target Nil completeness of the accounting records, and timely preparation
Reserved SC/ST MSEs out of 25%) (xiii) Catering Operations Risk
Annual Return of reliable financial information commensurate with the operations
Procurement from Women 3% (Sub-target 0.84% (xiv) Rail Neer Operations Risk
of the Company. Effectiveness of Internal Financial Controls is
owned MSEs out of 25%) As required under the provisions of the Companies Act, 2013, the (xv) Environment Risk
ensured through management reviews, self-assessment and
Annual Return is hosted on the Company's website and can be independent testing by the Internal Auditor indicating that your
The deficit under the targets and sub-targets was due to non- The details of the identified risks with their mitigation strategies
accessed from the link https://irctc.com/Annual%20Return.html Company has adequate Internal Financial Controls over Financial
availability of vendors; is mentioned in the Management Discussion & Analysis Report
Reporting in compliance with the provisions of the Companies enclosed as Annexure-“A”.
Deposits
Several initiatives were undertaken to identify the entrepreneurs Act, 2013 and such Internal Financial Controls are operating
for procurement of goods and services from MSEs owned by The Company has not accepted or invited any deposits from effectively. The Audit Committee reviews the Internal Financial Significant and Material Orders
the public under Chapter V of the Companies Act, 2013 read Controls to ensure its effectiveness for achieving the intended
SC / ST enterprises. There are no significant or material orders passed by the

Financial Statements
with Companies (Acceptance of Deposit) Rules, 2014 during the purpose. Independent Auditors Report on the Internal Financial
Controls of the Company in terms of Clause (i) of Sub-Section 3 of regulators or courts or tribunals impacting the going concern
In exercise of powers conferred by Section 9 of the Micro, Small year under review. Therefore, the information required to be
Section 143 of the Companies Act, 2013 by the Statutory Auditors status and the Company's operations in future.
and Medium Enterprise Development Act, 2006 (27 of 2006), reported under Rule 8 (5) (v) of Companies (Accounts) Rules,
the Central Government has issued instructions that all CPSEs 2014 is NIL. is placed along with the Financial Statements.
Secretarial Standards
shall be required to get themselves on boarded on the Trade
Further, as provided in Secretarial Standards, information M/s S.K. Misra & Gujarati, Chartered Accountants were engaged
Receivables Discounting System (TReDS) platform, set up as The Company has complied with Secretarial Standards issued
regarding details of National Company Law Tribunal (NCLT)/ for certification of internal financial control (IFC) for FY 2021-22,
per the notification of the Reserve Bank of India. by the Institute of Company Secretaries of India to the extent
National Company Law Appellate Tribunal (NCLAT) orders in accordance with the provisions of Companies Act, 2013.
applicable.
In compliance with the above instruction, your Company is on with respect to depositors for extension of time for repayment,
The report of Internal Auditor and Internal Financial Control
the TReDS platform to facilitate financing of trade receivables of penalty imposed, if any is also NIL. Investor Education & Protection Fund (IEPF)
is placed before the Audit Committee for the consideration
MSEs by discounting of their receivables and realisation of their and deliberations. Details of the internal control system are The details of unpaid / unclaimed dividend and shares to be
Particulars of Loans & Guarantees Given, Investments Made
payment before the due date. provided in the Management Discussion and Analysis Report transferred to the IEPF in compliance with the provisions of
and Securities Provided
given at Annexure-"A". the Companies Act, 2013 has been provided in the Corporate
During FY 2021-22, one complaint was filed by the MSEs, on
During the year, the Company has not provided any loan, made Governance Report.
MSME SAMADHAN – Delayed Payment Monitoring System, Risk Management
any investment; or provided any guarantee under section 186 of
which was resolved in time. Reporting of Frauds by Auditors
Companies Act, 2013 read with Companies (Meetings of Board The Company has formed a Board Level Risk Management
Knowledge Management System: and its Powers) Rules, 2014. Therefore, the information to be Committee and the details of the composition, meeting held The Auditors in their report for the year have not reported
reported under section 186 of the Companies Act 2013 is NIL. and terms of reference are included under the Report of any instance of fraud committed by the officers/employees of
Aiming to achieve significant pinnacle through a common Corporate Governance placed as Annexure -''B''. the Company.
knowledge management portal, which helps in identifying, Contracts and arrangements with related parties/Related
party transactions The Company also has a below Board level Committee Credit Rating of Securities
creating, organising, distributing and transferring vital
knowledge among employees within and across organisations, constituted of GGM level officers, including GM/Tourism, IRCTC
In line with the provisions of the Companies Act, 2013 & SEBI During FY 2021-22, the Company has not received any credit
the SAMANVAYA platform has been developed by the as Chief Risk Officer (CRO). The functions of the Committee are
guidelines, a policy on material RPTs has been framed, which rating by the rating agencies. Further details are mentioned in
Department of Public Enterprises. IRCTC is an active member to identify the risks related to the specific business segments
can be accessed on the link https://irctc.com/assets/images/ the Corporate Governance Report.
on the platform and updates the details related to the Company of IRCTC in order to establish an appropriate risk management
IRCTC_Related%20Party%20Transactions-_03.08.2019.pdf.
framework in the Company.
regularly.
The Company has undertaken transactions with related
parties (Ministry of Railways, Government of India, Government

84 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 85
Corporate Insolvency Resolution Process Initiated Under the • Expenditure incurred on Research and Development administrative ministry, their evaluation is also done by the (M) JOINT VENTURES/SUBSIDIARIES
Insolvency And Bankruptcy Code, 2016 Ministry of Railways and Department of Public Enterprises.
Your Company does not undertake exclusive research

Corporate Overview
The company’s only Joint Venture with Cox & Kings Limited,
The Company has no information to disclose under above. projects as it does not have the presence in such a domain. (L) AWARDS AND ACHIEVEMENTS with 50:50 equity in the name of Royale Indian Rail Tours
However, to improve the technical capability and enhance Limited (RIRTL), was incorporated on 27th November, 2008 with
Failure to Implement any Corporate Action competence, some methods and techniques have been 1. Most Efficient & Profitable Miniratna of the Year (Non- an objective to acquire, furnish, maintain, manage and operate
developed and innovative systems have been introduced Manufacturing), Best PSUs of India 2021 Awards / Dalal luxury trains and to market holiday packages with such luxury
The Company has implemented all Corporate Actions
for its business segments. Street Investment Journal. trains as an integral part.
successfully within prescribed timelines. Therefore, the
Company has nothing to report. • Foreign exchange earnings and outgo 2. IRCTC the Indian Railway Hospitality Company is back in Accordingly, a luxury train having 23 coaches was manufactured,
the Next 500 rankings after Two Years, listed at # 309 in fabricated and funded by the company and was marketed in the
Green Initiatives in Corporate Governance The Foreign Exchange earned in terms of actual inflows Fortune India Next 500 Companies. name of Maharajas’ Express and was leased to the Royale Indian
In line with relaxations extended by MCA and SEBI due to the during the year and the Foreign Exchange outgo during Rail Tours Limited (RIRTL) for the purpose of running, operating
the year, in terms of actual outflows, compared to previous 3. Ask Disha, AI Chatbot of IRCTC powered by CoRover got
Covid-19 pandemic and in furtherance of the ‘Green Initiative’, and managing the luxury tourist train for a period of 15 years.
year is mentioned below: the best digital innovation award.
the Company has effected the delivery of Notice of the AGM However, due to certain issues between the equity partners, the
Amount (H in Cr)

Statutory Reports
and the Annual Report through electronic mode only to those lease of the luxury train was withdrawn and the JV Agreement
Members whose e-mail IDs were registered with the respective dated 10th December, 2008 was terminated on 12th August 2011.
Particulars 2021-22 2020-21
Depository Participants viz. National Securities Depository The Hon’ble Supreme Court permitted IRCTC to operate the said
Limited and Central Depository Services (India) Limited. Further, luxury train. Cox & Kings Limited initiated arbitration proceedings
Foreign Exchange Earning 19.37 9.85
as a part of green initiative, the agenda for the meetings seeking restoration of Joint Venture Agreement. The arbitration
Foreign Exchange Outgo
are sent through electronic mode ensuring encryption and is at the final argument stage before Arbitral Tribunal.
Foreign Travelling Expenses 0.01 0.01
password protection.
IRCTC has also filed a petition against Royale Indian Rail Tours
Retirement of Directors by Rotation
Particulars Relating to Conservation of Energy, Technology Limited (RIRTL) and Cox & Kings Limited and others before
Absorption and Foreign Exchange Earnings and Outgo Etc. As per the Companies Act, 2013, the provisions in respect National Company Law Tribunal (NCLT) (erstwhile Company
of retirement of Directors by rotation will not be applicable Law Board) under sections 388B, 397, 398, 399 and 403 of
The details pertaining to Conservation of Energy and the Companies Act, 1956 and the said petition is subjudice
to Independent Directors. In view of this, no Independent

Financial Statements
Technology Absorption; and Foreign Exchange Earnings and and listed for arguments. NCLT has declared the said company
Director is being considered to be retired by rotation but all
Outgo, as required to be disclosed under Section 134(3)(m) of (RIRTL) to be in managerial dispute. Details of the Joint Venture
other directors will be retiring by rotation. Accordingly, one third
the Companies Act, 2013 read with Rule 8 of the Companies are covered in the notes to accounts of the financial statements
among all other directors, Smt. Rajni Hasija, Director (Tourism
(Accounts) Rules, 2014 is given as under: for the periods ending 31st March, 2022 vide note no. 37.2 and
& Marketing) and Shri Ajit Kumar, Director (Finance) & CFO are
liable to retire by rotation and being eligible, offers themselves 45. The parties have also taken permission from the NCLT for
All out efforts and initiatives are taken by IRCTC to minimise
for reappointment. not holding the Board and General meetings of RITRL without
adverse environmental impacts from its operations, products &
its approval in July, 2013.
services by using processes, practices, materials and products
Policy on Performance Evaluation of Directors
that avoid, reduce and control pollution. Compliance with the Consolidation of Financial Statements
relevant environmental laws and effective operation of the The provisions of Section 134(3)(p) of the Companies Act,
various pollution control facilities are ensured at all the plants/ 2013 requires a listed entity to include a statement indicating As mentioned in the paragraph above, the Board meetings and
units for ensuring a safe and clean environment and to reduce the manner of formal evaluation of performance of the Board, general meetings have not been held in RIRTL since financial
the dependence on conventional energy sources. its Committees and of individual Directors. However, the year 2010-2011, due to pending dispute with Cox & Kings
said provisions are exempt for Government Companies as Limited. Therefore, the consolidation of financial statements as
The details on the above are mentioned in the Business required under section 129(3) of the Companies Act 2013 could
per Ministry of Corporate Affairs (MCA)’s notifications dated
Responsibility & Sustainability Report enclosed as Annexure – “D”. not be done as also explained and disclosed vide Note No.
05.06.2015 and 05.07.2017. IRCTC being a Government
Company under the administrative control of the Ministry of 45 of the Notes to accounts of the financial statements for the
Technology absorption-
Railways is also exempted from the above mentioned provisions period ending 31st March 2022.
Details are mentioned below in the table: of Companies Act.

In IRCTC, the evaluation of performance of Functional Directors AUDITORS

S. includes self-evaluation by the respective functional directors
Particulars Status Statutory Auditor
No. and subsequent assessment by CMD with final evaluation by
(a) the details of technology imported; NIL the Ministry of Railways. Under Section 139(5) of the Companies Act 2013, Comptroller &
(b) the year of import; NA Auditor General of India has appointed M/s P. R. Mehra & Co.,
The performance evaluation of CMD includes self evaluation
(c) whether the technology has been NA Chartered Accountants as Statutory Auditor of the Company to
and final evaluation by the Ministry of Railways.
fully absorbed; audit the financial statements for the financial year 2021-22. The
(d) if not fully absorbed, areas where NA In respect of Government nominee directors, their evaluation details of payment made to Statutory Auditor during financial
absorption has not taken place, and is done by the Ministry of Railways as per the procedure laid year 2021-22 on consolidated basis is mentioned below:
the reasons thereof; down. Since, independent directors are appointed by the

86 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 87
 (ii) the Directors have selected such accounting policies v. Shri Debashis Chandra (DIN: 08641893) was appointed ACKNOWLEDGEMENTS
and applied them consistently and made judgments and as Additional Director (Catering Services) on the Board of
Amount

Corporate Overview
Particulars estimates that are reasonable and prudent so as to give a IRCTC w.e.f. 18th January, 2022, in accordance with Ministry Your Directors are highly grateful for all the help, guidance
(K in crore) and support received from the Ministry of Railways, Ministry
true and fair view of the state of affairs of the company at of Railways’ Letter No. 2018/E(O)II/40/10 dated 18th January,
the end of the financial year and of the profit or loss of the 2022. of Finance, Ministry of Tourism, as well as the various State
Statutory Audit Fees, Tax Audit Fees and 0.24
company for that period; Governments, regulatory and statutory authorities/agencies.
Limited Review Fees
The following Directors are holding office as on the date of The Board is also thankful to all its stakeholders, including
Secretarial Auditor (iii) the Directors have taken proper and sufficient care for the report:- bankers, investors, members, customers, consultants, auditors,
the maintenance of adequate accounting records in contractors, vendors, etc., for their continued support and
Pursuant to Section 204 of the Companies Act, 2013 read with accordance with the provisions of this Act for safeguarding confidence reposed in the Company.
S. Date of
Companies (Appointment and Remuneration of Managerial the assets of the company and for preventing and detecting Particulars
No. Appointment Your Directors acknowledge the constructive suggestions
Personnel) Rules, 2014, IRCTC has appointed M/s Amit Agrawal fraud and other irregularities;
& Associates, an independent firm of practicing Company 1. Smt. Rajni Hasija From 18th May, received from Auditors and Comptroller and Auditor General of
Secretaries to conduct Secretarial Audit for the financial year (iv) the Directors have prepared the annual accounts on a (DIN: 08083674) 2018 onwards India and are grateful for their continued support and cooperation.
2021-22. going concern basis; and Director (Tourism & Marketing)
Your Directors thank all share-owners, business partners,

Statutory Reports
& CMD (Additional Charge)
The Secretarial Audit Report for the financial year ended March (v) the Directors have devised proper systems to ensure predecessors, Mr. Vinay Srivastava, Govt. Nominee Director,
compliance with the provisions of all applicable laws and 2. Shri Ajit Kumar From 29th May,
31, 2022 is enclosed as Annexure-“E” to this report. who completed his tenure and all members of the IRCTC Family
that such systems were adequate and operating effectively. (DIN: 07247362) 2020 onwards
for their faith, trust and confidence reposed in the Board.
Internal Auditor Director (Finance)
3. Shri Debashis Chandra From 18th Your Directors wish to place on record their sincere appreciation
As per the Section 138 of the Companies Act, 2013 read with DIRECTORS AND KEY MANAGERIAL PERSONNEL (DIN: 08641893) January, 2022 for the unstinting efforts and dedicated contributions put in by
Rule 13 of Companies (Accounts) Rules 2014, the Company has (KMPs) Director (Catering Services) onwards the IRCTC’s employees at all levels, in spite of the challenging
appointed M/s S. Ramanand Aiyer & Co., Chartered Accountants, 4. Shri Neeraj Sharma From 12th July, and unprecedented pandemic situation, to ensure that the
an independent accounting firm to undertake the assignment of The Chairman & Managing Director (CEO), Director (Finance), (DIN 08177824) 2018 onwards Company continues to sustain, grow and excel.
internal audit for FY 2021-22. The details regarding scope and Director (Catering Services), Director (Tourism & Marketing), Government Nominee Director
functions of the firm is placed in the Management Discussion Chief Financial Officer and Company Secretary are Key 5. Shri Vishwanath Shanker From 14th
and Analysis Report. Managerial Personnel (KMPs) of the Company. (DIN: 07903588) For and on behalf of the Board of Directors

Financial Statements
December,
Government Nominee Director 2021 onwards
Cost Auditor The following changes have taken place in the Board of
Directors and Key Managerial Personnel of your Company since 6. Shri Vinay Kumar Sharma From 9th (Rajni Hasija)
The business segments of IRCTC are not covered under Cost the last Annual General Meeting: (DIN: 03604125) November, Date : 21.06.2022 Chairperson & Managing Director
Audit Rules notified by Ministry of Corporate Affairs. However, Independent Director 2021 onwards Place: New Delhi DIN: 08083674
the Company conducted the cost audit of cost records i. Shri Vinay Srivastava (DlN: 08638850), ED (PSU), Railway 7. Shri Namgyal Wangchuk From 12th
maintained by the Rail Neer Plants on a voluntary basis only Board ceased to be Government Nominee Director on (DIN: 09397676) November,
through M/s R.J. Goel & Co. as the Cost Auditor for the year the Board of the Company w.e.f 13th September 2021, Independent Director 2021 onwards
2021-22. in accordance with Ministry of Railways’ Order No.
ERB-I/2017/2/35 dated 13th September, 2021.

COMMENTS OF COMPTROLLER & AUDITOR ii. Shri Vinay Kumar Sharma (DIN: 03604125), was appointed
GENERAL (C&AG) OF INDIA as Additional Director (Independent Director) on the Board
of IRCTC w.e.f. 9th November, 2021 in accordance with
The Comptroller & Auditor General of India has undertaken Ministry of Railways’ Order No. 2019/PL/57/22 dated 09th
supplementary audit on the financial statements of the Company November, 2021.
for the year ended 31st March, 2022 under Section 143(6) of the
Companies Act, 2013. iii. Shri Namgyal Wangchuk (DIN: 09397676), was appointed
as Additional Director (Independent Director) on the Board
The comments of the C&AG on the Annual Accounts of the of IRCTC w.e.f. 12th November, 2021 in accordance with
Company for the year ended 31st March, 2022 shall also form Ministry of Railways’ Order No. 2019/PL/57/22 dated 09th
part of this report. November, 2021.

iv. Shri Vishwanath Shanker (DIN: 07903588), ED (Planning),

DIRECTORS’ RESPONSIBILITY STATEMENT Railway Board was appointed as Additional Director
(Government Nominee Director) on the Board of IRCTC
The Board of Directors of the Company in pursuance of section
w.e.f. 14th December, 2021, in accordance with Ministry of
134 (5) of Companies Act, 2013 confirms that:
Railways’ Order No. 2021/PL/49/14 dated 14th December,
(i) in the preparation of the annual accounts, the applicable 2021.
accounting standards have been followed along with
proper explanation relating to material departures;

88 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 89
 Annexure – “A” to the Directors’ Report TITLE: Expected CO2 emissions reduction by Indian Railways through use of renewable energy

Management Discussion and Analysis Report

Corporate Overview
70

CO2 emission in million tonnes

60
1. INDIAN ECONOMIC REVIEW Outlook
60 55
Due to macro indicators that have insulated the economy against The year under review saw India grappling with repeated
Baseline CO2 emissions 49
global stressors, India has remained steady in its recovery COVID infections causing immense loss of lives and 50
42
in a globally uncertain environment. The Indian economy is livelihoods. However, growing vaccination coverage, stable
40 36
estimated to record a growth of 8.9% in FY22 as per the second and accommodative monetary policy by the Reserve Bank of
advance estimates of the National Statistical Office (NSO).1 India (RBI) and fiscal support by the Government of India helped 30
30 25 25 26 CO2 emissions reduction
cushion the impact to a very large extent. 23
The growth, partly attributed to the low base effect in Q1, put
India among the fastest-growing major economies of the world. With the waning of the Omicron scare towards the end of the 20
23 24 24
The economy gained further momentum in Q2 with business fiscal year, the Indian economy gradually began to recover, 21

Statutory Reports
especially the non-contact sectors. However, inflation remained 19
activities recovering to a large extent following relaxations in 10 14
the Covid-related restrictions and an increased vaccination rate. elevated owing to high commodity prices, global supply chain Post implementation CO2 emission 11 11
issues and geopolitical tensions. 6 6
0
After registering significant growth in Q2, the progressive

2020-21

2021-22

2022-23

2023-24

2024-25

2025-26

2026-27

2027-28

2028-29

2029-30
recovery journey got bumpy in Q3 showing fragility Real GDP of India is expected to grow at 7.2% in 2022-23 with
across sectors. growth in Q1 being 16.2%, Q2 being 6.2%, Q3 being 4.1%and Q4
being 4%. CPI inflation is projected to average 5.7% in 2022-
The Government's emphasis on capital spending and exports Source: Economic Survey 2021-22
23 – 6.3% in Q1, 5.8 % in Q2, 5.4% in Q3, and 5.1% in Q4. The
is likely to bolster production capacity and aggregate demand sharp spike in inflation projection is mainly due to the economic
in future. This would also entice private capital. Investment disruptions caused by the Russia-Ukraine conflict.4 • Under the Gati Shakti scheme, 400 new Vande Bharat travel agencies to online alternatives. The Indian Railways also
activity will be boosted by the favourable financial environment. trains and 100 new cargo terminals have been introduced, facilitates online ticket bookings through its e-booking portal.
According to the Reserve Bank of India's (RBI) surveys, capacity Industry analysis mentioned in the Union Budget 2022-23.

Financial Statements
It is expected that the travel services market in India will grow by
utilisation is increasing, which should encourage investment
The Indian Railways is the fourth largest railway network in the • Providing Wi-fi at all stations, except halt stations. A total of $11.11 billion with a CAGR of almost 12% during 2021-25.8
and consumption demand.
world after Unites States, Russia and China. It is also among 6,087 railway stations have been set up with wi-fi facilities
the largest employers in the world, employing around 1.3 million as on 5th December 2021. Food catering services
The agricultural sector experienced the least impact of the
disruptions caused by the pandemic. It is expected to grow people. The railways have 126,366 km of total tracks over a The food delivery business in India is highly fragmented and
67,956 km route and about 7,335 stations. In FY22, the railway • The Indian Railways has operated 1,841 Kisan Rail services,
3.9% in FY22. The manufacturing sector growth is pegged at the vendors use different strategies to compete in the market.
sector noted 18% increase in freight loading, compared to last transporting approximately 6 lakh tonnes of perishables
12.5% in FY22 after contracting by 7.2% in FY21.2 The food delivery market in India is expected to grow at a CAGR
year with weight of the freight being 1029.94 MT.5 including fruits and vegetables.
of 28.13% between 2021 and 2026, thereby increasing in size
Figure 3: Real GVA of Agriculture & Allied Sectors
Government initiatives E-booking industry by $716.53 million9. Major drivers of the evolving market are
2017-18 18.4 changing preferences of consumers and increasing income.
• A sum of H 1,40,367.13 crore was allocated to the Indian With increased usage of internet and introduction of Artificial
2018-19 18.9 / Augmented Reality (AR), the online travel service market has Packaged drinking water
Railways in Union Budget 2022-23, which is 27.5% higher
2019-20 19.7 than the budgetary allocation of 2021-22. been changing rapidly due to which a growing number of
Indians have turned to the internet for better travel prices and Packaged drinking water is one of the most common items sold
2020-21 20.4 across the country. No seminars or conferences are complete
• To realise the vision of Atmanirbhar Bharat, 2,000 km of accommodations. The growth in the Indian online travel market
2021-22 21.2 railway network will be brought under KAVACH for safety has been initiated by the increasing penetration of international without packaged drinking water. The pandemic dealt a severe
(H Lakh Crore) and capacity augmentation in 2022-23. flight and hotel bookings offered by online portals. blow to the sector with sales reducing by 50%. Tweaking their
Source- Economic Survey 2021-2022 delivery model, the bottled water companies adopted direct-
Service sector, especially the contact-intensive ones, has seen • Complete electrification of all railway networks by 2023 Some other factors that contribute to the growth are changing to-consumer selling models and delivered packaged drinking
the most impact during the pandemic. The sector is projected using three-phase technology for regenerative braking, use consumer preferences, rising disposable income, demand water through online apps. Foraying into the direct selling
to grow at a rate of 8.2% after contracting by 8.4% in 2020-21. of renewable sources of energy and ‘head on generation’ for convenience and wide variety of options.7 In recent times, market is not easy, but many companies took this step to acquire
The travel, trade and hotels segments are yet to recover to technology to eliminate the need for diesel-fuelled power consumers prefer to make travel bookings on their own, customers and make up for their losses. The packaged drinking
their pre pandemic levels, while finance, real estate and public cars and create carbon sink for afforestation.6 particularly via online travel aggregators (OTA). These online water market in India is valued at $24 billion as of 2019 and is
administration segments are already above pre-pandemic levels.3 companies offer the comfort of booking from home and often expected to reach $60 billion by the end of 2023. However,
offer package deals and price-saving options. As a result, many a 30% contraction has been noticed in this segment due to
travellers have turned away from traditional brick-and-mortar the pandemic.
1 3
https://mospi.gov.in/documents/213904/416359/PRESS%20NOTE%20SAE%20 Economic Survey 2021-2022- State of Economy- https://www.indiabudget.gov.in/
28-02-2022M1646051035697.pdf/f0035128-6098-8329-3e7b-6d7df22e8b2d economicsurvey/doc/eschapter/echap01.pdf
2 4
Agriculture and allied sectors have been the least impacted by the pandemic https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53601 7 https://www.mordorintelligence.com/industry-reports/online-travel-market-in-india
and the sector is expected to grow by 3.9 per cent in 2021-22”- Economic Survey 5
https://www.investindia.gov.in/sector/railways 8 https://www.prnewswire.com/news-releases/travel-services-market-in-india-to-grow-by-usd-11-11-billion--technavio-301344407.html
2021-2022- State of Economy- https://www.indiabudget.gov.in/economicsurvey/ 6
9 https://www.prnewswire.com/news-releases/food-delivery-market-in-india-to-grow-at-a-cagr-of-28-13-by-2026-evolving-opportunities-with-bundl-technologies-pvt-ltd-
Economic Survey 2021-22
doc/eschapter/echap01.3333pdf -dominos-pizza-inc17000-technavio-reports-301439214.html

90 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 91
 Administrations for the infrastructure development coolies, taxi/ coach drivers, staff at monuments, guides etc. the Ministry of Railways, IRCTC provides a single point of
of circuits. contact for all travel, tourist, e-ticketing and hospitality-related
The tourists come in contact with various service providers

Corporate Overview
services. It has drastically transformed India's travel industry.
This scheme is envisioned to synergise with other schemes and it is this experience they have while interacting with the With a host of services ranging from online ticket bookings, to
like Swachh Bharat Abhiyan, Skill India, Make in India etc. cutting edge governs their experience of India as a tourist hotel and flight bookings, the online portal meets varied travel
with the idea of positioning the tourism sector as a major destination. It was therefore felt necessary that these large needs. IRCTC also promotes domestic and international tourism
engine for job creation, the driving force for economic number of service providers are given certain inputs which with special tour packages and advanced e-ticketing services.
growth, building synergy with various sectors to enable can improve their behaviour and service levels. Therefore
tourism to realise its potential. a scheme was formulated wherein these service providers IRCTC is the only entity authorised by the Indian Railways to
in the unorganized sector are given some inputs so as to sell railway tickets online, provide catering services on trains,
• PRASAD Scheme: upgrade their behaviour and service skills. and deliver packaged drinking water at railway stations and
The full form of the PRASAD scheme under the Ministry trains in India. The Company operates through four major
• Adopt a Heritage- “Apni Dharohar, Apni Pehchaan” divisions - catering and hospitality, internet ticketing, travel and
of Tourism is ‘Pilgrimage Rejuvenation and Spiritual Project Development Of Tourist Friendly Destiations:
Augmentation Drive’. tourism, and packaged drinking water (Rail Neer), offering a
comprehensive range of products and services that meet the
India has always been renowned for its rich cultural

Statutory Reports
This scheme focuses on developing and identifying needs and expectations of millions.
heritage. India’s glorious past and cultural diversity make
Travel and tourism pilgrimage sites across India for enriching the religious a potent blend which attracts millions of tourists each year • E-ticketing services- The IRCTC e-ticketing system was
tourism experience. It aims to integrate pilgrimage to its tourist destinations. India's rich heritage is abundantly
The tourism industry in India has been an important growth migrated to the next generation e-ticketing system (N-GeT)
destinations in a prioritised, planned and sustainable reflected in the form of numerous temples, palaces,
driver for the economy, in terms of GDP share and employment in 2014 to enhance the capacity of e-ticket booking. The
manner to provide a complete religious tourism experience. monuments, forts, etc. which have contributed to the
generation. India’s rich cultural heritage and diverse geographic capacity was enhanced from 2,000 to 7,200 tickets per
The growth of domestic tourism hugely depends on growth of tourism within the country.
landscape makes it an attractive destination for tourists from all minute. The online ticketing system has been upgraded
pilgrimage tourism.
over the world. The country is bestowed with 38 UNESCO - World continuously for enhanced capacity and security of the
The Government of India, in the recent past, has taken
Heritage Sites, beautiful beaches and snow clad mountains that For tapping the potential of pilgrimage tourism, there is a system. At present, the NGeT system has a capacity to
several initiatives to give a boost to the tourism sector and
offer the perfect mix of travel options. With an ever-increasing need for holistic development of the selected pilgrimage book more than 26,000 tickets per minute with a record
the image of India as a destination for tourism has further
millennial population, higher disposable incomes, and more destinations by the government along with the cooperation booking of 26,458 tickets in a minute. The e-ticketing has
been amplified by promotions undertaken under the
affordable options for travel and accommodation, tourism of other stakeholders. user base of more than 8 Crores registered active users for
“Incredible India” brand line.

Financial Statements
trends have largely shifted from destination-based tourism to booking online reserved rail tickets as on 31st March, 2022.
experience-based tourism. The lockdowns and restriction on The PRASAD scheme aims at paving the way for the In respect of the heritage sites in the country, it is observed
international arrivals to India coincided with the peak travel development and promotion of religious tourism in India. During the FY22 80.43% of reserved tickets on Indian
that they are facing challenges primarily related to the
season between March and April. Being largely integrated with Railways were booked using IRCTC’s e-ticketing service.
• Scheme of Capacity Building for Service Providers creation and operation and maintenance of the various
the local economy, the spill-over effects were felt across broad The remaining tickets were booked through the passenger
(Institutes) (CBSP Scheme): infrastructural as well as service assets. There is a need
business segments. reservation system (PRS), manned by Railway employees.
to develop a robust mechanism for the provision of basic
A large segment of people are involved directly and amenities in the short term and advanced amenities on a • IRCTC rail connect app (mobile ticketing): In a bid to
The number of foreign tourist arrival to India between January
indirectly in the tourism industry. Professional expertise is long-term basis at the sites. make train ticket booking easier, IRCTC had revamped
and June 2021 was 4.19 lakhs, down by 83.1% in comparison to
the same period in 2020.10 required for specialized vocations in this field. At present its mobile app and relaunched it as ‘IRCTC Rail Connect’
there are Food Craft Institutes (FCIs) and Institute of Hotel • This project is envisioned to synergize with other
in 2017. The first e-ticketing Android app, the ‘IRCTC
Management (IHMs) where technical training is being Infrastructure development schemes in collaboration with
Tourism is a significant source of foreign exchange earnings Connect’ was launched in 2014. Through the mobile app on
provided to persons for the Hospitality Industry. Tourism Ministry of Culture, Archaeological Survey of India, State
(FEE) for the economy. During the calendar year 2020, the Android & iOS platforms, a total of 1915 Lakh tickets were
training is being provided by the Indian Institute of Tourism Governments and other Ministries /Organisations, with the
foreign exchange earnings from the tourism industry stood at booked, which is 46 % of the total tickets booked online
and Travel Management, Gwalior, its Eastern Regional objective of ensuring provision of amenities and facilities
H 50,136 crore, as compared to H 211,661 crore in 2019. during 2021-22.
Centre at Bhubaneswar, and through its various “Chapters” across the heritage & tourist sites, enhancing overall tourist
To give a boost to Tourism & Hospitality industry, Ministry of located at different places in the country to persons for experience and providing necessary momentum to the • IRCTC payment system: - IRCTC offers various options
Tourism has launched various schemes. The brief details of taking up professions in the Travel and Tourism Industry. economic development of the region. for online payments such as net banking, credit and debit
these schemes are provided below: The tourism service providers are both in the approved/ card, wallets, cash cards, BHIM/UPI, scan-and-pay, pay-
organized and also in the unorganized sector. The IHMs 2. COMPANT OVERVIEW - A SMOOTH RUN on-delivery/ pay-later, among others, on its website and
• Swadesh Darshan Scheme:
and FCIs cater mainly to organized sector i.e. Hotels and app. International users can also book tickets online using
Swadesh Darshan Scheme is a Central Sector scheme by Restaurants. At the same time, there are a large number of Indian Railway Catering and Tourism Corporation (IRCTC) was international credit cards on special gateways provided by
the Ministry of Tourism and Culture, Government of India persons who are engaged in the unorganized sector such incorporated on September 27, 1999. It is set up as an extended Atom Technologies and ITZ Cash Card along with other
for the integrated development of theme-based tourist as small hotels, road side eating places, ticketing/ travel arm under the Indian Railways to upgrade, professionalise multiple payment options.
circuits. agencies, dhabas etc. and manage the catering and hospitality services at stations,
on trains and other locations and to promote domestic and • IRCTC i-Pay as Payment Gateway: IRCTC in its journey
The scheme aims to promote, develop and harness the There is a segment of tourism service providers who are international tourism through development of budget hotels, has faced several challenges from Payment Gateways
potential of tourism in India. Under the Swadesh Darshan engaged in other professions but come in contact with special tour packages, information and commercial publicity operating in the market. To take up the challenge thrown
scheme, the Ministry of Tourism provides Central Financial the tourist. These persons, such as staff at bus/ railway and global reservation systems. by Payment Gateways and banks to IRCTC in its journey
Assistance – CFA to State Governments, Union Territory stations, police personnel, immigration staff at airports, of e-ticketing , it was considered wise to have its own
A Mini Ratna (Category-I) central public sector enterprise under Payment Gateway. IRCTC, now, has its own Digital Payment
10
Ministry of Tourism – Market Research and Statistics

92 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 93
 Gateway- IRCTC i-Pay (A PCI-DSS Compliant Payment contactless credit card on the RuPay platform of NPCI. • Vistadome coach: Indian Railway’s first Vistadome coach by professionals.
Solution) a one-stop payment solution which facilitates The card was dedicated to the service of the nation by with glass ceiling, LED lights, a large observation window at
• Only authorised entity to setup Executive Lounges at

Corporate Overview
payments through all payment modes (like Internet Banking, the Minister of Railways and Minister for Commerce and the lounge, 360 degree rotatable seats for better viewing,
Railway Stations to provide pre-departure and post arrival
Debit Card, Credit Card, Wallets, UPI Account & Autopay) Industry, Shri. Piyush Goyal on July 28, 2020. electronically operated automatic sliding doors, ceramic
services to the travelling passengers.
and for safe and secure transaction between the merchant tiled toilets, a mini pantry and service station, and a wide
IRCTC has also launched BOB Loyalty Cobranded Credit
website, multiple issuing institutions, acquiring banks and side door for entry of physically challenged passengers, • Mandated to operate, maintain and market the Retiring
Card on RuPay platform on 21-Feb-2022 in collaboration
the payment gateway providers. The IRCTC iPay empowers is being operated in the picturesque Araku Valley located Rooms over Indian Railways.
with Bank of Baroda.
merchants to collect, process, and distribute payments by in Andhra Pradesh. Vistadome coaches are also being
utilizing its extensive range of product suite. IRCTC iPay The cards are designed to reward frequent railway operated between Mumbai and Goa. • Strong presence in the travel and tourism industry with
payment gateway provides a better digital experience, travellers, wherein the new co-branded credit cards on special trains running for domestic and international
improved online digital payment convenience and ease Vistadome coaches have also been introduced in travellers, showcasing India’s rich cultural heritage. IRCTC
Rupay platform offers rail passengers maximum savings
of doing business. Presently it is available on IRCTC following trains: has also tied up with private entities to position itself as
proposition on their travel together with exclusive benefits
website www.irctc.co.in, Rail connect Mobile App, IRCTC on retail, dining and entertainment as well as transaction a one-stop solution for customers in the tourism and
18551- 52- VSKP - KRDL Express
Air website www.air.irctc.co.in, IRCTC Tourism website fee waivers. hospitality industry.
www.irctctourism.com. In the Financial Year 2021-22, i-Pay 16515-16- YPR - KAWR Express

Statutory Reports
• BHIM/UPI Payment Mode: Users who make online 16575-76- YPR - MAJN Express • The Company’s strong leadership and expert management
has generated a revenue of H 52.88 Crores with good
payment for e-tickets through BHIM/UPI payment mode, team offers strength to deliver strong financial results and
profit margins. 16539-40- YPR - MAJN Express
convenience fee is charged at a reduced rate to promote constant growth, year after year.
• Tatkal scheme for reserved tickets: The Tatkal charges 16579-80- YPR - SMET Intercity Express
digital payments, thereby fulfilling the Digital India mission
15887-88- BPB - GHY Tourist Express Challenges
have been fixed as a percentage of fares at the rate of 10% of the Government of India.
of the basic fare for second class and 30% of the basic fare 15907-08- TSK - NHL Vistadome Express • Adverse policy changes by Ministry of Railways that affect
for all other classes subject to minimum and maximum limits. • Travel insurance: IRCTC introduced the travel insurance
for Indian citizens (above five years) who use the IRCTC 15777-78- NJP - APDJ Tourist Express the revenues of the company including policy regulations
Tatkal tickets are issued for the actual distance of travel, by Ministry of Railways on menu & tariff limits.
website application to book their tickets. The travel 12087-88- NHLN - GHY Shatabdi Express
instead of end-to-end, subject to the distance restrictions
applicable to the train. The same Tatkal berth/seat may insurance provides accidental coverage to passengers 12123-24- CSMT - Pune Deccan Queen • Demand and supply crisis for reserved rail tickets resulting
be booked in multiple legs till preparation of the charts. At during their travel with the Indian Railways. In case of an in customer dissatisfaction.
11007-08- CSMT- Pune Deccan Express
the time of preparation of charts, the unutilised ones are accident due to collision between trains, derailing of the

Financial Statements
12051-52- CSMT- MAO Jan Shatbdi Express • Any failure to maintain or enhance consumer awareness of
released to the General RAC/ Waiting list passengers. Tatkal train carrying passengers or any other kind of train accident,
12009-10- MMCT - ADI Shatabdi Express our brand.
facility is also available in the executive class of Shatabdi the passengers or the nominee can claim compensation.
Express trains by earmarking 10% of the accommodation The coverage of the policy will be on a PNR basis and • Inability to implement our growth strategy successfully
• Executive lounges: Executive lounge at Railway Stations
available (5 seats per coach). Tatkal booking opens at 10 will include death, permanent total disability, permanent in relation to Catering, Travel and Tourism, and internet-
provides services/facilities like wash and change, wi-fi
am for AC classes and 11 AM for non-AC classes, one day partial disability as well as hospitalisation charges. This ticketing business.
internet, live TV, channel music, newspaper/book stand,
in advance of the actual date of the journey, excluding the travel insurance, up to H10 lakhs, is provided to passengers
buffet services, concierge services for pre-departure and • Declines or disruptions in the travel industry.
date of journey. The scheme is available on www.irctc.co.in who opt for it by paying a very small premium @ H 0.49 per
post arrival assistance to the passengers etc. on payment
and IRCTC Rail Connect app where customers can book passenger which was reduced to H 0.35 per passenger. • Seasonal changes that may affect the demand for our
basis. Presently, IRCTC is managing 08 Executive Lounges
tickets under the Tatkal scheme, seamlessly. During the fiscal year total passengers opted for Travel products and services.
i.e. New Delhi (Paharganj Side & Ajmeri Gate side), Agra
Insurance was 32.67 Crores. Premium collected for this
Cantt, Jaipur, Ahmedabad, Madurai, Sealdah and Varanasi. • Fluctuations in operating costs and impact on our
• VIKALP scheme: Travellers on the waiting list, irrespective service was H 13.92 Crores.
financial results.
of a booking quota or concessions, can choose maximum Recently, IRCTC has commissioned 02 world class Executive
five trains under this scheme. It does not ensure • Concessional Bookings: The concessional booking facility • Any non-compliance with, or changes in, regulations
lounge at New Delhi Railway Station and Varansai Railway
confirmation of a berth, since it depends on the availability is also available for journalists and Divyang (differently applicable to us may adversely affect our business.
Station as part of development of Indian Railways during
of seats in the given train. There is no refund or extra fare abled) passengers for booking online tickets on the IRCTC
the FY 2021-22. Opportunities
charged for these changed trains, including the Tatkal website and mobile apps using ID cards provided by the
prices. Either all passengers of a PNR opting for this Indian Railways. Core competencies
• IRCTC own Payment Gateway Business to establish as a
scheme will be transferred to alternate trains in the same • Only entity authorised to sell railway tickets online.
• Online booking for Railway Pass Holders: Online booking Fintech Company.
class or none will. Once confirmed in an alternate train, the
of reserved rail ticket using the railway pass has been • Sole entity involved in distribution of packaged drinking
cancellation charges apply as per usual rules. A person can • Data Monetisation of IRCTC Digital Assets.
implemented for Railway employees who are engaged water across all trains and railways stations in India.
be transferred to any train available within the window as
in service. Convenience fee and travel insurance are not • Providing online ticketing solutions to other organisations.
per selection made by the user. The train list, once selected • A one-stop solution in the travel industry with multiple
applicable for these bookings.
under VIKALP, can be changed or updated only once. • Growing online business.
offerings, including online ticketing, tour packages,
• Rail catering: Indian Railways issued the new catering packaged drinking water and catering. • Opening up of tourism and travel post the pandemic.
• IRCTC – SBI co-branded Credit Card and IRCTC BOB
policy in 2017, which has now been implemented and the
Co-branded Credit Card on RuPay platform: In alignment • Only authorised entity to provide catering services in • Government initiatives to promote travel industry.
entire mobile catering of trains has been transferred to
with the Prime Minister’s vision of Aatmanirbhar Bharat and trains with further expansion and diversification through
IRCTC for improvement in quality of catering services and • Overall growth in Food & Beverage creates good
Digital India, and towards achieving greater self-reliance, food plazas/stalls across all stations in India in a bid to
on-board meal experience of the passengers. opportunity to expand operations and businesses.
IRCTC and SBI have together launched a new co-branded increase its market share. The Company’s relentless focus
on quality food drives it to deliver hygienic food prepared • Increased travels will aid in growth opportunities.

94 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 95
3. INITIATIVES BY IRCTC • Increased sales of tourism products with making direct c. Tree Plantation: As a part of the business model of • Implementation of digital payment system: IRCTC
tie-ups with hotels & transportation companies for Rail Neer, the plants source underground water for has made it mandatory to provide facility of Point of
Your Company believes that “Cultivating Initiatives is the key

Corporate Overview
launching of affordable & competitive packages. further purification and processing. We also engage Sale (POS) machines in mobile and static catering units,
for being a Game changer”. in afforestation activity, thereby initiating a cycle for for billing and cashless payment facility to passengers
• Safety kit became a standard item of the guest kits prospective rainfall and improvement in ground water including payment to be made through BHIM/UPIs.
Segment –wise major Initiatives taken by the Company in provided for most of the air packages. levels. During the year, more than 1,000 saplings have
the year 2021-22 are detailed below: • To provide relief and support dispensation to the
been planted in areas surrounding Rail Neer Plants
• With the revision of revised policy, Safety Kits were service providers of static units (Food Plaza, Fast
• Internet Ticketing: at Jagiroad, Maneri, Hapur, Nangloi, Palur, Danapur,
provided on request for persons not carrying their own Food unit, Refreshment room, Jan Ahaar, Cell Kitchen,
Ambernath and Bilaspur.
mask/ sanitizer, etc in IRCTC Corporate Trains. Executive lounge) because of Covid , reduced license
• Launch of the Multi Lap Enquiry facility in IRCTC Rail
Connect Mobile App on IRCTC Website. • Catering Services- fee has been charged during the period.
• IRCTC has provided facility to Online and Offline
Customers of Part payment facility to book their • Refund of unused License fee- To provide immediate • CCTV cameras in upgraded kitchen units are also been
• Retiring Room booking facility in IRCTC Rail Connect
Tourism packages and plan their journeys in advance relief to desirous licensees during non-operation of restored for live streaming. In present, Live streaming
Mobile App.
without blocking the full amount. regular trains owing to pandemic situation, IRCTC is available on IRCTC’s Dash Board.
• Rail E-Ticket booking for Privilege Pass / PTO holders refunded 90% of the unused license fee, deposited by

Statutory Reports
• Launched & operated Outbound packages with a • Procurement of QR code (sticker & software) and its
in IRCTC Rail Connect Mobile App. licensees in advance as per terms of contract.
focus, on connecting with neighbouring countries. implementation in Kitchen units/Base Kitchen has
• Integration of Bus facility in IRCTC Exclusive section • Empanelment of Ready To Eat (RTE) Agency- Post also been initiated. All Zones have been advised to
• Post 2nd wave of COVID- 19, IRCTC has launched mass
of IRCTC Rail Connect Mobile App & IRCTC Website Covid-19, IRCTC was mandated to serve only RTE procure the same for implementation in all upgraded
movement of passengers. Few of such instances are
(www.irctc.co.in). meals in Special Trains. To broaden the range of Kitchen units.
o Operating Bharat Darshan Tourist Train from varieties for the passengers, IRCTC empanelled 11
• Infant Divyaang Concession Booking with Escort in brands , as a result varieties like Rajma-Rice, Chole- • POS machines and payment through various digital
03.08.2021 to 13.08.2021 ex- Madurai. Special
IRCTC Rail Connect Mobile App and Website. Chawal, Poha, Upma, Sambhar-Rice, Kadhi-Chawal, modes viz. Bhim/UPI at Food Plaza, Fast Food unit,
arrangements were made to ensure sanitization
Veg/Non-Veg Biryani, Schezwan Fried Rice etc. were Refreshment room, Jan Ahaar have been made
• Integration of SBI General Insurance and Liberty of luggage inside the trains. Strict monitoring of
available as RTE. available for use.
General Insurance as travel insurance partners for safety guidelines have been followed.
IRCTC e-ticketing with premium amount revised from • Resumption of Cooked Food in trains- Consequent • Online training module for training of the catering staff

Financial Statements
o Initialised the operation of IRCTC Corporate Trains
49 paisa to 35 paisa. to the directions issued by Railway Board regarding has also been developed.
i.e. LJN - NDLS and ADI- MMCT Tejas trains from
• E-Gift Vouchers option inclusion under 'IRCTC 07.08.2021. resumption of cooked food in trains, IRCTC resumed
• Automated reconciliation of e-Catering system for
Exclusive' section of IRCTC Rail Connect Mobile App. 159 Standard Bid Document (SBD) trains and 235 Non
ease of financial computation.
o Operated "Ramayana Yatra" with AC Deluxe SBD trains with provision of Cooked Food, within 03
• Integration of "EMI based" payment option in of IRCTC tourist train covering all major destinations of months of receipt of direction. • GST implementation in IRCTC e-Catering as
Rail Connect Mobile App. Lord Rama like Ayodhya- Sitamarhi- Janakpur- per modified regime by MoF for e-commerce
Varanasi- Prayagraj- Chitrakoot- Nasik- Hampi- • Provision of pre-paid food for passengers who had
food aggregators.
• Development of e-ticketing application for Paramilitary Rameshwaram- Kachipuram- Bhadrachalam from not booked the food at the time of booking of ticket-
Forces for booking reserved rail e-tickets to their 07th to 24th Nov, 2021. Railway Board advised resumption of cooked food • Revamping of Delivery marking mechanism as part
personnel, viz., Central Industrial Security Force (CISF) and services as prevailed during pre-Covid period. To of system improvement, achieving pre-covid level of
and Border Security Force (BSF). • Railneer ensure resumption in minimum time, passengers of order booking.
pre-paid trains were provided facility to pre-book food
• Launch of IRCTC BOB Loyalty Cobranded Credit Card a. 600 kW Solar Power Generation: IRCTC has installed
through IRCTC’s site, if they had not booked food at
on RuPay platform in collaboration with Bank of Baroda. solar PV power plant of total 600 KW capacity. 120
the time of booking of ticket. 4. BUSINESS SEGMENT OVERVIEW – Core
KW each at five of its’ company owned Rail Neer Strength
• Launch of full fledged E-ticket booking through plants located at Nangloi (Delhi), Danapur (Bihar), • End-to End Train Side Vending (TSV) Contracts-
AskDisha Chatbot. Palur (Tamil Nadu), Ambernath (Maharshtra) and To minimize the time for finalization of contract and a. Internet Ticketing: IRCTC currently has a monopoly
Bilaspur (Chattisgarh). to ensure availability of services to cater maximum and exclusively manages online ticketing services
• Tourism
number of trains without pantry cars, IRCTC had floated for the Indian Railways. With a transaction volume of
This has reduced the energy bill of Rail Neer Packaged
Though the COVID-19 pandemic has dented the tourism centralized tenders for finalizing end-to-end TSV more than 34.5 million per month and 6.27 million
Drinking Water Plants, besides generating revenue
industry, IRCTC Tourism team could convert the Covid-19 from the sale of surplus power to the grid. The yearly contracts. These were in addition to already finalized logins per day, the Company operates one of the most
challenges to opportunities by proactively taking actions. consumption of KWh units has reduced by approx sectional TSV contracts, at Zonal level. This initiative highly populated and transacted websites in the Asia-
Few of the initiatives taken by IRCTC to overcome the 7.2 lakh units, resulting in cost savings of approx H 50 brought in, additional revenue in difficult pandemic Pacific region. As of March 31, 2022, on an average
difficulties of Covid-19 situation are as under; lakhs per annum. period. 11.44 lakh tickets per day were booked online for
more than 20 Lakh passengers per day for travelling
• Revised Standard operating procedure (SOP) to contain b. Solar Evaporation Ponds: Rail Neer Plants have been on Indian Railways on daily basis, which comprises
provided with solar evaporation ponds, enabling high of approximately 80.43% of Indian Railways’ reserved
spread of COVID-19 for operation of passenger trains,
total dissolved solid (TDS) reject water released during
Tourist trains & tour packages, which helps in reducing tickets booked online.
water treatment processes from reverse osmosis
the fear among passengers. (RO) unit to be naturally evaporated through the solar
evaporation pond.

96 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 97
 Online Ticketing Share • Mobile e-Ticketing Share To increase its market share and to meet the growing above, to offer maximum comfort and convenience. It also
demand, the company has been authorised to setup new Rail has tie-ups with OYO rooms and hotels along with other
1830 Neer plants at Bhusawal, Vijayawada, Simhadri, Bhubaneswar properties to cater to customer demands. With a diversified

Corporate Overview
100
2014-15 and Kota. A new Rail Neer plant at Una (Himachal Pradesh) has portfolio, the company is also planning to enter/expand into
79.63 80.43 1% 15
80 70.09 72.75 already been set up and its commercial operation has started other segments such as helicopter travel, medical tourism
65.83 on 13th July, 2021. Rail Neer Plant at Vijayawada, Bhusawal, and others in the near future.
61.46 56.79
57.23 59.89 Visakhapattanam and Bhubaneswar are under construction.
60 51.27 54.26 1993
2015-16 Rail Neer plant at Bhusawal and Visakhapattanam is in With the change of tourist train and launch of Bharat Gaurav
4% 75 advance stage of commissioning and commercial production policy, IRCTC is struggling to capture the budget class
40 passengers who are travelling by paying just H 900/1100 per
48.73 45.74 42.77 likely will start from August, 2022. Rail Neer Plants at
38.54 43.23 40.11 pax per day for sleeper and H 1100/ 1500 per pax per day for
34.17 29.91 2093 Bhubaneswar and Kota are likely to be commissioned by
20 27.25 19.57 2016-17 2022-23. Bharat Darshan/ Pilgrim Special trains. But to keeping them
20.37 6% 130 with the company IRCTC is trying to launch various Rail Tour
0 c. Travel and Tourism: packages as well as FTR Train/ Coach Tours.
2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20

2020-21

2021-22
2466 Since the incorporation of the organisation in 1999, travel & After getting the modified rake of Bharat Gaurav Trains, IRCTC
2017-18
20% 484 tourism business initialised with Charter Trains & coaches will be in readiness to launch and operated these packages
% PRS Counter % Internet Ticketing
which was further expended with time and various tourism across India.

Statutory Reports
products has been added in the umbrella such as Hill Charter,
• NGeT System: The next generation e-ticketing (NGeT) 2842 Bharat Darshan Tourist Trains, Rail Tour Packages, Holiday d. Catering:
2018-19
system interface of IRCTC has been launched with 36% 1023 Packages, Buddhist Circuit tourist train, Hotel booking,
launch of tourism portal, Educational Tours, Charter Coach/ • Mobile Catering: This business segment involves
numerous passenger-friendly features, offering a clutter- catering services on trains, offering meals booked through
train tours, Maharajas' Express, Corporate Travel Business,
free experience with easier log-in, site navigation and 3019 Air Ticketing, State Special Trains, International Air Packages, the mobile app or website. Services are provided on trains
enhanced security. Therefore, ticket bookings have 2019-20 like Rajdhani, Shatabadi, Duronto, Gatiman, Tejas and
47% 1415 Events (MICE), Pilgrim Special Trains, Election Special
increased from 7200 per minute in 2014 to more than Trains, Saloon Car, Pilgrim Special Trains, Cruise Packages, Vande Bharat trains and on express trains with or without
Adventure Tours, Tejas Trains, etc. pantry cars. In trains without pantry cars, meals are served
26,000 tickets per minute, as on March 31, 2022. The 1740 through train-side vending services. A network of base
Company has also built a new data centre to increase 2020-21 With passing of the years, IRCTC has become strong and kitchens support the supply of meals on mobile trains, in
the capacity and inflow of daily bookings. The internet – 46% 808 accordance with the Catering Policy 2017. As on 31st March,
more competitive to give competition to private players as
ticketing system is designed and operated in conjunction well, with the trust, price and quality. Even with the launch of 2022, IRCTC provided Onboard Catering Services in 391
with the Centre for Railway Information Systems (CRIS), 4174 various feedback & complaint options, the tour package & Trains. Through Train Side Vending (TSV), IRCTC provided

Financial Statements
2021-22 services are becoming customer oriented. Onboard Catering Services in 486 Trains.
the IT arm of Indian Railways. The Company has a strong 46% 1915
customer database and leverages the same to cross- Earlier the tourism & travel department was more towards • Static Catering: This segment includes off-board catering
sell and add value to its products to enhance customer Total Tickets Mobile App Bookings Rail based tourism segment and in present scenario this services offered to stations with fast food units, food plazas,
engagement and derive top-line growth. (Nos. in Lakhs) (Nos. In Lakhs) phenomenon has been changed with the launch of non- Jan Ahaars, refreshment rooms, base kitchens, and at
Rail based tourism activities such as MICE, Corporate Travel executive lounges and other facilities at station premises,
Comparison (FY 2020-21 & 2021-22) • IRCTC i-Pay –Payment Aggregator: IRCTC’s own Digital Business, Holiday packages, hotel booking, Cruise/ River including budget hotels and Rail Yatri Niwas. As of March
Payment Gateway- IRCTC i-Pay (A PCI-DSS Compliant packages, etc. 31, 2022, the company managed 55 Jan Ahaars, 180
No. of 1740.46 Refreshment Rooms, 6 Cell Kitchens, 11 Base Kitchens and
Payment Solution) is one-stop payment solution facilitates In the present scenario, IRCTC also offers customized hotel 306 Food Plaza / Fast Food units.
Tickets
4174.49 payments through all payment modes (like Internet Banking, and tourism packages to meet varied customer requirements.
(in Lakhs)
Debit Card, Credit Card, Wallets, UPI Account & Autopay) It has lounges, hotels and retiring rooms, rated 4 star and
Earnings 17761.59 and for safe and secure transaction between the merchant
(in Crores) 38178.32 website, multiple issuing institutions, acquiring banks and
No. of 3052.68
the payment gateway providers. In the Financial Year 2021- 5. RISK AND CONCERNS – Robust Strategies
Passenger 22, i-Pay has generated a revenue of H52.88 Crores with
(in Lakhs) 7343.26 good profit margins. 1.35 Lakh booking transactions and
25,000 cancellation transactions have been handled on
Risk Type Definition of Risk Mitigation Strategies
2020-21 up to Mar., 2021 2021-22 up to Mar., 2022 an average per day.
• IRCTC Rail Connect Mobile App e-ticketing: In FY 2021- b. Packaged Drinking Water (Rail Neer): Pandemic Risk After the outbreak of Covid-19 in 2020, there IRCTC has systems in place due to the
22, total average mobile ticket booking was 5.25 Lakhs were global lockdowns and restrictions on experience of the pandemic in 2020, beginning
per day. There are a total of 7.81 Crore downloads of the The Company has a monopoly to manufacture and travel and various operations imposed by with the strict adherence to Covid-19 protocols
Mobile App. Daily Mobile Logins are 43.45 Lakhs. During distribute packaged drinking water at all railway stations the respective governments worldwide. The to maintain safe and operational environments.
FY 2021-22 more than 1915 lakh tickets were booked as and in trains across India. The Company sells its packaged second & third wave has further brought about Special training to ensure maximum protection
against 808 Lakh tickets booked in FY 2020-21. IRCTC Rail drinking water under the brand ‘Rail Neer’. Currently, the uncertainty of the duration of this phenomenon, from Covid-19 infections are given to employees
Connect Mobile is one of the Top Most Rated Mobile App company operates 15 ‘Rail Neer’ plants located at Nangloi, and threatens people and businesses serving in segments with duties involving
of India in Google play store. Now Rail Connect Mobile App Danapur, Palur, Ambernath, Amethi, Parassala, Bilaspur, worldwide. contact with customers or passengers. We have
is available on both Android and iOS platforms. Hapur, Sanand, Mandideep, Jagiroad, Nagpur, Maneri, also detailed Standard Operating Procedures
Sankrail and Una. With an installed production capacity for operational verticals (Catering, Tourism,
of approximately 1.48 million litres per day, it caters to Rail Neer etc) to aid in combating the risks due
approximately 70% of the current demand of packaged to human interface along with automation of
drinking water at railway premises and in trains. several manual processes.

98 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 99
 Corporate Overview
Risk Type Definition of Risk Mitigation Strategies Risk Type Definition of Risk Mitigation Strategies

Dependence Risk The Company’s business and its revenues As a Central Public Sector Enterprise (CPSE), the Business Continuity Risk Loss of business due to unscheduled The company’s management team continuously
are substantially dependent on the policies company is authorised by the Government to withdrawal of passenger rail services for monitors key local and global developments
of the Ministry of Railways and operations of offer various products and services to the public considerable period of time for reasons such to identify COVID 19 associated risk. The
Indian Railways. Any policy change or any on behalf of Indian Railways, as well as receive as regional or national lockdown to curb the company has deliberated on its learnings
adverse decision may affect the revenue of the operative support from the Ministry of Railways spread of a pathogenic contagious outbreak. from interventions taken in the backdrop of
Company for e.g. in 2016 the decision to scrap from time to time. Any work related to railways COVID 19 situation in India in 2020 & 2021
service fee affected the Company’s revenue. is offered to IRCTC on a priority basis due to and is now better equipped to deal with the
its reach and scale of operations. Therefore, subsequent waves. Moreover, the company
regular supply of orders and contracts from GoI has identified few market adjacencies and
has a positive impact on the company and its market diversification.
revenue streams remain diversified owing to its Financial Risk Financial mismanagement or negligence could The Company has a dedicated team of

Statutory Reports
extensive service portfolio. negatively impact the business operations, professionals which monitors all financial
Competition Risk If the GoI or the Ministry of Railways opens The experienced management of IRCTC is financials and any ongoing projects. transactions entered into by the company.
up the market for private players then the perfectly poised to make strategic decisions The company follows financial prudence
Company can lose its market monopoly. Intense that augur well for the Company and also and scientific methodologies for any project
competition may have an adverse impact on guides the Company to efficiently deal with evaluation and keeps a close watch on
the Company’s operation and profitability. competition from private players. financial markets to anticipate any risk and
Human Resource Risk The Company operates in a labour intensive The Company considers its human resource adapt accordingly.
industry and hires contract labour to provide as a key asset and, therefore, follows a policy Technology Risk The Company relies on advanced technology The Company relies on world-class technology
certain services. Worker strikes or demand for to encourage, retain and promote talented to smoothly operate its systems. Any technical to mitigate such risks and its next generation,
increased wages and benefits may adversely employees through performance evaluations glitch, interruption, or system failure may result e-ticketing website has the capability to book
affect the profitability of the Company. at regular intervals. It also offers competitive in loss of revenue as nearly 26000 tickets are more than 26000 tickets per minute with

Financial Statements
Also, in the area of IT (Internet Ticketing) and remuneration packages and opportunities booked through its website, every minute. It is record booking of 26,458 tickets per min.
Air-ticketing Business the manpower is limited for professional growth. To mitigate the risk likely to affect the Company’s brand image and The Company also has back-up systems and
and majority are on outsource format, which is of inadequate manpower, the Company has may result in lower revenues. contingency plans to prevent critical data
a cause of concern and needs review. also collaborated with third-party contractors losses and ensures smooth operations and
to provide human resources as and when services across its business processes.
needed. Periodical Promotions at all levels Quality Risk The food and catering service must adhere to The Company was selling only RTE (Ready to
as per the promotion calendar needs to be quality standards prescribed by the authorities. Eat meals), to make available hygienic & quality
implemented. Fresh recruitments as per Any adverse claims, media speculation or meals during pandemic situation adhering to
extant policy at various levels needs to be other public statements related to the food and Railway Ministry guidelines. However, cooked
conducted by inducting fresh talent from the service quality could materially and adversely food was re-introduced from November’ 2021
industry which will assist in competing with affect the Company’s reputation and corporate in a phased manner as the pandemic was under
market requirements image, or otherwise affect its ability to efficiently control and also the ministry had approved
Cyber Security Risk Security breaches, whether instigated internally The company relies on state-of-the-art conduct business operations. the service of cooked food. The Company
or externally, could materially and adversely technologies to ensure that the Confidentiality, has quality control checks in place to ensure
harm the business. Secured transactions over Integrity and Availability of all its online service of hygienic and quality food.
the internet are essential for the Company’s services and its data are adequately secured Risk from counterfeit Counterfeit products, passed off by others The Company has a strong policy against using
business operations. from prevailing cyber security threats. The products using our brand name could decrease market its brand for any purpose without its permission
Hacking of customer data or cyber threats can Company safeguards its data with advanced share and negatively impact the brand image. and legal actions are taken against those
result in massive loss of revenue and hurt the security systems and successfully defends the violating the trademark. The company keeps a
Company’s brand image significantly. system against malicious virus or other cyber strong vigil by spreading awareness, providing
threats. Regular Information Security Audits complaint centre with toll free number or
are conducted through CERT-In empanelled through written complaints and surprise
external Information Security Audit Agencies. inspections.

100 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 101
 6. FUTURE OUTLOOK – CHUGGING AHEAD a. Due to change of Tourist Train policy- Bharat Gaurav
Trains, following measures have been taken into

Corporate Overview
Risk Type Definition of Risk Mitigation Strategies The Vision and Mission of the Company are as follows: consideration:
Vision
Consumer Preference Risk A significant portion of the Company’s revenue With the introduction of RTE as per the guidelines • Modification of Coaches: The rake of Bharat
is derived from Catering & Tourism. Any change from the ministry, the same through implementation “To be the leading provider of high quality travel, tourism Gaurav Train are under modification as per the
in consumer preference could have an adverse of hygienic food service which was suitable during and hospitality-related services, for a range of customer service required to be provided to tourists during
effect on the Company’s operations. COVID period, but was not the choice of the segments, with consistently high level of customer journey, like bio- toilets, dustbin, conversion of
customer preferences based on the feedback satisfaction”. one toilet into bathroom, etc.
received and also affected the revenues. However, Mission • Swadesh Darshan- FTR trains: IRCTC is operating
cooked food was re-introduced from November’
“IRCTC will establish itself as a leader in the area(s) of various Swadesh Darshan Trains across India on
2021 in a phased manner which has added to the
hospitality services, Travel and Tourism, packaged drinking FTR charging principle with all inclusive packages
options to the consumers to choose RTE and also
water, and Internet Ticketing by providing value-added to keep the regular tourists of Bharat Darshan/
cooked food.
products and services for passengers, tourists and other Pilgrim special tourist trains,
Also, consistent efforts are being made to

Statutory Reports
customers, targeting IR and Non-IR related services alike,
create awareness among the target market for • Planning of Bharat Gaurav itinerary & costing:
building a resilient business portfolio that is scaleable and
tourism with a launch of various product and IRCTC is under planning to launch itineraries
based on core competencies”.
services with attractive schemes and product of Bharat Gaurav trains with consideration to
customization based on consumer preference. The Company is recognised by the Indian market as one of the operation of short duration packages to make it
Commercial Risk Guest unrest & complaints due to Poor 1. Co-ordination with Zonal Railways for leading brands in railway catering and internet ticketing. The more reasonable and price competitive.
condition coaches, non-availability of LHB providing new coaches as per demand as Company’s goal is to consistently establish itself as the leader in
coaches, over expensive charging principle, well as co-ordination with Railway board for other business segments including travel and tourism packages • Planning for Non- Fare Revenue: IRCTC will
LHB conversion of Mail Express rakes & non- including all Tourist Trains in ICMS. and packaged drinking water. With value-added products and propose to generate Non- Fare Revenue (NFR)
availability of rooms in Mail Express trains. services for passengers, tourists and other customers, targeting to compensate the haulage charges imposed to
2. To operate Tourist Trains under Bharat run the Bharat Gaurav trains through marketing &
both railway and non-railway related services and the like,
Also, New policy has been introduced by Indian Gaurav Concept, one/two rakes (ICF selling of space/ areas of the rake.
IRCTC continues to build a business portfolio based on its
Railways for operations of Bharat Gaurav Trains coaches) can be considered for operating

Financial Statements
core competencies in offering catering and related services to
(BGT) which will supersede the concept of theme based circuits initially. Based on b. Air Ticketing/ Corporate Travel Services:
Indian Railways.
Bharat Darshan/Pilgrim Special Tourist Trains as the experience gain and market demand
• Air staff Training: The training to around 100 staff
well as FTR Coach/Train business. The charging additional rakes can be taken from Railways To provide value-added services to its stakeholders, IRCTC has members handling the Corporate Travel services
principle of BGT is also very expensive. to ensure pan India operations. A suitable planned various initiatives in financial year 2022-23, including, & Air Group has been organised in collaboration
business model may be explored for the monetisation of Chatbot Services & Train Information Enquiry with various Airlines, GDS, IT & Corporate Account
same so as to ensure viable operations and Services through Third-Party Organisations/Operators, National / Group Team. To make the team understand the
revenue generation. Rail Museum booking website and Mobile App, provisions products & work efficiently.
Catering Operations Risk Considerable number of complaints is being 1. Awareness campaigns & regular monitoring for issuance of digital bills and cashless payments in trains,
received over a period of time regarding are being undertaken to eliminate ticket booking through Chatbot, EMI-based payment on the • Corporate Tie Ups: Tie Up with Ministries,
unauthorized vending. unauthorized vending. Railway has also e-Ticketing Mobile App, online corporate travel services for Departments & PSU’s are made for providing
been requested for assistance by law Govt./PSUs, automated payments to hotels & bus aggregators/ Corporate Travel services across India.
Furthermore, Sanitation at catering units
enforcing agencies. vendors to reduce payment time, launch of wellness packages
including pantry cars is a big challenge as the • Online Air Ticketing for Govt. Officials: The
units are located on platforms and the trains are 2. Training is being imparted on sanitization and tie-ups with five wellness institutions/yoga centres/hotels, facility of online Air ticketing for Govt officials has
moving across the country. along with regular audits for food safety. etc, agent booking module for luxury tourist trains (Maharajas', been enabled for the employees of Ministries,
CCTVs are also being installed at kitchens. Golden Chariot and Buddhist tours) etc. Departments etc. to cater their travel to far flung
Railways will also be advised to pitch in for areas.
ensuring the hygiene & sanitization on the 7. FUTURE STRATEGIES TO MEET THE • Defence Forces: Special fare air ticket services
trains/platforms which will also supplement
CHALLENGES have been enabled on IRCTC air ticketing website
IRCTC’s efforts in this regard.
to facilitate Armed forces personnel (serving &
Since IRCTC is a Tourism & hospitality sector company, Retd. & their dependents).
the Company has made following strategies to overcome
the challenge posed by implementation of Bharat • Corporate Travel Office: The facility of 24*7 has
Gaurav Policy: been made available for the Corporate to cater to
their Air ticketing requirement.
• Travel and Tourism
• Special Discount: In collaboration with Airlines
With the vaccination drive & more awareness among special discounts are offered on Online Air
passengers/ tourists, it is predicted that domestic and Ticket booking.
international tourism is likely to resume and restrictions are • Corporate Tool: Self-booking Tool facility has
reviewed & lifted by various countries across Globe. been enabled for corporate booking.

102 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 103
 c. Hotel Accommodation: ride counters through Point of Sale (PoS) machines. helpline services. The IVRS will enable natural • Catering
Museum ticketing for Railways and verification of rides language based automation speech feature
Online Hotel booking is an increasingly important With increase in overall growth and demand of food

Corporate Overview
by QR code, will be a new venture for IRCTC and will to have a natural conversation experience to
component of Travel. It is targeted to make available also earn additional revenue to the company. the customer in 13 languages. The system will & beverages and hospitality business in the country,
a wide range of hotels to choose from on our portal. be upgraded for continuous improvement to organisation may delimit its current scope and focus on
Efforts are being made to empanel more chain hotels c. Train Information Enquiry Services to Third Party enable automated reply and to facilitate ease of Railways and eye for expansion of its business verticals
and aggregator(s) (accommodation partner) to provide Operators: Policy for integration of service providers convenience for users of different parts of the outside Railways. Organisation has corpus of funds
Accommodation inventory for sales on IRCTC website for providing Train Information Enquiry Services has country. which may be utilized for investments in such business
"www.hotel.irctctourism.com" and its associate portal been framed by IRCTC. Train Information Enquiry opportunities. In order to achieve the same, organisation
through extranet/ API label/Inventory based solution. Service will be provided to Third Party Operators • Mitigate Touting Activities: Subsequent to may identify land parcels for development of Hotels in
for dissemination of Authentic Train information successful results from pilot run of “Anti-Touting addition to establishing food outlets to tap the future
• Internet Ticketing (Availability and fare, Trains between Stations, Cluster & Cyber Threat Intelligence Analysis”, IRCTC will potential of growth in these business verticals. These
Station List, Train Schedule, Boarding Stations List, implement this analysis on regular basis for pro- may be developed on flexible and suitable financial and
Despite continuity of COVID 19 Pandemic for 3rd year with
PNR Enquiry, etc.) on their respective platforms to the active mitigation of touting activities through deep operating models. Organisation may also create its own
more intense 3rd wave, IRCTC with its optimistic outlook
customers. This service will be integrated with those and intelligent data analysis. This will enable infrastructure such as development of Mega Kitchens for
has planned to bring into its system some new projects

Statutory Reports
firms who do not intend to provide online rail ticket IRCTC in classifying networks used for illegal supply of meals.
which not only promise to promote IRCTC Brand name
booking service, but are interested in providing train Tatkal Softwares by touts for gaining advantage
but also proves the company’s expertise and adaptability Following are some future initiatives are to be undertaken
related information to their customers. This will not only in ticket booking and blocking/blacklisting them
to latest innovative technologies in vogue in the market under Catering:
enhance the customer convenience and satisfaction at network level. The Analysis will also include
place. At the same time, it is also anticipated to create new
but also enable to create a new revenue stream for study of User Profile for Risk Management.
businesses and thereby generate additional revenues • Third Party Food Safety and Hygiene Audits- to
IRCTC, without levying any cost to the customers. Implementation of “Anti-Touting & Cyber Threat
for the company. For widening its business arena, IRCTC ensure quality service to passengers: IRCTC is
Intelligence Analysis” NGeT system envisages to
will be using innovative technologies in vogue, for system d. E-Market Place: IRCTC will be providing e-Market working towards awarding contract for Third Party
reduce illegal software based access of touts on
improvement. place and Bill Payments/Recharge services and Food Safety and Hygiene Audits to the FSSAI
a large scale enterprise level on IRCTC platform.
other third party services like Online Insurance on its approved agency for mobile and static units to the
Following are some future projects to be undertaken by Accordingly, it is anticipated that the IRCTC
Website and Mobile App in partnership with popular service provider.
Internet Ticketing : Website and Mobile Apps will be accessible to
e-Commerce firms like Amazon, Flipkart, HDFC Life, more genuine Users. This will help in improving • Deployment of Food Safety Supervisors- To monitor

Financial Statements
a. Monetisation of Chatbot Services by extending to etc. This will not only enable the company to diversify visibility of various activities in the booking portal. the food production on safety and quality parameters,
Third Party Organisations: Having gained experience its business by way of providing variety of services to
IRCTC will deploy Food Safety Supervisors through
in running Chatbot enquiry service on its e-ticketing its customers and generate additional revenues, but • Railneer
NABL accredited agencies in production units.
platform, IRCTC will now extend AI based Chatbot also pave way to sustain in the e-commerce ecosystem
and customer retention. To overcome current situation, to increase its market share
services (like AI Chatbots, VoiceBots, VideoBots, • Lab testing of food & Customer Satisfaction Survey-
and to meet the growing demand, the company is planning
Virtual Assistants, Intelligent RPA, and Bots etc) to To check the food quality, random samples will be sent
e. Diversification of IRCTC as Fintech Company: to setup new Rail Neer Plants. Construction of new Rail
government and private organizations across various to NABL accredited labs for testing.
IRCTC iPay is an Online Payment Gateway owned Neer plants at Bhusawal, Vijayawada, Bhubaneswar and
verticals & functions.
and operated by Indian Railway Catering and Tourism Vishakhapatanam are underway. Further, one new Rail • Long Term Contracts- To ensure reasonable
AI powered multi-format, multi-lingual and multi- Corporation Limited and is a first fintech initiative of Neer plant have been approved at Kota. Rail Neer plant investment in infrastructure and related activities,
channel Virtual Assistant will help organisations save IRCTC. iPay is presently being used in IRCTC’s in-house at Visakhapatanam and Bhusawal are in advance stage of IRCTC plans to award long term 05 years contracts for
operational/support cost and generating additional products/services (Air, Train, Tourism, e-Ticketing etc). commissioning and commercial production will be started onboard catering services.
revenue, besides enhancing customer adoption, In order to expand its use, IRCTC will be providing in calendar year 2022 and Rail Neer Plants at Bhubaneswar
engagement and satisfaction. Payment Aggregator services to third party platforms and Kota are likely to be commissioned in FY 2022-23. • Up-gradation of additional Kitchen Units- In addition
(in government businesses). to present 48 upgraded kitchen units, IRCTC is in
b. National Rail Museum Booking Website and Mobile The Company is also exploring backward integration process of identifying and upgrading more kitchens
App: IRCTC in association with Ministry of Railways and f. System improvement through setting up preform manufacturing unit in existing for maximizing supply of meals for service on trains.
National Rail Museum (NRM), has developed online Rail Neer Plants. This shall further the compliance of unbundling as per
• Customer Satisfaction: We are planning to
ticketing system for National Rail Museum through Catering Policy-2017.
automate written and voice queries up to 50 %
which visitors can book their online tickets in advance
of total volume received. This will ensure error
for entry and rides. Presently physical ticket booking
free and timely disposal of queries without human
is under the management of NRM. Online ticketing for
intervention. Further, We have initiated process
entry to NRM will avoid long queues at the entry gates,
for single short code allocation for e-ticketing
reduce the cash handling at NRM, fetch the visitors
call center like 139 , 100 , 102 . This will help in
data automatically and also promote digitalization and
e-ticketing customer care branding as well as it is
cash free transactions. It will also provide various MIS
easy to remember for public.
reports as per the requirement of NRM.
• Automated Speech Recognition: An Emerging
IRCTC will also develop a Mobile application for
Innovative Technology will be introduced for 139
validity/confirmation by scanning the QR code tickets.
Further, IRCTC will facilitate booking at the different

104 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 105
 • SMS/Whatsapp messaging to travelling passengers for The profit after tax increased by 254.87% from H 187.02 Crores in financial year 2020-21 to H 663.69 Crores in financial year 2021-22.
engaging them to book orders at upcoming stations. The comparative performance of major financial parameters during the financial years 2021-22 and 2020-21 is given below:

Corporate Overview
• Association of brands at multiple locations on PAN India like, Amount (H in Crore)

Pind Balluchi, Haldirams, Govinda’s (ISKON), Bikanerwala,

Particulars F.Y. 2021-22 F.Y. 2020-21 Change (%)
KFC, Kwality Walls, BTW etc.

• SDK (Software Development Kit) Integration with ticketing Revenue from operations 1879.48 776.66 142.00
platforms. Profit before interest, depreciation, exceptional items and 953.56 272.74 249.62
tax (EBIDTA)
Less: Interest and Finance Charges 11.05 8.27 33.62
8. INTERNAL CONTROL SYSTEMS – Process Less: Depreciation 48.99 46.35 5.70
Excellence Profit before tax (PBT) before exceptional items 893.52 218.12 309.64
Exceptional items : Loss(-)/Gain(+) (4.01) 39.39 (110.18)
Process excellence internal controls are systematic and
Profit before tax (PBT) after exceptional items 889.51 257.51 245.43
procedural steps adopted by an organisation to mitigate

Statutory Reports
Less: Provision for taxation 225.82 70.49 220.36
risks, primarily in the areas of financial accounting and
Profit after tax (PAT) 663.69 187.02 254.87
reporting, and operational processing are in compliance
Dividend (as a % of Equity share capital) on cash basis 240 40 500
with laws and regulations.
Final dividend – on cash basis (as a % of Equity share 120 80 50
Internal Controls (ICs) are essentially risk mitigation steps capital)
taken to strengthen the organisation’s systems and Net-worth 1883.88 1455.81 29.40
processes, as well as help to prevent and detect errors Earnings Per Share (H) 8.30 2.34 254.70
and irregularities. The actual steps of mitigation (review,
approval, physical count, segregation of duty) are referred
SEGMENT-WISE PERFORMANCE
to as ‘control activities’. Amount (H in Crore)

The Company has engaged an independent external firm, F.Y. 2021-22 F.Y. 2020-21 Change (%)

Financial Statements
comprising Chartered Accountants, as Internal Auditor. The
internal audit assignments are carried out on a half-yearly Segmental Operative Revenue
basis. The Internal Audit team carries out extensive audits Catering 498.96 223.08 123.68
throughout the year covering each and every aspect of Railneer 172.26 57.24 200.95
the business. The Company has also hired another firm of
Internet Ticketing 1020.97 442.48 130.74
Chartered Accountants to issue the Independent Auditor’s
Tourism 156.97 53.86 191.45
Report on the Internal Financial Controls over Financial
State Teertha 30.31 - -
Reporting for the Company under Clause (i) of sub-section
Segmental Profit
3 of Section 143 of the Companies Act, 2013.
Catering 26.02 (83.54) 131.15
The report issued thereupon has been attached along Railneer (14.68) (4.46) (229.11)
with the Standalone Financial Statements. The Audit Internet Ticketing 870.19 349.30 149.13
Committee reviews the internal control systems with the Tourism (46.13) (71.49) 35.47
Internal Auditor and Statutory Auditor before the Financial State Teertha 2.97 - -
• In order to curb the overcharging- To create awareness for Statements are placed before it for recommending to the
billing and payment as per printed/approved rates, IRCTC Board for approval.
ANALYSIS OF FINANCIAL RATIOS:
will make extensive use of print and social media.
Details of significant changes (i.e. change of 25% or more as compared to the FY 2020-21) in key financial ratios, along with
• Additional 250 on-board supervisors to be deployed for 9. DISCUSSION ON FINANCIAL PERFORMANCE
detailed explanations thereof is as follows:
monitoring of onboard catering services. WITH RESPECT TO OPERATIONAL
PERFORMANCE FINANCIAL HIGHLIGHTS
• In the upgraded Kitchen units deployment of Food Safety Particulars F.Y. 2021-22 F.Y. 2020-21 Change (%) Remarks
Supervisor is also in process. The total Revenue increased by 126.58% from H 861.64
Crores in financial year 2020-21 to H 1952.30 Crores Debtors Turnover (No. of Days) 106.23 305.30 65.20 Ratio improved due to Increase
• For differently abled persons, static units have been
in financial year 2021-22. Profit before tax increased in Revenue from Operations
advised to enable with the provision of ramps and
by 245.43% from H 257.51 Crores in financial year during FY 2021-22 as compare to
earmarked seating area, under SUGMAYA Bharat Abhiyan.
2020-21 to H 889.51 Crores in financial year 2021-22. FY 2020-21
Inventory Turnover (No. of Days) 5.65 19.60 71.17 Ratio improved due to Increase
in Sales during FY 2021-22 as
compare to FY 2020-21

106 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 107
 on available internal and external information, are the basis assumes no obligation to revise or update any forward-looking
for determining certain facts and figures stated in the report. statements, whether as a result of new information, future

Corporate Overview
Particulars F.Y. 2021-22 F.Y. 2020-21 Change (%) Remarks Since the factors underlying these assumptions are subject events, or otherwise.
to change over time, the estimates on which they are based For and on behalf of the Board of Directors
Interest Coverage Ratio 27.77 10.86 155.71 EBITDA has increased substantially are also subject to change accordingly. These forward-looking
in current FY 2021-22, due to statements represent only the Company’s current intentions, (Rajni Hasija)
ease of COVID-19 restrictions and beliefs or expectations, and any forward-looking statement Date: 21.06.2022 Chairperson & Managing Director
opening of economic activities after speaks only as of the date on which it was made. The Company Place: New Delhi DIN: 08083674
COVID-19, as compared to increase
in Lease payments.
Current Ratio 1.87 1.76 6.25 --
Debt Equity Ratio * 0.06 0.05 20.00 --
EBIDTA Margin (%) 50.74 35.12 44.48 EBITDA increased by approx. 3.5
times where as revenue increased
by approx. 2.5 times

Statutory Reports
Net Profit Margin (%) 35.31 24.08 46.64 Net profit increased by approx. 3.5
times where as revenue increased
by approx. 2.5 times
Return on Net Worth 0.40 0.14 185.71 Net Profit increased by approx.
3.5 times where as Net Worth in-
creased by approx. 1.3 times
* Debt represents only Lease Liabilities.

10.
MATERIAL DEVELOPMENT IN HUMAN Your company has conducted various training programs related
RESOURCES – Asset Watch to COVID awareness, Food Safety & Hygiene, POSH, MDPs,

Financial Statements
Orientation programs, Virtual campus, etc for its employees
Employees are the driving force behind the sustained stellar during the FY-2021-22 as tabled hereunder:
performance of your Company over all these years of company’s
ascendancy. As a commitment towards your Company’s core
Number
values, employees’ participation in Management was made No. of staff
Financial Year of training Man days
effective based on mutual respect, trust and a feeling of being trained
programs
a progressive partner in growth and success. Communication
meetings with employees, workshops on various topics were 2021-22 26 3323 6538
conducted at zones, regions and corporate office during
The Company has successfully maintained an attractive
the year.
employee attrition rate, by offering competitive remuneration
Both employees and management complemented each other’s packages, acknowledging and rewarding talented employees
efforts in furthering the interest of your Company as well as its and providing opportunities for growth. As on 31st March 2022,
stakeholders, signifying and highlighting overall harmony and the Company has a total of 1363 full time regular employees
cordial employee relations. across all its business segments. 02 new employees recruited
during 2021-22 on compassionate grounds.
To retain the best talent, the human resource department of
the Company focuses on designing and implementing various Disclaimer
HR policies, procedures and programmes to develop and
Certain statements in the MDA section concerning future
upgrade knowledge, skills, creativity, aptitude and talent of
prospects may be forward-looking statements which involve
the employees.
a number of underlying identified / non-identified risks and
IRCTC prioritizes training its employees to prepare them to uncertainties that could cause actual results to differ materially.
effectively taking up challenges. Focus is now on discharging In addition to the foregoing changes in the macro-environment,
new roles and responsibilities. Employees in the mid-level and a global pandemic like Covid-19 may pose an unforeseen,
senior managerial positions are also encouraged to enrol in unprecedented, unascertainable and constantly evolving
various programmes conducted by renowned institutes like IIM risk(s), inter-alia, to the Company and the environment in which
and MDI. it operates. The results of these assumptions are made, relying

108 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 109
 Annexure – “B” to the Directors’ Report In addition, the Company disseminates various or to depository participants in addition to communication
announcements, from time to time, through stock on its website. Further, Company encourages investors to

Report on Corporate Governance

Corporate Overview
exchanges filings, press releases, Company’s website and register their email ID to receive communications including
other media(s) to the stakeholders concerned. annual report via email.
1. COMPANY’S PHILOSOPHY ON CORPORATE • Responsibility
Being a Government Company, the provisions of Right to The Company has taken all the necessary steps to protect
GOVERNANCE
Being a Government Company and a Central CPSE, all the Information Act, 2005 are applicable to your Company and the Rights of Shareholders and seeks approval of the
“Corporate Governance……… A system of rules and directors of the Company are nominated / appointed by all the information required to be supplied under the Act is shareholders as and when required as per the provisions
practices by which organizations and institutions are the President of India through administrative ministry, i.e provided to the citizens of India. of the Companies Act, 2013 or other applicable legislations.
directed and controlled” Ministry of Railways, Govt. of India. The business of the
Company is overall managed by the Board of Directors. The Company also has a Vigilance Department, headed The Company has a Board level Stakeholders’ Relationship
Corporate Governance aims to set up the objectives of the However, based on the organizational requirements by a Chief Vigilance Officer. Further, a Whistle Blower Committee which meets periodically to redress the
company and demarcate the means of accomplishing those for day-to-day operations, the Company has in place, a Mechanism has been appropriately implemented in the grievances of shareholders. The shareholders have the
objectives as well as monitoring and coordinating them. Schedule of Powers (SoP) defining financial powers of Company, which gives opportunity to the employees to facility of directly approaching the Company as well as the
IRCTC is fully committed for promoting and strengthening the various levels of executives of the Company. raise any concern of unethical or illegal or immoral activity Registrar and Share Transfer Agent (RTA) to address their
occurring in the Company. queries/ grievances, which are generally resolved within

Statutory Reports
principles of sound Corporate Governance norms through
the adherence of highest standards of transparency, trust The Agenda papers for Board Meeting and all its sub- a fortnight.
committees are drafted in exhaustive manner and circulated • Transparency
and integrity, performance orientation, professionalism,
ethical business practices, responsibility and accountability, in advance to the members of the Board/committees. The The Company disseminates information through press 2. BOARD OF DIRECTORS
social responsiveness and commitment to the organization decisions by the Board/committees are taken only after releases, official website and/or through the Stock
as a self-disciplined code for sustainable enrichment of detailed deliberations, and, in accordance with the laid Exchanges and access to all these modes are free for all 2.1 Composition
value for stakeholders which include investors, directors, down applicable regulations. The Board and the respective users. The website of the Company and the Annual Report
employees, suppliers, customers or the community in committees regularly monitor the Action Taken Report on its The Board of Directors is the apex body constituted by
of the Company contain exhaustive information regarding
general. On the basis of above - mentioned, the Company’s decisions. Also, the terms of reference, quorum, periodicity Shareholders, for overseeing the Company’s overall
different aspects of the operation, financial health and
philosophy on Corporate Governance is: of meeting etc. are clearly defined for each of the Board’s functioning. The Board provides strategic direction,
governance practices.
Committees and approved by the Board. leadership and guidance to the Company’s Management
"To enhance stakeholders’ value in the long run by ensuring The Company also organises investor/analysts meets and also monitors the performance of the Company with

Financial Statements
fairness, transparency, disclosures and reporting that not The Board members as well as Key Managerial Personnel immediately after release of quarterly / yearly results the objective of creating long-term value for the Company’s
only comply with statutory regulations but also promote are required to disclose their interest in all the contracts for its investors to make them aware about the latest stakeholders. The Board of Directors functions in accordance
ethical conduct throughout the organization”. and also their shareholding, which is put up to the Board for financial performance as well as to clarify their doubts/ with the powers delegated under the Companies Act, 2013,
information. Directors /Senior Management are nominated observations. Besides, the Company also maintains SEBI (Listing Obligations and Disclosure Requirements)
To attain the sets goals and targets of Corporate for various training programs conducted by reputed Regulations, 2015 {hereinafter referred as SEBI (LODR)},
minutes of the proceedings of all meetings (Board/ Board
Governance, your Company is guided by the following organizations/ bodies including DPE, SCOPE , IIM, IMT etc. Memorandum & Articles of Association, Guidelines issued
Level Committees/ General meeting) as per the Secretarial
key values: by Department of Public Enterprise (DPE) and other
The Company’s present Board strength and composition is Standards prescribed by the Institute of Company
• Zeal to excel and zest for change; Secretaries of India under the Companies Act, 2013. guidelines issued by the Government of India from time to
not as per the laid down regulations of SEBI. However, the
time, as may be applicable on the Company.
• Integrity and fairness in all matters; Company has been regularly taking up the issue with the The Company procures goods majorly from the GeM portal
• Respect for dignity and potential of individuals; ministry to resolve the same. and also takes initiatives to increase the procurement from IRCTC is a "Government Company" under the
• Strict adherence to commitments; MSEs. The Company has a full-fledged e-office system and administrative control of Ministry of Railways, Government
• Accountability
almost all the communication between the departments, of India, with 67.40% of the total paid up share capital of
• Ensure speed of response;
The Company ensures compliance of the principles within the Company, is done through e-office only. the Company being held by the President of India (through
• Foster learning, creativity and teamwork; of Corporate Governance stated under the SEBI Ministry of Railways). As per the Articles of Association of
• Loyalty and pride in IRCTC. (Listing Obligations and Disclosure Requirements) IRCTC in its dealing with its contractors / sub-contractors the Company, the power to appoint/nominate Directors on
Regulations, 2015 to the extent possible. has adopted e-governance. Tenders are being issued the Board of the Company vests with President of India,
Your Company firmly believes in four pillars of Corporate and decided through e-tendering site and through GeM. Government of India acting through Administrative Ministry.
Governance: It is the Company’s endeavour to maintain transparency Similarly bills are also submitted and passed through
Go In terms of the Articles of Association of the Company, the
ate vern and accuracy in all the information being disclosed to the e-bill tracking system. This ensures no contact purchasing
or process with utmost transparency. strength of our Board shall not be less than three Directors
stakeholders and regulators. The Company adheres to the
an
p
Cor

ce

compliance of applicable laws and a quarterly report on the and more than fifteen Directors. These Directors may be
ponsib irness compliance of laws is furnished to the Board of Directors. • Fairness either whole-time Directors or part time (official/non-official)
es Fa
Directors. The Chairman & Managing Director (CMD) and
R

ility

The website of the Company is regularly updated to have The Company ensures that all of its equity shareholders
three Whole-Time Directors viz. Director (Finance), Director
the readily information available for all its stakeholders. The are treated equitably, irrespective of their location. For
(Tourism & Marketing) and Director (Catering Services) are
information consists of including financial results, dividend effective participation of the Shareholders, Company
the whole time Directors who spearhead the day to day
untabil spare information, company’s policies, notices for shareholders etc. dispatches the notice for Annual General Meeting along
co an operations of the Company. The strategic decision(s) are
with the Annual report to Shareholders well in advance. The
nc
Tr
ity
Ac

taken under the overall supervision, control and guidance

y

Company sends notices through email to all shareholders

of the Board of Directors of the Company, which includes
who have provided their e-mail ids to the Company and/
Government Nominee Directors and Independent Directors.

110 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 111
 As on 31st March, 2022, the Company’s Board consisted of During financial year 2021-22, the following changes c. Skills/ Expertise/ Competence identified by the had also approved the job description, qualification
seven Directors, comprising of three Executive (whole-time) occurred in the composition of the Board of Board of Directors as required in the context of the and experience for Board level posts including that

Corporate Overview
Directors (including one woman director), two Government the Company: business: of the Chairman & Managing Director. The desirable
Nominee Directors (representing Ministry of Railways) and qualification and experience of the incumbents are
two Independent Directors. However, the composition of the 1. Shri Vinay Srivastava (DlN: 08638850), ED The Board comprises of qualified members who bring
as per the requirements in the functional areas i.e.
Board of Directors was not in conformity with the provisions (PSU), Railway Board ceased to be Government in the required skills, competence and expertise to
Finance, Catering, Hospitality, Travel and Tourism,
of the Companies Act, 2013, SEBI LODR Regulations and Nominee Director on the Board of IRCTC w.e.f effectively contribute in deliberations at Board and
Marketing etc. At the time of recruitment of the
DPE Guidelines on Corporate Governance, due to absence 13th September 2021, in accordance with Ministry Committee meetings.
of Railways’ Order No. ERB-I/2017/2/35 dated 13th Functional Directors, job description, desirable
of requisite number of Independent Directors including
September, 2021. The Board of Directors, in its 49th meeting held on 3rd qualification and required experience for the vacancy
Woman Independent Director on its Board.
December, 2010, while approving the Board Charter, is sent to the Public Enterprise Selection Board through
The Company has taken up the issue with the Ministry 2. Shri Vinay Kumar Sharma (DIN: 03604125), was the Administrative Ministry for announcement of vacancy and recruitment of candidates. A table summarizing the key
of Railways, Government of India, from time to time, for appointed as an Additional Director (Independent qualifications, skills, expertise and attributes of the Directors of IRCTC, as identified by Administrative Ministry i.e. Ministry
appointment of requisite number of independent directors Director) on the Board of IRCTC w.e.f. of Railways, Government of India and/or Public Enterprises Selection Board (PESB) is placed below:
including Woman Independent Director on its Board, to 9th November, 2021 in accordance with Ministry
of Railways’ Order No. 2019/PL/57/22 dated

Statutory Reports
enable compliance with the applicable statutory provisions S.
of the Companies Act, 2013, SEBI LODR Regulations and 09th November, 2021. Type of director Required expertise/skill
No.
DPE Guidelines on Corporate Governance.
3. Shri Namgyal Wangchuk (DIN: 09397676), was 1. Whole-Time
a. Composition and category of the Board of Directors appointed as an Additional Director (Independent Directors
as on March 31, 2022 Director) on the Board of IRCTC w.e.f.
i) Chairman & Mandatory:
12th November, 2021 in accordance with Ministry
Managing The applicant should be a graduate with good academic record from a recognized
of Railways’ Order No. 2019/PL/57/22 dated
Name of Directors Director University/ Institution.
09th November, 2021.
S. along with Director
Position Desirable:
No. Identification Number 4. Shri Vishwanath Shanker (DIN: 07903588), ED
(DIN) Applicants with Technical/ MBA qualifications will have added advantage.
(Planning), Railway Board was appointed as
an Additional Director (Government Nominee Experience:

Financial Statements
Whole Time Directors (Functional) (Executive)
Director) on the Board of IRCTC w.e.f. 14th Applicant should possess adequate experience at senior level of management in a large
1. Smt. Rajni Hasija Director (Tourism
December, 2021, in accordance with Ministry organization of repute.
(DIN: 08083674) & Marketing)
and Chairperson of Railways’ Order No. 2021/PL/49/14 dated Applicants with experience in Hospitality / Tourism / IT / Finance /Marketing will have
and Managing 14th December, 2021. added advantage.
Director (Additional Railway related experience in above areas would be an added advantage
5. Shri Debashis Chandra (DIN: 08641893) was
Charge)
appointed as an Additional Director (Catering ii) Director Mandatory:
2. Shri Ajit Kumar Director (Finance) & Services) on the Board of IRCTC w.e.f. 18th (Finance) (i) The applicant should be a Chartered Accountant or Cost Accountant or a full time MBA/
(DIN: 07247362) CFO January, 2022, in accordance with Ministry of PGDM with good academic record from a recognized University /Institution.
3 Shri Debashis Director (Catering Railways’ Letter No. 2018/E(O)II/40/10 dated (ii) Officers of Organized Group ‘A’ Accounts Services [i.e. Indian Audit and Accounts Service,
Chandra Services) 18th January, 2022. Indian Defence Accounts Service, Indian Railway Accounts Service, Indian Civil Accounts
(DIN: 08641893)
Service, Indian P&T Accounts & Finance Service and Indian Cost Accounts Service] working
Government Nominee Directors (Non-Executive) b. Resume of Directors proposed to be appointed / re-
in the appropriate level are exempted from these educational qualifications.
4. Shri Neeraj Sharma Executive Director appointed:
(iii) Further, applicants from the Central Govt./Armed Forces of the Union/All India Services,
(DIN: 08177824) (Passenger
As per Regulation 36 of SEBI (Listing Obligations and will also be exempted from the educational qualifications as per (i) above provided the
Marketing), Ministry
Disclosure Requirements) Regulations, 2015, brief applicants have ‘the relevant experience’ as mentioned in Para (iii) below.
of Railways, Govt. of
India resumes of all Directors retiring by rotation and seeking In respect of applicants from Organized Group ‘A’ Accounts Services/Central Government/
appointment /re-appointment indicating nature of Armed Forces of the Union/All India Services, Chartered Accountant/Cost Accountant/
5. Shri Vishwanath Executive Director
their experience in specific functional areas, names MBA/PGDM will be a desirable educational qualification.
Shanker (Planning), Ministry
of Companies in which they hold directorship and
(DIN: 07903588) of Railways, Govt. of Experience:
membership/ chairmanship of Boards/ Committees are
India (i) The applicant should have at least five years of cumulative experience at a senior level
appended to the notice calling the 23rd Annual General
Independent Directors (Non-Executive) during the last ten years, in various aspects of Corporate Financial Management and
Meeting of the Company.
6 Shri Vinay Kumar Part-time (Non- Accounts in an organization of repute.
Sharma Official) Independent Further, brief profile of Directors of the Company is (ii) Applicants from Organized Group ‘A’ Accounts Services should have at least five years
(DIN: 03604125) Director available on the website of the Company at web link cumulative experience at a senior level during the last ten years in the area of Corporate
7 Shri Namgyal Part-time (Non- https://www.irctc.com/board-of-directors.html Financial Management/Accounts.
Wangchuk Official) Independent
(iii) ‘The relevant experience’ in respect of applicants from Central Government/Armed Forces of
(DIN: 09397676) Director
the Union/All India Services would include at least seven years of cumulative experience at a
senior level during the last ten years in the area of Corporate Financial Management/Accounts.

112 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 113
 d. List of core skills /expertise/competencies actually available with the Board:

S. All the members of the Board of the Company possess requisite skills, expertise and competencies required for assisting

Corporate Overview
Type of director Required expertise/skill
No. in effective and efficient functioning of the company.
iii) Director Mandatory: In the table below, the specific areas of focus or expertise of individual Board Members (as on March 31, 2022 and thereafter)
(Tourism & The applicant should be a graduate with good academic record from a recognized have been highlighted:
Marketing) University/ Institute.
Desirable: Key qualifications of the Board
Applicants with Tourism/ Travel/ MBA qualifications will have an added advantage. Area of expertise

Experience: Corporate Board

Name of Director
Financial Travel & Catering & IT Sector Planning Risk Practices Business
The applicant should have at least five years of cumulative experience in marketing/ business Leadership
Management Tourism Hospitality expertise & Management and Development
development in rail tourism/ travel/ hospitality sector during the last ten years in an organization
Strategy Governance
of repute.
iv) Director Mandatory: Smt. Rajni Hasija,

Statutory Reports
(Catering The applicant should be a graduate with good academic record from a recognized Director (Tourism &
Services) University/ Institution. Marketing) & CMD
(Additional Charge)
Desirable:
Shri Ajit Kumar,
Applicants with Technical/ MBA qualifications will have an added advantage. Director (Finance)
Experience: Shri Debashis Chandra
The applicant should have adequate experience at a senior level of management in an Director (catering
organization of repute, out of which at least five years during the last ten years should have Services)
been in Services and Hospitality Industry. Applicants with experience in management of rail Shri Neeraj Sharma,
catering services, management of transport and travel related business, on board services, Government Nominee
F&B proven, ability in managing multidisciplinary teams, HRD and contract related activities will Director

Financial Statements
have added advantage. Shri Vishwanath -
Shanker
Experience in modern management techniques, use of information technology and ability of
Government Nominee
enhancing productivity through economies of scale, logistics management, procurement and
Director
inventory control and Outsourcing is desirable.
Shri Vinay Kumar Sharma - - -
2. Government As may be decided by the Government of India (Ministry of Railways, Govt. of India)
Independent Director
Nominee
Shri Namgyal Wangchuk - - - -
Director (Part-
Independent Director
time Official)
Director (2
Directors)
3. Independent As may be decided by the Government of India (Ministry of Railways, Govt. of India) e. Age limit and tenure of Directors: appointment of Independent Directors are available
Directors on the Company’s website at web-link https://www.
(Part-time The age limit of the whole time Directors, including irctc.com/assets/images/T&C-for-Appointment-of-
non-Official) Chairman & Managing Director is 60 years, who are Independent-Directors.pdf.
Director (6 appointed generally for a period of five years from
Directors) the date of taking over of the charge till the date of f. Procedure Adopted For Board Meetings/Committee
superannuation of the incumbent or till further orders Meetings
from the Government of India, whichever event
occurs earlier. The Company Secretary, in consultation with the
Chairman of the Company and Chairman of the
Government Nominee Directors representing Ministry respective Board Committees, prepares the agenda
of Railways, Government of India, cease to be Director and supporting papers for discussion at each Board
from the Board of the Company at the discretion of meeting and Committee meetings, respectively.
nominating authority or on ceasing to be officials of the
Ministry of Railways, Government of India. Members of the Board or Committees are free to
suggest any item to be included in the agenda, in
Independent Directors are appointed by the Ministry addition to their right to bring up matters for discussion
of Railways, Government of India usually for tenure of at the meeting with the permission of the Chairman.
three (3) years. As required under Regulation 46(2) (b) Information and data that is important to the Board to
of the Listing Regulations, the terms and conditions of understand the business of the Company in general

114 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 115
 and related matters are tabled for discussion at being discussed by the Board/Committee. The i. Number of shares and convertible instruments held Association, MOUs between IRCTC and Ministry of
the meeting. Agenda is circulated in writing to the information usually provided to the Board for its by non-executive directors Railways which help them to familiarize with Company’s

Corporate Overview
members of the Board well in advance of the meeting. consideration includes the following: procedures, practices and risk profile. Newly appointed
As disclosed by them, none of the non-executive Directors are given orientation presentation on the
Additional meetings are also convened as and when i. Annual operating plans and budgets and directors held any share of IRCTC during the FY 2021-22. Company’s Business and its activities. The details
required. In case of exigency, resolutions are passed any updates. of such familiarization programmes are disclosed
by circulation as provided under the Companies Act, j. Web-link for Familiarization Programme/Training
ii. Capital budgets and any updates. on the company’s website https://irctc.com/assets/
2013, which are noted at a subsequent meeting of the programme for directors
images/DETAILS%20OF%20FAMILIARIZATION%20
Board or Committee thereof. iii. Quarterly results and its operating divisions or PROGRAMMES%20TO%20IRCTC'S%20BOARD%20
Upon appointment, the newly appointed Directors
business segments. are provided a welcome kit detailing their roles and OF%20DIRECTORS.pdf
The Company offers video conferencing facility to the
Directors to enable them to participate through video iv. Minutes of meetings of audit committee and responsibilities and necessary information on their
In addition, the Company has formulated a Training
conferencing, in case they are not able to attend in other committees of the board of directors. legal and regulatory obligations and orientation with
Policy for Board Members of the Company, which is
person, as may be permitted under law. respect to the Company’s vision, mission, strategic
v. The information on recruitment and available at web link https://www.irctc.com/assets/
direction, core values, financial matters and business
remuneration of senior officers just below images/training_policy_for_directors_irctc-new.pdf.
The meetings of the Board of Directors are generally operations is given through necessary documents/

Statutory Reports
the level of board of directors, including The Company’s Directors are nominated from time to
held at the Company’s Registered Office in New Delhi. brochures, reports and internal policies including
appointment or removal of Chief Financial time to attend on various relevant topics organized by
Detailed agenda notes, management reports and Annual reports, Memorandum and Articles of
Officer and the Company Secretary. DPE, SCOPE and other prestigious institutions.
other explanatory statements are normally circulated
at least seven days before the Board Meeting in
vi. Show cause, demand, prosecution notices
a defined format amongst the Board Members k. Attendance of each director at the Board Meetings held during the year 2021-22 and at the last AGM :
and penalty notices, which are materially
for facilitating meaningful, informed and focused
important.
discussions in the meeting. The agenda papers for Number of Board meetings Attendance
the Board are circulated electronically, with password vii. Fatal or serious accidents, dangerous Meeting at the last
encryption. This practice has eliminated the cost of occurrences, any material effluent or pollution S. Directors along with Director held during AGM*
printing and paper as well as resulted in reduction Meetings % of
problems. No. Identification Number respective (held on 29th
of carbon foot prints. However, the agenda items Attended Attendance
tenures of September,
viii. Any material default in financial obligations

Financial Statements
containing unpublished price sensitive information Directors 2021)
and agenda at shorter notice are tabled at the relevant to and by the listed entity, or substantial non-
meeting of Board/ Committee, with the permission payment for goods sold by the listed entity. 1. Smt. Rajni Hasija 8 8 100% Present
of Chairperson and all Directors present during (DIN 08083674)
ix. Transactions that involve substantial payment
the meeting. Director (Tourism & Marketing) and
towards goodwill, brand equity, or intellectual
Chairman & Managing Director
property.
The Company Secretary attends all the meetings of the (Additional Charge)
Board and Committees and prepares draft minutes of x. Compliance of various laws by the Company. 2. Shri Ajit Kumar 8 8 100% Present
such meetings, which are duly circulated to members (DIN: 07247362)
within fifteen days of the conclusion of the meeting xi. Action taken report on matters desired by the
Director (Finance)
for their comments. The directors communicate their Board.
3. Shri Debashis Chandra 2 2 100% NA
comments on the draft minutes within seven days xii. Disclosure of interests made by directors to (DIN: 08641893)
from the date of circulation thereof. A statement of the Company. Director (Catering Services)
comments received from directors is placed before (w.e.f. 18th January, 2022)
the Chairman & Managing Director/Chairperson of the xiii. Quarterly report on Corporate Governance 4. Shri Neeraj Sharma 8 8 100% Present
respective Committee for consideration and approval filed with the Stock Exchanges. (DIN 08177824)
thereof. The approved minutes of proceedings of Government Nominee Director
xiv. Quarterly report on investors Grievance
each Board/Committee meeting are duly recorded in 5. Shri Vinay Srivastava 3 3 100% NA
redressal filed with the Stock Exchanges.
the minutes book within thirty days of conclusion of (DIN 08638850)
Non-compliance of any regulatory, statutory
the meeting. Government Nominee Director
or listing requirements and shareholders
service such as non-payment of dividend, (upto 12th September, 2021)
For follow up mechanism, an Action Taken Report (ATR)
on the decisions of the Board/Committee is placed in delay in share transfer etc. 6. Shri Vishwanath Shanker 2 2 100% NA
subsequent meetings of respective Board/Committee, (DIN: 07903588)
xv. All other information required to be presented Government Nominee Director
which helps in effective review of decisions taken.
to the Board for information or approval. (w.e.f. 14th December, 2021)
g. Information placed before the Board of Directors: h. Disclosure of Relationship between directors inter-se

The Board has complete access to all information None of the Directors of the Company are related
pertaining to the Company. If required, senior inter-se. The power to appoint/nominate Directors on
management officials are also called during the the Board of the company vests with President of India
meeting to provide additional inputs on the matters acting through Ministry of Railways, Govt. of India.

116 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 117
 Number of Board meetings Attendance Number Number of Committee

Corporate Overview
Meeting at the last of Membership(s) held in
S. Directors along with Director held during AGM* S. Directorships Other companies as on 31.03.2022
Meetings % of Directors
No. Identification Number respective (held on 29th No. held in other (including IRCTC)
Attended Attendance
tenures of September, Companies as on As
As Member**
Directors 2021) 31.03.2022* Chairman**

7. Shri Vinay Kumar Sharma 3 3 100% NA 6. Shri Vinay Kumar Sharma NIL 2 2
(DIN: 03604125) (DIN: 03604125) (Audit Committee) (Audit Committee)
Independent Director Independent Director & (Stakeholders & (Stakeholders
(w.e.f. 9th November, 2021) (w.e.f. 9th November, 2021) Relationship/ Relationship/
8. Shri Namgyal Wangchuk 3 3 100% NA Grievance Grievance
(DIN: 09397676) Committee) IRCTC Committee) IRCTC
Independent Director 7. Shri Namgyal Wangchuk NIL NIl 1

Statutory Reports
(w.e.f. 12th November, 2021) (DIN: 09397676) (Audit Committee)/
* Pursuant to the General Circular dated January 13, 2021, read with Circulars dated April 8, 2020, April 13, 2020 and May 5, 2020 issued by the Ministry of Independent Director IRCTC
Corporate Affairs (“MCA Circulars”) and SEBI Circular dated Jul 23, 2021, January 15, 2021 read with Circular dated May 12, 2020, and in compliance with (w.e.f. 12th November, 2021)
the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [“SEBI (LODR) Regulations”], the 22nd AGM of the
Company was conducted through VC/ OAVM Facility, without physical presence of members at a common venue. * Does not include Directorship in Section 8 Companies and Foreign Companies.
** For the purpose of reckoning the limit, Chairmanship/Membership of Audit Committee and Stakeholders Relationship/Grievance Committee alone has been
l. Details of Directorships, and Memberships/ Chairpersonships of Committee in other companies as on 31st March 2022:
taken into consideration.

Name of the listed entities where the person is a director and the category of directorship
Number Number of Committee
of Membership(s) held in
Name of Director Name of listed entity Category of Directorship
S. Directorships Other companies as on 31.03.2022
Directors
No. held in other (including IRCTC)

Financial Statements
Shri Vishwanath Shanker Railtel Corporation of India Limited Government Nominee Director
Companies as on As (DIN: 07903588)
As Member**
31.03.2022* Chairman**
Notes:
1. Smt. Rajni Hasija NIL NIL 2
(DIN 08083674) (Audit Committee) (i) The Company being a CPSE, all Directors are appointed/ nominated by the Government of India.
Director (Tourism & Marketing) and Chairman & (Stakeholders
& Managing Director (Additional Charge) Relationship/ (ii) Directors/KMPs do not have any pecuniary relationships or transactions with the Company (except remuneration,
Grievance including sitting fees, as they are entitled) ;
Committee) IRCTC
(iii) None of the directors of the Company hold office of director at any point of time in more than ten (10) public companies
2. Shri Ajit Kumar NIL NIL NIL
including seven (7) listed companies.
(DIN: 07247362)
Director (Finance) (iv) None of the directors of the Company is a member in more than ten (10) committees or a chairperson of more than five
3. Shri Debashis Chandra NIL NIL NIL (5) committees across all the companies in which he is a director.
(DIN: 08641893)
Director (Catering Services) (v) None of the whole time directors of the Company is serving as an independent director in any other listed company.
(w.e.f. 18th January, 2022)
4. Shri Neeraj Sharma NIL NIL NIL (vi) Video-conferencing facilities are also used to facilitate Directors at other locations to participate in Board/Committee
(DIN 08177824) meetings as per Secretarial Standards and other applicable laws.
Government Nominee Director
5. Shri Vishwanath Shanker 1 NIL 2
(DIN: 07903588) Railtel Corporation (Stakeholders
Government Nominee Director Of India Limited Relationship/
(w.e.f. 14th December, 2021) (RCIL) Grievance
Committee)
IRCTC & (Audit
Committee)/RCIL

118 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 119
 m. Number of Board meetings along with the dates (iii) approval of payment to statutory auditors for any other (xiv) discussion with internal auditors of any significant
services rendered by the statutory auditors; findings and follow up there on;
The Board of Directors met eight times during financial year 2021-22. The details of Board Meetings held during 2021-22

Corporate Overview
are given below: (iv) reviewing, with the management, the annual financial (xv) reviewing the findings of any internal investigations
statements and auditor’s report thereon before submission by the internal auditors into matters where there is
No. of Directors present to the board for approval, with particular reference to: suspected fraud or irregularity or a failure of internal
S. Board Meeting control systems of a material nature and reporting the
Date of Meeting Board Strength Through Video
No. Number In Person a. matters required to be included in the director’s matter to the board;
Conferencing
responsibility statement to be included in the
(xvi) discussion with statutory auditors before the audit
1. 113th 16th June, 2021 4 2 2 board’s report in terms of clause c of sub-section
commences, about the nature and scope of audit as well
2. 114th 29th June, 2021 4 2 2 (3) of Section 134 of the Companies Act, 2013;
as post-audit discussion to ascertain any area of concern;
3. 115th 12th August, 2021 4 2 2 b. changes, if any, in accounting policies and
4. 116th 29th September, 2021 3 3 0 (xvii) to look into the reasons for substantial defaults in
practices and reasons for the same;
5. 117th 1st November, 2021 3 2 1 the payment to the depositors, debenture holders,
6. 118th 10th December, 2021 5 4 1 c. major accounting entries involving estimates based shareholders (in case of non-payment of declared
on the exercise of judgment by management; dividends) and creditors;

Statutory Reports
7. 119th 8th February, 2022 7 4 3
8. 120th 24th March , 2022 7 5 2 d. significant adjustments made in the financial (xviii)
to review the functioning of the whistle blower
statements arising out of audit findings; mechanism;
During the financial year 2021-22, no meeting could mentioned below:
e. compliance with listing and other legal (xix) approval of appointment of chief financial officer
be held at tourist destinations in accordance with the
1. Audit Committee; requirements relating to financial statements; after assessing the qualifications, experience and
requirement of Department of Public Enterprises OM F.
NO. 18(17)/2005-GM dated 18th July, 2018, due to Covid 19. background, etc. of the candidate;
2. Nomination & Remuneration Committee; f. disclosure of any related party transactions;
(xx) Carrying out any other function as is mentioned in the
n. Board Independence: 3. Stakeholders Relationship/Grievance Committee g. modified opinion(s) in the draft audit report;
terms of reference of the audit committee.
During FY 2021-22, all the Independent Directors on 4. CSR and SD Committee; (v) reviewing, with the management, the quarterly (xxi) reviewing the utilization of loans and/ or advances from/
the Board of IRCTC have given a declaration that they financial statements before submission to the board investment by the holding company in the subsidiary

Financial Statements
meet the criteria of independence in accordance with 5. Risk Management Committee; for approval; exceeding rupees 100 crore or 10% of the asset size
the provisions of Section 149(7) of Companies Act, (vi) reviewing, with the management, the statement of of the subsidiary, whichever is lower including existing
6. Investment Committee;
2013, Schedule IV and Regulation 16 of the Securities uses / application of funds raised through an issue loans / advances / investments existing as on the date.
and Exchange Board of India (Listing Obligations and 7. Share Transfer Committee; (public issue, rights issue, preferential issue, etc.), the
Disclosure Requirements) Regulations. They also (xxii)
consider and comment on rationale, cost-
statement of funds utilized for purposes other than benefits and impact of schemes involving merger,
declared that their name are included in data bank of During the year, the Committees of Board of Directors as those stated in the offer document / prospectus / notice
independent directors maintained by “Indian Institute of mentioned above have been reconstituted from time to time demerger, amalgamation etc., on the listed entity and
and the report submitted by the monitoring agency its shareholders.
Corporate Affairs” in accordance with the requirement due to change in composition of the Board of Directors of monitoring the utilisation of proceeds of a public or
under sub-rule (1) and (2) of Rule 6 of Companies the Company. rights issue, and making appropriate recommendations Review of Information by Audit Committee
(Appointment and Qualification of Directors) Rules, to the board to take up steps in this matter;
2014.In the opinion of the Board, the Independent There was no instance during the year, where the Board had The Audit Committee reviews the following information:
Directors have requisite integrity, expertise, specialised not accepted recommendation(s) of committee(s) of the board (vii) reviewing and monitoring the auditor’s independence
knowledge, experience and the proficiency. which is mandatorily required to be recommended by the and performance and effectiveness of audit process; 1. management discussion and analysis of financial
committee(s) for the approval of the Board of Directors. condition and results of operations;
(viii)
approval or any subsequent modification of
Further, none of the Directors are debarred from holding
transactions of the listed entity with related parties; 2. management letters / letters of internal control
office as Director by virtue of any order of the Securities
and Exchange Board of India or any other authority.
4. AUDIT COMMITTEE (ix) scrutiny of inter-corporate loans and investments; weaknesses issued by the statutory auditors;

a. Terms of reference: (x) valuation of undertakings or assets of the listed entity, 3. internal audit reports relating to internal control
o. Detailed reasons for resignation of an independent
director wherever it is necessary; weaknesses;
The terms of reference of the Audit Committee specified by
the Board in accordance with the Section 177 of Companies (xi) evaluation of internal financial controls and risk 4. the appointment, removal and terms of remuneration
None of the Independent Directors have resigned
Act, 2013 read with Regulation 18 and Part C of Schedule II management systems; of the chief internal auditor shall be subject to review
from the Company before the expiry of his/her tenure
of SEBI (LODR) Regulations, 2015 as amended from time to by the audit committee.
during the financial year 2021-22. (xii) reviewing, with the management, performance of
time, are as under:
statutory and internal auditors, adequacy of the internal
5. statement of deviations:
(i) oversight of the Company (listed entity’s) financial control systems;
3. COMMITTEES OF BOARD
reporting process and the disclosure of its financial a) Quarterly statement of deviation(s) including report
(xiii) reviewing the adequacy of internal audit function,
To facilitate expeditious consideration and arriving at decisions information to ensure that the financial statement is of monitoring agency, if applicable, submitted to
if any, including the structure of the internal audit
with focused attention on the affairs of the company, the Board correct, sufficient and credible; stock exchange(s) in terms of Regulation 32(1) of
department, staffing and seniority of the official
has delegated certain matters to Committees of the Board set (ii) recommendation to the Board for remuneration of heading the department, reporting structure coverage SEBI (LODR) Regulations, 2015.
up for that purpose. The details of Committees of Board are statutory auditors; and frequency of internal audit;

120 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 121
 b) Annual statement of funds utilized for purposes Guidelines on Corporate Governance and SEBI LODR, Mrs. Suman Kalra, Company Secretary & Compliance (v) Any new scheme of compensation to executives and
other than those stated in the offer document/ not more than 120 days was elapsed between two Officer is the Secretary to the Committee. non-executives as the case may be;

Corporate Overview
prospectus/notice in terms of Regulation 32(7) of consecutive meetings during the year.
SEBI (LODR) Regulations, 2015. Director (Finance) & CFO is permanent invitee to the (vii) Perform such other activities as may be delegated by
The details of Audit Committee Meeting held during meetings of Audit Committee. the Board and/or are statutorily prescribed u n d e r
b. Composition of the Committee:, the year 2021-22 are as given below: the Companies Act, 2013, SEBI Regulations and DPE
The meetings are also attended by GGM (Finance), Guidelines or any other law in force.
The Audit Committee has been reconstituted, during Internal Auditor, representative of Statutory Auditors/
the financial year, as and when there has been a change Audit Cost Auditors as special invitees, as and when required. # Applicable only w.r.t appointment of senior management. “Senior
No. of
in directors. The Committee was last reconstituted on S. Committee Date of Committee Senior functional executives and Business segment Management” shall mean officers /personnel of the Company who are
Members members of its core management team excluding Board of Directors
10th February, 2022. As on 31st March, 2022, the Audit No. Meeting Meeting Strength heads are also invited subject to their requirement to
present and shall include all members one level below the Chief Executive
Committee comprised of the following members: Number provide necessary inputs to the committee. Officer / Managing Director / Whole time director / Manager (including
CEO / Manager, in case they are not part of the board) and specifically
1. 60th 16th June, 3 3 All the recommendations of the Audit Committee were includes Company Secretary and Chief Financial Officer (CFO) (below
S. 2021 accepted by Board of Directors during the financial the Board level) and the functional heads.
Name of Members Position
No. 2. 61st 29th June, 3 3 year 2021-22. b. Composition of the Committee:

Statutory Reports
2021
1. Shri Vinay Kumar Sharma Chairman 3. 62nd 12th 3 3 The Committee has been reconstituted, during the financial
Independent Director August , 5.
NOMINATION AND REMUNERATION year, as and when there has been a change in directors. The
2. Shri Namgyal Wangchuk Member 2021 COMMITTEE Committee was last reconstituted on 8th February, 2022.
Independent Director 4. 63rd 10th 4 4 As on 31st March, 2022, the Nomination and Remuneration
3. Smt. Rajni Hasija Member December,
As per Section 178 of the Companies Act, 2013 and
Committee comprised of the following members:
Director (Tourism & Regulation 19 of SEBI (LODR) Regulations, 2015, the
2021
Marketing) & CMD Company is required to constitute the Nomination and
5. 64th 8th 4 4
(Additional Charge) Remuneration committee. However, MCA vide its notification S.
February, Name of Members Position
dated 05.06.2015 has exempted Government Companies No.
c. Meetings and Attendance during the year: 2022
from applicability of Section 178 (2), (3), & (4) of the Act which
6. 65th 23rd 3 3 1. Shri Namgyal Wangchuk, Chairman
deals with appointment, remuneration and evaluation of

Financial Statements
The Audit Committee met 6 (six) times during the March, Independent Director
performance of directors etc. Similar exemption from SEBI
financial year 2021-22. As per Companies Act, DPE’s 2022 2. Shri Vinay Kumar Sharma Member
for applicability of Regulation 19 is still awaited.
Independent Director
IRCTC had initially constituted a Nomination and Remuneration 3. Shri Neeraj Sharma, Member
Attendance of each member at the Audit Committee meetings held during 2021-22 is as under:
Committee (NRC) to review and approve pay and allowances Government Nominee Director
including Performance Related Payments (PRP) payable
Number of Meetings Mrs. Suman Kalra, Company Secretary & Compliance
to Board level and below Board level executives within the
S. Held during Attended framework of the DPE Guidelines. However, subsequent to
Officer is the Secretary to the Committee.
Name of Members Position % of
No. the tenure Through video the listing of the company, scope of the Committee has been
In person Attendance Director (Catering Services) and GGM (HRD) are permanent
of Director conferencing extended to cover all the HR policy related matters. invitees to the Meeting of the Nomination and Remuneration
1. Shri Neeraj Sharma, Chairman 6 0 6 100 a. Terms of reference:
Committee.
Government Nominee (29th March, 2021 to
Director 11th November, 2021) c. Meeting and Attendance during the year:
The role of the nomination and remuneration committee, in
Member brief, is as under: The Nomination and Remuneration Committee met three
(12th November, 2021 to
times during the financial year 2021-22. The details of
9th February, 2022) (i) To identify persons who may be appointed in senior
which are given below:
2. Shri Vinay Srivastava, Member (up to 12th 3 0 3 100 management# in accordance with the criteria laid
Government Nominee September, 2021) down, recommend to the Board, their appointment
Director and removal; Nomination &
3. Smt. Rajni Hasija, Member 6 6 0 100 Remuneration No. of
(ii) Recommend to the board, all remuneration, in whatever S. Date of Committee
Director (Tourism & Committee Members
form, payable to senior management; No. Meeting Strength
Marketing) & CMD Meeting present
(Additional Charge) (iii) Deciding the Annual Bonus/ Variable pay pool/ Number
4. Shri Vinay Kumar Sharma Chairman 3 3 0 100 Performance related pay and policy for its distribution 1. 19th 10th December, 3 3
Independent Director (w.e.f 12th November, 2021) across the executives and non-unionized supervisors, 2021
5. Shri Namgyal Wangchuk Member 3 2 1 100 within the prescribed limits and as per the guidelines 2. 20th 7th February, 3 3
Independent Director (w.e.f 12th November, 2021) issued in this regard by the Government of India; 2022
(iv) Formulation and modification of schemes for providing 3. 21st 23rd March, 3 3
perks and allowances for executives; 2022

122 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 123
 Attendance of each member at the Nomination and Remuneration Committee meetings held during 2021-22 is as under: (in H)
S. Other Performance Contribution Contribution

Corporate Overview
Number of Meetings Name of Directors Salary Perks Total
No. Benefits Award to PF to NPS
S. Held during Attended
Name of Members Position % of
No. the tenure Through video 3. Shri Debashis Chandra 9,65,487 13,915 53,088 15,29,192 88,370 70,512 27,20,564
In person Attendance
of Director conferencing Director (Catering
Services)
1. Shri Neeraj Sharma, Chairman 3 0 3 100 (w.e.f. 18th January,
Government Nominee Director (w.e.f. 29th March, 2021 2022)
to 11th November, 2021)
Total 92,82,070 18,68,563 12,13,311 41,04,442 9,02,302 7,20,179 1,80,90,867
and Member since 12th
November, 2021
2. Shri Vinay Srivastava, Member (upto 12th 0 NA NA NA ii. Remuneration to Government Nominee Directors: In accordance with DPE O.M. No. 9(23)/2014-MGMT dated
Government Nominee Director September, 2021) 16th December, 2019, Articles of Association and other
The Government Nominee Directors nominated on the Board applicable provisions of Companies Act, 2013, the Board
3. Smt. Rajni Hasija, Member (upto 11th 0 NA NA NA

Statutory Reports
by Ministry of Railways, do not draw any remuneration from the of Directors in its 120th meeting held on 24th March, 2022
Director (Tourism & Marketing) November, 2021)
Company for their role as director, but draw their remuneration has enhanced the sitting fee payable to Non-official
& CMD (Additional Charge)
under Central Dearness Allowance (CDA) pay scales from the Independent Directors as H 25,000/- (Rupees Twenty Five
4. Shri Namgyal Wangchuk Chairman (w.e.f. 12th 3 2 1 100
Government of India as Government Officials. Thousand only) for attending each Board Meeting and
Independent Director November, 2021)
H 20,000/- (Rupees Twenty Thousand only) for attending
5. Shri Vinay Kumar Sharma Member (w.e.f. 12th 3 3 0 100 iii. Chief Financial Officer, Company Secretary and other
each Board Level Committee Meeting, w.e.f 1st April, 2022.
Independent Director November, 2021) senior officers

d. Performance Evaluation of Board Members: The appointment and remuneration of senior officers just 7. STAKEHOLDERS RELATIONSHIP/ GRIEVANCE
below the level of Board of Directors, CFO and Company
Ministry of Corporate Affairs (MCA) vide its circular dated June 5, 2015 has exempted Government Companies from the provisions COMMITTEE:
Secretary as specified in Part A (E) of schedule (II) of Listing
of section 178(2) of the Companies Act, 2013, which requires performance evaluation of every director by the Nomination &
Regulations is approved/reported to the Board from time to a. Terms of Reference:
Remuneration Committee. The circular further exempted Govt. Companies from the provisions of Section 134 (3) (p) of Companies

Financial Statements
time .
Act 2013, which provide about manner of formal evaluation of its own performance by the Board and that of its Committees The role of the Stakeholders Relationship/Grievance
and Individual Director in Board’s Report, if directors are evaluated by the Ministry which is administratively in-charge of the iv. Remuneration of Independent Directors: Committee as specified as in Part D of the Schedule II of
Company as per its own evaluation methodology. Further, MCA vide notification dated July 5, 2017, also prescribed that the SEBI (LODR) Regulations, 2015, is as under:
provisions relating to review of performance of Independent Directors and evaluation mechanism prescribed in Schedule IV of The independent Directors are not paid any remuneration
the Companies Act, 2013, is not applicable to Government companies. except sitting fees of H 15,000/- for attending each meeting (i) Resolving the grievances of the security holders
of the Board or Committee thereof as fixed by Board which is of IRCTC including complaints related to transfer/
within the limits prescribed under the Companies Act, 2013 and transmission of shares, non-receipt of annual report,
6. REMUNERATION OF DIRECTORS: rules thereunder. The details of sitting fee paid to Independent non-receipt of declared dividends, issue of new/
directors during the year 2021-22 are given below: duplicate certificates, general meetings etc.
i. Remuneration of Whole-time (Executive) Directors:
(in H)
Being a Central Public Sector Undertaking and Government Company, the whole-time directors are appointed by the President (ii) Review of measures taken for effective exercise of
Name of Sitting fee* voting rights by shareholders.
of India through the Ministry of Railways and draw remuneration as per Industrial Dearness Allowance (IDA) pay scales pre- S.
Independent Board Committee Total
determined by the Government and as per the terms and conditions of their appointment issued by the Government. No.
Director Meetings Meetings (iii) Review of adherence to the service standards adopted
The details of remuneration paid to whole-time directors of the Company during the financial year 2021-22 are as given below: by IRCTC in respect of various services being rendered
1. Shri Vinay 45,000 1,35,000 1,80,000 by the Registrar & Share Transfer Agent.
Kumar Sharma
(in H)
Independent (iv) Review of the various measures and initiatives taken
S. Other Performance Contribution Contribution Director by IRCTC for reducing the quantum of unclaimed
Name of Directors Salary Perks Total
No. Benefits Award to PF to NPS (DIN: 03604125) dividends and ensuring timely receipt of dividend
2. Shri Namgyal 45,000 1,50,000 1,95,000 warrants/annual reports/statutory notices by the
1. Smt. Rajni Hasija 41,93,251 9,76,432 4,59,232 24,91,140 4,10,379 3,27,563 88,57,997
Wangchuk shareholders of the company.
Director (Tourism &
Independent
Marketing) & CMD b. Composition, Meeting & Attendance:
Director
(Additional Charge)
(DIN: 09397676)
2. Shri Ajit Kumar 41,23,332 8,78,216 7,00,991 84,110 4,03,553 3,22,104 65,12,306 The Committee has been reconstituted, during the financial
Total 90,000 2,85,000 3,75,000
Director (Finance) year, as and when there has been a change in directors. The
*In addition to sitting fee, Independent Directors are also reimbursed
Committee was last reconstituted on 8th February, 2022.
boarding/lodging/conveyance expenses incurred for attending meetings of
the Board/Committees. As on 31st March, 2022, the Stakeholders Relationship/
Grievance Committee comprised of the following members:

124 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 125
 The Committee met once during the year 2021-22. The
details of which are as given below:
S. S.

Corporate Overview
Members Position Nature of Complaint Contact Action to be taken
No. No.
Stakeholders
1. Shri Vinay Kumar Sharma Chairman Relationship / No. of 2 For shares held in Demat, Depository Participant (DP) with the As per instructions of respective DP.
Independent Director S. Date of Committee Change of address, status, Shareholder is maintaining his/her
Grievance Members
2. Shri Vishwanath Shanker Member No. Meeting Strength Bank account, mandate, ECS account.
Committee present
Government Nominee Director Meeting Number mandate etc.
3. Smt. Rajni Hasija, Member 3 Complaints of any other Company Secretary On plain paper stating nature of
Director (Tourism & Marketing) & 1. 3rd 7th 3 3 category Indian Railway Catering and Tourism complaint, folio/DPID/Client ID No.,
CMD (Additional Charge) February, Corporation Limited. Name and address, email ID and contact
2022 Phone: 011-23327746 details.
Mrs. Suman Kalra, Company Secretary & Compliance [email protected]
Officer is the Secretary to the Committee.

Statutory Reports
Attendance of each member at the Stakeholders Relationship/ Grievance Committee meetings held during 2021-22 is as under: For seamless payment of dividend, all Investor are
requested to update their client master (maintained with DP)
with correct bank details and IFSC along with email address. S.
Number of Meetings Members Position
Physical Shareholders are requested to give bank mandate No.
S. Held during Attended
Members Position % of for transfer of dividend directly to respective bank account. 1. Smt. Rajni Hasija, Chairperson
No. the tenure Through video
In person Attendance Director (Tourism & Marketing) &
of Director conferencing
8. CSR AND SD COMMITTEE CMD (Additional Charge)
1. Smt. Rajni Hasija Member 1 1 0 100% 2. Shri Ajit Kumar Member
& CMD (Additional Charge) a. Terms of Reference: Director (Finance)
2. Shri Neeraj Sharma Member 1 0 1 100% 3. Shri Debashis Chandra Member
Government Nominee Director (up to 7th February, 2022) The Terms of Reference of CSR & SD Committee is placed
Director (Catering Services)

Financial Statements
3. Shri Vishwanath Shanker Member 0 NA NA NA below:
4. Shri Neeraj Sharma, Member
Government Nominee Director (w.e.f. 8th February, 2022) Government Nominee Director
(i) To formulate and recommend to the Board, a CSR
4. Shri Vinay Kumar Sharma Chairman 1 1 0 100% policy which will indicate the activities to be undertaken 5. Shri Namgyal Wangchuk Member
Independent Director (w.e.f. 12th November, 2021) by the Company in accordance with Schedule VII of Independent Director
the Companies Act, 2013;
Mrs. Suman Kalra, Company Secretary & Compliance
c. Redressal of Investors’ Grievance: (ii) To review and recommend the amount of expenditure Officer is the Secretary to the Committee.
to be incurred on the activities referred to in clause (i);
The Company addresses all complaints, suggestions and grievances of the investors expeditiously and resolves them within Mr. Sandip Trivedi (GGM HRD), being the nodal officer of the
specified timeline. (iii) To monitor the CSR policy of the Company from time CSR & SD Committee is permanent invitee to the meetings
to time; of the Committee.
No request for share transfer is pending beyond 30 days. All requests for de-materialization of shares processed and
confirmation communicated to investors and Depository Participants normally within 10-12 working days by RTA. (iv) To recommend/review CSR projects / programmes / The Committee met 5 (Five) times during the year 2021-22.
proposals, falling within the purview of Schedule VII of The details of which are as given below:
During the year, 17 complaints, including non-receipt of dividend/IPO/OFS etc, were received and disposed off in time.
the Companies Act, 2013;
d. Settlement of Grievances:
CSR & SD
(v) To assist the Board of Directors to formulate strategies No. of
Investors may register their complaints in the manner stated below: S. Committee Date of Committee
on CSR initiatives of the Company; Members
No. Meeting Meeting Strength
present
S. (vi) Any other matter as the CSR Committee may deem Number
Nature of Complaint Contact Action to be taken
No. appropriate after approval of the Board of Directors or
1. 33rd 11th August, 3 3
as may be directed by the Board of Directors from time
1 Dividend (Interim Dividend) and Alankit Assignments Limited, Letter on plain paper stating the 2021
within the ambit of applicable rules.
matters pertaining to IPO/OFS; Address: 4E/2 Jhandewalan Extension nature of complaint and shall mention 2. 34th 1st November, 3 3
New Delhi – 110055 Folio/ DPID/ Client ID No; lodging of b. Composition, Meeting & Attendance: 2021
For Physical Shares-
original shares and other documents/ 3. 35th 10th December, 4 4
Change of address, status, Phone No.011- 42541234/ 011- 42541954
instruments as the case may be. The Committee has been reconstituted, during the financial 2021
Bank account, mandate, ECS Fax No: 011- 42541201
year, as and when there has been a change in directors. 4. 36th 7th February, 4 4
mandate etc. Web site : www.alankit.com
During the year, The Committee was last reconstituted on 2022
e-mail: [email protected]
8th February, 2022. As on 31st March, 2022, the CSR & SD 5. 37th 23rd March, 5 5
[email protected] and [email protected]
Committee comprised of the following members: 2022

126 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 127
 Attendance of each member at the CSR & SD Committee meetings held during 2021-22 is as under: The Committee met twice during the year 2021-22. The details of which are given below:

Corporate Overview
Number of Meetings S. Committee No. of Members
S. Held during Attended Risk Management Committee Meeting Number Date of Meeting
Members Position % of No. Strength present
No. the tenure Through video
In person Attendance 1. 11th 11th August, 2021 3 3
of Director conferencing
2. 12th 10th December, 2021 4 4
1. Smt. Rajni Hasija, Chairperson 5 5 0 100%
Director (Tourism & Marketing) Attendance of each member at the Risk Management Committee meetings held during 2021-22 is as under:
& Chairman & Managing
Director (Additional Charge) Number of Meetings
2. Shri Ajit Kumar, Member 5 5 0 100% S. Held during Attended
Members Position % of
Director (Finance) No. the tenure Through video
In person Attendance
3. Debashis Chandra Member 1 1 0 100% of Director conferencing
Director (Catering Services) (w.e.f. 8th February, 2022)

Statutory Reports
4. Shri Neeraj Sharma Member 5 0 5 100% 1. Smt. Rajni Hasija Chairperson 2 2 0 100%
Government Nominee Director Director (Tourism & Marketing)
5. Shri Namgyal Wangchuk Member 3 2 1 100% and CMD (Additional Charge)
Independent Director (w.e.f. 12th November, 2021) 2. Shri Ajit Kumar Member 2 2 0 100%
Director (Finance)
3. Shri Debashis Chandra Member 0 NA NA NA
9. RISK MANAGEMENT COMMITTEE: (xii) Any other role assigned for the Committee due to Director (Catering Services) (w.e.f. 8th February, 2022)
changes/modification in the Companies Act. 2013, 4. Shri Neeraj Sharma Member 2 0 2 100%
a. Terms of Reference: SEBI Regulations and DPE Guidelines. Government Nominee Director (upto 7th February, 2022)
5. Shri Vishwanath Shanker Member 0 NA NA NA
The Terms of Reference of Risk Management Committee, b. Composition, Meeting & Attendance: Government Nominee Director (w.e.f. 8th February, 2022)
in brief, is mentioned below:

Financial Statements
6. Shri Vinay Kumar Sharma Member 1 1 0 100%
The Committee has been reconstituted, during the financial
(i) Ensure compliance with Risk Management Policy. Independent Director (w.e.f. 12th November, 2021)
year, as and when there has been a change in directors.
During the year, The Committee was reconstituted
(ii) Review adequacy and effectiveness of business risk
latest on 8th February, 2022. As on 31st March, 2022, 10. OTHER FUNCTIONAL COMMITTEES:
management. The Executive Board met 4 (four) times during the financial
the Risk Management Committee comprised of the
year 2021-22 on 27th January, 2022, 9th February, 2022,
(iii) Review the organization wide risk portfolio and following members: 10.1 Investment Committee 4th March, 2022 and 16th March, 2022. The meetings were
consider it against the risk appetite.
In accordance with DPE guidelines, the Investment attended by all the members of the Committee.
(iv) Define the risk appetite for the company. Advice S. Committee of IRCTC has been constituted to take
Members Position Mrs. Suman Kalra, Company Secretary is the Secretary to
business units / support functions on risk initiatives. No. investment decisions for short-term deployment of surplus the Committee.
1. Smt. Rajni Hasija, Chairperson funds as per financial delegation(s) of power for this
(v) Review and approve changes in the risk appetite of
Director (Tourism & Marketing) & purpose. The decisions taken by the Committee are put up Senior functional executives are also invited to attend the
the company.
CMD (Additional Charge) to the Board of Directors for information. meetings of the Executive Board, as and when required.
(vi) Suggest improvements to risk management techniques
2. Shri Ajit Kumar, Member The Committee consists of Chairman & Managing Director, 10.3 Administrative Committee
and lift management awareness.
Director (Finance) Director (Finance) and Director (Catering Services). The
(vii) Provide quarterly updates to Board through the 3. Shri Debashis Chandra Member meetings of the committee are held as and when required, The Administrative Committee has been constituted to
Audit Committee on the current risk management Director (Catering Services) and are attended by all the members. deal with the matters related to approvals for opening
procedures and status of key risks. 4. Shri Vishwanath Shanker Member and closing of Bank Accounts; approaching the financial
Government Nominee Director 10.2 Executive Board Committee institutions for seeking working capital facilities for the
(viii) Monitor emerging issues and share best practices. 5. Shri Vinay Kumar Sharma Member Company’s projects; and matters including authorizing
The Committee of Executive Board has been constituted to the officials for registration with Excise, Income tax and
(ix) Monitor business risk reporting. Independent Director
prepare and draft the policy (ies) of recruitment, absorption other applicable authorities and signing and executing
(x) Ensure communication of policies and standards to Chief Risk Officer (CRO) and Law Officer are permanent and channels of promotion in IRCTC for employees up documents on behalf of the company.
successive levels of management. invitees to the meetings of the Committee. to E-6 and other issues including new ventures, growth
of business segments, operational performance of the The Committee comprises of Chairman & Managing
(xi) Consideration of any other item which may be Mrs. Suman Kalra, Company Secretary & Compliance Company for the purpose of internal analysis etc. Director, Director (Finance), Director (Tourism & Marketing)
delegated in this regard by the Board of Directors. Officer is the Secretary to the Committee. and Director (Catering Services).
The Committee consists of Chairman & Managing Director,
Director (Finance), Director (Tourism & Marketing) and Mrs. Suman Kalra, Company Secretary & Compliance
Director (Catering Services). Officer is the Secretary to the Committee.

128 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 129
 No meeting of Administrative Committee was held during 11. 
SEPARATE MEETING OF INDEPENDENT (ii) Details of Voting Pattern:
the Financial Year 2021-22. DIRECTORS:

Corporate Overview
Remote e- Votes Resolution
10.4 Share Transfer Committee In terms of provisions mentioned under SEBI (LODR) Resolution (s) Number of votes Cast Percentage (%) of votes Passed or
Regulations, 2015, Section 149 and Code of Independent not
The Share Transfer Committee consider the requests for Favour Against Total Favour Against Total
Directors of the Companies Act, 2013, and DPE Guidelines,
transfer/transmission of shares, issue of duplicate share
a separate meeting of Independent Directors was held on Appointment of Shri Vinay Kumar 613201201 1135337 614336538 99.82 0.18 100 Passed
certificate, re-materialization, split, consolidation, renewal
24th March, 2022. Sharma (DIN: 03604125) as an
and issue of duplicate share certificates etc.
independent director on the Board
Both the Independent Directors attended the said Meeting of the company
The Committee comprises of Director (Finance), Director
and the minutes of the meeting were put up to the Board Appointment of Shri Namgyal 608624778 5711507 614336285 99.07 0.93 100 Passed
(Tourism & Marketing) and Company Secretary.
of Directors. Wangchuk (DIN: 09397676) as an
During the financial year 2021-22, 2 (two) meeting of Share independent director on the Board
Transfer Committee was held on 28th September, 2021 of the company
and 3rd January, 2022 and all members of the Committee Appointment of Shri Vishwanath 588122610 26213598 614336208 95.73 4.27 100 Passed

Statutory Reports
attended the meeting. Shanker (DIN: 07903588), ED
(Planning), Railway Board as Part-
12. GENERAL BODY MEETINGS Time Government Director on the
Board of the Company
12.1 Annual General Meeting (AGM)
Appointment of Shri Debashis 580883733 33453623 614337356 94.55 5.45 100 Passed
Details of last three Annual General Meetings (AGM) of the company are as under: Chandra, GGM, IRCTC [DIN:
08641893] as Director (Catering
Services) on the Board of the
Financial Whether any Special
AGM Date Day Time Location Company
Year Resolution Passed

22nd 2020-21 29th Wednesday 1230 Hrs. Through video conferencing No (iii) Person who conducted the aforesaid postal ballot and Exchange Board of India (Listing Obligations

Financial Statements
September, ("VC")/ other Audio Visual exercise: and Disclosure Requirements) Regulations, 2015
2021 Means("OAVM") (“Listing Regulations”) and other applicable laws and
Mr. Naresh Kumar Sinha (ICSI Membership No. FCS regulations (including any statutory modification or
(IRCTC Board Room)
1807), proprietor of Kumar Naresh Sinha & Associates, re-enactment thereof for the time being in force), the
21st 2019-20 27th October, Tuesday 1130 Hrs. Through video conferencing No
Company Secretaries conducted the aforesaid postal Company provided only the remote e-Voting facility by
2020 ("VC")/ other Audio Visual
ballot exercise in a fair and transparent manner. means of postal ballot to its Members, to enable them
Means("OAVM")
(IRCTC Board Room) to cast their votes electronically.
(iv) Whether any special resolution is proposed to be
20th 2018-19 28th August, Wednesday 1630 Hrs. Committee Room (Room Yes conducted through postal ballot: The Company engaged the services of Central
2019 No.237), 2nd Floor, Rail i. To alter the objects
Depository Services (India) Limited (CDSL) for
Bhawan, New Delhi - 110001 clause of MoA As explained above, two (02) Special Resolutions,
facilitating remote e-Voting to enable the Members
which was proposed to be conducted through postal
12.2 Extraordinary General Meeting ii. Appointment of Shri Namgyal Wangchuk (DIN: to cast their votes electronically. In line with the
ballot in the month of March, 2022, was passed in the
09397676) as an Independent Director on the above mentioned MCA Circulars, the Company sent
month of April, 2022.
No Extraordinary General Meeting of the Members was Board of the Company; the Postal Ballot Notices in electronic form only to
held during Financial Year 2021-22. (v) Procedure followed for Postal Ballot: its registered shareholders whose e-mail IDs were
b) Ordinary Resolution(s) registered/available with the Depository Participants
12.3 Postal Ballot Pursuant to Section 110 of the Companies Act, 2013 (DPs)/Registrars and Share Transfer Agents (RTA) as on
iii. Appointment of Shri Vishwanath Shanker (“Act”) and other applicable provisions, if any, of the
(i) Details of resolutions passed by postal ballot: a cut-off date i.e. 4th March, 2022.
(DIN: 07903588), ED (Planning), Railway Act read with Rule 20 and Rule 22 of the Companies
Board as Part-Time Government Director on (Management and Administration) Rules, 2014 Voting rights were reckoned on the paid-up value of
During the year under review, no resolutions were
the Board of the Company; (“Rules”), as amended from time to time, along with the shares registered in the names of the Members
passed through postal ballot. However two special
and two ordinary resolutions were passed on 10th the General Circular No. 14/2020 dated April 8, 2020, as on the cut-off date i.e. 4th March, 2022. Members
iv. Appointment of Shri Debashis Chandra, GGM,
April, 2022 through postal ballot only by voting through General Circular No. 17/2020 dated April 13, 2020, desiring to exercise their votes by electronic mode
IRCTC [DIN: 08641893] as Director (Catering
electronic means (‘remote e-voting’), the details of General Circular No.22/2020 dated June 15, 2020, were requested to vote before close of business hours
Services) on the Board of the Company.
which are as mentioned below: General Circular No. 33/2020 dated September 28, on the last date of e-Voting i.e. 10th April, 2022.
2020, General Circular No. 39/2020 dated December
a) Special Resolution(s) The scrutinizer, after the completion of scrutiny,
31, 2020, General Circular No. 10/2021 dated June
submitted his report to Smt. Rajni Hasija, Director
23, 2021 and General Circular No. 20/2021 dated
i. Appointment of Shri Vinay Kumar Sharma (Tourism & Marketing) and CMD (Additional Charge).
December 8, 2021 issued by the Ministry of Corporate
(DIN: 03604125) as an Independent Director She countersigned the Scrutinizer’s Report as well
Affairs (“MCA”) (hereinafter collectively referred to
on the Board of the Company; as declared the voting results in accordance with the
as “MCA Circulars”), Regulation 44 of Securities

130 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 131
 provisions of the Act, the Rules framed thereunder Report, and other important information is circulated to designed for corporate. All periodical/ event based The trading window closure period for dealing in securities
and the Secretarial Standard 2 on General Meetings. members and others entitled thereto. The Company’s compliance filings like shareholding pattern, corporate of IRCTC is notified to the stock exchanges and apart from

Corporate Overview
The results were announced with exchanges (BSE Annual Report is also available in downloadable form on governance report, media releases, statement of investor circulating to Designated employees of the Company is
& NSE) on 12th April, 2022. The results were also the Company’s website i.e. www.irctc.com complaints, among others are filed electronically on the also hosted on the website of the Company. The Trading
displayed on the Company’s website, which can be Listing Centre. Window generally remains closed for ‘Insiders’ of the
viewed with web link: https://irctc.com/assets/images/ • Quarterly/ Annual Financial Results: The Company Company from the end of each quarter till 48 hours after
SEintimationofresultsofevotingthrougpostalballot.pdf regularly intimates un-audited as well as audited financial • SEBI Complaints Redress System (SCORES): The the financial results for the quarter are filed with stock
results to the Stock Exchanges, immediately after the investor complaints are processed in a centralised web- exchanges and become generally available, unless
approval of the Board in accordance with the time frame based complaints redressal system. The salient features otherwise notified by Company Secretary.
13. MEANS OF COMMUNICATION specified in SEBI (LODR) Regulations, 2015. The results of this system are: centralised database of all complaints,
are also hosted on the website of the Company i.e. online upload of Action Taken Reports (ATRs) by concerned d. Book Closure:
The Company communicates with its stakeholders through
www.irctc.com for wider circulation. companies and online viewing by investors of actions taken
Annual Reports, Quarterly/ Annual Financial Results, News The register of members and share transfer books of the
on the complaint and its current status.
Releases, Presentations etc. and disclosures made on the • News Releases, Presentations: Official news releases Company will remain closed from Saturday, the 20th day
Company’s website i.e. www.irctc.com from time to time. and official media releases are generally sent to the • Designated exclusive email-IDs: The Company has a of August, 2022 to Friday, the 26th day of August, 2022
Stock Exchanges and are also available on the website of designated email id [email protected] for Investor services. (both days inclusive).

Statutory Reports
• Annual Reports: The Annual Report containing, inter-alia,
the Company.
Audited Financial Statements, Board’s Report, Auditor’s e. Dividend Distribution Policy:
14. GENERAL INFORMATION FOR SHAREHOLDERS
• Newspaper publication: These financial results as mentioned are normally published in the leading English and vernacular The Company has a Dividend Distribution policy duly
a. Annual General Meeting of the Current Year: approved by its Board of Directors. The objective behind
newspapers having nationwide circulation. During the financial year 2021-22, quarterly results have been published as follows:
the policy is to broadly specify the parameters that shall be
Day: Friday
considered while declaring dividend and the circumstances
Quarter Date of Publication Newspaper edition under which shareholders of the Company may/ may
Date: 26th August, 2022
not expect dividend and how the retained earnings shall
Q1 ended 30th June, 2021 13th August, 2021 Hindustan Times & Mint Time: 12:30 Hrs. be utilized. As per the requirement of Regulation 43A of
(English version) and Hindustan SEBI (LODR) Regulations, 2015, the policy is uploaded
(Hindi version) Venue: Through Video Conferencing (VC)/Other Audio on the Company’s website at link, https://irctc.com/

Financial Statements
Q2 and half year ended 30th 2nd November, 2021 The Indian Express & Financial Visual Means (OAVM) assets/images/IRCTC_DIVIDEND%20DISTRIBUTION%20
September, 2021 Express (English version) and POLICY-_31.07.2019_CB%20Comments%20[05.08.2019].pdf
b. Financial Year:
Jansatta (Hindi version)
Q3 and Nine Month ended 31st 9th February, 2022 Business Standard, The Indian f. Payment of Dividend:
The Company’s Financial Year is from 1st April to 31st March.
December, 2021 Express & Financial Express
The Company had paid an interim dividend of H2 per equity
(English version) and Business c. Financial Calendar (Tentative) Results for the quarter ending
share in the month of March, 2022. In addition to above, the
Standard & Jansatta (Hindi version)
June 30, 2022 – Second week of August, 2022 Board of Directors of the Company has recommended a
Q4 and Year ended 31st March, 2022 31st May, 2022 Hindustan Times & Mint
September 30, 2022 – Second week of November, 2022 final dividend of H1.5/- per equity share for the financial year
(English version) and Hindustan
2021-22. Accordingly, the total dividend for the year comes
(Hindi version) December 31, 2022 – Second week of February, 2023
to H3.5 per equity share, if the final dividend is approved by
March 31, 2023 – Fourth week of May, 2023 the shareholders in the ensuing Annual General Meeting.
• Webcast of Annual General Meeting: The Company o Intimations made to the Stock Exchanges from time to
has provided live webcast of the proceedings of the 22nd Annual General Meeting - August / September, 2023
time.
Annual General Meeting held on 29th September, 2021. g. Dividend History:
o E - mail ID of the Company Secretary and Compliance
• Website: The Company’s website www.irctc.com contains Officer, Chief Investor Relations Officer (CIRO) and
Date of Board Meeting/
separate dedicated section ‘Investor Relations’ where the Alankit Assignments Ltd. (RTA) exclusively for the Total paid-up capital Total amount of Dividend
Financial Year AGM in which Dividend was Interim / Final
information for shareholders is available. Full Annual Report, purpose of registering complaints by investors has (K in Crore) paid (J in Crore)
declared
Shareholding Pattern, Policies, MOUs and Corporate been displayed on the website under the head
Governance Report etc. are also available on the web-site. “Investor Contact under Investor Corner”. 2009-10 20.00 4.00 24th November, 2009 Interim
Information, latest updates and announcements regarding (H 2.00 per share)
the Company can be accessed at company’s website as • NSE Electronic Application Processing System (NEAPS)
8.61 28th September, 2010 Final
mentioned below: & NSE Digital Exchange: The NEAPS and NSE Digital
(H 4.305 per share)
Exchange is a web-based application designed by NSE for
2010-11 20.00 12.16 22nd September, 2011 Final
o Quarterly/ Half-yearly/ Annual Financial Results corporate. All periodical/ event based compliance filings like
(H 6.08 per share)
shareholding pattern, corporate governance report, media
o Quarterly Shareholding Pattern 2011-12 20.00 12.16 29th March, 2012 Interim
releases, statement of investor complaints, among others
(H 6.08 per share)
o Quarterly Corporate Governance Report are filed electronically on NEAPS and NSE Digital Exchange.
5.71 27th September, 2012 Interim
• BSE Corporate Compliance & Listing Centre (“Listing (H 2.855 per share)
o Transcripts of conferences with analysts
Centre”): BSE's Listing Centre is a web-based application

132 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 133
 i. IRCTC’s Market Price Data and performance in comparison to indices:

Date of Board Meeting/ Comparison of IRCTC share price (from 01.04.2021 to 31.03.2022) with BSE Sensex and NSE Nifty is given below:

Corporate Overview
Total paid-up capital Total amount of Dividend
Financial Year AGM in which Dividend was Interim / Final
(K in Crore) paid (J in Crore) i. BSE Sensex and IRCTC Share Price
declared

2012-13 20.00 11.77 27th September, 2013 Final BSE SENSEX IRCTC Share Price at BSE
(H 5.885 per share) Month
High Low Close High(H) Low(H) Close (H)
2013-14 20.00 14.40 11th September, 2014 Final
(H 7.20 per share) Apr-21 50375.77 47204.5 48782.36 1820 1541 1790.4
2014-15 20.00 26.13 18th September, 2015 Final May-21 52013.22 48028.07 51937.44 1940.75 1680.5 1901.7
(H 13.065 per share) Jun-21 53126.73 51450.58 52482.71 2184.15 1888.7 2033.7
2015-16 20.00 75.45 27th September, 2016 Final Jul-21 53290.81 51802.73 52586.84 2479.45 2030.1 2329.6
(H 37.725 per share) Aug-21 57625.26 52804.08 57552.39 2759.5 2423 2751.4
2016-17 40.00 37.50 10th March, 2017 Interim Sep-21 60412.32 57263.9 59126.36 4017 2711 3797

Statutory Reports
(H 9.375 per share) Oct-21* 62245.43 58551.14 59306.93 6393 650.1 845.65
47.18 20th September, 2017 Final Nov-21* 61036.56 56382.93 57064.87 929.65 750.05 794.35
(H 11.795 per share) Dec-21* 59203.37 55132.68 58253.82 878.05 781 831.8
2017-18 40.00 88.81 27th September, 2018 Final Jan-22* 61475.15 56409.63 58014.17 918.3 784.3 867.8
(H 22.202 per share) Feb-22* 59618.51 54383.2 56247.28 900 735.2 809.05
2018-19 160.00 60.00 20th December, 2018 Interim Mar-22* 58890.92 52260.82 58568.51 822.05 708.7 774.6
(H 3.75 per share) * IRCTC’s (1) equity share of face value of H 10/- each was sub-divided into five (5) equity shares of face value of H 2/- each w.e.f. the record date i.e. 29th October,
62.37 28th August, 2019 Final 2021.
(H 3.898 per share) ii. Performance of IRCTC Share price in comparison to BSE SENSEX:
2019-20 160.00 160.00 12th February, 2020 Interim
( H 10 per share) BSE SENSEX AND IRCTC SHARE PRICE
40 27th October, 2020 Final 60,000.00 1,000.00

Financial Statements
( H 2.5 per share)
2020-21 160.00 80 29th September, 2021 Final 57,000.00 900.00
(H 5.00 per share) 54,000.00 800.00
2021-22 160.00 160.00 8th February, 2022 Interim

BSE SENSEX

IRCTC Price*
(H2.00 per share) 51,000.00 700.00

Detail of Nodal and Deputy Nodal Officer of the Company h. Listing on Stock Exchanges: 48,000.00 600.00
as under the provisions of IEPF is as below:
The Company is listed on the following Stock Exchanges. 45,000.00 500.00
Nodal Officer: Smt . Suman Kalra
42,000.00 400.00
Company Secretary National Stock Exchange
BSE Limited (BSE) 39,000.00 300.00
Phone No.: +91 11 23327746 of India Limited (NSE)

Sept'21

Feb'22

Mar'22
May'21

Jan'22
Nov'21

Dec'21
Aug'21
Jun'21

Oct'21
Apr'21

Jul'21
Email ID: [email protected]
Address: Phiroze Address: Exchange Plaza,
Dy. Nodal Officer: Shri Prashant Singh Jeejeebhoy Towers, Dalal Plot No. C/1, G Block,
Assistant Manager/Secretarial Street, Bandra Kurla Complex,
* IRCTC’s equity share Price has been adjusted for Split.
Phone No.: +91 11 23311263 Mumbai – 400 001 Bandra (East),
Scrip Code: 542830 Mumbai – 400 051
Email ID: [email protected]
ISIN : INE335Y01020 Symbol: IRCTC
The details of Nodal Officer and Deputy Nodal Officer of ISIN : INE335Y01020
the Company and other details related to unpaid dividend
The annual listing fee for the Financial Year 2021-22 has
amount and shares transferred to IEPF are available at
been paid to National Stock Exchange of India Limited and
the website with web link https://irctc.com/assets/images/
BSE Ltd. Annual Custodian Fee to NSDL and CDSL has also
Nodal%20&%20Deputy%20Nodal%20Officer%20for%20
been paid for the Financial Year 2021-22.
IEPF.pdf

134 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 135
 iii. NSE NIFTY and IRCTC Share Price in respect to the requests for dematerialization of shares confirming that all certificates had been issued within thirty
is sent to the respective depositories i.e. NSDL and days of the date of lodgement for transfer, sub-division,

Corporate Overview
NSE NIFTY IRCTC Share Price at NSE CDSL, expeditiously. consolidation, renewal, exchange or endorsement of calls/
Month allotment monies had been submitted to Stock Exchanges
High Low Close High(H) Low(H) Close (H)
Pursuant to Regulation 40 of the SEBI (LODR) Regulations, within stipulated time.
Apr-21 15044.35 14151.40 14631.10 1,818.00 1,550.00 1,791.40 2015, certificate from Practising Company Secretary
May-21 15606.35 14416.25 15582.80 1,941.15 1,681.50 1,903.20
Jun-21 15915.65 15450.90 15721.50 2,184.00 1,888.00 2,033.85 m. Shareholding Pattern as on March 31, 2022:
Jul-21 15962.25 15513.45 15763.05 2,479.95 2,030.30 2,331.30
i) Shareholding of various categories as on March 31, 2022:
Aug-21 17153.50 15834.65 17132.20 2,759.50 2,422.35 2,752.00
Sep-21 17947.65 17055.05 17618.15 4,019.70 2,718.00 3,798.50
Oct-21* 18604.45 17452.90 17671.65 6,396.30 639.45 845.70 Financial Year No. of Shareholders Total No. of Shares Holding in %
Nov-21* 18210.15 16782.40 16983.20 929.00 750.55 795.15
Dec-21* 17639.50 16410.20 17354.05 878.20 780.70 831.75 President of India (Government of India) 1 539172170 67.40
Jan-22* 18350.95 16836.80 17339.85 918.65 784.80 868.00 Mutual Funds 11 773192 0.10

Statutory Reports
Feb-22* 17794.60 16203.25 16793.90 899.90 735.00 809.35 Alternative Investment Fund 2 92147 0.01
Mar-22* 17559.80 15671.45 17464.75 822.00 708.40 774.70 Foreign Portfolio Investors 380 51370819 6.42
* IRCTC’s (1) equity share of face value of H 10/- each was sub-divided into five (5) equity shares of face value of H 2/- each w.e.f. the record date i.e. 29th October,
Financial Institutions/ Banks 3 986840 0.12
2021. Insurance Companies 11 39859605 4.98
v. Performance of IRCTC Share price in comparison to NSE NIFTY: Provident Funds/ Pension Funds 1 60000 0.01
Resident Individuals 2156906 155611034 19.45
NSE NIFTY AND IRCTC SHARE PRICE
NBFC registered with RBI 3 2675 0.00
18000 1,000 Bodies Corporate 1729 3042325 0.38
Clearing Members 202 2418779 0.30
17000 900
Employees 261 212972 0.03
800 Non-Resident Indian (NRI) 13910 3902577 0.49

Financial Statements
16000 Foreign National 2 205 0.00

IRCTC Price*
NSE Nifty

700 HUF 12067 2485990 0.31

15000
Trusts 15 8670 0.00
600
Total 2185504 800000000 100
14000
500
ii) Distribution of IRCTC’s shares according to size of holding as on March 31, 2022:
13000 400
No. of Shareholders No. of Shares
12000 300 % of % of Share
Month Ph. Demat Total Ph. Demat Total
holder Holding
Sept'21

Feb'22

Mar'22
May'21

Jan'22
Nov'21

Dec'21
Aug'21
Jun'21

Oct'21
Apr'21

Jul'21

Holders holders holder Shares shares holding

1 to 500 4 2142203 2142207 98.02 160 105154158 105154318 13.14

* IRCTC’s equity share Price has been adjusted for Split.
501 to 1000 0 27727 27727 1.27 0 20001974 20001974 2.50
1001 to 2000 0 9866 9866 0.45 0 13900320 13900320 1.74
j. The Company’s securities have not been suspended transmission or transposition cases) shall not be processed
2001 to 3000 0 2640 2640 0.12 0 6535327 6535327 0.82
from trading, during Financial Year 2021-22. unless the securities are held in dematerialized form with a
3001 to 4000 0 967 967 0.04 0 3384256 3384256 0.42
depository. However, investors are not barred from holding
k. Registrar and Transfer Agent for Shares: 4001 to 5000 0 638 638 0.03 0 2969439 2969439 0.37
shares in physical form.
5001 to 10000 1 803 804 0.04 7500 5604398 5611898 0.70
Alankit Assignments Limited, 10001 to 0 655 655 0.03 0 642442468 642442468 80.31
Alankit Assignments Ltd. is the Registrar and Share Transfer
Address: 4E/2, Alankit House, Agent (RTA) for the Physical and Demat shares and is Above*
Jhandewalan Extension, also the depository interface of the Company with both Total 5 2185500 2185504 100.00 7660 799992340 800000000 100.00
Near Jhandewalan Metro Station, National Securities Depository Limited (NSDL) and Central *Includes President of India holding of 539172170 equity shares
Depository Services (India) Limited (CDSL). iii) Top 10 Shareholders as on March 31, 2022:
New Delhi-110055
Email id: [email protected] The request received for re-materialization, consolidation
Phone Number: 011-42541234 and issue of duplicate shares are overseen by Share Transfer Category Total No. of Shares % of shareholding
Committee for Issue of share certificate. A summary of
l. Share Transfer System: transfer/ transmission of securities so reviewed are placed The President Of India 539172170 67.3965
at Board Meetings along with minutes of the Committee Life Insurance Corporation Of India 23283604 2.9105
SEBI has prescribed that with effect from April 1, 2019, for issue of share certificate. The share certificates duly Life Insurance Corporation Of India - P & Gs Fund 9452942 1.1816
requests for effecting transfer of securities (except endorsed are sent to the shareholders by RTA. Confirmation

136 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 137
 o. History of changes in Paid-up Equity Share Capital

Corporate Overview
Category Total No. of Shares % of shareholding Cumulative Cumulative Nature of
Number
Face value number paid up transaction
Government Of Singapore 4903401 0.6129 Financial Year Date of allotment of Equity
(H) of Equity Equity Share and name of
Hdfc Life Insurance Company Limited 4115000 0.5144 Shares
Shares capital (H) the Allottee(s)
Vanguard Emerging Markets Stock Index Fund, A Series Of Vanguard 3693019 0.4616
International Equity Index Funds 1999-00 September 27, 1999 7 10 7 70 Subscription to
Vanguard Total International Stock Index Fund 3355123 0.4194 the MoA
Ishares Core Emerging Markets Mauritius Co 2228722 0.2786 2000-01 June 30, 2000 4,999,993 10 5,000,000 50,000,000 Further issue
People's Bank Of China 1847756 0.231 2001-02 August 3, 2001 15,000,000 10 20,000,000 200,000,000 Further issue
Government Pension Fund Global 1832000 0.229 2017-18 March 30, 2017 20,000,000 10 40,000,000 400,000,000 Bonus issue in
the ratio of 1:1
Total 593883737 74.2355
2019-20 March 29, 2019 120,000,000 10 160,000,000 1,600,000,000 Bonus issue in
iv) Geographical Distribution of Shareholders as on March 31, 2022: the ratio of 3:1

Statutory Reports
2021-22 October 29, 2021 - 2 800,000,000 1,600,000,000 Split in the
No of Folios/ (Record Date) ratio of 1:5
City Name % age Holding % age
holders
p. Liquidity: t. Address for correspondence with the Registered Office
New Delhi* 114650 5.10 550848723 68.86
(Regarding Corporate Governance matters covered
Mumbai 164651 7.32 114004071 14.25 The Company’s Equity Shares are liquid and actively traded under this report)
Bangalore 70357 3.13 7513340 0.94 shares on the BSE & NSE. IRCTC shares consistently rank
Pune 69730 3.10 5739951 0.72 among the top frequently traded shares, both in terms of Mrs. Suman Kalra,
Calcutta 52906 2.35 5652665 0.71 the number of shares traded as well as value. Relevant data Company Secretary & Compliance Officer
Hyderabad 45272 2.01 4686659 0.59 for the average daily turnover for the financial year 2021-22
11th Floor, B-148, Statesman House,
Ahmedabad 40907 1.82 3988818 0.50 is given below:
Barakhamba Road, New Delhi - 110001

Financial Statements
Chennai 40410 1.80 4307341 0.54
Mumbai - Kalyan 35039 1.56 1799825 0.22 Telephone: 91-11-23327746
Surat 30539 1.36 1968266 0.25 Particulars BSE NSE E-Mail ID: [email protected]
Other Cities 1521043 70.45 99490341 12.42 Website: www.irctc.com
Total 2185504 100 800000000 100 Shares (Nos.) 23168 4789847
*Includes President of India holding of 539172170 equity shares Value (H) 568072224 8591544324 u. Contact details of Chief Investor Relations Officer
(CIRO):
n. Dematerialization of Shares: [Source: This information is compiled from the data available
on the websites of BSE and NSE] The department headed by CIRO is instrumental in
The shares of the Company are in dematerialized format Total No. of % of
Category maintaining close liaison and to share information through
and are available for trading under systems of both Shares shareholding q. Commodity price risk or foreign exchange risk and
periodic meets including tele-conferencing in India and
the depositories i.e. National Securities Depository hedging activities:
Shares in dematerialized 703133312 87.89 abroad, regular interactions with investment bankers,
Limited (NSDL) and Central Depository Services (India)
form with NSDL The disclosure under this clause is not applicable research analysts and institutional investors.
Limited (CDSL).
Shares in dematerialized 96859028 12.10 to Company.
Mr. Anil Kumar Sharma, AGM/Finance/Accounts appointed
Reconciliation of share capital audit confirming that the total form with CDSL
r. Outstanding GDRs/ADRs/Warrants or any Convertible as CIRO by the Company, has been entrusted with the
issued capital of the Company is in agreement with the total Total 800000000 100
Instruments: responsibility to deal with dissemination of information
number of shares in physical form and the total number of
The names and addresses of the depositories are as and disclosure of UPSI in a fair and unbiased manner. The
dematerialized shares held with NSDL and CDSL, is placed
under: The Company has not issued any GDRs/ADRs/warrants or contact details of CIRO are published on the website of the
before the Board on quarterly basis and is also submitted
any convertible instruments which has impact on equity. Company and the same is also placed hereunder:
to Stock exchanges within stipulated timelines. As on 31st National Securities Central Depository Therefore, there are no GDRs/ADRs/warrants/convertible
March, 2022 approx more than 99.99% equity shares of Depository Limited Services (India) Limited Mr. Anil Kumar Sharma,
instruments outstanding as on 31st March 2022.
the Company are in dematerialized form. Trade World, A-Wing, Marathon Futurex, AGM/Finance
4th Floor,Kamala Mills A-Wing,25th Floor, NM Joshi s. Plant Locations/ Operating Units
No. of shares held in dematerialized and physical mode 11th Floor, B-148, Statesman House,
as on March 31, 2022 Compound,Lower Parel, Marg,Lower Parel, Mumbai
The Company’s registered and corporate office is situated Barakhamba Road, New Delhi - 110001
Mumbai – 400 013 - 400 013
in Delhi. Apart from that, the Company operates through Telephone: 91-11-23701230
various zonal and regional offices across India along with
Total No. of % of E-Mail ID: [email protected]
Category its Rail Neer plants. A list of Rail Neer plants and Zonal
Shares shareholding Website: www.irctc.com
offices in different States is available on the website of
Shares held in physical 7660 Negligible the Company.
mode

138 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 139
v. List of all credit ratings obtained by the Company: transactions between the Company and its related parties The company has systems in place for monitoring statutory continuing as directors of companies by the SEBI/ Ministry
based on the Act and Listing Regulations. The policy on and procedural compliances. The Board is reported the of Corporate Affairs or any such statutory authority is
The Company has not taken any credit rating by any

Corporate Overview
related party transactions as approved by the Board can status of the same on quarterly basis so as to ensure proper placed as Appendix -"B-4".
agency during FY 2021-22. compliances of all laws applicable to the company.
be accessed on the Company’s website at the link: https://
(ix) Recommendations of the Committees of the Board:
w. Directors and officers insurance irctc.com/assets/images/IRCTC_Related%20Party%20
(iv) Vigil mechanism: Pursuant to Section 177 of the During FY 2021-22, the Board has accepted all the
Transactions-_03.08.2019.pdf
Companies Act, 2013, the Company affirms that a vigil recommendations made by the committees of the Board
IRCTC is taking Directors and Officers Insurance Policy
(ii) The Company has complied with all requirements of mechanism is in place for all its employees and clients to from time to time.
(D&O Policy) every year. Present D&O Policy is for H 20
SEBI (LODR) Regulations, 2015, the Companies Act, 2013, report about any illegal or unethical behaviour, actual or
Crore and it also covers Independent Directors. (x) Total fees for all services paid by the Company on a
applicable Secretarial Standards and DPE Guidelines suspected fraud to the CVO or the Chairman & Managing
Director directly through IRCTC’s Whistle Blower Policy. consolidated basis, to the statutory auditor: The details
on Corporate Governance, as amended from time to of payment made to Statutory Auditor during financial year
15. OTHER DISCLOSURES time, except for the appointment of requisite number of
The Vigilance Department is presently headed by a full-
time Chief Vigilance Officer. The Vigilance Department 2021-22 on consolidated basis is mentioned below:
(i) Disclosures on materially significant related party Independent Directors for the year, due to which Company
of IRCTC consists of 12 officials including CVO. During
transactions that may have potential conflict with the was non-compliant with respect to composition of Board
the year, emphasis continued on ‘Preventive Vigilance’ to S. Amount
interests of company at large: The transactions with of Directors as on 31st March, 2022. The Company has Particulars

Statutory Reports
improve the system and procedures, thereby increasing No. (K in cr)
related party are in the ordinary course of business on already requested the Ministry of Railways, Government
transparency, accountability and reducing the scope
arms’ length basis and the disclosure of the same has of India, i.e., the appointing authority, to expedite the 1. Statutory Audit Fee, Tax Audit 0.24
for discretion.
been made as per requirement of Companies Act, 2013, appointment of requisite number of Independent Fee and Limited Review Fee
SEBI (LODR) Regulation, 2015 and relevant Accounting Directors including Woman Independent Director on the IRCTC’s Whistle Blower Policy also promotes ethical
Standard (in notes to Financial Statement of the Company). Board of the Company, to enable compliance with the behaviour in all its business activities. The Company further (xi) Disclosure under the Sexual Harassment of Women at
The Company has formulated a Related Party Transaction applicable statutory provisions of the Companies Act, affirms that no personnel have been denied access to Workplace (Prevention, Prohibition and Redressal) Act,
(RPT) Policy to set out the materiality thresholds for related 2013, SEBI LODR Regulations and DPE Guidelines on the Audit Committee. The Whistleblower policy is aimed 2013 for the year 2021-22: The Company is committed
party transactions and the manner of dealing with the Corporate Governance. to provide a working atmosphere where employees towards prevention of Sexual harassment of women at
feel safe to raise concerns about any wrong doings and workplace and takes prompt action in the event of reporting
unacceptable practices that they feel are being followed of any such incidents.
(iii) Details of non-compliance, penalties structure imposed by stock exchange or any statutory authority or any matter
by the Company. Its objective is to protect its employees
related to capital markets, during last three years: During the financial year 2021-22, the Company has received four (4)

Financial Statements
Details of the complaints received during the year under
who raise a concern about irregularities in the Company.
penalty notices from each stock exchanges (BSE & NSE) owing to non-compliance of SEBI (LODR) Regulations, 2015. Details of Sexual Harassment of Women at Workplace (Prevention,
The whistleblower policy is available on the website of
which are tabled hereunder: Prohibition and Redressal) Act, 2013 are mentioned below:
the Company with weblink https://www.irctc.com/assets/
images/Whistle_Blowers_new.pdf
Notice
Non-
from stock Penalty Response of stock (v) Web link where policy for determining ‘material’ Number of Number of
compliance of
S. exchange Relevant Amount Action taken by the exchange or any subsidiaries is disclosed: The Company, at present, has no Number of Complaints complaints
SEBI (LODR)
No. or any Quarter including tax Company statutory authority on subsidiary. The weblink for policy for determining material Complaints filed disposed off pending as on
Regulations,
statutory (in J) the request of Company subsidiary is uploaded at https://irctc.com/assets/images/ during the year during the 31st March,
2015
authority IRCTC-Policy%20for%20determining%20Material%20 year 2022
Subsidiary.pdf
1. BSE Regulations 30th June, 9,97,100 Considering the Exchange’s Response of stock One (01) One (01) Nil
2. NSE 17(1), 17(2A), 18 2021 9,97,100 Policy for exemption of fines exchanges (BSE & NSE) (vi) Web link where policy on dealing with related party
(1), 19 & 20 levied as per the provisions on waiver of penalty is (xii) Code of Conduct for Members of the Board and Senior
transactions: The web-link for policy dealing with
3. BSE Regulations 30th 13,52,280 of SEBI SOP Circular, the awaited. Management:
related party transactions is uploaded at https://irctc.
4. NSE 17(1), 17(2A), 18 September, 13,52,280 Company has requested for c o m / a s s e t s / i m a g e s / I R C TC _ Re l a t e d % 2 0 Pa r t y % 2 0 The Company has adopted the ‘Model code of Business and
(1), 19 , 20 & 21 2021 waiver of penalty due to the Transactions-_03.08.2019.pdf Ethics for Board member & Senior Management (“the Code”).
5. BSE Regulations 31st December, 10,69,080 reasons explained in detail in
The Code is available on the website of the Company at
6. NSE 17(1), 17(2A), 18 2021 10,69,080 secretarial audit report. (vii) Details of utilisation of funds raised through preferential
https://irctc.com/assets/images/code-of-conducts-for-board-
(1), 19 , 20 & 21 allotment or qualified institutions placement as specified
members-and-senior-management.pdf.
7. BSE Regulations 31st March, 6,25,400 under Regulation 32 (7A) of SEBI LODR Regulations:
8. NSE 17(1) and 18 (1) 2022 6,25,400 During the year, no funds have been raised through As per requirement of SEBI (Listing Obligations and
preferential allotment or qualified institutions placement. Disclosure Requirements) Regulations, 2015 and DPE
Guidelines on Corporate Governance, all the members of
(viii) Certificate for disqualification of Directors: Pursuant to
Board and senior management have affirmed compliance
Regulation 34(3) and Schedule V Para C clause (10)(i) of
with the code of conduct of the Company for the financial
the SEBI (Listing Obligation and Disclosure Requirements)
year 2021-22.
Regulations, 2015: A Certificate from M/s Amit Agarwal
& Associates, a Company Secretary in practice that Declaration signed by the Chairman & Managing Director
none of the directors on the Board of the Company have affirming receipt of compliance with the Code of Conduct
been debarred or disqualified from being appointed or and Key Values from Board of Directors and Members of

140 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 141
 Senior Management during FY 2021-22 have been placed Board of Directors, Code of Business Conduct and Ethics website with weblink: https://irctc.com/iepf.html 16. DISCRETIONARY REQUIREMENTS:
as Appendix - "B-1". for Board Members and Senior Management etc., on its
(xviii) Details of administrative and office expenses as a) The Board: Cessation and/or appointment of directors on

Corporate Overview
website at www.irctc.com.
(xiii) Code for prevention of Insider Trading in securities of a percentage of total expenses vis-à-vis financial the board of the company during the year under review are
IRCTC Limited: (xv) Disclosure with respect to Demat Suspense Account/ expenses: mentioned elsewhere in the Directors’ Report.
Unclaimed suspense account: Amount (H in Crore)
In pursuance of the Securities and Exchange Board of b) Shareholders’ Rights: The Company’s quarterly / half-
India (Prohibition of Insider Trading) Regulations, 2015 as No. of No. of Equity Particulars 2021-22 2020-21 yearly / annual financial results are published in newspapers
amended from time to time, Company has formulated and Particulars
shareholders Shares and are also put on the website of the Company. Notice of
implemented ‘Code of Conduct to Regulate, Monitor and Other Expenses 108.23 92.12 investors’/analysts meets, call transcripts are posted on the
Report Trading by Insiders’ and ‘Code of Fair Disclosure Aggregate number of 1 40 Finance Cost 11.05 8.28 Company’s website and the intimations related to material
Practices for Prevention of Insider Trading’. shareholders and the Total Expenses 1058.79 643.53 events are communicated to Stock Exchanges as well as
outstanding shares in the hosted on company’s website to make the shareholders
Other Expenses/Total 10.22 14.31
The objective of the Code is to prevent purchase and/ suspense account lying as
Expenses (%) and public at large aware about such events.
or sale of shares of the Company by an Insider on the on April 1, 2021
Finance Cost/Total 1.04 1.29
basis of unpublished price sensitive information. Under Shareholders who After the closure of financial c) Audit qualifications: The Company has been putting

Statutory Reports
year, a shareholder approached Expenses (%)
this Code, Designated employees /Insiders (all Directors approached the Company in all efforts to ensure a regime of unqualified financial
the Company for transferring
and Chief Vigilance Officer, Key Managerial Personnel, all for transfer of shares from the shares lying in Suspense (xix) The Company has not entered into any material, financial statements. For Audit observations/remarks, the
Group General Managers, all General Managers, all Heads Account. After detailed
suspense account during verification by RTA, the Company
and commercial transactions, with the Director(s) or the Independent Auditor’s Report submitted by M/s P.R. Mehra
of Finance of Units/Divisions/Regions, Heads of all Zones/ the year is in process of transferring Management or their relatives or the companies and the & Co., Chartered Accountants on the financial statements
Regions/Plants(irrespective of designation), all employees shares to the original applicant at
firms, etc. in which they are either directly or through their for the year ending 31st March 2022 is unmodified.
the time of IPO.
of the level of DGM and above, all employees working relatives interested as Directors and/or partners.
in Books, Budget, Financial Service and Direct Taxation Shareholders to whom - - d) Reporting of Internal Auditor: The Internal Auditors has
Sections of Corporate Finance, all employees working in shares were transferred (xx)  No item of expenditure has been debited in books of direct access to the Audit Committee.
Company Secretariat & Legal Department , all employees from the suspense account accounts, which are not for the purposes of the business
working in Secretariat of CMD/Functional Directors, any during the year during the year 2021-22.
Shareholders whose - - 17. CEO/CFO CERTIFICATION
support staff such as IT staff who have access to UPSI and
shares are transferred (xxi) Expenses incurred which are personal in nature

Financial Statements
any other key person, who in the opinion of Compliance In terms of Regulation 17 (8) of SEBI LODR Regulations,
to the demat account of and incurred for the Board of Directors and Top
Officer be covered in the “Designated Employee” and their a certificate duly signed by Smt. Rajni Hasija, Director
the IEPF Authority as per Management: During the year, no expenses have been
immediate relatives are prohibited to deal in the Company’s (Tourism & Marketing) and Chairperson & Managing
Section 124 of the Act incurred by the Company which are personal in nature
shares/derivatives of the Company during the closure of Director (Additional Charge) and Shri Ajit Kumar, Director
Aggregate number of 1 200* for the directors and top management except for the
Trading Window and other specified period(s). (Finance) & CFO was placed before the Audit Committee
shareholders and the remuneration paid to them in accordance with the
in its meeting held on 30th May, 2022 and subsequently
As per the laid down code, to deal in IRCTC’s securities, beyond outstanding shares in the Government of India’s pay scales as disclosed in this
to the Board of Directors in its meeting held on same
specified limit, permission of Compliance Officer is required. All suspense account lying as report and in Note No. 44 forming part of the standalone
day. The duly signed certificate as presented to the
designated employees are also required to disclose related on March 31, 2022 financial statements.
Audit Committee and Board of Directors is placed as
information periodically as defined in the Code.
* The Company in its 22nd AGM held on 29th September, 2021 had passed (xxii) The Financial Statements for the financial year 2021- Appendix – "B-2".
Special Resolution for sub-division of equity shares from H 10 per share to 22 have been prepared as per the Indian Accounting
Copy of the insider trading code is available on the website
H 2 per share. Subsequently, 40 equity shares held in suspense Account
of the Company at the link: https://irctc.com/assets/images/ Standards notified under Section 133 of the Companies
were sub-divided to 200 equity shares. 18. RATING ON CORPORATE GOVERNANCE BY
Amended%20Code%2008.02.2022.pdf Act, 2013.
DEPARTMENT OF PUBLIC ENTERPRISES
(xvi) Loans and advances in the nature of loans to firms/
(xiv)
The Company has complied with the requirements of (xxiii) There are no significant changes in accounting policies
companies in which directors are interested by name Your Company has submitted report on Corporate
Regulation 17 to 27 of SEBI (LODR) Regulations relating except for income recognition for integration charges.
and amount: There are no loans and advances in the Governance in specified format(s) to Ministry of Railways
to Board, Committees and Corporate Governance, as The financial impact of change in accounting policy has
nature of loans to firms/companies in which directors and DPE within the stipulated time provided for the same as
amended from time to time; and maintaining & updating already been disclosed in Note No.84 of the financial
are interested. required under the Department of Public Enterprises (DPE)
the Website of the Company as required under Regulation statements.
Guidelines on the Corporate Governance, 2010 for CPSEs.
46 of SEBI (LODR) Regulations, except for the appointment (xvii) Unclaimed Dividend: The amount of Dividend remaining
(xxiv) The Company periodically informs the Board about the
of requisite number of Independent Directors for the year, unpaid/unclaimed for seven years from the date of its Department of Public Enterprises has rated IRCTC as
risks associated with its projects in risky areas. Details
due to which Company was non-compliant with respect to transfer to the Unpaid Dividend Account of the Company “Excellent” under the category of Corporate Governance
pertaining to risk management have been given in
composition of Board of Directors and their committees. is required to be transferred to the Investor Education during 2020-21. On the basis of self-evaluation, the
Management Discussion and Analysis Report under the
The Company has also complied with the disclosure and Protection Fund (IEPF) administered by the Central Company expects to achieve an “Excellent” rating for the
heading ‘Risks and Concerns’.
requirements under Corporate Governance Report as Government. As of now, no amount is due for transfer to year 2021-22 also.
per Part C of Schedule V of the SEBI (LODR) Regulations. Investor Education and Protection Fund.
Further, in compliance of Regulation 46 of SEBI (LODR)
Regulations, the Company has inter-alia disclosed the However, the amount of the unpaid /unclaimed dividend
relevant information such as details of the Company’s as on 31st March, 2022 for Interim Dividend of FY 2019-20,
business, composition of various Committees of the Final Dividend of FY 2019-20, Final Dividend of FY 2020-21,
Interim Dividend of FY 2021- 22 is uploaded on company’s

142 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 143
19. SECRETARIAL AUDIT SEBI LODR Regulations, has been specifically mentioned in Appendix – “B-1” to the Directors’ Report
the Report and were suitably replied to the stock Exchange.
DECLARATION BY CHAIRMAN & MANAGING DIRECTOR REGARDING

Corporate Overview
The Secretarial Audit for the FY 2021-22 has been Further, all requirement of Corporate Governance Report
conducted by M/s Amit Agrawal & Associates, Practicing specified in para 2--10 of the schedule V part C has been
Company Secretaries with respect to compliance to the complied with.
COMPLIANCE WITH THE CODE OF CONDUCT BY THE BOARD MEMBERS
applicable provisions of Companies Act, 2013, Listing
This Report duly complies with the legal requirements in
AND SENIOR MANAGEMENT DURING THE FINANCIAL YEAR 2021-22
Regulations and DPE Guidelines. The Secretarial Audit
Report shall form part of Boards’ Report. respect of data that should be disclosed in a Corporate
Governance Report for the year 2021-22. A Certificate I, Rajni Hasija, Director (Tourism & Marketing) and Chairperson & Managing Director Additional Charge , Indian Railway Catering
In terms of requirements of SEBI Circular No. CIR/ CFD/ obtained from a Practicing Company Secretary regarding and Tourism Corporation Limited, do hereby declare that all the members of the Board of Directors and the Senior Management
CMD1/27/2019 dated 08.02.2019, M/s. Amit Agrawal & compliance of the conditions of Corporate Governance in Team of the Company have affirmed their compliance of the Code of Conduct and Key Values of the Company during the financial
Associates has examined the compliances in relation accordance with the guidelines issued by Department of year 2021-22.
to applicable SEBI Guidelines and has issued Annual Public Enterprises and SEBI (LODR) Regulations has been
Secretarial Compliance report, which was also submitted included as Appendix- "B-3" to this Report. (Rajni Hasija)
to stock exchanges on 21st May, 2022. Date : 21.06.2022 Chairperson & Managing Director

Statutory Reports
Place: New Delhi DIN: 08083674

20. COMPLIANCE ON CORPORATE GOVERNANCE For and on behalf of the Board of Directors

The Company has complied with corporate governance

requirements specified in Regulations 17 to 27 and clauses (Rajni Hasija)
(b) to (i) of sub-regulation (2) of Regulation 46 of SEBI LODR Date: 21.06.2022 Chairperson & Managing Director
Regulations, Non-compliance, if any, of the Regulations of Place: New Delhi DIN: 08083674

Financial Statements
144 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 145
 Appendix – “B-2” to the Directors’ Report Appendix – “B-3” to the Directors’ Report

CERTIFICATE ON CORPORATE GOVERNANCE COMPLIANCES

Corporate Overview
CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER
(CFO) CERTIFICATION To,
The Members,
Indian Railway Catering and Tourism Corporation Limited
11th Floor, B-148, Statesman House
To, Barakhamba Road New Delhi-110001,
The Board of Directors
Indian Railway Catering and Tourism Corporation Limited We have examined the compliance of conditions of Corporate Governance by Indian Railway Catering and Tourism Corporation
New Delhi Limited, (herewith referred as ‘the Company’) for the period ended on 31st March, 2022 as stipulated in regulations 17 to 27 and
clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
(a) We have reviewed financial statements of Indian Railway Catering and Tourism Corporation Ltd for the Quarter/Year ended Regulations, 2015 (“the Listing Regulations”) and as stipulated in the guidelines of Department of Public Enterprises (DPE) on

Statutory Reports
31st March, 2022 and that to the best of our knowledge and belief: Corporate Governance for Central Public Sector Undertakings issued in May 2010.

i. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the
be misleading; design, implementation and maintenance of internal control and procedures to ensure compliance with the conditions of the
Corporate Governance stipulated in the Listing Regulations and DPE guidelines on Corporate Governance.
ii. These statements together present a true and fair view of the company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the
purposes of certification and have been provided with such records, documents, certification, etc. as had been required by us.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the 4rd quarter/
FY 2021-22 which are fraudulent, illegal or violative of the Company’s Code of Conduct. Based on our examination of the relevant records and according to the information and explanations provided to us and the
representations provided by the Management, we certify that the Company has complied with the conditions of Corporate
(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and we have evaluated the Governance as stipulated in above-mentioned SEBI Listing Regulations and DPE guidelines on Corporate Governance except the
effectiveness of the internal control systems of the company pertaining to financial reporting and we have disclosed to the provisions of Regulation 17, 18, 19, 20 & 21 of SEBI (LODR) Regulations, 2015 relating to quorum of Board of Directors, composition

Financial Statements
auditors and the Audit Committee that to the best of our knowledge and belief there are no deficiencies in the design or of Board and its committees, due to non-appointment of requisite number of independent directors including woman independent
operation of such internal control. director on its Board.

(d) We have indicated to the auditors and the Audit Committee: We further report that as on 31st March, 2022, subsequent to the appointment of two Independent Directors on its Board, the
composition of Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee and Risk
i. That there have been no significant changes in internal control system during the year.
Management Committee are in compliance with applicable provisions of SEBI (LODR) Regulations, 2015 and the guidelines on
ii. That there are no significant changes in accounting policies except for income recognition for Integration charges. The corporate governance issued by the 'Department of Public Enterprises’ relating to the quorum of Board of Directors, composition of
change in the accounting policies which have the significant financial implication have been approved by the Board of Board and its committees.
Directors at the time of approving the financials and the same have been disclosed in the note to the financial results.
We further report that during the period under review, the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE)
iii. There have been no instances of significant fraud of which we have become aware. have levied monetary fines for non-compliance with respect to the provisions of Regulation 17, 18, 19, 20 & 21 of the SEBI (LODR),
Regulations, 2015. Considering the Exchange’s Policy for exemption of fines levied as per clause 3 (a) of SEBI SOP Circular, the
Company has requested for waiver of penalties as the power to appoint Directors on the Board of Company is vested with the
President of India in accordance with its Articles of Association of the Company.

We further state that such compliance is neither an assurance to the future viability of the Company nor the efficiency of the
(Rajni Hasija) (Ajit Kumar) effectiveness with which the Management has conducted the affairs of the company.
Date : 30.05.2022 Chairperson & Managing Director (CEO) Director (Finance) & CFO
Place: New Delhi DIN: 08083674 DIN: 07247362

For Amit Agrawal & Associates

(Company Secretaries)

CS Amit Agrawal
(Proprietor)
M. No. F5311
C.P. No. : 3647
Date: 21.06.2022 Peer Review Cert. No. 853/2020
Place: New Delhi UDIN: F005311D000513819

146 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 147
 Annexure – “B-4” to the Directors’ Report Annexure – “C” to the Directors’ Report

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS Annual Report on CSR Activities

Corporate Overview
(As per Sub-Para (i) of Para (10) of Clause C of Schedule V of the Securities Exchange Board of India (Listing Obligations and
Disclosure Requirement) Regulations, 2015 read with Regulation 34(3) of the said Listing Regulations). 1. Brief outline on CSR Policy of the Company: are implemented to meet the broad objectives underlined
in the policy i.e. to ensure an increased commitment at
To, IRCTC through its CSR & Sustainability initiatives aims to all levels in the organisation, to operate its business in
The Members, achieve the below-mentioned key values as mentioned in an economically, socially & environmentally sustainable
Indian Railway Catering and Tourism Corporation Limited its CSR Policy: manner, and to generate through its CSR initiatives, a
11th Floor, B-148, Statesman House community goodwill for IRCTC and to strengthen a positive
“To remain a responsible corporate entity mindful of
Barakhamba Road New Delhi-110001, IN and socially responsible image of IRCTC as a corporate
its social responsibilities to all stakeholders including
entity.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Indian Railway railway passengers, customers, consumers, shareholders,
Catering and Tourism Corporation Limited, having CIN L74899DL1999GOI101707 and having registered office at 11th Floor, B-148, employees, local community and society at large”. While selecting CSR activities / projects from the activities
Statesman House, Barakhamba Road New Delhi-110001 (hereinafter referred to as ‘the Company’), produced before us by the listed in Schedule VII of the Act, the Company gives priority
IRCTC CSR vision goes beyond charity and its legal

Statutory Reports
Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause to the issues which are of foremost concern in the national
obligations. The company takes all steps to integrate
10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. development agenda like health, sanitation, education
social, environmental and ethical concerns into its
and nutrition.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) business processes and the programmes to benefit the
status at the portal (www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we local communities in and around the area of operations, IRCTC is open to joining hands with the other CPSEs in
hereby certify that none of the Directors of the Company as stated below for the Financial Year ending on 31st March, 2022 have enhancing the quality of life and economic well being of planning, implementing and monitoring of Mega- Projects
been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board the general public with concentrated emphasis on the for optimal use of resources, synergy of expertise
of India and Ministry of Corporate Affairs. development of the weaker sections of the society. and capabilities for maximizing socio-economic or
environmental impact.
IRCTC's commitment towards stakeholders is confirmed
Date of through its Corporate Mission, Vision and the policies being
S.
Name of Director DIN appointment in adopted by the organisation. CSR & Sustainability activities
No.
Company

Financial Statements
1. Smt. Rajni Hasija 08083674 18.05.2018 2. Composition of CSR Committee:
2. Shri Ajit Kumar 07247362 29.05.2020
3. Shri Debashis Chandra 08641893 18.01.2022 As on 31st March, 2022, the CSR & SD Committee comprised of the following members:
4. Shri Neeraj Sharma 08177824 12.07.2018
5. Shri Vishwanath Shanker 07903588 14.12.2021 Number of
Number of
6. Shri Vinay Kumar Sharma 03604125 09.11.2021 meetings of
S. Designation meetings of CSR
7. Shri Namgyal Wangchuk 09397676 12.11.2021 Name of Director CSR Committee
No. / Nature of Directorship Committee held
attended during
during the year
For Amit Agrawal & Associates the year
(Company Secretaries)
1 Smt. Rajni Hasija Director (Tourism & Marketing) and 5 5
Chairperson & Managing Director
CS Amit Agrawal (Additional Charge)
(Proprietor) 2 Shri. Ajit Kumar Director (Finance) & CFO 5 5
M. No. F5311 3 Shri. Debashis Chandra Director (Catering Services) 1 1
C.P. No. : 3647 (Member w.e.f. 8th February, 2022)
Place: Delhi Peer Review Cert. No. 853/2020 4 Shri. Neeraj Sharma Government Nominee Director 5 5
Date: 21.06.2022 UDIN: F005311D000513874 5 Shri. Namgyal Wangchuk Independent Director 3 3
(Member w.e.f. 12th November, 2021)

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved
by the board are disclosed on the website of the company:
https://www.irctc.com/assets/images/CSR-Vision-Document.pdf

148 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 149
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3)

The Wishing CSR00009569

CSR00000532

CSR00000185
(Registration
Mode of Implementation
of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach

- Through Implementing

number.)

Corporate Overview
CSR

N/A
the report).

Agency
Since the Company doesn’t have average CSR obligation of rupees ten crore or more in pursuance of sub-section (5) of

(11)
section135 of the Act, in the three immediately preceding financial years, requirement of impact assessment of its CSR projects,

International
Hospital,

SULABH
ALIMCO
Railway

Factory
Central

Byculla
through an independent agency, is not applicable on IRCTC. Further, the Company did not have any CSR projects having

Name
outlays of rupees one crore or more, and which have been completed not less than one year. However, all the partner NGO/
Organizations are required to submit utilization certificates of the funds received by them for the projects of IRCTC. For Impact
assessment, company has it’s internal Implementation Surveillance Group (ISG) in each Zone to monitor the implementation

Implementation

Direct (Yes/No).
of CSR projects in their areas. Also, the Company is planning to rope in external agencies for impact assessment of the

Mode of
(10)
CSR projects.

No

No

No

No
-
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies

Statutory Reports
Account for the
(Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial

Section 135(6)
transferred to

project as per
Unspent CSR

15,54,358
6,25,000

9,00,000
17,87,702
Amount
year, if any.

(in J)
(9)
Amount available
Amount required
for set-off from
S. to be set- off for

Amount spent
in the current
financial Year
Financial Year preceding

15,54,358
18,75,000

9,00,000
No. the financial year,

(in J)
financial years

(8)

Nil
if any (in J)
(in J)

1 2019-20 -Nil- -Nil-

allocated for
2 2020-21 -Nil- 2,03,14,610/-

the project

25,00,000
(b) Details of CSR amount spent against ongoing projects for the financial year 2021-22:

18,00,000
31,08,716
17,87,702
Amount

(in J)

Financial Statements
3 2021- 22 2,03,14,610/- -Nil-

(7)
6. Average net profit of the company as per section 135(5): H 494.90 crores

FY 2021-22

FY 2021-22

UttarPradesh Sitamarhi FY 2021-22

FY 2021-22
duration
Project
7. (a) Two percent of average net profit of the company as per section 135(5): H 9,90,00,000/-

(6)
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil-

District

Jammu
Byculla
(c) Amount required to be set off for the financial year 2021-22, if any: H 2,03,14,610/-

Guna
Location of the
project.
(d) Total CSR obligation for the financial year 2021-22 (7a+7b- 7c) : H 7,86,85,390/-

(5)

Maharashtra

Pradesh
Madhya
8. (a) CSR amount spent or unspent for the financial year 2021-22:

State.

J&K
Amount Unspent (in J)

Local

(Yes/
area

No)

No

No

No

No
(4)
Total Amount transferred to Amount transferred to any fund specified under
Total Amount Spent
Unspent CSR Account as per Schedule VII as per second proviso to section

Healthcare /

Healthcare /
activities in

Aspirational

Aspirational
for the Financial Year

HealthCare
Healthcare
Item from
the list of

Schedule
VII to the
section 135(6). 135(5).

District.

District.
2021-22 (in J)

Act.
(3)
Date of
Amount. Date of transfer. Name of the Fund Amount.
transfer.

Sulabh Toilet Complexes at

cum Thalassemia Wellness

equipment (Sanctioned in

a Chelation Pump, Library

32 CSR from CSR Budget
7,8685390/- 1,24,39,696/- 28.04.2022 Swacch Bharat Kosh 1,33,27,649/- 31.03.2022

Name of the Project.

construction of 9 seated

Factory” for Establishing

Appliance to differently-

supported The Wishing

supported the Artificial

Janki Sthan, Sitamarhi.

procurement of Heath

Centre Guna, Madhya

PM Care Fund 3,00,00,000/- 31.03.2022

for provision Aid and

Limbs Manufacturing
supported Dr.BAMH/

Corporation of India

supported SULABH
Bycula Hospital for
IRCTC Financially

IRCTC financially

IRCTC financially

IRCTC financially
International” for
abled at Jammu.
(2)

2021-22)

Pradesh.
No.
(1)

S.

4
1

150 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 151
152
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Amount Mode of Implementation
Item from Location of the
transferred to - Through Implementing
the list of Local project. Amount Amount spent Mode of
Unspent CSR Agency
S. activities in area Project allocated for in the current Implementation
Name of the Project. Account for the
No. Schedule (Yes/ duration the project financial Year - CSR
project as per
VII to the No) State. District (in J) (in J) Direct (Yes/No). Name (Registration
Section 135(6)
Act. number.)
(in J)

5 IRCTC financially Education No J&K Doda FY 2021-22 48,48,000 24,24,000 24,24,000 No Sewa Bharti CSR00001542
supported Sewa Bharti,
Jammu & Kashmir” for
financial support for
Construction of Girls
students Hostel at Changa
Gondoh Bhlessa in Doda
District, J&K
6 IRCTC financially Healthcare No Madhya FY 2021-22 38,52,500 26,96,750 11,55,750 No Narmada CSR00019987
supported Narmada Pradesh Samagra
Samagra for providing one
River Ambulance to the
people of the village near
Narmada .
7 IRCTC financially Education No Ladakh Leh FY 2021-22 70,23,012 30,30,126 39,92,886 No ENNOBLE CSR00003180

Indian Railway Catering and Tourism Corporation Limited

supported ENNOBLE Social
Social Innovation, the Innovation
YeloGreen School for to
revamp the infrastructure
and cluster quality
education in Govt.
School in Ladakh, Central
Residential School at
Tharuk
Total J2,49,19,930 J1,24,80,234 J1,24,39,696/-

(c) Details of CSR amount spent against other than ongoing projects for the financial year 2021-22:

(1) (2) (3) (4) (5) (6) (7) (8)

Mode of Implementation - Through
Local Location of the project. Amount spent
Item from the list of Mode of Implementing Agency
S. area in the current
Name of the Project. activities in Schedule Implementation - CSR
No. (Yes/ financial Year
VII to the Act. State. District Direct (Yes/No). Name (Registration
No) (in J).
number.)

1 IRCTC Financially supported Railway Health Care and No Uttar Pradesh Ghaziabad 5,00,000 No Railway Children India CSR 00003904
23rd Annual Report 2021-22

Children India for providing nutritional Nutrition

and recreational support to vulnerable
children.
2 IRCTC Financially supported “Healthy Healthcare and No New Delhi Delhi East 4,00,000 No Healthy Aging India CSR00005412
Aging India” submitted by Dr. Prasun Nutrition
Chatterjee,AIIMS for purchase of Food
truck for Kitchen up-gradation.
3 IRCTC providing Meals and Railneer Healthcare and Yes New Delhi Central 5,17,466 No IRCTC North Zone N/A
to the Covid cell of NRCH for Covid-19 Nutrition Delhi
2nd &3rd wave.
4 IRCTC Financially supported for Environment Yes Kerala Trivandrum 3,72,125 Yes GeMs N/A
providing pet Bottle Crusher Units at 5 Sustainability
Railway Stations over TVS division.

5 IRCTC Financially supported Grask Healthcare No Madhya Bhopal 2,95,000 No Grask Gramin Rojgar Avam CSR00009523
Gramin Rojgar Avam Samaj Kalyan Pradesh Samaj Kalyan Samiti
Samiti, MP for providing 1 Led Projector
and Sound system.
6 IRCTC Financially supported Bright Reducing inequality No Maharastra Mumbai 60,000 No Bright Future Organization CSR00010134
Future Organization For Blind”, faced by socially For Blind”, Mumbai
Mumbai for financial support towards and economically
scholarship for education support to 15 backward groups
children’s of blind people.
7 IRCTC Financially supported Akshaya Education No Uttar Vrindavan 4,50,000 No. Akshaya Patra CSR00000286
Patra Organisation Purchase of electric Pradesh Organisation
vehicle (Auto) for distribution of mid day
meals in Vrindavan
8 IRCTC Contributed to the Armed Armed Forces No Pan India Pan India 5,00,000 No N/A N/A
Forces Flag Day Fund (AFFDF) for
welfare of Ex-Servicemen and their
widows and dependents.
9 IRCTC Financially supported Anmol- Healthcare No New Delhi South Delhi 5,00,000 No. Anmol-Education and CSR00005420
Educational and Social Welfare Society Social Welfare Society
for providing Donation for purchase
of kinds (crutches & Wheelchairs) for
person with disabilities of rural village
153

Kharak, Chhattarpur, South Delhi.

Financial Statements Statutory Reports Corporate Overview

 9. (a) Details of Unspent CSR amount for the preceding three financial years:

(Registration
number.)

Corporate Overview
Mode of Implementation - Through Amount Amount Amount transferred to any fund Amount

CSR

N/A

N/A

N/A

N/A
transferred spent in the specified under Schedule VII as per remaining to
S. Preceding Financial to Unspent reporting section 135(6), if any. be spent in
Implementing Agency

No. Year. CSR Account Financial succeeding

Name of Amount Date of
under section Year financial
the Fund (in K) transfer.
(8)

IIT Bombay 135 (6) (in K) (in K) years. (in K)

1. 2018-19 Nil Nil Nil Nil Nil Nil

Name

N/A

N/A

N/A
2. 2019-20 Nil Nil Nil Nil Nil Nil
3. 2020-21 8,72,000/- 6,72,000/- Nil Nil Nil 2,00,000/-

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

Statutory Reports
Implementation -
Direct (Yes/No).

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Mode of

Amount Cumulative
Yes

Yes

Yes
No.

Financial Total
(7)

spent on the amount spent Status of

Year in amount
Sl. Project project in at the end the project -
Project ID. Name of the Project. which the allocated for
No. duration. the reporting of reporting Completed /
project was the project
Financial Year Financial Ongoing.
Amount spent
in the current
financial Year

5,3259,240
3,00,00,000

commenced. (in J).

1,33,27,649
60,50,000

2,87,000

(in J). Year. (in J)

(in J).
(6)

1. IRCTC-CSR ID- Financial Assistance 2020-21 More than 1 3,00,000 3,00,000 3,00,000 Completed
05/2020-21 towards procurement year
of Sports Equipment
Location of the project.

to enhance technical

Financial Statements
District

Pan India

Pan India

Pan India
No Maharashtra Mumbai

knowledge and to
help youth of villages
(5)

in Shujalpur Block to
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): H 7,86,85,390/-

help improve their

No Pan India

No Pan India

No Pan India
State.

performances
(e) Amount spent on Impact Assessment, if applicable: Not Applicable

2. IRCTC-CSR ID- Financial Assistance 2020-21 More than 1 3,72,000 3,72,000 3,72,000 Completed
15/2020-21 towards M/s year
Local

(Yes/
area

Navchetana
No)
(4)

(d) Amount Spent in Administrative Overheads : H 5,06,220/-

Swabhiman Charitable
activities in Schedule
Item from the list of

Foundation for
VII to the Act.

sponsorship of 1
E-tempo.
Armed Forces
(3)

3. IRCTC-CSR ID- Financial Assistance 2020-21 More than 1 2,00,000 Nil Nil Ongoing
Healthcare

13. Financial Support towards PM CARES Healthcare

Total

04/2020-21 towards Saathi year

Janshikshan Evam
R&D

Sanskriti Samiti for

(g) Excess amount for set off, if any: Nil
plastic made up from agriculture waste

Fund for assistance towards COVID-19

the organisation of
of fund under Armed forces to Central
regarding contribution to incubators

11. Proposal from CRPF for contribution

nutrition campaigns for

development on of biodegradable

12. Financial Support towards Swacch

10. IRCTC Financially supported IIT/M

and R&D Projects research and

children and pregnant

Name of the Project.

women in 08 blocks of
Hoshangabad District,
(2)

Madhaya Pradesh
for food packaging

Total 8,72,000 6,72,000 6,72,000

Welfare Fund

Bharat
No.
(1)

S.

154 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 155
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through Annexure – “D” to the Directors’ Report
CSR spent in the financial year (asset-wise details).

Corporate Overview
a. Date of creation or acquisition of the capital asset(s) : N/A Business Responsibility and Sustainability Report (BRSR)
b. Amount of CSR spent for creation or acquisition of capital asset : N/A
In the modern world, there has been a paradigm shift in how businesses function. The pandemic merely accelerated this positive
c. Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address transition. IRCTC's resilience is demonstrated by its capacity to withstand the disruption brought on by the pandemic and its
etc. : N/A succeeding waves. As will be seen in this study, we upheld our commitment to environmental, social and governance (ESG)
standards. Our ability to uphold and exceed our duties to our stakeholders both in the present and in the future, evidences our
d. Provide details of the capital asset(s) created or acquired (including complete address and location of the capital commitment. While putting a constant emphasis on strong governance and attention to societal and environmental challenges, we
asset) : N/A have achieved business success.
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5): N/A IRCTC has always put sustainability at the heart of its business approach. Our ability to fulfil and exceed our responsibilities to
our stakeholders today and tomorrow is a testament to our commitment. We have balanced success with unwavering focus on
exemplary governance and responsiveness to the ecological and societal needs.

Statutory Reports
As an early proponent of responsible business, we have readily embraced our obligation to integrate environmental, social and
governance (ESG) factors into what we do.

Our BRSR includes our responses to questions on our practices and performance on key principles defined by Regulation 34(2)(f) of
Date : 21.06.2022 (Rajni Hasija) (Ajit Kumar) (Sandip Trivedi) the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, covering topics across the ESG dimensions.
Place: New Delhi Chairperson of CSR & SD Committee Director (Finance) & CFO GGM (HRD) as Nodal Officer for CSR
SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity L74899DL1999GOI101707

2. Name of the Listed Entity Indian Railway Catering and Tourism Corporation

Financial Statements
Limited (IRCTC)
3. Year of incorporation 1999
4. Registered office address 11th Floor, B-148, Statesman House, Barakhamba
Road, New Delhi -110001
5. Corporate address 11th Floor, B-148, Statesman House, Barakhamba
Road, New Delhi -110001
6. E-mail [email protected]
7. Telephone 011-23311263-64
8. Website www.irctc.com
9. Financial year for which reporting is being done FY 2021-22
10. Name of the Stock Exchange(s) where shares are listed BSE Limited (BSE)
National Stock Exchange of India Limited (NSE)
11. Paid-up Capital H160crore
12. Name and contact details (telephone, email address) of the
Name Shri. Sandip Trivedi
person who may be contacted in case of any queries on the
Designation Group General Manager (HRD)
BRSR report
Telephone number 011-23701238
Email Id [email protected]
13. Reporting boundary - Are the disclosures under this report made The disclosures under this report are made on a
on a standalone basis (only for the entity) or on a consolidated standalone basis.
basis (for the entity and all the entities which form a part of its
consolidated financial statements, taken together).

156 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 157
II. Products/services IV. Employees
14. Details of business activities (accounting for 90% of the turnover): 18. Details as at the end of Financial Year 2021-22:

Corporate Overview
a. Employees and workers (including differently abled):
S. % of turnover
Description of Main Activity Description of Business Activity
No. of the entity S. Male Female
Particulars Total(A)
No. No.(B) %(B/A) No.(C) %(C/A)
1 Catering The Company is engaged in the 26.54
2 Internet Ticketing business of Catering and Hospitality, 54.32 EMPLOYEES
3 Rail Neer Internet Ticketing, Packaged Drinking 9.17 1. Permanent(D) 1408 1294 91.90 % 114 8.10%
4 Tourism Water (Rail Neer) and Travel and 8.36 2. Other than Permanent (E) 563 415 73.71% 148 26.29%
5 State Teertha Tourism including State Teertha. 1.61 3. Total employees(D+E) 1971 1709 86.70% 262 13.30%
WORKERS
15. Products/Services sold by the entity (accounting for 90% of the entity’s turnover): 4. Permanent(F)
5. Other than Permanent (G) Not applicable

Statutory Reports
S. % of total turnover 6. Total Workers(F+G)
Product/Service NIC Code
No. contributed Note:
1. All of IRCTC’s manpower is categorised as ‘Employees’ and none as ‘Workers’. Hence in all the sections, details sought of the ‘Workers’ category are Not Applicable to IRCTC.
1 Catering 561, 562 26.54 2. Other than Permanent category includes outsourced, trainees and apprentice.
2 Internet Ticketing 631 54.32
3 Rail Neer 110 9.17
b. Differently abled Employees and workers:
4 Tourism 8.36
791, 799
5 State Teertha 1.61
S. Male Female
Particulars Total(A)
No. No.(B) %(B/A) No.(C) %(C/A)
III. Operations
DIFFERENTLY ABLED EMPLOYEES
16. Number of locations where plants and/or operations/offices of the entity are situated:

Financial Statements
1. Permanent(D) 11 11 100% Nil NA
2. Other than Permanent (E) - - - - -
Location Number of plants/units Number of offices Total 3. Total differently abled employees(D+E) 11 11 100% Nil NA
DIFFERENTLY ABLED WORKERS
National 26 (15 Rail Neer Plants 18 (5 Zonal Offices, 10 Regional Offices, 1 Corporate Office, 44 4. Permanent(F)
and 11 Base Kitchens) 1 Internet Ticketing Office and 1 Tourism Office) 5. Other than permanent (G) Not applicable
International NIL NIL NIL 6. Total differently abled workers (F + G)
* Differently abled type includes Hearing, Visual, Locomotor, Orthopaedic and others.
17. Markets served by the entity:
a. Number of locations 19. Participation/Inclusion/Representation of women

No. and percentage of

Locations Number
Total(A) Females
National (No. of states) IRCTC has got nationwide operations and the Company’s services are available across India. No.(B) %(B/A)
The Company also provides services into booking of international tour and travel packages. The Board of Directors 7 1 14.29
Company has its zonal offices, units, regional offices and plants in 13 states i.e Delhi, Bihar, Tamil Key Management Personnel* 4 2 50.00
Nadu, Maharashtra, Uttar Pradesh, Kerala, Chhattisgarh, West Bengal, Madhya Pradesh, Assam, *
Key Management Personnel (KMP) includes Chairman and Managing Director (CMD), Director (Finance) & CFO, Director (Tourism & Marketing), Director (Catering
Gujarat, Himachal Pradesh and Andhra Pradesh. Services) and Company Secretary (CS) . Further, KMPs are is taken on actual basis of incumbence as on 31st March, 2022.
International (No. of NIL
countries) 20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
b. What is the contribution of exports as a percentage of the total turnover of the entity? Nil.
c. A brief on types of customers FY 2021-22 Turnover rate FY2020-21 Turnover rate FY 2019-20 Turnover rate
Male Female Total Male Female Total Male Female Total
The Company’s overall business is contributed by the Ministry of Railways, Government of India, which includes providing facility
of internet ticketing for railway passengers, catering services to the trains and at stations within India; providing packaged drinking Permanent Employees 1.54% 0.87% 1.49% 2.37% 0 2.18% 0.60% 1.70% 0.69%
water (Rail Neer) to the passengers and travellers availing the tourist packages (inbound and outbound) offered by the Company. Permanent Workers Not Applicable

158 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 159
V. Holding, Subsidiary and Associate Companies (including joint ventures)
Grievance Redressal FY2021-22 FY2020-21
21. (a) Names of holding / subsidiary/ associate companies / joint ventures Stakeholder
Mechanism in Place (Yes/ Number of Number of

Corporate Overview
group from whom Number of Number of
No). (If Yes, then provide complaints pending complaints pending
complaint is complaints filed Remarks complaints filed Remarks
web-link for grievance resolution at close of resolution at close of
Name of the holding/ Indicate whether %of shares Does the entity indicated at column A, received during the year during the year
S. redress policy) the year the year
subsidiary/associate holding/Subsidiary/ held by participate in the Business Responsibility
No.
companies/joint ventures(A) Associate/Joint Venture listed entity initiatives of the listed entity? (Yes/No) Shareholders The Company has a Stakeholders Relationship Committee with the express purpose of examining different areas of shareholder interest in
accordance with SEBI (LODR) Regulations, 2015 and requirements of Section 178 of the Companies Act, 2013. According to Alankit Assignments
1 The company’s only Joint Venture with Cox & Kings Limited, with 50:50 equity in the name of Royale Indian Rail Tours Limited Limited (Registrar & Transfer Agent of the Company), 37 shareholder complaints were received during 2020–21, out of which all complaints were
(RIRTL), was incorporated on 27th November, 2008 with an objective to acquire, furnish, maintain, manage and operate resolved as of March 31, 2021. Regarding 2021-22, 17 complaints were received and promptly resolved.
luxury trains and to market holiday packages with such luxury trains as an integral part. The Investor Grievance Redress Mechanism is addressed in SEBI Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2018/58, issued March 26, 2018, which
encourages investors to file complaints electronically using SEBI Complaints Redress System (SCORE). The Company promptly addressees
Accordingly, a luxury train having 23 coaches was manufactured, fabricated and funded by the company and was marketed
concerns that are submitted on SCORES portal.
in the name of Maharajas’ Express and was leased to the Royale Indian Rail Tours Limited (RIRTL) for the purpose of running, Employees and IRCTC is dedicated to operating its business in a fair and transparent way and to provide its employees a work environment where they feel
operating and managing the luxury tourist train for a period of 15 years. However, due to certain issues between the equity workers comfortable addressing concerns about any wrong-doings and improper business practises they believe, are being used by the Company. The
partners, the lease of the luxury train was withdrawn and the JV Agreement dated 10th December, 2008 was terminated The Company has in place a Whistle Blower policy, with the purpose to give employees a foundation for acting as whistleblowers. It strives to
on 12th August 2011. The Hon’ble Supreme Court permitted IRCTC to operate the said luxury train. Subsequently, Cox & safeguard staff members who desire to voice an issue with anomalies in the Company. The Company's Whistle Blower Policy may be accessed

Statutory Reports
Kings Limited initiated arbitration proceedings seeking restoration of Joint Venture Agreement. The arbitration is at the final by clicking the following link: https://irctc.com/assets/images/Whistle Blowers new.pdf. No whistleblower allegations have been
filed during FY 21 or FY 22.
argument stage before Arbitral Tribunal.
We adhere completely to the guidelines set forth in the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal)
IRCTC has also filed a petition against Royale Indian Rail Tours Limited (RIRTL) and Cox & Kings Limited and others before Act, 2013, and its provisions. The Company is dedicated to eliminate sexual harassment of women at workplace and responds quickly when
National Company Law Tribunal (NCLT) (erstwhile Company Law Board) under sections 388B, 397, 398, 399 and 403 of the such cases are reported. In compliance with the Act, IRCTC has designated the Internal Complaints Committee(s) with the composition specified
Companies Act, 1956 and the said petition is sub-judice and listed for arguments. NCLT has declared the said company (RIRTL) under the Act, at the Corporate Office as well as Zonal Offices of the Company, to offer protection against sexual harassment of women at the
to be in managerial dispute. Details of the Joint Venture are covered in the notes to accounts of the financial statements for workplace and to ensure their safety. There were no complaints filed in FY 21. However, the Company did receive one allegation of sexual
harassment during FY22, which the relevant Internal Complaint Committee (ICC) investigated and resolved.
the periods ending 31st March, 2022 vide note no. 37.2 and 45. The parties have also taken permission from the NCLT for
Customers Ministry of Railways, Government of India, contributes to the Company's entire operations, which includes giving train passengers the option
not holding the Board and General meetings of RITRL without its approval in July, 2013.
to purchase tickets online, delivering food to trains and stations across India, and giving them bottled drinking water (Rail Neer). IRCTC has
a dedicated unit that handles customer complaints on its web-based Catering Services Information Management module (E-CISM). On this
portal, IRCTC received 5,596 complaints about catering, all of these were resolved in time. Additionally, 1,660 complaints were documented by
VI. CSR Details
CPGRAM, out of which, 1630 complaints were disposed off, with the remainig 30 to be disposed off in the upcoming fiscal year.. In addition, 99

Financial Statements
22.  i) Whether CSR is applicable as per section 135 of Companies Act, 2013 : Yes, please refer to Annexure "C" of the Board’s complaints were received on the national consumer hotline number (139), and all of them were resolved.
report Value Chain At the regions, zones, and offices, regular meetings are held with the vendors, contractors, and suppliers to quickly address any difficulties
Partners or concerns they may be having. Additionally, all value chain partners are urged to uphold the Company-established safety requirements for
ii) Turnover (in J): 1879.48 Crore hygiene, food safety, and so on. Also, it is disclosed to all value chain partners that a surprise inspection may be carried out to verify compliances
with the Company's established safety standards. All the grievances raised by the value chain partners are resolved through periodical meetings
iii) Net worth (in J): 1883.88 Crore by concerned executives and no such grievance is pending at the end of financial year.

VII. Transparency and Disclosures Compliances

23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
24. Overview of the entity’s material responsible business conduct issues.
Conduct:
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that
The Company has mapped and identified internal and external stakeholders, including disadvantaged, vulnerable and marginalised
present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with
stakeholders. Our stakeholders include employees, customers, local communities, suppliers, vendors, contractors, investors,
its financial implications, as per the following format:
shareholders, government, regulators, peers and industry ecosystem.
Indicate Financial implications of
Grievance Redressal FY2021-22 FY2020-21 S. Material issue whether risk Rationale for identifying the risk / In case of risk, approach to adapt or the risk or opportunity
Stakeholder No. identified or opportunity opportunity mitigate (Indicate positive or negative
Mechanism in Place (Yes/ Number of Number of
group from whom Number of Number of (R/O) implications)
No). (If Yes, then provide complaints pending complaints pending
complaint is complaints filed Remarks complaints filed Remarks
web-link for grievance resolution at close of resolution at close of 1 Increasing Opportunity, Opportunity: - In the past year during Covid, our staffs Positive: To minimise cyber
received during the year during the year
redress policy) the year the year instances of Risk 1. Increasing revenue from cyber operated efficiently as a remote and security threats to IRCTC and its
cyber security security service offerings and hybrid workforce, we continued to remain customers through advanced
Communities The Company has an internal department dedicated to implementing its CSR policy. In cases where the company lacks the necessary internal incidents and data solutions such as Cyber Watch, Cyber vigilant about the evolving cyber security cyber security solutions.
breaches Scan, Cyber Gaze, Cyber Compass, threat landscape. To continue to have
expertise to complete a project, it seeks the help of specialised organisations, such as non-governmental organisations (NGOs), government robust cyber security processes, the
modules of Cyber Next.
or semi-government organisations, registered trusts, and societies formed specifically to carry out CSR activities. The CSR Vision Document team has remained abreast of emerging
2. Establish strong strategic partnerships cyber security events globally so as
may be found at https://irctc.com/assets/images/CSR-Vision-Document.pdf on the company's website. Neither a complaint was with global cyber security solution to achieve higher compliance and its
outstanding nor one was received by the Company during FY 21 and FY 22. companies to help enhance and continued sustenance. Driving a positive
Investors (other IRCTC regularly organises investors and analyst meets to inform current and potential investors on the Company's operations, including risks strengthen our cyber security cyber security culture is a key constituent
than retail solutions. of our robust cyber security strategy.This
and difficulties. The presentations, transcripts, audio, and video recordings, as well as the stock market filings, are all posted on the company's
shareholders) website. A senior employee from the finance department has also been named Chief Investor Relationship Officer (CIRO) by the company to 3. Being recognised as industry leader is achieved through different information
in our information security practices security awareness programmes.
respond to the investor questions. A link to the information and contact information for the CIRO may be found on the Company website at and adoption of leading data privacy
https://irctc.com/investor-contact.html. Investors as a whole have not filed any complaints with IRCTC during FY 21 and FY 22. standards across all global operations
will result in higher client confidence.

160 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 161
 Indicate Financial implications of
S. Material issue whether risk Rationale for identifying the risk / In case of risk, approach to adapt or the risk or opportunity Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

Corporate Overview
No. identified or opportunity opportunity mitigate (Indicate positive or negative
(R/O) implications)
P2 • Procurement Policy (https://irctc.com/procurement-policy.html);
Risk:- We constantly assess our liabilities • PAD Empanelment Policy (https://irctc.com/empanelment.html);
1. Our reputation could be at risk and as processors and controllers and
we may be liable to our clients for implement controls, where required, to • Ready To Eat Policy (https://irctc.com/assets/images/RTE%20
damages caused by cyber security mitigate the risks. We have formulated
and implemented policies and updated%20%20October%202021%20(1).pdf)
incidents.
2. Our reputation may be impacted and
procedures to identify and report privacy P3 HR Policies related General Condition of service, General Service
breaches.
we may incur financial liabilities if Conduct Rule, Promotion, D&AR, Leave, Lease, Leave Travel Concession,
privacy breaches.
Medical, Compassionate Ground Appointment, and so on are available
2 Changing Opportunity, Opportunity: We have amplified the reach and Positive: Improved the IRCTC
expectations of Risk effectiveness of our wellness initiatives, employee experience and on our Intranet.
1. Facilitating best in-class employee
the workforce experience and being recognised in response to the disruption caused by enhanced customer satisfaction. P4 • CSR Vision Document (https://irctc.com/assets/images/CSR-Vision-
and work among the best employers in our key the pandemic, with digital experience
environments touch points of ‘Connect, Collaborate Document.pdf);
operating regions will help us attract,
hire and retain the talent. and Care’.
• Dividend Distribution policy (https://irctc.com/assets/images/IRCTC_
Creating a diverse workforce to attract We supported our employees to

Statutory Reports
2. DIVIDEND%20DISTRIBUTION%20POLICY-_31.07.2019_CB%20
best-in-class talent and improve navigate the pandemic seamlessly
productivity. through measures such as vaccination Comments%20[05.08.2019].pdf);
centres, hospital support, COVID care
Risk: centres and more. • Related Party Transactions Policy (https://irctc.com/assets/images/
1. Employee preference to work out
of remote locations on a long-term
IRCTC_Related%20Party%20Transactions-_03.08.2019.pdf);
basis, together with expectations • Materiality Policy (https://irctc.com/assets/images/Materiality_Policy.
from clients to return to office, if not
managed adequately, may impact pdf);
attrition, client satisfaction and our
ability to grow profitably. • Policy on determination of materiality of events or disclosures
3 Increasing Opportunity, Opportunity: 1. All packaging material of Rail Neer Positive: Scope to improve (https://irctc.com/assets/images/IRCTC_Policy%20on%20
probability of Risk 1. Increased revenue from increased are recyclable. IRCTC’s competitiveness determination%20of%20materiality%20of%20events%20or%20
disruptive climate demand in climate-related 2. IRCTC may establish its own and capitalise on the shifting
change technologies and services. Savings recycling plant. client preferences using its disclosures.pdf)
sustainability, low-carbon
from use of lower-emission sources of P5 HR Policies related General Condition of service, General Service

Financial Statements
energy (renewable) in Rail Neer Plants. transition and digital / IT
expertise to help its clients in Conduct Rule, Promotion, D&AR, Leave, Lease, Leave Travel Concession,
Risk: their sustainability and low-
carbon journey.
Medical, Compassionate Ground Appointment and so on are available
1. Climate change risks are increasingly
manifesting in our business as Negative: Increased operating on our Intranet.
strategic risks, physical risks and
transitional (market and compliance)
costs in meeting the P6 CSR Vision Document (https://irctc.com/assets/images/CSR-Vision-
environmental standards.
risks, which if not managed Document.pdf);
adequately, can affect our operations
and profitability.
P7 -
P8 • CSR Vision Document (https://irctc.com/assets/images/CSR-Vision-
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES Document.pdf);
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the • Procurement Policy (https://irctc.com/procurement-policy.html);
NGRBC Principles and Core Elements. • PAD Empanelment Policy (https://irctc.com/empanelment.html);
• Ready To Eat Policy (https://irctc.com/assets/images/RTE%20
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 updated%20%20October%202021%20(1).pdf)
P9 • Catering Services Information Management or (E-CSIM)
Policy and management processes (www.catering.irctc.co.in)
1. a. Whether your entity’s policy/ Y Y Y Y Y Y Y Y Y • Rail Madad (www.railmadad.indianrailways.gov.in)
policies cover each principle and
• Train Information Enquiry Services (https://contents.irctc.co.in/en/
its core elements of the NGRBCs.
TIES_Policy.pdf)
(Yes/No)
2. Whether the entity has translated Y Y Y Y Y Y Y Y Y
1b. Has the policy been approved by Y Y Y Y Y Y Y Y Y
the policy into procedures. (Yes /
the Board? (Yes/No)
No)
1c. Web Link of the Policies, if available P1 • Code of Business Conduct and Ethics for Board Members and Senior
3. Do the enlisted policies extend to The Company ensures that its suppliers/contractors comply with the law of the land by
Management (https://irctc.com/assets/images/code-of-conducts-for-
your value chain partners? (Yes/ getting such clauses incorporated in their respective contracts/agreements and terms
board-members-and-senior-management.pdf);
No) and conditions of the tenders.
• Code of Business Conduct and Ethics for Employees (https://irctc.
com/assets/images/code-of-conducts-for-board-members-and-
senior-management.pdf);
• Whistle Blower Policy (https://irctc.com/assets/images/Whistle_
Blowers_new.pdf);
• Fraud Prevention & Detection policy (https://irctc.com/assets/images/
fraud-prevention-policy.pdf)

162 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 163
 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9

Corporate Overview
4. Name of the national and • Rail Neer Plant at Nangloi (New Delhi), Danapur(Bihar), Palur(Tamil Nadu) and Governance, leadership and oversight
international codes/certifications/ Bilaspur(Chhattisgarh) are accredited with ISO: 9001- 2015 quality management 7. Statement by director responsible for the business responsibility report, highlighting ESG related challenges, targets
labels/ standards (Forest system certification and Rail Neer Plant Ambernath is accredited with ISO: 22000- and achievements (listed entity has flexibility regarding the placement of this disclosure)
Stewardship Council, Fairtrade, 2015 certification;
At IRCTC, we undertake wide-ranging initiatives to minimise adverse environmental impacts from our operations, products
Rainforest Alliance, Trusts) • Quality of Rail Neer conforms to European Economic Community (EEC) norms for
and services by implementing environment-friendly processes and practices and using materials that avoid, reduce and
standards (SA 8000, OHSAS, ISO, pesticide residue; control pollution. Our strong corporate governance mechanism ensures compliance with relevant environmental laws and
BIS) adopted by your entity and
• The Company displays product information on the label of Rail Neer Packaged effective operation of various pollution control facilities.
mapped to each principle.
Drinking Water bottles in accordance with the standards and guidelines laid down In catering operations, the Company has adopted several techniques to save energy and water such as shifting to Piped
by Bureau of Indian Standards (BIS), Food Safety and Standards Authority of India Natural Gas based cooking instead of traditional LPG cylinder and re-using RO wastewater in cleaning, washing and bathrooms
(FSSAI) and Legal Metrology Department; at Base Kitchen NDLS. It has also replaced 3x36 watts/2x40 watts lights with energy-efficient 28-watt LED light fixtures. Our
• The plant technology employs eight stages of purification processes capable of objective is to ensure a clean, safe environment and to progressively optimise /reduce dependence on conventional energy

Statutory Reports
yielding water quality conforming to BIS standard IS 14543-2004; sources.
• Food samples are regularly sent for testing in NABL-accredited labs; Rajni Hasija
• Food samples of RTE and PAD items are tested to ensure compliance with FSSAI Director (Tourism & Marketing) and CMD (Additional Charge)
standards; 8. Details of the highest authority "The Board of Directors of the Company, led by the Chairman & Managing Director, is
responsible for implementation the highest authority, instrumental to protect and enhance shareholders value. In the
• PCI DSS Security Certification for its Travel & Tourism business.
and oversight of the Business capacity of trustees, the Board ensures that the Company has a clear vision, mission
5.
Specific commitments, goals The Company has following commitments and targets for FY 23:
Responsibility policy (ies). and goals to fulfil and exceed the expectations of its stakeholders"
and targets set by the entity with • To run Bharat Gaurav Trains, for which numerous measures including modification
9. Does the entity have a specified The Company has Board Level CSR & Sustainable Development Committee for decision
defined timelines, if any. of coaches, Bharat Gaurav itinerary and costing, planning for non-fare revenue, and Committee of the Board/ Director making on CSR & Sustainability related issues.GGM (HRD) is the nodal officer of CSR
so on, have been taken in to consideration to make it successful; responsible for decision making & SD Committee. As on 31st March, 2022, the CSR & SD Committee comprised of the
• Tie Ups with Ministries, Departments & PSU’s for providing Corporate Travel services on sustainability related issues? following members:
across India; (Yes / No). If yes, provide details

Financial Statements
S.
• To empanel more chain hotels and aggregator/s (accommodation partner) to provide Members Position
No.
accommodation inventory for sales on IRCTC website www.hotel.irctctourism.com
and its associate portal through extranet/ API label/Inventory based solution; 1. Smt. Rajni Hasija, Chairperson
• Monetisation of Chatbot Services by extending to Third Party Organisations; Director (Tourism & Marketing) & CMD
(Additional Charge)
• National Rail Museum Booking Website and Mobile App;
2. Shri Ajit Kumar, Member
• To provide e-Market place and Bill Payments/Recharge services and other third-
Director (Finance) & CFO
party services like Online Insurance on its Website and Mobile App in partnership
3. Shri Debashis Chandra, Member
with popular e-Commerce firms like Amazon, Flipkart, HDFC Life, among others.
Director (Catering Services)
• To provide payment aggregator services to third party platforms; 4. Shri Neeraj Sharma, Member
• To introduce Automated Speech Recognition – an Emerging Innovative Technology Government Nominee Director
for 139 helpline services; 5. Shri Namgyal Wangchuk, Member
• To set up and commission new Rail Neer Plants; Independent Director
• Third Party Food Safety and Hygiene Audits- to ensure quality service to passengers; 10. Details of Review of NGRBCs by the Company:
• Upgradation of more kitchens for maximising supply of meals for service on trains; Subject for Review Indicate whether review was Frequency (Annually/ Half yearly/
undertaken by Director / Committee of Quarterly/ Any other – please specify)
• To integrate SDK (Software Development Kit) with ticketing platforms;
the Board/ Any other Committee
• To deploy Food Safety Supervisors through NABL accredited agencies in production P1 P2 P3 P4 P 5 P6 P7 P8 P 9 P1 P2 P3 P4 P 5 P6 P7 P8 P 9
units. Performance against above policies As a practice, BR policies of the Company are reviewed periodically or on need basis by
6. Performance of the entity against NA NA NA NA NA NA NA NA NA and follow up action departmental and segmental heads. During this assessment, the efficacy of the policies
the specific commitments, goals is reviewed and necessary changes to policies and procedures are implemented.
and targets along-with reasons in Compliance with statutory Compliance of the various applicable laws
case the same are not met. requirements of relevance to the and regulations is placed before the Board
Quarterly
principles, and, rectification of any of Directors subsequent to the compliance
non-compliances note signed by all the GGM level officers.

164 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 165
 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Total number % of persons
of training and in respective

Corporate Overview
Segment awareness Topics/ principles covered under the training and its impact category covered
11.
Has the entity carried out P1 P2 P3 P4 P5 P6 P7 P8 P9
programmes by the awareness
independent assessment/ From a best practices perspective as well as from a risk perspective, policies are held programmes
evaluation of the working of its periodically evaluated and updated by various departmental and segmental heads
policies by an external agency? and approved by the management or Board. An internal assessment of the working Employees Details of Training given to employees are covered under Directors Report
(Yes/No). If yes, provide name of of the BR policies is done regularly. In due course, the Company may have an external other than BoD Impact for KMPs and Employees : Training held for KMPs and Employees resulted in bringing accountability
assessment for the same also.
the agency and KMPs and awareness about the various prevalent regulations and practices. The focus of these trainings was on
12. If answer to question (1) above is “No” (not all Principles are covered by a policy), reasons to be stated better adherence of rules and increased knowledge of advanced technologies and making a difference at work
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 by being more self aware.
The entity does not consider the Workers Not applicable
principles material to its business
(Yes/No)
2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings with
The entity is not at a stage where

Statutory Reports
regulators / law enforcement agencies / judicial institutions, in the financial year: Nil
it is in a position to formulate and
implement the policies on specified 3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or
principles (Yes/No) NOT APPLICABLE non-monetary action has been appealed: Not applicable
The entity does not have the financial
or/human and technical resources 4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a
available for the task (Yes/No) web-link to the policy.
It is planned to be done in the next
financial year (Yes/No) Yes. IRCTC has laid down two separate codes, such as Code of Business Ethics & Conduct for Board Members and Senior
Management Personnel and Code of Conduct for employees of IRCTC in alignment with Company’s vision and mission. The
Any other reason (please specify)
Company also has in place Whistle Blower Mechanism and Fraud Prevention & Detection Policy. The whistle blower mechanism
SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE has been laid down for employees to raise any ethical issues within the organisation.

Financial Statements
The Fraud Prevention & Detection Policy provides a system of disclosure for any fraud or suspected fraud involving employees (all
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
full time, part time or employees appointed on adhoc/ temporary/contract basis) of IRCTC as well as representatives of vendors,
and Accountable.
suppliers, contractors, consultants, service providers or any outside agency(ies) doing any type of business with IRCTC.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the principles during the financial year: Whistle Blower Policy https://www.irctc.com/assets/images/Whistle_Blowers_new.pdf
Fraud Prevention & Detection Policy https://www.irctc.com/assets/images/fraud-prevention-policy.pdf
Total number % of persons
Code of Ethics and Business Conducts for https://www.irctc.com/assets/images/code_conduct%20_employees.
of training and in respective
Employees pdf
Segment awareness Topics/ principles covered under the training and its impact category covered
programmes by the awareness Code of Ethics and Business Conducts for Board https://www.irctc.com/assets/images/code-of-conducts-for-board-
held programmes Members & Senior Management Personnel members-and-senior-management.pdf

Board of 2 Online Orientation Programme for Directors of Listed Companies 100

Directors by National Institute of Securities Market and Online orientation 5. Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law enforcement
programme on capacity building Non-official (Independent) Directors agency for the charges of bribery/ corruption: None
of CPSEs by Department of Public Enterprises and ICAI.
Impact : The training programme attended by the Board of Directors 6. Details of complaints with regard to conflict of interest: None
were aimed to provide an independent perspective to their role &
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators
responsibilities, collaborative leadership, appropriate board practices,
developing & implementing policies & procedures and more. / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest: None
Key Managerial 15 Vigilance Awareness, Procurement/Supply Contract & Earning 100
Personnel Contracts, Catering Business (Threats & Opportunities), General
Financial Rules & Audit, Role of Finance in Tender Committee and Leadership indicators
Operational matters – Objective and Limitations, Legal Matters with
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year:
special reference to IRCTC Tenders/Contracts, RTI, Labour Law etc.,
Total number of awareness Topics / principles covered % of value chain partners covered (by value of business done
Quality Control, Customer Care, Complaint handling and Inspection-
Reports, Data safety and Cyber security-General Awareness, programmes held under the training with such partners) under the awareness programmes
Principles and Practices of General Operations Management, The Company has been conducting various awareness programme on CBSP (Capacity Building for Service Providers) from
Service Conduct Rules & D&AR, Schedule of Power & Insider Trading time to time for its value chain partners (contractors/service providers) through pre-bid meetings, consultation meetings,
(Preliminary Knowledge), Procedural Codes Under D&AR such as webinars, and so on.
Issuing Letter, Orders Disciplinary Proceedings Inquiry Do's & Don'ts
and Disciplinary Authority , Company Law (Preliminary Knowledge),
POSH (Prevention of Sexual Harassment of Women at Workplace)

166 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 167
 To reduce the consumption of PET bottles, IRCTC reduced the weight of PET preform and HDPE cap, optimising the
Leadership indicators weight from 22 gm to 20 gm and 2.2. gm to 1.6 gm, respectively. This has resulted in reduction of plastic consumption by

Corporate Overview
2. Does the entity have processes in place to avoid/ manage conflict of interests involving members of the Board? (Yes/No) approximately 470.64 metric tons annually, at current production level.
If Yes, provide details of the same. The reduced weight of PET preform has resulted in savings of approximately 20 paisa per preform. IRCTC has manufactured
Yes. In accordance with laid down provisions of Companies Act and SEBI Regulations, the Company receives an annual approximately 19.86 crore Rail Neer bottles in 2021-22 resulting in savings of approximatelyH3.97 crore. Similarly, the optimised
declaration (changes from time to time) from its Board members and KMPs on the entities they are interested in and ensures weight of caps contributed to savings of approximately H0.03 per cap, translating to H0.39 crore savings in 2021-22.
requisite approvals as required under the statute as well as the Company’s policies are in place before transacting with such
entities / individuals. b) E-waste

IT Department of IRCTC has in place a mechanism to recycle e-waste and dispose condemned IT infrastructure. The
existing mechanism is being followed to identify all electronic/ICT/Office automation items such as Printer/Computer/UPS/
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe Keyboard/Mouse/mini switches, and so on, that crossed their useful life or beyond serviceable condition or defunct and
dispose it through auction. Such disposal is being carried out through the recognised bidders which follow the Govt. of
Essential Indicators India’s e-waste handling Rules, 2011, and other country-level regulations.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental

Statutory Reports
c) Hazardous Waste
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Consumable items such as exhausted or empty Printer Toners and Printer Cartridges are collected by the OEM M/s Hewlett
Your Company does not undertake exclusive research projects as it does not have the presence in such a domain. However, to
Packard under their Green IT Re-Cycle Schemes on regular basis. Major IT items such as Servers are not disposed but they are
improve the technical capability and enhance competence, some methods and techniques have been developed and innovative
returned to OEM through Buyback scheme for new procurements. Similarly, items such as Air-conditioner units are returned
systems have been introduced for its business segments. The CAPEX spent by the company on the above-mentioned activities
under buy-back scheme to the authorised channel partners of OEMs. More than 20% of the Internet Ticketing e-waste/
is mentioned below:
condemned IT Assets have been either disposed by way of auction or returned under Green IT Recycle Scheme of OEMs.
Current Previous 4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste
Particulars Details of improvements in environmental and social impacts
Financial Year Financial Year collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If
R&D -- -- NA not, provide steps taken to address the same.
Capex H51.99 Cr. H77.34 Cr. All out efforts and initiatives are taken by IRCTC to minimise adverse environmental

Financial Statements
Yes. As per Plastic Waste Management Rules, 2016 and Amendment dated March, 2018, IRCTC, as manufacturer of packaged
impacts from its operations, products & services by using processes, practices,
drinking water (Rail Neer), has to fulfil its obligation towards Extended Producers Responsibility (EPR). Under EPR compliance,
materials and products that avoid, reduce and control pollution.
IRCTC has to arrange the collection and supply of scrap plastic materials, mainly PET bottles to Plastic Recycling plants. During
2021-22, IRCTC used 4171 MT of Plastics, primarily PET bottles.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)- Yes
To fulfil its obligation towards Extended Producers Responsibility, IRCTC has engaged an agency for arranging EPR compliance.
b. If yes, what percentage of inputs were sourced sustainably? IRCTC has applied for registration at Central Pollution Control Board (CPCB) New Delhi, and also submitted the action plan to
CPCB for achieving target of EPR compliance.
The Company has put in place a well-defined procedure for sustainable sourcing of raw material with a well-documented
Material Management Policy. The Company has policies of long-term contracts and rate-contracts to ensure that operations As per provisions of the Plastic Waste Management (PWM) Rules 2016, the selected agency has been entrusted to perform:
and business pursuits do not suffer due to externalities. For almost all raw materials, more than one source of supply is
(i) registration with CPCB and quarterly EPR compliances to CPCB;
ensured to maintain uninterrupted supply chain.
(ii) collection of PET bottles and shrink-wrapping material from Railway stations or other sources to provide EPR certificate
Distribution and Sale of Rail Neer is carried out through selected agencies called Carry and Forwarding Agencies (CFA). equivalent to the plastic material used by IRCTC;
CFA collects the product from Plant, transports it to the destination/godown at major Railway Stations mandated for sale (iii) arranging the collection of crushed material generated from the bottle crushing machines
and distribution to static and mobile units of Indian Railways. CFA also collects the sales proceeds and deposits it to the
(iv) installation of bottle crushing machines at nearby places (beyond Railway Stations);
Company’s account. Rail Neer is dispatched to CFA against advance recurring deposit and distribution area for each Plant
has been fixed for the CFA. (v) arranging take back credit equivalent to Metric Ton of PET/PE plastic recycled;
(vi) making good the shortfall quantity for EPR compliances from their own collection network.
Carrying and Forwarding Agencies (CFAs) have been empowered to issue invoice through Handheld Terminals (HHTs) to
licensees, enabling live record and reconciliation of sale and supply of stock to trains and catering units in one plant as pilot
project. This has simplified the process of bill settlement, rendered it accurate offering real time solutions. It has also resulted
Leadership indicators
in savings in stationery and time for reconciliation. Further, it is proposed to be populated on IRCTC’s server to enable easy 1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry)
access of data online, rendering its usefulness as a decision-making tool to assess the performance of Rail Neer. or for its services (for service industry)? If yes, provide details in the following format? NIL
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for 2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your
(a) Plastics (including packaging), (b) E-waste (c) Hazardous waste and (d) other waste. products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly
describe the same along-with action taken to mitigate the same.
a) Plastics (including packaging)

Measurement of usage of water, fuel, per unit is carried out at plant level at regular intervals. As on date, specific energy Name of Product / Service Description of the risk / concern Action Taken
consumption of 0.05 kwh per bottle and ground water extraction of 1.6 litres has been recorded for the production of 1 litre
water bottles. The Company has put in place all policies and processes to conserve energy and natural resources. NA

168 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 169
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) 3. Accessibility of workplaces:
or providing services (for service industry): Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of

Corporate Overview
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
disposed: Yes, the premises/offices of IRCTC are accessible to differently abled employees as per the requirements of the Rights of
Person with Disabilities Act 2016. The facilities, provided in IRCTC's offices for differently abled people includes free movement
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category:
space for wheel chairs inside the office as well as to the cabins, awareness drive for front office and security staff on how to
Reply of Question 3 to Question 5 is NIL, as no recycled material is used for production of Rail Neer packaged drinking water. interact/ assist differently abled persons; hand railings for customers using the stairs; availability of wheelchairs in identified
areas.

PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains 4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a
web-link to the policy.
Essential Indicators The Company, as of now, doesn’t have a specific policy on the above. However, being a Government Company and a CPSE
1. a. Details of measures for the well-being of employees: under administrative control of Ministry of Railways, the Company is committed to comply with the provisions of Rights of
Persons with Disabilities Act, 2016 and provides the compliance w.r.t. Accessible India Campaign (Sugamya Bharat Abhiyan) to
Administrative Ministry and Department of Public Enterprises (DPE), Government of India on an annual basis.

Statutory Reports
%age of employees covered by
Category Total Health Insurance Accident insurance Maternity benefits Paternity Benefits Day Care Facilities
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
(A) No. (B) No. (B)/(A) No. (C) No. (C)/(A) No. (D) No. (D)/(A) No. (E) No. (E)/(A) No. (F) No. (F)/(A)

Permanent employees Permanent employees Permanent workers

Male 1294 1294 100% 1294 100% NA NA 1294 100% NA NA
Female 114 114 100% 114 100% 114 100% NA NA 0 0 Gender Return to work rate Retention rate Return to work rate Retention rate
Total 1408 1408 100% 1408 100% 114 100% 1294 100% 0 0 Male 100% 100%
Other than Permanent employees Female 100% 100% Not Applicable
Male 415 407 98.07% 0 0 NA NA 0 0 0 0 Total 100% 100%
Female 148 148 100% 0 0 148 100% NA NA 0 0
Total 563 555 98.57% 0 0 148 100% 0 0 0 0 6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker?

Financial Statements
If yes, give details of the mechanism in brief.
b. Details of measures for the well-being of workers:
Yes/No (If Yes, then give details of the
Mechanism in brief)
Total Health Insurance Accident insurance Maternity benefits Paternity Benefits Day Care Facilities Permanent Workers
(A) No. (B) No. (B)/(A) No. (C) No. (C)/(A) No. (D) No. (D)/(A) No. (E) No. (E)/(A) No. (F) No. (F)/(A) Not applicable
Other than Permanent Workers
Permanent employees Permanent Employees IRCTC redresses grievances through following mechanism:
Male A. Employee portal
B. Staff grievance register
Female Not Applicable
C. Internal Complaints Committee for ‘Prevention of sexual harassment of women at work
Total place’.
Other than Permanent employees D. Talk to Management programme.
Male Other than Permanent IRCTC redresses grievances through following mechanism:
Female Not Applicable Employees A. Staff grievance register
Total B. Internal Complaint Committee for Prevention of sexual harassment of women at work place.

7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
2. Details of retirement benefits:
FY 2021-22 FY 2020-21
FY 2021-22 FY 2020-21 Total No. of employees / Total No. of employees /
No. of No. of Deducted and No. of No. of Deducted and Category employees workers in respective % employees workers in\ respective
%
employees workers deposited employees workers deposited / workers in category, who are (B / A) / workers in category, who are
Benefits (D / C)
covered as covered as with the covered as covered as with the respective part of association(s) respective part of association(s)
a % of total a % of total authority a % of total a % of total authority category (A) or Union (B) category (C) or Union (D)
employees workers (Y/N/NA) employees employees (Y/N/N.A.) Total Permanent Employees
PF 100% NA Yes 100% NA Yes - Male
Gratuity 100% NA Yes 100% NA Yes - Female
NIL
ESI* NA NA NA NA NA NA Total Permanent Workers
Others – please specify - - - - - - - Male
* All the employees in the organisation are above the wage limit for coverage under ESIC scheme.
- Female

170 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 171
8. Details of training given to employees and workers: • IRCTC has engaged a senior doctor in its office, whose services are availed by all the employees (regular and non-
regular) on periodical basis;

Corporate Overview
FY 2021-22 FY 2020-21 • Time to time guidelines are issued to employees working in Offices, Rail Neer Plant and on- board staff regarding their
On Health and On Skill On Skill safety and security;
Category Total Total On Health and safety measures
safety measures upgradation upgradation • Training regarding handling of fire-safety equipment are provided to employees.
(A) (D)
No. (B) % (B)/(A) No. (C) % (C)/(A) No. (E) % (E)/(D) No. (F) %(F/D)
c) Whether you have processes for workers to report the work-related hazards and to remove themselves from such
Employees risks. (Y/N)
Male 1294 249 19.24% 1152 89.02% 1303 577 44.28 % 401 30.98%
Female 114 56 49.12% 66 57.89% 114 111 97.37% 88 77.19% Not Applicable
Total 1408 305 21.66% 1218 86.50% 1417 688 48.55% 489 34.51%
d) Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Workers
Male Yes. IRCTC has its Medical Attendance Rules, which are designed to provide a certain measure of social security and
Female Not Applicable insurance to employees and their family members against various types of illnesses. Cashless medical facility is provided
Total

Statutory Reports
for indoor treatment and for OPD medical allowance @ 7% of Basic pay is paid to employees every month as a part of their
salary component. IRCTC Medical facility covers indoor treatment of diseases irrespective of any specified monetary limit
9. Details of performance and career development reviews of employees and worker: which is beneficial for all.

11. Details of safety related incidents, in the following format:

FY 2021-22 FY 2020-21
Category Safety Incident/Number Category FY 2021-22 FY 2020-21
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Lost Time Injury Frequency Rate (LTIFR) Employees
Employees (details provided for permanent employees)
(per one million-person hours worked) Workers
Male 1294 1294 100% 1303 1303 100%
Total recordable work-related injuries Employees
Female 114 114 100% 114 114 100%
Workers
Total 1408 1408 100% 1417 1417 100% NIL
No. of fatalities Employees
Workers

Financial Statements
Workers
Male
High consequence work-related injury or ill-health Employees
Female Not Applicable
(excluding fatalities) Workers
Total
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
10. Health and safety management system:
The typical hazards of a work place include risks related to the electrical equipments, fire, appropriate illumination, trips, falls,
a) Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If slips etc. Timely identification of risks and their mitigation thereof has helped the Company to create a safe and healthy work
yes, the coverage such system and What are the processes used to identify work-related hazards and assess risks on place for its employees. Major measures taken to mitigate significant occupational health & safety risks included , regular site
a routine and non-routine basis by the entity? review and inspections, periodical trainings to sensitize employees about the health and safety risks, provision and maintenance
of fire detection, alarm and suppression systems, digital monitoring of indoor air quality and periodic cleaning of the HVAC
Yes, IRCTC is committed to provide a safe and healthy work environment to its employees, associates and value-chain ducts, regular employee engagement programmes etc.
partners. Organisation comprehends that occupational health and safety and overall physical and mental well-being of its
employees is integral part to its success and growth aspirations. The core activities of IRCTC are internet ticketing, Tourism, 13. Number of complaints on the following made by employees and workers:
Catering and Rail Neer, through which IRCTC generates revenue. Most of the work for above mentioned activities are done
in the office premises except few such as Rail Neer plants and providing catering service in trains. Accordingly, IRCTC FY 2021-22 FY 2020-21
exhibits its occupational health and safety space through following commitments and actions: Pending Pending
Filed
Category Filed during resolution at Resolution at
• We have adopted processes and measures that focus on the prevention of occupational related accidents, injuries, Remarks during the Remarks
illness; the year the end of the end
year
year of year
• IRCTC ensures occupational health and safety awareness and build competency among associates at all levels to
Working Conditions
handle individual and team occupational health and safety responsibility, through organising appropriate trainings such NIL
Health & Safety
as Yoga Sessions, training on strengthening of mental, social and emotional health, online training on food safety and
personal hygiene, and so on;
14. Assessments for the year:
• IRCTC involves its suppliers and contractors, through consultation and participation in its occupational health and
safety mission by sharing the expectations and engaging with them to achieve the above objective of ensuring a safe
Safety Incident/Number % of your plants and offices that were assessed (by entity or statutory authorities or third parties)
and sustainable supply chain;
Health and safety practices
NIL
Working Conditions

172 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 173
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant 2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
risks / concerns arising from assessments of health & safety practices and working conditions: NA

Corporate Overview
Whether Channels of communication Purpose and scope of
Frequency of
identified as (Email, SMS, Newspaper, engagement including
Stakeholder engagement (Annually/
Leadership indicators Vulnerable and Pamphlets, Advertisement, key topics and concerns
Group Half yearly/ Quarterly /
Marginalized Community Meetings, Notice raised during such
others – please specify)
1. Does the entity extend any life insurance or any compensatory package in the event of death of Group (Yes/No) Board, Website), Other engagement

(A) Employees (Y/N) - Yes Customers No Events; Mailers; SMS, As required To acquire new customers
Newsletters; Brochures, Website. and service the existing ones
(B) Workers (Y/N) - NA Shareholders/ No Press releases and press Quarterly: Educating the investors
Investors conferences; email advisories; Financial statements community about IRCTC’s
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the facility visits; in-person business model and
Earnings calls; Exchange
value chain partners. meetings; investor conferences; strategies.
notifications; press
conference calls. conferences • Helping investors
All the values chain partners of IRCTC abide with their respective contracts wherein it is clearly provided that they will be
Annual: raise their concerns
responsible for compliance with applicable laws such as GST, Provident Fund, Labour Law or any other applicable law including

Statutory Reports
• Annual General regarding company’s
registration/approval from statutory authority. Further, IRCTC has a system in place to check the statutory dues deducted and policies, reporting,
Meeting
deposited through the challans submitted along with the bills by value chain partners. strategy, and so on.
• Annual Report
• Understanding
3. Provide the number of employees / workers having suffered high consequence work related injury / ill-health / fatalities As and when required:
shareholder
(as reported in Q11 of Essential Indicators above), who have been are rehabilitated and placed in suitable employment or • Performance and
expectations
whose family members have been placed in suitable employment: NIL summary of significant
events through press
4. Does the entity provide transition assistance programmes to facilitate continued employability and the management of releases
career endings resulting from retirement or termination of employment? (Yes/ No) - No • Investors page on the
IRCTC website.
5. Details on assessment of value chain partners: Regulators No • Conferences and seminars. As and when required. Discussions with regulatory
and • Working committee bodies w.r.t. regulations,

Financial Statements
Value Chain partners including contractors/service providers / vendors are advised to abide by the law of the land and similar
Government meetings. amendments, approvals
clauses are incorporated in their Letter of Awards and Tender Conditions. • Surveys. and assessments.
• Other meetings.
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments
Employees No Counselling sessions, Interactive As and when required: To keep employees aware
of health and safety practices and working conditions of value chain partners: NA
meetings, Internal management IRCTC's Newsletter about key developments
development programmes and IRCTC's corporate portal, in the Company and also
webinar. Meetings for targets/KRAs. addressing their issues
PRINCIPLE 4 Businesses should respect the interests of and be responsive to all its stakeholders
Communities/ Yes Meetings and briefings, As and when required. Support CSR Projects
NGOs Partnership in community
Essential Indicators development projects, Training
1. Describe the processes for identifying key stakeholder groups of the entity. and Workshops, Impact
Assessments, Website and
The first step in stakeholder's management is understanding the different stakeholder categories as they pertain to workforce Social Media.
planning. There are many different types of stakeholders who have interests in our business and the decisions, some of Vendors/ No Vendor assessment and As and when required. Service Existing Business
them from within our organisation and many from outside it. Stakeholder identification helps in empowering people, creating Collaborators review, Meetings, calls, training,
sustainable change,building relationships and a better organisation. IRCTC has always believed that its human capital is its workshop and webinar, Website,
Social Media,
biggest strength. We are fully aware that business can’t get far without its customers. The Company is privileged to have a
strong relationship with the investors. Our suppliers/vendors/contractors have always made us deliver our promises promptly.
Other extremely relevant stakeholders include government, regulators, cognate group and society at large.
Leadership indicators
On the basis of above-mentioned, the Company has mapped and identified internal and external stakeholders, including
disadvantaged, vulnerable and marginalised stakeholders. Our stakeholders include employees, customers, local communities, 1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social
suppliers, vendors, contractors, investors and shareholders, government, regulators and peers and industry ecosystem. topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
The Board through its Directors participates in investors/analyst calls and deliberates on the queries raised by the stakeholders.
Further, the Board takes a holistic approach towards resolving the grievances raised by the stakeholders. The customer
grievances/ feedback is taken by the company on various platforms viz. CPGRAM, Rail Madad etc. The company also regularly
organises the employee engagement programmes. The outcome of these programmes are submitted to the concerned heads
and to the Board of Directors for their review , as required.
The Company's approach towards CSR is in line with vision of the Government of India wherein the Company targets on
aspirational districts. We believe in the fact that CSR should not be a one-time activity rather it should have a holistic approach in
changing the life of people. As a responsible organisation focused on inclusive growth, your Company has steadfastly followed

174 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 175
 a proactive approach towards CSR. In line with the Government of India’s approach such as localising Sustainable Development 3. Details of remuneration/salary/wages, in the following format:
Goals, leading to the progress of the nation, the Company undertook many initiatives towards achieving the same.

Corporate Overview
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social Male Female
topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were Median remuneration / salary Median remuneration / salary
incorporated into policies and activities of the entity. Number Number
/wages of respective category /wages of respective category
Yes, stakeholder consultation is used to support the identification and management of environmental and social topics. Board of Directors (BoD)
Company’s CSR model is designed in such a way that inputs received from the stakeholders are taken into consideration.
Further, the company in consultation with stakeholders has identified crucial areas where it has been proactively working to Key Managerial Personnel (KMP)
NA*
bring a visible change. Details regarding the same can be found in CSR section of the Annual Report. Employees other than BoD and KMP
Workers
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalised
* In accordance with the notification dated June 05, 2015 issued by the Ministry of Corporate Affairs (MCA), Government of India, Government companies are exempted
stakeholder groups. from complying with provisions of Section 197 of the Companies Act, 2013 read with the Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment thereof, for the time being in force). Accordingly, the calculation w.r.t. Median
The Company is engaged with various vulnerable/ marginalised stakeholder groups and has always addressed their concerns remuneration / salary /wages of Board of Directors (BoD), Key Managerial Personnel (KMP) & Employees other than BoD and KMP are not provided. Disclosure in this
by engaging with them as and when needed. Details regarding our engagement with vulnerable/ marginalised stakeholder regard is also stated in Human Resource Development section of in the Directors’ Report.
groups can be found in CSR section of the Annual Report. 4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or

Statutory Reports
contributed to by the business? (Yes/No)
PRINCIPLE 5 Businesses should respect and promote human rights
a) Yes, the Company is committed to provide equal employment opportunities without any discrimination on the grounds
of disability, gender, caste, religion, race, state, background, colour, and maintaining a work environment that is free from
Essential Indicators harassment based on the above considerations.

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format: b) Abiding by the provisions of the Minimum Wages Act 1971, the minimum wages paid to the employees and contractors are
revised periodically. The salary paid to employees of all categories fulfils all norms of the Act as prescribed.
c) Being a Government Company and a Central Public Enterprise under Ministry of Railways, its HR policies and practices
FY 2021-22 FY 2020-21 reflect the incorporation of Human Rights, which cover all the employees and relative aspects pertaining to Vendors/
No. of employees No. of employees Suppliers/Contractors through contract conditions.
Category
Total (A) / workers % (B / A) Total (C) / workers % (D / C) d) Further, IRCTC ‘CDA Rules’ also define the desirable and non-desirable acts and conduct for the employees (including
covered (B) covered (D) those deputed in Subsidiaries/ Joint Ventures). There is a laid down procedure for actions in case of non-compliance with

Financial Statements
the defined terms as well as for any inappropriate or unwelcome sexually-oriented behaviour.
Employees The Human Right issues mentioned in paragraph (a) to (d) are overseen by the Head of Human Resource of IRCTC, i.e.
Permanent 1408 1178 83.66 1417 736 51.94 GGM/ HRD under overall supervision of CMD/IRCTC and the Board of Directors, as the case may be.
Other than Permanent - - - - - -
e) The Company has a zero-tolerance policy towards sexual harassment at the workplace, which has been implemented
Total Employees 1408 1178 83.66 1417 736 51.94 across all locations and installations. All reported cases of sexual harassment are inquired into by an Internal Complaints
Workers Committee. Internal Complaints Committees (ICCs) have been constituted under the Sexual Harassment of Women at
Permanent Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints received on sexual harassment. If
proved, disciplinary action is taken in accordance with the Conduct, Discipline and Appeal Rules (CDA Rules) against
Other than Permanent NOT APPLICABLE
the delinquent employee.To promote fair and equitable employment relationship, a scheme for Grievance Redressal of
Total Workers employees is also in place which ensures a time bound redressal of grievances.

2. Details of minimum wages paid to employees and workers, in the following format: f) IRCTC has a dedicated Vigilance department, which looks after the Whistle Blower Mechanism. It has a comprehensive
Whistle Blower Policy in place enabling employees to report malpractices such as misuse or abuse of authority, fraud
or suspected fraud, violation of Company rules, manipulations, and matters affecting the interests of the Company with
FY 2021-22 FY 2020-21 necessary safeguards for the protection of the whistleblower.
Equal to Minimum More than Equal to Minimum More than 5. Describe the internal mechanisms in place to redress grievances related to human rights issues - Yes. As detailed above
Category Total Total
Wage Minimum Wage Wage Minimum Wage
(A) (D) 6. Number of Complaints on the following made by employees and workers:
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)

Employees
Permanent FY 2021-22 FY 2020-21
Male 1294 NIL NIL 1294 100% 1303 NIL NIL 1303 100% Filed Pending Filed Pending
Female 114 NIL NIL 114 100% 114 NIL NIL 114 100% during resolution at the Remarks during resolution at the Remarks
Other than Permanent the year end of year the year end of year
Male 415 8 1.92% 407 98.07% 423 8 1.89% 415 98.10%
Female 148 4 2.71% 144 97.29% 150 4 2.66% 146 97.33% Sexual Harassment One Complaint was
Workers 1 0 resolved during the 0 0 -
Permanent year.
Male Discrimination at workplace
Not applicable
Female Child Labour
Other than Permanent Forced Labour/ Involuntary Labour NIL
Male Wages
Not applicable
Female Other human rights related issues

176 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 177
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
PRINCIPLE 6 Businesses should respect and make efforts to protect and restore the environment
Retaliation is a matter of serious concern, particularly in cases where the alleged harasser is of superior rank. Few of the

Corporate Overview
procedures which are followed to prevent adverse consequences to the complainant in discrimination and harassment cases Essential Indicators
are as follows: 1. Details of total energy consumption (in Joules) and energy intensity, in the following format:

• IRCTC management puts all the efforts to ensure confidentiality during the investigation and protects the complainant.
Parameter FY 2021-22 FY 2020-21
• The official responsible for overseeing harassment within the office, periodically checks up on the complainant to ensure
Total electricity consumption (A)* 35377056068 13945109509
that no adverse action have been taken. If anyone found involved in targeting such complainant, is subject to disciplinary
Total fuel consumption (B) 400760640 151748238.3
action under CDA rules.
Energy consumption through other sources (C) 2214938916 838687847.3
8. Do human rights requirements form part of your business agreements and contracts? (Yes/No) Total energy consumption (A+B+C) 37992755624 14935545594.6
Energy intensity per rupee of turnover
Yes. The Company ensures that its suppliers/contractors comply with the law of the land regarding human rights by getting such 2.02 1.92
(Total energy consumption/turnover in rupees)
clauses incorporated in their respective contracts/agreements. Energy intensity (optional)–the relevant metric may be selected by the entity - -

Statutory Reports
9. Assessments for the year: * It includes the consumption of Corporate Office, IT Centre, Punj House and Rail Neer plants across all India.

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
% of your plants and offices that were assessed (by entity or statutory authorities or third parties)
of the external agency. No
Child labour 2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and
Forced/involuntary labour Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have
All plants and offices are assessed regularly and have been found to be in compliance with
Sexual harassment been achieved. In case targets have not been achieved, provide the remedial action taken, if any: Not Applicable
regulations regarding Child Labour, Forced/involuntary labour, Sexual Harassment, Discrimination
Discrimination at workplace
at workplace and Wages Law during the year 2021-22.
Wages 3. Provide details of the following disclosures related to water, in the following format:
Others – please specify

Parameter FY 2021-22 FY 2020-21

10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the

Financial Statements
assessments at Question 9 above. Not applicable. Water withdrawal by source (in kilolitres)
(i) Surface water 78204 207910.90
(ii) Groundwater 284602.95 790943.33
Leadership indicators (iii) Third party water 15240 59978.31
(iv) Seawater / desalinated water - -
1. Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints-
(v) Others - -
IRCTC is committed to provide a congenial work environment to its employees. In line with above, the Company has launched
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 378046.95 1058832.55
various programmes, platforms where employees can highlight issues or raise concerns faced at the workplace. The details of
Total volume of water consumption (in kilolitres) - -
such programmes are mentioned in the Human Resource Development section of Directors’ Report.
Water intensity per rupee of turnover (Water consumed / turnover) 0.0002 0.0019
2. Details of the scope and coverage of any Human rights due-diligence conducted- As mentioned in reply to Question 1. Water intensity per rupee of turnover (Water consumed / turnover) - -

3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
with Disabilities Act, 2016?- Yes of the external agency. No.

4. Details on assessment of value chain partners: 4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and
implementation. No.

%age of value chain partners (by value of business done with such partners) that were assessed

Child labour
Forced/involuntary labour
Sexual harassment All value chain partners are advised to abide by and adhere to the law of land and such clauses
Discrimination at workplace are incorporated in the Letter of Awards and tender conditions for necessary compliance.
Wages
Others – please specify

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the
assessments at Question 4 above. NA

178 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 179
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter FY 2021-22 FY 2020-21

Corporate Overview
Please Other Non-hazardous waste generated (H). Please specify, if any.
Parameter FY 2021-22 FY 2020-21 - -
specify unit (Break-up by composition i.e. by material relevant to the sector)
Total (A+B + C + D + E + F + G + H) 4370 1656
NOx
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
Sox
(in metric tonnes)
Particulate matter (PM)
Category of waste
Persistent organic pollutants (POP)
(i) Recycled - -
Volatile organic
NIL NIL (ii) Re-used - -
compounds (VOC)
(iii) Other recovery operations - -
Hazardous air
Total - -
pollutants (HAP)
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Others – please
Category of waste
Specify

Statutory Reports
(i) Incineration - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name (ii) Land filling - -
of the external agency. No. iii) Other disposal - -
Total - -
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) &its intensity, in the following format:
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
Parameter Unit FY 2021-22 FY 2020-21 of the external agency. No.
Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent 9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent NIL NIL manage such wastes?

Financial Statements
Total Scope 1 and Scope 2 emissions per rupee of turnover
No hazardous and toxic chemical are generated at Rail Neer Plants. Recyclable plastic waste generated at plant are sent to
Total Scope 1 and Scope 2 emission intensity (optional)
recycler through an agency. Further, IRCTC’s Rail Neer Plants have adopted Biodigester developed by the Defence Research
– the relevant metric may be selected by the entity
and Developed Organisation (DRDO). Solid and Liquid Sewage waste enters the biodigester with inoculums, reduces pathogen
more than 99% and generates clean water. The generated clean water is therafter used for gardening application.
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
of the external agency. No.
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals
/ clearances are required, please specify details in the following format:
7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details: No
8. Provide details related to waste management by the entity, in the following format: S. Location of Type of Whether the conditions of environmental approval / clearance are being complied
No. operations/offices operations with? (Y/N) If no, the reasons thereof and corrective action taken, if any
Parameter FY 2021-22 FY 2020-21
NIL
Total Waste generated (in metric tonnes)
Plastic waste (A) 4370 1656
E-waste (B) - - 11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
Bio-medical waste (C) - - financial year:
Construction and demolition waste (D) - -
Battery waste (E) - - Name and brief EIA Notification Whether conducted by Independent Results communicated in Relevant
Date
Radioactive waste (F) - - details of project No. external agency (Yes / No) public domain (Yes / No) Web link
Other Hazardous waste. Please specify, if any. (G) - - NIL

180 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 181
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water 3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and The details of Water withdrawal, consumption and discharge in the prescribed format for each facility / plant located in

Corporate Overview
rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format: areas of water stress are as follows:
(i) Nature of operations: Packaged Drinking Water
Provide details Any fines / Penalties / action taken Corrective (ii) Name of the area:
S. Specify the law / regulation / guidelines which
of the non- by regulatory agencies such as action
No. were not complied with a) Nangloi
compliance pollution control boards or by courts taken, if any

NIL Parameter FY 2021-22 FY 2020-21

Water withdrawal by source (in kilolitres)

(i) Surface water
Leadership indicators (ii) Groundwater 71349 28528
(iii) Third party water
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in
(iv) Seawater / desalinated water
the following format:

Statutory Reports
(v) Others
Total volume of water withdrawal (in kilolitres) 71349 28528
Parameter FY 2021-22 FY 2020-21
Total volume of water consumption (in kilolitres) 71349 28528
From renewable sources Water intensity per rupee of turnover (Water consumed / turnover) 19 19
Total electricity consumption (A) - - Water intensity (optional) – the relevant metric may be selected by the
Total fuel consumption (B) - - entity
Energy consumption through other sources (C) 615260.81 232968.84
Water discharge by destination and level of treatment (in kilolitres)
Total energy consumed from renewable sources (A+B+C) 615260.81 615260.81
From non-renewable sources (i) Into Surface water
Total electricity consumption (D) - - - No treatment - -
Total fuel consumption (E) 111322.4 42152.29 - With treatment – please specify level of treatment - -
Energy consumption through other sources (F) - - ii) Into Groundwater 38856.02 15536.14
Total energy consumed from non-renewable sources (D+E+F) 111322.4 42152.29

Financial Statements
- No treatment
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name - With treatment – please specify level of treatment - -
of the external agency. No. iii) Into Seawater
- No treatment - -
2. Provide the following details related to water discharged: - With treatment – please specify level of treatment - -
(iv) Sent to third-parties
- No treatment - -
Parameter FY 2021-22 FY 2020-21
- With treatment – please specify level of treatment - -
Water discharge by destination and level of treatment (in kilolitres) (v) Others
(i) To Surface water - No treatment - -
- No treatment NA NA - With treatment – please specify level of treatment - -
- With treatment – please specify level of Treatment NA NA
Total water discharged (in kilolitres) 38856.02 15536.14
(ii) To Groundwater
- No treatment 179400 72816
-With treatment – please specify level of treatment NA NA b) Danapur
(iii) To Seawater
- No treatment NA NA Parameter FY 2021-22 FY 2020-21
-With treatment – please specify level of treatment NA NA
(iv) Sent to third-parties Water withdrawal by source (in kilolitres)
- No treatment NA NA (i) Surface water
-With treatment – please specify level of treatment NA NA (ii) Groundwater 24578 4018
(v) Others
(iii) Third party water
- No treatment NA NA
-With treatment – please specify level of treatment NA NA
Total water discharged (in kilolitres) 179400 72816

Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency. No.

182 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 183
 Parameter FY 2021-22 FY 2020-21 Parameter FY 2021-22 FY 2020-21

Corporate Overview
(iv) Seawater / desalinated water ii) Into Groundwater
(v) Others No treatment 16813.56 5341.80
Total volume of water withdrawal (in kilolitres) 24578 4018 With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 24578 4018 iii) Into Seawater
Water intensity per rupee of turnover (Water consumed / turnover) 19 19 No treatment
Water intensity (optional) – the relevant metric may be selected by the With treatment – please specify level of treatment
entity (iv) Sent to third-parties
Water discharge by destination and level of treatment (in kilolitres) No treatment
(i) Into Surface water With treatment – please specify level of treatment
No treatment (v) Others
With treatment – please specify level of treatment No treatment
ii) Into Groundwater With treatment – please specify level of treatment

Statutory Reports
No treatment 13215.74 2160.58 Total water discharged (in kilolitres) 16813.56 5341.80
With treatment – please specify level of treatment
iii) Into Seawater
No treatment d) Ambernath
With treatment – please specify level of treatment
(iv) Sent to third-parties
No treatment Parameter FY 2021-22 FY 2020-21
With treatment – please specify level of treatment
Water withdrawal by source (in kilolitres)
(v) Others
(i) Surface water 78204 29416
No treatment
(ii) Groundwater
With treatment – please specify level of treatment
(iii) Third party water

Financial Statements
Total water discharged (in kilolitres) 13215.74 2160.58
(iv) Seawater / desalinated water
c) Palur (v) Others
Total volume of water withdrawal (in kilolitres) 78204 29416
Parameter FY 2021-22 FY 2020-21 Total volume of water consumption (in kilolitres) 78204 29416
Water intensity per rupee of turnover (Water consumed / turnover) 22 22
Water withdrawal by source (in kilolitres)
Water intensity (optional) – the relevant metric may be selected by the
(i) Surface water
entity
(ii) Groundwater 50137 15929
Water discharge by destination and level of treatment (in kilolitres)
(iii) Third party water
(i) Into Surface water
(iv) Seawater / desalinated water
No treatment
(v) Others
With treatment – please specify level of treatment
Total volume of water withdrawal (in kilolitres) 50137 15929
ii) Into Groundwater
Total volume of water consumption (in kilolitres) 50137 15929
No treatment 47416.79 17835.64
Water intensity per rupee of turnover (Water consumed / turnover) 13 13
With treatment – please specify level of treatment
Water intensity (optional) – the relevant metric may be selected by the
iii) Into Seawater
entity
No treatment
Water discharge by destination and level of treatment (in kilolitres)
With treatment – please specify level of treatment
(i) Into Surface water
(iv) Sent to third-parties
No treatment
No treatment
With treatment – please specify level of treatment
With treatment – please specify level of treatment
(v) Others
No treatment
With treatment – please specify level of treatment
Total water discharged (in kilolitres) 47416.79 17835.64

184 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 185
e) Bilaspur
Parameter FY 2021-22 FY 2020-21

Corporate Overview
Water discharge by destination and level of treatment (in kilolitres)
Parameter FY 2021-22 FY 2020-21 (i) Into Surface water
No treatment
Water withdrawal by source (in kilolitres)
With treatment – please specify level of treatment
(i) Surface water
ii) Into Groundwater
(ii) Groundwater 21177 17321
No treatment 6370.99 2707.16
(iii) Third party water
With treatment – please specify level of treatment
(iv) Seawater / desalinated water
iii) Into Seawater
(v) Others
No treatment
Total volume of water withdrawal (in kilolitres) 21177 17321
With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 21177 17321
(iv) Sent to third-parties
Water intensity per rupee of turnover (Water consumed / turnover) 40 40
No treatment
Water intensity (optional) – the relevant metric may be selected by the

Statutory Reports
With treatment – please specify level of treatment
entity
(v) Others
Water discharge by destination and level of treatment (in kilolitres)
No treatment
(i) Into Surface water
With treatment – please specify level of treatment
No treatment
Total water discharged (in kilolitres) 6370.99 2707.16
With treatment – please specify level of treatment
ii) Into Groundwater
No treatment 16586.16 15566.09 g) Parassala
With treatment – please specify level of treatment
iii) Into Seawater
No treatment Parameter FY 2021-22 FY 2020-21
With treatment – please specify level of treatment

Financial Statements
Water withdrawal by source (in kilolitres)
(iv) Sent to third-parties
(i) Surface water
No treatment
(ii) Groundwater
With treatment – please specify level of treatment
(iii) Third party water 15240 3872
(v) Others
(iv) Seawater / desalinated water
No treatment
(v) Others
With treatment – please specify level of treatment
Total volume of water withdrawal (in kilolitres)
Total water discharged (in kilolitres) 16586.16 15566.09
Total volume of water consumption (in kilolitres) 15240 3872
Water intensity per rupee of turnover (Water consumed / turnover) 15240 3872
f) Amethi Water intensity (optional) – the relevant metric may be selected by the entity 17 17
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water
Parameter FY 2021-22 FY 2020-21
No treatment
Water withdrawal by source (in kilolitres) With treatment – please specify level of treatment
(i) Surface water ii) Into Groundwater
(ii) Groundwater 20957 8906 No treatment
(iii) Third party water With treatment – please specify level of treatment
(iv) Seawater / desalinated water iii) Into Seawater
(v) Others No treatment
Total volume of water withdrawal (in kilolitres) 20957 8906 With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 20957 8906 (iv) Sent to third-parties
Water intensity per rupee of turnover (Water consumed / turnover) 12 12 No treatment 7578.41 1925.25
Water intensity (optional) – the relevant metric may be selected by the entity With treatment – please specify level of treatment
(v) Others
No treatment
With treatment – please specify level of treatment
Total water discharged (in kilolitres) 7578.41 1925.25

186 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 187
h) Hapur
Parameter FY 2021-22 FY 2020-21

Corporate Overview
Water discharge by destination and level of treatment (in kilolitres)
Parameter FY 2021-22 FY 2020-21 (i) Into Surface water
No treatment
Water withdrawal by source (in kilolitres)
With treatment – please specify level of treatment
(i) Surface water
ii) Into Groundwater
(ii) Groundwater 14900 6051
No treatment 14462.11 6453.86
(iii) Third party water
With treatment – please specify level of treatment
(iv) Seawater / desalinated water
iii) Into Seawater
(v) Others
No treatment
Total volume of water withdrawal (in kilolitres) 14900 6051
With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 14900 6051
(iv) Sent to third-parties
Water intensity per rupee of turnover (Water consumed / turnover) 12 12
No treatment
Water intensity (optional) – the relevant metric may be selected by the entity

Statutory Reports
With treatment – please specify level of treatment
Water discharge by destination and level of treatment (in kilolitres)
(v) Others
(i) Into Surface water
No treatment
No treatment
With treatment – please specify level of treatment
With treatment – please specify level of treatment
Total water discharged (in kilolitres) 14462.11 6453.86
ii) Into Groundwater
No treatment 3863.25 1568.59
With treatment – please specify level of treatment
iii) Into Seawater j) Mandideep
No treatment
With treatment – please specify level of treatment
(iv) Sent to third-parties Parameter FY 2021-22 FY 2020-21

Financial Statements
No treatment Water withdrawal by source (in kilolitres)
With treatment – please specify level of treatment (i) Surface water
(v) Others (ii) Groundwater 16148 7416
No treatment (iii) Third party water
With treatment – please specify level of treatment (iv) Seawater / desalinated water
Total water discharged (in kilolitres) 3863.25 1568.59 (v) Others
Total volume of water withdrawal (in kilolitres) 16148 7416
i) Sanand Total volume of water consumption (in kilolitres) 16148 7416
Water intensity per rupee of turnover (Water consumed / turnover) 12 12
Water intensity (optional) – the relevant metric may be selected by the entity
Parameter FY 2021-22 FY 2020-21 Water discharge by destination and level of treatment (in kilolitres)
Water withdrawal by source (in kilolitres) (i) Into Surface water
(i) Surface water No treatment
With treatment – please specify level of treatment
(ii) Groundwater 22736 10146
ii) Into Groundwater
(iii) Third party water
No treatment 4616.52 2118.47
(iv) Seawater / desalinated water
With treatment – please specify level of treatment
(v) Others
iii) Into Seawater
Total volume of water withdrawal (in kilolitres) 22736 10146
No treatment
Total volume of water consumption (in kilolitres) 22736 10146
With treatment – please specify level of treatment
Water intensity per rupee of turnover (Water consumed / turnover) 24 24 (iv) Sent to third-parties
Water intensity (optional) – the relevant metric may be selected by the No treatment
entity With treatment – please specify level of treatment
(v) Others
No treatment
With treatment – please specify level of treatment
Total water discharged (in kilolitres) 4616.52 2118.47

188 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 189
k) Nagpur
Parameter FY 2021-22 FY 2020-21

Corporate Overview
Water discharge by destination and level of treatment (in kilolitres)
Parameter FY 2021-22 FY 2020-21 (i) Into Surface water
No treatment
Water withdrawal by source (in kilolitres) With treatment – please specify level of treatment
(i) Surface water ii) Into Groundwater
(ii) Groundwater 9094 2592 No treatment 5716 2066
(iii) Third party water With treatment – please specify level of treatment
(iv) Seawater / desalinated water iii) Into Seawater
(v) Others No treatment
Total volume of water withdrawal (in kilolitres) 9094 2592 With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 9094 2592 (iv) Sent to third-parties
Water intensity per rupee of turnover (Water consumed / turnover) 11 11 No treatment
Water intensity (optional) – the relevant metric may be selected by the entity

Statutory Reports
With treatment – please specify level of treatment
Water discharge by destination and level of treatment (in kilolitres) (v) Others
(i) Into Surface water No treatment
No treatment With treatment – please specify level of treatment
With treatment – please specify level of treatment Total water discharged (in kilolitres) 5716 2066
ii) Into Groundwater
No treatment 1890.76 538.99
With treatment – please specify level of treatment
m) Sankrail
iii) Into Seawater
No treatment
With treatment – please specify level of treatment
Parameter FY 2021-22 FY 2020-21
(iv) Sent to third-parties

Financial Statements
No treatment Water withdrawal by source (in kilolitres)
With treatment – please specify level of treatment (i) Surface water
(v) Others (ii) Groundwater 20404 8575.38
No treatment (iii) Third party water
With treatment – please specify level of treatment (iv) Seawater / desalinated water
Total water discharged (in kilolitres) 1890.76 538.99 (v) Others
Total volume of water withdrawal (in kilolitres) 20404 8575.38
Total volume of water consumption (in kilolitres) 20404 8575.38
l) Jagi Road Water intensity per rupee of turnover (Water consumed / turnover) 12 12
Water intensity (optional) – the relevant metric may be selected by the entity
Water discharge by destination and level of treatment (in kilolitres)
Parameter FY 2021-22 FY 2020-21 (i) Into Surface water
Water withdrawal by source (in kilolitres) No treatment
(i) Surface water With treatment – please specify level of treatment
ii) Into Groundwater
(ii) Groundwater 11432 532
No treatment 5871.27 2467.57
(iii) Third party water
With treatment – please specify level of treatment
(iv) Seawater / desalinated water
iii) Into Seawater
(v) Others
No treatment
Total volume of water withdrawal (in kilolitres) 11432 532
With treatment – please specify level of treatment
Total volume of water consumption (in kilolitres) 11432 532
(iv) Sent to third-parties
Water intensity per rupee of turnover (Water consumed / turnover) 9 9
No treatment
Water intensity (optional) – the relevant metric may be selected by the entity
With treatment – please specify level of treatment
(v) Others
No treatment
With treatment – please specify level of treatment
Total water discharged (in kilolitres) 5871.27 2467.57

190 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 191
n) Jabalpur
Parameter FY 2021-22 FY 2020-21

Corporate Overview
(i) Into Surface water
Parameter FY 2021-22 FY 2020-21 No treatment
With treatment – please specify level of treatment
Water withdrawal by source (in kilolitres) ii) Into Groundwater
(i) Surface water No treatment 815.33
(ii) Groundwater 5726 3268 With treatment – please specify level of treatment
(iii) Third party water iii) Into Seawater
(iv) Seawater / desalinated water No treatment
(v) Others With treatment – please specify level of treatment
Total volume of water withdrawal (in kilolitres) 5726 3268 (iv) Sent to third-parties
Total volume of water consumption (in kilolitres) 5726 3268 No treatment
Water intensity per rupee of turnover (Water consumed / turnover) 11 11 With treatment – please specify level of treatment
Water intensity (optional) – the relevant metric may be selected by the entity

Statutory Reports
(v) Others
Water discharge by destination and level of treatment (in kilolitres) No treatment
(i) Into Surface water With treatment – please specify level of treatment
No treatment Total water discharged (in kilolitres) 815.33
With treatment – please specify level of treatment
ii) Into Groundwater 1042.69 595.38 Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
No treatment of the external agency. No independent assessment/ evaluation has been carried out by external agency for the above-mentioned
With treatment – please specify level of treatment Rail Neer Plants during FY 21-22.
iii) Into Seawater
4. Please provide details of total Scope 3 emissions andits intensity, in the following format:
No treatment
With treatment – please specify level of treatment Parameter Unit FY 2021-22 FY 2020-21
(iv) Sent to third-parties

Financial Statements
No treatment Total Scope 3 emissions (Break-up of the GHG into CO2, Metric tonnes of
NIL NIL
With treatment – please specify level of treatment CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent
(v) Others Total Scope 3 emissions per rupee of turnover NIL NIL
No treatment Total Scope 3 emission intensity (optional) – the relevant
NIL NIL
With treatment – please specify level of treatment metric may be selected by the entity
Total water discharged (in kilolitres) 1042.69 595.38 Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name
of the external agency. No.
o) Una
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of
Parameter FY 2021-22 FY 2020-21 significant direct and indirect impact of the entity on biodiversity in such areas along-with prevention and remediation activities.
Water withdrawal by source (in kilolitres)
No projects are situated in ecological sensitive area.
(i) Surface water
(ii) Groundwater 1671 6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource
(iii) Third party water efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same
(iv) Seawater / desalinated water as well as outcome of such initiatives, as per the following format:
(v) Others
Total volume of water withdrawal (in kilolitres) 1671 S. Initiative Outcome of
Details of the initiative (Web-link, if any, may be provided along-with summary)
Total volume of water consumption (in kilolitres) 1671 No. undertaken the initiative
Water intensity per rupee of turnover (Water consumed / turnover) 17
1. Solar We have constructed solar evaporation ponds around our Rail Neer plants, enabling high RO reject
Water intensity (optional) – the relevant metric may be selected by the entity
evaporation Total Dissolved Solid (TDS) reject water released during water treatment processes from water naturally
Water discharge by destination and level of treatment (in kilolitres)
ponds RO units to be naturally discharged for evaporation through the solar evaporation pond. evaporated.

192 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 193
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link
Leadership indicators
IRCTC’s overall business is contributed from Ministry of Railways, Government of India and includes main segments such as

Corporate Overview
1. Details of public policy positions advocated by the entity:
Catering & Hospitality, Travel & Tourism, Package Drinking Water and Internet Ticketing. While aiming excellence in the present
business segments by ensuring highest quality and standards, the Company also plans to venture into new areas / avenues.
The Company’s goal is to establish itself as pioneer in the tourism & hospitality sector, for which, it has already started taking Method Whether Information Frequency of Review by Board
S. Public policy Web Link, if
big steps. The Company plans to set up new budget hotels at attractive locations, more base kitchens for efficient catering resorted for available in public (Annually/Half yearly/ Quarterly
No. advocate available
and expand the business of E-catering. It is also exploring to increase the market share of Railneer by setting up more Railneer such advocacy domain? (Yes/No) / others – please specify)
plants in coming years. Regarding Tourism, in addition to rail tourism, the Company is also focusing on non-rail tourism, air The Company has a strong presence in hospitality sector with majority of its business segments depending on Railways. The
ticketing, niche products like medical tourism etc. The Company is on the track of making itself as a Fintech Company by getting Company represents its views through knowledge sharing systems, responses to surveys, feedback on industry needs, among
into the vertical of being a I-Pay aggregator. others. The Company regularly interacts with Ministry of Railways, Ministry of Tourism, Department of Public Enterprises and has
participated in various policy formulation by providing its inputs.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or
adaptation measures have been taken by the entity in this regard?

Extraction of ground water has resulted into reduction of ground water level. To mitigate this, Rain water harvesting system has PRINCIPLE 8 Businesses should promote inclusive growth and equitable development.

Statutory Reports
been adopted at all Rail Neer Plants. Further, the Company is also engaged in afforestation activity, thereby initiating a cycle for
prospective rainfall and improvement in ground water levels. During the year, more than 1,000 saplings have been planted in Essential Indicators
the vicinity of Rail Neer Plants.
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental financial year.
impacts. NA.
Name and Whether conducted by Results communicated
SIA Notification Date of Relevant Web
Businesses, when engaging ininfluencing public and regulatory policy, should do so in a manner that is brief details of independent external in public domain
PRINCIPLE 7 No. notification link
responsible and transparent. project agency (Yes / No) (Yes / No)

Essential Indicators Since the Company doesn’t have average CSR obligation of H10 crore or more in pursuance of sub-section (5) of section 135 of
the Act, in the three immediately preceding financial years, requirement of impact assessment of its CSR projects, through an
1. a. Number of affiliations with trade and industry chambers/ associations. Please refer to response below

Financial Statements
independent agency, is not applicable. Further, the Company did not have any CSR projects having outlays of rupees one crore
b. List the top 10 trade and industry chambers / associations (determined based on the total members of such body) the or more, and which has been completed in not less than one year. However, all the partner NGO/organisations are required to
entity is a member of/ affiliated to. submit utilisation certificates of the funds received by them for the projects of IRCTC. For Impact assessment, Company has its
internal Implementation Surveillance Group (ISG) in each zone to monitor the implementation of CSR projects in their areas. Also,
S. Reach of trade and industry chambers/ the Company is in process to rope in external agencies for impact assessment of the CSR projects.
Name of the trade and industry chambers/ associations
No. associations (State/National)
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your
1 Standing Conference of Public Enterprise (SCOPE), National
entity, in the following format:
2 Federation of Indian Chambers of Commerce and Industry (FICCI) National
3 Indian Association of Tour Operators National
4 India Habitat Centrer(IHC), National Name of Project No. of Project Amounts paid
S. % of PAFs covered
for which R&R is State District Affected Families to PAFs in the
5 All India Management Association (AIMA), National No. by R&R
ongoing (PAFs) FY (In J)
6 Travel Agents Association of India National
7 Association of Domestic Tour Operators of India National Not applicable
8 Pacific Asia Travel Association National
9 The Federation of Hotel & Restaurant Association of India National
3. Describe the mechanisms to receive and redress grievances of the community.
10 Hotel and Restaurant Association of Northern India National
11 Hotel Association of India National We at IRCTC, believe, that our CSR and Sustainability activities should address social, economic and environmental concerns and
12 Association of Buddhist Tour Operator National that the selection of activities should focus on the social, economic and environmental impact thereof, rather than mere output or
13 International Air Transport Association National outcomes. We strive to carry out our activities in such a manner that the philosophy of CSR and Sustainability becomes ingrained
in our organisation and reflects in our organisational culture and involves all employees engaged in diverse business operations
and activities. The Company takes all steps to integrate social, environmental and ethical concerns into its business processes
2. Provide details of corrective action taken or underway on any issues related to anticompetitive conduct by the entity, and programmes to benefit the local communities in and around our area of operation, enhancing the quality of life and economic
based on adverse orders from regulatory authorities. well-being of the general public with concentrated emphasis on the development of the weaker sections of society.
IRCTC's CSR fund for the year 2021-22 was spent in alignment with the policies outlined by the Governmentof India. Out
Name of authority Brief of the case Corrective action taken of the total CSR Budget of H 9.90 crore, an amount of H 1.33 crore was provided to Swachh Bharat Kosh and H 3 crore was
provided to PM Cares Fund. The remaining amount was provided for the projects based on Education, Skill Development,
None Health, Environment Sustainability, Sanitation, and so on.
The list of projects under the above-mentioned categories are enclosed in the CSR and sustainability Report annexed to
Directors’ Report.

194 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 195
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers: 6. Details of beneficiaries of CSR projects:

Corporate Overview
FY 2021-22 FY 2020-21
No. of persons %age of beneficiaries
Directly sourced from MSMEs/ small producers 5.57% 19.35% S.
CSR project benefitted from from vulnerable and
Sourced directly from within the district and The Company has a pan India presence. All zones as per their requirement, No.
CSR Projects marginalised groups
neighbouring districts procure materials or services from within the district and neighbouring districts
where they are located. 1 Railway Children India for providing nutritional and recreational support to 52 100%
vulnerable children.
2 Proposal of ‘Healthy Aging India’ submitted by Dr.Prasun Chatterjee,AIIMS, 500 100%
for purchase of Food Truck for Kitchen upgradation.
3 Proposal of IRCTC, North Zone: For providing meals and Rail Neer to the 7000 100%
Leadership indicators Covid cell of NRCH for Covid-19 3rd wave.
4 Artificial Limbs Manufacturing Corporation of India through adoption of one 58 100%
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Aspirational District.

Statutory Reports
5 SULABH International for construction of 9 seated Sulabh Toilet complexes at 117 100%
JankiSthan, Sitamarhi.
Details of negative social impact identified Corrective action taken 6 The Wishing Factory for establishing a Chelation Pump, Library-cum- 500 100%
Thalassemia Wellness Centre Singrauli/Damoh/Guna, Madhya Pradesh.
Not applicable
7 Sewa Bharti, Jammu & Kashmir, for financial support for construction of Girls 200 30%
Hostel at Changa Gondoh Bhlessa in Doda District, J&K.
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as 8 DCM/TVS for providing pet Bottle Crusher Units at 5 railway stations over 500 30%
identified by government bodies: TVS division.
9 Bright Future Organisation for Blind, Mumbai, for financial support towards 500 100%
S. scholarship for education support to 15 children of blind people.
State Aspirational District Amount spent (In J)
No. 10 Akshaya Patra Organisation: Purchase of electric vehicle (Auto) for 500 30%

Financial Statements
distribution of mid-day meals in Vrindavan.
1. Bihar Sitamarhi H31,08,716/- 11 Proposal from Narmada Samagra for providing one River Ambulance to the 500 70%
2. MP Guna H18,00,000/- people of the village near Narmada.
12 Proposal from Anmol-Educational and Social Welfare Society for providing 50 100%
3. (a) Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising Donation for purchase of crutches and Wheelchairs for people with
marginalised /vulnerable groups? (Yes/No): Yes disabilities in Kharak, Chhattarpur village in South Delhi.
13 Two proposals from IIT/M regarding contribution to incubators and R&D 500 30%
(b) From which marginalised /vulnerable groups do you procure? projects in the field of Technology
In compliance with Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2018 the Company procures 14 Proposal from ENNOBLE Social Innovation, the YeloGreen School 450 50%
material or services from SC/ST and Women MSE entrepreneurs. Infrastructure project in two Govt. Schools in Leh

(c) What percentage of total procurement (by value) does it constitute?

Company procured 30.75% of total procurement amounting to J62.93 crore from MSEs including SC/ST and Women MSEs. PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner.

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current
financial year), based on traditional knowledge: Essential Indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

Benefit shared Following are the mechanism in place to recieve and respond to consumer complaints and feedbacks:
S. Intellectual property based on traditional Owned/Acquired Basis of calculating
(Yes / No)
No. knowledge (Yes/No) benefit share (i) IRCTC Customer Care Call Centre: About 29,738 calls and around 7,492 mails were handled per day during FY 21-
22.Average Call abandoned rate is 2% per month and mail pendency is practically nil. Strict quality checks, strict SLA
Not applicable enforcement and timely training resulted in improved service quality.

(ii) Complaint Mechanism and Feedback System: IRCTC handles Internet Ticketing grievances received from various
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes channels as given below:
wherein usage of traditional knowledge is involved.
a) CPGRAM complaints related to refund of tickets or any issues faced by customers during booking on IRCTC ticketing
website www.irctc.co.in
Name of authority Brief of the case Corrective action taken
b) MORLY cases received from Ministry of Railways on CPGRAM Portal.
None

196 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 197
 c) Complaints received on social media, Twitter, Rail Madad (earlier known as COMs), INGRAM of Ministry of Consumer Last year, the Company had also refreshed the ICT Infrastructure for its Travel & Tourism and Catering services and has deployed
Affairs. a number of cyber security solutions viz. Web Application Firewalls, Privileged Identity Management, Secure Email Gateway and

Corporate Overview
Malware Sandboxing solutions with the objective of enhancing its cyber security posture.
d) As per Directorate of Public Grievances (DPG) guidelines, complaints received from DPG/PMO have to be closed within
30 days of receipt while the complaints received from MORLY has to be closed within 45 days of receipt. Showing its commitment toward cyber security, the PCI QSA Services have been hired by the company in Feb 2022 for achieving
PCI DSS Security Certification for its Travel & Tourism business. PCI DSS Certification compliance is expected in year FY23.
e) E-CISM complaints are pertaining to catering.
Information Security Policies including Privacy Policy of IRCTC on cyber security are uploaded on IRCTC Corporate Portal (under
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about: Employee Login). The web link is not available publicly.

6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential
As a percentage to total turnover services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action
taken by regulatory authorities on safety of products / services
Environmental and social parameters relevant to the product NA
Safe and responsible usage NA Delivery of essential service:
Recycling and/or safe disposal NA

Statutory Reports
• IRCTC, Internet Ticketing Anti-Fraud (ITAF) team has taken an initiative to impose IP level blocks of suspected logins on the
3. Number of consumer complaints in respect of the following:
basis of daily booking details of the peak Tatkal. This has caused improved accessibility to Internet ticketing for the general
passengers. Total 09 VPS/Cloud Service Provider Company's IP were blocked for normal user and whitelisted for IRCTC
FY 2021-22 FY 2020-21 authorised vendors till March,2022.
Received Pending Received Pending
Remarks Remarks • IRCTC has conducted ‘Anti-Touting & Cyber Threat Intelligence Analysis’ through a technology driven firm for pro-active
during resolution during resolution at end
the year at end of year the year of year mitigation of touting activities through deep and intelligent data analysis. The outcome of the analysis is that it had enabled
to curtail the effectiveness of touting activity through usage of illegal Tatkal software thereby facilitating seamless delivery
Data privacy NIL of service to the general public.
Advertising NIL
Cyber-security NIL Cyber security and dataprivacy of customers:
Delivery of essential services
IRCTC has taken corrective action, as and when required, for mitigation of application level and system level vulnerabilities

Financial Statements
Restrictive Trade Practices
reported in IRCTC applications and systems in order to safeguard IRCTC systems and customer data at its end. Around 32 such
Unfair Trade Practices
vulnerabilities were successfully mitigated by IRCTC during FY22.
Other (CPGRAMS/ MORLY / Social Media,
Twitter, Rail Madad (earlier known as 1,05,469 76 43630 NIL The Company relies on state-of-the-art technologies to ensure that the confidentiality, integrity and availability of all its online
COMs), and INGRAM/DPG services and its data are adequately secured from prevailing cyber security threats. The Company safeguards its data with
Customer Care Call Centre 1,34,03,080 NIL 92,25,985 NIL advanced security systems and successfully defends the system against malicious virus or other cyber threats. Regular
information security audits are being conducted through C-DAC.
4. Details of instances of product recalls on account of safety issues:
There has been no re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety
of products / services.
Number Reasons for recall

Voluntary recalls
NIL Leadership indicators
Forced recalls
1. Channels / platforms where information on products and services of the entity can be accessed (provide web link, if available).
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide
a web-link of the policy. Internet Ticketing
https://www.irctc.co.in/nget/train-search
The Company relies on state-of-the-art technologies to ensure that the confidentiality, integrity, and availability of all its online http://contents.irctc.co.in/en/Rules.pdf
services and its data are adequately secured from the prevailing cyber security threats. The Company safeguards its data with http://contents.irctc.co.in/en/IRCTC_andriod_App.html
advanced security systems and successfully defends the system against malicious virus or other cyber threats. https://apps.apple.com/in/app/irctc-rail-connect/id1386197253
https://contents.irctc.co.in/en/Terms%20and%20conditions.pdf
IRCTC E-Ticketing System is a well-protected system, equipped with industry-standard state-of-the-art security technologies http://contents.irctc.co.in/en/About_IRCTC_eWallet.pdf
for protection from cyber threats and data theft. This includes Network Firewalls, Network Intrusion Prevention System and http://contents.irctc.co.in/en/AboutSBICobrandCard.pdf
Web Application Firewalls. The website runs on an Extended Validation (EV) SSL/TLS Certificate that provides end-to-end data http://contents.irctc.co.in/en/AboutIRCTCLoyaltyProgram.pdf
encryption between the website and its users. Sensitive data like user passwords are stored in encrypted form in the database. http://contents.irctc.co.in/en/InsuranceTermCondition.pdf
http://contents.irctc.co.in/en/Senior_Citizen_Concession.pdf
All online payment integration, including net banking and Credit/Debit Card are implemented on the URL-redirection model
http://contents.irctc.co.in/en/Alert_Fraudulent_Emails.pdf
wherein all users are redirected to concerned banks/payment gateway websites for the on-line payment process, fully
eliminating any chance of Credit/Debit card data leakage at the IRCTC end. E-Catering
https://www.ecatering.irctc.co.in/

198 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 199
 Tourism Annexure – “E” to the Directors’ Report
https://www.irctctourism.com/
Form No. MR-3

Corporate Overview
Maharajas Express


https://www.the-maharajas.com/
Buddhist Special Tourist Train
SECRETARIAL AUDIT REPORT
https://www.irctcbuddhisttrain.com/index For The Financial Year Ended March 31, 2022

Golden Chariot [Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
https://www.goldenchariot.org/ (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
Bus Ticket Booking The Members,
https://www.bus.irctc.co.in/home Indian Railway Catering and Tourism Corporation Limited
11th Floor, B-148, Statesman House
2. Steps taken to inform and educate consumers about safe and responsible usage of products and/or services.
Barakhamba Road New Delhi-110001, IN

Statutory Reports
Various features related to internet ticketing service, terms and conditions for booking online tickets, refund rules, and other
We have conducted the secretarial audit of the compliance (v) The following Regulations and Guidelines prescribed under the
important information pertaining to the services are made available on IRCTC website www.irctc.co.in and on the links mentioned
of applicable statutory provisions and the adherence to good Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):
above in point no.1, to educate and for the awareness of the consumer.
corporate practices by Indian Railway Catering and Tourism
Corporation Limited (hereinafter called “the Company”). (a) The Securities and Exchange Board of India (Substantial
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential services.
Secretarial Audit was conducted in a manner that provided Acquisition of Shares and Takeovers) Regulations, 2011;
Information to the consumers is disseminated in the form of alerts on Website/Mobile App, through mail communication on the me a reasonable basis for evaluating the corporate conducts/
(b) The Securities and Exchange Board of India (Prohibition
registered mail ids and by sending SMS on the registered mobile no. of the user, push notifications,and so on. statutory compliances and expressing our opinion thereon.
of Insider Trading) Regulations, 2015;
4. Does the entity display product information on the product over and above what is mandated as per local laws? (Yes/No/ Based on our verification of the Company’s books, papers, minute
(c) The Securities and Exchange Board of India (Issue of
Not Applicable) If yes, provide details in brief. Did your entity carry out any survey with regard to consumer satisfaction books, forms and returns filed and other records maintained by
Capital and Disclosure Requirements) Regulations, 2018;
relating to the major products / services of the entity, significant locations of operation of the entity or the entity as a the Company, to the extent the information provided by the

Financial Statements
whole? (Yes/No) Company, its officers, agents and authorized representatives (d) The Securities and Exchange Board of India (Share
during the conduct of secretarial audit, the explanations and Based Employee Benefits) Regulations, 2014 [Not
Since service provided to the customer by IRCTC is issuance of online reserved rail tickets of Indian Railways, train ticket clarifications given to us and the representations made by applicable to the company during the Audit Period];
issued to the passenger contains the details of passengers travelling, Train No., Class, Names of the passengers, Boarding the Management and considering the relaxations granted by
and Destination Stations, Ticket Fare along with important information pertaining to cancellation/refunds , and so on, as per the the Ministry of Corporate Affairs and Securities and Exchange (e) The Securities and Exchange Board of India (Issue and
Railway guidelines. Board of India warranted due to the spread of the COVID-19 Listing of Debt Securities) Regulations, 2008 [Not
pandemic, we hereby report that in our opinion, the Company applicable to the company during the Audit Period];
The Company displays product information on the label of Rail Neer Packaged Drinking water in accordance with the standards
has during the audit period covering the financial year ended
and guidelines laid down by Bureau of Indian Standards (BIS), Food Safety and Standards Authority of India (FSSAI) and Legal (f) The Securities and Exchange Board of India (Registrars
on March 31, 2022, generally complied with the statutory
Metrology Department. to an Issue and Share Transfer Agents) Regulations, 1993,
provisions listed hereunder and also that the Company has
proper Board processes and compliance mechanism in place regarding the Companies Act and dealing with client [Not
5. Provide the following information relating to data breaches:
to the extent, in the manner and subject to the reporting made applicable to the company during the Audit Period];
a. Number of instances of data breaches along-with impact - NIL hereinafter:
(g) The Securities and Exchange Board of India (Delisting
b. Percentage of data breaches involving personally identifiable information of customer - NIL of Equity Shares) Regulations, 2009 [Not applicable to
I have examined the books, papers, minute books, forms and
returns filed and other records maintained by the Company for the company during the Audit Period];
the financial year ended on March 31, 2022 according to the
(h) The Securities and Exchange Board of India (Buyback
applicable provisions of:
of Securities) Regulations, 1998 [Not applicable to the
(i) The Companies Act, 2013 (the Act) and the rules made company during the Audit Period]; and
thereunder;
(i) The Securities and Exchange Board of India (Listing
(ii) The Securities Contract (Regulation) Act, 1956 (‘SCRA’) and Obligations and Disclosure Requirements)
For on behalf of the Board of Directors Regulations, 2015.
the rules made thereunder;

(Rajni Hasija) (iii) The Depositories Act, 1996 and the Regulations and Bye- (vi) Other laws applicable specifically to the Company namely:
Date : 21.06.2022 Chairperson & Managing Director laws framed thereunder;
a) The DPE Guidelines;
Place : New Delhi DIN: 08083674
(iv) Foreign Exchange Management Act, 1999 and the rules b) The Competition Act, 2002;
and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External c) The Delhi Shops and Establishments Act, 1954;
Commercial Borrowings;

200 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 201
 d) The Right to Information Act, 2005; l) Food safety and Standards Act 2016
e) E-Waste (Management & Handling) Rules, 2011; m) The Legal Metrology Act 2009 S.

Corporate Overview
Observation (s) Management Reply (ies)
No.
f) The Environment (Protection) Act, 1986 read with The We have also examined compliance with the applicable
Environment (protection) Rules, 1986; and clauses of the following: As on 31st March, 2022, all the Committees of the Board
g) Labour and Social Security Laws as possible. Level i.e Audit Committee, Nomination & Remuneration
(i) Secretarial Standards issued by The Institute of
Committee, Stakeholders Relationship Committee
h) Air (prevention & control of pollution) Act 1981read with Company Secretaries of India with respect to
& Risk Management Committee, are in compliance
water prevention and control of pollution) Rules 1975 conducting board and general meetings.
as prescribed under SEBI (LODR) Regulations, 2015,
i) Water prevention and control of pollution) Act 1974 (ii) The Listing Agreement entered into by the Company Companies Act and DPE Guidelines.
j) Employees provident funds and miscellaneous with National Stock Exchange of India Limited and BSE 3 The Company has not prepared the consolidated The Company is not able to prepare the consolidated
Provisions Act, 1952 Limited read with the SEBI (Listing Obligations and financial Statement as required under the SEBI (LODR) financial Statement of its Joint Venture (JV), Royale India
Disclosure Requirements) Regulations, 2015. Regulations, 2015 Rail Tours Limited (RIRTL) since Fiscal 2011 on account
k) Factories Act, 1945
of ongoing litigation with Cox & Kings Limited (the JV
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, partner with 50% share), and unavailability of financial

Statutory Reports
standards etc. mentioned above subject to the following observation: statements of the RIRTL and also the matter being sub-
judice before National Company Law Tribunal (NCLT).
S.
Observation (s) Management Reply (ies)
No.

1 The composition of Board didn’t comprise of sufficient Indian Railway Catering and Tourism Corporation We further report that: maintenance of financial records and books of accounts
number of independent directors including one Woman Limited (IRCTC) is a “Government Company” [as defined has not been reviewed in this Audit since the same have
The Board of Directors of the Company was not duly been subject to review by statutory financial audit by other
Independent Director during the period under review. under section 2(45) of Companies Act, 2013], under constituted with proper balance of Executive Directors,
the administrative control of Ministry of Railways, Govt. designated professional.
Non-Executive Directors and Independent Directors for the
of India. Also, President of India through Ministry of financial year 2021-22.The Changes in the composition of We further report that during the period under review,
Railways, Govt. of India holds 67.40% of share capital the Board of Directors that took place during the period the National Stock Exchange of India Limited (NSE) and
of the Company. Accordingly, the power to appoint

Financial Statements
under review were carried out in compliance with the BSE Limited (BSE) have levied monetary fines for non-
directors on its Board vests with President of India, in provisions of the Act. compliance with respect to the provisions of Regulation
accordance with the Article No. 58 (e) of Articles of 17, 18, 19, 20 & 21 of the SEBI (LODR), Regulations, 2015.
Association of the Company. Adequate notice was given to all directors to schedule the Considering the Exchange’s Policy for exemption of fines
Board Meetings, agenda and detailed notes on agenda levied as per clause 3 (a) of SEBI SOP Circular, Company
The Company has been taking up the issue of
were sent at least seven days in advance for meetings has requested for waiver of penalties as the power to
appointment of requisite number of independent
other than those held at shorter notice, and a system appoint Directors on the Board of Company is vested with
directors including one Woman Independent Director
exists for seeking and obtaining further information and the President of India in accordance with its Articles of
on its Board with the Ministry of Railways, Government
clarifications on the agenda items before the meeting and Association of the Company.
of India, on regular basis, to enable compliance with
for meaningful participation at the meeting.
the applicable statutory provisions of the SEBI LODR
Regulations, Companies Act and DPE Guidelines. Majority decision is carried through while the dissenting For Amit Agarwal & Associates
2 The composition of the Board Level Committees i.e. Audit During the year under review, the composition of members’ views are captured and recorded as part of (Company Secretaries)
Committee, Nomination & Remuneration Committee, the Board Level Committees i.e. Audit Committee, the minutes.
Stakeholders Relationship Committee and Risk Nomination & Remuneration Committee, Stakeholders
Management Committee, were not in compliance during Relationship Committee and Risk Management We further report that there are adequate systems and CS Amit Agrawal
the period under review. Committee, were not in compliance with Regulations processes in the Company commensurate with the size Proprietor
prescribed under SEBI (LODR) Regulations, 2015 till the and operations of the Company to monitor and ensure Date : 21.06.2022 CP No. 3647, MNo.5311
appointment of independent directors on the Board of compliance with applicable laws, rules, regulations Place: New Delhi UDIN: F005311D000513885
the Company. and guidelines.
This report is to be read with my letter of even date which is
With the appointment of two (02) independent directors, We further report that the compliance by the Company of annexed as an “Annexure-A” and forms an integral part of
Mr. Vinay Kumar Sharma and Mr. Namgyal Wangchuk on applicable financial laws like direct and indirect tax laws and this report.
the Board of the Company w.e.f. 09th November, 2021
and 12th November, 2021 respectively, the Committees
of the Board Level Committees i.e. Audit Committee,
Nomination and Remuneration Committee, Stakeholders
Relationship Committee and Risk Management
Committee, were immediately reconstituted in
accordance with the requirements prescribed under
SEBI (LODR) Regulations, 2015.

202 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 203
 Annexure – “A” to the Secretarial Audit Report Annexure – “F” to the Directors’ Report

Addendum to Directors’ Report

Corporate Overview
To,
(Management replies to the remarks made by Independent Auditor on the financial statements for 2021-22)
The Members,
Indian Railway Catering and Tourism Corporation Limited
11th Floor, B-148, Statesman House
Barakhamba Road New Delhi-110001, IN
Point in the
Auditor’s Remarks Management Reply
My Secretarial Audit Report of even date is to be read along with this letter: Auditor’s Report

1. Maintenance of Secretarial record is the responsibility of the management of the Company. Myresponsibility is to express an Point 1 of We draw attention to Note No.79 regarding As per the CC-60, due to COVID pandemic sales
opinion on these secretarial records based on our audit. Emphasis of non-recognition of revenue in the financial assessment could not be done as either the trains were
Matter years 2020-21 and 2021-22 from the increase not running or were running at very less capacity. Hence
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness to be made in license fee due to tariff revision income on account of above circular was not booked in

Statutory Reports
of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in made by the Railway Board in FY 2019-20 as FY 2020-21 and 2021-22.
Secretarial records. I believe that the process and practices, I have followed, provide a reasonable basis for my opinion. the exercise regarding sale-assessment, which The sales assessment is under process and the income will
will determine the % of increase in license fee, is be booked upon the completion of the same.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company. still under progress as on date. As the revenue
to be recognised can’t be measured reliably at
4. Where ever required, I have obtained the management representations about the compliance of laws, rules and regulations and
this stage, the same has been postponed.
happening of events etc.
Point 2 of We draw attention to Note No. 77 regarding The Company has applied for advance ruling for following
5. The Compliance of provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of the Emphasis of certain applications made by the Company issues for which decision of AAR is still awaited:
management. My examination was limited to the verification of procedure on test basis. Matter in previous years for advance ruling relating
Reimbursement of Service Charges: The Government of India
to applicability of Goods and Services Tax in
6. The Secretarial Audit report is neither an assurance as to the future viability nor of the efficacy of the effectiveness with which through Ministry of Railways, in the public interest had waived
respect of certain income / receipts amounting
the management has conducted the affairs of the Company. off the service charges from the passengers for booking of

Financial Statements
to H33,595 Lakhs received mainly from the
online train tickets through IRCTC's website. The Government
Ministry of Railways, Government of India for
For Amit Agrawal & Associates of India has reimbursed consolidated amount of H 8000 lakh,
which the decision of the Authority for Advance
(Company Secretaries) 8800 lakh and 3227 lakh for the 2017-18 , 2018-19 and 2019-
Ruling is awaited.
20(up to July-19) respectively. Section 15 (2) of CGST Act 2017,
excludes the amount of reimbursement of expenses received
CS Amit Agrawal from the Central Government and State Governments from
Date: 21.06.2022 Proprietor the value of taxable supply, hence the amount received from
Place: New Delhi CP No. 3647, MNo.5311 the Indian Railways being the Central Government towards
UDIN: F005311D000513885 the reimbursement of expenses incurred for the providing of
same should not be charged to GST. Therefore no GST was
paid by IRCTC for above reimbursement.
Reimbursement of Travel Insurance: The Government of
India has decided to provide travel insurance on free of
Cost to the passengers who have booked the train ticket
through online to promote digitalization. Accordingly,
IRCTC provided the Insurance free of Cost for which
Ministry of Railway had been reimbursed the travel
insurance of H 47 Cr on which no GST was paid by the
Company being reimbursement of expenses received
from the Central Government.
MDR Received from Acquirer Banks. IRCTC has received
H 300 lakh in FY 2019-20 from Acquirer Banks towards its
share of MDR charges being rate or fee charged on the
merchant service provider. The Company has treated this
payment as subsidy and no GST was paid on the aforesaid
amount, as subsidy received from Central Government and
State Governments shall be excluded from the value of
supply and same shall not form part of consideration for the
purpose of levying GST.

204 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 205
 Point in the

Corporate Overview
Point in the Auditor’s Remarks Management Reply
Auditor’s Remarks Management Reply Auditor’s Report
Auditor’s Report

IRCTC has received pro-rata Licensee fees from Indian Point 5 of Note No. 85 regarding large number of legacy Most of the outstanding in respect of trade receivables/
Railways for taken over of catering of SBD trains in the terms Emphasis of debit & credit balances, including those trade payables are related to different Zonal Railways
of Catering Policy, 2017 of H 1385 lakh, H 7058 lakh., H 125 Matter pertaining to the period of transfer of catering and Government entities. Further, the Railway do the
lakh for the years 2017-18, 2018-19 & 2019-20 respectively operations from / to the Railways and differences accounting on Cash basis and hence Balances in regard
and no GST was paid on the aforesaid amounts in view between certain subsidiary and control ledger to receivable/payable can’t be confirmed by Railway on a
of the fact that the GST is not applicable on the aforesaid balances in respect of trade receivables, sundry particular date. However, regular reconciliation meetings
amount as it was received from Licensee by the Indian creditors, deposits received etc. are pending for are being held with concerned Zonal Railways to reconcile
Railways prior to Introduction of GST and service tax was confirmation / reconciliation and adjustment as & recover the dues from railways. However, for FY 2020-
not applicable on the grant of licence for payable to Indian on March 31, 2022. 21, the balance confirmation letters has also been sent to
Railways as per Finance Act at the time of its receipt. The Railways/Government Bodies but the response from the
Further, we have relied upon the classification /
parties is not satisfactory.

Statutory Reports
proportionate amount paid by Indian Railways to IRCTC is identification of liabilities into trade payable and
towards the remaining part of the tender period which was other liabilities and ageing of trade payables & The said identification /classification of liabilities into trade
awarded prior to the implementation of GST. The assigning of receivables furnished by the Company in the payable/trade receivable and other liabilities along with
licence by Indian Railways to its wholly owned subsidiary i.e. financial statements. In our opinion, the system their ageing has been done for the first time for FY 2021-
IRCTC does not change the nomenclature of the transaction of identification of trade payables and ageing of 22 on manual basis. However, the efforts are being made
as the licence has been awarded prior to the implementation payables and receivables needs improvement to implement the same in ERP itself to get the system
of GST. The incidence of tax is the event when the service is to ensure that these are reflected correctly in generated data.
provided/supplied to the service recipient. Thus, the Service the Standalone Financial Statements.
being “grant of licence” was provided by Indian Railways at Point 6 of Note No. 84 regarding change in accounting Company is in receipt of integration charges from booking
the time when the licence was awarded. Emphasis of policy for accounting income from integration agents (Non Refundable one time fees) for providing
The Company has requested Authority for Advance Ruling Matter charges (Non- Refundable one-time) received connectivity with the IRCTC Portal for railway ticket booking
from booking agents for providing connectivity along with the annual maintenance charges which may

Financial Statements
for early hearing in this regard.
Point 3 of Note No. 37.2 (iii) regarding order of The case is pending with the Hon’ble Supreme Court of with the Company’s Portal for railway ticket vary based on volume of ticket bookings etc.
Emphasis of commissioner of VAT dated 23rd March 2006 India and it has already been disclosed in note no.37.2(iii) online booking which was hitherto recognized
The management has taken into the life of 20 years instead
Matter for levying VAT on on-board catering services of the financial statements of the Company for F.Y.2021-22. as revenue over the initial contract period of
of 03 year as earlier taken till FY 2020-21 for deferring the
in trains treating the same as sales. The plea one to three years whereas now it is being
revenue in line with the accounting as per Ind AS and the
of the company was not accepted by the recognized over the expected contract period
impact of the same has also been taken in the financial of
Appellate Tribunal as well as by the Hon’ble (estimated 20 years) to comply with the
FY 2021-22 as per accounting standard. The detail impact
Delhi High Court and SLP is now pending at the requirements of Indian Accounting Standard 115
on the financial of company has also been given under
Hon’ble Supreme Court of India. The company on “Revenue from Contracts with Customers”.
Note: - 84 on Integration charges in Financial statement of
has made provision for VAT liability of H8,251.01 This change has resulted into reduction of
FY 2021-22.
Lakhs (net of corresponding VAT Input and profit by H342.27Lakhs (net of deferred tax of
service tax paid) in the previous years since the H115.13Lakhs) for the year ended March 31, 2022
Company contends that only one of these taxes {previous year profit reduced by H56.04Lakhs
can be made applicable. VAT Input amounting (net of deferred tax of H18.85Lakhs)} and other
to H1,119 Lakhs has been stated as balance with equity comprising of retained earnings as at
Govt. authorities under Other Current Assets. March 31, 2020 also reduced by H1,325.70Lakhs
Point 4 of Note No. 38 regarding transaction by transaction (i) Company is under process for finding a suitable (net of deferred tax of H445.91Lakhs).
Emphasis of reconciliation not being done for many bank vendor for end to end reconciliation of ticket booking
Matter accounts being handled at Internet Ticketing & Cancellation transactions and finalization of tender in
Segment of the Company on account of: (i) this regard.
voluminous ticket bookings and cancellations
(ii) There are 13 Banks as on date, which are not providing
and (ii) non-availability of transaction-wise daily
transaction wise detail of debit & credit entries. These
debits and credits report from banks required
banks are being continuously reminded for providing
for automated reconciliation system.
transaction wise detail for debit/credit entries, so the
end to end reconciliation may be done.

206 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 207
 Point in the Point in the

Corporate Overview
Auditor’s Remarks Management Reply Auditor’s Remarks Management Reply
Auditor’s Report Auditor’s Report
Point 7 of Note Nos. 54(b) & 83(ii) regarding 15% share of In reference to railway demand of 15% of profit from Rail Point 9 of Note No. 37.2(iv) regarding arbitration award The matter has been referred to the Railways and the main
Emphasis of Railneer Segment profit for the period 2007- Neer plants run departmentally and 40% revenue share Emphasis of pronounced in April 2022 amounting to H7,400 liability in this case shall be on Railways.
Matter 08 to 2020-21 amounting to H2,713.32 Lakhs for the Rail Neer plants run through license, no comment Matter Lakhs plus simple interest @ 6% per annum
paid to Railways during this financial year as has been made by Railways on proposal of IRCTC for Further the said matter will be challenged before Hon’ble
from January 2018 onwards, given in favour of
the Railway Board has not accepted contention 15% of profit for all Rail Neer Plants as these are running High Court at Delhi, by way of objections u/s 34 of
certain licensees which represents principal
of the Company i.e. Railneer is part of catering departmentally. Further, profit sharing of H 27.13 crore for Arbitration and Conciliation Act.
amount towards claims for supply of welcome
segment and the catering segment is in loss, the financial year 2007-08 to 2020-21 has been accepted drinks not paid to licensees and recovery
and the same is shown as an Exceptional Item by Railways subject to reconciliation of any pending dues of differential costs for the supply of regular
in Statement of Profit and loss. Further, Railway between IR & IRCTC. meals to the passengers on the instructions
board is demanding 40% share of PPP plants of Railways whereas the price of combo
revenue whereas the Company has contended meal, which is lower than the price of regular

Statutory Reports
that PPP plants are not run on license basis and meal, was reimbursed to these licensees. The
accordingly paid 15% share of profits of these Company contends that the matter has been
plants which is included in above payment. No referred to the Railways for their instructions
provision for Railway’s share in current year on this matter as the main liability in this matter
profits is considered necessary by the Company would be of Railways and the Company has
in view of treatment of above payment of the right to recovery from Railways in case
H2,713.32Lakhs as an expense for the current ultimately it is made liable to pay.
year. These matters are subject to confirmation Point 10 of Note No. 39 regarding balance confirmation The confirmation letter for debtors as well as creditors is
/ reconciliation by / with the Railways. Emphasis of letters sent to Railways, other parties and banks. sent to all the parties (Railway as well as Non Railways).
Point 8 of Note No.37.2(v) regarding notice dated MRP is fixed by Railways and IRCTC has no control over Matter No response was received from Railways and
Emphasis of 25.02.2022 issued by the National Anti- MRP of Rail Neer Packaged Drinking Water. Accordingly Railway is following cash system of accounting while
at present, there is no system / mechanism to
IRCTC follows accrual system of accounting and there

Financial Statements
Matter Profiteering Authority (GST) alleging profiteering reply to the notice alleging profiteering by IRCTC due to ensure periodical reconciliation of outstanding
amounting to H5,041.44Lakhs for the period July implementation of GST has been submitted to the Anti is enormous ongoing transaction between IRCTC and
with Railways which also includes substantial
1, 2017 to May 31, 2020 against the Company profiteering authority on 06-06-2022. The matter is being Railways. Regular meetings are being held with Zonal
inoperative debit and credit balances as on
under Section 171 of the CGST Act, 2017 for not challenged in court of law. Railways for reconciliation of Payable/Receivable.
March 31, 2022. Further, response to balance
passing on the benefit of reduction in rate of confirmations sought from other parties and Regarding response from Third party Balance
tax to the consumers by way of commensurate banks was poor. Identification of MSME parties confirmation, parties will be strictly instructed for sending
reduction in the MRP of Railneer brand of to ensure proper disclosure of their dues as at the Confirmation.
drinking water manufactured and sold by the the year-end needs to be properly documented
Further, For identification/monitoring of MSME parties, the
Company even though there was reduction & recorded.
necessary fields have been incorporated in Bill Tracking
in the tax rate on the introduction of GST
System (BTS) developed by IT team. The procedure/
w.e.f. July 1, 2017. The Company contends that
system for identification of MSME parties in ERP also under
Railneer drinking water falls under controlled
consideration.
price segment as the MRP is fixed by Ministry
Point 2 (a) of We have sought and obtained all the information Most of the outstanding in respect of trade receivables/
of Railways, Government of India and the MRP
Report on other and explanations which to the best of our trade payables are related to different Zonal Railways and
fixed in the year 2012 is still continuing despite
Legal & Regulatory knowledge and belief were necessary for the Government Entities. Further, the Railway do the accounting
substantial increase in prices of raw-materials,
Requirements purposes of our audit except for non-receipt of on Cash basis and hence Balances in regard to receivable/
power, HR cost, freight etc. Even though the
balance confirmation letters for amounts due payable can’t be confirmed by Railway on a particular date.
Company is yet to give response to the above
from / to the Railways, other debtors, creditors However, for FY 2021-22, the balance confirmation letters
notice, legal opinion obtained by the Company
and balances / deposits held with the banks. has also been sent to Railways/Government Bodies and
justifies the contention of the Company.
other debtors, creditors as per requirement. Henceforth, In
regard of third party Balance confirmation, parties will also
be strictly instructed for sending the Confirmation.
Point 1(a) of The Company has maintained proper records The practice of identification number of assets is already
Annexure-1 to showing full particulars, including quantitative there in IRCTC and all major assets have the identification
audit report details and situation of fixed assets (property, number. However, it is found missing on few newly
plant & equipment) except for number-wise purchased assets/small assets. The necessary instructions
identification of these assets. in this regard to follow the same continuously, is being
issued to all zonal offices of IRCTC.

208 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 209
 Point in the Point in the

Corporate Overview
Auditor’s Remarks Management Reply Auditor’s Remarks Management Reply
Auditor’s Report Auditor’s Report

Point i(c) of According to the information and explanations In reference to Audit Observation for properties at Point 5(iii) of Manual controls are followed instead of This will include change in process from where the originating
Annexure-1 to given to us and on the basis of our examination Khjuraho, Kevadia and WR Flats Mumbai, it is submitted Annexure-2 to system-based automated controls, checks and data is being discussed & an automated solution will be
audit report of the records of the Company, the title deeds that all above properties are allotment to IRCTC from the audit report balances as the transactions executed through designed & developed along with integration with 3rd party
of immovable properties (other than immovable concerned authorities. 3rd party applications / portals are posted application such as air portal, ticketing & tourism etc.
properties where the Company is a lessee and manually in ERP by compiling data through
As per requirement the process of registration will be Approval accorded to float tender at GEM for hiring
lease agreements are duly executed in favour Excel as the existing ERP application is not
expedited so that properties may be registered in the of professional firm to manage such crucial work with
of the lessee) disclosed in the Standalone integrated with certain functions / segments of
name of IRCTC. immensely voluminous data.
Financial Statements are held in the name of the Company.
the company except for the following properties The internal IT team has already initiated the process for
in respect of which original sale / lease deeds implementation of system based controls as suggested by
were not produced to us or title documents are the Auditors.

Statutory Reports
yet to be executed and accordingly, we are Point 5(iv) of Policies & procedures for identification of Most of the entries are related to railways due to Change
unable to give our comments on whether these Annexure-2 to inoperative debit & credit balances including in catering policy. The reconciliation and identification
are held in the name of the Company.(Refer audit report legacy entries that needs to be written-off & of legacy items along with in operative debit and credit
Note :- 74) written-back respectively are not in existence balances is in progress.
Point xiv (a) of The Company has an internal audit system Internal audit assignment has been awarded to CA firm which needs to be framed / laid down &
Annexure-1 to commensurate with the size and nature of by calling a limited tender from the CAG empanelled list implemented.
audit report its business except for internal audit of Zonal on Pan India basis and audit is being done in accordance Point 1 of As per the information and explanations given Fixed Asset module is in process of implementation.
and Regional offices and Railneer Plants with the detailed scope of work in line with the company Annexure-3 to to us, the Company has a system in place to
End to end use of ARCS module to be reviewed as per
which, in our opinion, needs improvements operations. Further, Auditor recommendation on the audit report process a major portion of its accounting
IRCTC’s business process.
in terms of coverage of business conducted coverage of Internal audit for zones and regional offices transactions through IT. However, the existing
by the Company and also transaction audit will be taken into consideration by management during the ERP application of Oracle system is not an end Aiming to integrate the data, SCM app developed for
including material year- end transactions needs appointment of Internal auditor for FY 2022-23. to end integrated accounting system in view railneer plants is already in process of implementation

Financial Statements
adequate coverage to make it commensurate of pending implementation of certain Modules across zones & regions.
with the size and nature of its business; e.g. (Property, Plant and Equipment, Intangibles
For integration of huge transactional data of MCDO from
Point xiv (b) of We have considered the reports of the Internal All Internal audit reports till March 2022 were discussed and Right of Use Assets, Payroll and ARCS
3rd party application (ticketing & tourism) with ERP, IT dept.
Annexure-1 to Auditor for the 11 months period ended February with the Statutory auditor at the finalization of audit. (Accounts Reconciliation Cloud Services).
is in process of appointment of an agency with proficient
audit report 28, 2022 furnished to us; However, at the time of interim audit at Zones by statutory Further, online train ticket booking amounts, MCDO resources for such work.
auditor, Internal audit of some of the zones was in process data of tourism, E-Catering, Railneer plants data and
and draft audit reports have only been discussed with transactions are compiled in Excel and uploaded /
statutory auditors at that time. posted manually in Financial Accounting Module
Point 5(i) of Differences between certain subsidiary and The process to identify differences between GL & Sub of ERP as the master data and transaction data
Annexure-2 to control ledger balances exists, amounts not ledger is underway with the help of Oracle's team. captured in these third-party applications is not
audit report ascertained by the management, which are yet Necessary action will be taken after ascertaining the actual compatible with ERP application.
to be identified, reconciled and rectified in the reasons of differences.
books of account. Based on the audit procedures carried out
Further, the identification /classification of liabilities into and as per the information and explanations
Further, system of classification / identification trade payable/trade receivable and other liabilities along given to us, the processing of accounting
of liabilities into trade and other payables and with their ageing has been done for the first time for FY transactions outside IT system have no material
the ageing of trade payables & receivables 2021-22 on manual basis. However, the efforts are being issues regarding integrity of the accounts.
including linking of payments with invoices made to implement the same in ERP itself to get the system
needs complete review & analysis by generated data. For and on behalf of the Board of Directors
the management to ensure their proper
presentation in the financial statements.
Point 5(ii) of No response received for balance confirmation The balance confirmation letter for debtors as well as (Rajni Hasija)
Annexure-2 to letters sent to Railways and no system / creditors is sent to all the parties (Railway as well as Non Date : 21.06.2022 Chairperson & Managing Director
audit report mechanism exists to ensure reconciliation of Railways). Place: New Delhi DIN:08083674
dues with Railways which includes substantial
Railway is following cash system of accounting while
inoperative debit & credit balances as on
IRCTC follows accrual system of accounting and there
March 31, 2022. Further, response to balance
is enormous ongoing transaction between IRCTC and
confirmations sought from other parties and
Railways. Regular meetings are being held with Zonal
banks was negligible and the system and
Railways for reconciliation of Payable/Receivable.
procedures of obtaining balance confirmations
at periodical intervals needs to be reviewed Regarding response from Third party Balance
and strengthened to ensure better response confirmation, parties will be strictly instructed for sending
from the parties. the Confirmation.

210 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 211
 Annexure – “G” to the Directors’ Report
Independent Auditors’ Report
FORM NO. AOC -2

Corporate Overview
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014.
To the Members of
Indian Railway Catering and Tourism Corporation Limited
Form for Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub
section (1) of section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.
Report on the Audit of the Standalone Financial Emphasis of Matter
Statements We draw attention to:
1. Details of contracts or arrangements or transactions not at arm’s length basis:
Opinion 1. Note No.79 regarding non-recognitionof revenue in the
Dates of Amount paid financial years2020-21 and 2021-22 from the increase to
Name(s) of the Nature of Duration of We have audited the accompanying Standalone Financial be made in license fee due to tariff revision made by the
Salient terms Approval by Amount K as advances,
related party Relationship contract Statements of Indian Railway Catering and Tourism Corporation Railway Boardin FY 2019-20as theexercise regardingsale-
the Board if any

StatutoryReports
Statutory
Limited (“the Company”), which comprise the Balance Sheet as assessment,which will determine the % of increase in
NIL at March 31, 2022, the Statement of Profit and Loss(including license fee, is still under progress as on date. As the
Other Comprehensive Income), the Cash Flow Statement and revenue to be recognised can’t be measured reliably at
2. Details of material contracts or arrangements or transactions at arm’s length basis:

Reports
the Statement of Changes in Equity for the year then ended this stage, the same has been postponed.
and Notes to the Standalone Financial Statements, including
Dates of Amount paid a summary of significant accounting policies and other 2. Note No. 77 regarding certain applications made by the
Name(s) of the Nature of Duration of
Salient terms Approval by Amount K as advances, explanatory information (hereinafter referred to as “Standalone Company in previous years for advance ruling relating to
related party Relationship contract
the Board if any Financial Statements”). applicability of Goods and Services Tax in respect of certain
income / receiptsamounting to H33,595Lakhsreceived
NIL In our opinion and to the best of our information and according to mainly from the Ministry of Railways, Government of India
the explanations given to us,the aforesaid Standalone Financial for which the decision of the Authority for Advance Ruling
For and on behalf of the Board of Directors Statements give the information required by the Companies Act,

Financial
Financial Statements
isawaited.
2013, as amended, (“the Act”) in the manner so required and
give a true and fair view in conformity with the Indian Accounting 3. Note No. 37.2(iii) regardingorder of commissioner of VAT
(Rajni Hasija) Standards(“Ind AS”) prescribed under section 133 of the Act dated 23rd March 2006 for levying VAT on on-board

Statements
Date: 21.06.2022 Chairperson & Managing Director read with the Companies (Indian Accounting Standard) Rules, catering services in trains treating the same as sales. The
Place: New Delhi DIN:08083674 2015, as amended, and other accounting principles generally plea of the company was not accepted by the Appellate
accepted in India, of the state of affairs of the Company as at Tribunal as well as by the Hon’ble Delhi High Court and
March 31, 2022, itsprofit(financial performance includingother SLP is now pending at the Hon’ble Supreme Court of
comprehensive income), its cash flows and the changes in India. The company has made provision for VAT liability of
equity for the year ended on that date. H8,251.01Lakhs (net of corresponding VAT Input and service
tax paid) in the previous years since the Company contends
Basis of Opinion that only one of these taxes can be made applicable. VAT
We conducted our audit of the StandaloneFinancial Statementsin Input amounting to H1,119Lakhs has been stated as balance
accordance with the Standards on Auditing (SAs) specified with Govt. authorities under Other Current Assets.
under section 143(10) of the Act. Our responsibilities under those 4. Note No. 38 regarding transaction by transaction
Standards are further described in the Auditor’s Responsibilities reconciliation not being done for many bank accounts
for the Audit of the Standalone Financial Statementssection of being handled at Internet Ticketing Segment of the
our report. We are independent of the Company in accordance Company on account of:(i) voluminous ticket bookings and
with the Code of Ethics issued by the Institute of Chartered cancellations and (ii) non-availability of transaction-wise
Accountants of India together with the ethical requirements that daily debits and credits report from banks required for
are relevant to our audit of the financial Statements under the automated reconciliation system.
provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance 5. Note No. 85 regarding large number of legacy debit &
with these requirements and the Code of Ethics. We believe credit balances, including those pertaining to the period of
that the audit evidence we have obtained is sufficient and transfer of catering operations from / to the Railways and
appropriate to provide a basis for our audit opinion on the differences between certain subsidiary and control ledger
Standalone Financial Statements. balancesin respect of trade receivables, sundry creditors,

212 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 213
 deposits received etc. are pending for confirmation / as the MRP is fixed by Ministry of Railways, Government of number of litigations relating to various matters as set out in the Information Other than the Financial Statements
reconciliationand adjustment as on March 31, 2022. India and the MRP fixed in the year 2012 is still continuing aforesaid Notes. and Auditor’s Report Thereon

Corporate Overview
despite substantial increase in prices of raw-materials,
Further, we have relied upon the classification / identification power, HR cost, freight etc.Even though the Company is yet Significant management’s judgement is required to assess such The Company’s Board of Directors is responsible for the other
of liabilities into trade payable and other liabilities and to give response to the above notice, legal opinion obtained matters to determine the probability of occurrence of material information. The other information comprises the information
ageing of trade payables & receivables furnished by the by the Company justifies the contention of the Company. outflow of economic resources and whether a provision should included in the Management Discussion and Analysis, Board’s
Company in the financial statements. In our opinion, the be made. The judgement is also supported with legal advice in Report including Annexures to Board’s Report, Business
system of identification of trade payablesand ageing of 9. Note No. 37.2(iv) regarding arbitration award pronounced in certain material cases as considered appropriate. Responsibility Report, Corporate Governance and Shareholder’s
payables and receivables needs improvement to ensure April 2022 amounting to H7,400Lakhs plus simple interest @ Information, but does not include the Standalone Financial
that these are reflected correctly in the Standalone 6% per annum from January 2018 onwards, given in favour As the ultimate outcome of the litigations are uncertain and
Statements and our auditor’s report thereon.
Financial Statements. of certain licensees which represents principal amount the position taken by the management are based on the
towards claims for supply of welcome drinks not paid to application of their best judgement which may be subject to Our opinion on the Standalone Financial Statements does not
6. Note No. 84 regarding change in accounting policy licensees and recovery of differential costs for the supply management bias, related legal advice including those relating cover the other information and we do not express any form of
for accounting income from integration charges (Non- of regular meals to the passengers on the instructions to interpretation of laws/regulations, we have identified this as assurance / conclusion thereon.
Refundable one-time) received from booking agents for of Railways whereas the price of combo meal, which is a Key Audit Matter.
providing connectivity with the Company’s Portal for railway In connection with our audit of the Standalone Financial Statements,

Statutory Reports
lower than the price of regular meal,was reimbursed to
ticket online booking which was hitherto recognized as How our audit addressed the key audit matter our responsibility is to read the other information identified above
these licensees. The Company contends that the matter
revenue over the initial contract period of one to three has been referred to the Railways for their instructions on when it becomes available and, in doing so, consider whether the
Our audit procedures included the following:
years whereas now it is being recognized over the this matter as the main liability in this matter would be of other information is materially inconsistent with the Standalone
expected contract period (estimated 20 years) to comply Railways and the Company has the right to recovery from • We understood, assessed and tested the design and Financial Statements or our knowledge obtained in the audit, or
with the requirements of Indian Accounting Standard 115 Railways in case ultimately it is made liable to pay. operating effectiveness of key controls surrounding otherwise appears to be materially misstated.
on “Revenue from Contracts with Customers”. This change assessment of litigations relating to the relevant laws and
has resulted into reduction of profit by H342.27Lakhs (net of 10. Note No. 39 regarding balance confirmation letters When we read the other information, if we conclude that there is
regulations;
deferred tax of H115.13Lakhs) for the year ended March 31, sent to Railways, other parties and banks. No response a material misstatement therein, we are required to communicate
2022 {previous year profit reduced by H56.04Lakhs (net of was received from Railways and at present, there is no • We read and considered latest orders / awards by various the matter to those charged with governance. Such other
deferred tax of H18.85Lakhs)} and other equity comprising system / mechanism to ensure periodical reconciliation of courts / authorities on these matters; information is pending as on the date of our audit report.
of retained earnings as at March 31, 2020 also reduced by outstandings with Railways which also includes substantial

Financial Statements
• We conducted detailed discussions with in-house legal
H1,325.70Lakhs (net of deferred tax of H445.91Lakhs). inoperative debit and credit balances as on March 31, 2022. Responsibilities of Management for the
head, tax consultants and senior management to understand
Further, response to balance confirmations sought from
7. Note Nos. 54(b)& 83(ii)regarding 15% share of Railneer their assessment on the most likely outcome of the material Standalone Financial Statements
other parties and banks was poor.Identification of MSME
Segment profit for the period 2007-08 to 2020-21 litigations and to understand the basis considered for the
parties to ensure proper disclosure of their dues as at the The Company’s Board of Directors is responsible for the matters
amounting to H2,713.32Lakhs paid to Railways during this provisions made towards these litigations;
year-end needs to be properly documented & recorded. stated in section 134(5) of the Act with respect to the preparation
financial year as the Railway Board has not accepted
• We performed our assessment on a test basis on the of these Standalone Financial Statements that give a true and
contention of the Company i.e. Railneer is part of catering Ouropinion on the Standalone Financial Statement is not
underlying calculations supporting the contingent liabilities/ fair view of the financial position, financial performance including
segment and the catering segment is in loss, and the same modified in respect of above matters.
other significant litigations disclosed in the Standalone other comprehensive income, and cash flows and changes
is shown as an Exceptional Item in Statement of Profit and
Key Audit Matter Financial Statements; in equity of the Company in accordance with the accounting
loss. Further, Railway board is demanding 40% share of
principles generally accepted in India, including the Indian
PPP plantsrevenue whereas the Company has contended • We considered external legal opinions, where relevant,
Key audit matters are those matters that, in our professional Accounting Standards (Ind AS) specified under section 133 of
that PPP plants are not run on license basis and accordingly obtained by management;
judgement, were of most significance in our audit of the the Act read with the Companies (Indian Accounting Standards)
paid 15% share of profits of these plants which is included in
Standalone Financial Statements of the current period. These Rules, 2015, as amended.
above payment. No provision for Railway’s share in current • We evaluated management’s assessments by
matters were addressed in the context of our audit of the
year profits is considered necessary by the Company in understanding precedent set in similar cases and assessed This responsibility also includes maintenance of adequate
Standalone Financial Statements as a whole and in forming our
view of treatment of above payment of H2,713.32Lakhs as the reliability of the management’s past estimates / accounting records in accordance with the provisions of the Act
opinion thereon, and we do not provide a separate opinion on
an expense for the current year. These matters are subject judgements; for safeguarding of the assets of the Company and for preventing
these matters. We have determined the matter described below
to confirmation / reconciliation by / with the Railways. and detecting frauds and other irregularities; selection
to be the key audit matter to be communicated in our report. • We evaluated management’s assessment around those
and application of appropriate accounting policies; making
8. Note No.37.2(v) regarding notice dated 25.02.2022 issued matters that are not disclosed or not considered as
judgments and estimates that are reasonable and prudent; and
by the National Anti-Profiteering Authority (GST) alleging Assessment of litigation and related disclosure of contingent liability, as the probability of material outflow is
design, implementation and maintenance of adequate internal
profiteering amounting to H5,041.44Lakhs for the period considered to be remote by the management; and
contingent liabilities financial controls, that were operating effectively for ensuring
July 1, 2017 to May 31, 2020 against the Company under
• We assessed the adequacy of the Company’s disclosures. the accuracy and completeness of the accounting records,
Section 171 of the CGST Act, 2017 for not passing on the Refer to Note No. 2 (o) to the StandaloneFinancial Statements relevant to the preparation and presentation of the Standalone
benefit of reduction in rate of tax to the consumers by way – Use of estimates and judgements-Provisions,Contingent Based on the above work performed, the assessment of Financial Statements that give a true and fair view and are free
of commensurate reduction in the MRP of Railneer brand of liabilitiesand Contingent assets and Note No. 37.2 to the management in respect of litigations and related disclosures from material misstatement, whether due to fraud or error.
drinking water manufactured and sold by the Company even Standalone Financial Statements for “Contingent Liabilities” relating to contingent liabilities/other significant litigations in the
though there was reduction in the tax rateon the introduction andother significant litigations stated therein. In preparing the financial Statements, management is
Standalone Financial Statements is considered to be reasonable.
of GST w.e.f. July 1, 2017. The Company contends that responsible for assessing the Company’s ability to continue as
Railneer drinking water falls under controlled price segment As at March 31, 2022, the Company has exposures towards

214 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 215
a going concern, disclosing, as applicable, matters related to report to the related disclosures in the financial Statements (b) In our opinion, proper books of account as required iv. (a) The Company has represented that, to the
going concern and using the going concern basis of accounting or, if such disclosures are inadequate, to modify our by law have been kept by the Company so far as it best of its knowledge and belief, no funds have

Corporate Overview
unless management either intends to liquidate the Company or opinion. Our conclusions are based on the audit evidence appears from our examination of those books. been advanced or loaned or invested (either
to cease operations, or has no realistic alternative but to do so. obtained up to the date of our auditor’s report. However, from borrowed funds or share premium or any
future events or conditions may cause the Company to (c) The Balance Sheet, the Statement of Profit and Loss other sources or kind of funds) by the Company
Those Board of Directors are also responsible for overseeing cease to continue as a going concern. including other Comprehensive income, the Cash Flow to any persons or entities, including foreign
the Company’s financial reporting process. Statement and Statement of Changes in equity dealt with entities (“intermediaries”), with the understanding,
• Evaluate the overall presentation, structure and content by this report are in agreement with the books of account. whether recorded in writing or otherwise, that the
of the financial Statements, including the disclosures, and intermediary shall, whether directly or indirectly
Auditor’s Responsibility for the audit of the whether the financial Statements represent the underlying (d) In our opinion, the aforesaid Standalone Financial
lend or invest in other persons or entities or
Financial Statements transactions and events in a manner that achieves fair Statements comply with the Indian Accounting
provide any guarantee, security or the like on
presentation. Standards specified under Section 133 of the Act:
Our objectives are to obtain reasonable assurance about behalf of the Ultimate Beneficiaries;
whether the financial Statements as a whole are free from We communicate with those charged with governance (e) In terms of Notification No. 463 (E) dated 5th June, 2015
(b) The Company has represented that, to the
material misstatement, whether due to fraud or error, and to regarding, among other matters, the planned scope and issued by the Ministry of Corporate affairs, provisions of
best of its knowledge and belief, no funds
issue an auditor’s report that includes our opinion. Reasonable timing of the audit and significant audit findings, including any Section 164(2) of the Act regarding disqualifications of

Statutory Reports
have been received by the Company from any
assurance is a high level of assurance, but is not a guarantee significant deficiencies in internal control that we identify during the Directors, are not applicable as it is a Government
persons or entities, including foreign entities
that an audit conducted in accordance with SAs will always our audit. Company.
(“intermediaries”), with the understanding,
detect a material misstatement when it exists. Misstatements
(f) With respect to the adequacy of internal financial whether recorded in writing or otherwise, that the
can arise from fraud or error and are considered material if, We also provide those charged with governance with a statement
controls over financial reporting with reference to the Company shall, whether directly or indirectly lend
individually or in the aggregate, they could reasonably be that we have complied with relevant ethical requirements
Standalone Financial Statements of the Company and or invest in other persons or entities identified in
expected to influence the economic decisions of users taken regarding independence, and to communicate with them all
the operating effectiveness of such controls, refer any manner whatsoever by or on behalf of the
on the basis of these financial Statements. relationships and other matters that may reasonably be thought
to our separate Report in Annexure 2. Our report Funding party “Ultimate Beneficiaries” or provide
to bear on our independence, and where applicable, related
As part of an audit in accordance with SAs, we exercise expresses an unmodified opinion on the adequacy any guarantee, security or the like on behalf of the
safeguards.
professional judgement and maintain professional skepticism and operating effectiveness of the Company’s internal Ultimate Beneficiaries;
throughout the audit. We also: From the matters communicated with those charged with financial controls over financial reporting.
(c) Based on such audit procedures that we have
governance, we determine those matters that were of most

Financial Statements
• Identify and assess the risks of material misstatement of the (g) As required by sub-section (5) of section 143 of the Act, considered appropriate in the circumstances,
significance in the audit of the Standalone Financial Statements
financial Statements, whether due to fraud or error, design we enclose herewith “Annexure 3”, a Statement on nothing has come to our notice that has caused
of the current period and are therefore the key audit matters.
and perform audit procedures responsive to those risks, the Directionsissued by the Comptroller and Auditor us to believe that the representations made to
We describe these matters in our auditor’s report unless law
and obtain audit evidence that is sufficient and appropriate General of India. us under paragraphs (iv)(a) and (b) contain any
or regulation precludes public disclosure about the matter
to provide a basis for our opinion. The risk of not detecting material mis-statement.
or when, in extremely rare circumstances, we determine that
a material misstatement resulting from fraud is higher than (h) As per notification No. GSR 463 (E) dated June 5, 2015
a matter should not be communicated in our report because v. The interim and final dividends paid during the financial
for one resulting from error, as fraud may involve collusion, issued by the Ministry of Corporate Affairs, Government
the adverse consequences of doing so would reasonably year are in compliance with provisions of section
forgery, intentional omissions, misrepresentations, or the of India, Section 197 of the Act is not applicable to the
be expected to outweigh the public interest benefits of such 123 of the Act. Further, the Board of Directors of the
override of internal control. Government Companies. Accordingly, reporting in
communication. Company have proposed final dividend for the year
accordance with requirements of provisions of section
• Obtain an understanding of internal control relevant to 197(16) of the Act is not applicable to the Company. which is subject to the approval of the members of the
the audit in order to design audit procedures that are Report on Other Legal and Regulatory Company at the ensuing Annual General Meeting. The
appropriate in the circumstances. Under section 143(3)(i) of (i) With respect to the other matters to be included in amount of dividend proposed is in accordance with
Requirements the Auditor’s Report in accordance with Rule 11 of
the Act, we are also responsible for expressing our opinion section 123 of the Act, as applicable.
on whether the Company has adequate internal financial 1. As required by the Companies (Auditor’s Report) Order, the Companies (Audit and Auditors) Rules, 2014, in
controls system in place and the operating effectiveness of 2020 (“the Order”), issued by the Central Government of our opinion and to the best of our information and
such controls. India in terms of sub-section (11) of section 143 of the Act, we according to the explanations given to us:
give in the Annexure 1 a statement on the matters specified i. The Company has disclosed the impact of pending For P.R. Mehra & Co
• Evaluate the appropriateness of accounting policies used in paragraphs 3 and 4 of the Order.
and the reasonableness of accounting estimates and litigations on its financial position in its Standalone Chartered Accountants
related disclosures made by management. 2. As required by Section 143(3) of the Act, based on our audit Financial Statements. Refer Note No. 37.2 of the (Firm’s Registration No. 000051N)
we report that: Standalone Financial Statements.
• Conclude on the appropriateness of management’s use of Ashok Malhotra
the going concern basis of accounting and, based on the (a) We have sought and obtained all the information and ii. The Company has not entered into any long-term
contracts including derivative contracts. (Partner)
audit evidence obtained, whether a material uncertainty explanations which to the best of our knowledge and Membership No: 082648
exists related to events or conditions that may cast belief were necessary for the purposes of our audit iii. There were no amounts which were required Place: New Delhi
significant doubt on the Company’s ability to continue as except for non-receipt of balance confirmation letters to be transferred to the Investor Education and Dated:May 30, 2022
a going concern. If we conclude that a material uncertainty for amounts due from / to the Railways, other debtors, Protection Fund by the Company. UDIN: 22082648AJYEAB5737
exists, we are required to draw attention in our auditor’s creditors and balances / deposits held with the banks.

216 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 217
“Annexure 1” security or granted any loans or advances in the nature
of loans, secured or unsecured, to companies or firms,
vii. a. The Company does not have undisputed liability in
respect of Sales tax, Service tax, excise-duty andValue

Corporate Overview
Limited Liability Partnerships or any other parties during the Added Tax during the yearsince, effective July 1, 2017,
“Annexure 1” referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of year. Accordingly, clause 3(iii) of the Order is not applicable these statutory dues have been subsumed into GST.
even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year to the Company; According to the information and explanations given to
ended March 31, 2022 us and on the basis of our examination of the records of
iv. In view of our observations in paragraph (iii) above in the Company, except for delays in deposit / adjustment
i. a. (A) The Company has maintained proper records of the company and the nature of its assets. No material respect of loans, investments, guarantees and security, the against ITC available of part amounts of monthly GST
showing full particulars, including quantitative discrepancies were noticed on such verification; compliance with the provisions of section 185 and 186 of dues aggregating to H2,930 Lacs for the year, the
details and situation of Property, Plant and the Companies Act are not applicable; Company is generally regular in depositing undisputed
Equipment except for number-wise identification c. According to the information and explanations given to
v. The Company has not accepted any depositsor any amounts statutory dues including, provident fund, income-tax,
of these assets. us and on the basis of our examination of the records of
which are deemed to be deposits from the public.Accordingly, andothermaterial statutory dues applicable to it to the
the Company, the title deeds of immovable properties
clause3(v) of the Order is not applicable to the Company; appropriate authorities.
(B) The Company has maintained proper records (other than immovable properties where the Company
showing full particulars of intangible assets; is a lessee and lease agreements are duly executed in According to the information and explanations given
vi. According to the information and explanations given to us,

Statutory Reports
favour of the lessee) disclosed in the StandaloneFinancial to us, no undisputed amounts payable in respect of
b. According to the information and explanations given to the Central Government has not prescribed the maintenance
Statementsare held in the name of the company except GST, provident fund, Income-tax, and other material
us and on the basis of our examination of the records of of cost records under sub-section(1) of section 148 of the
for the following properties in respect of which original statutory dues wereinarrearsasat March 31, 2022 for
the Company, the Company has a regular programme Companies Act, 2013 for the products manufactured by it
sale / lease deeds were not produced to us or title a period of more than six months from the date they
of physical verification by which all Property, Plant and and the services provided by it.Accordingly, clause 3(vi) of
documents are yet to be executed and accordingly, we became payable;
Equipment are verified at the year-end which, in our the Order is not applicable to the Company;
are unable to give our comments on whether these are
opinion, is a reasonable interval having regard to the size held in the name of the Company;
b. According to the information and explanations given to us, the statutory dues which have not be end eposited with the
appropriate authorities on account of any dispute are as under:
Whether promoter, Reason for not
Gross carrying Held in name Gross Net
Description of property director or relative Period held being held in name Amount
value of Name of Period to which Forum where Amount payable
or employee of company

Financial Statements
Name of the Dues Paid J in
the statue amount pertains dispute is pending J in J in
Lakhs
Land at Village Bimeetha, H66.98Lakhs See Remarks See Remarks Since Original title deeds Lakhs Lakhs
khajuraho, Madhya Pradesh 03.09.2013 not available.
Entry Tax Assessment, 2011-12 to 2012- High Court 0.90 - 0.90
Land for Hotel at Kevadia, H1,275 Lakhs See Remarks Not applicable Since Original title deeds
Interest & 13
Gujrat 15.10.2020 not available.
Penalty
Residential Building D/91 & H325 Lakhs See Remarks Not Applicable Since Allotted by Railways.
Service Tax Tax on Renting, 01.04.2007 to CESTAT 7,902.16 - 7,902.16
D/141. Western Railway Colony, 03.10.2012 License Agreement
Agent Business, 31.03.2012
Pali Hills, Mumbai yet to be executed.
catering etc
Service Tax Tax on Renting, 2012-13 upto CESTAT 23.05 2.31 20.74
d. According to the information and explanations given to coverage and procedure of such verification by the Agent Business, June 2017
us and on the basis of our examination of the records management is appropriate and no discrepancies catering etc
of the Company, the Company has not revalued its of 10% or more in the aggregate for each class of Service Tax Demands on 2014-15 High Court/Tribunal/ 177.87 13.34 164.53
Property, Plant and Equipment (including Right of Use inventory were noticed; catering, tour Appellate Authority
assets) or intangible assets or both during the year. operations, goods
Accordingly, clause 3(i)(d) of the Order is not applicable b. In our opinion and according to the information and transportation etc.
to the Company; explanations given to us and on the basis of our Service Tax On Sale of Package 2008-09 to CESTAT/ 38.57 - 38.57
examination of the records of the Company, the Drinking Water 2012-13 Commissione
e. According to the information and explanations given to Company has been sanctioned (renewed) working (Appeals)
us and on the basis of our examination of the records capital limits in excess of five crore rupees in the form VAT Demand on Mobile 2008-09 to June Supreme Court 8,251.01 - 8,251.01
of the Company,there are no proceedings initiated or of overdraft against fixed deposits receipts held with Catering Services 2017
pending against the Company for holding any benami bank. We are informed that overdraft facility was not VAT Assessment, 2005-06 & Jt. Comm. Of Sales 373.30 26.82 346.48
property under the Benami Transactions (Prohibition) utilised during the year and no returns or statements Interest & Penalty 2008-09 Tax (Appeal)
Act, 1988 (45 of 1988) and rules made thereunder; were required to be filed by the Company; VAT ITC Denial, demand 2010-11 to 2012- Tribunal 161.70 80.87 80.83
on Mobile Catering 13
ii. a. The physical verification of inventory (except finished iii. In our opinion and according to the information and
explanations given to us and on the basis of our VAT Bihar Demand on Mobile 2008·09 to Supreme Court 915.80 - 915.80
stock at most of the Depots which was confirmed
examination of the records of the Company, the Company Catering Services 2011-12
in writing by third parties) has been conducted at
reasonable intervals by the management and the has not made any investment, provided guarantee or VAT Bihar Demand on Mobile 2011-12 High Court/ Tribunal/ 73.24 - 73.24
Catering Services Appellate Authority

218 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 219
 Gross Net Gross Net
Amount Amount
Name of Period to which Forum where Amount payable Name of Period to which Forum where Amount payable

Corporate Overview
Name of the Dues Paid J in Name of the Dues Paid J in
the statue amount pertains dispute is pending J in J in the statue amount pertains dispute is pending J in J in
Lakhs Lakhs
Lakhs Lakhs Lakhs Lakhs
VAT Delhi Assessment, 2012-13 VATO, SPL OHA 77.74 - 77.74 Service Tax Demand 2011 to 2015 Order of Assistant 39.36 2.95 36.41
Interest & Penalty Commissioner of
VAT Delhi & Assessment, 2009-10 to Special Commissione 599.38 - 599.38 central excise &
CST Interest & Penalty 2010-11 (DVAT) service
VAT Delhi & Assessment, 2013-14 to 2015- DVAT OHA 427.97 8.03 419.94 CST Demand 2014-15 & 2015- Assistant 43.84 - 43.84
CST Interest & Penalty 16 16 commissioner (ST)
VAT Penalty 2010-11 to 2012- ADC 46.31 23.16 23.15 Delhi CST Demand 2017-18 Special hearing 8.63 - 8.63
Jharkhand 13 authority
VAT Demand 2010-11 to 2012- High Court/ Tribunal/ 40.03 - 40.03 CGST Act Demand 2017-18 to 2019- Joint commissioner 24.08 - 24.08
Jharkhand 13 Appellate Authority 20 appeal

Statutory Reports
VAT Kerala Denial of 2014-15 ACTO 47.57 - 47.57 Service Tax Demand 2010-11 to 2013-14 Customs, Central 449.74 449.74 -
Compoundin Rate Excise and Service
VAT Odisha Assessment, 2011-12 to 2013-14 Commissioner, 147.56 11.36 136.20 Income Tax Demand 2007-08 to 2021- TDS Authority 44.80 - 44.80
Interest & Penalty Tribunal TDS 22
VAT Odisha Demand on Mobile 2011-12 to 2012- Tribunal 14.11 3.00 11.11 Income Tax Demand 2017-18 CIT(A) 14.48 14.48 -
Catering Services 13 Total 20,566.96 646.97 19,919.99
VAT Assessment, 2005-06 to ACTO 32.56 - 32.56
Rajasthan Interest & Penalty 2016-17
VAT UP Assessment, 2008-09 Commissioner(UPVAT) 17.08 6.83 10.25 viii. According to the information and explanations given to us taken any funds from any entity or person on account or
Interest & Penalty and on the basis of our examination of the records of the to meet the obligations of its joint-venture. Accordingly,
VAT Demand 2016-17 Remedial actions 10.98 0.55 10.43 Company, the Company has not surrendered or disclosed clause 3(ix)(e) of the Order is not applicable;

Financial Statements
under process any transactions, previously unrecorded as income in
the books of account, in the tax assessments under the (f) Accordingtotheinformationandexplanationsgiventous
Delhi CST Demand 2016-17 VAT - Official Hearing 84.61 - 84.61
Income-tax Act, 1961 (43 of 1961) as income during the year; and on an overall examination of the balance sheet
Authority
of the Company, we report that the Company has not
Delhi VAT Demand 2016-17 VAT - Official Hearing 0.46 - 0.46 ix. (a) According to the information and explanations given to raised loans during the year on the pledge of securities
Act Authority us and on the basis of our examination of the records held in its joint-venture. Accordingly, clause 3(ix)(f) of
R VAT Demand 2015-16 Commercial Tax 2.26 - 2.26 of the Company, except for sanction of overdraft the Order is not applicable;
Officer facility from bank against fixed deposits with banks, the
R VAT Demand 2017-18 Commercial Tax 0.85 - 0.85 Company has not availed any loan or other borrowings x. The company has not raised any money by way of
Officer from any other lender. The Company has not defaulted Initial Public Offer or further public offer (including debt
CGST Act Demand 2017-18, 2018-19 Additional director 41.34 - 41.34 in repayment of loan or in payment of interest thereon; instruments) during the year. Further, the Company has
2021 & 2019-20 general not made any preferential allotment or private placement
TN VAT Act Demand 2014-15 Assistant 5.91 2.83 3.08 (b) According to the information and explanations given to of shares or convertible debentures during the year.
Commissioner us and on the basis of our examination of the records Accordingly, clause 3(x)(a & b) of the Order is not applicable
Service tax Demand 2014-15 (2nd Half Deputy 7.15 0.54 6.61 of the Company, the Company has not been declared to the Company;
Act year & 2015-16 Commissioner a wilful defaulter by the bank;
xi. a. According to the in formation and explanations given
GST TS Demand 2017-18 to 2020- Assistance 51.53 - 51.53
(c) According to the information and explanations given to to us by the Company, no fraud by the Company or any
21 commissioner (ST)
us and on the basis of our examination of the records fraud onthe Company has been noticed or reported
GST OD Demand 2018-19 CT & GST officer 0.21 - 0.21
of the Company, the Company has not obtained any during the year;
TNVAT Demand 2015-16 to 2017- Assistant 319.13 - 319.13
term loans. Accordingly, clause 3(ix)(c) of the Order is
18 commissioner (ST) b. No report has been filed by us under sub-section (12) of
not applicable;
GST Act Demand 2020-21 Superintendent of 3.47 - 3.47 section 143 of the Companies Act during the year in Form
GST and central (d) According to the information and explanations given to ADT-4 as prescribed under rule 13 of Companies (Audit
excise & service us and on the basis of our examination of the records and Auditors) Rules, 2014 with the Central Government;
GST Act Demand 2014-15 Kerala High Court 44.05 - 44.05 of the Company, we report that no funds were raised
Finance Act Demand 2015-17 Commissioner 2.17 0.16 2.01 on short-term basis by the Company. Accordingly, c. We are informed by the Company that no whistle-
& Central (Appeal II) Central clause 3(ix)(d) of the Order is not applicable; blower complaints were received during the year;
excise Excise & Service
(e) According to the information and explanations given to xii. TheCompanyisnota Nidhicompany. Accordingly, provisions
us and on an overall examination of the balance sheet of paragraph 3(xii) of the Order is not applicable to the
of the Company, we report that the Company has not Company;

220 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 221
xiii. According to the information and explanations given
to us and based on our examination of the records
dates of realization of financial assets and payment
of financial liabilities, other information accompanying “Annexure 2”

Corporate Overview
oftheCompany,all transactions with the related parties are the financial statements, our knowledge of the Board
in compliance with sections 177a nd 188 of Companies Act of Directors and management plans and based on our “Annexure 2” referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
where applicable and details of such transactions have examination of the evidence supporting the assumptions, of even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year
been disclosed in the Standalone Financial Statements as nothing has come to our attention, which causes us to ended March 31, 2022
required by the applicable Standards on Auditing; believe that any material uncertainty exists as on date of
audit report that the Company is not capable of meeting its Report on the Internal Financial Controls with established and maintained and if such controls operated
xiv. a. The Company has an internal audit system liabilities existing at the balance sheet date as and when
reference to StandaloneFinancial Statements effectively in all material respects.
commensurate with the size and nature of its business they fall within a period of one year from the balance sheet
except for internal audit of Zonal and Regional offices date. We further state that our reporting is based on the
under Clause (i) of Sub-section 3 of Section 143 Our audit involves performing procedures to obtain audit
and Railneer Plants which, in our opinion, needs facts upto the date of the audit report and we neither give of the Companies Act, 2013 (“the Act”) evidence about the adequacy of the internal financial control
improvements in terms of coverage of business any guarantee nor any assurance that all liabilities falling with reference to these StandaloneFinancial Statements
conducted by the Company and also transaction We have audited the internal financial controls with reference to
due within a period of one year from the balance sheet, will and their operating effectiveness. Our audit of internal
audit including material year-end transactions needs Standalone Financial Statementsof Indian Railway Catering and
get discharged by the Company as and when they fall due; financial control over financial reporting with reference to
Tourism Corporation Limited (“the Company”) as of March 31,

Statutory Reports
adequate coverage to make it commensurate with the the Standalone Financial Statements included obtaining an
size and nature of its business; xx. a. In our opinion and according to the information 2022 in conjunction with our audit of the Standalone Financial
understanding of internal financial control with reference to
and explanations given to us,in respect of other Statements of the Company for the year ended on that date.
these StandaloneFinancial Statements, assessing the risk that
b. We have considered the reports of the Internal Auditor than ongoing projects, there is no unspent amount
1. Management’s Responsibility for Internal Financial a material weakness exists, and testing and evaluating the
for the 11 months period ended February 28, 2022 which was required to be transferred to a Fund
Controls design and operating effectiveness of internal control based
furnished to us; specified in Schedule VII to the Companies Act. on the assessed risk. The procedures selected depend on
Accordingly,clause3(xx)(a)oftheOrderisnotapplicable The Company’s management is responsible for establishing the auditor’s judgement, including the assessment of the
xv. According to the information and explanations given to
to the Company; and maintaining internal financial controls based on the risks of material misstatement of the Standalone Financial
us and based on our examination of the records of the
Company, the Company has not entered in to non-cash internal controls over financial reporting criteria established Statements, whether due to fraud or error.
b. Amount remaining unspent,out of CSR requirements
transactions with directors or persons connected with him. by the Company considering the essential components of
for the financial year 2021-22, under sub-section (5) We believe that the audit evidence we have obtained is
Accordingly, provisions of paragraph 3(xv) of the Order is internal control stated in the Guidance Note on Audit of
of section 135 of the Act amounting to H124.39Lac as sufficient and appropriate to provide a basis for our audit
Internal Financial Controls over financial reporting issued

Financial Statements
not applicable to the Company; on March 31, 2022 in respect of ongoing projects has
by the Institute of Chartered Accountants of India (ICAI). opinion on the Company’s internal financial controls over
been transferred to special account in compliance with financial reporting with reference to these Standalone
xvi. The Company is not required to be registered under These responsibilities include the design, implementation
the provisions of sub-section (6) of section 135 of the Financial Statements.
section 45- IA of the Reserve Bank of India Act, 1934 (2 and maintenance of adequate internal financial controls
said Act.
of 1934). Accordingly, provisions of paragraph 3(xvi) of the that were operating effectively for ensuring the orderly
3. Meaning of Internal Financial Controls with reference to
Order is not applicable to the Company; and efficient conduct of its business, including adherence
StandaloneFinancial Statements
For P.R. Mehra & Co to Company’s policies, the safeguarding of its assets,
xvii. The Company has not incurred cash losses in the current the prevention and detection of frauds and errors, the
Chartered Accountants A Company's internal financial controls with reference to
financial year and in the immediately preceding financial accuracy and completeness of the accounting records, and
(Firm’s Registration No. 000051N) the Standalone Financial Statements is a process designed
year; the timely preparation of reliable financial information, as to provide reasonable assurance regarding the reliability
required under the Act. of financial reporting and the preparation of financial
xviii. There was no resignation of statutory auditors during Ashok Malhotra
the year. Accordingly, provisions of paragraph3(xviii) Statements for external purposes in accordance with
(Partner) 2. Auditors’ Responsibility
oftheOrderisnotapplicable to the Company; generally accepted accounting principles. A Company's
Membership No: 082648
Our responsibility is to express an opinion on the Company's internal financial controls with reference to the Standalone
xix. According to the information and explanations given to us Place: New Delhi internal financial controls over financial reporting with Financial Statements include those policies and procedures
and on the basis of financial ratios, ageing and expected Dated: May 30, 2022 reference to these StandaloneFinancial Statements based that (1) pertain to the maintenance of records that,
on our audit. We conducted our audit in accordance with in reasonable detail, accurately and fairly reflect the
the Guidance Note on Audit of Internal Financial Controls transactions and dispositions of the assets of the Company;
Over Financial Reporting (the “Guidance Note”) and the (2) provide reasonable assurance that transactions are
Standards on Auditing, issued by ICAI and deemed to be recorded as necessary to permit preparation of Standalone
prescribed under section 143(10) of the Act, to the extent Financial Statements in accordance with generally
applicable to an audit of internal financial controls, both accepted accounting principles, and that receipts and
applicable to an audit of internal financial controls and expenditures of the Company are being made only in
both issued by ICAI. Those Standards and the Guidance accordance with authorizations of management and
Note require that we comply with ethical requirements and directors of the Company; and (3) provide reasonable
plan and perform the audit to obtain reasonable assurance assurance regarding prevention or timely detection
about whether adequate internal financial controls with of unauthorized acquisition, use, or disposition of the
reference to these StandaloneFinancial Statements were Company's assets that could have a material effect on the
Standalone Financial Statements.

222 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 223
4. Inherent Limitations of Internal Financial Controls with
reference to Standalone FinancialStatements
iii. Manual controls are followed instead of system-based
automated controls, checks and balances as the “Annexure 3”

Corporate Overview
transactions executed through 3rd party applications
Because of the inherent limitations of internal financial / portals are posted manually in ERP by compiling “Annexure 3” referred to in paragraph 2(g) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
controls over financial reporting with reference to the data through Excel as the existing ERP application is of even date on the Standalone Financial Statements of Indian Railway Catering and Tourism Corporation Limited for the year
Standalone Financial Statements, including the possibility not integrated with certain functions / segments of the ended March 31, 2022
of collusion or improper management override of controls, Company.
material mis-statements due to error or fraud may occur and Direction under section 143(5) of the Companies Act, 2013 Auditor's reply on action taken on directions
not be detected. Also, projections of any evaluation of the iv. Policies& proceduresfor identification of inoperative
1. Whether the Company has system in place to process all the As per the information and explanations given to us, the
internal financial controls with reference to the Standalone debit & credit balances including legacy entries,that
accounting transaction through IT? If yes, the implications Company has a system in place to process a majorportion
Financial Statements to future periods are subject to the needs to be written-off & written-back respectively,are
of processing of accounting transactions outside IT system of its accounting transactions through IT. However, the
risk that the internal financial control with reference to the not in existance which needs to be framed / laid down
on the integrity of the accounts along with the financial existing ERP application of Oracle system is not an end
StandaloneFinancial Statements may become inadequate & implemented.
implications, if any, may be stated. to end integrated accounting system in view of pending
because of changes in conditions, or that the degree of
6. Opinion implementation of certain Modules e.g. (Property, Plant and
compliance with the policies or procedures may deteriorate.
Equipment, Intangibles and Right of Use Assets, Payrolland

Statutory Reports
5. According to the information and explanations given to us In our opinion and to the best of our information and ARCS (Accounts Reconciliation Cloud Services).
and based on our audit, we have following observationsin according to the explanations given to us and read with Further, online train ticket booking amounts, MCDO data of
this regard as at March 31, 2022: our observations stated above, the company has, in all the tourism, E-Catering, Railneer plantsdata and transactionsare
material respects, adequate internal financial controls with compiled in Excel and uploaded / posted manuallyin
i. Differences between certain subsidiary and control reference to the Standalone Financial Statementsin place Financial Accounting Module of ERP as the master data and
ledger balances exists, amounts not ascertained by the and such internal financial controls with reference to the transaction data captured in these third-party applications is
management,which are yet to be identified, reconciled StandaloneFinancial Statements were operating effectively not compatible with ERP application.
and rectified in the books of account. as of March 31, 2022, based on the internal controls over
Based on the audit procedures carried out and as per the
financial reporting criteria established by the Company
Further, system of classification / identification of information and explanations given to us, the processing of
considering the components of internal control stated in
liabilities into trade and other payables and the ageing accounting transactions outside IT system have nomaterial
the Guidance Note on Audit of Internal Financial Controls
of trade payables & receivables including linking of issues regarding integrity of the accounts.

Financial Statements
Over Financial reporting issued by ICAI.
payments with invoices needs complete review & 2. Whether there is restructuring of anexisting loan or cases There were no cases of restructuring of an existing loan or
analysis by the management to ensure their proper of waiver/ write off of debts/loans/interest etc. made by a cases of waiver/ write off of debts/loans/interest etc. by any
presentation in the financial statements. lender to the company due to the company’s inability to lenderto the Company during the current financial year.
repay the loan? If yes, the financial impact may be stated.
ii. No response received for balance confirmation letters For P.R. Mehra & Co Whether such cases are properly accounted for?
sent to Railways and no system / mechanism exists Chartered Accountants 3. Whether funds (grants / subsidy etc.) received/receivable We are informed that no such funds were received / receivable
to ensure reconciliation of dueswith Railwayswhich (Firm’s Registration No. 000051N) for specific schemes from central/state Governments or its during the year ended March 31, 2022 by the Company. With
includes substantial inoperative debit & credit balances agencies were properly accounted for/utilized as per its regards to the government grant received in previous years, the
as on March 31, 2022. Further, response to balance Ashok Malhotra term and conditions? List the cases of deviation. sameis being accounted for in terms of the applicable Ind AS.
confirmations sought from other parties and banks was (Partner)
negligible and the system and procedures of obtaining Membership No: 082648
balance confirmations at periodical intervals needs
to be reviewed and strengthened to ensure better Place: New Delhi For P.R. Mehra & Co
response from the parties. Dated: May 30, 2022 Chartered Accountants
(Firm’s Registration No. 000051N)

Ashok Malhotra
(Partner) Place: New Delhi
Membership No: 082648 Dated: May 30, 2022

224 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 225
Balance Sheet as at 31st March, 2022 Statement of Profit and Loss for the year ended 31st March, 2022

Corporate Overview
Amount (H in Lakhs) Amount (H in Lakhs)

Note As at As at Note For the year ended For the year ended
Particulars Particulars
No. 31st March 2022 31st March 2021 No. 31st March 2022 31st March 2021

I. ASSETS I. Revenue from operations 22 1,87,947.84 77,665.77

1 Non-current assets II Other Income 23 7,282.55 8,498.38
(a) Property, Plant and Equipment 3 20,528.19 19,707.28 III Total Income (I+II) 1,95,230.39 86,164.15
(b) Capital work-in-progress 4 2,616.96 2,430.31 Expenses
(c) Investment Property 5 2,695.95 2,733.56 Cost of Materials Consumed 24 4,012.81 1,273.60
(d) Other Intangible Assets 5A 536.46 669.25 Purchase of Stock-in-Trade 25 6,579.63 3,215.50
(e) Right-of-use Assets 5B 9,781.18 8,024.57 Changes in Inventories of finished goods, work-in-progress and Stock-in-Trade 26 (42.84) 241.66
(f) Financial Assets 6 Expenses of Catering Services 27 27,083.01 10,896.22
(i) Investments 6.1 - - Expenses of Tourism & Train Operations 28 16,694.58 7,035.89
(ii) Other Financial Assets 6.2 34.36 27.28 Manufacturing & Direct Expenses 29 11,103.80 6,263.57
(g) Deferred Tax Assets (Net) 7 9,473.22 7,633.75 Employee benefit expense 30 23,743.75 20,628.51
(h) Other Non-Current Assets 8 4,946.79 3,406.89 Finance costs 31 1,105.00 827.72

Statutory Reports
50,613.11 44,632.89 Depreciation and amortization expense 32 4,898.84 4,634.73
2 Current assets Impairment Loss 46 (122.97) 122.97
(a) Inventories 9 792.79 654.04 Corporate Social Responsibility Expenses 51 990.00 1,052.72
(b) Financial Assets 10 Other Expenses 33 9,833.04 8,159.50
(i) Trade Receivables 10.1 57,264.06 52,134.22 IV Total Expenses (IV) 1,05,878.65 64,352.59
(ii) Cash and Cash Equivalents 10.2 36,820.38 34,502.41 V Profit before exceptional items and tax (III - IV) 89,351.74 21,811.56
(iii) Bank Balances other than (ii) above 10.3 1,36,336.50 1,11,547.15 VI Exceptional Items 33.2 (400.45) 3,939.81
(iv) Others 10.4 10,304.69 11,425.83 VII Profit before tax (V + VI) 88,951.29 25,751.37
(c) Current Tax Assets (Net) 11 6,459.94 3,617.70 VIII Tax expense:
(d) Other Current Assets 12 85,126.04 56,803.65 (1) Current tax 34
3,33,104.40 2,70,685.00 - For the year 23,802.31 7,452.78
Total Assets 3,83,717.51 3,15,317.89 - For Earlier years 766.87 270.72
II. EQUITY AND LIABILITIES (2) Deferred tax
1 Equity - For the year (929.40) (674.77)
(a) Equity Share Capital 13 16,000.00 16,000.00 - For Earlier years (1,057.40) -

Financial Statements
(b) Other Equity 14 1,72,388.05 1,29,581.14 IX Profit for the period from continuing operations (VII-VIII) 66,368.91 18,702.64
1,88,388.05 1,45,581.14 X Profit from discontinued operations - -
2 Liabilities XI Tax expense of discontinued operations - -
(i) Non-current liabilities XII Profit from discontinued operations (X - XI) - -
(a) Financial Liabilities 15 XIII Profit for the period (IX + XII) 66,368.91 18,702.64
(i) Borrowings - - XIV Other Comprehensive Income
(ia) Lease Liabilities 75 8,516.75 6,070.25 A. (i) Items that will be reclassified to Profit or Loss - -
(ii) Other Financial Liabilities 15.1 2,218.90 1,941.36 (ii) Income Tax relating to Items that will be reclassified to Profit or Loss - -
(b) Provisions 16 5,435.35 7,036.08 B. (i) Items that will not be reclassified to Profit or Loss - -
(c) Other Non-Current Liabilities 17 695.39 863.16 - Remeasurment of post-employment benefit obligation 35 585.33 417.85
16,866.39 15,910.85 (ii) Income Tax relating to Items that will not be reclassified to Profit or Loss (147.33) (105.17)
(ii) Current liabilities XV Other Comprehensive Income for the period 438.00 312.68
(a) Financial Liabilities 18 XVI Total Comprehensive Income for the period (XIII+XV)(Comprising Profit and Other 66,806.91 19,015.32
(i) Borrowings - - Comprehensive Income for the period)
(ia) Lease Liabilities 75 2,149.39 1,875.45 XVII Earning per equity share:
(ii) Trade payables:- 18.1 (For Continuing Operation)
(a) Total outstanding dues of micro enterprises and small enterprises; and 844.20 39.36 (1) Basic (in H) 36 8.30 2.34
(b) Total outstanding dues of creditors other than micro enterprises and small 67,015.82 58,190.36 (2) Diluted (in H) 36 8.30 2.34
enterprises XVIII Earnings Per Equity Share:
(iii) Other Financial Liabilities 18.2 31,969.96 27,595.71 (For Discontinuing Operation)
(b) Other Current Liabilities 19 73,644.12 64,618.87 (1) Basic (in H) - -
(c) Provisions 20 2,839.58 1,044.54 (2) Diluted (in H) - -
(d) Current Tax Liability (Net) 21 - 461.61 XIX Earnings Per Equity Share:
1,78,463.07 1,53,825.90 (For Continuing and Discontinued Operation)
Total Equity and Liabilities 3,83,717.51 3,15,317.89 (1) Basic (in H) 36 8.30 2.34
Significant accounting policies and notes are an integral part of these Financial Statements 1-90 (2) Diluted (in H) 36 8.30 2.34
Significant accounting policies and notes are an integral part of these Financial Statements 1-90
As per our Report of even date attached For and on behalf of :-
For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited As per our Report of even date attached For and on behalf of :-
Chartered Accountants For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited
Firm Reg. No. : 000051N Chartered Accountants
Firm Reg. No. : 000051N
CA Ashok Malhotra Rajni Hasija Ajit Kumar
CA Ashok Malhotra Rajni Hasija Ajit Kumar
Partner Chairperson & Managing Director Director (Finance) & CFO
Partner Chairperson & Managing Director Director (Finance) & CFO
M.NO:-082648 DIN:- 08083674 DIN:- 07247362
M.NO:-082648 DIN:- 08083674 DIN:- 07247362

Suman Kalra Suman Kalra

Place : New Delhi Company Secretary Place : New Delhi Company Secretary
Date : 30th May, 2022 M.No.FCS9199 Date : 30th May, 2022 M.No.FCS9199

226 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 227
Statement of Cash Flow for the year ended 31st March, 2022 Statement of Cash Flow for the year ended 31st March, 2022

Corporate Overview
Amount (H in Lakhs) Amount (H in Lakhs)
For the year For the year For the year For the year
Particulars ended ended Particulars ended ended
31st March 2022 31st March 2021 31st March 2022 31st March 2021

A. Cash Flow from Operating Activities Net Cash generated from Financing Activities (25,814.65) (4,684.71)
Profit before tax 88,951.29 25,751.37 Net Increase/(Decrease) in Cash and Cash Equivalents (A+B+C) 2,317.97 (25,237.00)
Adjustments for :- Opening Cash & Cash Equivalents 34,502.41 59,739.41
Depreciation 4,898.84 4,634.73 Closing Cash & Cash Equivalents 36,820.38 34,502.41
Impairment Loss (122.97) 122.97 Reconciliation of Cash & Cash Equivalents
Loss/(Profit) on sale of Fixed Assets 25.50 3.10 Cash and Cash Equivalent Comprises of
Interest Income (4,778.62) (6,509.67) Cash on hand 36.14 9.82
Dividend Income from Mutual fund (335.96) (260.93) Balances with banks:

Statutory Reports
Interest Expenses on Lease Liabilities 736.99 638.88 – In Current Account 36,667.91 34,075.95
Rental Income from Investment Property (234.98) (234.98) – In Flexi Account 116.33 416.64
Amortization of Capital Grant (44.16) (44.16) Cash and Cash Equivalents as per Balance Sheet 36,820.38 34,502.41
Income from amortisation of deferred security deposits-Liability (182.00) (198.96)
Interest Income on Unwinding of Discounts on security deposits (1.06) (6.11) Notes:-
Unwinding of discount on security deposits liability 170.00 188.84 1. The Cash Flow Statement has been prepared under the Indirect method as set out in Ind AS-7 on Cash Flow Statement issued
Modification of lease liablities (0.24) - by the Institute of Chartered Accountants of India.
Unwinding of discount on security deposits assets 1.33 5.22
Capital Work In Progress written off 16.05 - 2. The company adopted the amendment to Ind-AS 7 effective from April 1, 2017, which require the entities to provide disclosures
Excess Provision Written Back (2,312.87) (2,934.54) that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including both
Provision for Doubtful Debts 1,063.48 1,764.61 changes arising from cash flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and
Operating Profit before operating capital changes (1) 87,850.62 22,920.37 closing balances in the Balance Sheet for liabilities arising from financing activities, to meet the disclosure requirement.
Adjustments for :-

Financial Statements
Decrease / (Increase) in Inventories (138.75) 322.26 Reconcilation of Liabilities arising from financing activities
Decrease/ (Increase) in Trade & Other Receivables (6,193.32) 22,673.50 Amount (H in Lakhs)
Decrease/ (Increase) in Other Non Current Financial assets (6.02) 68.96
For the year For the year
Decrease/ (Increase) in Other Current Financial assets 769.03 6,147.90
Particulars ended ended
Decrease/ (Increase) in Other Current assets (28,322.39) (693.23)
Decrease/ (Increase) in Other Non Current assets 0.08 (4.15) 31st March 2022 31st March 2021
(Decrease) / Increase in other Non current financial liability 107.54 (476.98) Opening Balance 7,945.70 8,079.76
(Decrease) / Increase in Non Current Provisions (1,015.40) 426.18
Cash flows:-
(Decrease) / Increase in Other Non current liablities 58.39 329.46
- Repayment 1,814.65 684.71
(Decrease) / Increase in trade payables 9,630.30 979.41
(Decrease) / Increase in Other financial liablity 6,687.12 (5,237.65) - Proceeds
(Decrease) / Increase in Other Current Liability 9,025.26 (15,956.56) Non-Cash:-
(Decrease) / Increase in Current provisions 1,795.04 (48.68) - Fair Value 736.99 638.88
(2) (7,603.12) 8,530.42 - Net Additions to right of use assets in exchange for increased lease liabilities 3,798.10 (88.23)
Cash generated from operation (1+2) 80,247.50 31,450.79 and other adjustments
Income Tax Paid (Net of refunds) (27,873.03) (6,696.94) Closing Balance 10,666.14 7,945.70
Total Cash generated from Operating Activities 52,374.47 24,753.85
B. Cash Flow From Investing Activities
Sale/Disposal of Property, Plant and Equipment's & Other intangible assets 60.95 9.41 As per our Report of even date attached For and on behalf of :-
Purchase of Property, Plant and Equipment's & Other intangible assets (2,191.11) (7,734.12) For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited
Interest Received 5,130.73 4,860.06 Chartered Accountants
Dividend received 335.96 260.93 Firm Reg. No. : 000051N
Investment in Mutual Funds - -
Changes in Other Bank balances (24,789.35) (41,643.77) CA Ashok Malhotra Rajni Hasija Ajit Kumar
Rental Income from Investment Property 234.98 234.98 Partner Chairperson & Managing Director Director (Finance) & CFO
Capital Advances given during the Year (3,024.01) (1,293.63) M.NO:-082648 DIN:- 08083674 DIN:- 07247362
Net Cash used in Investing Activities (24,241.85) (45,306.14)
C. Cash Flow From Financing Activities Suman Kalra
Payment of principal portion of Lease Liability (1,077.66) (45.83) Place : New Delhi Company Secretary
Payment of interest portion of Lease Liability (736.99) (638.88) Date : 30th May, 2022 M.No.FCS9199
Dividend Paid (24,000.00) (4,000.00)

228 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 229
Statement of Changes in Equity for the year ended 31st March, 2022 Statement of Changes in Equity for the year ended 31st March, 2021

Corporate Overview
A. Equity share capital A. Equity share capital
Amount (H in Lakhs) Amount (H in Lakhs)
Number of Number of
Particulars J in Lakhs Particulars J in Lakhs
shares in lakhs shares in lakhs

Balance as at April 1, 2021 (1600 Lakh Equity shares of H10 each) 1,600.00 16,000.00 Balance as at April 1, 2020 (1600 Lakh Equity shares of H10 each) 1,600.00 16,000.00
Changes in Equity Share Capital due to prior period errors - - Changes in Equity Share Capital due to prior period errors - -
Restated balance at the April, 2021 1,600.00 16,000.00 Restated balance at the April, 2020 1,600.00 16,000.00
Shares extinguished on splitting of shares (Refer Note below) -1,600.00 - Issue of share Capital during the year - -
Issue of share capital during the year - - Balance as at 31st March, 2021 (1600 Lakh Equity shares of J10 each) 1,600.00 16,000.00
8000 Lakhs Equity shares H2/- each issued each during the year on splitting (Refer 8,000.00 -

Statutory Reports
note below)
B. Other Equity
Balance as at 31st March, 2022 (8000 Lakh Equity shares of J 2 each) 8,000.00 16,000.00 Amount (H in Lakhs)
Note : During the Financial Year 2021-22, one equity share of face value of H10/- each was split into 5 equity shares of H2/- each fully Reserves & Surplus
Particulars Total
paid up. General Reserve Retained Earnings

Balance at the beginning of the year i.e. 1st April, 2020 48,991.70 66,390.47 1,15,382.17
B. Other Equity
Amount (H in Lakhs) Impact due to prior period adjustment & Change in Accounting - (816.35) (816.35)
Policy (Refer Note 52 & 84)
Reserves & Surplus
Particulars Total Re-stated Balance at the beginning of the year 48,991.70 65,574.12 1,14,565.82
General Reserve Retained Earnings Profit After Tax for the year 18,702.64 18,702.64
Balance at the beginning of the year i.e. 1st April, 2021 52,491.70 77,089.44 1,29,581.14 Other Comprehensive Income after tax for the year - 312.68 312.68

Financial Statements
Impact due to prior period adjustment & Change in Accounting - - - Total Comprehensive Income after tax for the year - 19,015.32 19,015.32
Policy Transfer from Retained earnings 3,500.00 3,500.00
Re-stated Balance at the beginning of the year 52,491.70 77,089.44 1,29,581.14 Payment of final dividend on equity shares for Financial Year - (4,000.00) (4,000.00)
Profit After Tax for the year 66,368.91 66,368.91 2019-20
Other Comprehensive Income after tax for the year - 438.00 438.00 Transfer to General Reserves - (3,500.00) (3,500.00)
Total Comprehensive Income after tax for the year - 66,806.91 66,806.91 Balance at the end of the year i.e. 31st March, 2021 52,491.70 77,089.44 1,29,581.14
Transfer from Retained earnings 3,500.00 3,500.00
Payment of final dividend on equity shares for Financial Year - (8,000.00) (8,000.00)
As per our Report of even date attached For and on behalf of :-
2020-21 For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited
Payment of interim dividend on equity shares for Financial Year (16,000.00) (16,000.00) Chartered Accountants
2021-22 Firm Reg. No. : 000051N
Transfer to General Reserves - (3,500.00) (3,500.00)
Balance at the end of the year i.e. 31st March, 2022 55,991.70 1,16,396.35 1,72,388.05 CA Ashok Malhotra Rajni Hasija Ajit Kumar
Partner Chairperson & Managing Director Director (Finance) & CFO
M.NO:-082648 DIN:- 08083674 DIN:- 07247362
As per our Report of even date attached For and on behalf of :-
For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited Suman Kalra
Chartered Accountants Place : New Delhi Company Secretary
Firm Reg. No. : 000051N Date : 30th May, 2022 M.No.FCS9199

CA Ashok Malhotra Rajni Hasija Ajit Kumar

Partner Chairperson & Managing Director Director (Finance) & CFO
M.NO:-082648 DIN:- 08083674 DIN:- 07247362

Suman Kalra
Place : New Delhi Company Secretary
Date : 30th May, 2022 M.No.FCS9199

230 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 231
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
Note-1: Corporate Information ii. Certain financial assets and liabilities measured at fair g) Foreign Currency iii. In case of Computers, the cost of Operating System
value (Refer policy on financial instrument). software procured along with Computer has been
Indian Railway Catering and Tourism Company Ltd. (hereinafter i. Functional and presentation currency capitalized with Computers, while regular upgrades
referred to as “Company) has been set up by the Ministry of c) Use of estimates& Judgements and Annual Maintenance Charges have been treated
The financial statements are presented in Indian
Railways. It is a public limited company domiciled and was as revenue expenditure.
The preparation of financial statements in conformity with Rupees (INR), which is functional as well as presentation
incorporated in India on September 27, 1999 with the basic
Ind AS requires management to make judgments, estimates currency of the company. iv. Expenditure on the leased buildings for Office
purpose of hiving off entire catering and tourism activity of
and assumptions that affect the application of accounting premises has been capitalized as Leasehold -Office
the railways to the new Company so as to professionalize and ii. Transaction and balances
policies and the reported amounts of assets, liabilities, Development
upgrade these services with public-private participation. Rail
disclosure of contingent assets and liabilities at the date
based Tourism in India will be the specific vehicle for achieving Transactions in foreign currencies are recorded at the
of financial statements and the reported amount of income v. The tools and plants placed as such at catering units are
high growth in coordination with state agencies, tour operators, exchange rate prevailing on the date of transaction.
and expenses. Examples of such estimates includes taken on, as is where is basis. Due to non-availability
travel agents and the hospitality industry. The Company is Monetary foreign currency assets and liabilities are

Statutory Reports
estimated useful life of property, plant and equipment, of value of such assets, such assets are accounted at
registered under the Indian Companies Act, 1956 and the translated or converted with reference to the rates of
employee benefit expenses, provisions, satisfaction of Nominal Value of H1/- per item in the Books of Zonal
registered office of the company is located at 11th floor, B-148 exchange ruling on the date of the Balance Sheet.
performance obligation in revenue recognition etc. actual Offices of the Company for the purpose of ensuring
Statesman House Barakhamba Road New Delhi-110001
results may differ from these estimates. Foreign exchange gains and losses resulting from the physical verification.
During the FY 2019-20, as per the decision of Government of Estimates and underlying assumptions are reviewed on a settlement of such transaction and for the translation of
vi. The Luxury Tourist Train has been capitalized and
India to disinvest the shareholding by 12.6% of paid up share periodic basis. Future results could differ due to changes monetary assets and liabilities denominated in foreign
shown as "Luxury Tourist Train" in Property, Plant
capital of the Company, the initial public offer was held on 30th in these estimates and difference between the actual result currencies at year end exchange rates are recognised
and Equipment, refer policy on government grant
September, 2019 and the shares of the Company were listed and the estimates are recognized in the period in which the as profit or loss.
for treatment of grant related to acquisition of these
on NSE and BSE on 14th October, 2019. Accordingly, 201.6 Lakh results are known /materialize. h) Property, Plant and Equipment assets.
(Two hundred one Lakh sixty thousand total share) shares i.e.
12.6% of total capital having face value of H10/- each were offered d) All financial information presented in Indian rupees and all
i. Property, Plant and Equipment are stated at cost of vii. Upon sale of assets, cost and accumulated depreciation

Financial Statements
to public through offer for sale, out of which 1.6 lakh share were values are rounded to the nearest lakh rupees with two
acquisition including installation charges and other are eliminated from the financial statements and
reserved for employees(approx. 0.79% of total issue). decimal points except where otherwise stated.
related expenses if recognition criteria are met. the resultant gains or losses are recognized in the
e) Statutory dues payable and refundable are treated as statement of profit and loss.
During FY 2020-21, further disinvestment was made by the
current liability and current assets due to current in nature. ii. Cost of replacement, major inspection, repair of significant
Government of India by 20% of paid up share capital of the
parts is capitalized if the recognition criteria are met.
Company through offer for sale resulting total disinvestment by f) Statement of Cash Flow
32.6% and the shareholding of Government of India have been
reduced to 67.4% in paid up share capital of the Company. Statement of Cash Flow is made by using the Indirect i) Depreciation &Amortization: -
Method, whereby profit before tax is adjusted for the effects
of transactions of a non-cash nature and any deferrals or (a) Depreciation is provided in accordance with the life specified under Schedule II of the Companies Act, 2013 except for
Note-2: Basis of Preparation accruals of past or future cash receipts or payments. The certain items. The Life of certain assets which has not been taken as per schedule II of the Companies Act, 2013 is as
cash flows from operating, financing and investing activities follows:-
a) Statement of Compliance
of the company are segregated.
The financial statements as at and for year ended March Particulars Useful Life
31, 2022have been prepared on going concern basis For the purposes of the statement of cash flow, cash and
Expenditure incurred on civil work on premises located on Railway land, 10 Year
in accordance with Indian Accounting Standards (Ind- cash equivalents include cash in hand, cash at banks and
other than Railneer Plants, has been accounted as lease hold improvement
AS) notified under the Companies (Indian Accounting demand deposits with banks, net of outstanding bank
and has been depreciated over a period of ten years.
Standards) Rules2015as amended from time to time. overdrafts that are repayable on demand are considered
Residential flats constructed on railway land are on lease for a period of 30 30 Year
part of the Company’s cash management system.
years and the same has been depreciated over that period.
b) Basis of Measurement
The company has adopted the amendment to Ind-AS The Company has taken land from Railways on lease basis for setting up Tenure of the lease as per the lease
The Company is following accrual basis of accounting 7, which require the entities to provide disclosures that of Railneer Plants at Nangloi, Danapur, Palur, Ambernath and Parassala. agreement
under historical cost convention and for the following enable users of financial statements to evaluate changes Depreciation on Buildings and Land (under Right of use assets) have been
item that have been measured at fair value as required by in liabilities arising from financing activities, including both provided for on the basis of tenure of the lease.
relevant Ind-AS. changes arising from cash flows and non-cash changes, Solar power Plant and Electric Substation 25 years
suggesting inclusion of a reconciliation between the DG Set , Water Blowing Machine, Compressors 10 years
i. Defined benefit Plan and other long term employee opening and closing balances in the balance sheet for Air Conditioners and chillers for plant 5 years
benefits liabilities arising from financing activities, to meet the
disclosures requirement.

232 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 233
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
(b) Depreciation is calculated on a straight line basis from n) Operating cycle for Current and Non Current Assets (b) Contingent Liability and Provisions needed
the date of ready to use. Depreciation is provided Particulars Useful Life against Contingent Liability are reviewed at each
up to the date of sale, discard and loss of the assets Factory Building 30 Years Company has classified the assets and liabilities as current Reporting date.
during the year. Building other than Rail Neer 60years which is expected to realise within the twelve months after
Plant Building the reporting period and all other assets and liabilities are (c) Contingent Liability is net of estimated provisions
(c) Each part of an item of Property, Plant and Equipment classified as noncurrent. considering possible outflow on settlement.
Luxury Tourist train (Bare Shell) 15 years
related to Rail Neer is depreciated separately if the
Intangible Assets 4 years o) Use of estimates and judgements - Provisions, Contingent Assets
cost of part is significant in relation to the total cost
Electrical Installation & 10 years Contingent Liabilities and Contingent Assets:
of the item and useful life of that part is different from
Equipments (a) Contingent assets are disclosed where an inflow
the useful life of remaining asset which is based on
A. Provisions: - of economic benefits is probable.
the estimates & certificate of inhouse technical expert. j) Capital Work in Progress/Capital Advances: -
Further for the plants for whose the capital support Provisions are recognized in respect of liabilities which (b) Contingent assets are reviewed at each Reporting

Statutory Reports
are provided by the Company ,the estimated life for Capital work in progress includes the cost of property, plant can be measured only by using a substantial degree of date.
whole Civil work and plant has been estimated as 20 and equipment (PPE) that are not yet ready for their intended estimates when:
years and 10 years respectively by in house technical use and the cost of assets not put to use before the balance p) Revenue Recognition: -
committee. Sheet date. Advances paid to acquire PPE are shown as (a) The Company has a present obligation as a result
“Capital Advances” under other “Non Current Assets” of a past event. The Company is in the business of managing catering services
(d) Leasehold-Office developments in respect of office (both mobile and static units), Operating Departmental
premises and Leasehold land (for which lease k) Intangible Assets: - (b) Probable outflow of resources embodying Catering Units, Managing Budget Hotels on Public Private
agreement exists) have been depreciated/amortized economic benefits will be required to settle the Partnership basis, awarding licenses for operating Food
Intangible assets like software, licenses, web portal, obligation; and Plazas, Static Catering stalls, Water Vending Machines,
over the lease period. Expenditure incurred on civil
tourism portal etc. are recorded at the consideration paid booking of Rail Tickets through Internet, Managing Rail
work on premises located on Railway Land (for which
for acquisition and useful life of Intangible Assets has been (c) The amount of the obligation can be reliably Sampark-139 Call Centre on Public Private Partnership basis,
no lease agreement exists) has been accounted as
assumed as 4 Years. estimated. Reimbursement expected in respect arranging package tours through reputed tour operators,

Financial Statements
lease hold improvement and has been depreciated
of expenditure required to settle a provision is managing complete tour packages, manufacturing and
over a period of ten years. l) Investments in Joint Arrangements recognized only when it is virtually certain that distribution of Railneer-Packaged Drinking Water, etc.
(e) Depreciation methods, useful lives and residual values the reimbursement will be received Provisions are
Investment in equity instruments of joint ventures are
are reviewed at each reporting date. reviewed at each Balance Sheet date. a) Company Recognizes revenue from contracts with
measured at cost as per Ind AS 27- Separate Financial
customers based on a five-step as set out in Ind
Statements. Discounting of Provisions
(f) Depreciation is calculated at depreciable amount, i.e. AS-115:-
Cost less its residual value. m) Investment Properties Provision which expected to be settled beyond 12 (i) Identify contracts with a customer: - A contract
(g) In respect of Residential Flats constructed on leasehold months are measured at the present value by using is defined as an agreement between two or
a) Investment Properties are stated at cost, net
land, depreciation is charged over the period of the pre-tax discount rate that reflects the risks specific to more parties that creates enforceable rights and
of accumulated depreciation and accumulated
lease of the land. the liability. The increase in the provision due to the obligations and sets out the criteria for every
impairment losses, if any.
passage of time is recognized as interest expenses. contract that must be met.
The estimated useful life of assets for current and b) The company depreciates building component of
comparative period of significant items of property plant B. Contingent Liabilities (ii) Identify performance obligations in the contract: A
investment property over the estimated useful life
and equipment which has been taken as per schedule II of of the assets as prescribed in property, plant and performance obligation is a promise in a contract
(a) Contingent Liabilities are disclosed in either of the
Companies Act, 2013 are as follow: equipment. with a customer to transfer a good or service to
following cases:
the customer.
Particulars Useful Life c) Investment properties are derecognized either i. A present obligation arising from a past
when they have been disposed off or when they (iii) Determine the transaction price: The transaction
Plant and Machinery 15years event, when it is not probable that an outflow
are permanently withdrawn from use and no future price is the amount of consideration to which
Computers 3 years of resources will be required to settle the
economic benefit is expected from their disposal. the company expects to be entitled in exchange
Network & Server 6 years obligation; or
Difference between the net disposal proceeds and the for transferring promised goods or services to a
Air Conditioner 10 years carrying amount of the asset is recognised in profit or ii. A reliable estimate of the present obligation customer, excluding amounts collected on behalf
Furniture 10 years loss in the period of de-recognition. cannot be made; or of third parties.
Office Equipment’s 5 years
iii. A possible obligation, unless the probability of (iv) Allocate the transaction price to the performance
outflow of resource is remote. obligations in the contract: For a contract that

234 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 235
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
has more than one performance obligation, i. Sales: - • Income from Concession Fees, User Charges and License Fee: -
the Company allocates the transaction price to The Company is receiving the income from the following: -
each performance obligation in an amount that Sales of Railneer-packaged drinking water,
depicts the amount of consideration to which the food and beverage items are recognized at Sr.
Nature of business activity Nature of Fee received from licensees
Company expects to be entitled in exchange for the point in time when the goods are sold No.
satisfying each performance obligation. and services rendered and are recorded net
1. Awarding license for providing Catering Services One time Concession Fee for the contract period
of GST etc. in terms of Ind AS-115. It does not
on Rajdhani and Shatabdi Express Trains. (including renewal period, if any), and Variable
(v) Recognise revenue when or as the Company include inter-depot and inter-unit transfers.
License Fee.
satisfies a performance obligation by transferring
ii. Income from Internet Ticketing: - 2. Providing Catering Services on trains as awarded Fixed License Fee for the contract period.
a promised goods or services to a customer. An
by Railways under SBD (Standard Bid Document)
asset is transferred when the customer obtains
(a) Income from Service charges: Income agreement and handed over to the Company in
control of that asset.

Statutory Reports
from Service Charges is recognized on terms of Catering Policy, 2017.
The Performance obligation is satisfied and the basis of value of the service charges 3. Award of license for arranging catering services Fixed License Fee as per the agreement signed
recognized revenue overtime, if one of the earned on the tickets booked by Foreign on Mail/ Jan Shatabdi /Express Trains. with the awardees.
following criteria is met: customer through Company's Web site 4. Award of license for setting up of Food Plaza and (i) Fixed Monthly User Charges and Variable License
(www.irctc.co.in). Gross service charges operation thereof at the Indian Railway premises Fee in case of contracts awarded under earlier
a) The performance does not create an asset earned on the sale of such tickets on Policy of the Company.
with an alternate use and has an enforceable accrual basis have been booked as (ii) Fixed Annual License Fee as per the agreement
right to payment for performance completed income of the Company & Corresponding signed with the awardees.
to date. railway share is shown as expenses. 5. Award of License for Water Vending Machines Fixed License fee on basis of date of commencement
(WVM) at Railway Stations. services of each WVMs.
b) The performance creates or enhances an (b)
Income from Convenience Fee:Income
6. Award of License for static units at Railway Stations (i) Fixed License fee in case of Contracts awarded
asset that the customer controls as the asset from Convenience Fee is recognized on
under Policy of the Company.

Financial Statements
is created or enhanced. the basis of value of the Convenience
fee earned on the tickets booked by
c) The customer simultaneously receives and (ii)Fixed License Fee as per the agreement signed
domestic customers through Company's
consumes the benefits provided. with the awardees.
Web site (www.irctc.co.in). Convenience
7. Award of license for Re-developing, Operation, Fixed User Charges & License Fee as per the
fees earned on the sale of such tickets
For performance obligations where one of the above Management and Transfer of Budget Hotels on agreement signed with the awardees.
on accrual basis have been booked as
conditions are not met, revenue is recognized at the Indian Railway premises
income of the Company & no Railway
point in time at which the performance obligation is 8 Fine, Penalty & Interest on delayed payment if any. Fine, Penalty & Interest on delayed payment if any is
share is payable on such income.
satisfied. When performance obligation is satisfied recognized on its receipt from Licensee & Vendor.
by delivering the promised goods or services, it iii. Income from Catering Services: -
creates a contract based asset on the amount of
consideration earned by the performance. Where The Company has been given a mandate by The Income under these heads have been • License Fee: -
the amount of consideration received from a Railway Board, Ministry of Railways to upgrade recognized / accounted as under: -
(a) Fixed license fees received by the
customer exceeds the amount revenue recognized and professionalize catering services on trains
• Concession fee: Income is recognized on Company are accounted on accrual
this give rise to a contract liability. & other locations. The Company recognizes
accrual basis (pro-rata) over the period of basis (pro-rata) till the period contract is
its income from catering services as per the
Revenue is measured at the fair value of the time as given in the Ind AS-115 relating to in operation.
following policies.
consideration received or receivable, taking into revenue recognition. One-time concession
fee (Unexpired Concession Fee) received by (b) Variable License fee is accounted on
account contractually defined terms of payment • Income from On-board Catering Services:
the Company has been treated as income accrual basis as a fixed percentage of
and excluding taxes and duty.
The Company is providing catering services received in advance. In case the contracts the catering services provided by the
Revenue is recognized to the extent it is probable on Rajdhani, duranto and Shatabdi Express for the trains are terminated on account contractor.
that the economic benefits will flow and the Trains on Indian Railways network. The income of cancellation / withdrawal of the train by
(c) License fee is accounted on accrual
revenue and costs if applicable can be measured is accounted on the basis of bills raised for Railway Administration, income is recognized
basis as a fixed percentage of the
reliably. catering services provided to the passengers over the period, the contract was in force.
projected turnover of the Budget Hotels
of Indian Railways on accrual basis.
• User charges: User Charges payable by the operated by the licensees under re-
Food Plazas and Budget Hotels Licensees develop, operate, manage and transfer
are accounted on accrual basis till the period basis. Where additional License Fee is to
project was in operation. be received from the Licensee based on

236 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 237
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
the turnover of the Licensee as per the Company. The income from operations of trains (i) Expenditure on Railneer -Packaged Drinking Water • Custody/Haulage Charges on Train Operations:-
audited accounts, the same is accounted is recognized over the period of time of the and Departmental Catering Activity: -
on receipt basis. operations of the train as per the requirement of (a) Fixed yearly Charges payable to Zonal
the Ind AS-115. Expenses are accounted on accrual basis and Railways by the Company is accounted for
• Income Accrued on Forfeiture of Contracts: - provision is made for all known losses and Liabilities. on accrual basis (pro-rata) till the trains are in
Recognition of income from Catering contracts vi.
Integration Charges operation.
terminated on account of breach of terms and The expenditure on account of Railway’s revenue share
conditions was made as under: One time Integration Charges payable by the is booked @15% of the net profits earned from Railneer (b) Variable Haulage Charges:- fee payable to
Principal Service Provider to the Company for and Departmental Catering Segment for the year. Zonal Railways is accounted on accrual basis
I. Up to the date of termination, the income registration and integration with the Company as a fixed rate charged for per km and per day
is recognized in respect of concession for reserved rail e-ticketing service has been (ii) Expenditure on Internet ticketing: - of train operation as per the understanding
fee over the contract period on pro-rata recognized over a period of 20 years. with the railways.
Expenses are accounted on accrual basis and

Statutory Reports
basis and in case of License fee over the
vii. Water vending Machines provision is made for all known losses and Liabilities (c) Custody Charge:- Fixed yearly Custody
period the train has been in operation on
pro-rata basis. charges payable to Zonal Railways by the
The company is in arbitration proceeding with (iii) Catering Charges Paid:
Company is accounted for on accrual basis
II. Other income: Remaining balance of the Licensee for water vending machines and as (pro-rata) till the period trains are in operation
(a) Onboard Catering Charges:
concession fee, License fee and Security per the order of the arbitration, the revenue has
Deposits on forfeiture of contracts are been recognized/accrued based on the date of Catering Charges paid to the Contractor are accounted • Tourism Expenses: -
recognized as other income accrued commencement of each of the water vending for on accrual basis for catering services provided to
machines as against immediate recognition of In case of complete tour packages and Buddhist
during the year. the passengers of Indian Railways.
revenue on the date of commission of first WVM Circuit Special Train, cost of ticket, Service
iv. Income from Package Tours: - under a cluster arrangement with the licensee. (b) Concession Fees, User Charges, License Fee : - Charges and other On Board/off Board charges
are accounted on accrual basis. In case of train

Financial Statements
The Company is engaged in booking of Special viii. Interest Income from Fixed Deposits including The Expenditure under this head has been recognized/ operations, the Expenses incurred on account of
Trains, Special Coach Charter and berths under TDRs and Dividend Income: - accounted for as per the following:- Fixed/Variable haulage/other charges by Railways
value added tours for promoting the rail-based and Catering/other expenses are accounted on
Income received as Interest from fixed deposit • Concession Fee Paid: Concession Fee payable
tourism and booking of Air Tickets. The Company accrual basis.
& TDRs is recognized on accrual basis by using to Indian Railways in respect of on board catering
is also engaged in booking of foreign tours on
effective rate of interest. contract is recognized on accrual basis (pro-rata) r) Leases: -
group basis. The income from special trains/
over the contract period. Payment of Unexpired
Coach Charters includes Company’s service
Dividend income is recognized when the Concession Fee to the Indian Railways has been Where the Company is the lessee:
charge as a fixed percentage of the fare as fixed
company’s right to receive the dividend is treated as an advance. In case the contracts for
by the Railways. In case of value added tours, (i) The Company Recognizes a right-of- use asset and
established. the trains are terminated on account of breach of
the income includes fare, charges towards On- a lease liability at the lease commencement date.
terms and conditions of the contract or cancellation
Board/Off Board Expenses and Companys service ix. Duty Credit License: The right of-use asset is initially measured at cost,
/ withdrawal of the train by Railway Administration,
charges. The Income from Air Tickets includes which comprises the initial amount of lease liability
The Duty Scrips under Service Exports from expenditure is recognized over the period, the
service charges earned from booking of air tickets adjusted for any lease payments made at or before
India Scheme (SEIS) under Foreign Trade Policy, contract was in force.
from customers. the commencement date , plus any initial direct
2015-20 would be freely transferable and can cost incurred and an estimate of costs to dismantle
• User charges Paid: User Charges payable to
In case of Complete Tour Packages, Buddhist be monetized. The Scrips issued under Service
Indian Railways in respect of Food Plazas and and remove the underlying asset or to restore the
Circuit Special Train and Bharat Darshan Trains, Exports from India Scheme can only be usable for
Budget Hotels are accounted for on accrual basis underlying asset or the site on which it is located, less
the income includes the total amount net of GST payment of Basic Customs Duty on imports. The
till the period projects were in operation. any lease incentives received.
collected from the customer. Scrips are redeemable under New Policy.
• License Fee Paid: - (ii) The right-of-use asset is subsequently depreciated
The income is booked on accrual basis (pro-rata), That Duty credit entitlements are accounted for using the straight-line method from the commencement
based on date of journey. as receivables upon approval of the same by the (a) Fixed license fees payable to Indian Railways date to the earlier of the end of the useful life of
concerned department and pending the same the by the Company is accounted for on accrual the right-to-use-asset or the end of the lease term.
v. Income from Train Operations
entitlements are shown as contingent assets. basis (pro-rata) till the period contract are in The estimated useful life of the right-to-use asset is
Company is engaged in the operations of the operation. determined on the same basis as those of property,
q) Expenditure: -
trains received from the Zonal railways on plant and equipment. In addition, the right-to-use asset
(b) Variable License fee payable to Indian
haulage charge principle basis. The income from Items of expenditure are recognized on accrual is periodically reduced by impairment losses, if any,
Railways is accounted on accrual basis as
the operations of the special train includes the basis however certain expense/claims, which are not and adjusted for certain remeasurements of the lease
a fixed percentage of the catering services
fare collected from the passengers fixed by the ascertainable are accounted for on their being ascertained. liability.
provided /sales made.

238 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 239
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
(iii) The lease liability is initially measured at the present t) Borrowing Cost: - (iv) Re-measurement gains and losses arising from (iv) Current tax related to OCI Item are recognized in
value of the lease payments that are not paid at the experience adjustments and changes in actuarial Other Comprehensive Income (OCI).
commencement date, discounted using the interest General and specific borrowing costs directly attributable assumptions in respect of defined benefit plans
rate implicit in the lease or, if that rate cannot be readily to the acquisition, construction or production of qualifying are recognised in period in which they occur, (b) Deferred Tax
determined, the Company’s incremental borrowing assets, are capitalised as part of the cost of such assets directly in other comprehensive income. They are
till such time the assets are substantially ready for their The Company has accounted for deferred taxation
rate. included in retained earnings in the statement of
intended use. A qualifying asset is an asset that necessarily in line with IndAS-12 “Income Taxes” issued by the
changes in equity.
(iv) The lease liability is measured at amortized cost using requires a substantial period of time to get ready for its Ministry of Corporate Affairs.
the effective interest method, it is remeasured when intended use. All other borrowings costs are recognized in (d)
Provision/liabilities towards Foreign Service
i. Deferred income tax assets and liabilities are
there is a change in future lease payments from a the statement of Profit and Loss in the period in which they Contribution- Pension and Leave Salary are made
recognized for temporary differences which is
change in an index or rate. When the lease liability is are incurred. in terms of Government Rules & Regulations for
computed using the tax rates and tax laws that
remeasured in this way, a corresponding adjustment is employees on deputation/Deemed Deputation and

Statutory Reports
u) Employee Benefits: - have been enacted or substantively enacted at
made to the carrying amount of the right -of-use asset, or charged to statement of Profit and Loss on accrual
the reporting date.
is recorded in the profit and loss if the carrying amount basis.
(a) Short Term Employee Benefits
of the right-of-use asset has been reduced to zero. ii. Deferred income tax asset are recognized to the
v) Inventories:
All employee benefits payable wholly within twelve extent that it is probable that taxable profit will be
(v) The Company presents right-of-use asset separately
months of rendering the services are classified as short (i) Inventories are valued at lower of cost and net available against which the deductible temporary
on the face of the Balance Sheet in the “Right of use
term employee benefits. Benefits such as salaries, realizable value. differences, and the carry forward of unused tax
assets” and lease liabilities in “other financial liabilities”
wages, and short- term compensated absences etc. credits and unused tax losses can be utilized.
in the Balance Sheet.
are recognized in the period in which the employee (ii) In case of raw materials, packing materials, stores,
renders the related service. spares and consumables, the cost includes duties and iii. The carrying amount of deferred income tax
(vi) Short term Lease and Leases of low value assets:-The
taxes (net of ITC, wherever applicable) and is arrived at assets is reviewed at each reporting date and
Company has elected not to recognize right-of-use
(b) Long Term Employee Benefits: on FIFO basis. reduced to the extent that it is no longer probable
asset and lease liabilities for short term leases that

Financial Statements
that sufficient taxable profit will be available to
have lease term of 12 months or less and leases of The obligation for long-term employee benefits such (iii) Cost of finished goods and work in process includes allow all or part of the deferred income tax asset
low value assets. The Company recognizes the lease as long-term compensated absences, half pay leave& the cost of raw materials, packing materials, an to be utilized.
payments associated with these leases as an expense LTC is recognized in the same manner as in the case of appropriate share of fixed and variable production
on a straight-line basis over the lease term. defined benefit plans as mentioned in (c)(ii) below iv. Deferred tax related to OCI Item are recognized in
overheads, excise duty as applicable and other costs
incurred in bringing the inventories to their present Other Comprehensive Income (OCI).
Where the Company is the lessor: (c) Post-Employment Benefits
location and condition.
x) Earning Per Share
When the Company acts as a lessor, it determines at (i) Defined contribution plans: The Company makes
lease inception whether each lease is a finance lease or (iv) PD items (traded goods) are valued at cost or NRV on
defined contribution to the Regional Provident In determining basic earnings per share, the company
an operating lease. To classify each lease, the Company FIFO basis.
Fund Commissioner in respect of provident fund considers the net profit attributable to equity shareholders.
makes an overall assessment of whether the lease transfers scheme. The contribution paid/payable under the The number of shares used in computing basic earnings
w) Taxation: -
substantially all the risk and rewards incidental to the schemes is recognized during the period in which per share is the weighted average number of shares
ownership of the underlying asset. If this is the case, then the employee renders the related service. (a) Current Income Tax: - outstanding during the period. In determining diluted
the lease is a finance lease, if not then it is an operating earnings per share, the net profit attributable to equity
lease. As part of the assessment, the Company considers (ii) Defined Benefit plans: Company provides (i) Taxes including current income-tax are computed shareholders and weighted average number of shares
certain indicators such as whether the lease is for the major post-retirement medical benefits to employees. using the applicable tax rates and tax laws. outstanding during the period are adjusted for the effect of
part of the economic life of the asset. The entitlement to these benefits is usually all dilutive potential equity shares.
conditional on the employee remaining in service (ii) The tax rates and tax laws used to compute the
The Company recognizes lease payments received under up to retirement age and the completion of amount are those that are enacted or substantively y) Grants
operating lease as income on a straight-line basis over the minimum service period. The expected costs enacted, at the reporting date in the countries
lease term as part of “Other Income”. of these benefits are accrued over the period where the company operates and generates i. Government grants relating to purchase of property,
of employment using the same accounting taxable income. plant and equipment are included in liabilities as
s) Impairment of Assets: - deferred income and credited to profit or loss over
methodology as used for defined benefit plans.
(iii) Current income tax assets and liabilities for current the on systematic basis over the expected life of the
Cash generating units as defined in Ind AS 36 on ‘Impairment and prior periods are measured at the amount
(iii) Gratuity is a post-employment defined benefit related assets and presented within other income.
of Assets’ on ‘Impairment of Assets’ are identified at the expected to be recovered from or paid to the
plan. The liability recognized in the balance
balance sheet date with respect to carrying amount vis-à- taxation authorities Liability for additional taxes, if ii. Grants relating to the revenue expenditure are adjusted
sheet is the present value of the defined benefit
vis. recoverable amount thereof and impairment loss, if any, any, is provided / paid as and when assessments against the related expenses. The unutilized portion of
obligation at the balance sheet date less fair value
is recognized in the statement of profit and loss account. are completed. revenue and capital grant is shown as liability.
of plan assets. The defined benefit obligation
Impairment loss, if need to be reversed subsequently, is
is calculated by an independent actuary using
accounted for in the year of reversal.
projected unit credit (PUC) method.

240 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 241
Accounting Policies as per Indian Standards (Ind AS) Accounting Policies as per Indian Standards (Ind AS)

Corporate Overview
iii. Government grant in the form of Non-monetary asset (ii) Retention money Financial liabilities at Fair Value through Profit & Loss • In the absence of a principal market, in the most
is recognized at fair value and presented in balance (iii) Cash and cash equivalent (FVTPL) advantageous market for the asset or liability.
sheet by setting up the grant as deferred Income.
(iv) Advances adjustable with other financial instrument The company has not designated any financial liabilities at The principal or the most advantageous market must be
z) Cash & Cash Equivalents FVTPL. accessible to the company. The fair value of an asset or
Financial Assets at fair value through other a liability is measured using the assumptions that market
Cash and cash equivalents comprise cash on hand, drafts/ comprehensive income (FVTOCI) De-recognition
participants would use when pricing the asset or liability,
cheques on hand, bank balances, deposits with banks Financial Asset assuming that market participants act in their economic best
and short term investments, which are short-term (three Financial assets are measured at fair value through other
A financial asset (or, where applicable, a part of a financial interest. The company uses valuation techniques that are
months or less from the date of acquisition), highly liquid comprehensive income if these financial assets are held
asset or part of a group of similar financial assets) is appropriate in the circumstances and for which sufficient
investments that are readily convertible into cash and which within a business whose objective is achieved by both
derecognized only when the contractual rights to the cash data are available to measure fair value, maximizing the
are subject to an insignificant risk of changes in value. collecting contractual cash flows and selling financial assets
flows from the asset expires or it transfers the financial use of relevant observable inputs and minimizing the use

Statutory Reports
and the contractual terms of the financial asset give rise on
assets and substantially all risks and rewards of the of unobservable inputs.
aa) Stale Cheques specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding. ownership of the asset.
Assets and liabilities for which fair value is measured or
Cheques which have not been cleared within the validity
Financial Liability disclosed in the financial statements are categorized within
period of 3 months are credited to the stale cheque account. Debt instruments included within the FVTOCI category are
the fair value hierarchy, described as follows, based on
Stale cheques related to Private parties which are more measured initially as well as at each reporting date at fair A financial liability is derecognised when the obligation the lowest level input that is significant to the fair value
than 4 years old from the date of transfer to stale cheque value. Fair value movements are recognized in the other under the liability is discharged or cancelled or expires. measurement as a whole:
and those related to Government Bodies which are more comprehensive income (OCI). However, the company When an existing financial liability is replaced by another
than 6 years old from the date of transfer to stale cheque recognizes interest income, impairment losses & reversals from the same lender on substantially different terms, or the - Level 1 — Quoted (unadjusted) market prices in active
and which could not be cleared in stale cheque account and foreign exchange gain or loss in the P&L. On de- terms of an existing liability are substantially modified, such markets for identical assets or liabilities
are credited to Miscellaneous income. For any claim arising recognition of the asset, cumulative gain or loss previously an exchange or modification is treated as a de-recognition
in future, the same are debited to Miscellaneous Expenses” recognised in OCI is reclassified from the equity to P&L. of the original liability and the recognition of a new liability, - Level 2 — Valuation techniques for which the lowest level

Financial Statements
Interest earned is recognised using the EIR method. and the difference in the respective carrying amounts is input that is significant to the fair value measurement is
bb) Financial Instruments: - directly or indirectly observable.
recognised in the statement of Profit & Loss.
Financial Assets at Fair value through Profit & Loss
Initial recognition and measurement (FVTPL) - Level 3 — Valuation techniques for which the lowest level
Impairment of Financial Assets
input that is significant to the fair value measurement is
Financial Instruments recognized at its fair value plus or FVTPL is a residual category for financial Assets. Any The Company recognizes loss allowances using the unobservable.
minus, in the case of a financial instrument not at fair value financial assets, which does not meet the criteria for expected credit loss (ECL) model for the financial assets
through profit or loss,transaction costs that are directly categorization as at amortized cost or as FVTOCI, is For assets and liabilities that are recognized in the financial
which are not fair valued through profit or loss. Loss
attributable to the acquisition or issue of the financial classified as at FVTPL. statements on a recurring basis, the Company determines
allowance for trade receivables with no significant financing
instruments. whether transfers have occurred between levels in the
component is measured at an amount equal to lifetime
In addition, the company may elect to designate financial hierarchy by re-assessing categorization (based on the lowest
Financial Asset at Amortized Cost ECL. For all other financial assets, ECLs are measured at an
asset, which otherwise meets amortized cost or FVTOCI level input that is significant to the fair value measurement as
amount equal to the 12-month ECL, unless there has been
criteria, as at FVTPL. If doing so reduces or eliminates a a whole) at the end of each reporting period.
Financial assets are subsequently measured at amortised a significant increase in credit risk from initial recognition
measurement or recognition inconsistency.
cost if these financial assets are held within a business in which case those are measured at lifetime ECL. The
At the reporting date, the Company analyses the
whose objective is to hold these assets in order to collect Financial assets included within the FVTPL category are amount of ECLs (or reversal) that is required to adjust the
movements in the values of assets and liabilities which
contractual cash flows and the contractual terms of the measured at fair value with all changes recognized in the loss allowance at the reporting date to the amount that is
are required to be re-measured or re-assessed as per the
financial asset give rise on specified dates to cash flows Statement of Profit and Loss. required to be recognized is recognized as an impairment
accounting policies. For this analysis, the Company verifies
that are solely payments of principal and interest on the gain or loss in the Statement of Profit & Loss Account.
the major inputs applied in the latest valuation by agreeing
principal amount outstanding. Financial assets measured Financial liabilities at Amortised Cost
cc) Fair Value Measurement the information in the valuation computation to contracts
at amortised cost using effective interest rate method
Financial liabilities at amortised cost represented by and other relevant documents.
less impairment, if any. The EIR amortisation is included in
trade and other payables, security deposits, advances Company measures financial instruments at fair value at
finance income in the statement of profit and loss. The Company also compares the change in the fair value
refundable and retention money are initially recognized at each reporting date. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in of each asset and liability with relevant external sources to
Following financial assets are measured at amortised cost: - fair value, and subsequently carried at amortized cost using
an orderly transaction between market participants at the determine whether the change is reasonable.
(i) Security deposit the effective interest rate method.
measurement date. The fair value measurement is based
For the purpose of fair value disclosures, the Company has
on the presumption that the transaction to sell the asset or
determined classes of assets and liabilities on the basis of
transfer the liability takes place either:
the nature, characteristics and risks of the asset or liability
• In the principal market for the asset or liability, or and the level of the fair value hierarchy as explained above.

242 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 243
 Note: - 3 Property, Plant and Equipments

244
Amount (H in Lakhs)

Buildings Office Equipments

Electrical Luxury
Freehold Freehold Factory Plant & EDP Furniture
Particulars Leasehold Installation & Air Tourist Total
Land Residential Building- Machinery Equipments Assets Office & Fixtures
Improvements Conditioner Equipment Train
Flats Leasehold

Gross Carrying Value

At 01st April 2020 876.61 - 1,940.23 4,291.96 9,163.27 580.67 8,611.62 509.47 1,542.90 651.32 5,202.46 33,370.51
Additions - 3,636.93 625.77 36.64 490.39 7.93 1,683.71 3.60 73.28 20.67 - 6,578.92
Disposals Adjustments - - 3.46 - 44.86 - 61.58 5.59 47.44 3.23 - 166.16
At 31st March, 2021 876.61 3,636.93 2,562.54 4,328.60 9,608.80 588.60 10,233.75 507.48 1,568.74 668.76 5,202.46 39,783.27
Additions 1,493.79 475.08 58.17 327.93 701.67 26.20 235.22 11.74 72.12 16.91 3,418.83
Disposals/Adjustments 17.47 14.00 64.51 76.90 253.98 24.69 169.74 14.32 635.61
At 31st March, 2022 2,370.40 4,112.01 2,603.24 4,642.53 10,245.96 537.90 10,214.99 494.53 1,471.12 671.35 5,202.46 42,566.49
Accumulated Depreciation
and Impairment
At 01st April, 2020 - - 861.79 610.44 3,456.64 360.05 6,840.44 335.98 1,187.95 411.91 3,720.22 17,785.42
Depreciation charge for the - 6.59 151.15 153.17 850.51 39.08 835.94 31.11 98.66 34.49 240.05 2,440.75
year
Impairment
Disposals/Adjustments 44.56 56.97 5.31 40.38 2.96 150.18
At 31st March, 2021 - 6.59 1,012.94 763.61 4,262.59 399.13 7,619.41 361.78 1,246.23 443.44 3,960.27 20,075.99
Depreciation charge for the 63.47 231.95 279.80 766.50 31.90 732.60 34.02 92.08 39.13 240.01 2,511.46
year

Indian Railway Catering and Tourism Corporation Limited

Impairment
Disposals/Adjustments 17.11 1.82 32.45 63.36 242.56 21.24 157.70 12.91 - 549.15
At 31st March, 2022 - 70.06 1,227.78 1,041.59 4,996.64 367.67 8,109.45 374.56 1,180.61 469.66 4,200.28 22,038.30

Net Carrying Value

At 31st March, 2022 2,370.40 4,041.95 1,375.46 3,600.94 5,249.32 170.23 2,105.54 119.97 290.51 201.69 1,002.18 20,528.19
At 31st March, 2021 876.61 3,630.34 1,549.60 3,564.99 5,346.21 189.47 2,614.34 145.70 322.51 225.32 1,242.19 19,707.28
At 01st April 2020 876.61 - 1,078.44 3,681.52 5,706.63 220.62 1,771.18 173.49 354.95 239.41 1,482.24 15,585.09

Note :- 3.1 During the F.Y 2009-10, the Company acquired a Pan India Luxury Tourist Train. The total cost of said train was H5,046.57 Lakhs. The Tourism Ministry had given
capital subsidy of H1,237.00 Lakhs which has been recognised as deferred grant and amortised in the proportion of the depreciation.

Note :- 3.2
Expenditure incurred on civil work on premises located on Railway land other than Railneer Plants has been accounted as lease hold improvement and has been depreciated
over a period of ten years.

Note :- 3.3
IRCTC has taken land from Railways on lease basis for setting up of Railneer Plants at Nangloi, Danapur, Palur, Ambernath and Parassala. The depreciation on Buildings located
on these land have been provided as per the policy. However, Depreciation on Building of Ambernath and Palur Plant has been provided on the basis of estimated useful life of
10 years starting from Financial Year 2021-22 as per the estimation by the Management. For Railneer Plants, located on other land, Buildings have been depreciated over a period
of 30 years in accordance with the schedule II of the Companies Act, 2013.

23rd Annual Report 2021-22 Note :- 3.4

Refer Note 5B for details of Leasehold Assets (Right of Use) and Note No. 74 for title deeds of immovable properties which are yet to be executed.

Note: - 4 Capital Work in Progress

Amount (H in Lakhs)

Railneer Plant Railneer Railneer Plant- Railneer Railneer Training

Budget
Particulars - Vijaywada Plant-Bhusawal Bhubaneswar Plant-Una Plant - Centre at Others Total
Hotels
(AP) (Maharashtra) (Odisha) (HP) Simhadri (AP) Faridabad

Opening balance at 01st April, 2020 - 274.61 - 137.22 - 352.01 - 856.95 1,620.79
Additions (subsequent expenditure) 106.40 132.67 547.39 124.45 560.83 - 659.93 2,131.67
Adjustments - 1,322.15 1,322.15
Closing balance at 31st March, 2021 106.40 407.28 - 684.61 124.45 912.84 - 194.73 2,430.31
Additions (subsequent expenditure) 89.74 103.11 42.00 42.00 312.33 477.49 41.32 49.09 1,157.08
Adjustments 726.61 243.82 970.43
Closing balance at 31st March, 2022 196.14 510.39 42.00 - 436.78 1,390.33 41.32 - 2,616.96
245

Financial Statements Statutory Reports Corporate Overview

Note:- 4.1(a) Capital Work in Progress ageing Schedule Note: - 5 Investment Property
Amount (H in Lakhs)
CWIP ageing Schedule as on 31st March 2022

Corporate Overview
Amount (H in Lakhs) Building at
Particulars Land at Gurgaon Total
Gurgaon
Amount in CWIP for a period of
Capital Work in Progress Less than 1 More than 3 Total Opening balance at 1st April, 2020 464.66 2,336.31 2,800.97
1-2 years 2-3 years Addition/Adjustment during the year - 32.21 32.21
year years
Disposal/Adjustment during the year - - -
Projects in progress 1066.01 939.18 591.89 19.88 2616.96 Closing balance at 31st March, 2021 464.66 2,368.52 2,833.18
Projects temporarily suspended - - - - - Addition/Adjustment during the year - - -
Disposal/Adjustment during the year - - -
CWIP ageing Schedule as on 31st March 2021 Closing balance at 31st March, 2022 464.66 2,368.52 2,833.18
Amount (H in Lakhs) Amortization and Impairment
Amount in CWIP for a period of Opening balance at 1st April, 2020 - 62.15 62.15
Amortization during the year - 37.47 37.47

Statutory Reports
Capital Work in Progress Less than 1 More than 3 Total
1-2 years 2-3 years Disposal/Adjustment during the year - - -
year years
Closing balance at 31st March, 2021 - 99.62 99.62
Projects in progress 1690.61 708.79 5.11 25.80 2430.31 Amortization during the year - 37.61 37.61
Projects temporarily suspended - - - - - Disposal/Adjustment during the year - - -
Closing balance at 31st March, 2022 - 137.23 137.23
Note:- 4.1(b) Capital Work in Progress ageing Schedule whose completion is overdue as compared to its original plan Net Carrying Value
At 31st March, 2022 464.66 2,231.29 2,695.95
As on 31st March 2022 At 31st March, 2021 464.66 2,268.90 2,733.56
Amount (H in Lakhs)
At 01st April, 2020 464.66 2,274.16 2,738.82
To be completed in
Capital Work in Progress Less than 1 More than 3 Total

Financial Statements
1-2 years 2-3 years Note:-5.1 Fair value of Investment property as on 31st March, 2022 is H7935.00 Lakhs, which has been valued on the basis of Land
year years
and Building Method by adopting prevailing market rates by a registered valuer as defined under rule 2 of Companies (Registered
Budget Hotel - Lucknow 1,227.15 - - - 1,227.15 Valuers and Valuation) Rules, 2017.
Railneer Plant- Vijaywada 196.14 - - - 196.14
5.2 Other Disclosure
Railneer Plant- Bhusawal 510.39 - - - 510.39 Amount (H in Lakhs)

As on 31st March 2021 For the year For the year

Amount (H in Lakhs) Particulars ended ended
31st March 2022 31st March 2021
To be completed in
Capital Work in Progress Less than 1 More than 3 Total Amounts recognized in statement of profit and loss for investment properties
1-2 years 2-3 years
year years -- Rental Income 234.98 234.98
Direct operating expenses of property that generated rental income 19.86 19.86
Railneer Plant- Vijaywada 106.40 - - - 106.40
Direct operating expenses of property that did not generated rental income - -
Railneer Plant- Bhusawal 407.28 - - - 407.28
Income arising from Investment properties before charging depreciation 215.12 215.12
Note:- There is no project as on 31st March, 2022 which has exceeded its cost compared to its original plans. Depreciation & amortisation 37.61 37.47
Income from Investment properties (net) 177.51 177.65

Note: - 5A Other Intangible Assets

Amount (H in Lakhs)
Particulars Software Licenses Total

Opening balance at 01st April, 2020 3,279.98 1,445.07 4,725.05

Addition during the year 523.90 - 523.90
Disposal/Adjustment during the year - -
Closing balance at 31st March, 2021 3,803.88 1,445.07 5,248.95
Addition during the year 38.88 - 38.88
Disposal/Adjustment during the year* 2,588.86 1,374.55 3,963.41
Closing balance at 31st March, 2022 1,253.90 70.52 1,324.42

246 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 247
Note: - 5A Other Intangible Assets (Contd..) Note :- 6 Financial Assets- Non Current
Amount (H in Lakhs)
Note :- 6.1 Non-Current Investments

Corporate Overview
Particulars Software Licenses Total
Amount (H in Lakhs)
Amortization and Impairment As at As at
Opening balance at 01st April, 2020 2,895.19 1,395.79 4,290.98 Particulars
31st March 2022 31st March 2021
Amortization during the year 264.55 24.17 288.72
Disposal/Adjustment during the year - - - Investments in Equity Instruments of Joint Venture
Closing balance at 31st March, 2021 3,159.74 1,419.96 4,579.70 25 Lakh equity shares of H10 each of Royale Indian Rail Tours Limited 250.00 250.00
Amortization during the year 158.77 12.90 171.67 Less: Impairment in value of Investments (250.00) (250.00)
Disposal/Adjustment during the year* -2,588.86 -1,374.55 -3,963.41 Total Investments - -
Closing balance at 31st March, 2022 729.65 58.31 787.96
Note :- 6.1A Total Non Current Investments
Net Carrying Value
Amount (H in Lakhs)
At 31st March, 2022 524.25 12.21 536.46
At 31st March, 2021 644.14 25.11 669.25 As at As at
Particulars

Statutory Reports
At 01st April, 2020 384.79 49.28 434.07 31st March 2022 31st March 2021
*Note:- Disposal/adjustment during the current year represent those softwares and licenses which were redundant, having life expired and presently not in use. Aggregate Amount of unquoted investments 250.00 250.00
Aggregate Amount of impairment in the value of investments (250.00) (250.00)
Note 5B Right-of-use Assets Aggregate Fair Value of investments - -
Amount (H in Lakhs)
Refer to Note 37.2 (ii) , 44.4 & 45
Particulars Land Building* Vehicles Total
Note :- 6.2 Other Non Current Financial Assets
Gross Carrying Value Amount (H in Lakhs)
Opening balance at 01st April 2020 3,896.15 3,707.90 3,783.73 11,387.78
As at As at
Addition during the year 247.89 55.78 15.58 319.25 Particulars
31st March 2022 31st March 2021
Disposals / adjustment during the year 3.58 150.40 14.73 168.71

Financial Statements
Closing balance at 31 March 2021 4,140.46 3,613.28 3,784.58 11,538.32 a) Term deposits, held as margin money against Bank guarantee 8.06 8.06
Addition during the year 174.93 1,674.05 2,310.17 4,159.15 Unsecured, Considered Good
Disposals / adjustment during the year 347.41 - - 347.41 b) Security Deposits 26.30 19.22
Closing balance at 31 March 2022 3,967.98 5,287.33 6,094.75 15,350.06 Total 34.36 27.28
Depreciation and Impairment
Opening balance at 1 April 2020 198.84 751.35 581.49 1,531.68 Note: - 7 Deferred Tax
Amount (H in Lakhs)
Depreciation charged during the year 188.83 477.40 1,201.57 1,867.79
Disposals / adjustment during the year - - 8.69 8.69 As at As at
Particulars
Impairment during the year - - 122.97 122.97 31st March 2022 31st March 2021
Closing balance At 31 March 2021 387.67 1,228.75 1,897.34 3,513.75
A. Deferred Tax Liabilities
Depreciation charged during the year 191.29 790.14 1,196.67 2,178.10
Property, Plant and Equipment 566.65 571.32
Disposals / adjustment during the year - - 0 -
Total of Deferred Tax Liabilities 566.65 571.32
Impairment loss reversed during the year (Refer Note No.46) - - -122.97 -122.97
B. Deferred Tax Assets
Closing balance at 31 March 2022 578.96 2,018.89 2,971.04 5,568.88
Employee Benefit 1,553.80 1,931.83
Net Carrying Value
Property, Plant and Equipment - -
At 31st March, 2022 3,389.02 3,268.44 3,123.71 9,781.18
Doubtful debts 2,794.04 2,547.13
At 31st March, 2021 3,752.79 2,384.53 1,887.24 8,024.57
Statutory liabilities (u/s 43B) 4,034.77 2,725.67
At 1st April, 2020 3,697.31 2,956.55 3,202.24 9,856.10
Investments 62.93 62.93
*Note:- Building includes Residential flats constructed on railway land which are on lease for a period of 30 years and the same has been depreciated over that period. Lease Liability (Net of ROU) 303.16 253.05
Deferred Revenue 762.17 582.39
Provision for Claims/Damages 529.00 102.06
Total of Deferred Tax Assets 10,039.87 8,205.07
Deferred Tax Assets Net 9,473.22 7,633.75

248 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 249
 Note :- 8 Other Non-Current Assets

9,473.22
(147.33)
1,986.80
7,633.75
(105.17)
674.77
7,064.15
Total
Amount (H in Lakhs)
Amount (H in Lakhs)

Corporate Overview
As at As at
Particulars
31st March 2022 31st March 2021

a) Capital Advances

529.00
426.94
102.06
10.57
91.49
Provisions
for Claims/
Damages
Capital Advance to Indian Railways for Construction of Flats 571.43 211.43
Capital Advance to RVNL for Construction of Flats 1,374.00 780.00
Capital Advance for Purchase of Flats from Air India 463.93 671.63
Capital Advance for Purchase of Land (II) at Lucknow 2,070.01 -

-
762.17
179.78
-
582.39
72.69
509.70
Deferred
Revenue

Capital Advance for Land at Kevadia - 1,275.00

b) Others
Deposits with Govt. Authorities 467.24 467.56
Fair Value adjustment on Security Deposits Made* 0.18 1.27

-
303.16
50.11
-
253.05
118.34
134.71
Lease
Liability (Net
of ROU)

Total 4,946.79 3,406.89

Statutory Reports
*It represents unamortised portion of the difference between the fair value of financial assets on initial recognition and expenditure incurred.

Note :- 9 Inventories (As taken, Valued and certified by management)

Amount (H in Lakhs)
-
62.93
-
-
62.93
-
62.93
Investments

As at As at
Particulars
31st March 2022 31st March 2021

Raw Material 464.88 367.26

Finished Goods 310.58 266.68
-
4,034.77
1,309.10
-
2,725.67
-
2,725.67
Statutory
liabilities
(u/s 43B)

Trading Goods-Packed (PD) items 17.33 20.10

Total inventories at the lower of cost and net realisable value 792.79 654.04

Financial Statements
Note :- 10 Financial Assets
-
2,794.04
246.91
-
2,547.13
444.16
2,102.97
Doubtful
debts

Note :- 10.1 Trade Receivables

Amount (H in Lakhs)
As at As at
Particulars
31st March 2022 31st March 2021
(147.33)
1,553.80
(230.70)
(105.17)
1,931.83
84.45
1,952.55
Employee
Benefit

Considered Good - Secured - -

Considered Good - Unsecured (Net of advances) 53,366.56 47,069.34
Trade Receivables which have significant increase in credit risk 4,777.15 6,971.19
Trade Receivables-credit impaired 10,221.03 8,130.89
-
(566.65)
4.67
-
(571.32)
(55.44)
(515.88)
Property,
Plant and
Equipment

Less: Allowance for Doubtful Debts (11,100.68) (10,037.20)

Total Trade receivables 57,264.06 52,134.22
Refer to Note 63
Movement in Deferred Tax Asset/(Liability)

Note 10.2 : Cash and Cash equivalent

Closing balance as at 31st march 2022
Closing balance as at 31st march 2021

Amount (H in Lakhs)
Note: - 7 Deferred Tax (Contd..)

Opening balance as at 1st April 2020

Charged/(credited) for the year (Refer

As at As at
To other comprehensive income
To other comprehensive income

Particulars
31st March 2022 31st March 2021
Charged/(credited) for the year

Cash on hand 36.14 9.82

(Refer Note no.52 & 84)

Cheques/drafts on hand - -
Balances with banks:
To Profit & Loss
To Profit & Loss

– In Current Account 36,667.91 34,075.95

Note no.52 & 84)

– In Flexi Current Account 116.33 416.64

Total 36,820.38 34,502.41
Particulars

250 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 251
Note :- 10 Financial Assets (Contd..) Note : - 13 Equity Share capital
Amount (H in Lakhs)
Note :- 10.3 : Bank Balances other than Cash and Cash Equivalents

Corporate Overview
Amount (H in Lakhs) As at As at
Particulars
As at As at 31st March 2022 31st March 2021
Particulars
31st March 2022 31st March 2021 Authorised share capital
– Deposits with original maturity of more than 3 months but less than 12 months 1,36,162.21 1,11,383.57 12500 Lakh Equity shares of H2 each 25,000.00 25,000.00
(Refer note no.53) (As at 31 March 2021 - 2500 Lakh Equity shares of H10 each) 25,000.00 25,000.00
– Restricted Balance with scheduled Banks Issued/Subcribed and Paid up Capital
Unpaid Dividend Accounts 16.69 9.73 8000 Lakh Equity shares of H2 each 16,000.00 16,000.00
Deposits with original maturity of more than 3 months but less than 12 months (Refer 3.75 - (As at 31 March 2021 - 1600 Lakh Equity shares of H10 each)
Note 10.3.1) 16,000.00 16,000.00
Margin money against Bank guarantee 153.85 153.85
Total 1,36,336.50 1,11,547.15 Note :- 13.1 Reconciliation of the number of equity shares and share capital
Amount (H in Lakhs)

Statutory Reports
Note 10.3.1 : Fixed Deposit of H3.75 lakhs represents TDR marked as lien in favour of District Excise Office Ghaziabad for Liquor As at 31st March, 2022 As at 31st March, 2021
License. Particulars No. of shares Amt No. of shares Amt
in lakhs (Jin Lakhs) in lakhs (Jin Lakhs)
Note :- 10.4 Other Current Financial Assets
Amount (H in Lakhs) Issued/Subscribed and Paid up equity Capital 1,600.00 16,000.00 1,600.00 16,000.00
As at As at outstanding at the beginning of the year
Particulars Add: Shares Issued during the year - - - -
31st March 2022 31st March 2021
Shares extinguished on splitting of shares (Refer Note -1,600.00
Interest Accrued but not due on Term & Fixed deposits 3,121.42 3,473.53 below)
Unsecured, Considered Good 8000 Lakhs Equity shares H2/- issued each during 8,000.00 - -
Security Deposits 1078.36 1124.97 the year on splitting (Refer note below)

Financial Statements
Other Receivables 6,104.91 6,827.33 Issued/Subscribed and Paid up equity Capital 8,000.00 16,000.00 1,600.00 16,000.00
Total 10,304.69 11,425.83 outstanding at the end of the year (Refer not
below)
Note :- 11 Current Tax Assets Note : During the Financial Year 2021-22, one equity share of face value of H10/- each was split into 5 equity shares of H2/- each fully
Amount (H in Lakhs)
paid up.
As at As at
Particulars Note 13.2 :- Rights, Preference and restrictions attached to shares
31st March 2022 31st March 2021

Income Tax Refunds 4,073.74 3,617.70 The Company has one class of Equity Shares having at par value of H2 per share (as at 31st March, 2021 H10/- each). Each Shareholder
Advance tax & TDS (Net of Provision for Income Tax of H23802.31 lakhs as at 2,386.20 - is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
31st March, 2022) in the ensuing Annual General Meeting, except in case of interim dividend. The Company has no Preference Shares, thus, in the
Total 6,459.94 3,617.70 event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company.

Note :- 13.3 Details of Shares held by shareholders holding more than 5% of the aggregate shares in the company
Note :- 12 Other Current Assets Amount (H in Lakhs)
Amount (H in Lakhs)
As at 31st March, 2022 As at 31st March, 2021
As at As at
Particulars Name of the shareholder No. of shares No. of shares
31st March 2022 31st March 2021 % of holding % of holding
in lakhs in lakhs
Advances other than Capital Advances
Equity shares
Other Advances 3,631.72 2,447.57
Ministry of Railway, Govt. of India & its nominees 5,392.00 67.40% 1,078.40 67.40%
Less: Provision for Doubtful advances (82.50) (82.50)
(Refer foot note to note no.13.1 for number of shares)
Balance with Govt. Authorities 3,454.19 2,948.09
Total 5,392.00 67.40% 1,078.40 67.40%
Other Deposits with Railways 77,277.06 50,692.07
Others
Prepaid Expenses 844.17 797.16
Fair Value adjustment on Security Deposits Made* 1.40 1.26
Total 85,126.04 56,803.65
*It represents unamortised portion of the difference between the fair value of financial assets on initial recognition and expenditure incurred.

252 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 253
Note : - 13 Equity Share capital (Contd..) Note : - 14 Other Equity (Contd..)
Note 13.4 Shareholding of Promoters Note :- 14.1 General Reserve

Corporate Overview
Amount (H in Lakhs)
Shares held by promoters at the end of the year (2021-22)
As at As at
No. of Shares %of total Particulars
Promoter Name % Change during the year 31st March 2022 31st March 2021
of J2/- each shares
Opening Balance 52,491.70 48,991.70
Ministry of Railway, Govt. of India & its nominees 5,392.00 67.40% During the year 2021-22, as a result Add: Transfer from Retained Earnings 3,500.00 3,500.00
of splitting of shares of the Company, Closing Balance 55,991.70 52,491.70
one (01) share of face value of H10
each was sub-divided into five Note :- 14.2 Retained Earnings
(5) equity shares of face value of Amount (H in Lakhs)
H2/- each. However, there was no
As at As at
% change in share capital of the Particulars
31st March 2022 31st March 2021
Company, as on 31st March, 2022

Statutory Reports
Total 5,392.00 67.40% Opening Balance 77,089.44 66,390.47
Add : Impact due to prior period adjustment & Change in Accounting Policy (Refer - (816.35)
Shares held by promoters at the end of the year (2020-21) Note 52 & 84)
Add: Profit during the period transferred from statement of profit & loss 66,368.91 18,702.64
No. of Shares %of total Other comprehensive income arising from remeasurement of defined benefit 438.00 312.68
Promoter name % Change during the year
of J2/- each shares obligation net of income tax
Payment of final dividend on equity shares for Financial Year 2020-21 (8,000.00) (4,000.00)
Ministry of Railway, Govt. of India & its nominees 1,078.40 67.40% During the year 2020-21, 20%
Payment of interim dividend on equity shares for Financial Year 2021-22 (16,000.00) -
of paid up equity capital of the
Transferred to General Reserve (3,500.00) (3,500.00)
Company was divested through
"Offer for Sale" (OFS) in accordance Closing Balance 1,16,396.35 77,089.44

Financial Statements
with the directives from Department
of Investment and Public Asset Distributions Made and Proposed
Amount (H in Lakhs)
Management (DIPAM). Accordingly,
the President of India’s holding in As at As at
Particulars
IRCTC has been reduced to 67.40% 31st March 2022 31st March 2021
from 87.40% of the paid up equity
Cash dividend on Equity shares declared and paid
share capital of the Company, as on
Final Dividend paid during the year (For FY 2020-21) : H5.00 per share of face value 8,000.00 4,000.00
31st March, 2021
of H10/- each (Previous Year: H2.50 per share of face value of H10/- each)
Total 1,078.40 67.40%
Interim Dividend paid during the year H2.00 per share of face value of H2/- each (31st 16,000.00 -
March, 2021 Nil per share)
Note :- 13.5 Aggregate no. of equity shares issued as fully paid by way of bonus during the period of five years immediately
24,000.00 4,000.00
preceding the reporting date
Proposed Dividend on Equity shares*
Proposed Dividend for the year ended on 31st March, 2022: H1.50 Per Share of face 12,000.00 8,000.00
As at 31 As at 31 As at 31 As at 31 As at 31 value of H2/- each (31st March, 2021 H5.00 Per Share of face value of H10/- each)
March 2022 March 2021 March 2020 March 2019 March 2018
Particulars 12,000.00 8,000.00
Nos. in Nos. in Nos. in Nos. in Nos. in
*The proposed dividend on equity shares are subject to approval by shareholders at the Annual General Meeting and has not been recognised as a liability as at 31st
Lakhs Lakhs Lakhs Lakhs Lakhs March 2022.

Equity shares issued as bonus - - - 1,200.00 -

Total - - - 1,200.00 - Note 15 :- Financial Liabilities- Non Current
Note 15.1 :- Others
Note : - 14 Other Equity Amount (H in Lakhs)
Amount (H in Lakhs)
As at As at
Particulars
As at As at 31st March 2022 31st March 2021
Particulars
31st March 2022 31st March 2021
Security Deposits 2,218.90 1,941.36
General Reserve 55,991.70 52,491.70 Total 2,218.90 1,941.36
Retained Earnings 1,16,396.35 77,089.44
Total 1,72,388.05 1,29,581.14

254 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 255
Note :- 16 Provisions- Non Current Note :- 18 Financial Liabilities- Current (Contd..)
Amount (H in Lakhs)
Trade Payables aging schedule as on 31st March 2022

Corporate Overview
As at As at Amount (H in Lakhs)
Particulars
31st March 2022 31st March 2021
Outstanding for following periods from due date of payment
Provision for Employee Benefits Particulars Less than 1 More than 3 Total
1-2 years 2-3 years
Retirement Benefits ((Refer note 20, 37.1 & 42) 5,435.35 7,036.08 year years
Total 5,435.35 7,036.08
(i) MSME 787.70 17.32 19.94 19.24 844.20
(ii) Others 28,680.48 5,450.54 6,380.25 19,010.77 59,522.04
Note :- 17 Other Non Current Liabilities (iii) Disputed dues – MSME 45.93 - - - 45.93
Amount (H in Lakhs)
(iv) Disputed dues - Others 337.07 - - - 337.07
As at As at (v) Unbilled 407.96 181.02 490.60 6,031.20 7,110.78
Particulars
31st March 2022 31st March 2021 Total 30,259.14 5,648.88 6,890.79 25,061.21 67,860.02
Deferred Grant 128.00 172.16

Statutory Reports
Deferred portion of Security Deposits* 545.86 473.10 Trade Payables aging schedule as on 31st March 2021
Amount (H in Lakhs)
Advances received 21.53 217.90
Total 695.39 863.16 Outstanding for following periods from due date of payment
* It represents unamortized portion of the difference between the fair value of financial liability on initial recognition and expenditure incurred. Particulars Less than 1 More than 3 Total
1-2 years 2-3 years
year years
Note :- 18 Financial Liabilities- Current (i) MSME 39.36 - - - 39.36
Note :- 18.1 Trade Payables (ii) Others 14,074.38 7,111.01 5,700.77 15,433.31 42,319.42
Amount (H in Lakhs) (iii) Disputed dues – MSME - - - -
As at As at (iv) Disputed dues - Others - - - -
Particulars (v) Unbilled 2,184.88 117.57 385.62 13,182.82 15,870.89
31st March 2022 31st March 2021
Total 16,298.62 7,228.58 6,086.39 - 58,229.72

Financial Statements
(a) total outstanding dues of micro enterprises and small enterprises 844.20 39.36
(b) total outstanding dues of creditors other than micro enterprises and small Note :- 18.2 Other Financial Liabilities
enterprises Amount (H in Lakhs)
For Goods 1,464.42 1,941.27
As at As at
For Services (Net of advances) * 65,551.40 56,249.09 Particulars
31st March 2022 31st March 2021
Total 67,860.02 58,229.72
*This is net of the advance payments made during regular course of business Security Deposits 9,746.94 9,555.03
Earnest Money deposit 4,343.47 3,969.59
Disclosure as per the requirement under MSME Act:- Refundable for Internet Ticketing 6,822.62 1,332.15
Amount (H in Lakhs)
Payable towards Others-Expenses Provisions 7,192.53 8,881.50
As at As at Lease Rent advance 1,741.50 1,741.50
Particulars
31st March 2022 31st March 2021 Advance Refundable(state teertha) 2,106.21 2,106.21
Unpaid Dividend 16.69 9.73
1. The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of each accounting year: Total 31,969.96 27,595.71
Principal amount due to micro and small enterprises 844.20 39.36
Interest due on above* - - Note :- 19 Other Current Liabilities
2. The amount of interest paid by the buyer in terms of Section 16 of the MSMED - - Amount (H in Lakhs)
Act 2006 along with the amounts of the payment made to the supplier beyond As at As at
the appointed day during each accounting year Particulars
31st March 2022 31st March 2021
3. The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the year) a) Contract Liability
but without adding the interest specified under the MSMED Act 2006 Unexpired concession fee 0.43 83.80
4. The amount of interest accrued and remaining unpaid at the end of each - - Unexpired User Charges 43.19 -
accounting year Unexpired Licenec fee 14,598.70 10,034.22
5. The amount of further interest remaining due and payable even in the - - Advances received 7,439.36 2,574.20
succeeding years, until such date when the interest dues as above are actually 22,081.68 12,692.22
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under Section 23 of the MSMED Act 2006

256 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 257
Note :- 19 Other Current Liabilities (Contd..) Note: - 22 Revenue from operations (Contd..)
Amount (H in Lakhs) Amount (H in Lakhs)

Corporate Overview
As at As at For the year ended For the year ended
Particulars Particulars
31st March 2022 31st March 2021 31st March 2022 31st March 2021

b) Others ii) Income From Catering Services

Rolling Deposits 34,397.60 38,323.09 Income from Catering & Comprehensive Services provided 13,403.50 8,730.91
Provision for VAT (Net of service tax) (Refer note no.37.4) 8,251.01 8,251.01 Income from On Board Catering & Other Services- Rajdhani/
Provision for Service Tax 2,578.03 2,578.03 Shatabdi/Premium/Shramik Special Trains/Isolation Coaches
Deferred portion of Security Deposits* 139.15 99.12 Income from Concession Fee, License Fee etc.
Statutory Dues 6,152.49 2,631.24 Income from Concession Fee 248.82 -
Deferred Grant 44.16 44.16 Income from License Fee 30,802.21 11,189.70
Total 73,644.12 64,618.87 Income from User Charges-Food Plaza 2.87 1.02
*It represents unamortized portion of the difference between the fair value of financial liability on initial recognition and expenditure incurred. Income from License Fee-Food Plaza 2,445.88 397.04
(b) 46,903.28 20,318.67

Statutory Reports
Note :- 20 Provisions- Current iii) Tourism & Train Operations
Amount (H in Lakhs) Tourism & Train Operation 15,033.65 5,060.81
Income from State Teertha 3,031.37 -
As at As at
Particulars Income from User Charges-Rail Yatri Niwas 165.57 142.01
31st March 2022 31st March 2021
Income from License Fee-Rail Yatri Niwas 214.08 183.06
Provision for Employee Benefits (Refer note 16, 37.1 & 42) 737.86 639.06 Maharaja Express-Revenue 283.96 -
Provision for Claims & Damages (Refer note 37.1) 2,101.72 405.48 (c) 18,728.63 5,385.88
Total 2,839.58 1,044.54 iv) Railneer
License Fee - Railneer (Refer Note No.56 (a)) 329.41 111.84
(d) 329.41 111.84
Note :- 21 Current Tax Liability
Amount (H in Lakhs) Total-Sale of Services (a+b+c+d) 1,68,058.06 70,064.84

Financial Statements
C. Other Operating Revenues
As at As at
Particulars Scrap Sale–Rail Neer 16.12 7.95
31st March 2022 31st March 2021
Scrap Sale–Catering 17.30 1.49
Provision for Income Tax (Net of advance tax & TDS of H7110.24 Lakh as on 31st - 461.61 33.42                     9.44                    
March, 2021 ) 33.42 9.44
Provision for Income Tax net of Advance Tax and TDS - 461.61 Revenue from Operation (Gross) 1,87,947.84 77,665.77

Note: - 22 Revenue from operations Note :- 23 Other Income

Amount (H in Lakhs) Amount (H in Lakhs)
For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
31st March 2022 31st March 2021 31st March 2022 31st March 2021

A. Sale of Products Interest Income

Railneer (Packaged Drinking Water) 16,880.22 5,603.97 Interest Income on FDR’s & TDR’s (Gross) 4,778.62 6,509.67
Catering Interest Income - Others 0.54 4.24
– Sale of Food & Beverages 2,539.41 1,655.84 Dividend Income from Mutual fund 335.96 260.93
Non–Railway Business (a) 5,115.13 6,774.84
– Income from Catering 436.73 331.68 Other Non-Operating Income
19,856.36 7,591.49 Countermanding Charges & Security Deposit Forfeited 72.92 30.32
Total–Sale of Product 19,856.36 7,591.49 Income Accrued on Forfeiture of Contracts 110.97 27.90
B. Sale of Services Sale of Tender Forms 2.59 1.23
i) Internet Ticketing Amortization of Capital Grant 44.16 44.16
Service Charges Earned–IR Tickets 1.97 3.03 Income from amortisation of deferred security deposits-Liability 182.00 198.96
Convenience Fee 69,407.48 29,912.72 Interest Income on Unwinding of Discounts on security deposits 1.06 6.11
Income From License Fee-Call Centre 16.74 13.24 Contractual Fines & Penalties received 902.65 638.26
Income from Advertisement/SBI CO-Branded Cards & Loyalty 13,123.16 5,533.37
Cards
Income From Fees from IATA/RTSA/Internet Cafe, etc. 19,547.39 8,786.09
(a) 1,02,096.74 44,248.45

258 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 259
Note :- 23 Other Income (Contd..) Note :- 26 Changes in Inventories of Finished Goods, Work in Progress & Stock in Trade (Contd..)
Amount (H in Lakhs)
Amount (H in Lakhs)

Corporate Overview
For the year ended For the year ended
Particulars For the year ended For the year ended
31st March 2022 31st March 2021 Particulars
31st March 2022 31st March 2021
Income from Duty credit licence under "Served from India Scheme" 158.09 311.15
Closing Stock
Rental Income from Investment Property 234.98 234.98
Finished Goods 275.32 254.58
Miscellaneous Income 458.00 230.47
Work in progress 35.26 12.10
(b) 2,167.42                     1,723.54                    
310.58 266.68
Total (a+b) 7,282.55 8,498.38
(Increase)/Decrease (43.90) 245.35
DEPARTMENTAL CATERING
Note :- 24 Cost of Material Consumed Opening Stock
Amount (H in Lakhs) Finished Goods 0.07 0.07
For the year ended For the year ended PD Items 3.63 1.65
Particulars

Statutory Reports
31st March 2022 31st March 2021 3.70 1.72
Closing Stock
Railneer (Packaged Drinking Water)
Finished Goods 0.07 0.07
Opening Stock 350.45 380.76
PD Items 3.33 3.63
Add: Purchases And Expenses 4,004.39 1,086.12
3.40 3.70
4,354.84 1,466.88
(Increase)/Decrease 0.30 -1.98
Less: Closing Stock 453.85 350.45
Luxury Tourist Trains
(a) 3,900.99 1,116.43
Opening Stock
DEPARTMENTAL CATERING
Finished Goods 16.40 14.69
Opening Stock 16.81 67.09
Less : Loss of Stock taken over by Excise Authorities 1.71 -
Add: Purchases And Expenses 106.04 106.89
Net Opening Stock 14.69 14.69
122.85 173.98

Financial Statements
Closing Stock
Less: Closing Stock 11.03 16.81
Finished Goods 13.93 16.40
(b) 111.82 157.17
(Increase)/Decrease 0.76 (1.71)
Total (a+b) 4,012.81 1,273.60
(Increase)/Decrease in Finished Goods (42.84) 241.66

Note :- 25 Purchase of Stock–in–Trade

Amount (H in Lakhs) Note :- 27 Expenses of Licensee Catering Services
Amount (H in Lakhs)
For the year ended For the year ended
Particulars For the year ended For the year ended
31st March 2022 31st March 2021 Particulars
31st March 2022 31st March 2021
Purchase of PD/Cooked food items for resale 1,723.94 1,179.41
Expenses of Catering & Comprehensive Services Provided
Purchase – Non–Railway Catering 230.93 212.96
On Board Catering & Other Charges - Rajdhani & Shatabdi/ 13,663.37 6,242.71
Purchase - Railneer (PPP) 4,624.76 1,823.13
Premium/Shramik Special Trains/Isolation Coaches
6,579.63 3,215.50
13,663.37 6,242.71
Total 6,579.63 3,215.50
Expense of Concession Fee, License Fee etc.
Concession Fee 99.55 -
Note :- 26 Changes in Inventories of Finished Goods, Work in Progress & Stock in Trade License Fee 12,311.71 4,477.25
User Charges - Food Plaza 1.15 0.41
RAILNEER (Packaged Drinking Water) License Fee - Food Plaza 978.35 158.81
Amount (H in Lakhs)
Other Direct Expenses 28.88 17.04
For the year ended For the year ended 13,419.64 4,653.51
Particulars
31st March 2022 31st March 2021 27,083.01 10,896.22
Opening Stock
Finished Goods 254.58 481.81
Work in progress 12.10 30.22
266.68 512.03

260 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 261
Note :- 28 Expenses of Tourism & Train Operations Note :- 31 Finance Costs
Amount (H in Lakhs) Amount (H in Lakhs)

Corporate Overview
For the year ended For the year ended For the year ended For the year ended
Particulars Particulars
31st March 2022 31st March 2021 31st March 2022 31st March 2021

Tourism & Train Operation 12,537.07 5,863.77 Unwinding of discount on security deposits 170.00 188.84
Expenses of State Teertha 2,636.08 - Interest Expense on Lease Liablity 736.99 638.88
License Fee - Rail Yatri Niwas 85.63 73.22 Interest on Income Tax 198.01 -
User Charges - Rail Yatri Niwas 66.23 56.80 1,105.00 827.72
License Fee Paid Railway Land - Rail Yatri Niwas - 0.04 1,105.00 827.72
Maintenance & Other Charges 740.82 465.64
Expenses of Luxury Tourist Trains 628.75 576.42
Note :- 32 Depreciation & Amortization Costs
16,694.58 7,035.89 Amount (H in Lakhs)
16,694.58 7,035.89
For the year ended For the year ended
Particulars

Statutory Reports
31st March 2022 31st March 2021
Note :- 29 Manufacturing & Direct Expenses
Amount (H in Lakhs) Depreciation on Tangible Assets (Refer Note-3 & 5) 2,549.07 2,478.22
Amortization on Intangible Assets (Refer Note-5A) 171.67 288.72
For the year ended For the year ended
Particulars Depreciation on Rights of use Assets (Refer Note-5B) 2,178.10 1,867.79
31st March 2022 31st March 2021
4,898.84 4,634.73
Rail Near (Packaged Drinking Water) 4,898.84 4,634.73
- Operation & Maintenance Charges 1,136.36 746.27
- License Fee Land 15.50 27.95
- Power & Fuel 818.48 304.99 Note :- 33 Other Expenses
- Repair & Maintenance - Plant & Machinery 4.14 6.94 Amount (H in Lakhs)
- Repair & Maintenance - Others 28.27 21.52 For the year For the year

Financial Statements
(a) 2,002.75 1,107.67 Particulars ended ended
Catering 31st March 2022 31st March 2021
- Freight Inward Loading & Unloading-Catering 0.20 0.78
Electricity & Water 187.80 172.29
- Food Inspection Expenses 1.87 12.72
- Fuel 69.77 83.06 Office Rent 177.42 512.75
- Other Direct Expenses 1,311.44 520.34 Duties, Rates & Taxes 292.72 335.17
(b) 1,383.28 616.90 Repair Maintenance & other 856.48 835.47
Internet Ticketing Insurance 128.23 118.54
- Maintenance & Other Charges 3,012.62 2,738.02 Travelling Expenses 335.34 216.94
- Cancellation Charges - 0.41 Conveyance Expenses 138.74 140.79
- Railway Share 115.78 50.99 Director Sitting Fees 3.75 6.30
- Internet Usage Charges 78.76 73.60 Payment to Auditors (Refer Note No-33.1) 26.89 24.05
- Commission paid 3,575.64 1,232.06 Cost Audit Fee 2.50 2.50
- Messaging Expenses 934.97 443.92 Internal Audit Fee 4.50 4.50
(c) 7,717.77 4,539.00 Secretarial Audit Fee 0.33 0.33
Total (a+b+c) 11,103.80 6,263.57 Legal & Professional Fees 948.18 446.76
Communication Expenses 124.70 169.74
Note :- 30 Employee Benefit Expenses Freight Outward & CFA Charges 2,706.78 1,184.59
Amount (H in Lakhs) Donation (PM Care Fund) - 1,200.99
For the year ended For the year ended Printing and Stationary 69.96 97.24
Particulars Advertisement Expenses 227.61 171.83
31st March 2022 31st March 2021
Business Development/Marketing Exp. 156.13 170.64
Employee Benefits Expenses Vendors' Commission 76.24 21.41
Salaries, Wages & Bonus 20,362.60 17,364.01 Security Expenses 365.34 337.98
Contribution to Provident Fund, Leave Encashment and Other 2,601.39 2,635.81 Foreign exchange fluctuation 21.76 -
Funds Loss on Sale of Fixed Assets 25.50 3.10
Gratuity 553.39 576.30 Allowance for Doubtful Debts 1,063.48 1,764.61
Staff Welfare Expenses 226.37 52.39 Provision for Claims and Damages 1,696.24 41.98
23,743.75 20,628.51 Miscellaneous Expenses 196.42 179.00
23,743.75 20,628.51 Total 9,833.04 8,159.50

262 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 263
Note :- 33.1 Details of Payment to Auditors Note :- 34 Income Tax Expense (Contd..)
Amount (H in Lakhs) Amount (H in Lakhs)

Corporate Overview
For the year For the year For the year For the year
Particulars ended ended Particulars ended ended
31st March 2022 31st March 2021 31st March 2022 31st March 2021
Payment to Auditors as Auditor Tax effect of amounts which are not deductible (taxable) in calculating Taxable
Audit Fee 12.50 9.74 income
Tax Audit Fee 3.50 3.48 Add: Ind AS Adjusment Not Allowed in income tax (2.95) (2.78)
In other Capacity Penalties/Interest paid on late deposit of Tax 1.45 5.98
Limited Review Fee 8.25 9.50 Impact of items not allowed under income tax 190.15 (3.92)
Re-imbursement/Expenses on travel 2.64 1.33 CSR Expenditure 249.18 262.76
Total 26.89 24.05 Impact of Income Tax for Earlier Year 766.87 270.72
Impact Deferred Tax on Railway Payable (1,057.40) -
Note :- 33.2 Exceptional Items (Refer Note No.83) Interest on Income Tax 49.84 -

Statutory Reports
Amount (H in Lakhs) Impact of Change in rate and other Items (3.80) 34.33
For the year For the year 193.34 567.10
Particulars ended ended At the Effective Income Tax rate 22,582.38 7,048.72
31st March 2022 31st March 2021 Income tax expense reported in the statement of profit and loss (relating to 22,582.38 7,048.73
continuing operations)
Excess Provision Written Back 2,312.87 2,934.54
Effetive Tax Rate 25.39% 27.37%
Railway Share in Railneer Segment Profits (2,713.32) -
Income from Services on Passenger Feedback System - 1,005.27
Total (400.45) 3,939.81 Note :- 35 Components of Other Comprehensive Income (OCI)
Amount (H in Lakhs)
FVTOCI Reserve
Note :- 34 Income Tax Expense

Financial Statements
Amount (H in Lakhs) For the year For the year
Particulars
ended ended
For the year For the year
31st March 2022 31st March 2021
Particulars ended ended
31st March 2022 31st March 2021 Remeasurement of Defined benefit plans (Gain/(Loss))
- Gratuity 474.15 426.12
Current Income Tax:
- Post Retirement Medical Benefit 111.18 (8.27)
Current income tax charge 23,802.31 7,452.78
Total 585.33 417.85
Deferred Tax:
Tax on Remeasurement of Defined benefit plans (147.33) (105.17)
In respect of the current year (Refer Note 52 & 84) (1,986.80) (674.77)
Total (147.33) (105.17)
Total 21,815.51 6,778.01

Income Tax Expense in Other comprehensive income Note: - 36 Earnings per share (EPS)
Amount (H in Lakhs)
For the year For the year (J per share)
Particulars ended ended For the year For the year
Particulars
31st March 2022 31st March 2021 ended ended
31st March 2022 31st March 2021
Deferred Tax:
In respect of the current year 147.33 105.17 Basic EPS
147.33 105.17 From continuing operation 8.30 2.34
From discontinuing operation - -
Reconciliation between Tax Expense and the Accounting Profit : Diluted EPS
Amount (H in Lakhs)
From continuing operation 8.30 2.34
For the year For the year From discontinuing operation - -
Particulars ended ended
31st March 2022 31st March 2021

Accounting profit before tax from continuing operations 88,951.29 25,751.37

Accounting profit before income tax 88,951.29 25,751.37
At India’s statutory income tax rate of 25.17 % (31st March, 2020-25.17%) 22,389.04 6,481.62

264 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 265
266
(In Lakhs)*

Particulars
Particulars

Effect of Dilution :
Continuing operations
From Continuing operations
36.1 Basic Earning per Share

From discontinuing operation

From discontinuing operation

36.2 Diluted Earning per Share

Profit attributable to equity holders of the company:

Profit attributable to equity holders of the company:

Earnings used in calculation of Basic Earning Per Share

Note: - 36 Earnings per share (EPS) (Contd..)

equity shares used in calculation of basic earning per share as follows:

Indian Railway Catering and Tourism Corporation Limited

Weighted average number of shares for the purpose of basic earnings per share

Weighted average number of shares for the purpose of basic earnings per share*

Weighted average number of shares for the purpose of Diluted earnings per share*
Earnings used in calculation of diluted Earning Per Share from continuing operations

8000.00
-
8000.00
66,368.91
-
66,368.91
8,000.00
66,368.91
-

31st March 2022

ended
For the year
31st March 2022
ended
For the year
66,368.91
31st March 2022
ended
For the year

The earnings and weighted average number of equity shares used in calculation of diluted earning per share:-

calculations for the year ended 31st March, 2021 reflects the above changes in earnings per share and number of shares due to split of shares.
8000.00
-
8000.00
18,702.64
-
8,000.00

31st March 2021

ended
For the year
18,702.64
18,702.64
-

Nos. in Lakhs
31st March 2021
ended
For the year
Amount (H in Lakhs)
18,702.64
31st March 2021
ended
For the year
Amount (H in Lakhs)

*Note:- During the current Financial Year, one equity share of face value of H10/- each was split into five equity shares of H2/- each fully paid up. Earning per share
The weighted number of equity shares for the purpose of diluted earning per share reconciles to the weighted average number of

Note :- 37 Provisions, Contingent Liabilities and Contingent Assets

Note :- 37.1 Provisions
Pursuant to the Ind AS-37 "Provisions, Contingent Liabilities and Contingent Assets", the disclosure relating to provisions made in the accounts for the year ended 31st March
2022 is as follows:-
Amount (H in Lakhs)
Provision for
Allowance for Bad and Allowance for Doubtful Provision for Gratuity
Provision for Pension Leave Encashment
Doubtful Debts advances (Retirement Benefits)
(Retirement Benefits)
Particulars
23rd Annual Report 2021-22

As at As at As at As at As at As at As at As at As at As at
31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

Opening Balance 10,037.20 8,279.10 82.50 75.98 96.01 161.4 948.51 980 1,452.14 1641.02
Addition 1,063.48 1,758.10 - 6.52 - 4.05 441.85 603.54 79.24 150.17
Utilization/ Contribution - - - - - - - - - (339.05)
Adjustment/Reversal - - - - (8.65) (69.44) (600.55) (635.03) - -
Closing Balance 11,100.68 10,037.20 82.50 82.50 87.36 96.01 789.81 948.51 1,531.38 1,452.14

Amount (H in Lakhs)
Provision for Post Provision for Claims &
Provision for Pension Provision for Half Pay
retirement medical Provision for LTC Damages (Refer Note
for Optees leave
Scheme 56 (a))
Particulars
As at As at As at As at As at As at As at As at As at As at
31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

Opening Balance 801.96 1,053.27 1,432.20 1227.5 2,783.24 2529.99 161.08 164.28 405.48 363.50
Addition - - 89.62 210.81 178.13 256.94 (5.57) 0.53 1,696.24 41.98
Utilization/ Contribution - - - - - - - - - -
Adjustment/Reversal (143.11) (251.31) (1,572.88) (6.11) (1.52) (3.69) (9.56) (3.73) - -
Closing Balance 658.85 801.96 (51.06) 1,432.20 2,959.85 2,783.24 145.95 161.08 2,101.72 405.48

(i) Provision for doubtful debts/advances is made on the basis of management's estimates.
(ii) Provision for retirement benefits (excluding for pension) is made on the basis of independent actuary’s valuation.
(iii) Provision of Pension in respect of deemed deputationist Optees has been made to make 100% commutation of difference of pension (IRCTC- Railways)as full and final
one time settlement of pensionery liabilities of IRCTC so as to avoid monthly recurring liablity of pension. Provision of Leave Encashment includes H1.33 lakhs for deemed
deputationists Optees.
(iv) Provision for pension represents contribution payable in respect of employees who are yet to open their NPS account as on 31st March, 2022.
(v) Debit Balance amounting H51.06 Lakhs in Post Retirement Medical Scheme as on 31st March, 2022 is shown in Prepaid Expenses under "Note :- 12 Other Current Assets".
(vi) Provision for Claims & Damages includes provision for GST refund to licensees amounting to H796.59 Lakhs payable as refund of license fee given to licensees during
267

previous years.

Financial Statements Statutory Reports Corporate Overview

Note :- 37 Provisions, Contingent Liabilities and Contingent Assets (Contd..) (iv) Certain Licensees who are contractor of IRCTC for providing catering services in trains invoked arbitration clause seeking
compensation on account of difference in rates of regular meal and combo meal as provided in terms of CC 63 of 2013 read
Note :- 37.2 Contingent Liabilities (As ascertained, quantified and certified by the management)

Corporate Overview
with CC 67 of 2013 circular issued by Indian Railways and further claimed price of welcome drink provided in terms of CC 32 of
(i) Claim against the Company not acknowledge as debt: 2014, for the period from 2014 till date. The arbitrator awarded a sum of H7400 Lakhs (approx.) in 13 petitions for the aforesaid
Amount (H in Lakhs) services for the period from January 2015 to March 2020. IRCTC has decided to assail the said order before higher court.

As at As at On the basis of appraisal of the factual position, it is matter of record that the claimant never claimed said amount while
S.No. Particulars
31st March, 2022 31st March, 2021 submitting invoices for the aforesaid services rendered to the passengers. These all contracts are SBD contracts and were
assigned to IRCTC post Catering Policy 2017. It is also a matter of record that the services were provided to the passengers
a. Service Tax 8,560.16 8,148.80
of the Indian Railways and the amount so paid is required to be reimbursed to the IRCTC by the Indian Railways. In these
b. VAT & Other Taxes 3,454.07 3,121.64
circumstances, there will not be any liability of the IRCTC as a consequence of the award and there is no need to make provision
c. Income Tax 59.28 -
pursuant to the above awards. As the Company intentds to dispute the awards and also has a right of recovery from Railways,
d. GST 164.68 -
in case the Company is held liable to pay ultimately. However, the same is included in 37.2 (i) above.
e. Others 10,407.97 769.70
Total 22,646.16 12,040.14 (v) Demand notice received from National Anti Profiteering Authority for J5041.44 Lakhs:

Statutory Reports
(ii) Royale Indian Rail Tours Limited (RIRTL) is a Joint Venture of IRCTC and Cox and King (C&K) on the basis of JV agreement dated IRCTC is a manufacturer of Rail Neer Bottled Drinking Water for exclusive sale onboard and at Railway Stations through 5 owned
10.12.2008 for running, operating and managing the luxury tourist train, Maharajas’ Express for a minimum period of 15 years on plants and 10 Plants on PPP model. Post implementation of GST regime w.e.f. 01.07.2017, the tax liability on the product was
lease to be taken from IRCTC. It operated the train for one season and thereafter dispute arose between the management of reduced from 24 % (excise 12.5% (with abatement of 45%) + VAT 12.5%) to 18% GST. Even though there was no reduction in GST
both the companies. rates subsequent to GST regime, the Anti profiteering Authority has observed that the benefit of tax has not been passed on to
the consumer and as such issued notice for profiteering amount of H5041.44 lakhs under section 171 of the CGST Act, 2017.
C&K has initiated the Arbitration Proceedings against IRCTC and RIRTL seeking relief inter alia that (i) the JV Agreement be
specifically performed (ii) the termination of the JV agreement be struck down, (iii) pending the hearing and final disposal of the Rail Neer admittedly falls under controlled price segment like catering services at stations and on-board. It is also a fact that on
claim, it be directed that the Train continues to operate as part of RIRTL (iv) IRCTC be permanently restrained from using the the basis of various yardsticks, the price of the Rail Neer is regulated by Ministry of Railways. The present MRP of H15/- was fixed
rake/coaches of the Train for any other purpose other than for exclusive use of the JV Company, (v) to execute a formal lease in the year 2012 through Railway Board Commercial Circular no. 72 of 2012. However the transfer price of Rail Neer is H10 for
agreement for the Train in terms of the JV Agreement (vi) IRCTC be directed to pay H2000 lakhs towards shortfall of the working 0-75 kilo meter, above 75 KM H10.50 and Ex Rail Neer Plant H9.33 fixed by Ministry of Railways. Despite an increase in cost of raw
capital of the JV Company and (vii) in the alternative and in the unlikely event that specific performance of the JV Agreement is material, power and HR cost since the year 2012, Ministry of Railways continued to retain subsidised rate as a part of mandatory
not granted then claim of damages amounting to H3,5100 lakhs. government functions and government objectives in supplying standardise Rail Neer at a lower cost than the market rate. The

Financial Statements
authority appears to have misinterpreted section 171 of GST Act and there is every likelihood of dropping the show cause notice
During the proceedings dated 26.07.2021, Counsel for Cox and King made a statement that “The Claimant wishes to restrict its against the Central PSU, which is based on conjectures. The show cause notice is being contested by engaging a specialised
Claim to H2270 Lakhs along with interest being the cost thrown away in this Contract”. The Arbitration Proceedings are pending advocate. As the matter is at infancy stage, there is no need for provision of the said amount and the same is also not included
for hearing before the arbitral tribunal and are listed for hearing on 08/09-06-2022. in note 37.2 (i) above.
The claim of H2270 Lakhs, included in 37.2 (i) (e) above, has also been denied by IRCTC. The said amount is only speculative and (vi) Kerala Governement has fixed the MRP at H13/- per 1 ltr. Bottle of Railneer under Essential Commodity Act for selling in Kerala
not fixed by any authority/quasi judicial body. As such, there is no requirement for making provision in the books of accounts. State and advised the Company to sell Railneer bottle at H13/- instead of H15/-. The Company has approached the Ho'nable High
Court and stay order has been issued by the court. Since, the financial implication for the same is not ascertainable, the same
(iii) VAT Case filled Before Hon’ble Supreme Court of India
is not included in note 37.2 (i) above as contingent liability for the Financial Year 2021-22.
IRCTC has been paying service tax towards on-board catering services in trains in which catering charges are included in
Note :- 37.3 Contingent Assets
railway fare. The commissioner of VAT vide order dated 23.03.2006 considered on-board catering service in trains as sale of
Amount (H in Lakhs)
goods within the meaning of section 2(zc)(vii) of the said Act.
S. Party
Particulars Appellate Authority Awarded amount
IRCTC filed an appeal before the Appellate Tribunal Value Added Tax. The Tribunal, while partly allowing the appeal vide Order No Name
dated 07.09.2006, held that the observations pertaining to Central Act were beyond the Commissioner’s jurisdiction as they
pertained to taxability of the goods on sale or purchase taking place in the course of inter-state sale outside the State. 1 A.K. Roy Vs 2577-78, 5279-80, 2395-96, 9165/66/67-68, 2555- Pending in Patiala 21.95
IRCTC 56,2569-70, 2213-14,2203-04, 2061-62, 2209-10, 1043-44 House Court
IRCTC assailed the said order by way of filing writ petitions in the Hon’ble High Court of Delhi at New Delhi praying that the 2 CKK Caterers Suit for recovery suit pending 102.00
services rendered by IRCTC are not liable to Value Added Tax under the Delhi Value Added Tax Act, 2004 and that on-board 3 Travel Khana Service provider did not deposit the amount in respect of Arbitration 13.29
catering services of IRCTC are primarily services in which food and beverages are also provided and are liable to service tax e-catering
only. The Hon’ble Delhi High Court upheld the decision of commissioner of VAT and dismissed the petition of IRCTC. The 4 Railways Passenger Feedback System NA 638.41
Hon’ble High Court had stated IRCTC is liable to pay VAT. However, it may take refund of service tax already paid. Refer Note 37.2 (iv) for right of recovery from Railways in case the Company is made liable to pay these claims ultimately and Note 56 (b) regarding ITC claim yet to be
raised on DCO.
Aggrieved by the Judgement, IRCTC has moved to Hon’ble Supreme Court, filing Special leave petition against the judgment
dated 19.7.2010 passed by the Hon’ble High Court of Delhi. SLP 25292-25319 of 2010 had been admitted and awaiting its turn.
The Hon’ble Supreme Court has granted ad-interim direction in the nature of Status Quo on recovery of the demand raised by VAT
authorities. Hence the matter is sub-judice and IRCTC is not liable to pay VAT at present. However, IRCTC has provided VAT liability
net of service tax of H8251.01 Lakhs up to FY 2017-18(upto 30th June,2017) across India as a matter of prudent accounting policy
and not included in 37.2 (i) above. Corresponding VAT input admissibility is shown as balance with Govt. authorities.

268 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 269
Note :- 38 Payment Gateways and Bank Reconciliations Note :- 42 Employee Benefits

Corporate Overview
Company is handling Railway reservations through internet for which five payment gateways and more than thirty five Net banking General description of the defined benefit schemes/defined contribution scheme:
/ Debit card network of almost all the banks are being used. The volume of transactions in all these accounts is very huge and
increasing day by day with increase in booking of tickets. In view of the above, transaction wise reconciliation can not be carried out (i)    Gratuity: Payable on separation @ 15 days pay for each completed year of service to eligible employees who render continuous
in the Financial Year 2021-22. service of 5 years or more. The gratuity ceiling of H20 Lakhs has been considered for actuarial valuation. Actuarial valuation
though was made for all employees irrespective of the completion of 5 years of service.
However, there were some old PG accounts pertains to old site which were inoperative and pending for reconciliation due to some
bank side/technical issues. Final reconciliation of the same is in process. Pending reconcilliation, provision for doubtful of H418.51 (ii) Leave Encashment: Leave salary is provided for based on valuations, as at the balance sheet date, made by independent
Lakhs (being 100% of net debit outstanding) has been made during current Financial Year (31st March, 2021 H243.50 lakhs being actuary.
50% of net debit outstanding).
(iii) Half Pay Leave: to eligible employees who have accumulated half pay leaves. Half pay leave is provided for based on actuarial
valuations, as at the balance sheet date.
Note :- 39: Balance Confirmations
(iv) Leave Travel Concession(LTC) : to eligible employees is provided for based on actuarial valuations, as at the balance sheet
Trade Receivables date.

Statutory Reports
a. Railways Balances (v) Provident Fund: 12% of the Basic Pay plus Dearness Allowance of Employees and equivalent Contribution of the Corporation
is contributed to the Provident Fund maintained with the Regional Provident Fund Commissioner, New Delhi. Corporation’s
The Railways balances in form of trade receivables, trade payables, advances paid and security deposits are subject to contribution to provident fund is charged to revenue.
reconciliation and confirmation with the railways and includes old balances since the time of takeover of catering from the
railways. The company is in the process of identifying and segregating the railway balances. For FY 2021-22, the balance (vi) Foreign Service Contribution: Foreign service contribution payable for leave salary and pension in respect of deputationists
confirmation letters has also been sent to Railways/Government Bodies but there is no response from the parties. The Company including deemed deputationists (employees who have joined the corporation on deputation for a fixed period from Indian
has created a provision of H5164.45 Lakhs as on 31st March, 2022 (31 March'2021 H5067.05 Lakhs) against receivables from Railways or other government organizations) in terms of Government rules and regulations, is charged to revenue on accrual
Railways as per policy which in view of the management are doubtful of recovery. basis.

b. Third Party Balances. (vii) National Pension Scheme: Retirement benefits in the form of NPS is a defined contribution scheme. The company has no
obligation , other than the contribution @10% of Basic pay plus dearness allowance payable under such scheme. The company
The third party balances are subject to confirmations and reconciliations from the various parties. The managment has started recognize contribution payable to such scheme as an expense, when an employee render the related service.

Financial Statements
the process of obtaining balance confirmation from third parties w.e.f. financial year 2019-20 and shall ensure practice of
formalizing the reconciliation procedure and confirmations on frequent basis. For FY 2021-22, the balance confirmation letters (viii) Post Retirement Medical Benefit (PRMB): To eigible retired employees, provided for based on acturial valuation as at the
has also been sent to private parties but the response from the parties is not satissfactory. IRCTC has created a provision of Balance sheet date.
H5936.22 Lakhs as on 31st March, 2022 (31 March'2021 H4970.15 Lakhs) against receivables as per policy which in view of the
Other disclosures, as required under Ind AS-19 "Employee Benefits" in respect of defined obligations are:
management are doubtful of recovery.
(a) Actuarial Assumptions
Other Payables and Banks
Amount (H in Lakhs)
These balances are subject to confirmations and reconciliations. Even though IRCTC has sent balance confirmation letters to As at As at
these parties but the response is not satisfactory. S.No. Description
31st March, 2022 31st March, 2021

(i) Discount rate(per annum) 7.18% 6.80%

Note :- 40 Capital Commitments (ii) Mortality rate Indian Assured Indian Assured
Lives Mortality Lives Mortality
Estimated amount of Contracts remaining to be executed on capital account and not provided for amounts to H8114.09 Lakhs as at
(2012-14) (2012-14)
31, March 2022 as against H8598.27 Lakhs as at 31 March 2021.
(iii) Expected Return on assets 7.18% 6.80%
(iv) Salary Escalation 10% 10%
Note :- 41 (v) Attrition Rate 2% 2%
(vi) The estimate of future liability increases considered in actuarial valuation, takes into account inflation rate,
In the opinion of Management, value of Current Asset, Loans and advances, if realized in the ordinary course of business, shall not
seniority, promotion and other relevant factors
be less than the amount at which the same are stated in the Balance Sheet. However, the balance of Trade Receivables/Payables
including Railway Trade Receivables and Trade Payables/other parties and bank balances as stated in the Balance Sheet are subject
to confirmation and reconciliation.

270 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 271
 Note :- 42 Employee Benefit (Contd..)

272
(b) Actuarial Method
Projected unit credit (PUC) actuarial method is used to assess the plan's liabilities of exit employees for retirement, death-in-service and withdrawal and also compensated
absence while in service.
(c ) Components of Employer Expense
Amount (H in Lakhs)
Gratuity* Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Current Service Cost 454.65 464.71 452.23 457.72 229.84 239.62 12.35 14.63 97.98 119.08
(ii) Past Service Cost - -
(iii) Curtailement Cost
(iv) Settlement Cost
(v) Total Service Cost 454.65 464.71 452.23 457.72 229.84 239.62 12.35 14.63 97.98 119.08
Net interest Cost
(vi) Interest Expense on 373.95 349.88 361.23 324.38 189.26 172.04 10.95 11.17 102.83 83.47
DBO
(vii) Interest (Income on Plan (275.20) (238.29) (296.82) (259.22)
Assets)
(viii) Total Net Interest 98.75 111.59 64.41 65.17 189.26 172.04 10.95 11.17 102.83 83.47

Indian Railway Catering and Tourism Corporation Limited

(ix) Immediate Recognition (74.79) 80.66 (240.97) (154.72) (28.88) (25.27)
of (Gain)/Lossess Other
Long Term benefits
(xi) Defined Benefits cost 553.40 576.30 441.85 603.54 178.13 256.94 (5.58) 0.53 200.81 202.55
included in P&L

(d) Net Asset/Liablity Recognised in Balance Sheet

Amount (H in Lakhs)
Gratuity Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Actuarial (Gain)/Losses - - - - - - - -

due to Demographic
Assumption changes in
DBO
(ii) Actuarial (Gain)/Losses due (339.84) - (350.27) - (179.68) - (10.51) - (78.04)
to Financial Assumption
changes in DBO

Note :- 42 Employee Benefit (Contd..)

Amount (H in Lakhs)
Gratuity Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(iii) Actuarial (Gain)/Losses (146.01) (416.94) 228.33 88.28 (61.29) (154.72) (18.37) (25.27) (33.15) 8.27
due to Experience on
DBO
23rd Annual Report 2021-22

(iv) Return on Plan Assets 11.70 (9.18) (47.15) (7.62)

(Greater)/Less than
Discount Rate
(v) Total Actuarial (gain)/loss (474.15) (426.12) - - (111.18) 8.27
included in OCI
(vi) Total Cost Recognised
in P&L and OCI (Defined
Benefit Cost)
(vii) Cost Recognised in P&L 553.39 576.30 441.85 603.54 178.13 256.94 (5.58) 0.53 200.81 202.55
(viii) Remeasurement Effect (474.15) (426.12) - - (111.18) 8.27
Recognised in OCI
(ix) Total Defined Benefit 79.24 150.18 441.85 603.54 178.13 256.94 (5.58) 0.53 89.63 210.82
Cost

(e) Net Asset/Liablity Recognised in Balance Sheet

Amount (H in Lakhs)
Gratuity* Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Present Value of Benefit 5,816.12 5,499.20 5,683.81 5,312.21 2,959.86 2,783.24 145.95 161.08 1,520.87 1,432.20
Obligation
(ii) Fair Value of Plan Assets 4,284.74 4,047.07 4,895.32 4,365.04 1,571.93 -
(iii) Funded Status (Surplus/ (1,531.37) (1,452.14) (788.48) (947.17) (2,959.86) (2,783.24) (145.95) (161.08) 51.06 (1,432.20)
(Deficit)
(iv) Unrecognised Past
Service Costs
(v) Net Assets/(Liablity) (1,531.37) (1,452.14) (788.48) (947.17) (2,959.86) (2,783.24) (145.95) (161.08) 51.06 (1,432.20)
Recognised in balance
sheet
(vi) Present Value of
Encashment Obligation
273

Financial Statements Statutory Reports Corporate Overview

 Note :- 42 Employee Benefit (Contd..)

274
Amount (H in Lakhs)
Gratuity* Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(vii) Present Value of

Availment Obligation
Current Liablity 175.27 119.52 200.97 147.47 128.31 107.11 145.95 161.08 - 7.87
Non-Current Liablity 1,356.10 1,332.62 587.51 799.70 2,831.55 2,676.13 - - - 1,424.33
*Funded by Company

(f) Change in Obligation over the period ending on

Amount (H in Lakhs)
Gratuity Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Present Value of Defined 5,499.20 5,145.30 5,312.21 4,770.33 2,783.24 2,529.99 161.08 164.29 1,432.20 1,227.50
Benefits Obligation at
Beginning
(ii) Current Service Cost 454.65 464.71 452.23 457.72 229.84 239.62 12.35 14.63 97.98 119.08

Indian Railway Catering and Tourism Corporation Limited

(iii) Interest Cost 373.94 349.88 361.23 324.38 189.26 172.04 10.95 11.17 102.83 83.47
(iv) Plan Amendments
(v) Prior Service Costs
(vi) Curtailments - -
(vii) Acquisition adjustment - 10.94 - 7.08
(viii) Actuarial (Gains)/Loss (485.85) (416.94) (121.93) 88.28 (240.97) (154.72) (28.88) (25.27) (111.18) 8.27
(ix) Benefits Paid (25.83) (54.69) (319.93) (335.58) (1.52) (3.69) (9.56) (3.74) (0.95) (6.12)
(x) Present Value of Defined 5,816.12 5,499.20 5,683.81 5,312.21 2,959.86 2,783.24 145.95 161.08 1,520.88 1,432.20
Benefits(Closing)

Note :- 42 Employee Benefit (Contd..)

(g) Reconcilation of Opening & Closing Values of Plan Assets
Amount (H in Lakhs)
Gratuity Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Fair value of plan assets 4,047.07 3,504.29 4,365.04 3,812.00 - - - -

23rd Annual Report 2021-22

at the beginning of the

period
(ii) Acquisition adjustment - -
(iii) Expected return on plan 275.20 238.30 - -
assets
(iv) Contributions - 350.00 280.61 286.19 - -
(v) Benefits paid (25.83) (54.69) - - (1,571.93) -
(vi) Actuarial gain/(loss) on (11.70) 9.18 249.68 266.84 - -
plan assets
(vii) Fair value of plan assets 4,284.74 4,047.08 4,895.32 4,365.04 - - (1,571.93) -
at the end of the period

(h) Amounts Recognized in Other Comprehensive Income

Amount (H in Lakhs)
Gratuity Leave Encashment Half Pay Leave LTC PRMB
Sr. As at As at As at As at As at As at As at As at As at As at
Particulars
No. 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021

(i) Opening OC(Cumulative

Unrecognised Losses/
(Gains)
(ii) Actuarial (gain)/loss on (485.85) (416.94) (74.79) 88.28 (240.97) (154.72) (28.88) (25.27) (111.18) 8.27
DBO
(iii) Actuarial (gain)/loss on 11.70 (9.18) (47.15) (7.62)
Assets
(iv) Amortization Actuarial
(Loss)/Gain
(v) Net increasing in OCI (474.15) (426.12) (121.94) 80.66 (240.97) (154.72) (28.88) (25.27) (111.18) 8.27
(vi) Amortization of Prior
Service Cost
(vii) Total Recognised in Other (474.15) (426.12) (111.18) 8.27
Comprehensive Income
275

Financial Statements Statutory Reports Corporate Overview

 Note :- 42 Employee Benefit (Contd..)

(1,432.20)
(8.27)
(1,423.93)
6.12
(202.55)
(1,227.50)
(1,227.50)
As at
31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March 31st March
2021
Amount (H in Lakhs)
( j)
The Employees’ Gratuity Fund Scheme managed by a Trust (SBI Life Insurance Co. Ltd) is a defined benefit plan. The present

Corporate Overview
value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method. The Company has
PRMB taken Group Leave Encashment Scheme from LIC for payment towards leave encashment.

51.05
111.18
(60.13)
1,572.88
(200.81)
(1,432.20)
(1,432.20)
As at

2022
(k) Sensitivity Analysis

For the year ended March 31st 2022

Amount (H in Lakhs)

(161.08)
-
(161.08)
3.74
(0.53)
(164.29)
(164.29)
As at

2021

Effect on Effect on Effect on

Change in Effect on Effect on
Gratuity Leave Half Pay
assumptions LTC PRMB
obligation Encashment Leave
LTC

Discount Rate Increase of -409.59 -416.34 -213.80 -11.80 -

(145.95)
-
(145.95)
9.56
5.57
(161.08)
(161.08)
As at

2022

0.50%

Statutory Reports
Decrease of 452.71 471.81 241.99 11.75 -
0.50%
Salary Growth Rate Increase of 107.04 450.57 231.11 - -

(2,783.24)
(2,783.24)
3.69
(256.94)
(2,529.99)
(2,529.99)
As at

2021

0.50%
Decrease of -120.46 -411.76 -211.44 - -
Half Pay Leave

0.50%

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In

(2,959.85)
(2,959.85)
1.52
(178.13)
(2,783.24)
(2,783.24)
As at

2022

practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity
of the defined benefit obligation to significant actuarial assumptions the same method (projected unit credit method) has
been applied as when calculating the defined benefit obligation recognized within the statement of financial position.

Financial Statements
(947.17)
(947.17)
614.69
(603.54)
(958.32)
(958.32)
As at

2021

(l) Maturity Profile of Defined Benefit Obligation

Leave Encashment

Amount (H in Lakhs)
S.No. Year Gratuity Leave Encashment Half Pay Leave LTC PRMB

(788.47) a 0 to 1 Year 175.27 200.97 128.31 145.95 -

(788.47)
600.55
(441.85)
(947.17)
(947.17)
As at

2022

b 1 to 2 Year 191.00 179.23 87.11 - -

c 2 to 3 Year 154.19 176.68 96.67 - -
d 3 to 4 Year 227.91 255.26 129.91 - -
e 4 to 5 Year 152.52 162.37 80.77 - -
(1,452.14)
426.12
(1,878.26)
339.06
(576.30)
-

(1,641.02)
(1,641.02)
As at

2021

f 5 to 6 Year 165.06 155.19 79.17 - -

g 6 Year onwards 4,750.16 4554.12 2,357.92 - -
Gratuity
(i) Net Asset /Liablity Recognised in Balance Sheet

Note :- 43
(1,531.38)
474.15
(2,005.53)
-
(553.39)
-

(1,452.14)
(1,452.14)
As at

2022

During the year 2021-22, the sharing with various Zonal Railways has been made in terms of Memorandum of Understanding,
Note :- 42 Employee Benefit (Contd..)

executed with the Ministry of Railways and as per the Catering Policy.
(vi) (Accrued)/Prepaid benefit
(iii) (Accrued)/Prepaid benefit

(viii) Net Balance SheetAsset/

Net Balance SheetAsset/

Comprehensive Income/
at the end of the period)
Cost (Before adjustment
Cost (Before adjustment

Benefit(Cost)/Income for

Note :- 44 Related Party Disclosures

(Liablity) Recognised at
(Liablity) Recognised at

(Loss) at the end of the

at the beginning of the

at the beginning of the

(ii) Amount Recognised in

(v) Employer Contribution

Accumulated OCI/loss

in Accumulated Other

the end of the period

(vii) Amount Recognised

As per Ind AS - 24 'Related Party Disclosures', the names of the related parties are given below :-
(iv) Net Periodic
Particulars

Nature of Relationship Name of the Related Party

the period
beginning

period)

period
period

Joint Venture Royale Indian Rail Tours Limited

Key Managerial Personnel (i) Smt. Rajni Hasija , Director ( T&M) with additional charge as CMD, IRCTC
(ii) Shri Ajit Kumar, Director (Finance) & CFO
No.
Sr.

(i)

(iii) Shri Neeraj Sharma (Nominee Director)

(iv) Shri Vinay Srivastava (Nominee Director) (ceased w.e.f. 13.09.2021)
(v) Shri Vinay Kumar Sharma (Independnet Director) (appointed w.e.f. 09.11.2021)

276 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 277
Note :- 44 Related Party Disclosures (Contd..) Note :- 44 Related Party Disclosures (Contd..)
Amount (H in Lakhs)

Corporate Overview
Nature of Relationship Name of the Related Party S.No. Party Nature Of Transaction 2021-22 2020-21
(vi) Shri Namgyal Wangchuk (Independnet Director) (appointed w.e.f. 12.11.2021)
10 CRIS Income -Integrated 139 And Rail Madad 537.25 580.21
(vii) Shri Vishwanath Shanker (Nominee Director) (appointed w.e.f. 14.12.2021) 11 Railtel Lease Line & Maintenance & Development Expenses 392.44 640.31
(viii) Shri Debashis Chandra Director(Catering Services) (appointed w.e.f. 18.01.2022) Corporation Of
(ix) Smt. Suman Kalra (Company Secretary) India Limited
12 Rail Vikas Capital Advance for Construction of Flats. 594.00 -
Note :- 44.1 Transactions with Key Managerial Personnel Nigam Ltd.

The remuneration of directors and other members of key management personnel during the year was as follows: Other Disclsoures:
Amount (H in Lakhs) *In relation to the Internet Ticketing H76,897.16 Lakhs as on 31st March, 2022 (H50790.58 Lakhs as on 31st March, 2021) given as rolling deposits with Ministry of Railways
for payment of train tickets booked through the Company.
Year ended Year ended
Particulars These transactions are conducted in the ordinary course of the Company’s business.
31st March 2022 31st March 2021

Statutory Reports
Short term benefits 197.52 228.68
Note :- 44.4 Balances with Joint Venture
Post-employment benefits 20.00 22.07 Amount (H in Lakhs)
217.52 250.75
Sr.
Particulars 31-03-2022 31-03-2021
Note :- 44.2 Sitting Fees to Independent Directors 3.75 6.30 No.

(i) Investments 250.00 250.00

(ii) Impairment in value of investment 250.00 250.00
Note :- 44.3 Transactions with the Government Related entities (iii) Advance Lease Rent 1,741.50 1,741.50
(iv) Lease Rent Receivable 269.08 269.08
IRCTC is a central public sector undertaking controlled by Central Government by holding majority number of shares. Pursuant to
(v) Trade Payables (1,471.71) (1,471.71)

Financial Statements
paragraph 25 and 26 of IND-AS 24, entity over which the same Government has control or joint control, or signifiicant influence,
then the reporting entity and other entities shall be regarded as related parties. Transactions with these parties are carried out at
Impairment in value of investment has been made for the Company's share of investment i.e. H250.00 Lakhs as the cumulative losses
market terms on Arm Length basis. IRCTC has applied the exemptions available for Government related entities and have made
of RIRTL has wiped out its net worth. Further, the Balance Sheet of RIRTL for 2011-12 to 2021-22 have not been finalized pending
limited disclosure in the financial statements. Such entities with which IRCTC has significant transactions include but not limited to
dispute with M/s Cox and Kings (India) Ltd.
are as follows:-

Name of the Entities: Government of India, through Ministry of Railway (Significant Influence over company) Note :- 45 Financial Reporting of Interest in Joint Ventures
Rail Vikas Nigam Limited (Controlled through Ministry of Railways)
The Company had formed a joint venture company with Cox & Kings Limited with 50-50 equal partnership in the name of Royal
CRIS (Controlled through Ministry of Railways) Indian Rail Tours Limited (RIRTL), by virtue of joint venture agreement dated 10th December 2008. However due to issues between
Railtel Corporation of India Limited (Controlled through Ministry of Railways) the equity partners, IRCTC terminated the agreement with Cox & Kings Limited as on 12th August 2011, and also withdrawn the train
from RIRTL.
Certain significant Transactions:-
Amount (H in Lakhs)
The Company’s share of ownership interest, assets, liabilities, income, expenses, contingent liabilities and capital commitments in
S.No. Party Nature Of Transaction 2021-22 2020-21 the joint venture company as at 31st March, 2022 are not available in view of non-finalization of its accounts because of dispute
between the parties, due to which the consolidation of Financial Statements as required under Ind AS 110 could not be done. These
1 Railways Income From Catering & Comprehensive Services Provided 13,403.50 8,730.91
Financial Statements are the separate financial statements as per Ind AS.
Income From On Board Catering & Other Services-
Rajdhani/Shatabdi/Premium Trains Amount (H in Lakhs)
2 Railways Railway Share On Licensee Catering Services 13,419.64 4,653.51 Name of the % of Company’s
Sr. Contingent Capital
3 Railways Railway Share On Railneer for the period 2007-08 to 2020-21 2,713.32 - Joint Venture ownership Assets Liabilities Income Expenditure
No. Liabilities Commitments
4 Railways IVRS Passenger Feedback System - 1,005.27 Company interest
5 Railways Railway Share on Internet Ticketing Service Charges & 248.99 201.15
1 RIRTL 50% Not Not Not Not available Not Not available
Advertisement, Office Rent and Water & Electricity
available available available available
6 Railways Haulage Charges On Maharaja Express, Tejas and other Trains 6,694.06 5,356.75
7 Railways Provision For Doubtful Debts 611.04 274.10
8 Railways Capital Advance for Construction of Flats 360.00 -
9 CRIS Expenditure on Maintenance and Development and Leased 1,477.83 1,385.74
Line Expenses For Internet Ticketing

278 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 279
Note :- 46 Impairment of Assets Note :- 51 Corporate Social Responsibility Expenditure
(a) Gross amount required to be spent by the Company during the year is H990.00 lakhs (Previous year H1044 Lakhs).

Corporate Overview
IRCTC has made an assessment on 31st March, 2022 for any indication of impairment in the carrying amount of Company’s Property,
Plant & Equipment (PPE), Intangibles and ROU assets. On the basis of such assessment, in the opinion of the management, no (b) Amount approved by the Board to be spent during the year H990.00 Lakhs (Previous year H1044 Lakhs).
provision for the impairment of Property, Plant & Equipment and intangible assets of IRCTC is required to be made during the year. (c) Details of amount spent during the year :-

Further, as per the impairment assessment of the ROU Assets as on 31st March, 2022, all the assets are stated at less than its
recoverable value. Accordingly, impairment loss amounting H122.97 Lakhs provided during Financial Year 2020-21 for Tejas express
Amount (H in Lakhs)
(Lucknow-New Delhi- Lucknow) trains, has now been reversed during financial year 2021-22.
2021-22 2020-21
Note :- 47 Value of Imports calculated on CIF basis by the Company for year 2021-22 in respect of Expenditure Expenditure
Sr. yet to be yet to be
Amount (H in Lakhs) Particulars Expenditure Total Expenditure Total
No. Incurred Incurred
Incurred (A) (A+B) Incurred (A) (A+B)
Particulars 2021-22 2020-21 on ongoing on ongoing
projects(B) projects(B)
Capital goods NIL NIL

Statutory Reports
i) Construction/acquisition of any asset - - - - - -
ii) On purposes other than (i) above -
Note :- 48 Expenditure in Foreign Currency a) Expenditure on Swacch Bharat Kosh 133.28 - 133.28 344.52 - 344.52
Amount (H in Lakhs)
& Ganga Rejuventaion Kosh
Nature of Expenses 2021-22 2020-21 b) Expenditure on Education and Health 122.21 99.85 222.06 26.61 - 26.61
Foreign Travelling Expenses Directors - - Care
Foreign Travelling Expenses-others 0.62 - c) Aspirational District 24.55 24.54 49.09 - -
Other Expenses - 0.61 d) Expenditure on Sanitation,Social 6.67 - 6.67 51.68 - 51.68
Total 0.62 0.61 Empowerment & Environment
e) Armed Forces 7.87 - 7.87 - - -
Note:- The above excludes foreign travel expenses of Director incurred in prior periods amounting to H1.91 Lakhs which has been f) Research & Development to IIT 60.50 - 60.50 - - -

Financial Statements
accounted for during current year. g) Administrative Expenses 5.06 5.06 - - -
h) PM Care Fund 300.00 - 300.00 650.00 - 650.00
Note :- 49 Earnings in Foreign Exchange i) Others (Supply of Railneer Community 205.47 - 205.47 174.34 - 174.34
Amount (H in Lakhs) meal and administrative expenses etc.)
Particulars 2021-22 2020-21 Total 865.61 124.39 990.00 1247.15 - 1247.15
j) Less: Excess expenses of H203.15 Lakhs - - - 203.15 - 203.15
Other Income 1937.2 985.02 against requirement of H1044 Lakhs for
FY 2020-21 shown as an asset
Note :- 50 Duty Credit License k) Total 865.61 124.39 990.00 1,044.00 - 1,044.00
l) Add: Expenses for 2020-21 (Refer note - - - 8.72 - 8.72
During F.Y. 2021-22, the duty credit license has been utilized / redeemed for an amount of HNil (previous year H311.15 lakhs) under below)
“Service Exports from India Scheme (SEIS)". This is net of discount of HNil and H13.30 Lakhs respectively for Financial Year 2021-22 Amount shown in Statement of 865.61 124.39 990.00 1052.72 - 1052.72
and 2020-21. However, the Company has received duty credit entitlements for Financial Year 2019-20 for an amount of H164.85 Profit and Loss
Lakhs which have been accounted for as receivables during Financial Year 2021-22 in line with the policy.
Note : (i) In respect of ongoing projects of 2020-21, provision was not made for H8.72 Lakhs for CSR expenses in FY 2020-21 even
Further, for FY 2020-21 & 2021-22 SEIS scheme is not available at present. As per the Govt. Notification No.57/2015-20 dated
though funds were transferred to separate Bank account. However, the amount of H8.72 Lakhs is now booked in current year as
31.03.2020 (DGFT) “for the services rendered w.e.f 1st April 2020, the decision on continuation of the scheme will be taken
prior period expense under CSR expense for the FY 2020-21.
subsequently and notified accordingly” i.e. for FY 2020-21 and 2021-22, a committee will be formed, who will decide whether this
scheme will continue or not. Accordingly, no income/contingent assets has been recognized for the FY 2020-21 and 2021-22. (ii) There were no related party transaction in respect of CSR Expenditure incurred during the year.

(iii) Excess Spent amount as on 31st March 2022

In case of S. 135(5) Excess amount spent

Amount (H in Lakhs)
Amount spent Amount required
Closing Balance
Opening Balance during the to be spent
year during the year

203.15 786.85 990 0

280 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 281
Note :- 51 Corporate Social Responsibility Expenditure (Contd..) Note :- 52 Prior Period Items (Contd..)
Excess Spent amount as on 31st March 2021 52.2 Correction of Prior Period transactions with impact on profit.

Corporate Overview
In case of S. 135(5) Excess amount spent
52.2.1 Impact on Balance Sheet Items is as follows:
Amount required Amount (H in Lakhs)
Amount spent
Opening Balance to be spent Closing Balance Impact on Prior to 1st April
during the year Line Items Total
during the year 2020-21 2020
0 1247.15 1044 203.15 Current Trade Receivables 575.40 (551.29) 24.11
Right of Use Assets 6.32 6.32 12.64
Note :- 52 Prior Period Items Deferred tax Assets (34.67) 54.23 19.56
Total Assets 547.06 (490.74) 56.32
52.1 Prior Period Transactions are as follows:
Amount (H in Lakhs) Current Trade Payables - 9.51 9.51
Other Current Financial Liablities 158.83 120.55 279.38
Nature 2021-22

Statutory Reports
Other Current Liablities (449.55) 88.51 (361.04)
Prior Period Income Provoisions (19.20) (241.82) (261.02)
Income from IATA/RTSA/Internet Café etc. 532.20 Lease Liabilities 4.49 4.65 9.15
Income from Licence Fees (61.99) Total Liability (305.43) (18.60) (324.02)
Sale of Food and beverages (642.76) Net Assets (Equity) 241.63 (509.34) (267.70)
Maharaja Express - Revenue 5.84
Income from tourism & Train Operation (1.99) Amount (H in Lakhs)
Non Nailway Business - Income from Catering (26.14) Nature 2020-21
Misc. Income 53.55
Countermanding Charges & Security Deposit Forfieted 21.36 Prior Period Income
Contractual Fines and Penalities Received 198.27 Income from IATA/RTSA/Internet Café etc. 532.20
Income from Licence Fees 32.16

Financial Statements
Subtotal 78.34
Prior Period Expenses Income from tourism & Train Operation 0.49
Licence Fees Expenses 38.58 Misc. Income 54.23
Legal and Professional Expenses 39.58 Contractual Fines and Penalities Received 11.04
Gratuity Expenses (261.02) Subtotal 630.12
CSR Expenses 8.72 Prior Period Expenses
Licence Fees Land (15.96) Licence Fees Expenses 0.66
Tourism & Train operations Expenses 5.71 Legal and Professional Expenses 5.05
Rates & Taxes (348.69) Gratuity Expenses (19.20)
Expenses Tejas Trains - Variable Haulage 137.50 CSR Expenses 8.72
Insurance Expenses 35.66 Licence Fees Land (8.25)
Purchase - Railneer (PPP) (65.47) Rates & Taxes (442.33)
Purchase of stock in Trade-Railneer PPP 6.11 Expenses Tejas Trains - Variable Haulage 137.50
Travelling Expenses 4.63 Insurance Expenses 1.20
MISC EXPS. 1.19 Purchase - Railneer (PPP) (65.47)
Purchase of PD/Cooked Item for resale 0.36 Purchase of stock in Trade-Railneer PPP 6.11
Repair & Maintenance - Others 6.33 Misc. Expenses 1.02
Advertisement Expenses 3.42 Repair & Maintenance - Others 2.11
Amortization of Lease Rights 12.64 Amortization of Lease Rights 6.32
Unbinding of Discount - Lease 25.10 Unbinding of Discount - Lease 12.74
Deferred Tax 19.57 Deferred Tax (34.67)
Sub Total (346.04) Sub Total (388.49)
Total (267.70) Net impact 241.63
Profit after Tax 241.63

282 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 283
Note :- 52 Prior Period Items (Contd..) Note :- 56
52.2.3 Impact of Prior Period Errors in Earning Per Share (Basic & Diluted):

Corporate Overview
(a) In terms of contract agreement of Rail Neer Plants under PPP model, Developer cum Operator (DCO) shall make payment of
Amount (H in Lakhs)
fixed amount of License Fee (LF) as stipulated in the agreement and IRCTC shall make Volume Shortfall Payments to DCO if
Year 2021-22 2020-21 actual dispatches in a year are less than Assured dispatch Levels stipulated in the concession agreement.
Impact on Profit attributable to Equity Share Holders (H in Lakhs) 267.70 (241.63) During the year ended 31st March, 2021, Executive Board (EB) of the IRCTC had decided that no shortfall compensation would
Weighted average nos. of Equity Shares (In Lakhs) 8,000.00 8,000.00 be payable during the Covid-19 pandemic. The EB further decided that since this situation pertain to “Non Political Force
Impact on Earnings Per Share (Basic & Diluted) 0.03 -0.03 Majeure” as provided in clause 16.2 of the agreement, licence fee benefit may be given on pro rata basis to the Developer Cum
Operator (DCO), correlating with the actual production and installed capacity as per duly executed agreements.

Note :- 53 Bank Balances other than Cash & Cash Equivalents Accordingly, the decision taken by the IRCTC was communicated to all DCOs. But certain DCOs have not accepted the decision
of the Company and the financial implication calculated net of License Fee waived off works out to H194.44 lakhs (previous year
IRCTC has availed overdraft facility for H10,000 Lakhs (previous year H10,000 Lakh) from State Bank of India against fixed deposit of
H243.17 lakhs).
H12,000 Lakhs (previous year H11,892.52 Lakhs. The OD facility shall be availed @ 0.25% higher than the interest rate on fixed deposit
for the period for which OD is being availed. Fixed deposits to that extent are under lien. Further, during the year ended 31st March, 2022, the Company has again approached to the DCOs for providing acceptance of

Statutory Reports
the decision but certain DCOs have not provided the same. Executive Board (EB) of the IRCTC now decided to provide for the
financial implications in the books of accounts. Accordingly total amount of H437.61 Lakhs has been provided for during the year
Note :- 54 Railway Share
ended 31st March, 2022 as "Provision for Claims & Damages".
(a) License fees / service charges are shown at gross value and corresponding share paid/payable to Indian Railways have been
(b) As per the terms and conditions of the tender, in respect of 4 nos. of PPP railneer plants, the DCOs are to be reimbursed the GST
shown as expense under note no. 27, 28, 29 & 33.2.
on sale net of Input Tax Credit (ITC) availed by them. But, erroneously, GST on sale has been reimbursed without considering
(b) As per MOU dt. 17.01.2007 signed between Railways & IRCTC, the sharing of revenue with Railways on Railneer has been ITC claimed by DCOs of 3 plants.
mentioned in category I “ Passenger amenities like management of stall, refreshment rooms at railway station, pantry car services,
Rail Neer etc. where services are restricted to paid passengers and items for sale and tariff are determined and controlled by During the current financial year 2021-22, the amount of ITC claimed by DCOs for 2 plants has been recognized by reducing
Railways. For this activity there is very limited scope of profit to the service provider.” In such case the revenue share is payable cost of purchase of Rail Neer by H186.48 Lakhs in current financial year and H65.47 Lakhs recognized as reduction in prior period
@ 15% of revenue earned by IRCTC. In case of departmental units, 15% of net profit to be shared with Railways by IRCTC. expenses for the previous financial year. Due to non-availability of figures of ITC claimed by DCO of Rail Neer Plant at Hapur for
the period 01.04.2020 to 31.3.2022, the same could not be estimated and accounted for in the financial year 2021-22.

Financial Statements
In the past, Railways raised demands of share of revenue in the years 2011 and 2012 on earning through sale of Rail Neer which
was not accepted by the company by stating that Rail Neer Plants being a departmental unit and all departmental catering
units put together being in loss, no share is, therefore, payable on Rail Neer sales separately and stated that this disposes of Note :- 57
demands of Railways. No further demand was received from Railways on this subject till FY 2020-21 and hence, no provision
During the Financial Year 2017-18, the Company had received H1200 lakhs from Ministry of Tourism for Manufacturing of 3 Class
was made for Railway Share in the books of account till FY 2020-21.
Coaches on cost to cost basis out of which balance of H121.66 Lakhs is refundabe to Ministry of Tourism.
However, Railway Board vide its Letter dated 20.07.2021, has raised the issue of Railway Share and asked the Company to pay
Railway Share of all the Rail Neer Plants in accordance with the MoU dt. 19.01.2007. Note :- 58 Segment Reporting
In response to letter dt. 20.07.2021, Company has represented on the same ground as done in past. However, the Railway The CODM & Manager for corporate planning examines the business performance on the basis of the nature of the services
Board has not accepted the contention of the Company and advised to share 15% of profit for Departmental plants and 40% rendered by the company, organization structure & internal reporting system and has identified five reportable segments of its
revenue share in terms of Catering Policy 2017 for PPP plants being run by licensees vide letter dt. 30.09.2021 business as follows:-
The Company has now agreed to share 15% profit for all the plants including PPP plants and informed Railway Board vide letter • Catering
dated 24.02.2022 and paid dues amounting to H2713.32 Lakhs which was accepted by Railway Board subject to reconciliation.
• Railneer
However, the Company contended that PPP Plants are not run on licensee model as these plants are set up by IRCTC and sale
of Rail Neer takes place on the invoices of IRCTC only. • Tourism & Train Operation

Accordingly, Company has booked expenses for an amount of H2713.32 Lakhs as Railway share on Railneer plants up to • State Teertha
31.3.2021 and classified it as an “Exceptional Item” in the statement of Profit & Loss for the year ended March 31, 2022. No • Internet Ticketing.
Provision for Railway share for the Financial Year 2021-22 is required in the books as the Railneer Segment shows loss for the
current year after charging above payment of H2713.32 Lakhs against the profits of Railneer segment. The accounting principles used in the preparation of the financial statements is consistently applied to record revenue & expenditure
in individual segments, as set out in the note of significant accounting policies.

Note :- 55 Capital Advances For Flats & Land Revenue and direct expenses in relation to segment are allocated based on items that are individually identifiable to the respective
segment while the remainder of the costs are categorized as unallocated expenses .The management believes that it is not practical to
The following amounts were paid for Purchase/construction of flats and land which are still pending as on date:-
provide segment disclosure to these expenses and accordingly these expenses are separately disclosed as unallocated and adjusted
- H571.43 Lakhs paid to Indian Railways in the year 2002-03/2006-07/2021-22. only against the total income of the Corporation. The overall percentage of such unallocable expenses to total revenue is not material.
- H1374.00 Lakhs to RVNL in the F.Y. 2010-11/2018-19/2021-22. Assets and Liabilities used in the company's business are not identified to any of the reportable segments as these are used
- H463.93 Lakhs for purchase of flats from AIR INDIA LTD in FY 2018-19. interchangeably between segments. The company believes that it is currently not practicable to provide segmental disclosure
relating to total assets and liabilities since a meaningful segregation of the available data could be onerous.
- H2070.01 Lakhs for purchase of land at Lucknow for Hotel in FY 2021-22.

284 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 285
 Note :- 58 Segment Reporting (Contd..)

286
Segment Reporting
Amount (H in Lakhs)
Tourism & Train
Catering Railneer Internet Ticketing State Teertha Elimination Total
Operations

Particulars Year Year Year Year Year Year Year Year Year Year Year Year
Year ended
ended ended ended ended ended ended ended ended ended ended ended Year ended ended
March
March March March March March March March March March March March March 2022 March
2022
2022 2021 2022 2021 2021 2022 2021 2022 2021 2022 2021 2021

Revenue
Sale of products 2,976.14 1,987.52 16,880.22 5,603.97 - - - - - - 19,856.36 7,591.49
Sale of services 46,903.28 20,318.67 329.41 111.84 1,02,096.74 44,248.45 15,697.26 5,385.88 3,031.37 - 1,68,058.06 70,064.84
Other Operating 17.30 1.49 16.12 7.95 - - 33.42 9.44
Income
Inter-Segment Sales 399.49 1,701.22 (399.49) (1,701.22) - -
Other Income 1,309.98 668.39 113.21 169.87 487.57 788.17 249.69 101.35 7.51 - 2,167.96 1,727.78
Interest and Dividend - - 5,114.59 6,770.60
Income
Total Revenue 51,206.70 22,976.07 17,338.96 5,893.63 1,02,584.31 45,036.62 15,946.95 5,487.23 3,038.88 - - - 1,95,230.39 86,164.15
Segment Results 1,996.32 (9,194.30) 1,037.85 (659.32) 85,743.53 32,273.18 (4,801.81) (7,378.60) 261.27 - 89,351.74 21,811.56
Unallocated - -
Corporate Income
Unallocated - -
Corporate Expenses
Profit Before Tax 1,996.32 (9,194.30) 1,037.85 (659.32) 85,743.53 32,273.18 (4,801.81) (7,378.60) 261.27 - 89,351.74 21,811.56

Indian Railway Catering and Tourism Corporation Limited

(Before Exceptional
Items)
Exceptional Items 605.81 840.50 (2,506.00) 213.22 1,275.27 2,656.56 188.54 229.54 35.93 - - - (400.45) 3,939.81
Profit Before Tax 2,602.13 (8,353.80) (1,468.15) (446.10) 87,018.80 34,929.73 (4,613.27) (7,149.06) 297.20 - - - 88,951.29 25,751.37
Income Taxes 22,582.38 7,048.73
Net Profit 2,602.13 (8,353.80) (1,468.15) (446.10) 87,018.80 34,929.73 (4,613.27) (7,149.06) 297.20 - - - 66,368.91 18,702.64
Other Dislosures
Interest Expenses 213.88 165.04 72.43 42.28 428.73 327.29 377.27 293.11 12.69 - - - 1,105.00 827.72
Depreciation 745.21 565.63 1,208.90 1,113.53 1,567.87 1,439.97 1,351.32 1,515.60 25.54 - - - 4,898.84 4,634.73
Total Depreciation 745.21 565.63 1,208.90 1,113.53 1,567.87 1439.97 1,351.32 1515.60 25.54 - 4,898.84 4,634.73

Note:
1. IRCTC is mandated to carry out unbundling by creating a distinction primilarily between food preparation and food distribution, thus Departmental and Licencee Segments
has been combined.(Catering includes Departmental ,Non-Railway Catering & Licensee Catering )
2. Inter-segment sales are not taken into total revenue.
3. Assets and Liabilities used in the company's business are not identified to any of the reportable segments as these are used interchangeably between segments. The
company believes that it is currently not practicable to provide segmental disclosure relating to total assets and liabilities since a meaningful segregation of the available data
could be onerous.
4. Previous year figures have been re-arranged /regrouped and re-casted, where ever necessary to make them comparable with the current year figures.

Total
Total

Railneer
Catering

Contract assets

Particulars
State Teerath

(c) Contract balances

Sale of Service-

Segment Wise
Sale of Products

Internet Ticketing

23rd Annual Report 2021-22

i) Internet Ticketing

Contract liabilities (Note 19)

Tour & Train Operation
(a) Disaggregation of revenue

v) Railneer License Fee

Trade receivables (Note 10.1)

Type of goods or service

iv) Tour & Train Operation

vi) Other Operating Income

of changes in measure of progress

ii) Income From Catering Services

Contract Asset at the end of the year

necessary to achieve the billing milestone.

Contract Asset at the beginning of the year

iii) Income from Concession Fee, License Fee etc.

Transfer from Contract Asset to Trade Receivable and increase as a result

(b) Revenue from segment reporting is H190115.80 Lakhs (H79393.55 Lakhs in F.Y 2020-21).
Note:- 59 Disclosure under Ind AS-115 on Revenue from contracts with Customers

public sector enterprises etc . The Company’s average project execution cycle is upto 12 months.
22,081.68
-

-
-
-
March 31, 2022
57,264.06
March 31, 2022
1,90,115.80
3,038.88
15,946.95
1,02,584.31
17,338.96
51,206.70
31, March 2022
ended
For the year
1,87,947.84
33.42
329.41
18,728.63
33,499.78
13,403.50
1,02,096.74
19,856.36
31, March 2022
ended
For the year

(ii) Below is the disaggregation of the Company's revenue from contracts with customers: Segment Wise

12,692.22
-

-
-
-
March 31, 2021
Amount (H in Lakhs)
52,134.22
March 31, 2021
Amount (H in Lakhs)
79,393.55
-
5,487.23
45,036.62
5,893.63
22,976.07
31, March 2021
ended
For the year
Amount (H in Lakhs)
77,665.77
9.44
111.84
5,385.88
11,587.76
8,730.91
44,248.45
7,591.49
31, March 2021
ended
For the year
Amount (H in Lakhs)
(i) Below is the disaggregation of the Company's revenue from contracts with customers: Type of Products and Service Wise

(ii) Contract assets is recognised over the period in which services are performed to represent the Company's right to

287
contract asset is reclassified to trade receivables on satisfaction of the condition attached i.e. future service which is
(i) Trade receivables are non-interest bearing and the customer profile include Ministry of Railways, Government of India,

consideration in exchange for goods or services transferred to the customer. Any amount previously recognised as a

Financial Statements Statutory Reports Corporate Overview

Note:- 59 Disclosure under Ind AS-115 on Revenue from contracts with Customers (Contd..) Note :- 61 Fair Value measurements (Contd..)
(iii) Contract liabilities represents the amount received as advance from Customers related to Unexpired concession fee, (ii) Assets and liabilities which are measured at amortized cost for which fair values are disclosed.

Corporate Overview
Unexpired License fee, Unexpired User Charges,Unexpired Integration Charges & advances against the package tours Amount (H in Lakhs)
Amount (H in Lakhs) As at 31st March 2022 As at 31st March 2021
Particulars March 31, 2022 March 31, 2021 Particulars Carrying Carrying
Fair value Fair value
Value Value
Contract Liabilities at the beginning of the year 12,692.22 20,385.98
Contract Liabilities at the end of the year* 22,081.68 12,692.22 Financial Assets
*Reduction in Contract Liablity is due to refunds given for advances received from Customers related to Unexpired concession fee, Unexpired License fee,
Security Deposit 1,104.66 1,092.55 1,144.19 1,144.86
advances against the package tours and on account of short term licensee contract for operation of special trains instead of long term licensee contract Total Financial Assets 1,104.66 1,092.55 1,144.19 1,144.86
entered earlier. Financial Liabilities
Security Deposit 11,965.84 13,682.97 11,496.39 11,615.31
Note :- 60 Capital management Lease Liabilities 10,666.14 10,666.14 7,945.70 7,945.70
Total Financial Liabilities 22,631.98 24,349.11 19,442.09 19,561.01

Statutory Reports
The company objective to manage its capital in a manner to ensure and safeguard their ability to continue as a going concern so that
company can continue to provide maximum returns to share holders and benefit to other stake holders. Company does not have a. The carrying amounts of trade receivables, trade payables, Short term Security Deposit, cash and cash equivalents and
any borrowings as at 31st March 2022. other short term receivables and other payables are considered to be same as their fair values, due to short term nature.
Further, company manages its capital structure to make adjustments in light of changes in economic conditions and the requirements b. The fair value of long term security deposits were calculated on the cash flows discounted using current market rate of fixed
of the financial covenants. No changes were made in the objectives, policies or processes of managing capital during the year deposits. They are classified as level-3 of fair values hierarchy due to inclusion of unobservable inputs.
ended 31st March 2022.
Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Note :- 61 Fair Value measurements
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e.
(i) Financial Instruments by Category as prices) or indirectly (i.e.derived from prices).
Amount (H in Lakhs)

Financial Statements
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
As at 31st March 2022 As at 31st March 2021
Particulars Amortized Amortized The following table presents the fair value measurement hierarchy of financial assets and liabilities measured at fair value on
FVTPL* FVTOCI** FVTPL* FVTOCI** recurring basis and at amortised cost
Cost Cost
Quantitative disclosures fair value measurement hierarchy for financial assets as on 31March 2022:
Financial Assets
(i) Investment - - - - - Amount (H in Lakhs)
(ii) Security Deposits - - 1,104.66 - 1,144.19 Particulars Level 1 Level 2 Level 3 Total
(iii) Trade Receivables - - 57,264.06 - 52,134.22
Financial assets measured at Amortised Cost for which
(iv) Cash and Cash Equivalents - - 36,820.38 - 34,502.41
fair value are disclosed:
(v) Bank Balances other than Cash & Cash - - 1,36,336.50 - 1,11,547.15
Security Deposit - - 1,092.55 1,092.55
Equivalents
- - 1,092.55 1,092.55
(vi) Others - - 9,234.39 - 10,308.92
Total Financial Assets - - 2,40,759.99 - 2,09,636.89
Quantitative disclosures fair value measurement hierarchy for financial liabilities as on 31March 2022:-
Financial Liabilities
Amount (H in Lakhs)
(i) Security Deposits - - 11,965.84 - 11,496.39
(ii) Earnest Money Deposit 4,343.47 3,969.59 Particulars Level 1 Level 2 Level 3 Total
(iii) Trade payables - - 67,860.02 - 58,229.72
Financial liabilities measured at Amortised Cost for
(iv) Lease Liabilities - - 10,666.14 7,945.70
which fair value are disclosed:
(v) Others - - 17,879.55 - 14,071.09
Security Deposit - - 13,682.97 13,682.97
Total Financial Liabilities - - 1,12,715.02 - 95,712.49
Lease Liabilties - - 10,666.14 10,666.14
*Fair Value through Profit & Loss - - 24,349.11 24,349.11
**Fair value through Other Comprehensive Income

288 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 289
 Quantitative disclosures fair value measurement hierarchy for financial assets as on 31March 2021 :- Note :- 62 Financial Risk Management (Contd..)
Amount (H in Lakhs)

Corporate Overview
c) Financial Instruments and cash
Particulars Level 1 Level 2 Level 3 Total
Credit risk from balances with banks and financial institutions is managed in accordance with the company's policy. Investment
Financial assets measured at Amortised Cost for which of surplus are made only with approved counterparty on the basis of the financial quotes received from the counterparty.
fair value are disclosed:
Security Deposit - - 1,144.86 1,144.86 d) Liquidity risk
- - 1,144.86 1,144.86
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they become due. The company
manages its liquidity risk by ensuring , as far as possible, that it will always have sufficient liquidity to meet its liabilities when due,
Quantitative disclosures fair value measurement hierarchy for financial liabilities as on 31March 2021:-
under both normal and stressed conditions, without incurring unacceptable losses or risk to the company's reputation.
Amount (H in Lakhs)
The company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations.
Particulars Level 1 Level 2 Level 3 Total
The company has no bank borrowings. The company believes that the working capital is sufficient to meet its current
Financial liabilities measured at Amortised Cost for operational requirements. Any short term- surplus cash generated, over and above the amount required for working capital
which fair value are disclosed: management and other operational requirements, are retained as cash and investment in short term deposits with banks. The

Statutory Reports
Security Deposit - - 11,615.31 11,615.31 said investments are made in instruments with appropriate maturities and sufficient liquidity.
Lease Liabilities - - 7,945.70 7,945.70
- - 19,561.01 19,561.01 Note:- 63 Allowances for Expected Credit Loss and ageing schedule of Trade Receivables
(i) Allowances for Expected Credit Loss
Note :- 62 Financial Risk Management Amount (H in Lakhs)

The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is More than 3 More than
Particulars Upto 3 year Defaulted
to finance the company’s operations and to provide guarantees to support its operation. The Company’s principal financial assets less than 5 5 years
include trade and other receivables and cash and cash equivalents that derive directly from its operations.
Gross carrying amount 39846.20 7061.97 2,165.08 3,540.64
The Company is exposed to market risk, credit risk and liquidity risk. The company financial risk activities are governed by appropriate Expected credit rate 0% 0% 75%- 100%

Financial Statements
policies and procedures and that financial risk are identified, measured and managed in accordance with the companies policies Expected credit losses (Loss - - 1623.81 3,540.64
Railways/Government
and risk objectives. The board of directors reviews and agrees policies for managing each of these risk, which are summarized provision Allowance)
below:- Gross carrying amount of 39,846.20 7,061.97 541.27 -
trade receivables
a) Market Risk Gross carrying amount 6,458.39 2,612.07 1,678.39 5,001.99
Expected credit rate 0% 25% 100% 100%
Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market
Non-Railways/Non- Expected credit losses (Loss - 653.02 1,678.39 3,604.81
prices. Market risk comprises Interest rate risk and foreign currency risk. Financial instruments affected by market risk includes
Government provision Allowance)
loans and borrowing, deposits and other non derivative financial instruments.
Gross carrying amount of 6,458.39 1,959.05 - 1,397.18
i) Interest Rate Risk trade receivables
*1. The ECL provision on dispiuted receivables of H1493.82lakhs for WVM contracts , in the event of non realization of claim from the licensee at the time of due
Interest rate risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of settlement, liability to pay correspnding 40% Railways share shall also lapse. Hence, the provision has been made on 60% of the amount receivable by the
change in market interest rate. The company manages its interest risk in accordance with the companies policies and company.
risk objective. Financial instruments affected by interest rate risk includes deposits with banks. Interest rate risk on these *2. Disputed Receivables of H1579.86 lakhs upto 3 years, includes outstanding claimes from Licensee's pertaining to increased license fee on sales assessment,
financial instruments are very low as interest rate is for the period of financial instruments. on Tea and Coffee serving and hike in meal tariff rate. That in the event of non realization of claim from the licensee at the time of dipute settlement, liability
to pay corresponding 45% Railways share (including maintenance charges) shall also lapse. Hence, the Provision has been made on 55% of the amount
ii) Foreign Currency Risk receivable by the company.
3. The ECL provsion for more than 05 years on undisputed receivable from Private party has been provided @ 100%(previous year 50%) and ECL provision for
The company operates internationally. In view of low volume of foreign currency transactions, no material exposure exists more than 05 years on undisputed receivable from Railways and Governement has been provided @ 75%(Previous year 50%). This resulted in increase in
from foreign currency risk arising form foreign currency transactions. Company does not hedge any foreign currency risk. provision for doubtful debts by H1380.47 Lakhs for the Financial Year 2021-22.

(ii) Trade Receivables ageing schedule as on 31st March 2022

b) Credit risk Amount (H in Lakhs)
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its Outstanding for following periods from due date of payment
contractual obligations, and arises principally from the Company’s receivables from customers. The company is exposed to Particulars Less than 6 months - More than Total
1-2 years 2-3 years
credit risk from its financial activities including trade receivable, deposits with banks, financial institutions and other financial 6 months 1 year 3 years
instruments. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing
counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, (i) Undisputed Trade receivables 32,109.29 1,792.75 2,526.42 6,422.52 7,061.97 49,912.96
taking into account their financial position, past experience and other factors. – considered good
(ii) Undisputed Trade Receivables - - - - 4,777.15 4,777.15
– which have significant
increase in credit risk

290 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 291
Note:- 63 Allowances for Expected Credit Loss and ageing schedule of Trade Receivables (Contd..) Note :- 64 Estimates and assumptions
Amount (H in Lakhs)

Corporate Overview
b) Taxes
Outstanding for following periods from due date of payment
Particulars Less than 6 months - More than Total Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which losses
1-2 years 2-3 years can be utilized Significant management judgement is required to determine the amount of deferred tax asset that can be
6 months 1 year 3 years
recognized, based upon the likely timing and level of future taxable profit together with future tax planning strategies.
(iii) Undisputed Trade Receivables 1,678.39 1,678.39
– credit impaired c) Defined benefit Obligations
(iv) Disputed Trade Receivables– - - - - - -
Employee benefit obligations are determined using actuarial valuations. An actuarial valuation involves making various
considered good
assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future
(v)  Disputed Trade Receivables - - - - - -
salary increases and mortality rates. Due to the complexities involved in the valuation and its long term nature, a defined benefit
– which have significant
obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date
increase in credit risk
(vi) Disputed Trade Receivables – - 10.42 31.28 3,234.31 5,266.62 8,542.64 d) Useful lives of property, plant and equipment

Statutory Reports
credit Impaired
(vii) Unbilled amount 2,726.02 42.18 199.09 486.32 - 3,453.61 The estimated useful lives of property, plant and equipment is as given in the Note 2(n). Estimated useful lives of property,
plant and equipment are based on number of factors including the effects of obsolescence, demand, competition, and other
Trade Receivables ageing schedule as on 31st March 2021 economic factors The Company reviews the useful life of property, plant and equipment at the end of each reporting date.
Amount (H in Lakhs)
e) Leases
Outstanding for following periods from due date of payment
Particulars Less than 6 months - More than Total Company uses its judgement in determining whether or not contract contains a lease, extension option of the lease agreement
1-2 years 2-3 years and termination option of the lease agreement will be exercised or not. Further company uses estimation in calculating the
6 months 1 year 3 years
appropriate discount rate to use and lease term of the leases. The land on lease from the railways have no defined lease term
(i) Undisputed Trade receivables 17,310.13 5,841.62 10,829.85 7,389.02 5,870.77 47,241.39 period and are likely to continue. In the absence of any defined term, a period of 10 Years have been taken as future lease term
– considered good* effective as on date of transition of IND-AS 116.
(ii) Undisputed Trade Receivables 6,971.19 6,971.19

Financial Statements
– which have significant
increase in credit risk Note :- 65 Train Operations
(iii) Undisputed Trade Receivables -
The Company is engaged in the operations of the trains received from the Zonal railways on haulage charge principle basis. The
– credit impaired
income from the operations of the special train includes the basic fare collected from the passengers, catering charges and other
(iv) Disputed Trade Receivables– -
charges as fixed by the Company. The income from operations of trains is recognized over the period of time of the operations of
considered good
the train as per the requirement of the Ind AS-115.
(v)  Disputed Trade Receivables -
– which have significant
increase in credit risk Note :- 66 Ticket Deposit Receipt Refund (TDR) Cases
(vi) Disputed Trade Receivables – 3,233.75 4,897.14 8,130.89
The TDR refund is made by the Company to the passengers after receipt of the same from Indian Railway. As on 31st March 2022,
credit Impaired
number of cases pending were 25614 (previous year 14101) with value of H232.48 lakhs (Previous year H153.91 Lakh).
(vii) Unbilled amount 917.94 306.46 486.32 1,710.72
*Excludes adjustments on account of prior period items amounting H1870.61 Lakhs.
Note :- 67 Railneer Plants on PPP Model
Note :- 64 Estimates and assumptions
In addition to 5 nos. of self operated Rail Neer Plants, the company had decided to set up 15 nos. of Rail Neer Plants at various
The followings are the key assumptions concerning the future, and the key sources of estimation uncertainty at the end of the locations on PPP model. Out of these 15 plants, 10 plants are in operation and other 5 Rail Neer plants will start in coming years. For
reporting period that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities these plants, a capital support will be provided by IRCTC to the contractors as per the contract agreement with the respective plant
within next financial year. operators.

a) Fair valuation measurement and valuation process

Note :- 68
The fair values of financial assets and financial liabilities are measured using the valuation techniques including DCF model.
The inputs to these methods are taken from observable markets where possible, but where this it is not feasible, a degree of The company has incurred Total Capital Expenditure of H5199.07 lakhs including CWIP and Capital Advances but excluding ROU
judgement is required in arriving at fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and assets ( previous year H7734.12 lakhs) .
volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
Note :- 69
The company does not foresee any financial liability with regards to the CBI Enquiry against the Ex-Railway Minister involving the
Ex-Senior Official of IRCTC as per reports in the media.

292 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 293
Note:- 70 Notes :- 75 Leases
a) Company as a Lessee

Corporate Overview
GST Input Tax Credit (net of amounts appearing on GST portal & GST Return 2B) as on 31st March, 2022 amounting to H433.52 Lakhs
included in "Balances with Government Authorities" in Note 12 is pending for credit in GSTR 2B as on date.
The Company as a lessee has entered into various lease contracts, which includes lease of land, office space, and vehicles.
Before the adoption of Ind AS 116, the Company classified each of its leases (as lessee) at the inception date as either a finance
Note :- 71 lease or an operating lease.

The employee advances are paid to avoid genuine employee hardships to meet official expenses. The expenses are reimbursed to The Company also has certain leases of offices and guest house with lease terms of 12 months or less. The Company applies
the employees separately subsequently. Accordingly although the advances are non-refundable until employment, the same have the ‘short-term lease’ recognition exemptions for these leases.
not be discounted and deemed as current in nature.
Right of Use Assets

Note:-72 The carrying amounts of right-of-use assets recognised and the movements during the year are disclosed in Note 5B.

IRCTC has entered into in agreement with private parties “the operator" wherein operator is responsible for Set Up (Building & Lease Liabilities
Plant Machinery), Operation and Maintenance of water treatment Plant on the land owned by IRCTC against consideration for

Statutory Reports
procurement of Rail Neer, CFA and Transportation services by IRCTC. Terms of agreement provides that at the end of contract period Set out below are the carrying amounts of lease liabilities recognised and the movements during the year:
the commissioned assets at plant along with building shall be transferred to IRCTC. Since the contract for such O & M Contractor Amount (H in Lakhs)
is tendered and selection is made based on commercial bids, in absence of sufficient information to ascertain the additional As at As at
consideration towards cost of building and plant and conservative approach, assets has not been recognized. Accordingly such 31st March, 2022 31st March, 2021
assets shall be accounted for in the books of accounts based on technical assessment at the time of takeover.
Balance at Opening of the year 7,945.70 8,079.76
Addition /Adjustments (Net) 3798.10 -88.23
Note:-73 Accredition of interest 736.99 638.88
Payments 1,814.65 684.71
That Licensee Fee as per Note 27, includes contingent provision of 25 % Railway Share ( 15% as per Circular 36/2015 ) against
Balance as at the year end 10666.14 7945.70
license fee received on Water Vending Machines, pending clarification from the railway board under the Catering Policy 2017.
Current 2,149.39 1,875.45

Financial Statements
Non-current 8,516.75 6,070.25
Note 74: List of Immovable Property whose Title Deed is not with the name of IRCTC as on 31.03.2022
Amount (H in Lakhs) The maturity analysis of the lease liability on an undiscounted basis as on 31st March 2022 are as follows :-
Whether title deed Amount (H in Lakhs)
Title Reason for
holder is a promoter, Particulars Less than 1 year 1-2 years 2 year and above
Gross deeds Property not being
Relevant line item in Description of director or relative #
carrying held in held since held in the Lease liabilities 2,748.01 2,642.41 5,257.89
the Balance sheet item of property of promoter*/director
value the name which date name of the 2,748.01 2,642.41 5,257.89
or employee of
of company**
promoter / director
The maturity analysis of the lease liability on an undiscounted basis as on 31st March 2021 are as follows :-
A B C D E F G Amount (H in Lakhs)
Land for Hotel at H66.98 Allotment See remarks in 03.09.2013 Title deed Particulars Less than 1 year 1-2 years 2 year and above
Village Bimeetha Lakhs letter in Column G yet to be
, Distt. Chattarpur, the name executed. Lease liabilities 2,205.01 1,489.42 5,040.01
Khajuraho of IRCTC 2,205.01 1,489.42 5,040.01
PPE
Land for Hotel at H1275 Allotment See remarks in 15.10.2020 Title deed
Keavadia Near Lakhs letter in Column G yet to be Amounts recognised in Statement of Profit and Loss
Kevadia Railway the name executed. Amount (H in Lakhs)
Station of IRCTC For the year For the year
Residential ended ended
Building 31st March 2022 31st March 2021
D/91 & D/141, H325 Allotment See remarks in 03.10.2012 License
Right of Use Assets Depreciation expense of right-of-use assets (Refer Note 32) 2,178.10 1,867.79
Westeren Railways Lakhs in the Column G Agreement
Colony, Pali Hills, name of with Railways Interest expense on lease liabilities (Refer Note 31) 736.99 638.88
Bandra, Mumbai IRCTC pending Expense relating to short-term leases (Refer Note 33) 176.09 511.42
3091.18 3018.09

294 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 295
Notes :- 75 Leases (Contd..) 3. MDR Received from Acquirer Banks. The IRCTC has received H300 Lakhs in FY 2019-20 from Acquirer Banks towards its
share of MDR charges being rate or fee charged on the merchant service providers The Company has treated this payment as
The Company has several lease contracts that include extension and termination options. These options are negotiated by

Corporate Overview
subsidy and no GST was paid on the aforesaid amount, as subsidy received from Central Government and State Governments
management and align with the Company’s business needs. Management exercises significant judgement in determining
shall be excluded from the value of supply and same shall not form part of consideration for the purpose of levying GST.
whether these extension and termination options are reasonably certain to be exercised.
4. The IRCTC has received pro-rata Licensee fees from Indian Railways for taken over of catering of SBD trains in the terms of
Gain/loss from sale and leaseback transactions is not applicable to the Company.
Catering Policy, 2017 of H1385 lakh, H7058 lakh., H125 Lakhs for the years 2017-18, 2018-19 & 2019-20 respectively and no GST
b) Company as a Lessor was paid on the aforesaid amounts in view of the fact that the GST is not applicable on the aforesaid amount as it was received
from Licensee by the Indian Railways prior to Introduction of GST and service tax was not applicable on the grant of licence for
The Company has given its Assets on the leases, details of the same are given under the Note 5 Investment Property. payable to Indian Railways as per Finance Act at the time of its receipt. The proportionate amount paid by Indian Railways to
IRCTC is towards the remaining part of the tender period which was awarded prior to the implementation of GST. The assigning
Lease Rental recognized as income during the year is H234.98 Lakhs (Previous year H234.98 Lakhs) of licence by Indian Railways to its subsidiary i.e. IRCTC does not change the nomenclature of the transaction as the licence
has been awarded prior to the implementation of GST. The incidence of tax is the event when the service is provided/supplied
Details of the maturity of lease payment receivables are as follows:-
Amount (H in Lakhs) to the service recipient. Thus, the Service being “grant of licence” was provided by Indian Railways at the time when the licence
was awarded.
As at As at

Statutory Reports
Particulars
31st March, 2022 31st March, 2021
Note :- 78 Status of SBD contracts
Not later than one year 234.96 78.32
Later than one year and not later than five years 313.28 - (a) In pursuant to the Catering Policy-2017 issued by Ministry of Railways, IRCTC has been mandated to take over the mobile
Later than five years - - units contracts over Indian Railways. Accordingly, IRCTC has takeover 184 contracts from Zonal Railways by executing tripartite
agreement between Zonal Railway, IRCTC and Licensee. As on 31.3.2022 the status of SBD contracts are as under:-

Note :- 76 Tejas and Mahakal Express trains:

SN Particular No. Of Contract
Railway Board had mandated IRCTC to operate 02 rakes of Tejas trains and 01 rake of Kashi Mahakal express trains as passenger
trains to provide passenger with an option of travelling in premium segment private trains. IRCTC has inaugurated both the trains on
1 Total no. Of contracts taken over from Zonal Railways 184
4th Oct, 2019 and 17th Jan,2020 on the sector Lucknow –New Delhi-Lucknow and Admedabad –Mumbai-Ahmedabad respectively.
2 Total no. Of contracts renewed post completion of initial 05 years 120

Financial Statements
In the financial year 2020-21, both Tejas trains have been run from the month of October, 2020 and stopped due to the COVID -19 3 Renewal under process 16
pandemic and suspension of passenger's trains services. The representations have been made to Railway Board for waiver of fixed 4 Licensee has failed during the reassessment of performance, but in Court 5
commitments against both Tejas and Kashi Mahakal trains for the non operational period during the financial year 2020-21 due to 5 Licensee failed in reassessment of performance. Hence, terminated 6
present pandemic. Railway Board vide letter no TC-II/2910/20/Trains dated 11.5.2021 has only agreed to waive off the component 6 Surrender by Licensee, hence terminated by IRCTC 32
of "loss of paths to Good trains" in calculation and charging of fixed cost for IRCTC passenger trains for non –operational period 7 Train discontinued, hence terminated 4
up to 31.12.2020 and has decided that other charges applicable will remain the same. IRCTC has again requested Railway Board to 8 Contract terminated due to non-payment of LF 1
reconsider waiving off the fixed charges (fixed haulage and Custody charges) amounting to H2793 Lakhs for non-operational period
of the three trains considering it as a force majeure situation , as the lockdown and restriction imposed by Government of India due (b) Further, pursuant to the instructions issued by Railway Board dated 23.02.2021, IRCTC vide letter dated 02.03.2021 & 04.03.2021
to COVID-19 pandemic was beyond control of IRCTC. However, IRCTC has made full provision for the fixed charges for both the has terminated all the existing SBD contracts under IRCTC.
Tejas trains and Kashi Mahakal express trains train in the Financial Year 2020-21. The matter is pending.
(c) The said decision was assailed by way of filing WP 6253 and 6254 of 2020 by Catering Associations and the Hon’ble High
Court of Madras quashed the termination orders. The said decision was challenged by way of WA 1895 and 1896 of 2021
Note :- 77 The Company has applied for advance ruling for following issues for which decision of AAR wherein Hon’ble High Court has directed to maintain status quo. Solicitor General is representing RB and IRCTC in the WA and
is still awaited: was expected to be listed shortly.

1. Reimbursement of Service Charges: The Government of India through Ministry of Railways, in the public interest had waived (d) Railway Board further vide letter no. 2020/Catering/600/05/Pt. dated 19.11.2021 has advised that a review has been conducted
off the service charges from the passengers for booking of online train tickets through IRCTC's website. The Government of by the Board regarding catering services in trains in light of prevailing factors such as the pandemic witnessing a declining
India has reimbursed consolidated amount of H8000 lakh, 8800 Lakhs and 3227 Lakhs for the 2017-18 , 2018-19 and 2019-20(up trend, resumption of cooked in restaurants, public eateries and airline and assessment of passenger demand, Board has
to July-19) respectively. Section 15 (2) of CGST Act 2017, excludes the amount of reimbursement of expenses received from decided that service of cooked food be resumed and RTEs may also continue.
the Central Government and State Governments from the value of taxable supply, hence the amount received from the Indian
Railways being the Central Government towards the reimbursement of expenses incurred for the providing of same should not (e) Vide letters no. 2019/Catering/600/04 dated 19.11.2021, Railway Board has advised for vacation of status quo order and withdrawal
be charged to GST. Therefore no GST was paid by IRCTC for above reimbursement. of Appeals no. 1895 and 1896 of 2021 before the High Court of Madras and has withdrawn Board’s letter dated 23.02.2021 for
termination of all existing contracts of mobile catering involving scope of work of providing cooked food to passengers.
2. Reimbursement of Travel Insurance: The Government of India has decided to provide travel insurance on free of Cost to
the passengers who have booked the train ticket through online to promote digitalization. Accordingly, IRCTC provided the (f) Accordingly, in compliance to the above Railway Board’s orders, IRCTC has issued letter for withdrawal of terminations vide
Insurance free of Cost for which Ministry of Railway had been reimbursed the travel insurance of H4700 Lakhs on which no GST letters dated 21.11.2021.
was paid by the Company being reimbursement of expenses received from the Central Government.

296 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 297
Note :- 79 Liquidity

The Company has access to sufficient liquidity for its operation.

Corporate Overview
a. Ministry of Railway vide CC-60/2019 dated 14.11.2019 had revised Menu and Tariff of Catering Services on Rajdhani/Shatabdi/
Duronto and Standard Meals on Indian Railways which come into force w.e.f. 18.11.2019 for Mail/Express trains. However, the
The Company expects to recover the carrying amount of its assets comprising property, trade receivables, deferred taxes, other
said instructions could not be implemented in Rajdhani/Shatabdi/Duronto trains due to suspension of regular passengers train
financial and non-financial assets etc. in the ordinary course of business based on information available on current economic
services by Ministry of Railways, on account of COVID-19 pandemic.
conditions.
b. The license fee (LF) is to be revised by IRCTC in Mail/Express trainsas as per the terms & conditions of the contracts i.e.
Estimation of the future impact of CoVID-19
reassessment of sales (for the period 18.11.2019 to 22.03.2020). However, the reassessment could not be carried out on account
of suspension of regular train services as there was a change in the scope of work of catering services post Covid 19 and the Management does not expect significant impact on Revenue and Profitability during FY 2022-23 due to restrictions, if any, imposed
assessment under the present contracts was not feasible. by various State Governments due to COVID-19. However, the impact of the restrictions will have to be assessed from time to
time and communicated as we progress during the current financial year. A lot depends on the success of the various pandemic
c. In view of above facts, the Company decided to increase the License Fee on @15.50 % on quoted license fee for SBD Trains
containment efforts being undertaken by the State and Central Governments and Health authorities including vaccination. It is
on account of increase of catering tariff for mail express train as per the CC-60/2019 and accordingly all the Licensees were
therefore premature to forecast the spread of COVID-19 and its future impact with credibility at this stage.
advised to pay the enhanced LF.

Statutory Reports
The actual impact of the global health pandemic may be different from that which has been estimated, as the COVID 19 situation
d. M/s Griham Food & Hotel Pvt. Ltd. had filed a W.P. (C) No. 2979/2021 i.e. Indian Railways Onboard Catering Contractors Asso.
evolves in India and globally. However, the Company will continue to closely monitor any material changes to future economic
&Anr. -Vs-The Union of India & 2 ors at Hon’ble Guwahati High Court, wherein Hon’ble High Court passed the following order at
conditions. In view of sufficinet liquidity, profitability and improvement expected in operations during 2022-23, no major disruption in
Para-19, which is reproduced as under,
operations are expected in future and IRCTC expects to continue its operations in future without any material uncertainity.
“Accordingly, while the Railway authorities would be at liberty to dispose of the representation dated 27.05.2021 submitted by
the petitioner No. 2 within a period of 2 (two) weeks from today, this Court directs that, in the interim and until further order, the Note:- 82 Ratios
Railway authorities shall not resort to any coercive action against the petitioner No. 2 in terms of the impugned demand notice
dated 25.05.2021 read with impugned decision dated 13.05.2021”. The Ratios for the years ended March 31, 2022 and March 31,2021 are as follows :

e. As the matter is sub- judice and there is an uncertainty and occurrence is dependent on outcome of certain event in future, the
As at March As at March Variance
tentative amount of enhanced LF is approx H1491.36 Lakhs based onthe average percentage increase in LF after implementation Particulars Numerator Denominator
31, 2022 31, 2021 (in %)
of CC-60/2019 of 15.50 % was not recognized as revenue.

Financial Statements
Current ratio Current assets Current Liabilties 1.87 1.76 6.25
Further, the Company has started the process of Sales Assessment for all the contracts. Accordingly, the revised License Fee Debt-Equity ratio Total Debt(1) Shareholder's equity 0.06 0.05 20.00
on account of tariff increase as per CC-60 will be implemented as and when the sales assessment is finalized. Debt Service Coverage ratio (4) Earning available for Debt Service(3) 27.77 10.86 155.71
debt service (2)
Note :- 80 Return on Equity (ROE) (5) Net profits after Average 0.40 0.14 185.71
taxes Shareholder's Equity
The menu and tariff of standard meals/items is controlled by Railway Board and these were revised & enhanced vide CC-64 Inventory Turnover Ratio (6) Sales Average Inventory 64.61 18.62 246.99
dated 12.12.2019. As per the instructions, these were to be implemented with immediate effect and as an interim measure, sales Trade receivables turnover ratio (7) Revnue from Average trade 3.44 1.20 186.67
assessment in limited units was undertaken to assess the impact of enhancement in License fees. Accordingly, guidelines were Operations receivable
issued on 28.01.2020 for incorporating the impact of enhancement in license fees by adding the weightage assigned to the License Trade payables turnover ratio (8) Cost of Sales and Average trade 1.04 0.51 103.92
fees of the unit or by undertaking sales assessment within 6 months, whichever is higher. However, unforeseen COVID pandemic Purchase of Services payable
started and passenger train operation was suspended w.e.f 23.03.2020. The units were closed and due to severe restrictions, sales Net Capital turnover ratio (9) Revenue Working Capital 1.22 0.66 84.85
assessment could not be conducted. On 20.01.2021 guidelines for charging reduced license fees @ 20% of license fees were issued Net profit ratio (10) Net profits Revenue from 0.35 0.24 46.64
as impact of COVID was prevailing. Further, on 04.10.2021 revised guidelines were issued to implement the reduced Licensee fees Operations
@ 20% upto 31.10.2021 and new methodology to be implemented for charging of LF w.e.f 01.11.2021 based on footfall. Return on Capital Employed (ROE) (11) Earning before Capital employed 0.46 0.18 155.56
interest and taxes (Net worth and Long
This interim method was to be followed for ongoing contracts till normalisation when sales assessment of the operational contracts
Term Lease Liabilties)
will be undertaken which was not followed in such contracts. Accordingly, the income was not fully recognised in F/Y 19-20 and F/Y
20-21. For Exit contracts during COVID, the interim method has been followed. Return on Investment (ROI) Income generated Time weighted 0.04 0.05 (20.00)
from Investments Average Investment
The Company has now recognised revenue of H164.01 lakhs which includes H113.14 Lakhs for earlier years and treated as prior period
income. (1) Debt represent only lease liabilities.

(2) Net profit after taxes + Non-cash operating expenses/Income plus Interest +other adjustment like losss on sale of Fixed assets.
Note :- 81 - Impact of COVID-19 on the Company
(3) Lease payment for the current year.
Financial performance
(4) EBITDA has increased substantially in current FY 2021-22, due to ease of COVID-19 restrictions and opening of economic
The Company believes that for the year 2021-22, there has been no material impact of Covid 19 pandemic on the financial activities after COVID-19, as compared to increase in Lease payments.
performance of the Company in terms of revenue and profitability of the Company.
(5) Net profit after tax has ben increased substantially during the FY 2021-22 , as compared to FY 2020-21.

298 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 299
Note:- 82 Ratios (Contd..) Note :- 85
(6) Sale has increased more than twice during the FY 2021-22 as compared to FY 2020-21 after lifting of COVID-19 restrictions and

Corporate Overview
Identification/Reconciliation/Adjustment of legacy items representing old debit and credit balances and certain differences between
reduction in Inventory by almost 25%. control and subsidiary balances is in progress. Further, the system of classification/identification of liabilties as trade payables and
the aging of payables/recievables including linking of payments made/received against invoices received/raised will be revisited
(7) Revenue from Operations has increased more than twice during the FY 2021-22 as compared to FY 2020-21 after lifting of
and improved in FY 2022-23
COVID-19 restrictions whereas there is reduction in average trade receivables by 15% approx.

(8) Cost of sales & purchase of services increased by more than twice as compared to 10% increase in average trade payables.
Note :- 86 Disclosures required under Ind-AS and Schedule III of Companies Act,2013 (as amended)
(9) There is substantial increase in Revenue in FY 2021-22 as compared to FY 2020-21 whereas increase in working capital is lower
The Company has made the disclosures at appropiates place regarding the relevant items or transactions of balance sheet and
in proportion to increase in revenue.
statement of profit and loss. Any non-disclosure is due to non occurrence of related transaction.
(10) Net profit increased by 3.5 times whereas Revenue increased by 2.5 times.

(11) Net profit increased by 3.5 times whereas capital Employed increased by 1.3 times.
Note :- 87
The company has not taken any borrowings from banks and financial institutions during the year.

Statutory Reports
Note :- 83 Exceptional Items
For the current Financial Year 2021-22, net expenses on account of Exceptional items amounting to H400.45 Lakhs includes: (i) Note :- 88 Other Regulatory Information
H2248.54 Lakhs being excess provisions written back for previous years relating to Performance Related Pay (PRP), (ii) H2713.32 lakhs
(i) The Company do not have any Benami property. Accordingly, no proceedings have been initiated or pending against the
being expense on account of Railway share on Railneer plants up to 31.3.2021 (Refer note 55) and (iii) H64.33 Lakhs being excess
Company for holding any Benami property under the Benami Transactions (Prohibitions) Act, 1988 (45 of 1988) and the rules
provisions written back for previous years relating to various other expenses.
made thereunder. Accordingly, no disclosure is required to be given.
For the Financial Year 2020-21, income on account of Exceptional items amounting H3939.81 Lakhs includes: (i) H2576.18 lakhs being
(ii) The Company have transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of
excess provisions for previous years relating to Performance Related Pay (PRP), (ii) H1005.27 lakhs being claim made on Railways for
Companies Act, 1956 as per the following details:-
payment of Passenger Feedback undertaken w.e.f. July, 2015 wherein Railways agreed for claim and (iii) H358.36 Lakhs (previous
year H111.40 Lakhs) being excess provisions written back for previous years relating to various other expenses.
Nature of Balance Relationship with

Financial Statements
Name of struck off Company transactions with outstanding the Struck off
Note :- 84 Integration Charges struck-off Company (J In Lakhs) company, if any,

Hitherto the Integration charges (Non-Refundable one-time) received from booking agents for providing connectivity with the G Lite Energy Pvt.Ltd. Payables 6.06
Company’s Portal for railway ticket online booking are recognized as revenue over the initial contract period of one to three years till OWL Tech Pvt. Ltd. Payables 2.47
F.Y 2020-21, since the company contended that the renewal is unilateral at the option of the Company. However, during the Current Redguard India Pvt.Ltd. Payables 0.27
year Company has recorded income from integration charges over the expected contract period (estimated 20 years on the basis Reliance Communications Infrastructure Ltd. Payables 0.08
of past experience), since Company estimates that these contracts for integration and annual maintenance charges are generally
being renewed by the Company, and therefore these can’t be treated as distinct contracts and accordingly, income from integration (iii) The Company do not have any charges or satisfaction which are yet to be registered with ROC beyond the statutory period.
charges should be recognized over the expected contract period (estimated 20 years) as per the requirements of Indian Accounting
Standard 115 (“Ind AS”) on “Revenue from Contracts with Customers”. This change in accounting treatment/policy has resulted into (iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year.
reduction of profit by H342.27 lakhs (net of deferred tax of H115.13 Lakh) for the year ended March 31, 2022 (previous year by H56.04
lakhs (net of deferred tax of H18.85 Lakhs ) and other equity comprising of retained earnings as at March 31, 2020 is reduced by (v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
H1325.70 lakhs (net of deferred tax of H445.91 Lakhs). (Intermediaries) with the understanding that the Intermediary shall:

Impact of Change in the Integration (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
H In lakhs company (Ultimate Beneficiaries) or
Impact on Financal Year (b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Particulars
2021-22 2020-21 Prior to 2020-21
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
Other Current Liabilities 2560.74 1846.50 1771.61
Increase/(Decrease) 2560.74 1846.50 1771.61 (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Impact on EPS Funding Party (Ultimate Beneficiaries) or
Impact on Profit attributable to Equity Share Holders (Hin Lakhs) (457.40) (74.89) (1771.61)
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries
Impact of Deferred Tax 115.13 18.85 445.91
Net Impact on Profit attributable to Equity Share Holders (342.27) (56.04) (1325.70) (vii) The Company has no such transaction which is not recorded in the books of accounts that has been surrendered or disclosed
(Jin Lakhs) as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
Weighted average nos. of Equity Shares (In Lakhs) 8000 8000 8000 relevant provisions of the Income Tax Act, 1961.
Impact on Earnings Per Share (Basic & Diluted) (0.06) (0.01) (0.22)
(viii) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

300 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 301
(ix) The company has no subsidiaries. Accordingly, provisions of clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017, is not applicable.

(x) The Company has not revalued any of its Properties, Plant & Equipment (Including right of use assets) and intangible assets
during the Financial Year 2021-22.

(xi) The Company has not granted any loans or advances in the nature of loans to promotors, Directors, KMPs and the related
parties during the Financial Year 2021-22.

Note :- 89 Standard/Amendments issued but not yet effective

MCA had issued the Indian Accounting Standards Amendments Rules, 2022 vide notification dated 23rd March 2022.In the Indian
Accounting Standards Amendments Rules, 2022, amendments has been made in following standards:-

1. First-time Adoption of Indian Accounting Standards (Ind AS-101)

2. Business Combinations (Ind AS-103)
3. Financial Instruments (Ind AS-109)
4. Property, Plant and Equipment (Ind AS-16)
5. Provisions, Contingent Liabilities and Contingent Assets (Ind AS-37)
6. Agriculture (Ind AS-41)

The effective date of these amendments is annual periods beginning on or after 1st April 2022. The Company is currently evaluating
the impact of the amendments and has not yet determined the impact on the financial statements.

Note :- 90 Approval of Financial Statements

The financial statements were approved for issue by the Board of Directors on 30th May, 2022.

As per our Report of even date attached For and on behalf of :-

For P.R. Mehra & Co. Indian Railway Catering & Tourism Corporation Limited
Chartered Accountants
Firm Reg. No. : 000051N

CA Ashok Malhotra Rajni Hasija Ajit Kumar

Partner Chairperson & Managing Director Director (Finance) & CFO
M.NO:-082648 DIN:- 08083674 DIN:- 07247362

Suman Kalra
Place : New Delhi Company Secretary
Date : 30th May, 2022 M.No.FCS9199

302 Indian Railway Catering and Tourism Corporation Limited 23rd Annual Report 2021-22 303
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA
UNDER SECTION 143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL
STATEMENTS OF INDIAN RAILWAY CATERING AND TOURISM CORPORATION
LIMITED FOR THE YEAR ENDED 31ST MARCH, 2022

The preparation of financial statements of INDIAN RAILWAY CATERING AND TOURISM

CORPORATION LIMITED for the period ended 31st March, 2022 in accordance with the financial
reporting framework prescribed under the Companies Act, 2013 is the responsibility of the
management of the company. The Statutory Auditors appointed by the Comptroller and Auditor
General of India under Section 139 (5) of the Act is responsible for expressing opinion on the
financial statements under Section 143 of the Act based on independent audit in accordance with
the standards on auditing prescribed under section 143(10) of the Act. This is stated to have been
done by them vide their Audit Report dated 30th May, 2022.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of
the financial statements of INDIAN RAILWAY CATERING AND TOURISM CORPORATION LIMITED
for the period ended 31st March, 2022 under section 143(6)(a) of the Act. This supplementary audit
has been carried out independently without access to the working papers of the statutory auditors
and is limited primarily to inquiries of the statutory auditors and company personnel and a selective
examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which
would give rise to any comment upon or supplement to statutory auditors’ report under section
143 (6) (b) of the Act.

For and on the behalf of the

Comptroller & Auditor General of India

Vikram D. Murugaraj
Place: New Delhi Principal Director of Audit
Dated: 29.07.2022 Railway Commercial, New Delhi

304 Indian Railway Catering and Tourism Corporation Limited

 Indian Railway Catering and Tourism Corporation Limited
Value
Built for

Growth
Designed for

Indian Railway Catering and Tourism Corporation Limited 2 3 r d An nu al Rep or t 2021 -22
(A Govt. of India Enterprise-Mini Ratna Category-I )

Registered & Corporate Office

11th Floor, B-148, Statesman House,
Barakhamba Road, New Delhi - 110001 Indian Railway Catering and Tourism Corporation Limited
Tel 011-23311263/64 | Fax 011-23311259 (A Govt. of India Enterprise-Mini Ratna Category-I )
CIN L74899DL1999GOI101707
23 r d A nnual Rep o rt 2021-22