We entered the railway vertical in Fiscal 2015. As part of our business under this vertical, we undertake activities such as track laying, gauge conversion, electrical signaling and communication works and construction of railway stations and bridges. Our revenue, as per our Restated Consolidated Financial Statements, from our railways vertical aggregated to ₹1,526.85 million, ₹ 2,520.67 million, ₹ 1,816.77 million and ₹ 505.19 million, for nine months ended December 31, 2017 and Fiscals 2017, 2016 and 2015, respectively.

During FY 13 to FY-17, the investments in Indian Railways have almost doubled from ₹ 572 billion to ₹ 1,099 billion. Especially, in 2015-16, the investments have jumped by about 52% from ₹ 616 billion to ₹ 935 billion. This was led by an increased thrust on raising funds through new channels such as LIC, Multilateral agencies etc. The revised estimates for 2017-18 stood at ₹ 1.2 trillion whereas for 2018-19 the budget estimates stood at ₹ 1.46 trillion. This shows a continued upward bias in infrastructure investments in railways.