Firstly, congrats on adding one more hotel into your portfolio and the entry into the Delhi NCR market. So my first question, Sanjay, just if you look at your previous earnings calls and media interviews, you sounded fairly confident about a double-digit room rate growth for the industry and for Chalet over next 2 to 3 years. Based on the commentary so far, I think some amount of cautious optimism regarding this. So if you can help me understand more on this front because while you did allude to the fact that you wanted to protect market share within the Mumbai market, but how should we read this? Because your FTA or the foreign guests in your portfolio, that's inc reased from 37% to 43%, and your room rates are still sub-$150 a night. Despite that, I think we've seen a fair amount of muted growth in the ARR for Mumbai. So as we enter FY '25 and potentially next 2 to 3 years, with 30% room addition to your portfolio over the next 3 years, how confident are you about sustaining double-digit rate hikes over the next 3 to 5 years?
Questions across 1 call
Param Khanna
Ambit