Ranjit Batra

Good evening, and thank you all for making time to join us today. Let me begin with the external backdrop which shaped this quarter. The West Asia conflict was the single most important external variable for our Maldives portfolio, shipping disruptions through the Straits of Hormuz and pushing crude, jet fuel, and diesel prices sharply upwards for us.

Okay, I'll take that answer, that question. Ranjit here. Thanks so much, Kunal. Break the question into two parts. So, what actually drove our occupancy and ADR simultaneously? I think that is the key part here. As you know, Quarter 1 is actually seasonally one of the softer quarters, and we've shown really strong occupancy, RevPAR, and TRevPAR growth.

Yes, like I said in the opening remarks , we are doing some margin improvements. Pune at this stage is probably the most expensive city in India when it comes to electricity per unit cost. So, with our capex of about INR60 crores with a 3-year payback, I think that itself will increase the margin to maybe translate into 4% to 5% increase in my view. So, the solar is a pivoting catalyst in our margin improvement.