Thanks a lot, Vineet. Friends, we now o pen the floor for the Q&A session. Anyone wishing to ask a question, request you to raise your hand and we'll take it up. We'll take the first question from Priyanka Burma. Priyanka, please go ahead. Priyanka, please go ahead. Yes, there's some audio issue. We'll come back to Priyanka. We'll take the question from Amit Agarwal. Amit, please go ahead. Amit, please unmute yourself and go ahead. Amit, you're not audible. Please go ahead. We’ll take the next question from Saket Mehrotra. Mr. Saket – Participant: Yeah, am I audible? Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Yes, you are. Please go ahead. Mr. Saket – Participant: Yeah, a couple of questions. First, could you tell us how your international business was for the full year? And in terms of what was the contribution of your hold co. into the total consolidated earnings for the company?

So if I look at the international category, we had a contribution to the revenue around 131 crores and 36 crores in EBITDA. We grew by 10% in terms of revenue, and seen similar growth in EBITDA from our international category. This is part of our consolidated numbers. We also had impacts coming… good impact, good benefit coming from non -consolidated e ntities. Marrakesh had a good number for the year and we had good set of numbers coming from our operations at Mauritius. Mr. Saket – Participant: Okay, so if I look at EIH International as an entity, I believe the contribution of this entity to your PAT last year was roughly around 88 odd crores, as you mentioned in the Annual Report. So could you quantify that number for this year?

On PAT, the numbers I have is different. So maybe I need to come back to you on this. Mr. Saket – Participant: Okay, a couple of housekeeping questions from your notes. I mean, if I go to Note 7, where you have mentioned about Mashobra's de-recognition and recognition. So if I understand correctly, we expect to recover around 136 crores. Is that the correct understanding? Or is it going to be 136 plus the 290, which we have classified as held for sale? I just wanted some clarity on this. So 136 crores is the advance against equity which was put in Mashobra, that we foresee to recover. On top of that, the value of Mashobra book value, which was roughly 141 crores, is what we consider as recoverable based on the outcome of the current litigation, which will be decided in the coming months. Mr. Saket – Participant: Okay, and if I look at the net asset value, which is about 290, that is something which will get realised? I mean, how does this work out? Or is the 140 included in this 290, like your 320 net assets and your 31 crores of liabilities?

So the book value what we are taking for Mashobra is roughly around 141 crores… a lot of other things which will be part of that number , what you are mentioning. And we expect to recover book value based on the court proceedings. Mr. Saket – Participant: And what would be the quantum of, let's say the legal cost savings? Because now, I guess, would that still continue, or will this be something that will get saved as we move forward from subsequent years?

I would say till the time the court proceedings are going on, till that time, th e legal expenses will continue to occur. As soon as the hearing is decide d, and a judgment is made, we'll see the course on that account later on. Mr. Saket – Participant: Okay, just one final question. The investment in the London subsidiary, which is about 240 odd crores, has this been committed, or do we still have more funds that are going to get infused into this business?

So there will be some additional requirements which will come through, but most of the investment, at least for current year, is done. There will be some few additions which will be made towards the end of this year, but not a sizable one. Mr. Saket – Participant: Okay, and strategically as a company, how are we looking at this international business? Like, if you could throw some light on that for this year? I mean, you' re already second month into this financial year. So, if you could tell us how the offtake has been and what is your outlook for this year, that'll be great.

Maybe I'll speak, and then you can. Considering current performance and what we were seeing over last year, out international performance, especially in the Middle East, got impacted by the conflict in Israel - Palestine, which is sort of stable now. We are seeing good progress across the hotels we have in the Middle East. We are seeing good trends, and hopefully that will be helpful for the current year. Yeah, I think for the current year, we've seen growth over last year internationally as well. I think demand continues to be strong. That's reflected both in Marrakesh and Mauritius. Mr. Saket – Participant: And I believe on the domestic front, Mr. Oberoi, we are quite comfortable, I believe, given what we've achieved in Q4. I believe this trend is something that you foresee continuing. Do you see any headwinds in this? Let me just come back to a couple other things, and then I'll answer that part of your question as well. In London, our long-term objective is to get a partner at 49%. And obviously, the closer we do that to the hotel opening, the lower the risk, and therefore the better the contribution from our partner to that 49%. So, I just wanted to mention that to you. That is our endeavour. And talking about India, we continue to see strong demand this financial year as well. There was some impact because of the conflict between India and Pakistan, but that's since stabilised. We've seen a strong pace returning. And in June, we are seeing a bounce back and positive pace of reservations over the same time last year. So, I think that's been hopefully addressed and nullified. Mr. Saket – Participant: Okay. Thank you so much, Mr. Oberoi.

Thank you. And Saket, please, Vikram, I'd be much happy if you address me as Vikram, but whatever you're comfortable with. Mr. Saket – Participant: Thank you so much. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thanks, Saket. We'll take the next question from Amit Agarwal. Amit, please go ahead. Amit, we still cannot hear you. Mr. Amit Agarwal – Participant: Is that okay now? Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Yes, you're audible. Please go ahead. Mr. Amit Agarwal – Participant: Good morning, everyone.

Hello, Amit. Mr. Amit Agarwal – Participant: How are you? I'm well, thank you. Mr. Amit Agarwal – Participant: My question is regarding Wild flower. So, I imagine that we are managing this hotel for next three months. Actually, it's next six months or till the bidding process is concluded. Mr. Amit Agarwal – Participant: Are we eligible for bidding for the hotel? And how keen we are for bidding for that particular hotel?

We absolutely are keen. Yes. Mr. Amit Agarwal – Participant: How much revenue we're going to lose because of that hotel business going out of our total turnover this year?

Could you give the exact number? Is it okay to disclose that number?

So, current year, just to add, we had a revenue of 78 crores on account of wildflower. Mr. Amit Agarwal – Participant: For the year?

For last year, we closed it at 78 crores. Mr. Amit Agarwal – Participant: Okay. And, my last question is regarding flight catering business. What is the turnover we are getting for the flight catering business, and how much is the Bombay Airport Lounge contributing? Is there any progress on the renewal of the lounge business?

So, Amit, no. The lounge business has been concluded. That concluded at the end of the financial year. So, the lounge business is no longer there. In fact, it was supposed to end sooner. It was supposed to end halfway through last financial year, and then there was an extension which was received for two consecutive quarters. So, as of 31st March, that business has been concluded. The numbers, Vineet will just give you. Mr. Amit Agarwal – Participant: And how much? Is there any chance of renewal of that business? And, how much revenue have you lost?

No, there is no chance of renewal of that business. And I think if you just look at what 's happening with Bombay Airport, it's all been consolidated with the hotel operator, and that's part of their overall strategy. So, I don't want to comment on that. But no, to answer your question, that business will not be concluding. But we see strong demand for the airline business, for the airline catering business, and I hope we can offset most of that in this financial year. That's going to be our endeavour to compensate for the loss of lounge business, through buoyancy and increased business for the flight catering business. Mr. Amit Agarwal – Participant: Can you throw some numbers, how much we are going to lose and how much is the flight catering business right now? Sure. So, total amount of the business what we d id last year was around 122 crores. And without giving further a breakdown, total OFS business for us was roughly 490 crores. Mr. Amit Agarwal – Participant: Sorry, come again?

490. Mr. Amit Agarwal – Participant: And do we intend to stay in the airport lounge business or that was just one-off?

That was a one-off. Mr. Amit Agarwal – Participant: And can you give the breakup of domestic flight business compared to international?

Amit, I don't have those details with me. So, I unfortunately can't give you that breakup right now. Mr. Amit Agarwal – Participant: Because I'm worried that if Turkey flights go out of the picture, then we might lose that business also.

I think… May I just comment on an overall. Amit, I just want to repeat what I said. We see strong demand for our airline business. We've been able to or we continue to add flights to the business, both domestic and international. And we will do our uttermost to compensate for the loss of the airport services business. Mr. Amit Agarwal – Participant: Okay. Thank you. That's it. Thank you.

Thanks so much. Thank you very much, Amit. Thank you. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thank you, Amit. We'll take the next question from Deepak Verma. Deepak, please go ahead. Deepak, please go ahead with your question. Let's just take the next question while he fixes it. We'll take the next question from Rajiv Bharti. Rajiv, please go ahead. Mr. Rajiv Bharti – Participant: Yeah. Good morning, sir. Thanks for the opportunity. So, I thought that the lounge contract was su pposed to end by Q3 end. So, you're saying that for the entire year we ran the lounge? That's correct. Mr. Rajiv Bharti – Participant: Okay. Perfect. And on the Kolkata business, so what are the impact for the quart er? I understand the 110 crores is the revenue last year. So, what are the impact here?

So, for the year, the impact is roughly, and Vineet can give you the exact number, but it's roughly 70 crore on revenue and 43 crore on EBITDA. Mr. Rajiv Bharti – Participant: Perfect. So, on the F&B side, if you can, you know, for the quarter and for the year, how has been the F&B growth?

We don't disclose those figures. Mr. Rajiv Bharti – Participant: Lastly, on the Capex side, I can see that 480 crores on the console and 270 crore on standalone. Can you break that up then? Where is this Capex essentially going?

The amount includes the investments made in Oberoi London. We have spent on Capex at our Rajgarh property, which is going to come up very soon. We also invested a significant amount in renovation in Trident at Nariman Point, which was four floor’s renovation & long stay apartments in Oberoi Mumbai. In addition to that we have spent on Oberoi Goa & Oberoi Grand. Mr. Rajiv Bharti – Participant: Just one follow up on the Bombay asset. What is the room count addition which was there in Q4?

So, the total number of keys at Trident, Nariman Point are 585. And the total number of keys at the Oberoi Bombay are 237. Mr. Rajiv Bharti – Participant: Sure. Thanks a lot, sir. Thank you, Rajiv. Thanks, Rajiv. We'll take the next question from Deepak. Deepak, please go ahead. We'll take the next question from Vaibhav Bhule. Vaibhav, please go ahead. Vaibhav, please unmute yourself and go ahead. Mr. Vaibhav Bhule – Participant: Hi, Navin. Can you hear me? Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Yes, I can. Please go ahead. Mr. Vaibhav Bhule – Participant: Okay, perfect. Hi, Vikram. Congratulations on a strong set of numbers. I had a few questions on your pipeline. So, you mentioned that most of your own hotels’ portfolio will be coming online in FY28 and FY29. So, till then, your major dependency will be on growth via increasing room rates and occupancy. So, any plans of exploring any inorganic acquisition opportunities to protect yourself in case of muted growth in room rates over the next two years?

So, Vaibhav, let me answer the question in two parts. The first part is on… I'll take the second part first, which is, that if demand continues to be as it is today, our endeavour will be to drive rates up to the largest extent possible, and even if that is at the cost of occupancy, as long as our RevPAR sees strong growth. And I don't see any reason why that will change all things that we know today. So, that was the second part of your question. If I may now answer the first part, we are absolutely open to looking at other, all options for growth, which will include brownfield or acquisition. Mr. Vaibhav Bhule – Participant: All right, sir. Thank you so much for answering the question.

My pleasure. Thank you so much. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thank you. We'll take the next question from Jayaprakash Toshniwal. Jaiprakash, please unmute yourself and go ahead. Mr. Jaiprakash Toshniwal – Participant: Hi. Thank you. Good morning, sir. On e question. When we are saying there are few drags because of the recent businesses which we have either discontinued or we didn't continue, we are also hitting occupancy almost 84-85% and RevPAR growth of, let's say, lower double -digit numbers. So, in that context, how do you see the growth, at least for the next year? Because we're also not getting much of the room addition, at least in the current calendar year. So, just your comment on this, please.

No, Jaiprakash, I think I've covered this before. And this is my firm belief, and you can go online and see top hotels around the world in key cities. We're still really, really underpriced in my view. And that's my view. You may or may not share that view. To get a hotel in a major city today, a good hotel can cost $1,000 upwards per night. So, I think we are significantly below that threshold. And if I then combine that with the quality of hotels we have in India, in our key cities, I think there's tremendous opportunity for upside in ARR. Today, I am of the firm view that we are significantly underpriced when you look at how we perform on rates globally. Mr. Jaiprakash Toshniwal – Participant: Okay. And, you've been mentioning on the pricing point on various platforms. But just to continue, in which brand do you see the gap really reducing faster? Is it Oberoi brand hotels or Trident hotels?

My personal opinion is that we will have more opportunity to drive ARR growth within Oberoi. But if you saw the figures in the investor call, actually, Trident did slightly better on RevPAR growth. But my belief is that, with strong demand, with everything that's happening in India, over the medium to long term, we'll be able to drive greater premiums in Oberoi. Mr. Jaiprakash Toshniwal – Participant: Okay. Thank you, sir. All the best.

Thank you so much. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thank you, Jaiprakash. We'll take the next question from Sanjay Kohli. Sanjay, please go ahead. Mr. Sanjay Kohli – Participant: Hi, good morning to all. Mr. Oberoi, I had two questions. One is on spiritual destinations. We've seen quite a bit of robust pricing over there. How do you view the sustainability in these spiritual destinations? And my second question is, do we… this is on the F&B side. Do we see an opportunity in leveraging our restaurant spaces within the properties to drive F&B growth, including the possibility to outsource to focus brands?

Sure, actually. So, Sanjay, I'll take your first question on sustainability. And I'd like to believe it's not only EIH or Oberoi and Trident, but I'd like to believe that all the well -known brands in India, whether I take Taj or Leela, or us for that matter with Oberoi and Trident, have a strong focus on sustainability. And this is disclosed in our Annual Reports. I believe that will now also be available with Leela and with ITC. So, I think as organizations, we want to be responsible organizations and do the right thing. And certainly, at EIH, we're committed to doing that. Mr. Sanjay Kohli – Participant: Mr. Oberoi, can I interrupt?

Sure. Mr. Sanjay Kohli – Participant: What I meant was sustainable prices. Are prices sustainable in the spiritual destination? Okay, sorry. I thought you were talking about sustainability as in CSR. I beg your pardon. Sanjay, prices are a function of supply and demand. And with religious tourism being so embedded in our culture as Indians, I think there will always be strong demand. And therefore, I think prices will remain buoyant in those destinations. We're through one of our JV companies, Mumtaz, are doing a hotel in Tirupati, and our projections for that are also strong in terms of ARR and occupancy, and therefore RevPAR and profitability. Mr. Sanjay Kohli – Participant: And for the time being, it's just going to be the one in Tirupati for the next couple of years?

Let me rephrase that question, or let me re -answer that question. For the time being, as of now, it's just Tirupati, yes. And your question on food and beverage, we partner with celebrity chefs, whether that's our Chinese restaurant at the Oberoi New Delhi, or it's our Indian restaurants across multiple locations. We partner with well-known chefs for our cuisine in restaurants, and we will continue to do that. Mr. Sanjay Kohli – Participant: Right, right. Thanks. Thanks very much.

Thank you so much, Sanjay. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thank you, Sanjay. We'll take the next question from Deepak Verma. Deepak, please unmute yourself and go ahead. I guess Deepak's having some issue with his audio. He sent a question on the Q&A board. Vikram, may I take this?

Yeah, sure. If you could just, I can't see it, Navin, sorry. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Can we please have a short narrative on the Wildflower Hall case? Also, what financial impact is expected, both on capital assets and income statement in FY25, FY26, and FY27?

I mean, the way I'd like to answer, and perhaps Vineet may want to add to it, but we've made all our disclosures on Wildflower Hall, and that is available in the public domain, and I'd encourage you to read that.

And I think from a financial perspective, we have taken the hotel on operation and management basis for six months. So, there'll be some income on account of that, which will be coming through. Other than that, on major financial impact, that will be based on the court proceedings and the judgment. Deepak, I hope your question has been answered. There's another question on the Q&A board from an anonymous attendee. May I? Yeah, please, Navin. Revenue growth lower than RevPar, mainly due to Kolkata over a closure. When is it reopening? Second, how are the bookings from foreign tourists in FY25 versus pre-COVID, a ballpark number? Have they started coming back or still preferring other locations?

So I'll take the second part first. We closed last fi nancial year where we still hadn't reached across all our owned and managed hotels pre -pandemic levels for foreign business. I hope this year, all going well, we will meet, if not exceed, that number. So that's as far as foreign business returning to levels of pre-pandemic portions. As far as the Oberoi Grand is concerned, the plan is still… the renovation was for 18 months. We're already six months through that. So, we'll open in about 12 months from now. And that'll be a partial opening. It's a two-phased renovation. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Rajiv, do you have a follow-up question? Your hand is raised. Mr. Rajiv Bharti – Participant: No, sorry, sorry. I forgot. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Okay, no worries. Amit, do you have a follow-up question? Amit Agarwal? Guess not. Sanjay Kohli, your hand is raised too, in case you do have a follow-up question. Friends, anyone else with a question requested to please raise your hand and we'll take it up. Okay, there's a question from Dheeraj Manwani. Dheeraj, please go ahead. Mr. Dheeraj Manwani – Participant: Yeah, hello, sir. So I just wanted to understand what we are expanding… the hotels are coming among around 21, nine are in international destinations. So, are we looking more towards international destinations?

Dheeraj, actually, no. I'd say our focus should and will be towards India and the Indian subcontinent. Mr. Dheeraj Manwani – Participant: Okay, thanks. Thank you. Friends, anyone with a question, please raise your hand and we'll take it up. As there are no further questions, I'd like to hand over the webinar back to Vikram for his closing remarks. No, thank you, Navin. And ladies and gentlemen, thank you once again. And I really apologize for keeping you waiting this morning. I know some of you had questions. I hope you were… we had trouble listening to some people that the voice wasn't coming through. But I hope we were able to answer your questions. And, we thank you for your support. We remain committed to providing the highest levels of service to our guests. We're extremely grateful to our colleagues who do so much every day to look after our guests. And with that, and a strong foundation in India, we see the hotel's performance to be strong. Also, as far as the airline business, we see tremendous opportunity there as well, with increased flights taking place, and increased travel. So we remain optimistic about the future for the tourism sector, and for Oberoi and Trident hotels more specifically. Mr. Navin B. Agrawal - Head - Institutional Equities · SKP Securities Ltd: Thank you, Vikram. Friends, I've shared my email ID on the invite. In case there are any follow up questions or there is something else, please write to me and we'll take it up with the management. On behalf of all of us at SKP Securities, thank you, Mr. Oberoi. Thank you, Mr. Kapur, for taking time out to interact with the investors. And we look forward to hosting you again for the next quarterly webinar.

Thank you so much. Really appreciate it. My pleasure. Thank you. Bye bye. And have a lovely day.

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