EIH Ltd

− Good afternoon, ladies and gentlemen, and thank you for attending this virtual meeting. It's my pleasure to welcome you on behalf of EIH Limited and SKP Securities to EIH Limited's Q1 FY25 Earnings Webinar. We have with us Mr. Vikram Oberoi, Managing Director and Chief Executive Officer, and Mr. Kallol Kundu, Chief Financial Officer. This meeting is being recorded for compliance reasons, and during the course of discussion, there may be some forward-looking statements which must be viewed in conjunction with the risks that the company faces. We'll have the opening remarks and a presentation by the management followed by a Q&A session. Thank you, and over to you, Vikram. − Good afternoon, everyone, and thank you for joining. I'll request Kallol to run through the presentation, and then we'll be happy to answer any questions you have. Thank you. − Thank you, Vikram. Thank you, Navin. We'll quickly run through the presentation. This is for Quarter 1 FY25. The general outlook of the hotel sector continues to be good for now. It's poised for significant expansion, key growth drivers, and these are as per analyst and consulting reports.

Trident Metro has actually gone up by about 9%, and Maidens Hotel has gone up by about 7%. − For the international hotels, also it's a mixed bag, with UAE doing better than what happened in the past. Egypt is slightly off because of the effects of the war. Indonesia is doing much better, and Morocco is more or less at the same levels, but rates are slightly down than last year, and that again has some impact from the Middle East war. − The Quarter 1 RevPAR grew by 5% and 3%, although more or less, this is taking the owned hotels as well as all domestic hotels into consideration. But if you were to take the entire market, including international and all, it's almost similar to last year. − For the three months within this quarter, obviously the month of May was something where the occupancies were down, room rates were similar, and the effect of this is mainly due to the impact

of the elections. Rest, I think we were higher in April, and June is almost similar as last year, and of course the period ahead is not looking bad. − City-wise, RevPAR year-on-year - Agra, Hyderabad, Bangalore, Mumbai, Chennai, these have all done well. Delhi, some of the satellite cities, Bhubaneswar, Jaipur, Shimla, Chandigarh, Cochin, Udaipur, these are on the downward side. − The strong room revenue tailwinds across segments, they continue. Of course, this part of the year is the downward cycle, and from 2nd and 3rd Quarter onwards, we should look at an upward cycle again. I think Corporate does show some kind of buoyancy here. Direct is similar to what was happening last year. Leisure is also slightly higher, but levels are still to go up as compared to pre- COVID levels. − The flight catering and the airport lounge business continue to be very robust. Margins have also expanded, and total business has also expanded, and so has the total EBITDA growth been for this part of the business. − The financial results have been declared, as you all would have seen it. On a standalone basis, revenues were up from 455 crore, same quarter last year, to 498 crore. The EBITDA is slightly down and the PAT is also slightly down. That is more to do with a sort of rates being at similar levels. Therefore, obviously, profitability… while expenses are slightly inching upwards, rates are at similar levels at what they were last year. Therefore, there's a slight reduction in the PAT and the EBITDA, but this is not anything appreciable and something that we hope we can recover in the balance three quarters. − The story is the same with consolidated performance, so trends are pretty much similar. − We obviously continue to build on a very strong funds position. Basically, we've now got a sort of war chest of about 650 crores, which is net cash, which is currently awaiting deployment in the various projects that we are going to undertake. Two of the major projects were announced in the stock exchange. The new project for Hebbal at Bangalore, where planning is on at an extensive and a very advanced stage, and also the renovation project for the Oberoi Grand, where we will get a brand new renovated property in about three years' time from now. Next, please. − So, the consolidated funds position is now at 818 crores. Obviously, many of these funds are parked overseas in our various subsidiary companies, but the total amount converted into Indian rupees is about 818 crores. − The financials, I won't run through. This has already been declared and it's available to everybody.

So, this is more or less something that we have discussed from the various quarters, starting from ‘22 to ‘25, quarter-on-quarter. Navin, we can proceed because this has also been published. − We are extremely happy to announce and report to everybody that the recent Travel + Leisure rankings have rated the Oberoi Rajvilas, a hotel managed by EIH Ltd. and owned by EIH Associated Hotels Ltd. as the Best Hotel in the World. And, of course, there are many other lists of awards that the group has been showered with. These are all listed here for people who wish to go through the details. − There is no change in the footprint as of now, except the new projects that are going to come up, as has been announced. − That's all in the presentation that we have here, and we are really happy to answer any questions that you may have. Thank you.

management that led to this decline? And how should we look at the margins from here? What are the puts and takes from here onwards? Are you seeing any other particular costs which are expected to be elevated this year? − Yeah, no, sure. I think that's a very good question, Vikas. And if you see in the details of Kallol’s presentation, I think it's there, and also in the other declarations that we've made, employee cost has gone up. And that's for two reasons, really. One is that in Q1 of last year, at the same time, we had a number of positions that were vacant. This year, fortunately, we're not in that position. I'll talk a little bit about that further. The second aspect is that our industry faces a challenge of attracting people. I think across the industry, there is feedback on work life balance, and as an organization, we're committed to addressing that. So there have been some increases in numbers in frontline junior managers and staff as well. Now, that's one aspect. − But the other thing I just want to talk about is that we as an organization, select people who are hotel school graduates. For most of them, it's their first time job. And so, you will see a spike in the summer months, because we take people on board, we train people so that when occupancies pick up in winter, we're able to have consistent and good levels of service that we provide. So, I think this will even out in the rest of the financial year. But one reason why margins have been suppressed is because of the higher labor costs. Now, there are other things, for example, Trident Nariman Point is operating with fewer rooms, because we're renovating some floors. And these things happen in our hotels, Trident Nariman Point probably being the most pronounced in that. Vanyavilas was impacted because we are adding a certain number of tents there to increase room inventory, and we had to therefore remove the tents which are closest to that and not sell those. So those blips of course happen. And this is the time to do it. The time to do it is in the summer months when demand isn't as strong, so that we can really capitalize on business in H2. − Sure. So, is it fair to assume the 17% increase in the employee cost? It's partially because we are anticipating strong demand and we have filled up most of the open positions, and that's why we just want to have enough people to start with to cater that demand. That is my last question. So thanks a lot. − I would say that's a reasonable assessment, Vikas. − Okay, thank you. − Thank you, Vikas. We take the next question from Sanjay Kohli. Sanjay, please go ahead. Sanjay, please unmute yourself and go ahead. − Mr. Oberoi, can we have a little bit of a discussion around Wildflower Hall? So our understanding is that basically there's about only a year left now for us to manage this property and there is a carrying cost in the balance sheet of a mere 26 crores. So is this management sort of conservative estimates of all the claims and counterclaims and then we arrive at a sort of a net asset value and hence this number?

− I'll let Kallol answer that, but our initial investment was 26 crores. And just to also answer that, the property based on the Supreme Court ruling is it will revert back to the government on the 31st of March. So Kallol, I don't know if you want to add anything. − No, Sanjay. So, the fact is that as per the Accounting Standards, we have classified the property as an asset held for sale. That is what you would see in our year-end accounts as well. And therefore, you won't see the numbers separately. So the initial cost is the initial cost of investment, which is different from what the property is. So obviously that is our investment into the company and that continues to be investment, which we are going to receive back. However, the claims that you talked about, yes, those are in court. We have already filed our application quite some time back, actually in May. There was a hearing on the 25th of July. On the same date, the State is known to have filed the rejoinder, which we still don't have a copy of. So that part of the case is ongoing and is sub judice and it will be difficult for us to comment. But as we've mentioned in our year-end Annual Report, if you see, there's a very detailed note where we've laid out what our claims are and the reasons as to why we have taken a prudent accounting measure to spell it out, but not to recognize them into our accounts. − So just to follow up to this, you know, in all these years of litigation, in hindsight, you know, it's easier to analyze. Taking on, what are the key learnings from this about our relationships with state governments on projects like this? And, is it just prudent to surrender at some point in time? − Sanjay, I think, first of all, this goes back to well over 20 years, if I'm not mistaken. Am I right, Kallol? It goes back more than more than 20 years. And at least many of the people who were there 20 years ago… let me not even try and speculate on the reasons what happened, why it happened, etc. and what we could have done differently. I think what we need to focus is, rather than looking at the rearview mirror… rearview mirror is important to learn, I completely agree. But I think we should look forward. And with any partner, it's very important that we have the best possible relationships, whether that is a supplier, whether it's our guests, whether it's our colleagues, whether it's the investment community, whether it's government. And that's what we're focused on, to maintain the best possible relationships, the relationship based on strong foundations and values in all these relationships. And that's what our focus is and will be. I don't know if you want to add anything, Kallol? − That's fine. − Thank you. I'll rejoin the queue. Very excited about the development in Bangalore. But I'll rejoin the queue and... − Sure, Sanjay. We're equally excited with Bangalore. It's a great opportunity for the company. Thank you.

− Thanks, Sanjay. We'll take the next question from Tushar Nischal. Tushar, please go ahead. − Sir, I would like to ask you, in the last concall, someone asked you to comment on the 6% revenue per available room, specifically from Bombay. Would you like to comment on that now? − Sorry, Tushar. My memory isn't as good as yours. Could you just remind me the 6% of room revenue? I'm not sure what that you're referring to. − The 6% revenue available per room. − I beg your pardon? − 6% revenue per available room. − Is it 6 or fix? − Sir, I'm saying 6%. It doesn't strike a bell? − Tushar, sorry. Could you just remind us? I really apologize. I can't remember. But if you could give us a little bit more detail, maybe it'll help us remember better. 6% of room revenue in Bombay? − 6% revenue per available room. − That’s RevPAR. − 6% revenue per available room in Bombay. I'm sure our RevPAR would be stronger than that. I am not sure, Tushar. − Maybe if you can come out with the question a little more clearly.

− I would be specific and say how do see it improving in the next coming quarters? − In Bombay? − Yes, specifically Bombay. − So, in Bombay actually, Tushar, we added and there was a slight delay in completing the 20 residential suites in the Oberoi Mumbai. And they were completed, the delay was caused because obviously we have a fully occupied hotel and we don't want to delay or disturb guests. We had to careful in the work we did and whenever there were any guest comments on noise then we had to respond to that immediately. But those have been completed, these are long stay residential suits, that would help enhance RevPar. We are doing around the last figure I saw we were running about 80% so it has built up fairly quickly to 80% occupancy. I haven’t seen the figures of today or yesterday. But a couple of days ago we were doing 80% on these 2 suites with an average room rate of over 30,000 rupees. So, this will enhance the RevPar of the hotel. In Trident, Nariman Point, four floors are under renovation and this is the longest same lines as the floor is done earlier and I am sure this will also help in driving both demand and rate. And Bandra-Kurla, touch wood, continues to have very, very strong demand both in terms of corporate demand, [24:58] demand etc. So, I remain optimistic for those external and internal factors on the Bombay hotel operations. − Thank you, sir, that was it. − Certainly, thanks so much, Tushar, and I apologize I couldn’t remember that, so thank you for clarifying the question, much appreciate it, thank you. − Thanks, Tushar. We'll take the next question from Pratik Maheshwari. Pratik, please go ahead. − Hello. − Hello, Pratik, good afternoon. − Good afternoon. Please tell me what is current demand trend and how is the July and August growth. − So, I think demand has really, sorry, so we saw April was, touch wood, very good. May and June weren’t as good, both because of the elections and the high temperatures in many locations where we have hotels.

− No, I am asking about July and August, current demand Q2. − Yeah, Pratik, please allow me to continue. − Sorry, sir. − No problem, I just wanted to put it into context and what we are seeing is greater buoyancy after a somewhat subdued demand for the reasons that I have explained. So, we are seeing a pickup in pace of reservations. − Okay, thank you. − My pleasure, Pratik. − Thanks, Pratik. We'll take the next question from Hriday Choksi. Hriday, please go ahead. − Good afternoon, sir, thank you very much for the opportunity. Sir, my question would be for the future of our company and in terms of growth. You had given an interview a couple of months back where you spoke about how we are looking to add about 50 more properties by 2030. My question would be is how do you envision the portfolio 6 years from now, how many hotels would be managed, how many would be owned and how many you are looking at adding in India versus how many you are looking at adding overseas. − So, our focus will continue to be in India although we are looking at opportunities outside India as well. But our focus will be India. We hopefully will be able to share more news on our expansion I hope soon, and as and when things develop we will announce those, I hope we will have more news to share with you in the not too distant future. − Got it, thank you for that, sir. Sir, and the second question on the room rates, what is the headroom for growth, do you foresee them increasing more towards the end of the year and towards the festive season, or do you think that would be stagnant and flat. − So, I always remain optimistic, I think again really if demand is strong I still believe which I have said many times before for the quality of hotels that we have in our country rates need to be much, much higher than they are. So, that really is a function of demand and I continue to be optimistic to

say demand is strong, you particularly see that in India in the winter months rates will continue to rise. We’ve already seen last year a sharp increase in rates at least in our hotels. And we still believe that that will continue. There's nothing that would cause that to change, no external forces that will cause that to change based on what we see today. − Got it, sir, and just a clarification on the first question you said you would like to continue with the majority of the focus in India itself. How are you looking at the model in terms of owned properties versus managed properties going forward? − We are looking at both. I mean our preference is to put in either through partnerships through joint ventures or own hotels, so, Goa, Hebbal etc., are our own hotels. We have 3 subsidiary companies, Gandikota, Vizag, and Tirupati. And we will look at joint ventures, Bandavgarh is opening this year, Rajgarh is opening this year, this financial year. And Bandavgarh is a management contract, Rajgarh is an EIH hotel. The advantage you have with an owned hotel is… a profitable owned hotel is what it brings the value creates it for the organization, you need to sign up many management contracts to achieve the same results. Having said that we want to be in locations where our guests travel to, we want to give opportunities for growth to our colleagues and for that we will pursue both options - both managed and owned options and of course, JV opportunities as well. − And just to add to what Vikram said if you see the current 7 projects that are in pipeline that are under construction or about to start construction, out of those 3 our own properties, 3 are owned by our subsidiaries or associates and managed by EIH and 1 is a completely management contract entirely. So, that’s the current composition, we have talked about 50 hotels, 7 are already in the pipeline as we speak. − Thank you very much, sir, those are all my questions, all the best for the future. − And may I just add one other comment to say that in city locations mixed use developments are really in our view the only way forward. Hebbal is one of those examples and just because of the very high price of land. So, that’s something that we will continue to pursue is development through mixed use developments. − Got it, sir, thank you very much, best wishes for the future. − Thank you, thanks so much, really appreciate it, thank you. − Thanks, Hriday. We'll take the next question from Deepak Varma. Deepak, please go ahead.

− Hi, Mr. Oberoi. Hi, Kallol. Just wanted to check what is the impact of quarterly seasonality in the financial performance this quarter. − I think more than seasonality, Deepak, the seasonality has been more prominent because of the elections. So, really speaking if theoretically if the elections weren’t there then we would certainly had looked at numbers which were better than last year same quarter. And that was also a record quarter in all our history. So, while seasonality continues to exist and Vikram made a point of extreme heat in various cities, not only in places like Rajasthan, etc., but also in places like Delhi for instance, and then rains. So, it is anybody’s guess but by and large I think the businesses are becoming more evenly spread with even our first and second quarter now doing much, much better than what we used to do, or any hospitality player used to do in the last 10 years ago. − I think just to add to Kallol’s comments, I am sure if you look at old data and you go back let’s say 10 years you will see far greater seasonality variations than you will see today which is I guess a positive development for hospitality in general. − Yeah, so I think this quarter’s performance maybe although it is not bad it is good still, maybe taken as an outlier. − Indeed. − Thank you. − Thanks so much, Deepak, we really appreciate it, thank you. − Thanks, Deepak. We'll take the next question from Rajeev Bharti. Rajeev, please go ahead. − Sir, thanks for the opportunity. Sir, can you split Oberoi Grand in the sense what is the capex, renovation capex? − When we are in a position to share that, Rajeev, with you, we will. The hotel is as you know a Grand Hotel, sorry I am using the word, Grand, and it is a heritage hotel, we really want to redevelop that hotel to make it a very special hotel. We will do everything possible to preserve its heritage and to bring it back to beyond glory. This will involve a complete renovation of rooms, public areas, food and beverage, back of house, all MEP, etc. And the Chowringhee Wing which is the part overlooking Chowringhee the main road is not occupied right now, so that could be the first part of the renovation of about 50 rooms. And like I mentioned in the stock exchange declaration that we made all the other areas, and then the balance rooms will be done subsequently with room inventory

from 209 coming down to 200 keys with the addition on Chowringhee as well. Room sizes will increase, we will preserve all heritage aspects of the hotel. − Just directionally is it possible that this can go of a similar order like Oberoi New Delhi renovation. − I think as far as cost goes let me not get into that, but what we have seen is, well, first of all let me take one step back. Each market is different, and therefore we need to assess our capital expenditure on the hotel based on the market in which we operate, that’s number one. But having said that what we saw with the Oberoi New Delhi renovation was, the Oberoi New Delhi - and I don't know if I can give these figures, it dates back to a long time, it used to do about 60 crores 61-62-63 crores GOP. This increased substantially and when I mean substantially I say maybe not doubled in the first or the second year of operation after the renovation but we saw a sizeable increase in GOP and what we could like to do is replicate that with the Oberoi Grand. − Great, sir. Sir, with regard to your Hebbal project is it possible to segregate the commercial real estate part of capex out of the 13-15 odd crores. − Rajeev, you are aware of our numbers which we speak of our per square feet per key costs for Trident Hotel, for Oberoi Hotel and today our Executive Chairman in his speech he covered it as well as to what is our cost per key for both, so it is simple mathematics for you. − Sorry, I missed the entire opening remarks, sorry about that. − He said that the cost of Trident is around 1.4 crores a key, although we internally like to refer to cost per square foot as the more appropriate measure. And the cost of an Oberoi room is about between 2.5 to 3 crores a key. − Depending on city and all of that. − Depending on city and all of that. So, if you do the math then balancing figure is commercial. − Great, sir, thanks a lot. Lastly on the, you were looking to get an investor on this project or this entire thing is done by us. − No, this is entirely our own project.

− Entirely done by us. − And last on the profitability part of it the margins, so assuming that you know the hiring is now frozen the 18% hike so these margins are going to be stable or there is more employee cost related hikes which are coming in subsequent quarters. − Sorry, I didn’t understand that. − Rajeev is asking that with the increased manpower costs that we have now is it reasonable to assume that this will now be stable. I think it is a good way to state that, this is Vikram’s part but I am taking the liberty of answering. See, the good part of this increase that we have done is we have seen our attrition come down. And what we see is a direct sometimes comes back to us as an indirect cost because with more attrition there is more associated cost which is not featured into the payroll cost.

So, if you look at that increase you should also look at the benefits that are there. Vikram, you could share the figures of the attrition. − No, I am happy to share them. Should I share attrition? − Our attrition has come down. − Our attrition has come down in not on a percentage of, I can do a percentage of 100, I just need to calculate but let me just see it has come down…. − By about 20%. − Maybe slightly less than 20%. So, I’d say about 15% I am not sure on the math, I will have to use the calculator to give you the exact number. But let’s say a ballpark figure 15% amongst colleague attrition we have also seen a decline in executive attrition which is very important because that’s really that helps drive culture, helps drive our service, they mentor our younger colleagues, we have seen positive in attrition both at the executive level and at the team level with the changes we have made. And like Kallol said there are a number of costs that are hidden that typically don't get measured which is a result of our attrition. So those we should see improvement in those as well.

But to answer your question, Rajeev, directly, the bulk of our hiring happens in the summer months because we need to get people up and running for the winter and our industry is 40% attrition in team level is not unusual for our industry. We do better than that, our attrition isn’t as high, that’s a number that I am told is the norm. So, yeah, that’s all that I can say. We really want to, we have young team members in our hotels and today you know people do care about a balance between their personal life and their work life. And as an organization we have an obligation to respect that.

− Thanks a lot. That’s all from my side and all the best. − Thanks, Rajeev. We'll take the next question from Sunny Roy. Sunny, please go ahead. − Am I audible? − Yes, you are. − Hi, sir, just regarding this Hebbal Bangalore project I wanted to know whether we are already owning that land? − Yes, sir. − Okay. And for the commercial portion, what would it entail actually, would it entail like retail malls or office space? − It will largely be commercial office space with about 55-57,000 square feet of retail and F&B. − Okay, sir. − 700,000 square feet of commercial office space, and the balance 55 I am just rounding numbers of…. − Of hotels? − No, no, of retail which includes food and beverage. And the hotel is the balance. − Hotel is the balance. And, sir, a general question how much should we expect the revenue growth to be in this financial year given that we had a very tough first quarter, just an estimate. − I am not going to give you that number.

So, you can do the math. Really rate is a function of supply and demand and if there is strong demand which you are in a better position to charge on what’s happening with the Indian economy.

But we remain very bullish and if there’s strong demand both in leisure and in city hotels, we should see strong increases in average room rate. I think the propensity to pay in leisure hotels is greater so if you look at our leisure hotels Udaipur and I don't know if I can give the average room rate, can I give it. − It is better to. − So, Udaipur for example the Uday Vilas does double the rate of, in fact slightly over double the rate of our highest city hotel Oberoi average room rate, it is a multiplier too. And yeah, that’s what I can say in terms of your city versus leisure. - That’s very helpful. And lastly just a question on the international operations currently what is your most profitable international hotel given the current scenario in the Middle East and all, which one of your hotels like in Mauritius and Indonesia and the Middle East ones, which one is the most profitable in our group? - - So, I would say some of them are quite close. But the Oberoi Bali, Bali has seen a strong surge in demand. And believe it or not, actually a lot of that demand is coming from India. The figure I read not for the Oberoi Bali, but for Bali in general is, I think, India is the third largest inbound destination to Bali. And, at the Oberoi Bali, we also have fortunately, strong Indian demand. That hotel has seen very high occupancies and good rates. I think the potential for the Oberoi Bali is significant and, that's another hotel where we're looking to renovate. And I think, we can easily achieve what we did in the Oberoi New Delhi with doubling of our average rates. And while maintaining or even

increasing occupancy, maybe reducing room count a little bit. And that's something that we are working on as we speak today. - - Also, I would add to what Vikram is saying. I think, Sunny, you didn't specify when you said profitability, was it operational profitability or the net profit after all kinds of corporate costs. But I'm assuming it is operational profitability. - - 47.29. - - Yeah. If that is a question, then I think our newest property, Marrakech is doing pretty good with high rates, etc. and it's still in the growing phase. Egypt typically does extremely well. Our crews on the Nile, extremely profitable. But currently it is facing difficult situation because of the Middle East. Equally, Mauritius, from a rate point of view, it's good. So I think our properties are, by and large, profitable hotels. We need to undertake some restructuring and some attention and care, which we are in the process of doing. And obviously, then that will help us to really turn around the international operations completely. - Mr. Sunny Roy – Participant: - Okay. And have you finalized the CapEx for Koh Tang in Thailand or that is not yet finalized? - - This is a management contract. So it's basically... - Mr. Sunny Roy – Participant: - Okay, okay. It's okay. Thank you. Thank you, Mr. Oberoi. Thank you, Kallol. - - Thank you, Sunny - - Thank you, Sunny. - - Thank you, Sunny. We'll take the next question from Rushab Doshi. Rushab, please go ahead. - Mr. Rushab Doshi – Participant: - Thank you for the opportunity. So, recently I read that Indigo for the business class has chosen Oberoi and our airports and the aircraft carrier business also doing quite well. So if you could just tell us going ahead, do we see the demand still sustaining there? And also, could you just give an approximate split of how much is coming from the airlines and how much is coming from the airport lounges?

- - Okay, so airport lounge, we have just one lounge. Currently that's a very profitable lounge. - - It is extremely profitable. - - And it contributes about almost 40% of the GOP that the OFS and the OAS units together generate.

Having said that, the airport lounge is a limited lease period. So obviously, at some point of time this lounge will not be there. But on the flip side, the flight catering business has been bouncing back in a strong way. And with the growth in this sector, especially with new aircrafts being procured by two of the most prominent airline players in the country, this looks really robust to us.

And we believe that despite the lounge business not being there, next year let's say, we will still be able to sustain the profitability through increase and growth in our flight catering business. - Mr. Rushab Doshi – Participant: - Okay. Yeah, that's all from my side. Thanks. - - Thanks, Rushab. - - Thanks, Rushab. We'll take a question from Amit Kadam. Amit, please go ahead. - - Hi, sir. There are a couple from my end. So, just starting with our slide #9 where we have said like that how my ARRs have moved for April, May, June and then above that we have also mentioned how my occupancies have also moved for the domestic hotels. So, largely it could capture how my standalone business would have also moved. On that basis when I just compare, ARR had been barely flat and occupancy was also like, barring April, we had seen a dip in that particular 51.05.

Still we were able to report some kind of a growth in our standalone business. Question number one is that, what attribute to still that delta in that business? What are the elements which still were able to contribute which led to that top line growth? - Second, I just wanted to understand on the extension to this particular slide that how the numbers, or I would say how the demand is looking forward in terms of July, August, September because you would have a reasonable understanding about those particular thing and because some forward looking would have also happened. I just wanted to reconcile this number with one of your peer which in the earlier month had reported number and they had given a very strong commentary about 51.59 20% kind of a growth. They were very confident on that thing and they were also mentioned that how the future months looks like. So based on that, we don't want to call out the number specifically we being we, still like if we can help us to understand where we are figuring in that particular 20% range because our key geographies are broadly like Delhi and Mumbai figure into that particular predominant whether strong demand recovery has been seen. So that's a question number one. - And then there are a couple of...two more. I'll just come back.

- - So I think, you know, it's a good question. - - It's a very good question. - - Yeah. I think what you would have noticed is that May was really down because of the factors that we mentioned. April was a really strong month. So I would attribute that increase that happened is mostly because of April. And if the May month's occupancy was to be normal, then obviously we would have surpassed the previous year same quarter numbers by a much larger margin. So that's point number one. And on point number two, as you rightly said, that as an organization, we do not believe in giving forward looking numbers. The booking windows have also shortened a lot. So therefore, it's not right for us to give a number going forward in the next three months when we know that booking really picks up, especially in the city hotels in a much shorter span, especially post Covid. - Having said that, the overall trend is very positive, and this includes some of our international hotels also, where we don't have any reason as of today to believe that there is any reverse trend towards that aspect. So while you would have got cues from our peers, I think we will refrain from giving any number, but it is healthy. - - So at least on the confidence basis, are we aligned to that particular thing that the momentum is again back in the Q2? And in fact, they were so confident they said that it could be one of the better Q2 of looking to the.....usually Q2 is assumed to be muted of all the four seasons, but they were like saying that because there was some pent up from Quarter 1 to Quarter 2 there were some like higher wedding dates, hence some MICE events also, like, followed to Quarter 2. That. That kind of things we've also would have observed in our business. At least on that basis, we can summarize the question number one? - Mr. Kallol Kundu – Participant: - Amit, sorry. To us, that's a bit of speculation. So we wouldn't like to give really numbers. But as we said, and we've been repeating this, Vikram said this in the beginning, that it is healthy. There is no reason for us to believe that the trends are anywhere down. If you look at June also, it has been one of the weakest months in the past. But this year was same as last year. So obviously, except the blip of the elections, the other two months have been good. And given the business on books that we have, we don't believe that July, August, September will be worse or something. It will definitely be better. - - Okay. So I leave it there. I'll just go to my question number two is on the like, as we had few quarters back, alluded to this particular vision 2030, where we have an ambition to double our rooms. So from there, the visibility at least I have on my side is just like a thousand odd room kind of a visibility for the next two years, where I assume if I want to double my room, and....so I need little clarity on how much it would be owned managed. Second is that when, like the timelines of those things happening, I understand that because it will be largely back ended, large part will come beyond 2027, because something like we have to act now so that after four years property comes. So I

assume that large part of that additional, upwards of 4000 would be coming in the later part of the decade or maybe the beyond 56.39. So just like if not now, but some time in your presentation, through your presentation or some better forum where you can actually share the insights on how you are trying to plan your capacity planning and what are the things already in place, be it land or be it some like some kind of, if you need some like a resource from a JV or something like that, just help us in that thing, which 57.07 a medium term outlook of our business. I understand this ARR related occupancy questions are very near term, but like from a medium term basis, when we want to take a sense on this business, it will help us, Sir. And I think that has not been captured in any of our slides. So I will appreciate if you add that particular thing in your presentation. - - We have once given, and I think you're basing your calculations and your spreadsheets on what we had given in the past. Yes, it's true that we've not given now because there's a conscious decision that as and when we, especially after the last LODR amendment in 2023, a decision was taken by the company to announce projects as and when they concretize. And when we say concretize, it means that everything is done and dusted, and we are in a position to make that announcement. So, unlike many other companies, we really have chosen to follow this path. But your point is well taken. And if there is a case in future for us to give more concrete visibility of what is the segregation between management contracts and owned hotels etc. then we will certainly come ahead with it. - - Okay. And just one final question. - - Amit, I am sorry and I don’t mean to 58.28, but just...I think, number one, I think what you're asking is a very reasonable question, but I'd like to answer it slightly differently. I think as and when we finalize a hotel, whichever way, whether it's owned, managed, a partnership etc. we make those announcements and we share that with the stock exchange and with you. I think that will hopefully, I hope, give you some level of comfort, because then you can see what we're saying and what we're announcing and then extrapolate from there. So that's what we are committed to doing. And as soon as we're able to share details, we will do so. - - Amit, we need to wind up quickly. So I need to take some other questions, if you don't mind. - - Sure, sure. - - I've shared my email id, so for any unanswered questions, please write to me. - - Okay, thank you. - - Thank you, Amit.

- - Thanks so much, Amit. - - Thanks management, yeah. - - We will take the last question from Sanjay Kohli, and then we have a few questions on the Q&A Board. - Sanjay, please go ahead, but please keep it short. Please go ahead, Sanjay. - Anyway, he put a question out here. Will the Hebbal Lake project serve as a prototype for more to follow? - - I think mixed use developments. I hope there'll be more to follow. That's what we would like to work towards. - Mr. Sanjay Kohli – Participant: - So is there a possibility of getting a sort of a big announcement, let's say, hypothetically, these hundred industrial parks that are coming up, and government gets into dialogue with the leading hospitality chains and says that, look, we need you guys here. So would the overall group be amenable to that sort of big bang expansion suddenly? And in the coming quarters, is that a catalyst to look for investors and analysts? - - I don't want to speculate, but we are an Indian company, we are committed to India. And if the government were to ask us to support the Indian growth story, absolutely, we would. - - But Sanjay, I'll add to...I think it's a good question to ask, and I think one of the things that you would have probably followed is since the last one year, there are at least two solid templates now which has been created and announced. One was the model where we went with a lease model with the state governments, where we were offered land by states, and therefore, we are able to reduce our cost of acquiring or cost of creating that property. And that's a very good model to follow. And that template has already been established. This is the second one that we've now come out with Hebbal. And if this can happen in one year's time, then obviously there's much more to come in the years to follow. - Mr. Sanjay Kohli – Participant: - Thank you very much. Good luck. - - Thanks, Sanjay.

- - Thanks, Sanjay. We'll take the last two questions on the Q&A board. - Manoj. S - Can we please talk about blended rate hikes percent taken in the beginning of January for corporates that is trying to gauge starting point of revenue growth year-on-year? - - I think we can get that question. First of all, I don't want to give an answer, which is not accurate, but if we could just get that question, Navin, then we can. I don't have that data with me right now, and I'm not going to quote a number which may have some margin of error. - - Sure. - - If we can get that, we'll be happy to respond to it. - - Will just take a note of that. Give me a second, please. - - I think the question, if I understood correctly, is, what are the corporate rate hikes that operate for most markets on a calendar year? I think that's the question. Is that correct or not really? - - Can we speak on the blended rate hikes in the beginning for corporates? - - Yeah. Okay. So, yeah, we can respond to that and we'll do that. I don't have the numbers in front of me. - - Okay. One more question is from Deepak Varma. Please elaborate on our mixed development project through process in cities due to high cost of land. How will the other issues like commercial and retail yield better results for EIH? - - Yeah. So obviously, the cost of development for commercial is much faster than a completed hotel, which has a large element of FF&E. But more importantly, as a business model, I think it works very well in risk mitigation, because with long term lease etc., with offices and we have a template before that because we have the Oberoi Centre in Gurgaon, albeit a much smaller development, where we have commercial spaces. We have created that asset, and it appears as an investment property on our balance sheet, if you can look up that. And we've seen the model work very well as providing us steady inflows. So I think that creates sort of a hedge for us in times of volatility, where at least there is a free flowing cash, which comes in from the commercial side. And along with that,

we are coming up with two very prominent hotels and very good quality hotels, which will help us in targeting the upside that is there in the hospitality business. So it's basically capturing the best of both worlds. And obviously the synergies between the commercial element and the hotels is really going to help both symbiotically. So, I think there's a lot of merit in the model that we are pursuing. - - Friends, my apologies, but we've run out of time completely and we won't be able to take any more questions. Any unanswered questions, please write to me. And before I hand over the webinar to Kallol and Vikram, many congratulations on Oberoi Rajvilas, Jaipur being ranked as the best hotel in the world to you at your entire team. - - Thank you. - - Thanks, Navin. Credit to all our colleagues at the hotel. They really do all they can to look after our guests and they are the true heroes. So thank you. Thanks, Navin. We really appreciate the opportunity and thank you everybody for participating and for the questions you asked. And if there are any unanswered questions, please let us know. We're very excited about both Hebbal and the Grand and also on other opportunities that we're working on, which we hope we can share with you in due course. - - We are, of course, very excited to open the Oberoi Rajgarh and the Oberoi Vindhyavilas this year itself. And those are pretty marquee projects that are going to come up. - - Thank you very much. On behalf of all of us at SKP securities, thank you very much, Vikram and Kallol, for taking time to interact with the investors, and I look forward to hosting you again in the next quarter. Thank you and have a wonderful evening. - - Thanks so much, Navin. Thank you everyone. - - Thanks Navin. - - Bu-Bye. End of File