Thanks, Naveen. Good morning, ladies and gentlemen.

Actually, we'll follow our normal format, which is that Vineet will make a brief presentation. Some of you may have already seen it, and then we'll go to any questions that you may have.

With that, if I could hand over to Vineet to make the presentation, and if I have any additional comments while Vineet is making the presentation, I'll add those. Thank you very much for attending, and over to you, Vineet.

Thank you, Vikram. A very good morning to all the people on the call.

Thank you for attending our investor call for Q3. Let me move to my part in presentation.

The first slide talks about the industry performance for Q3 as well as YTD. Occupancy was at 66% to 68%, which saw a nominal growth in Q3, while ARR grew by 9% to 11%.

This was resulting in a good and a healthy RevPAR. This was in spite of the flight disruptions we saw in the month of December.

While the Q3 was impacted, when you see the YTD 9-months performance of the industry, the industry was almost flat to last year in the same range of 61% to 64%, while the ARR grew at a healthy 8% to 10%, resulting in a higher RevPAR. This is in spite of the fact that in the current year, we saw quite some disruptions in every quarter.

In Q1, we got impacted by Operations Sindhudurg. We had the Middle East conflict, which resulted in lower occupancies.

In Q2, we had a long monsoon season, which led to quite a heavy rainfall as well as floods in some areas of India. In Q3, the first week of December got impacted by the flight disruptions we saw in the Indian market.

Nevertheless, in spite of that, though the occupancy was flat, we saw an increase of ARR. At the same time, that resulted in a healthy RevPAR growth of 9% to 11% versus last year.

Coming on the next slide, on the operation performance for the company. In terms of our competition, EIH continues to maintain leadership over the competition set.

So, 13 out of 15 hotels are ranked first and second in the STR benchmark. We continue to lead in all the parameters, including MPI, including on the ARRs, as well as on the RGI as compared to the competition.

This slide is reflecting the RevPAR growth of the Oberoi brand, which falls in the luxury segment. The luxury segment saw a growth of 9.1% in Q3, while Oberoi Hotels had a growth of 5.4%.

The growth of Oberoi Hotels was lower mainly on account of the fact that we had opened new hotels, Oberoi Rajgarh as well as Oberoi Vindhyavilas got added during the year, and they are in the ramp-up stage both for occupancy as well as ARR, and therefore, we saw a little slower growth for the Oberoi brand in Q3. There was also some impact of occupancy due to the flight disruptions we saw in the month of December, leading to higher than normal cancellation.

We almost saw 26% higher cancellations in the first two weeks of December, which impacted the occupancy, and that resulted in a lower RGI for Q3. Nevertheless, if we look at on a YTD basis, we continue to lead the industry in the luxury segment, which saw a growth of 6.7%.

We continue to lead the growth of 11.9% on a 9-month basis with a very healthy RGI of 183 versus 175 last year. Moving to the next slide.

This slide is reflecting the RevPAR growth of Trident brand, which falls in upper upscale segment. This industry segment saw a growth of 8.6%, while Trident Hotels had a growth of 12.5%.

We saw a healthy growth in this segment versus the industry, and very healthy both in terms of Q3 as well as on a YTD basis. A very healthy growth of RGI of 173 versus 167, while on the RGI index for 9 months, we were just flat to last year in this industry segment.

If we further look into the Q3 ARR, occupancy trends, our occupancy was lower than last year, mainly got impacted by the new addition of hotels, especially Oberoi Rajgarh and Oberoi Vindhyavilas. In December, occupancy was lower for the same reason which was mentioned.

The first two weeks we saw a higher impact of cancellations on account of the flight disruptions we saw in the Indian aviation space, while at the same time, in spite of the lower occupancy, we've seen a very healthy growth of RevPAR, which saw 11% increase on account of higher ARR for the quarter. Looking at the city-wise performance on a RevPAR, we have seen growth in all the cities, except Shimla and Chandigarh was a little bit nominal growth versus last year.

We saw a very healthy increase on RevPAR for Bhubaneswar as well as Hyderabad, which was on account of MICE events which were done in the hotels, a few both corporates as well as social, therefore led to a higher RevPAR growth in these two cities over and above the normal average. Even the international hotels saw a good increase of 11% on RevPAR growth, driven both by occupancy as well as ARR increases in most of our international hotels.

Coming on the next page, on room revenue trends, we are almost seeing the same trend as last year. No major change from client perspective.

The segment mix remains similar to last year. We had seen a growth of direct segment over the last few years, couple of years, but that more or less has plateaued, and the percentage mix or the segment mix remains same in current year versus last year.

Shift now to financials. The financial performance both for Q3 for standalone and consolidated.

We'll start with the consolidated performance. We ended the quarter with a revenue of ₹910 crores, which was a growth of 9% over last year same quarter.

EBITDA grew at 6%, was lower than the sales revenue growth due to change in the business mix, mainly on account of the OFS growth, which grew much more faster as compared to the loss of lounge business we had in Mumbai. Due to that, the EBITDA growth was lower, while the revenue grew at 9%.

The PAT number was lower versus last year same quarter, mainly because of one-time impact we had because of the change in the wage code of roughly ₹30 crores, which we got impacted in the month of December for the quarter as compared to last year. That's the exceptional item we had in the month of December.

On a standalone, the revenue growth was higher. The growth was in the range of 12%, while the EBITDA growth was at the same 8% versus last year.

The same reason, mainly on account of the change in the business mix, where our EBITDA growth was lower. Again, here on the standalone performance, we got impacted by the change in the wage code, which was the impact of roughly ₹29 crores in Q3 in the quarter.

The funds position, we continue to drive higher funds in the company. Last quarter, we got benefit because of the operational profits we have been making over the last couple of quarters.

Also, we've got a one-time cash refund from our Mashobra settlement, which was in the range of 115 roughly ₹115 crores, which added to our cash position. It's pretty good cash reserves currently to support our further expansions, both organic as well as inorganic.

Coming on the Q3 financials in details, we saw the revenue increase of 9%, which I had mentioned in my earlier slides. EBITDA grew at 7%, while the PAT was lower on account of the one-time impact, which is here of roughly ₹30 crores, which came in the current year last quarter.

The PAT got impacted, and we degrew by 9% over last year. If you look at the 9-months performance in consolidated, growth at 7%, while the EBITDA grew at 4%.

Bigger impact on PAT because of two exceptional items. One exceptional item was the loss of case in Mashobra, where we had impact of ₹109 crores in Q1, with the additional impact of ₹30 crores in Q3 because of the wage code.

Due to that, our PAT is actually down by 20% versus last year. This lists out the awards and accolades which our hotels have received.

Our hotels continue to be recognized for the exceptional quality and service. There were some key awards which were won the last quarter.

Just pointing out to India's Best Awards 2025, both for Best Leisure Resort as well as the Best Hotel, as well as for restaurants which we received. Shifting to expansion plans and the upcoming projects.

We continue to grow our pipeline, the development pipeline. As of the current quarter, we have a healthy pipeline of 30 properties with almost 2,450 keys, which we are going to add in next 3 to 4 years' time.

Rajgarh has moved out from this list and moved to our list of hotels already in place. In the current quarter, we have signed new contracts based mainly on the managed contracts side.

We have added Oberoi Kabini. We have added Oberoi Hampi, as well as Coorg and one hotel in Oberoi, Oberoi.

Overall, four hotels being added in this quarter. All of them are managed, and the number of keys is almost 200 280 keys being added for the current quarter.

This all will get added during the coming next 3 to 4 years timeline. This we had already mentioned the opening of Oberoi Rajgarh Palace in our last quarter call.

This is the few snaps of our hotel. The hotel currently is in the ramp-up stage, and the initial response is very positive.

Looking at the comments coming from the guests and the bookings we have seen so far. Coming on the business footprint, we have 3,800 a total of 4,209 keys, out of which three 3,801 keys are in India and 408 keys are in international.

Out of total of 4,209 keys, owned are 3,338, while managed are 871 properties on a total company level. That's it.

With that, I end my presentation. Back to you, Naveen.

hi. Thanks for the opportunity.

Am I audible?

Okay. My first question is on the Bhubaneswar market.

If you can share some color. This 19% growth is phenomenal.

What exactly driving this? Is any one-off that you're seeing or you think this is more of a sustainable kind of a thing for this particular market?

This is first question.

In Bhubaneswar, we've seen actual growth in all segments. It's not just MICE.

MICE has been the strongest segment. I think this year So if you have a look at the same time last year, there was a change in government there, and perhaps that's had some impact as well.

I'm assuming that, but So let me just stick to the facts. We've seen a growth in all segments.

Got it. Secondly, if I see your Bangalore market, while rest of the other players and overall the market is growing very fast, we are doing kind of a high single digit.

Anything that you would like to call out for Bangalore market? Because that overall market is going double-digit, and I think we are Yeah.

Anything that you would like to call out there?

In Bangalore, we're still on STR relative to our comp set, we're still STR 1. I think Bangalore, one of the issues and this is my personal perspective on it, is that our Bangalore hotel is an older hotel.

We've upgraded food and beverage there, and that's shown good results. That happened a couple of years ago.

We will be upgrading the room product as well this year, in the coming financial year. I think that's something that is required in order to maintain our competitiveness in that market is my personal view.

Got it. My next question is to Vineet sir.

Sir, if we see 3Q FY25, we had a sales growth of 8%. On that base, this year, 3Q FY26, we have a sales growth of 9%.

You called out during your opening remarks that in the month of December, because of cancellations of flights, we had almost 26% higher cancellations. What is quite surprising, though we have seen certain cancellations, but rest of your peers, nobody called out any meaningful impact.

Is this one of the meaningful reasons we have seen a kind of say 8%, 9% kind of a growth or some of the businesses which we concluded like Mumbai lounge business then my understanding is Kolkata was either way not there on last year's base, right? Is this the cancellation really weighing heavy on our numbers or there are any other reasons?

Just trying to understand why we are trailing that 9% kind of a growth for this particular quarter compared to our peers, yeah.

You're right, Deepak. One is, of course, the impact what we got because of the lounge business, which is not there versus last year.

Though we have compensated with a good growth in OFS to some extent the loss of the lounge business, but profitabilities are impacted. From a occupancy perspective, though we stopped cancellations, but effectively, some of that got booked [unclear].

We were able to offset some of it with other bookings, but not to the full extent. That were the two reasons I would say which impacted us in December on the last quarter, yeah.

May I just add to that is that hospitality in India in the segments that we operate in and it may apply to other segments as well, traditionally, you see a sharp rise in foreign business coming in during the winter months. A fair amount of that is driven by leisure within the leisure segment.

This is business that is coming in through overseas travel agents, tour operators, and destination management companies in India that book foreign business on an itinerary, either FIT group or series. It's fairly inelastic their demand.

Even if you raise prices, demand is still strong. What we have seen this year is that we've increased our pricing.

When your contractual pricing goes up, your flexibility in BAR pricing is limited because you don't want to undercut key travel partners that support you. Our rates have gone up.

What we have also seen is that there has been some decline as a result of that in the domestic market, where the domestic market is obviously more sensitive to price increases.

Got it. One last question, Vikram sir, in the similar context.

If we see Mumbai market specifically, on the south Bombay side, we have Trident, Nariman Point, where almost 120 keys we renovated last year. This year, if I am not wrong, Oberoi, Mumbai also quite meaningful number of keys out of probably 200 keys, 40 keys we renovated, right?

Now, given the general perception is once the keys are renovated, your ability to attract higher prices go up, probably with a initial trade-off of lower occupancy. Right.

Now, what is the early response out of these renovated keys? Because I see your occupancies at overall level has gone up, though I understand addition of keys have happened, but does the fact that this particular quarter, you probably preferred higher rates on the Mumbai market, this is why a little bit of a lower occupancy also played out?

Just your response on the overall renovation that we have done, what is the overall response initially?

Yeah. You're absolutely right that we renovated four floors last financial year, which hasn't happened this year.

That's roughly about 120 keys. What I also want to point out is when you renovate four floors, because this involves noisy work, it involves taking additional floors out of use, not for the entire time, but for when the noisy work is happening for roughly about 50% of the time.

You don't want guests to be disturbed. Your room inventory gets compressed, not only from the floors you're renovating, but from the floors that you're taking out not to cause disturbance to guests who are staying in the hotel.

All that supply has come back in. This is largely at Trident, Nariman Point.

To a smaller extent, like you mentioned, at the Oberoi, Bombay, where we did one floor at a time. We renovated two floors, but it was one floor at a time.

That was done actually this year, not last year. We renovated two floors, the 10th and 11th floor at the Oberoi, Bombay, this year.

The intent is to do another four floors in the coming financial year. We'll obviously do that in the slow months.

Again, I want to point out that you have to take out additional rooms so that guests don't get disturbed. What we've seen at Trident, Nariman Point is on the renovated rooms, we get a higher rate and a higher RevPAR based on each category of room.

Signs are encouraging, and we will be doing some floors at the Trident, Nariman Point in the coming financial year as well. It's really important we do this.

Sorry, I'm not answering your question right away, but I'm just trying to give context. It's very important that we upgrade our product in order to remain in a leadership position in the markets that we operate against our comp set.

This is something that we believe is necessary. Now to answer your question, we've seen very strong demand at Trident, Nariman Point, and equally strong demand at the Oberoi, Bombay.

Occupancies at the Oberoi, Bombay have fallen slightly relative to the same time last year because we had shifted, to the extent possible, guests when the hotel was full at Nariman Point to the Oberoi, Bombay. It may not be an apple-to-apple comparison.

Like I said, we are charging a premium for the rooms that we've renovated both at the Oberoi, Bombay and Trident, Nariman Point. Guests have been completely accepting the rate increases for those renovated rooms and suites.

Got it. Just a follow-up, sir, on that.

Yeah. Thank you for taking my question.

Good morning. I think in the previous presentations, you used to give the EIH-owned hotels data as well, along with the all domestic plus managed hotels.

Is it possible to give the ARR and occupancy for EIH-owned hotels for the quarter and the previous quarter, that is last year?

I do not have that data currently, but

we can share it with you, Abhishek, no problem whatsoever. I apologize we haven't given that information, but we're happy to share it with you.

Sir. Thank you.

One more question is, I think in Q1, we had spoken about the Mashobra property, right? I think there was some discussion about some rebidding process that will happen because the hotel might come back and then some players would like to manage the property again.

What's the status on that? Is there any rebidding process that is starting there again?

Nothing has been announced by the government at this point.

We are still running the hotel under O&M contract. That's still going to continue till March, and we are hopeful that that will extend further.

Sure. Thank you.

I'll just join back the queue.

Thank you. Cheers, Abhishek.

Thank you very much.

Sure. Thank you, Naveen.

Am I audible?

Great. Hi, sir.

Congrats on good set of numbers. My first question was on our Oberoi Grand, Kolkata.

We had mentioned that hotel once was shut down in August 2024, 50 keys would be operational within 18 months. I wanted to check whether this timeline still remains intact, and the hotel would be opening at least the 50 keys in the coming March or April?

No, actually, it's 15 months from sorry, 18 months from the date that the hotel we stopped taking any business, which was the last date was May, if I'm not mistaken.

March,

sorry. March.

It's 18 months from March, which will be in August, September of current year.

How many keys would be opening in August?

As of now, the same what we said earlier,

50 keys.

Correct.

My second question was on our overall expansion pipeline. We have increased the rooms in Trident, Hebbal to 300 from I think 250 earlier.

Any particular reason for that? Secondly, the Oberoi, Makaibari, Darjeeling property had earlier had 120 keys, which has now been reduced to 25 keys.

It's a managed property. Just wanted to understand the changes in the keys for these properties.

Yeah. I'll answer Hebbal first.

We believe that there is potential demand for the increase in the number of keys, and that's why we've done that. It's as simple a reason as that.

With Makaibari, I'm sorry, I don't have the information in front of me, but Makaibari was always a 20-key hotel. I'm not sure where you read 120, and if you did

It was never 120 keys. There wouldn't be demand for an Oberoi hotel at the rates that we have for 120 keys.

I apologize. That may be an error, and we'll look at that.

Possibly that could be a mistake.

That could be an error. I apologize.

We will look at that. I'm sorry if we made an error.

No worries, sir. My last question was on our Oberoi Flight Services business.

Could you share the absolute revenue and the growth year-on-year for this business that we have achieved in Q3? I'll just share that exact number for Q3.

Do we share that? Okay.

All right. Okay.

We gave the actual revenue.

Can I just say one thing while Vineet is looking at the numbers? We used to operate the lounge at Bombay, and that was a very high revenue and very high margin business.

Fortunately, we've been able to offset the revenue side in fact, exceeded the revenue business through the airline business, we compensate for that. Margins in the airline business, you'd appreciate, are not the same as they are for the lounge business.

Lounge business was, if I remember correctly, an EBITDA of over 50%. Yeah.

For the OFS business for Q3, the revenue was ₹135 crores, which saw almost an increase of 25% to 30% versus last year.

Understood, sir. Perfect.

Thank you so much, and all the best.

Thanks so much, Vikas. Sorry.

Hi. Sir, just a follow-up on this.

Excluding the lounge business that we had, any color you would like to give what would be the adjusted growth on the revenue side if we adjust for the lounge business that we had last year?

If it's a like-to-like comparison, it's, if I remember correctly, 13.9%. Let me just confirm that number to you.

I'm going by memory.

Sure. I beg your pardon.

Like-to-like.

I'll just give. You're looking only for Q3, right, like-to-like?

Yeah. Only Q3 YoY, what would be that adjusted number?

It would be helpful if you can give revenue, EBITDA side. Secondly, Vikram sir, you mentioned about Trident, Nariman Point, further you do renovation next year.

I missed on the total number of keys you're looking for renovation next year, and is it right to assume that preferably the renovation would be first half of next year so that we are back on the

Deepak, we will not be able to give that information. It's still in work in process.

We're still deciding on that.

Got it. Fine.

Thank you.

In terms of your other point, which is on a YoY basis, taking out the impacts which we had on account of Grand of course, Grand was there, there's no hardly any impact, OS, Mumbai, and the other things including the Wildflower Hall, we have grown 14% in Q3 as against the 9% growth what you saw earlier.

Thank you, sir. Thank you, and all the best.

Thank you so much.

Yes. Hi.

Thanks for the opportunity. Sir, I wanted to know your hotel-wise performance in your international hotels.

If I see on a blended basis international, the blended RevPAR you have mentioned to be 11%, but this includes managed hotels as well, right? How is the performance for hotels in Bali, Lombok, specifically for these two hotels, if you can comment?

On the international front, I think we have done well for the quarter as well as on a YTD basis. If I really look at hotel-wise performance, except for Bali, all our hotels, whether it's Lombok, Mauritius, Sun Beach, or Marrakech, they have really grown versus last year.

Bali has been almost flat to last year performance.

Okay. Thank you.

For the flight catering business, what are the margins currently? You mentioned the revenue to be ₹135 CR, right?

Approximate, if not exact, approximate margins that you get in this business, EBITDA margins?

Sorry, we don't share those numbers. Also tracking-wise, from a regulatory perspective, we only have one segment which we normally track and report.

Okay. Thank you.

Thanks, Madhav. Thank you.

Absolutely, Naveen, please.

I don't have all the figures with me, and if you could just, Naveen, send us this, and whatever information we can provide, we will provide. We may not be able to answer all those questions for the reasons that Vineet just explained, but we'll endeavor to provide the information to the best extent possible.

We haven't been informed of the timeline for re-auction, I can't answer that question. We continue to operate the hotel.

For owned hotels? Okay.

We will provide that details.

Yeah. I again apologize for not including that in the deck.

We'll make sure we do that next time.

We'll reply to

him.

We will get back to the participants.

Let me answer the question on Bhubaneswar. Bhubaneswar is a relatively smaller hotel.

It's been there for many, many years. Once it is presented to the board and approved by the board and information is shared with the stock exchange, of course, we'll make that available on an investor call as well.

That's as far as Bhubaneswar is concerned. In the Oberoi Grand renovation, we will be expanding on the spa and the gym, but there are no additional dedicated sports facilities that we're adding at the Oberoi Grand.

Of course, the product will be completely upgraded. Room inventory is coming down to approximately 200, and room sizes will be substantially increased.

The 200 includes which is about 50 keys and rooms and suites. Overall product will go under a significant change, not dissimilar to what we did at the Oberoi, New Delhi.

The Oberoi, New Delhi, when it reopened, it opened a few years ago, but it saw a sharp increase in performance with EBITDA increasing by a very, very large amount. I don't want to give the percentages, but it was a significant repositioning of the hotel, which was reflected both in top line and in bottom line performance.

Currently, it's just the Bay Club.

Yes. Sir, I wanted to know some color on the Mumbai market.

This quarter, we have seen the RevPAR you have mentioned 7%, right? This is on the back of you have renovated 120 keys in Trident, Nariman Point, and in Oberoi also.

Then there is a 7% RevPAR growth. Am I reading it incorrectly or is it that in the Mumbai market the ARR growth is slowing?

Because that is what we are seeing in the STR data as well that in this quarter, the ARR growth was the slowest. Your comments on that, sir.

Yeah. Actually, I think, see, RevPAR is revenue per available room.

I think when you're looking at that, certainly for us, you should keep in mind that there were 120 keys that were not available, that were being renovated, let me be more precise, and a further floors above and below taken out of service while the noisy work was happening, which is roughly for half the time period of the renovation. When you're looking at previous year's data, the base is completely different.

RevPAR is again based on per occupied room. Room inventory was down.

Therefore, obviously, your RevPAR would go up because you have fewer rooms to sell, and you run a higher occupancies, and hopefully, higher rates as well. I wouldn't say that it is an apple-to-apple comparison, at least for Trident, Nariman Point, it absolutely wouldn't be.

Just because the 585 keys are back into room inventory that weren't there previously. It was operating on a much lower key count.

If there's a renovation which is greater than 3 months, if I remember correctly, hotels have the opportunity to take room inventory out. You would reduce your room inventory by the number of rooms that are unavailable.

If it's for shorter than 3 months, you can't do that, and we, of course, follow STR rules precisely and strictly.

Got it, sir. Sir, for the Navi Mumbai market, any plans?

The pipeline whether if you're looking for any opportunity, I guess it will be a managed hotel only, right, or owned hotel also you're looking?

Sorry, I heard the first part, I'll answer the first part. We would really like to have a presence in Navi Mumbai, and our efforts will be focused in trying to achieve that objective.

As soon as we do, we would add it to the list of hotels. Your second part of the question, I'm so sorry, I couldn't hear it.

Could I request you to repeat the second part? I

just I wanted to know it will be like a owned hotel you are looking or a managed property?

We're open to all options. I can't really comment whether it'll be owned or managed or perhaps even a JV.

I can't comment, but we would like to have a presence in Navi Mumbai. It's an important market, and no effort will be spared to have a presence there, either through the Oberoi or through Trident or through both brands.

Oh, got it. Thank you.

Naveen, may I just say one other thing that we have a limited time. We're in Bombay, as I mentioned, and this is the time of our budgeting.

We have a budget meeting for next financial year for our Bombay hotels, we will need to take a hard stop. What time is it?

if that's all right.

Thanks for taking my question. There are various media reports that I have been seeing that this AI Summit that's coming up in Delhi in February, there is a significant rise in the prices of hotels.

I just want to understand the trend as in is it really that all the hotels are sold out and the prices are so high? Do you see any spillover demand that is going on to Gurgaon as well, because I think there is one Trident, Gurgaon in your portfolio.

Just want to understand the market, because Delhi market has been slightly flat for some time. In industry what I am saying, not

Yeah. The Oberoi, New Delhi has done very well for the 9 months, the hotel has performed very well with growth over previous year.

That's comment number one. There has been a spillover to Gurgaon, and I know that that has happened both at Oberoi and at Trident for us, perhaps for others as well.

I can't comment on the others and the overall Gurgaon market. Rates have been very high, and in fact, this has received quite a lot of negative publicity, as you would have seen in the press.

The Hotel Association has responded on behalf of all the hotels on this, I would not like to add anything further. Please refer to the Hotel Association response, HAI's response, and that applies to all hotels that are members of HAI in Delhi.

Thank you, sir. Thank you so much.

My pleasure. Thank you.

Yeah. Hello, good morning, sir.

Thanks for the opportunity. I have a couple of questions.

I remember back in Jan, Feb, until April, we were doing 20% RevPAR on the domestic portfolio including managed. That time, you had commented that we will keep on doing the similar kind of hikes in the subsequent part of the fiscal as well.

I thought you were actually taking leadership on the price hike side. That has kind of fizzled out, it seems, and especially when I see December performance where RevPAR is only grown 5%.

One, what transpired? Second thing, are you going to see that momentum again picking up in, let's say, in the current fiscals?

I think number one, I think we would be perhaps coming to the wrong conclusion on the propensity to drive rate. Our view is, right or wrong, that for the quality of hotels that we operate, we should be demanding higher prices.

If you go to any major city in the West, where a lot of our guests come from, Europe, North America, rates are extremely low in India. Also, the rupee has devalued as well, it makes it even cheaper in terms of what our overseas customers are paying.

We will continue to drive rate, and I wouldn't come to any conclusion based on what you see in Q3. There's so many factors that could cause variations in demand.

Airlines have been mentioned. I know unfortunately, India's received or North India's received a lot of negative publicity on pollution levels in the north of India, and that doesn't help travel.

Countries have even given warnings on travel to India because of pollution. There's so many factors that impact this.

I don't know if I should be making the statement, but all indications are that February will be a very strong month for us, as I would imagine it would be for the industry.

I'd

also like to highlight, though we said overall revenue growth is 7%, but if you look on a apple-to-apple basis, our growth in Q3 was 14%. I had already highlighted in my presentation, the RevPAR growth was around 11% in Q3, in spite of the fact that we had some disruptions in December.

Considering that, I would also add to the fact that our occupancy, at least for our company, is already in a very high range. On that good base, growing year-over-year with the same rate would be difficult, but we still continue to see a very healthy line both in occupancy as well as ARR, which we foresee to continue moving forward.

That's helpful. Just that on 14% growth on a like-for-like basis, have we seen operating leverage on the hospitality side?

Because that doesn't seem to be the case, at least on the printed margin, what you have shown. I'm sure there's an flight catering impact there, but have you seen margin growing there or it's lower?

Margin we have seen growth even in that segment. In terms of whatever ARR growth comes in, that helps us in margin growth.

You're saying the entire

dilution

is purely because of the dilution from the flight catering business. Is that how we should read it?

Segment mix definitely impacts us in Q3.

Sure. Lastly, one thing on renovation.

Jaipur and Cochin, you are putting up for renovation on the Trident side. I think is that somewhere in the slide, where there are some closures which are showing there.

Jaipur is definitely closed for renovation. That's also having an impact.

Grand is closed for renovation. Cochin is not closed for renovation.

That has been leased. The two hotels which are closed for renovation is Grand and Jaipur.

Can you just help with what is the per-key renovation cost in, let's say, in Oberoi and Trident right now, just for thumb rule, because this seems to be ongoing exercise?

There's no thumb rule. It really depends on what you're doing.

It really depends on the extent of the renovation. Therefore, it could vary so significantly.

If it's a soft refurbishment, it'll be significantly less. If you're ripping out bathrooms, redoing flooring, redoing windows, it would be significantly more.

I'm afraid I'd be ill-advised to give you numbers. It really depends on what you're doing, as you'd appreciate.

Thanks a lot, sir. That's all

from me, and all the best.

Yeah. Hi.

Am I audible this time?

Yeah. Hi, Vikas.

Yes. Hi, sir.

I just have one question. Obviously, as we have highlighted, on the cleaner basis, RevPAR is even better.

We have observed a pickup in Q3 after a relatively slower Q2. With the current tailwinds, such as World Cup, AI Summit, and given our strong presence in Delhi, is it reasonable to expect momentum to strengthen further from here onwards?

Difficult to comment on that, Vikas, but that's what I mentioned before. The outlook seems positive.

With the events happening and as well as the growth what we're seeing in all the segments, including Indians demanding the luxury segment side, we are seeing a good demand from that perspective. The outlook looks good.

Yeah. February, traditionally for hotels are a very strong month.

February is a very, very strong month for hospitality. This February, fortunately, is is is looking that way as well.

What I I don't know what others are doing will be doing, but I would imagine that will be we won't be unique in that position. It'll be for us and and others in February.

Sir, if I can ask one more and this is related to Delhi as a region. We have two now big convention centers there, Yashobhoomi, Bharat Mandapam, and that is what is leading to such big conferences also coming in.

If you look at the supply there, there has hardly been any addition we have seen over the past few years. Plus there's a lot of commercial space which is getting added to the airport.

Do we think that in terms of the growth among cities, it could be one of the best-performing in next few years, or you think this pollution issue will kind of derail the story? Yeah.

Thank you.

I don't have the ability to comment on that, and my guess would be as good as yours. I'd rather not speculate on what it will be.

I think there's a great benefit to tourism, employment, especially in the unstructured labor markets, with weddings, events, and also India's prominence when there's global participation. It helps bring India on the map, whether that's sports, whether that's meetings.

I think these events really not only help hotels and hospitality and travel, but they also help with employment. They help with India's perception overseas.

The more events we can do, I think all parties benefit from this. Really, we applaud these events taking place, and we hope, if anything, they will continue to increase over a period of time.

Sure, sir. Thanks a lot, and wish you luck for the next quarter.

Thank you so much. Thanks very much.

Thanks for the follow-up, sir. My question was on our expansion pipeline again.

Can you share a status of development in terms of for how many greenfield projects have we received the approvals, whether construction has commenced, and expected timeline for completion of the construction for our greenfield projects which are on our books, as well as on subsidiaries?

Yeah. I don't know if we provide that level of detail.

We'll have a discussion internally, and if we can provide that level of detail, we'll be happy to. At this point, number one, I don't have that information in front of me, but we'll certainly consider this and, if appropriate, include it going forward.

Would that be all right? Is that okay?

Sure, sir. Sure, sir.

Just related to this, we also have a 7.6 lakh square feet of retail space coming up in Hebbal. Would you be able to provide what kind of a possible monetization that can happen from the leasing of this area?

I think, again, we do have those numbers. I don't want to disclose them.

I think my suggestion to you would be to see what Grade A commercial space rents for in Bangalore, and I hope we'll be able to get a premium on that at Hebbal.

All right, sir. Thank you so much, and all the best.

Thank you.

Thank you so much. Thanks a lot.

Sure.

Yeah. Absolutely.

It's not a hotel. It's a luxury residence.

It's four bedrooms, and although it's four bedrooms, it's a very large space. There are multiple areas, large gardens, a pool, four bedrooms, multiple living rooms, multiple dining rooms, a gym, et cetera.

You have to take the whole of Naila Fort. It's not rented out individually.

Our price for that is ₹12 lakhs. The ownership of Naila Fort is OHPL, Oberoi Hotels Private Limited.

I just add one other thing, Naveen, which is perhaps important, is Naila is the first luxury residence, and this is something that we believe is important for our guests. Guests who want a more private, intimate experience, luxury residences at the very high end, which Naila is, work.

We are exploring a second opportunity in again, in a location where we already have hotels or a hotel. I hope, on the back of Naila and the second one when it gets announced, more owners will approach us for managing their luxury residences.

We will only manage very high-end luxury residences, and Naila is a perfect example of that, as will be the second one.

Yeah. That includes the employee growth will be on account of the new hotel additions we have done.

This includes the Oberoi Rajgarh as well as Wildflower Hall, which we are operating the hotel. The headcount or the employment cost increase will increase with the normal attrition as well as the increase on account of these two new hotels which have been added to our P&L.

We don't disclose the mix between our Indian guests and our international guests, both in terms of contribution to occupancy and revenue.

I'd just like to add one other thing that maybe is important. At an M3 level, of course, it is what it is, but it really also varies across location.

For example, in Delhi, the number of international guests who stay with us, both in Delhi and Gurgaon, is higher or significantly higher than, let's say, a location like Chennai. Those variations are significant.

just one clarification. The 14% number includes the Mashobra impact on the standalone number, right?

If you were to strip that out, then the number is basically 7% on a like-for-like basis. On a standalone basis.

Sir,

the Mashobra.

The number includes the impact on account of Mashobra. If we exclude that, the percentage would be roughly around 10%

to 11%. Just that.

That's all from me. Thanks a lot.

Thank you.

Sorry, I'm just unmuting myself.

Just give me

Sorry, we're playing musical

I'll just use your mic. I'm so sorry.

Yeah. Is that better?

Okay. I apologize.

Just wanted to say thank you, Naveen, for your support in organizing this call, and thank you for the participants. This year has been a year which has had some ups and downs.

Despite that, I think our industry is doing well. We continue to do our very best to provide our guests with an exceptional guest experience.

We believe by doing that, they not only pick us over other hotels, but also willing to pay a premium. We continue to focus on that part of what we do.

We also are focusing on our growth, and as and when the additional hotels open either management contracts or others, we will share that with you. We remain optimistic about India and the potential for India.

I think tourism has many advantages for our country that helps create employment across India. In areas that are more remote, people like to go and see beautiful places, untouched places, unspoiled places.

Industry is slow to move there, whereas tourism creates employment in those locations very quickly. I think, as a country, if we continue to focus on tourism and significant employment opportunities, I think everybody benefits.

It's not just the tourism sector that benefits. I remain optimistic, and I thank the government, both at a central level and state level, to promote tourism, drive employment.

I think one area where we should be doing more is really promoting India overseas. I'm confident that we'll also start to take place.

That had taken a major step backwards, but I'm confident that we will see a change in that, too, for the reasons that I have mentioned, the benefit it brings to our country, our foreign exchange earnings, et cetera. Thank you very much, and I continue to remain optimistic about our industry and its potential.

Thanks so much, Naveen. Thank you very much.

Thank you. Bye-bye.