EIH Associated Hotels Limited — Q3 FY26

EIH Limited Q3 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=IObhHZBsDEk Published: 3 months ago

0:06 6 seconds Good morning ladies and gentlemen and thank you for attending this virtual meeting. I'm pleased to welcome you on behalf of EI Limited and SKP securities to EI Limited's Q3 FI26 result webinar. 0:19 19 seconds We have with us Mr. Vikram Oberoy, managing director and chief executive officer and Mr. Vinit Kapoor, Chief Financial Officer. 0:27 27 seconds Friends, this virtual meeting is being recorded for compliance reason. During the course of the discussions, there may be certain forward-looking statements. 0:34 34 seconds These must be viewed in conjunction with the risk that the company faces. We'll have the opening remarks from Mr. 0:40 40 seconds Broy followed by a Q&A session. Thank you and over to you. 0:46 46 seconds Uh thanks Naveen. Good morning ladies and gentlemen. uh actually we we'll follow our normal format which is that 0:54 54 seconds Venice will make a a brief presentation some of you may have already seen it and then we'll go to any questions that you 1:02 1 minute, 2 seconds may have so with that if I could hand over to Venice um to make the presentation if I have any additional 1:09 1 minute, 9 seconds comments uh while Venith is making the presentation I'll add those. Thank you very much for attending and over to you Venit. 1:17 1 minute, 17 seconds Thank you Vikram. Uh a very good morning to all the all the people on the call. 1:22 1 minute, 22 seconds Thank you for attending uh a way investor call for Q3. Uh let me move to 1:28 1 minute, 28 seconds my part of the presentation. Uh so the first slide talks about the industry performance 1:36 1 minute, 36 seconds for Q3 as well as YTD. uh occupancy was at 66 to 68% which saw a nominal growth in Q3 while ARR uh grew by 9 to 11%. 1:49 1 minute, 49 seconds Uh this was uh so and that resulting in a good and a healthy repar uh this was in spite of the flight disruptions we 1:56 1 minute, 56 seconds saw in the month of December. uh while and uh while the uh Q3 was impacted uh 2:03 2 minutes, 3 seconds overall when we see the YTD uh 9 months performance of the industry the industry was almost flat uh to last year uh in 2:11 2 minutes, 11 seconds the same rate of 61 to 64%. While the AR grew at uh a healthy 8 to 10% resulting 2:19 2 minutes, 19 seconds in a higher red bar. Uh this is in spite of the fact that uh currently in the current year we saw quite some 2:26 2 minutes, 26 seconds disruptions in every quarter. In Q1 we got impacted by operations in uh we had the Middle East conflict which resulted 2:34 2 minutes, 34 seconds in in in uh occupancies lower occupancies. In Q2 we had uh a a long 2:43 2 minutes, 43 seconds monsoon season which led to quite a heavy rainfall as well as floods in some areas of India. Uh in and in Q3 we got 2:51 2 minutes, 51 seconds impacted the first week of December got impacted by the flight disruptions uh we saw in the Indian market. Uh 3:00 3 minutes nevertheless in in spite of that uh though the occupancy was flat uh we saw an increase of AR at the same time uh 3:07 3 minutes, 7 seconds that resulted in a healthy part growth of uh 9 to 11% versus last year 3:16 3 minutes, 16 seconds coming on the next slide uh on the operational performance for the company in terms of uh our competition uh EI 3:25 3 minutes, 25 seconds continues to maintain uh leadership over the competition set. Uh so 13 out of 15 3:32 3 minutes, 32 seconds hotels are ranked first and second uh in the STR benchmarking. So continue to lead in all the parameters uh including 3:40 3 minutes, 40 seconds NPI including on the errors as well as on the RGI uh as compared to the competition 3:50 3 minutes, 50 seconds coming this slide uh uh is reflecting the repar growth of the overall brand which falls in the luxury segment. Uh 3:59 3 minutes, 59 seconds the luxury segment saw a growth of 9.1% uh uh in Q3. Uh while Oberoy hotels had a growth of 5.4%. 4:09 4 minutes, 9 seconds Uh the the growth of Obra hotels was lower mainly on a part of the fact that we had opened new hotels. Obra Rajkar uh 4:17 4 minutes, 17 seconds as well as Obi vindas got added during the year and they're in the ramp up stage uh both for occupancy as well as 4:24 4 minutes, 24 seconds AR and therefore we saw a little slower growth for the overall brand uh in Q3. uh there was also some 4:32 4 minutes, 32 seconds impact of uh occupancy which uh due to the pride disruptions we saw in the month of December uh leading to higher 4:41 4 minutes, 41 seconds than normal cancellation we almost saw 26% higher cancellations in the first two weeks of December uh which impacted 4:49 4 minutes, 49 seconds the occupancy u and that resulted in a lower RGI for Q3. Nevertheless, if I look at uh if you look at on an ITD 4:58 4 minutes, 58 seconds basis, uh we continued to lead the industry in the luxury segment, uh which saw a growth of 6.7. Uh we continue to 5:06 5 minutes, 6 seconds lead the growth of 11.9 on a 9 month basis with a very healthy RG of 183 versus 175 last year. 5:16 5 minutes, 16 seconds Moving to the next slide. This slide uh is reflecting the repar growth of Trident brand uh which falls in upper 5:23 5 minutes, 23 seconds upscale uh segment. Uh this industry segment saw a growth of 8.6 uh% while 5:31 5 minutes, 31 seconds Trident hotels had a uh had a growth of 12.5%. So we saw a healthy growth in 5:38 5 minutes, 38 seconds this segment versus the industry. Uh and very healthy uh both in terms of Q3 as well as on a YD basis. A very healthy 5:46 5 minutes, 46 seconds growth of RGI of 173 versus 167. Uh while on the RG 5:53 5 minutes, 53 seconds index for 9 months uh we we were just flat to last year uh in in this in this industry sector. 6:04 6 minutes, 4 seconds Uh if you further look into the Q Q3 AR occupancy trends uh our occupancy uh was 6:11 6 minutes, 11 seconds lower than last year mainly got impacted by the new uh new addition of hotels especially over in Rajar and over 6:19 6 minutes, 19 seconds villas. Uh in December occupancy was lower uh for the same reason which was mentioned uh the first two weeks we saw 6:27 6 minutes, 27 seconds a higher impact of cancellations on the flight disruptions we saw in the Indian aviation space. uh while at the same 6:34 6 minutes, 34 seconds time uh in spite of the lower occupancy we have seen a very healthy growth u of uh red power which which saw 11% 6:43 6 minutes, 43 seconds increase uh on a quart of higher AR for the quarter 6:51 6 minutes, 51 seconds looking at the city wise performance on a repar so we have seen growth in all in all the 6:59 6 minutes, 59 seconds cities uh except Shimla Chandigar was a little nominal growth versus last year. We saw a very healthy increase on repar for 7:08 7 minutes, 8 seconds Bumneshwar as well as Hyderabad. Uh which was due to on a point of mice events which were done in these hotels. 7:16 7 minutes, 16 seconds Uh few both corporates as well as social and therefore led to a higher net growth in these two cities over and above the 7:25 7 minutes, 25 seconds normal average. Even the international hotels saw a good increase of 11% 7:32 7 minutes, 32 seconds uh uh on repar growth driven both by occupancy as well as AR increases in most of most of our international market. 7:44 7 minutes, 44 seconds Coming on the next page uh on room revenue trends uh we are almost seeing the same trend uh as last year. No major 7:52 7 minutes, 52 seconds change uh from trend perspective. uh the segment mix uh remains similar to last year. We had seen uh growth of direct 8:00 8 minutes segment uh over the last few years, couple of years but that more or less has plateaued and uh the percentage mix 8:09 8 minutes, 9 seconds or the segment mix remains same uh in current year was elastic. 8:17 8 minutes, 17 seconds I'll shift now to financials. the financial performance board for Q3 for standalone and consolidated. Uh we'll start with the consolidated performance. 8:27 8 minutes, 27 seconds Uh we ended the quarter with a revenue of 910 crores. Uh which was a growth of 8:34 8 minutes, 34 seconds 9% over last year same quarter. uh IITA grew at 6% uh was lower than the sale 8:41 8 minutes, 41 seconds revenue growth uh due to change in the business mix mainly on a part of the OFS growth uh which grew much more faster as 8:49 8 minutes, 49 seconds compared to the loss of airport business launch business we had in Mumbai uh due to that the mix uh the growth was lower 8:58 8 minutes, 58 seconds while the revenue grow at 9%. uh the PAT uh the PAT growth was uh the PAT number was lower versus last year the same 9:06 9 minutes, 6 seconds quarter uh mainly because of one time impact we had because of the change in the wage code uh of roughly 30 crores 9:14 9 minutes, 14 seconds which we got impacted uh in in in the month of December or for the quarter as compared to last year. So that's the 9:21 9 minutes, 21 seconds exceptional item we had uh in the month of December. 9:27 9 minutes, 27 seconds On a sad loan the revenue growth was higher the growth was in the range of 12%. While the inventor growth was at 9:34 9 minutes, 34 seconds the same 8% versus last year. Uh the same reason mainly on the change in the business mix where our growth was lower. 9:43 9 minutes, 43 seconds Uh and again here on the standard performance we got impacted uh by the change in the wage quote uh which was 9:51 9 minutes, 51 seconds the impact of roughly 29 crores in Q3 uh in in in the quarter. 9:58 9 minutes, 58 seconds the funds position cash you know I think so we continue to drive higher funds uh 10:06 10 minutes, 6 seconds in in in the company uh last quarter we got uh benefit because of the operational profits we have been making 10:14 10 minutes, 14 seconds over the last couple of quarters also we got uh one time cash inclusion uh one time cash refund from our Mashobra 10:22 10 minutes, 22 seconds settlement uh which was in the range of 115 uh roughly 115 crores uh which added to our uh cash position. 10:31 10 minutes, 31 seconds uh the current uh so the it's pretty good cash reserves currently to expand uh to support our further expansions uh 10:40 10 minutes, 40 seconds both organic as well as inorganic coming on the Q3 financials in details 10:49 10 minutes, 49 seconds uh we saw the revenue increase of 9% which I had mentioned in my earlier slides uh ITA grew at 7% while the PAT 10:59 10 minutes, 59 seconds uh was lower on a part of the one time impact which is here of roughly 30 kores uh which which came in the current year 11:08 11 minutes, 8 seconds uh current last quarter uh the PAT got impacted and we degroup by 9% over last 11:15 11 minutes, 15 seconds year same thing on uh if you look at the 9 months performance in consolidated growth at 7% while the grew at 4%. 11:24 11 minutes, 24 seconds bigger impact on PAT uh because of two exceptional items. Uh one exceptional item was the uh the loss of uh loss of 11:34 11 minutes, 34 seconds case in Mashupra where we had impact of 109 crores in Q1 uh with the additional impact of 30 crores in Q3 because of the 11:42 11 minutes, 42 seconds wage code. Due to that our PAT is actually down by 20% versus last year. 11:53 11 minutes, 53 seconds Uh this list outs the awards and acuros accolades which our hotels have received. Uh our hotels continue to be 12:01 12 minutes, 1 second recognized uh for the exceptional quality and service. uh so there were quite uh there were uh some key awards 12:09 12 minutes, 9 seconds which were won in the last quarter just pointing out to India's best awards 2025 both for best leisure resort as well as 12:17 12 minutes, 17 seconds the best total as well as for restaurants u which we uh which we received 12:31 12 minutes, 31 seconds shifting to expansion plans and the upcoming projects Yes. Uh we continue to grow our pipeline, the development 12:39 12 minutes, 39 seconds pipeline. As of uh as of the current quarter, we have a healthy pipeline of 30 properties with almost 2,450 keys uh 12:48 12 minutes, 48 seconds which we are going to add in next 3 to four years time. Uh Rajgar uh Rajgar has already moved to our uh uh has moved on 12:56 12 minutes, 56 seconds from this list and moved to our uh list of bottles uh already in place. Uh in the current quarter we have signed uh uh 13:05 13 minutes, 5 seconds new contracts uh based on mainly on the manage contract side. We have added Oroy Kabini. Uh we had uh we have added Oy 13:14 13 minutes, 14 seconds Hampy as well as Kur and uh one hotel in Noy Caumu. Uh so overall four hotels 13:21 13 minutes, 21 seconds being added in this quarter. All of them are managed. Um and uh and the number of keys uh is uh almost uh 200 uh 280 keys 13:30 13 minutes, 30 seconds being added uh for the current quarter and these all will come over the uh all 13:40 13 minutes, 40 seconds will get added during the coming uh next 3 to four years timeline. 13:48 13 minutes, 48 seconds This is uh we already had mentioned in the this we had already mentioned opening of Uber Rajar Palace uh in our 13:57 13 minutes, 57 seconds last quarter call. Uh so this is the few snaps of our of our hotel. Uh the uh the hotel currently is in the ramp up stage 14:05 14 minutes, 5 seconds and uh uh is uh the initial response is is very positive. uh looking at the uh 14:13 14 minutes, 13 seconds comments coming from the guest and uh uh uh and the bookings we have seen so far. 14:25 14 minutes, 25 seconds So coming on the business uh footprint uh we have uh 3,800 uh total of 4209 keys u out of which 14:34 14 minutes, 34 seconds three 3,81 keys are in India and 400 keys are in international uh so out of total of 42099 keys uh 14:43 14 minutes, 43 seconds owned are 3,38 while managed are 871 properties 14:49 14 minutes, 49 seconds um on a total a total uh on a total company level 15:00 15 minutes and that's it uh that with that I end my presentation 15:06 15 minutes, 6 seconds and over back to you Navi thank you Vinit thank you Vikram friends we now open the floor for the Q&A 15:14 15 minutes, 14 seconds session anyone wishing to ask a question please raise your hand we'll unmute you and take your 15:24 15 minutes, 24 seconds Take the first question from Deepak Saha. 15:30 15 minutes, 30 seconds Deepak, please unmute yourself and go ahead. Hey. Hi. Uh thanks for the opportunity. I'm audible. Yes, you are. Please go ahead. 15:39 15 minutes, 39 seconds Okay. Uh so uh my first question is uh on the Bubania market if you can share some color. I mean this 19% growth is 15:48 15 minutes, 48 seconds phenomenal. So what exactly you know driving this uh is the overall uh anything any one of that you are seeing or you you think uh this is more of a 15:57 15 minutes, 57 seconds sustainable uh kind of a thing for this particular market. Uh this is first question. 16:03 16 minutes, 3 seconds Um in in Bubania we've seen actually growth in in all segments. It's not just mice. Mice has been the the strongest 16:12 16 minutes, 12 seconds segment. Um and I think this year relative so if you have a look at uh the 16:18 16 minutes, 18 seconds same time last year um there was a change in uh government there and perhaps that's had uh some impact as as 16:27 16 minutes, 27 seconds well. Um so uh for the new I'm assuming that but we've seen so let me just stick to the facts we've seen a growth in in all segments. 16:39 16 minutes, 39 seconds Got it. And uh secondly if I see you know Bangalore market while uh rest of the other players and overall the market 16:46 16 minutes, 46 seconds is growing very fast uh we are growing kind of a high single digit. So anything that you would like to call out uh for 16:54 16 minutes, 54 seconds Bangalore market because that overall market is going double digit and uh I think we're Yeah. So, so anything that you would like to call out there? 17:02 17 minutes, 2 seconds So, in in in Bangalore, we're still uh on STR relative to our comp set, we're still STR1. 17:09 17 minutes, 9 seconds Um but uh I think Bangalore one of the issues uh and and this is my personal perspective on it is that the uh Bangalore hotel is a an older hotel. 17:22 17 minutes, 22 seconds We've upgraded food and beverage there. 17:24 17 minutes, 24 seconds Um and that's shown good results. that happened a couple of years ago and we will be uh upgrading the room product as 17:31 17 minutes, 31 seconds well this year. So some in in the coming financial year. Um I think that's something that uh uh is required um in 17:41 17 minutes, 41 seconds order to maintain our competitiveness in that market. Um uh is is is my personal view. 17:51 17 minutes, 51 seconds Got it. Uh so my next question uh is to Vinit sir. So if we see 3Q fi25 uh we 17:58 17 minutes, 58 seconds had a sales growth of 8%. On that base this year 3Q fi26 we have a sales growth of 9%. And you called out during the 18:07 18 minutes, 7 seconds call that uh during your opening remarks that in the month of December because of cancellations and uh of our flights we 18:15 18 minutes, 15 seconds had almost 26% higher cancellations. So uh what is quite surprising I mean though we have seen certain cancellations but nobody called out rest 18:23 18 minutes, 23 seconds of your peers nobody called out any meaningful impact. So is this the reason uh is this one of the meaningful reasons we have seen uh kind of uh say 8 9% kind 18:33 18 minutes, 33 seconds of a growth or uh uh some of the businesses which we concluded like you know Mumbai lounge business then my understanding is Kolkata is either way 18:41 18 minutes, 41 seconds not was either way not there on last year's base right so so is this the cancellation really weighing heavy on 18:48 18 minutes, 48 seconds our uh numbers or there are any other reasons uh just trying to understand why uh we are trading that you know 9% kind 18:55 18 minutes, 55 seconds of a growth um for this particular quarter uh compared to a PSA you're right at one is of course the impact what we got because of the lawn 19:03 19 minutes, 3 seconds business uh which is not there uh versus last year though we have compensated with a good growth in OFFS to some 19:10 19 minutes, 10 seconds extent the loss of the lawn business but profitabilities have impacted uh from a 19:17 19 minutes, 17 seconds occupy perspective though we effectively some of that got booked 19:25 19 minutes, 25 seconds prior you know we were able to offset some of it with other bookings but not to the whole extent. U so that were the 19:33 19 minutes, 33 seconds two reasons I would say which back to us in December uh or on the last part. 19:39 19 minutes, 39 seconds Yeah. And and um may may I just add to that is that you know hospitality in in 19:46 19 minutes, 46 seconds India um in the segments that we operate in and it may apply to other segments as well. uh you see a traditionally you see 19:54 19 minutes, 54 seconds a a sharp rise in foreign business coming in during the winter months and 20:01 20 minutes, 1 second um uh a fair amount of that is driven by by leisure um uh within the leisure 20:08 20 minutes, 8 seconds segment. So the this is business that is coming in through overseas travel agents to operators and destination management 20:16 20 minutes, 16 seconds companies in India that book foreign business uh on an itinerary um either fit group or series 20:25 20 minutes, 25 seconds um and the propensity for uh the international traveler to pay is is uh or their elasticity to price is it's 20:35 20 minutes, 35 seconds fairly inelastic uh demand. So even if you raise prices, demand is still strong. And what we have seen uh this 20:42 20 minutes, 42 seconds year is that we've we've increased our our pricing. And when your contracted pricing uh uh goes up, you have to 20:51 20 minutes, 51 seconds maintain uh uh your flexibility on bar pricing is is limited because you don't 20:58 20 minutes, 58 seconds want to undercut uh key uh travel partners that support you. Um and so our 21:05 21 minutes, 5 seconds rates have gone up and what we have also seen is that there has been some decline as a result of that in the domestic 21:13 21 minutes, 13 seconds market uh where the domestic market is obviously more sensitive to price increases. 21:21 21 minutes, 21 seconds Got it. One last question Vikrams in the similar context if we see Mumbai market specifically uh on the south Bombay site 21:29 21 minutes, 29 seconds we have Trident Nariman point where almost 120 keys we renovated last year and this year if I'm not wrong Oberoy 21:38 21 minutes, 38 seconds Mumbai also uh quite meaningful number of keys out of probably 200 keys 40 keys we renovated right now given the general 21:45 21 minutes, 45 seconds perception is once the keys are renovated your ability to attract higher prices go up probably with a initial trade trade-off of lower occupancy, 21:53 21 minutes, 53 seconds right? So, so now what is the early early uh you know response out of these renovated keys because I see your occupancies at overall level has gone up 22:02 22 minutes, 2 seconds though I understand addition of keys have happened but does um the fact that this particular quarter uh you probably preferred higher rates on the Mumbai 22:11 22 minutes, 11 seconds market. This is why little bit of a lower occupancy also played out. So just your response on the overall renovation that we have did uh we have done uh what is the overall uh response initially? 22:21 22 minutes, 21 seconds Yeah. So so you you're you're absolutely right that um we we renovated four floors uh uh last financial year which 22:29 22 minutes, 29 seconds hasn't happened this year. That's roughly about 120 keys. And what I also want to point out is when you renovate 22:36 22 minutes, 36 seconds uh or you renovate four floors because this involves noisy work, it involves taking additional floors out of use. Not 22:44 22 minutes, 44 seconds 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. So your um room 22:54 22 minutes, 54 seconds inventory gets compressed uh not only from the floors you're renovating but from the floors that you're taking out not to cause disturbance uh to to guests 23:02 23 minutes, 2 seconds who are staying in the hotel. um that all that uh supply has uh come back in 23:09 23 minutes, 9 seconds in so this is largely at tried and narrowman point to a smaller extent uh like you mentioned at the orro bong bay 23:17 23 minutes, 17 seconds where we did one floor at a time we renovated two floors u um but it was one floor at a at a time and that was done 23:24 23 minutes, 24 seconds actually this year not not last year we renovated two floors the 10th and 11th floor at the Oroy Bong bay this year uh 23:32 23 minutes, 32 seconds and the intent is to do another four floors um in in the coming financial year. Uh and we'll obviously do that in 23:40 23 minutes, 40 seconds the slower months. But again, I want to point out that you have to take out additional rooms so that guests don't get disturbed. Um what we've seen at 23:49 23 minutes, 49 seconds Trident Arman point is on the renovated uh rooms we get a high rate. Um and uh 23:58 23 minutes, 58 seconds and we get ref based on each category of room. So signs are encouraging uh and uh 24:06 24 minutes, 6 seconds we will be doing some floors at uh the tried naramman point in in the coming financial year as well. Uh and it's 24:14 24 minutes, 14 seconds really important we do this. Sorry I'm not answering your question right away but I'm just trying to give context. 24:19 24 minutes, 19 seconds It's very important that we upgrade our product uh in order to remain in a leadership position in the markets that 24:26 24 minutes, 26 seconds we we operate against our compset. So um this is something that we believe is is is necessary. Now to answer your 24:34 24 minutes, 34 seconds question uh we've seen very strong demand at at Trident and Naramman point and equally strong demand 24:42 24 minutes, 42 seconds um at the um at the Oroy Bombay. uh occupancies at the overall Bombay have fallen slightly relative to the same 24:50 24 minutes, 50 seconds time last year because we had shifted to the extent possible uh guess uh when the hotel was full at Naraman Point to the 24:59 24 minutes, 59 seconds Oberoy Bombay so it may not be an appletoapple comparison um uh and uh like I said we are charging a 25:09 25 minutes, 9 seconds premium uh for the rooms that we re renovate both at the Oro Bombay and um 25:16 25 minutes, 16 seconds Trident and Naramman Point uh and guests have been completely accept accepting 25:23 25 minutes, 23 seconds the rate increases for for those renovated rooms and suites. 25:31 25 minutes, 31 seconds Uh got just a follow up sir on that Deepak may I ask you to join the queue there other particip thanks Deepak. 25:42 25 minutes, 42 seconds We'll take the next question from Abhishek Shankar. 25:46 25 minutes, 46 seconds Abhishek, please unmute yourself and go ahead. 25:50 25 minutes, 50 seconds Yeah. Uh, thank you for taking my question. Good morning. Uh, so I think my in your previous presentations, you used to give the EI owned hotels data as 25:59 25 minutes, 59 seconds well along with the all domestic plus managed hotels. So is it possible to you know uh give the AR and occupancy for E 26:07 26 minutes, 7 seconds owned hotels for the quarter and the previous quarter that is last year 26:14 26 minutes, 14 seconds I do not have the data uh currently but I can we can we can share it with you no problem whatsoever and I apologize we haven't given that 26:23 26 minutes, 23 seconds that information but we're happy to share it with you. 26:27 26 minutes, 27 seconds Okay sir. Yeah, thank you. And uh one more question is uh like I think in Q1 we had you know spoken about uh the 26:34 26 minutes, 34 seconds Mashobra property, right? I think there was some uh discussion about some rebuilding process that will happen because uh you know there might be uh 26:43 26 minutes, 43 seconds the hotel might you know come back and then there might be hotels would uh companies who would like to manage the property again. So what's the status on 26:52 26 minutes, 52 seconds that? Is there any rebooting process that is starting there again? 26:56 26 minutes, 56 seconds Um it it's nothing has been announced by the government at this point and and we are still running the hotel 27:04 27 minutes, 4 seconds underm contract. So that's still going to continue till March and we are hopeful that that will extended further. 27:14 27 minutes, 14 seconds Okay. Sure. Thank you. I'll just join back the queue questions. 27:18 27 minutes, 18 seconds Thank you chair Zabishek. Thank you very much. 27:21 27 minutes, 21 seconds Thanks Abishek. Abishek maybe you can drop me a mail with the data that you need. We'll get in touch with the management and reward to you. 27:29 27 minutes, 29 seconds Sure. Thank you. We take the next question from Web Mle. Web please go ahead. 27:40 27 minutes, 40 seconds Weab you need to unmute yourself and go ahead. Am I audible? Yes, you are. Please go ahead. 27:45 27 minutes, 45 seconds Okay, great. Uh, hi sir. Uh, congratulations on good set of numbers. 27:49 27 minutes, 49 seconds My first question was honor uh over a grand Kolkata. Uh we had mentioned that uh uh hotel once was shut down in August 27:56 27 minutes, 56 seconds 2024 50 keys would be operational within 18 months. So I wanted to check whether this time timeline still remains intact 28:04 28 minutes, 4 seconds and the hotel would be opening at least the 50 keys in the coming March or uh April. 28:10 28 minutes, 10 seconds Uh no the actually it's 15 months from uh sorry 18 months from the date that the hotel we we stopped taking any 28:19 28 minutes, 19 seconds business which uh was the last date was May if I'm not mistaken uh March sorry 28:26 28 minutes, 26 seconds uh March um so it's 18 months from from March which will be in August September 28:33 28 minutes, 33 seconds of uh of current year so how many PS would be open opening in August Uh uh as of now the same what 28:42 28 minutes, 42 seconds what we said earlier 50 keys all correct. 28:45 28 minutes, 45 seconds Uh my second question was on our uh overall expansion pipeline. Uh we have uh increased the rooms in Trident Heel 28:53 28 minutes, 53 seconds to 300 from I think 250 earlier. Uh any particular reason for that and secondly 28:59 28 minutes, 59 seconds uh the Oberoy Makai Dariling property had earlier had 120 keys which has now been reduced to 25 keys. Uh it's a 29:06 29 minutes, 6 seconds managed property. So I just wanted to uh understand the changes in the keys for these properties. 29:13 29 minutes, 13 seconds Yeah. So I I'll answer Heb first. Um we we believe that there is uh potential 29:20 29 minutes, 20 seconds and demand for that uh for the increase in the number of keys and and that's why we've done that. It's as simple a reason 29:28 29 minutes, 28 seconds as that uh with Mibbari. I'm sorry I don't have the the the information in front of me but Mai was always uh uh a 29:37 29 minutes, 37 seconds 20key hotel. Um so I'm not sure where you read 120 and if you did I think in the last presentation we have 29:45 29 minutes, 45 seconds mentioned 120 keys would be typo. 29:49 29 minutes, 49 seconds Um uh yeah so we'll need to it was never 120 keys. uh there wouldn't be demand uh 29:56 29 minutes, 56 seconds for an Oberoy hotel at the rates that we have uh for 120 keys. So I apologize that may be an error and we'll look at possibly that could be that could be an error. I I apologize. 30:07 30 minutes, 7 seconds We we will look at that. Um uh I'm sorry if we made an if we made an error. 30:13 30 minutes, 13 seconds No worries sir. Uh my last question was on our uh Uber flight services business. 30:18 30 minutes, 18 seconds Uh okay could you share the uh absolute revenue and the growth year on year for uh for this business that we have achieved in Q3. 30:27 30 minutes, 27 seconds Uh I'll just share the exact number for Q. Do we share those numbers? Yeah. Okay. All right. Share the actual revenue. 30:38 30 minutes, 38 seconds But but can I just say one thing while Venice is looking at the numbers? Uh so we used to operate the the lounge at 30:46 30 minutes, 46 seconds Bombay and that was a uh very high revenue and very high margin business. 30:52 30 minutes, 52 seconds Um uh fortunately uh we've been able to offset the revenue side. Um in fact 30:59 30 minutes, 59 seconds exceeded the revenue business through the airline business. So we've compensated for that. But margins in the airline business you'll appreciate are 31:07 31 minutes, 7 seconds not the same as they are for the lounge business. lounge businesses was uh if I remember correctly uh uh in a bit of uh over 50%. 31:17 31 minutes, 17 seconds Yeah. So for the OFS business for Q3 the revenue was uh 135 31:24 31 minutes, 24 seconds which saw almost increase of 25 to 30% versus last year. 31:30 31 minutes, 30 seconds Understood sir. Perfect. Thank you so much and all the best. 31:35 31 minutes, 35 seconds Thank you. We'll take the next. Thanks so much. Sorry, Deepak. 31:41 31 minutes, 41 seconds Saha has a follow-up question. Deepak, please go ahead. 31:48 31 minutes, 48 seconds Hi. Uh, so just a follow up uh on this. 31:52 31 minutes, 52 seconds So excluding the lounge business that we had, any uh color you'd like to give, what would be the adjusted growth uh on 31:59 31 minutes, 59 seconds the revenue side if we adjust for uh the lounge business that we had last If it's if it's a if it's a like to like comparison, it's um if I remember 32:07 32 minutes, 7 seconds correctly, 13.9%. Let me just confirm that number to you. I'm going by memory. 32:13 32 minutes, 13 seconds Um uh Sure. Sure. 32:18 32 minutes, 18 seconds like to like I'll just I'll just give you for only you're looking only for Q3, right? Like 32:26 32 minutes, 26 seconds to like Yeah. Yeah. Only Q3. Y what would be the registered number? It would be helpful if you can give revenue. Secondly, um 32:33 32 minutes, 33 seconds Vikram, you mentioned about uh you know, I didn't Nariman point, you know, further you do renovation next year. So, 32:42 32 minutes, 42 seconds um I missed on the total number of keys you're looking for renovation next year and uh is it right to assume that probably preferably the renovation would 32:50 32 minutes, 50 seconds be first half of next year so that we are back on the season? 32:53 32 minutes, 53 seconds I think we will not be able to give that information. It's still in working process. Uh we still deciding that 33:01 33 minutes, 1 second Got it. Fine. Thank you. uh in terms of your other point which is your uh you know on a stand on a YI basis taking all 33:10 33 minutes, 10 seconds the impacts which we had on a grand uh of course brand which was there is no RDN factor OS Mumbai and the other 33:17 33 minutes, 17 seconds things including the wild hall we had grown we have grown 14% in Q3 as against 33:23 33 minutes, 23 seconds the 9% growth what you saw earlier helpful thank you and all the best thank you so much. 33:33 33 minutes, 33 seconds Thank you Deepa. We'll take the next question from Madhav Agarwal. Madhav, please unmute yourself and go ahead. 33:43 33 minutes, 43 seconds Yes. Hi, thanks for the opportunity. So sir, I wanted to know your uh like hotel wise performance in your international 33:50 33 minutes, 50 seconds hotels. So if I see on a blended basis international uh the blended repar you have mentioned to be 11%. But this includes managed hotels as well, right? 34:01 34 minutes, 1 second So like what was the how was the performance for hotels in Bali Lombok specifically for these two hotels if you can comment. 34:11 34 minutes, 11 seconds So on the international front uh I think we've done well for the quarter as well as on a YD basis uh on uh if I really 34:21 34 minutes, 21 seconds look at hotel wise performance except for Bali uh all our hotels whether it's Numbok Maicius Salashar 34:30 34 minutes, 30 seconds they they have really grown versus last year uh Bali has been almost flat uh to last year performance. 34:39 34 minutes, 39 seconds Okay. Okay. Thank you. And for the flight catering business uh what are the margins currently uh you mentioned the 34:47 34 minutes, 47 seconds revenue to be 135 CR right so approximate uh if not exact approximate margins that you generate in this business a bit the margins 34:56 34 minutes, 56 seconds sorry uh you know we don't share those numbers uh and also tracking wise from a regulatory 35:04 35 minutes, 4 seconds perspective we only have one segment which we normally track in the Okay, thank you. 35:14 35 minutes, 14 seconds Thank you, mother. Thanks, M. Thank you. Vikas, do you have a question? 35:22 35 minutes, 22 seconds Vikas Auja Vikas, please unmute yourself and go ahead. 35:38 35 minutes, 38 seconds Okay. In the meanwhile, uh there are a couple of questions posted on the chat board. May I take those please? 35:45 35 minutes, 45 seconds Yeah, absolutely. Please. 35:51 35 minutes, 51 seconds Uh this is from Amit Agarwal. Good morning, Mr. Vikram. Very less information is provided regarding our airline business. How much turnover did 35:59 35 minutes, 59 seconds we see this quarter? How much business we lost because of airline disruption and how do you see it shaping next six 36:06 36 minutes, 6 seconds months? Can you let us know how much we get from domestic route versus international route? 36:14 36 minutes, 14 seconds Um, so I don't have all the figures with me and what I'd suggest is whatever if you could just Naven send us this um and 36:21 36 minutes, 21 seconds whatever information we can provide uh we will provide. We may not be able to answer all those questions for the 36:28 36 minutes, 28 seconds reasons that uh Bened just explained but we'll endeavor to provide the information to the best extent possible. 36:38 36 minutes, 38 seconds Thanks. Uh Ahmed, may I request you to mail your questions to me and we'll forward them to the management. 36:46 36 minutes, 46 seconds Okay. His second question is regarding Wildflower Hotel since the shares have been transferred to the government. For 36:53 36 minutes, 53 seconds how long do we are we still managing the property? Any timeline for it going for reauction? 37:00 37 minutes Um we we haven't been informed of the uh timeline for reauction. So I can't answer that that question but we 37:08 37 minutes, 8 seconds continue to uh uh operate the hotel. 37:15 37 minutes, 15 seconds U Mayul Shah good morning team can you help me with the arr and occupancy for old hotels 37:24 37 minutes, 24 seconds for old hotels. Okay we we'll provide that uh yeah and I again apologize we for not 37:31 37 minutes, 31 seconds including that in the in the deck. We'll make sure we do that next time. We'll 37:44 37 minutes, 44 seconds reply later. 37:47 37 minutes, 47 seconds Ven, we have the numbers now or we'll get back to the uh participant. We will get back to the participants. 37:54 37 minutes, 54 seconds May uh do you two please uh drop me a mail? Tarun Rati asks, "Good morning sir. Any plans on utilizing 38:02 38 minutes, 2 seconds Bhuberneshwar idle idle land and any plans for opening a hotel in Puri? What is the update on a grand reopening that 38:10 38 minutes, 10 seconds Vikram just answered? Are we including sports facilities uh also in restoration of grand? 38:19 38 minutes, 19 seconds Um so let me um answer uh the question on Bubaneshwa. Uh Bubaneshwa is a um it's a it's a relatively smaller hotel. 38:30 38 minutes, 30 seconds that's been there for for many many years. uh and the market was different. 38:39 38 minutes, 39 seconds There is we are once we present this to the uh this is part of 38:47 38 minutes, 47 seconds a once it is presented to board and um uh approved by the board and uh uh 38:55 38 minutes, 55 seconds information is shared with the stock exchange of course we'll make that available on an investor call as well 39:02 39 minutes, 2 seconds that's as far as uh is concerned um in the oroy uh grand renovation uh we will 39:08 39 minutes, 8 seconds be expanding on the spa uh and the and the gym. Uh but there no additional uh 39:16 39 minutes, 16 seconds dedicated sports facilities that we're adding at the Over Grand. Um of course the product will be completely upgraded. 39:24 39 minutes, 24 seconds Uh room inventory is is as you know coming down um to approximately 39:30 39 minutes, 30 seconds 200 and room sizes uh will be uh will be substantially increased. Um so uh the 39:38 39 minutes, 38 seconds 200 um which is about 50 keys and uh rooms 39:47 39 minutes, 47 seconds and suits. So overall the product will go under uh a significant uh change. Um not dissimilar to what we did at the 39:56 39 minutes, 56 seconds Oberoy New Delhi. Um and and uh the Obero in New Delhi uh when it reopened 40:03 40 minutes, 3 seconds has seen a sharp it opened in uh a few years ago but it saw a sharp increase in 40:11 40 minutes, 11 seconds in performance uh with uh and with a bit increasing by a very very large amount. 40:18 40 minutes, 18 seconds I don't want to give the percentages um but it was a significant repositioning of the hotel which was reflected both in 40:25 40 minutes, 25 seconds top line and in uh bottom line performance. 40:33 40 minutes, 33 seconds Okay, thanks Vicram. Uh May you have some queries on over grand can you just mail them please? 40:43 40 minutes, 43 seconds Kathan Svi sir any plans of expanding into private clubs either under Bay Club or Trident Club across key cities in 40:50 40 minutes, 50 seconds India with sports and FnB as the key offerings. 40:56 40 minutes, 56 seconds Uh currently it's just the Bay Club. 41:04 41 minutes, 4 seconds Okay, we come back to the participants. Madab, do you have a follow-up question? 41:10 41 minutes, 10 seconds Yes. Yes. So sir I wanted to know like some color on the Mumbai market. So this quarter we have seen the Mumbai the 41:19 41 minutes, 19 seconds refer you have mentioned 7% right? Uh this is on the back of like you have renovated 120 keys in trident on point 41:29 41 minutes, 29 seconds and in Ubro also. So uh and then there is a 7% refer growth. So like am I 41:36 41 minutes, 36 seconds reading it incorrectly or like is it that in the Mumbai market the uh the the AR growth is is slowing because that is 41:45 41 minutes, 45 seconds what we are seeing in the HBS data as well that in the in this quarter the AR growth was the slowest. So your comments on this? 41:54 41 minutes, 54 seconds Yeah. So actually do you know um I think see revar is revenue per available room 42:03 42 minutes, 3 seconds and uh I think when you're looking at that uh certainly for for us uh you should keep in mind that there were um 42:13 42 minutes, 13 seconds 120 keys that were not available that were being renovated. Let me be more precise. uh and a further you know um 42:23 42 minutes, 23 seconds floors above and below taken out of service while the noisy work was happening which is roughly for half that time of half the time period of the 42:31 42 minutes, 31 seconds renovation. So um when you're looking at previous year's data the the base is 42:40 42 minutes, 40 seconds completely different um and refar is again based on per occupied room. So room inventory was down uh therefore 42:48 42 minutes, 48 seconds obviously your ref power will go up because you have fewer rooms to sell and you run higher occupancies and hopefully higher rates as well. So, I wouldn't say 42:56 42 minutes, 56 seconds that it is an appletoapple comparison, at least for um Trident Naramman point, it absolutely wouldn't be. Um uh and 43:05 43 minutes, 5 seconds just because the uh 585 keys are back into room inventory that 43:12 43 minutes, 12 seconds weren't there um previously, it was operating on a much lower key count. 43:18 43 minutes, 18 seconds and uh the the um 43:26 43 minutes, 26 seconds is if there's a renovation uh which is for greater than 3 months if I remember correctly uh hotels have the opportunity 43:34 43 minutes, 34 seconds to take room inventory out so you would reduce your room inventory by the number of rooms that are unavailable if it's 43:42 43 minutes, 42 seconds for shorter than 3 months you can't do that and we of course follow SDR rules uh precisely and strictly 43:50 43 minutes, 50 seconds Got it. Got it sir. And so for the lovey Mumbai market any plans uh like in the pipeline whether if you're looking for 43:59 43 minutes, 59 seconds any opportunity so it will be I guess it will be a managed hotel only right or own hotel or you're looking 44:07 44 minutes, 7 seconds uh sorry um I I heard the first part so I'll answer the first part. Um, Na'vi Mumbai is uh we we would really like to 44:15 44 minutes, 15 seconds have a presence in in Navi Mumbai. Uh, and our efforts will be uh focused in trying to achieve that objective. Um, 44:24 44 minutes, 24 seconds the and as soon as we do, we would added to the list of hotels. Your second part of the question, I'm so sorry I couldn't 44:32 44 minutes, 32 seconds hear it. So, could I request you to repeat the second part? and just wanted to know it will be like a owned hotel you're looking or a managed uh property. 44:44 44 minutes, 44 seconds Um we we open to to all options. Um uh so I can't really comment whether it'll be owned or managed or perhaps even a 44:53 44 minutes, 53 seconds JV. I I can't comment but we would like to have a a presence in Na'vi Mumbai. Um 44:59 44 minutes, 59 seconds it's an important market and uh uh no effort will be spared to uh have a presence there either through the Oroy 45:08 45 minutes, 8 seconds or through Trident or through both brands. Got it. Thank you. 45:15 45 minutes, 15 seconds Thank you mad. We'll take the next question from Shri Kopad. Shri please unmute yourself and go ahead. 45:31 45 minutes, 31 seconds Shri, you need to unmute yourself and then ask your question. 45:40 45 minutes, 40 seconds Yeah, she's facing some issues. Can we go for the next round of follow-up questions? Friends, I'll request you to keep yourself limited to just one question because there's several 45:48 45 minutes, 48 seconds participants in the queue. Uh Naveen may I just say say one other thing that we are uh we we have uh limited time we have 45:56 45 minutes, 56 seconds actually we're right in Bombay as I mentioned and this is the uh time of our budgeting so we have a a budget meeting for next financial year for our Bombay 46:05 46 minutes, 5 seconds hotels so we will need to take a hard stop what what time is it maybe around 12:15 we can do that sorry 12:15 46:13 46 minutes, 13 seconds 12 to 12:15 um and uh if that's all right we Friends, as I said, please uh limit yourself to one question. Thank you. 46:23 46 minutes, 23 seconds We'll take the first to a follow-up question from Abhishek Shanka. Abhishek, please go ahead. 46:28 46 minutes, 28 seconds Yeah, thanks for taking my question though. So, I there are various media reports that I have been seeing that you know this AI summit that's coming up in 46:35 46 minutes, 35 seconds Delhi uh in February. You know, there is a significant uh rise in the prices of hotels. So I just want to understand the 46:43 46 minutes, 43 seconds trend as in is it really that you know the hotels are sold out and the prices are so high and do you see any spillover demand that is going on to Guram as well 46:51 46 minutes, 51 seconds because I think there is one tried in Guram in your portfolio. So just want to understand the market because Delhi market has been slightly you know flat 46:58 46 minutes, 58 seconds over some time industry what I'm saying not yeah yeah the the overall New Delhi uh has done very well for the nine months. 47:07 47 minutes, 7 seconds So uh we we the hotel has performed very well with growth over uh previous year. Uh so 47:15 47 minutes, 15 seconds that that's comment number one. Um there has been a spill over to Gorga. Uh and I know that h has happened both at overway 47:24 47 minutes, 24 seconds and at Trident uh for us uh perhaps for others as well. Uh I can't comment on the others and the overall Gorga market. 47:33 47 minutes, 33 seconds Um rates have been very high and in fact uh this has received quite a lot of negative publicity as you would have 47:40 47 minutes, 40 seconds seen in in the press and the hotel association uh has responded on on behalf of all the hotels on this. So I 47:49 47 minutes, 49 seconds would not like to add anything further but please um refer to the hotel association response HI's response and 47:58 47 minutes, 58 seconds that applies to all hotels uh in in that are members of HAI in in Delhi. 48:07 48 minutes, 7 seconds Thank you sir. Thank you so much. My my pleasure. Thank you. 48:21 48 minutes, 21 seconds Rajie please go ahead. Rajiv Bharti say yeah hello good morning sir thanks 48:30 48 minutes, 30 seconds for the opportunity uh so I have a couple of questions uh first of all I I remember um back in uh Jan Feb until 48:38 48 minutes, 38 seconds April we were doing 20% refer on the domestic portfolio including managed and that time you had commented that we will 48:45 48 minutes, 45 seconds you know keep on doing the similar kind of hikes in the subsequent part of the fiscal as well I mean I thought you are actually taking leadership on the price 48:53 48 minutes, 53 seconds hike side uh that that has kind of uh fizzled out it seems and especially when I see December performance where we have ref%. 49:03 49 minutes, 3 seconds one what what transpired and second thing are you going to see that momentum again picking up in let's say in this 49:10 49 minutes, 10 seconds the current fiscal so so I think number one um uh I I think we would be um uh perhaps coming to the 49:20 49 minutes, 20 seconds wrong conclusion on the propensity to uh drive rate uh our view is right or wrong 49:29 49 minutes, 29 seconds uh that uh for the quality of hotels that we operate uh our prices are are 49:37 49 minutes, 37 seconds could we should be demanding higher prices. Um if you go to uh any major city in in uh in the west where a lot of 49:46 49 minutes, 46 seconds our guests come from Europe, North America um rates are extremely low in India um and and also the rupee has 49:56 49 minutes, 56 seconds devalued as well. it makes it even cheaper in terms of uh what what our overseas customers are paying. Uh we 50:03 50 minutes, 3 seconds will continue to drive rate. Um and I wouldn't come to any conclusion based on 50:10 50 minutes, 10 seconds uh what you see in in in Q3. Um there's so many factors that could uh cause uh 50:19 50 minutes, 19 seconds variations in in demand. Airlines has been mentioned. Um I I know unfortunately uh you know India's 50:27 50 minutes, 27 seconds received or North India's received a lot of negative publicity on pollution levels in the north of India and that 50:35 50 minutes, 35 seconds doesn't help travel. Countries have even given uh warnings on travel uh to to India because of pollution. Um so 50:43 50 minutes, 43 seconds there's so many factors um uh that that impact this. Um uh I I I don't know if I 50:50 50 minutes, 50 seconds should be making the statement but February is a time uh and and all indications are that February would be a very strong month for us as I would imagine it would be for the industry. 51:02 51 minutes, 2 seconds Sure. 51:03 51 minutes, 3 seconds I'd also like to highlight you know though we have we said it's uh you know overall revenue growth is 7% but if I 51:11 51 minutes, 11 seconds look at on a apple to apple basis the growth in Q3 was 14%. uh and uh I had 51:18 51 minutes, 18 seconds already highlighted in my presentation uh the repar growth was around 11% in Q3 despite of the fact that we had some 51:26 51 minutes, 26 seconds disruptions in December. So it's not that uh you know considering that uh I would I would also add to the fact that our occupancy at least for our company 51:35 51 minutes, 35 seconds is already in a very high range. So on that base growing year over year with the same rate uh would be difficult but 51:43 51 minutes, 43 seconds we still continue to see a very healthy rise both in occupancy as well as AR which will which we foresee to continue even going forward. 51:54 51 minutes, 54 seconds That's a that's a that's very helpful just on 14% growth on a like forl like basis have we seen operating leverage on the hospitality side because that 52:02 52 minutes, 2 seconds doesn't seems to be the case at least on the printed margin what you have shown uh I'm sure there is an there's an catering impact there but have you seen 52:10 52 minutes, 10 seconds margin impact but uh margin growing there or it's lower so you know uh margin we have seen uh 52:19 52 minutes, 19 seconds you know we have seen growth even in that segment uh uh in terms of whatever our growth comes in that helps us in margin growth. 52:28 52 minutes, 28 seconds So you're saying the entire drop is purely because of the dilution from the fight catering business. Is is that how we should read it? 52:34 52 minutes, 34 seconds The the the margin mix definitely segment mix definitely impacts us in Sure. So lastly one one thing on 52:42 52 minutes, 42 seconds renovation. So your Jaipur and Kochin is also I think you are putting up for renovation uh on the Trident side. I 52:50 52 minutes, 50 seconds think is there somewhere in the slide there are some closures which are going there Jer is Japur is definitely closed for 52:58 52 minutes, 58 seconds innovation that's also has an impact uh brand is closed for innovation uh it's not closed for innovation that 53:06 53 minutes, 6 seconds has been the two which are close foration is and J 53:15 53 minutes, 15 seconds can just yeah can you just can you just help with what are the perky renovation cost let's say on Uber and Trident right now just 53:23 53 minutes, 23 seconds for thumb rules because this seems to be ongoing excess. 53:26 53 minutes, 26 seconds Yeah, there's there's no thumb rule. It really depends on what you're doing. Um so it really depends on the extent of 53:33 53 minutes, 33 seconds the the the the renovation. Um uh and and therefore there is uh it could vary 53:40 53 minutes, 40 seconds so significantly. If it's a soft refurbishment, it'll be significantly less. If you're ripping out bathrooms, 53:49 53 minutes, 49 seconds uh redoing flooring, redoing windows, it would be significantly more. So, I I'm afraid it would be I'd be ill advised to 53:57 53 minutes, 57 seconds give you uh numbers. It really depends on what you're doing as you'd appreciate. Um thanks a lot. That's also nice. 54:09 54 minutes, 9 seconds Thanks Adri. 54:11 54 minutes, 11 seconds We'll take the next followup from Vicas over here. Vicas, please go ahead. 54:19 54 minutes, 19 seconds Uh yeah. Hi. Uh am I am I audible this time? Yes. Yeah. Hi. 54:25 54 minutes, 25 seconds Yes. Hi. Hi sir. Uh so I just have one question. So obviously as we have highlighted on a cleaner basis bar is 54:34 54 minutes, 34 seconds even better. So we have seen a we have observed a pickup in Q3 after a relatively slower Q2 and with the 54:42 54 minutes, 42 seconds current tailwinds such as you know World Cup AS summit and given our strong presence in Delhi is it reasonable to 54:49 54 minutes, 49 seconds expect momentum to strengthen further from from here onwards. 54:55 54 minutes, 55 seconds difficult to comment on that Vikas but uh that what I mentioned before uh uh you know the the sector looks uh the 55:03 55 minutes, 3 seconds outlook seems positive with the events happening and as well as the growth what we are seeing in all the segments including Indians demanding the luxury 55:11 55 minutes, 11 seconds segments right we are seeing a good demand from that perspective the output looks uh good yeah and and February you know 55:19 55 minutes, 19 seconds traditionally for um hotels are a very strong month. I mean, February is a very very strong month for 55:28 55 minutes, 28 seconds hospitality. Um, and and this February fortunately is is is looking that way as well. So, and I what I I don't know what 55:38 55 minutes, 38 seconds others are doing um will be doing, but I would imagine that will be um we won't be unique in that position. It'll be uh 55:46 55 minutes, 46 seconds for us and and others in February. 55:52 55 minutes, 52 seconds Sure. Sure. Sure. If if I can ask one more u and this is related to Delhi as a region. Um I mean we have two now big 56:00 56 minutes conventional centers there Yashumi Bandibam and that is what is leading to such big conferences also coming in and 56:08 56 minutes, 8 seconds and if you look at the supply there you know there have hardly been any any addition we have seen over the past uh few years plus there's a lot of 56:16 56 minutes, 16 seconds commercial space which is getting added to the airport. Do you think that you know the in in terms of the growth among 56:23 56 minutes, 23 seconds cities it could be one of the could be one of the best performing in next few years uh or or you think this pollution issue will kind of derail the story? 56:34 56 minutes, 34 seconds Yeah. Thank you. 56:35 56 minutes, 35 seconds I I I can't I I don't have the uh ability to comment on that and my guess will be as good as yours. So I'd rather 56:44 56 minutes, 44 seconds not uh speculate on what it will be. Um but I think uh there's a great benefit 56:51 56 minutes, 51 seconds to tourism employment uh especially in the unstructured uh labor markets uh 56:58 56 minutes, 58 seconds with weddings events uh and also India's prominence uh for for global uh when they there's global participation uh it 57:08 57 minutes, 8 seconds helps bring India on the map whether that's sports whether it's meetings um so I think these events really not only 57:16 57 minutes, 16 seconds help uh hotels uh and hospitality and travel but they also uh help with 57:23 57 minutes, 23 seconds employment uh they help with India's uh perception overseas uh and the more events we can do I think all parties 57:31 57 minutes, 31 seconds benefit from this um so really we'd applaud uh these events taking place and we hope if anything they will continue 57:39 57 minutes, 39 seconds to increase over a period of time um uh Sure. So, thanks a lot and wish you luck for the next quarter. 57:50 57 minutes, 50 seconds Thank you so much. Thanks very much. Thank you. Web, do you have a follow-up question? 57:59 57 minutes, 59 seconds Webber Mle. 58:03 58 minutes, 3 seconds Uh thanks for the followup sir. Uh my my question was on our expansion pipeline again. uh can you share a status of 58:10 58 minutes, 10 seconds development uh in terms of uh how many green field projects have we received the approvals where the construction has 58:17 58 minutes, 17 seconds commenced and the expected timeline for completion of the construction for our uh uh green field projects which are on 58:23 58 minutes, 23 seconds our books as well as for the subsc I don't know if we uh provide that level 58:31 58 minutes, 31 seconds of detail. we we'll have a discussion uh internally and if we can provide that level of detail we'll be we'll be happy 58:38 58 minutes, 38 seconds to um but uh at at this point I number one I don't have that information in front of me uh but we'll certainly 58:45 58 minutes, 45 seconds consider this and and uh if appropriate include it include it going forward would that be all right is that okay 58:54 58 minutes, 54 seconds sure sir sure sir just uh related to this uh we also have 7.6 6 lakh square ft of retail space coming up in Hebel. 59:02 59 minutes, 2 seconds So uh would you be able to provide uh what kind of uh possible uh you know monetization that can happen from the leasing of this area? 59:12 59 minutes, 12 seconds I I think again um we do have those numbers. I I don't want to disclose them. Um but I think my my suggestion to 59:21 59 minutes, 21 seconds you would be to see what gradea uh commercial space uh rents for in in uh 59:29 59 minutes, 29 seconds Bangalore. Um and I hope we'll be able to get a premium on that at at Hebel. 59:38 59 minutes, 38 seconds All right sir. Thank you so much and all the best. Thank you. Thank you so much. Thanks a lot. Thank you. 59:46 59 minutes, 46 seconds A couple of questions again on the chat board. Thanks. 59:53 59 minutes, 53 seconds Uh Amit Agarwa. 59:56 59 minutes, 56 seconds Uh one more question regarding the new hotel NLA Nella port being open in Jaipur on 15th of this month. Any details of the 1:00:05 1 hour, 5 seconds management or ownership of this property? 1:00:08 1 hour, 8 seconds Uh yeah absolutely. This is actually it's not a hotel. It's a luxury 1:00:14 1 hour, 14 seconds residence. Um, it's four bedrooms and you can and it's although it's four bedrooms, it's a very large space. There 1:00:22 1 hour, 22 seconds multiple areas, large gardens, a pool, four bedrooms, multiple living rooms, multiple dining rooms, um, a gym, etc. 1:00:33 1 hour, 33 seconds Uh, and but it's, uh, you can you have to take the whole of Nyla Fort. It's not rented out individually. And um the the 1:00:42 1 hour, 42 seconds um uh uh price for that is 12 lakhs. Um uh and this is the ownership of Nyla 1:00:50 1 hour, 50 seconds Fort is uh OPM Oberoy Hotels Private Limited. Thanks. 1:00:58 1 hour, 58 seconds Can may I just add what may I just add one other thing uh Naveen which is perhaps important is um in uh Nyla is is the 1:01:07 1 hour, 1 minute, 7 seconds first luxury residence and this is something that we believe is important for our guests uh guests who want a more 1:01:16 1 hour, 1 minute, 16 seconds private intimate experience luxury residences at the very high end which Nyla is work we are exploring a second 1:01:25 1 hour, 1 minute, 25 seconds opportunity uh in again in a where we uh already have hotels 1:01:32 1 hour, 1 minute, 32 seconds um or a hotel um and uh uh I hope on the back of Nyla and the second one when it 1:01:41 1 hour, 1 minute, 41 seconds gets announced more uh owners will approach us for managing their their their luxury residences. Uh but we will 1:01:50 1 hour, 1 minute, 50 seconds only manage very high-end luxury residences. Um and and Nyla is a perfect example of that. uh as will be the second one. 1:02:01 1 hour, 2 minutes, 1 second Thanks Vicram. 1:02:03 1 hour, 2 minutes, 3 seconds Shi's posted a question. Sir, can you please comment on the employment benefit employee benefit expenses as it 1:02:10 1 hour, 2 minutes, 10 seconds increased by around 11% on Y basis in Q3 FI26 which is more as compared to 1:02:17 1 hour, 2 minutes, 17 seconds revenue growth of 9%. Any further guidance for that? 1:02:22 1 hour, 2 minutes, 22 seconds Yes, that includes the uh the employee growth will be one of the new hotel additions we have done. Yeah. Uh this includes the overall branch as well as 1:02:30 1 hour, 2 minutes, 30 seconds uh uh wildflower hall which we are operating operating the hotel. So the increase uh will the headcount or the 1:02:38 1 hour, 2 minutes, 38 seconds employment cost increase will increase with normal iteration as well as the uh increase on account of these two new which has been added to our B. 1:02:49 1 hour, 2 minutes, 49 seconds Thanks Venit. 1:02:51 1 hour, 2 minutes, 51 seconds Ethan has one follow-up question. Sir, what is the salient fee of foreign tourists to Indian tourists in our 1:02:58 1 hour, 2 minutes, 58 seconds revenues for Q3 and how does it compare to precoid? Can you share the percentages please? 1:03:04 1 hour, 3 minutes, 4 seconds Yeah, we we don't disclose uh the mix between uh our Indian guests and our 1:03:12 1 hour, 3 minutes, 12 seconds international guests um both in terms of uh contribution to occupancy and revenue. 1:03:21 1 hour, 3 minutes, 21 seconds Thanks Vicram. 1:03:23 1 hour, 3 minutes, 23 seconds Friends, anyone with a question, please raise your hand. 1:03:30 1 hour, 3 minutes, 30 seconds There are no further questions. I'd like Sorry, please. 1:03:33 1 hour, 3 minutes, 33 seconds Nine, I just like to add one other thing um that maybe is is important. You know, it uh at an entity level, of course, it 1:03:40 1 hour, 3 minutes, 40 seconds is what it is. Um but it really also varies across uh location. So for 1:03:48 1 hour, 3 minutes, 48 seconds example in Delhi um the number of international guests uh who stay at uh 1:03:55 1 hour, 3 minutes, 55 seconds with us both in Delhi and Gorga is is higher uh or significantly higher than 1:04:00 1 hour, 4 minutes let's say a location like um Chennai um uh so and those variations are are significant. 1:04:13 1 hour, 4 minutes, 13 seconds Friends, anyone with a question, please raise your hand or we can wind up. 1:04:19 1 hour, 4 minutes, 19 seconds Hey, Rajie, please go ahead. But just keep it short because we're running out of time. 1:04:26 1 hour, 4 minutes, 26 seconds Yeah, Rajie, please go ahead. 1:04:30 1 hour, 4 minutes, 30 seconds So, just one clarification, the 14% number includes the Mashobra impact on the standalone number, right? I mean, if you was to strip that out, then the number is basically 7% on a like for-like basis on a standalone basis. 1:04:43 1 hour, 4 minutes, 43 seconds You're not a mush. Sorry. 1:04:53 1 hour, 4 minutes, 53 seconds Yeah, you should be able to. 1:04:54 1 hour, 4 minutes, 54 seconds Yeah, you should be able to 1:05:04 1 hour, 5 minutes, 4 seconds not please go ahead. should have just count. 1:05:16 1 hour, 5 minutes, 16 seconds Yeah. So the number includes uh the impact on a mushra. If we exclude that 1:05:22 1 hour, 5 minutes, 22 seconds uh the percentage would be uh roughly around 10 to 11%. 1:05:31 1 hour, 5 minutes, 31 seconds Sure. Uh that's all thanks. Thank you. Thanks. 1:05:36 1 hour, 5 minutes, 36 seconds Friends, I'd now like to hand over the webinar back to Vikram for his closing remarks. 1:05:48 1 hour, 5 minutes, 48 seconds Sorry, I'm just unmuting myself. 1:05:51 1 hour, 5 minutes, 51 seconds No, no, you're unmuted. Go ahead, Vicram. We can hear you. Please go ahead. 1:06:00 1 hour, 6 minutes I think I need to just need to just just give me a second. 1:06:07 1 hour, 6 minutes, 7 seconds Sorry, we're playing music. 1:06:14 1 hour, 6 minutes, 14 seconds I'll just 1:06:25 1 hour, 6 minutes, 25 seconds You need once you need to unmute yourself. Vikram Venit's mic is muted. 1:06:34 1 hour, 6 minutes, 34 seconds Yeah. Yeah. Is is that better? Yes, please go ahead. 1:06:37 1 hour, 6 minutes, 37 seconds Okay. I apologize. Um uh just uh wanted to say thank you Naveen for uh your 1:06:44 1 hour, 6 minutes, 44 seconds support in in organizing this call and and thank you for the participants. Um 1:06:51 1 hour, 6 minutes, 51 seconds you know this year has been a year which has had some ups and downs. Um and 1:06:59 1 hour, 6 minutes, 59 seconds but despite that I think our industry uh is doing well. Uh we continue to do 1:07:07 1 hour, 7 minutes, 7 seconds um our very best to provide our guests with an exceptional guest experience and we believe by doing that they not only 1:07:14 1 hour, 7 minutes, 14 seconds pick us over other hotels uh but also willing to pay a premium and we continue to focus on that um part of what we do. 1:07:23 1 hour, 7 minutes, 23 seconds Uh we also are focusing on our growth um uh and as and when there additional uh 1:07:31 1 hour, 7 minutes, 31 seconds uh hotels uh hotel either management contracts or others we will share that with you. Um and we remain optimistic 1:07:42 1 hour, 7 minutes, 42 seconds about uh India and the potential for for India. Um I think tourism uh has many 1:07:49 1 hour, 7 minutes, 49 seconds advantages for our country that helps create employment across India. Um so in 1:07:57 1 hour, 7 minutes, 57 seconds areas that are more remote uh people like to go and see beautiful places, untouched places, unspoiled places and 1:08:05 1 hour, 8 minutes, 5 seconds industry is slower to move there whereas tourism creates employment in those locations very quickly. Um and I think 1:08:14 1 hour, 8 minutes, 14 seconds as a country uh if we uh continue to focus on uh tourism and its significant 1:08:21 1 hour, 8 minutes, 21 seconds employment opportunities, I think everybody benefits. It's not just the tourism sector that benefits. Um so I I 1:08:30 1 hour, 8 minutes, 30 seconds remain optimistic and I thank um uh you the government uh both at a uh central 1:08:38 1 hour, 8 minutes, 38 seconds level and a state level uh to promote tourism, drive employment. Um I think one area where we should be doing more 1:08:46 1 hour, 8 minutes, 46 seconds is really promoting India overseas. uh and I'm confident that that will uh will 1:08:53 1 hour, 8 minutes, 53 seconds will also start to take place that have taken a major step backwards uh but I'm confident that uh we will see a change 1:09:01 1 hour, 9 minutes, 1 second in that too uh for the reasons that I have mentioned uh the benefit it brings to uh to our country uh our foreign 1:09:09 1 hour, 9 minutes, 9 seconds exchange earnings etc. So thank you very much and and I continue to remain optimistic about uh our industry and its potential. 1:09:22 1 hour, 9 minutes, 22 seconds Thank you Vicram. 1:09:25 1 hour, 9 minutes, 25 seconds Thank you very much ladies and gentlemen. Thank you Mr. Oberoy. Thank you Mr. Kapoor for taking time out to interact with the investors and we look 1:09:32 1 hour, 9 minutes, 32 seconds forward to hosting you again for the next quarterly webinar. Thank you and have a wonderful day. 1:09:38 1 hour, 9 minutes, 38 seconds Thank thanks so much Naveen. Thank you very much. Thank you. Thanks a lot. Thank you. Thank you. Bye-bye.