Ventive Hospitality Ltd — Q4 FY26

Ventive Hospitality Ltd Q4 FY2025-26 Earnings Conference Call https://www.youtube.com/watch?v=aW3iIxVhgjI

0:02 2 seconds Ladies and gentlemen, good day and welcome to Ventive Hospitality Limited's Q4 FY2026 earnings conference call. As a reminder, 0:12 12 seconds all participant lines will be in the listenonly mode. There will be an opportunity for you to ask questions after the presentation concludes. Should 0:19 19 seconds you need any assistance during this conference, please signal for an operator by pressing star and then zero on your touchdown telephone. The audio 0:28 28 seconds archive, transcript, financial statements and other documents related to the quarter will be available on the 0:34 34 seconds company's website. We have with us today the management team of Ventive Hospitality Limited represented by Mr. 0:42 42 seconds Ranjit Batra, Chief Executive Officer, Mr. Paris Bafna, Chief Financial Officer and Mr. Milan Vadikar, Executive Vice 0:50 50 seconds President, Finance and Investor relations. Please note that Pentive Hospitality Limited does not provide specific revenue or earnings guidance. 1:00 1 minute Anything said on this call which reflects management's outlook for the future or which could be construed as forward-looking statement must be 1:08 1 minute, 8 seconds reviewed in conjunction with the risks that the company faces. These risks are outlined in the second slide of the 1:15 1 minute, 15 seconds earnings update presentation available on the company's website. I now hand the conference over to Mr. 1:22 1 minute, 22 seconds Ranjit Batra. Thank you and over to you Mr. Batra. 1:28 1 minute, 28 seconds Good afternoon everyone and uh thank you for joining us today. 1:34 1 minute, 34 seconds FYI26 has been an important year for Ventive Hospitality. 1:39 1 minute, 39 seconds It was our first full year of reporting as a listed company and the year demonstrated the strength of the platform that we built. highquality 1:48 1 minute, 48 seconds hospitality assets, a stable annoty backbone, disciplined capital allocation and active asset management across the portfolio. 1:57 1 minute, 57 seconds I'm proud of what Wim Ventive has delivered this year. a strong growth in revenue and in AIA 2:06 2 minutes, 6 seconds expanded margin strengthen our balance sheet and finish the 2:16 2 minutes, 16 seconds I'm sorry sir we are not able to hear you oh sorry I don't 2:23 2 minutes, 23 seconds Yes please go ahead um sorry there's auto mute 2:35 2 minutes, 35 seconds Sorry. Uh yes sir. Are you able to speak now? Is it on mute? Yeah, I can. Can you hear me? 2:43 2 minutes, 43 seconds Yes. Yes, we can hear you loud and clear. Please go ahead. Please proceed. 2:46 2 minutes, 46 seconds Yeah. Sorry, I'm just getting my technical guy so in case this happens again, he can sort it out. It goes on to automute sometimes. So just watch out 2:55 2 minutes, 55 seconds for that and okay I will I don't know where anyone could hear but 3:03 3 minutes, 3 seconds I'll start again. It was our first full year of re- reporting as a listed company and the year demonstrated the strength of the platform that we built. 3:12 3 minutes, 12 seconds High quality hospitalary assets, a stable annity backbone, disciplined capital allocation and active asset 3:19 3 minutes, 19 seconds management across the portfolio. I'm very proud of what Wentive has delivered this year. Strong growth in revenue and 3:27 3 minutes, 27 seconds in aa expanded margins, strengthened our balance sheet and finished the year with a healthy momentum across our platform. 3:34 3 minutes, 34 seconds For the full year FI26, revenue stood at 2,666 crores, up 24%. 3:41 3 minutes, 41 seconds While Aida grew at 28% to 1,299 crores. 3:46 3 minutes, 46 seconds Full year margin improved to 49% compared to 47 last year. For quarter 4, FI26, consolidated revenue grew 21% 3:56 3 minutes, 56 seconds year-on-year to 870 crores, while Ibida grew 28% to 476 crores. 4:05 4 minutes, 5 seconds Aida margins expanded to 55% compared to 52 last year. Another important milestone for us is that the profit after tax has now crossed 500 crores. 4:16 4 minutes, 16 seconds For Ventive, this is just not a financial number. It reflects the quality of our asset base, the benefits of scale, disciplined financing, and the 4:24 4 minutes, 24 seconds operating strength of a platform that we've built. The year also tested the resilience of our business model. We saw travel disruption during the year. This 4:32 4 minutes, 32 seconds included the impact of operations Hindu geographical tensions, aviation trans uncertainties and temporary pressure in certain travel 4:41 4 minutes, 41 seconds corridors. Despite these headwinds, the platform delivered growth and returns for stakeholders. 4:48 4 minutes, 48 seconds The key point is simple. Revenue growth translated to higher beta growth that reflects operating leverage, better cost 4:56 4 minutes, 56 seconds discipline, improved revenue quality and the benefit of diversified platform. Our performance was not dependent on one 5:04 5 minutes, 4 seconds geography, one asset or one demand segment in India. Moldies 5:11 5 minutes, 11 seconds and annuity all contributed in different ways. FI26 showed the strength of ventage model. Luxury-led hospitality 5:20 5 minutes, 20 seconds for growth, standout assets in strong markets, annuality income for stability and active asset management for performance. Let me start with India. 5:31 5 minutes, 31 seconds Our India hospitality business delivered a strong folar performance even though occupancy was impacted during some parts 5:38 5 minutes, 38 seconds of the year. India business was clearly a rateled story. ADR grew at 13% to 5:44 5 minutes, 44 seconds 12,500. REF grew 10% to 8,000 and TEPA grew at 12% to 15,000. 5:52 5 minutes, 52 seconds Occupancy was at 64% lower by around 2 percentage points year-on-year. 5:57 5 minutes, 57 seconds Despite the lower occupancy, India delivered doubledigit ADRs, ref bar and TF bar and aida growth along with 300 6:05 6 minutes, 5 seconds base points of margin expansion for the full year. That tells us the market is supporting strategic strategically 6:12 6 minutes, 12 seconds located premium assets. In Q4, India performance was impacted by a rebranding 6:19 6 minutes, 19 seconds shutdown of Aloft Whitefield and travel disruption led occupancy softness. 6:25 6 minutes, 25 seconds However, the full year performance is far more relevant indicator of underlying trajectory where we demonstrated double-digit growth in key 6:34 6 minutes, 34 seconds numbers. Una continues to benefit from limited premium supply, rising corporate demand, GCCled office growth, 6:42 6 minutes, 42 seconds manufacturing business travel and infrastructure improvements. 6:46 6 minutes, 46 seconds Bangalore also remained well placed because of a presence in city's strongest officeled micro markets such as Whitefield and outing route. So the 6:55 6 minutes, 55 seconds India story is not simply about broad city exposure. It's about being the right micro markets with the right brands, quality asset management and top asset quality. 7:05 7 minutes, 5 seconds Turning to Moldy's FI26 was strong for a very strong year for a mold 7:12 7 minutes, 12 seconds portfolio. Revenue grew 31% to 1,133 crores while IITA grew 42% 7:20 7 minutes, 20 seconds to 398 crores. IA margins improved 35% compared to 32 last year. This is an important year for Maldi's portfolio. 7:30 7 minutes, 30 seconds Occupancy improved by 5 percentage points to 63 and TFPAR was at 60,000 rupees. The performance reflects both 7:39 7 minutes, 39 seconds the recovery in demand and strength of our specific assets within this destination. Importantly, the performance is not only driven by 7:48 7 minutes, 48 seconds Rya's consolidation. Same store revenue grew 15%, IA grew 29% and TEPA grew 15%. 7:55 7 minutes, 55 seconds That is a strong validation of the portfolio. 7:59 7 minutes, 59 seconds In Q4, Maldi's revenue grew 18% to 421 crores. IA grew at 19% to 198 crores and margins remain strong at 47%. 8:13 8 minutes, 13 seconds Occupancy improved to 75% which is up 3.3 percentage points while Treva grew at 18% to 91,000. 8:25 8 minutes, 25 seconds This is always there is always market commentary around Maldis especially when there are geographical developments, 8:32 8 minutes, 32 seconds aviation related disruptions or shift in source markets. We look at it practically. Maldes remains a globally 8:40 8 minutes, 40 seconds recognized leisure destination with limited and unique island supply, improved airport infrastructure and a 8:47 8 minutes, 47 seconds huge diversified international base feeder market. Our performance this year included same store growth reinforces 8:55 8 minutes, 55 seconds that high quality resorts continue to well perform in that market. Gra is now contributing meaningfully to the portfolio and gives us all inclusive 9:04 9 minutes, 4 seconds offering to address that addresses a different customer segment. At the same time, Conrad and Anantara continue to occupy the luxury end of the market. 9:15 9 minutes, 15 seconds This gives us a broader portfolio within the destination without diluting the positioning of our luxury assets. 9:23 9 minutes, 23 seconds At the total hospitality level, FI26 was a landmark here. Hospitality revenue is now close to 2,000 crores on its own. 9:34 9 minutes, 34 seconds This is a meaningful scale up of the platform and gives us a stronger earning base as we enter the next phase of growth. 9:41 9 minutes, 41 seconds Hospitality Bida also grew meaningfully during the year. With margins improving by 300 base points, this reflects the 9:49 9 minutes, 49 seconds operating leverage in the portfolio, stronger revenue quality and disciplined cost management across India and Moldes. 9:56 9 minutes, 56 seconds For us, this is an important milestone. 10:00 10 minutes Ventive is no longer just a collection of high quality assets. We are now operating a scaled hospitality platform 10:08 10 minutes, 8 seconds with multiple growth engines, clear portfolio logic and increasing financial strength. 10:17 10 minutes, 17 seconds Moving to our annuity business which continues to provide stability for FI26 10:24 10 minutes, 24 seconds annuity revenue was 505 crores up 4% while Eida was 452 crores up 3%. 10:32 10 minutes, 32 seconds The beta margin remained 90 at 90%. 10:35 10 minutes, 35 seconds This stable earning base remains a key strength of ventive. It gives us predictable cash flows, improves resilience through cycles and supports 10:44 10 minutes, 44 seconds disciplined investment in hospitality growth. During this year, we also announced Narvata estate a land parcel 10:51 10 minutes, 51 seconds in East Puna identified for annuity development. This will further strengthen our stable cash flows backbone in the market. We understand well. 11:00 11 minutes FI26 was also an active year for portfolio sharpening for future growth. 11:05 11 minutes, 5 seconds We acquired Hilton Goa adding a high quality leisure asset in India's strongest hospitality market. We completed showhouse transaction 11:14 11 minutes, 14 seconds giving us exposure to membership lifestyle and hospitality platform. We also added salt to Goa a small boutique 11:21 11 minutes, 21 seconds hotel keeping a presence in Goa leisure market. We also announced Narada estate which I just spoke about. Each of these 11:30 11 minutes, 30 seconds transactions funded by internal acruals has a clear role in the portfolio. 11:33 11 minutes, 33 seconds Leisure exposure, lifestyle, land, hospitality, wellness capability, annuitity stapility and long-term value creation. 11:43 11 minutes, 43 seconds The common filters remain quality of location, product relevance, execution feasibility and return discipline. 11:55 11 minutes, 55 seconds We are not pursuing growth for scale alone. Each addition is being assessed against return thresholds, funding 12:02 12 minutes, 2 seconds discipline, execution, execution complexity and fit within the wider platform. At the same time, we also 12:10 12 minutes, 10 seconds reassessed the mundra opportunity and decided to keep it on hold for now. We continue to evaluate that return profile strategic fit at the timing of capital 12:19 12 minutes, 19 seconds deployment. During this year, we became sharper on where we want to deploy capital. Luxury and Premium urban 12:26 12 minutes, 26 seconds assets, leisure, wellness, lifestyle, hospitality, stable annuity assets and the cash where the cash flows are visible. 12:36 12 minutes, 36 seconds Moving on to the development side, our active projects continue to progress. 12:40 12 minutes, 40 seconds The AC by Marriott conversion in Bangalore is progressing in line with plan. This project involves repositioning 12:48 12 minutes, 48 seconds the Whitefield asset into stronger brand and product for that particular micro market. This asset remains well placed 12:55 12 minutes, 55 seconds given Whitefield's officeled demand base, the depth of corporate activity in that catchment. At Vanasi Marriott 13:04 13 minutes, 4 seconds construction and design related work is in progress. Vanasi remains attractive because of the obvious 13:11 13 minutes, 11 seconds reasons that we all know especially the spiritual tourism domestic leisure and improved connectivity. 13:18 13 minutes, 18 seconds Paranasi also has very limited branded premium hotel supply for rich carton reserve in Sri Lanka. Design and 13:27 13 minutes, 27 seconds planning work continues. The focus is on developing a luxury resort. There's two to the brand. This is going to be one of nine rich caron reserve in the world. So 13:36 13 minutes, 36 seconds it's a premium brand uh appropriate for the destination and capable of creating long-term value for the platform. 13:44 13 minutes, 44 seconds Across the pipeline, our approach is the same. Execute carefully, protect product quality, manage capex discipline and 13:53 13 minutes, 53 seconds bring assets to the market only when the proposition is right. Moving to the sector outlook, the broader hospitalized 14:00 14 minutes cycle remains healthy, but performance is becoming more specific to asset quality, location, and micro market 14:08 14 minutes, 8 seconds positioning. Demand across corporate travel, mice, weddings, domestic leisure and international leisure remains healthy. At the same time, new supply is 14:16 14 minutes, 16 seconds difficult to create quickly because of hotels require land approvals, capital and long development timelines. For 14:24 14 minutes, 24 seconds winive, the combination is clear. India gives us pricing power in strong micro markets. Moldis gives us global leisure 14:31 14 minutes, 31 seconds exposure and it gives us stability and our balance sheet gives us flexibility to grow with discipline. Our growth also supports local employment, 14:40 14 minutes, 40 seconds destination development, vendor ecosystem and tourism infrastructure in the markets where we operate in a 14:46 14 minutes, 46 seconds responsible way. As we move into FI27, our priorities remain unchanged. Grow 14:53 14 minutes, 53 seconds ref, grow trepar, improve margins through active asset management, execute our pipeline carefully and pursue acquisitions only where the risk return 15:02 15 minutes, 2 seconds equation is attractive. We will continue to work with our brand partners who bring quality, reliability, innovation 15:09 15 minutes, 9 seconds and execution discipline because these are critical for both guest experience and asset performance. With that with 15:17 15 minutes, 17 seconds that I request Milan and Pes to take you through financials and balance sheet in more detail. 15:24 15 minutes, 24 seconds Thank you Ranjit. Good afternoon everyone. 15:27 15 minutes, 27 seconds To assist with the interpretation of our financial performance. I would like to highlight the following regarding comparatives. 15:36 15 minutes, 36 seconds As informed earlier, the company completed several portfolio acquisitions in August 2024. 15:45 15 minutes, 45 seconds Consequently, the historical financial statements do not include the financial results of those entities. To facilitate 15:54 15 minutes, 54 seconds liketolike comparison, we have prepared toform financial statements reflecting 16:00 16 minutes the impact of these acquisitions as if these acquisitions were acquired on April 1, 2024. 16:10 16 minutes, 10 seconds based on internal MS. The perform financials for 12 months of FY25 16:17 16 minutes, 17 seconds include the revenues, operating cost and IBIDA contributions from these acquired entities. As a result, the reported 16:26 16 minutes, 26 seconds statutory financials will differ from the proform figures referenced in our commentary race and earning 16:35 16 minutes, 35 seconds presentation. However, the prior year comparative for Q4 FY25 is based on actual reported financial. 16:46 16 minutes, 46 seconds We continued our strong growth trajectory in Q4 FY26 across our hotels 16:52 16 minutes, 52 seconds in India and Maldives. As highlighted earlier, Q4 is typically our strongest quarter in both markets and we were on 17:02 17 minutes, 2 seconds track in January and February 26 to report record quarterly and annual areas 17:09 17 minutes, 9 seconds occupancy revenue, IBIDA and IIDA margins. However, geopolitical developments in Middle East and traveler 17:18 17 minutes, 18 seconds restrictions advisories from US and Europe impacted growth to some extent. 17:26 17 minutes, 26 seconds Despite the challenges, supply chain issues and restricted travel from key source market, we are 17:34 17 minutes, 34 seconds pleased to report industrylearning performance across financial metrics. 17:39 17 minutes, 39 seconds Our proactive strategy of diversifying source market for modules and leveraging Pune's unique positioning combined with 17:48 17 minutes, 48 seconds tight cost controls helped us to drive highest ever quarter 4 FY26 numbers. 17:57 17 minutes, 57 seconds Before diving into financials, note that Pune's demand drivers go beyond it, 18:03 18 minutes, 3 seconds fintech and GCC. The city has a strong manufacturing base with business 18:10 18 minutes, 10 seconds travelers from South Korea, Japan and Southeast Asia. This helped offset 18:16 18 minutes, 16 seconds occupancy pressure and drive doubledigit area growth in our India hotel portfolio. 18:25 18 minutes, 25 seconds Now, let me walk you through the key financial highlights. As the hospitality industry sustains its long-term growth 18:32 18 minutes, 32 seconds trajectory backed by favorable demand supply dynamics, our Q4 FY26 results underscore the strength of our 18:40 18 minutes, 40 seconds diversified portfolio and strategic agility. The consolidated revenue for the quarter stood at 870 cr representing 18:49 18 minutes, 49 seconds a 21% year-on-year growth. Consolidated IBIDA grew 28% yearonear to 476 cr with 18:57 18 minutes, 57 seconds ibida margins expanding to 55% compared to 52% in quarter 4 FY25. 19:05 19 minutes, 5 seconds The results include a foreign exchange gain of 74 cr in Q4 FY26. 19:11 19 minutes, 11 seconds Adjusting for foreign exchange gain in both periods the underlying IBIDA growth for the quarter was 8%. Our financial 19:20 19 minutes, 20 seconds year 26 performance underscores the momentum and growth potential of hospitality industry driven by strong demand dynamics and strategic execution. 19:30 19 minutes, 30 seconds Consolidated revenue for FY26 grew 24% to 2,666 19:36 19 minutes, 36 seconds cr while IBIDA rose 28% to 1,299 cr close to 1,300 K mark expanding 19:45 19 minutes, 45 seconds margins to 49% from 47% in FY25. 19:50 19 minutes, 50 seconds The results include foreign exchange gain of 138 crores. Adjusting for this the revenue crossed 2500 K mark and 19:59 19 minutes, 59 seconds IDIDA cross 1160 K. Had geopolitical disruptions not impacted operations in 20:06 20 minutes, 6 seconds March 26 our adjusted IBIDA that is adjusted for foreign exchange gain of 20:12 20 minutes, 12 seconds 138 cr. We would have frost 100 kesida 20:18 20 minutes, 18 seconds versus 992 kores in FY25 marking a robust 20% growth. Our finan our FY26 20:28 20 minutes, 28 seconds hospitality segment excluding annuity income was little shy of 2,000 K 20:36 20 minutes, 36 seconds with a revenue of 1980 1980 Kores and IITA jumping 33% to 735 Kores this 20:45 20 minutes, 45 seconds reflects our strong operating leverage cost discipline driving a robust 49% flow through on 375 K incremental 20:55 20 minutes, 55 seconds hospitality revenue in FY26 despite external headwinds. 21:02 21 minutes, 2 seconds We have crossed another significant milestone with profit after tax exceeding 500 crores in 21:11 21 minutes, 11 seconds FY26 just in the second year post listing. 21:16 21 minutes, 16 seconds This achievement is driven by significant reduction in the debt and finance cost alongside lower average 21:24 21 minutes, 24 seconds interest rates. As a result, we are generating sufficient cash from operation enabling us to fund our aggressive 21:33 21 minutes, 33 seconds growth plans predominantly through internal acrals and we are poised to deliver higher PAT in the years to come. 21:42 21 minutes, 42 seconds In Q4 FY26, our consolidated hospitality segment revenue grew 13% yearonear to 658 cr with IBIDA up 9% to 295 crores. 21:53 21 minutes, 53 seconds Margin stood at 45% versus 46% in Q4 FY25. In India, hospitality revenue grew 22:01 22 minutes, 1 second 5% yearonear to 238 cr but IDA declined 7% to 97 cr due to certain one-off 22:08 22 minutes, 8 seconds items. Specifically in Q4 FY25 we had booked 8 K of government grant versus 22:16 22 minutes, 16 seconds 2.5 K in Q4 FY26 adjusting for incremental government 22:21 22 minutes, 21 seconds grant and 1 1.5 K electricity credit our adjusted IIDA for Q4 FY25 was 96 cr in 22:31 22 minutes, 31 seconds Q4 FY26 we received 5 K debit for past period election 22:39 22 minutes, 39 seconds electricity cost netting of these one-off expenses our adjusted IITA for 22:45 22 minutes, 45 seconds Q4 FY26 is 102 crores reflecting a growth of 6% year on year with a healthy 22:53 22 minutes, 53 seconds 43% IBIDA margin India ADR jumped 12% yearonear to 14,20 23:00 23 minutes rupees in Q4 FY26 a testament to Pune's growing stature as premier business destination notable 23:09 23 minutes, 9 seconds ably ADRs are now on par with gateway cities despite our portfolio concentration in 23:17 23 minutes, 17 seconds Pune. Raar rose 8% year on year to rupees 9634 23:24 23 minutes, 24 seconds as occupancy dipped slightly to 69% versus 71%. 23:30 23 minutes, 30 seconds to elaborate on Pune's growth potential area for our four Pune based hotels that 23:38 23 minutes, 38 seconds is this Ritz Carlton JW Marriott Marriott switch and courtyard by Marriott averaged at rupes 15,152 23:46 23 minutes, 46 seconds in Q4 FY26 comparable with areas of hotels in 23:52 23 minutes, 52 seconds gateway cities this underscores market strength With strong 24:02 24 minutes, 2 seconds commercial absorption underway and growing demand, we are confident of ramping up ramp ramping up occupancy to 24:10 24 minutes, 10 seconds 75% in the medium term. Looking ahead, Vent's India portfolio has significant 24:16 24 minutes, 16 seconds headroom for occupancy growth coupled with sustained doubledigit area growth. 24:22 24 minutes, 22 seconds This positions us well to deliver low team revenue growth and high teen IITA growth in the medium to long term. 24:31 24 minutes, 31 seconds Meanwhile, our Maldi hotels deliver stellar results. Revenue grew 18% in Q4 24:37 24 minutes, 37 seconds FY26 to 421 K with IBIDA rising 19% to 198 K on the back of occupancy climbing to 75%. 24:48 24 minutes, 48 seconds Driving this strong performance, trap jump 18% yearonear to 90,818. 24:55 24 minutes, 55 seconds A clear indication of Maldi market resilience and our hotel's ability to capture high-end demand. With luxury 25:04 25 minutes, 4 seconds hotels with luxury travel to Maldives remaining robust, our focus strategy in premium 25:12 25 minutes, 12 seconds island resort market continues to pay off. To highlight further modules 25:18 25 minutes, 18 seconds occupancy for FY 26 for our Conrad and 25:23 25 minutes, 23 seconds Anantara was 61% versus 57% in FY25 and we are on track to achieve occupancy 25:33 25 minutes, 33 seconds north of 65% for these resource in the medium term. While short-term blips in occupancy are possible due to external 25:42 25 minutes, 42 seconds factors, the long-term story for Maldives remain intact driven by 25:49 25 minutes, 49 seconds commencement of operation of new Malay airport and improved direct flight connectivity to key source markets. 25:58 25 minutes, 58 seconds For FY26, hospitality revenue grew 23% to 19980 K with IBIDA rising 33% to 735 26:07 26 minutes, 7 seconds K. Hospitality IIDA margins expanded by 300 basis point to 37% versus 34% last 26:15 26 minutes, 15 seconds year. India hospitality revenue grew 14% to 846 cr with IIDA up 24% to 337 K. ADR 26:24 26 minutes, 24 seconds for India businesses was 12,516 up 13% while repar grew 10% to 7952. 26:35 26 minutes, 35 seconds Rapar growth was slightly lower than ADR growth as occupancy dropped due to disruptions in 26:43 26 minutes, 43 seconds FY26 that was operations indur in quart of 1 FY 26 and geopolitical tensions travel 26:52 26 minutes, 52 seconds disruptions in quarter 4 FY26 for Maldives revenue jumped 31% to 1133 27:00 27 minutes K with EIDA of 42% to 398 road margins improved to 35% 27:07 27 minutes, 7 seconds versus 32% last year. 27:14 27 minutes, 14 seconds In Q4 annuality revenue was 127 cr up 2% while IIDA was 113 cr up 2%. IDIA margin 27:24 27 minutes, 24 seconds was 89%. For FY26 annuality revenue was 505 crores up 4% while IBIDA was 452 crores up 3% with margin at 90%. 27:39 27 minutes, 39 seconds I now request Paris to take you through debt liquidity and balance position. Thank you. Good evening everyone. 27:48 27 minutes, 48 seconds FY26 has been an exceptional performance with results that demonstrate both the strength of our platform and a disciplined approach to value creation. 27:58 27 minutes, 58 seconds This has translated into healthy cash generation and continuous continued balance sheet strength. Our balance 28:05 28 minutes, 5 seconds sheet remains a strategic asset giving us flexibility to invest for committed capex and selective acquisitions. 28:14 28 minutes, 14 seconds As of March 30, as of March 31st, 2026, gross gross debt stood at 1 cr 28:22 28 minutes, 22 seconds comprising 1232 cr of rupee denominated debt and 81.4 USD 81.44 million 28:30 28 minutes, 30 seconds equivalent to 766 crores of offshore debt relating to the moldy portfolio. 28:36 28 minutes, 36 seconds Our cash and cash equivalent stood at 511 crores resulting in net debt of 1484 28:43 28 minutes, 43 seconds crores. A net debt to IDIA was 1.14x compared to last year 1.7x. 28:51 28 minutes, 51 seconds During the year, we reduced the average cost of debt which stood at approximately 7.3% for Indian borrowings and 6.2% for USD 29:00 29 minutes borrowings compared with 9.5% and 8.3% respectively at the beginning of the year. 29:06 29 minutes, 6 seconds which has resulted in saving of approximately 20 crores along with Aida growth. Our interest coverage has improved significantly and central 29:15 29 minutes, 15 seconds ability to fund growth through internal occurs. 29:20 29 minutes, 20 seconds We continue to hold strong price ratings with crystal stable. 29:30 29 minutes, 30 seconds Uh sir, we are not able to hear you. Thank you. 29:36 29 minutes, 36 seconds These ratings reflect the quality of our asset base, stable annuity cash flows, operating performance and prudent leverage profile. We approach the next 29:45 29 minutes, 45 seconds year with a strong brand portfolio, fortified balance sheet and remain confident in our ability to deliver 29:52 29 minutes, 52 seconds long-term value through operating excellence and discipline capital allocation. Thank you. With this, I keep the floor open for questions. 30:04 30 minutes, 4 seconds Thank you very much sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may enter star 30:12 30 minutes, 12 seconds followed by one on your touchstone telephones. If you wish to remove yourself from the question Q, you may enter star and two. Participants are 30:20 30 minutes, 20 seconds requested to please use only handsets while asking a question. We will wait for a moment while the question queue assembles. 30:29 30 minutes, 29 seconds The first question is from the line of Sumant Kumar from Modilal Oswal Financial Services. Please go ahead. 30:38 30 minutes, 38 seconds Yeah. Hi. Uh so my question is uh regarding the current scenario and we have seen uh uh business disruption uh 30:45 30 minutes, 45 seconds in uh March. Uh so uh considering current scenario how is the how you p uh 30:52 30 minutes, 52 seconds you predict FY27 and uh how is the things going to happen? considering inbound is has been 31:00 31 minutes impacted and also a Pune market outlook uh considering all the infrastructure and uh what you've talked about all the 31:09 31 minutes, 9 seconds uh the foreign uh inbound. So uh can you talk on that also? 31:16 31 minutes, 16 seconds Yes, thank you for the questions. Good to see you on the call. 31:22 31 minutes, 22 seconds Uh FI27 outlook. I think the good news here is that the FI26 31:30 31 minutes, 30 seconds showed that our platform can absorb disruption very clearly and at the same 31:36 31 minutes, 36 seconds time still show growth. So so far at this stage we have visibility of uh only Q1 31:44 31 minutes, 44 seconds and while there is some volatility uh I don't think at all that this will derail the quarter for us for sure. uh 31:53 31 minutes, 53 seconds on a broader picture I feel uh and as and when the situation normalizes ventive can in my view 32:01 32 minutes, 1 second delivery growth and high team VA growth and now that it's very clearly established that 32:08 32 minutes, 8 seconds our India portfolio has uh has has a higher rate base and and and there's 32:15 32 minutes, 15 seconds still room for occupancy headroom so that's where we are and I think on a mold mold uh has a broader market 32:23 32 minutes, 23 seconds coverage and Ry after is now firing after its solid uh ramp up that is really clearly helping our portfolio as 32:31 32 minutes, 31 seconds well. So with all these combinations and the annuality remaining stable uh I think uh as we enter FI27 32:40 32 minutes, 40 seconds I think we are in a better position than last year. Uh I think that's a shorter answer your last line to your question 32:48 32 minutes, 48 seconds and uh as far as your second question regarding the Pune market. Yes. Uh there is room for both uh occupancy and ADR 32:57 32 minutes, 57 seconds growth in the Pune market. Uh Punea as you know and through Milan's uh introduction commentary we heard that 33:05 33 minutes, 5 seconds Puna is not behaving like a secondary hotel market anymore. The demand base has changed. 33:12 33 minutes, 12 seconds uh the GCC uh it becomes a GCC stronghold just to give you an example uh India has about 33:20 33 minutes, 20 seconds 50% of the global GCC market and Punea has about 20 20% of that which is very 33:27 33 minutes, 27 seconds very healthy and uh uh that also further combines uh a very unique platform for 33:34 33 minutes, 34 seconds Pune where it enjoys multi- uh structural platforms to for example 33:41 33 minutes, 41 seconds the IT, financial services, manufacturing, mice, weddings, they all combined together improving uh a huge 33:50 33 minutes, 50 seconds amount of improving infrastructure and uh they all combined to contribute to higher occupancies and ADR. So, Punea is 33:58 33 minutes, 58 seconds a great story. We love the fortification of Punea with our assets. We are very well spread geographically with different products, different price 34:06 34 minutes, 6 seconds points and uh we pretty much control the luxury market which I've said in my past calls as well to the tune of north of 34:14 34 minutes, 14 seconds 65% which gives us uh Sumant a very strong pricing power and 34:22 34 minutes, 22 seconds demand capture. So this is uh I might be speaking too much on Punea but I have a strong belief on a personal level on the 34:29 34 minutes, 29 seconds market itself and uh some some data on that I think uh while we are talking about it I think Q4 India ADR was up 34:37 34 minutes, 37 seconds 12%. At 14,000 rupees and uh up 12% so the full year was about uh 13% increase 34:45 34 minutes, 45 seconds on ADR alone. So market has clearly accepted the high pricing which I was trying to say and the double digits in repar and tre continue to grow. 34:56 34 minutes, 56 seconds So uh when uh when we talk about uh yeah when we talk about March and we have seen a uh the business loss in March 35:03 35 minutes, 3 seconds because of uh lower inbound. So how much business has recovered in April month? 35:09 35 minutes, 9 seconds Number one. Number two, uh when we talk about uh lower tins topline growth, this uh you talking about hope you are 35:16 35 minutes, 16 seconds talking about India also and also is there because of uh the lower base because in Q1 FY26 we have operations 35:23 35 minutes, 23 seconds Hindu and there was a business loss in that quarter also. So considering all the factor uh can you talk on how the 35:31 35 minutes, 31 seconds business recovery happening in um um in the month of April and May? 35:37 35 minutes, 37 seconds So I I like I said before uh Sumant I I think we have a good visibility of this quarter. There's been some displacement 35:46 35 minutes, 46 seconds business uh coming in from March which I can clearly see and we've given credit lines on a lot of group bookings mice 35:55 35 minutes, 55 seconds events etc which is uh formalizing in this quarter uh which is very healthy and of course there was a lower base 36:02 36 minutes, 2 seconds like you rightly pointed out because of operational synindu last quarter so that will obviously give everyone in the 36:10 36 minutes, 10 seconds industry a big jump uh but we are seeing a very healthy quarter And uh we are seeing that uh you know while the geopolitical uncertainty 36:19 36 minutes, 19 seconds continues uh our portfolio being well diverse uh is showing a lot of resilience and I'll be very proud to 36:28 36 minutes, 28 seconds announce next quarter results as well but uh yeah overall uh we are moving offwards. 36:39 36 minutes, 39 seconds Thank you. Thank you so much Sanjit. Thank you. 36:43 36 minutes, 43 seconds The next question is from the line of webhav mule from high securities. Please go ahead. 36:51 36 minutes, 51 seconds Uh Mr. Mool, your line is unmuted. You may ask your question. I'm audible. Okay. Yes. Yes, please. 36:56 36 minutes, 56 seconds Uh hi. Uh congratulations on good setups numbers. Uh Reandit sir and Milim sir. 37:01 37 minutes, 1 second Uh my first question was on our uh capex uh in FI26. If you can highlight that and uh the utilization of our cash flows 37:10 37 minutes, 10 seconds considering we have seen some reduction in gross debt and uh going forward uh what kind of capex do you expect over next 3 years that's my first question. 37:21 37 minutes, 21 seconds So um um we have reduced our debt to less than 37:27 37 minutes, 27 seconds 1,500 kores now and um uh our capex for next 3 years will be 37:36 37 minutes, 36 seconds around 1,000 cr for our Bangalore hotel for our Sri Lanka hotel and uh some uh FFN 37:44 37 minutes, 44 seconds um see and most of these will be funded through our internal acrals I mean uh 37:51 37 minutes, 51 seconds and we are confident our internal acrals are sufficient to fund our uh capex for the announced project right if I have to 38:01 38 minutes, 1 second walk walk you through our cash flows for FY26 uh our EIDA was close to 1300 K if you 38:10 38 minutes, 10 seconds adjust it for uh foreign exchange gain uh interest payment and tax payment we 38:17 38 minutes, 17 seconds generated around 850 K rupees in cash out of that 400 cr we use for pairing 38:23 38 minutes, 23 seconds down debt. Okay. Uh if you look at our uh debt slide uh our debt reduction is 38:30 38 minutes, 30 seconds 1,300 K that after absorbing 100 K incremental debt we have taken for Hilton Goa we have invested around 200 K 38:38 38 minutes, 38 seconds for acquiring Hilton and so tech and 200 K rupees uh was for capital work in 38:45 38 minutes, 45 seconds progress and uh capital advances right so all in all we have around uh 500 K cash 38:56 38 minutes, 56 seconds today and even if I reach to 2300 debt uh which was debt as on FY25 I'm sitting 39:03 39 minutes, 3 seconds on 900 K rupees pipeline further we'll generate some internal acres in the current year so we are confident of 39:11 39 minutes, 11 seconds funding everything to internal acral understood sir uh my second question was 39:18 39 minutes, 18 seconds I'm sorry to interrupt Mr. M could you return to the question queue? We have several participants awaiting the turn. Thank you. 39:25 39 minutes, 25 seconds Participants as a request please limit your questions to just one question per participant. We have several participants awaiting their turn. The 39:33 39 minutes, 33 seconds next question is from the line of Sumit Kumar from JM Financial. Please go ahead. 39:39 39 minutes, 39 seconds Hi sir, good afternoon. U thanks for the opportunity and congratulations on a good set of numbers. Uh my question is 39:46 39 minutes, 46 seconds on uh you know the revenue numbers for all the three businesses. If I add all the three it comes to about uh 78 58 39:55 39 minutes, 55 seconds million for uh uh for the quarter while the revenue from operations is uh a bit different. So could you just explain uh what that gap? 40:09 40 minutes, 9 seconds So uh uh that is other income and we are accounted for around uh uh 78 cr rupees exchange gain uh in the quarter. 40:20 40 minutes, 20 seconds So that was part of our other income. Okay. Okay. 40:26 40 minutes, 26 seconds Okay sir. I'll come back in the queue if I have more questions. Thank you. 40:33 40 minutes, 33 seconds Thank you. The next question is from the line of Abbe Ketan from Access Capital. Please go ahead. 40:40 40 minutes, 40 seconds Yeah. Hi. Uh thank you for the opportunity. Uh so my question is on the Q4 performance on the international 40:47 40 minutes, 47 seconds side. Uh so while uh the total growth of 18% is quite impressive. Uh uh but when 40:53 40 minutes, 53 seconds I look at the split between the the room revenue growth and the FNB growth. Uh it seems that room revenue is about it's it's declining and FNB is up about 46%. 41:03 41 minutes, 3 seconds So can you explain what is the how is the accounting done? uh for uh for classification of revenues from multis 41:11 41 minutes, 11 seconds which is resulting in this uh I don't think it should be looked at 41:18 41 minutes, 18 seconds a decline actually uh the portfolio room contribution remains pretty much uh 41:27 41 minutes, 27 seconds intact while FNB has seen a marginal growth I think that's pretty much it on the international front what we see is a 41:35 41 minutes, 35 seconds 39% growth uh uh in FNB and uh and and that's the number that 41:44 41 minutes, 44 seconds 39% is contribution the growth is around 10%. Yeah. 41:52 41 minutes, 52 seconds So uh just understand the contribution is 30 uh 39% in the FNB and 49% is the rooms part. Yeah. 42:04 42 minutes, 4 seconds Yeah. But if you look at the yi growth uh it appears to be uh higher for FNB compared to room revenue. Is that an understanding correct for the international revenue part? 42:14 42 minutes, 14 seconds Yes. Uh that is correct. 42:17 42 minutes, 17 seconds Yes. And then there is some allocations with being uh I think allincclusive that's where maybe that understanding is correct. 42:28 42 minutes, 28 seconds Okay. Okay. Understood. And I don't know if I can I ask one more question. Yeah. Yeah. Please go ahead. 42:35 42 minutes, 35 seconds Yeah. Yeah. So I do not understand about the timeline. So you have added uh the saliva property. So is it like uh available uh right now and is it will it 42:44 42 minutes, 44 seconds hit the books from this year or do you expect that some capex to be done in that and for the other properties as well like Vanasi and Sri Lanka if you 42:52 42 minutes, 52 seconds can explain the timeline when this could be completed. 42:59 42 minutes, 59 seconds Yeah, I mean a sola uh is is added to is a not a very big 43:06 43 minutes, 6 seconds balance sheet move. Uh and I think uh it's it's uh not a running property as 43:12 43 minutes, 12 seconds such as now. So you know this is an addition to the Hilton property that we bought in uh Goa and it'll also work 43:21 43 minutes, 21 seconds within the same PR framework under a different brand but the same management. 43:26 43 minutes, 26 seconds That's how we structured it. So this is our 21 ft boutique resort and u uh from 43:34 43 minutes, 34 seconds uh the other question about the white field AC that will be completed by March 43:40 43 minutes, 40 seconds 2027 just to give you a feeling on the uh existing uh capacity buildup. The 43:47 43 minutes, 47 seconds Vanasi Marriott is progressing like I said before and the completion timeline is FI28 and Ritz Carlton uh I'll just 43:55 43 minutes, 55 seconds give the data anyway even you didn't ask the rich caron reserve these are three assets that are coming and that is coming to a completion timeline in FY28. 44:05 44 minutes, 5 seconds Got it. Thank you that is very Thank you. The next question is from the line of Karan Kamar from Choice Institutional Research. Please go ahead. 44:16 44 minutes, 16 seconds Hello sir uh congrats on a good set of numbers. Thanks for the opportunities. 44:19 44 minutes, 19 seconds Uh sir I wanted to understand uh now that Middle East is sort of there's no flights in and out and very limited flights uh where are the travelers 44:28 44 minutes, 28 seconds coming for our Maldi property from and uh what kind of impact would you see specifically in Maldi? 44:36 44 minutes, 36 seconds Look, it's just a I don't know whether it's a coincidence or what, but typically the two strong quarters are 44:43 44 minutes, 43 seconds mainly you know contributed from pure typically the strong quarters of Q3 and Q4 and and 44:54 44 minutes, 54 seconds Q1 typically moves into a totally different geography and this is a traditional business for Maldis moves from China, Russia, Korea, Japan and 45:04 45 minutes, 4 seconds this is take it from me it's a coincidence This is not not I'm not answering to suit the narrative and this is the way Maldi behaves. So we have 45:12 45 minutes, 12 seconds just moved into the different market size which has shorter duration uh shorter planning to actually make the 45:19 45 minutes, 19 seconds bookings and that business especially China, Korea, Japan is looking very very healthy and strong for us in moldies. 45:28 45 minutes, 28 seconds Got it sir. Uh can I ask one more question if I have some time? 45:32 45 minutes, 32 seconds Yeah sure. Uh sir so uh I mean I I get that Pune we have some 66% market share 45:39 45 minutes, 39 seconds in luxury uh what kind of uh expansion are we seeing in luxury and what is our mix of FTA and domestic for Pune 45:48 45 minutes, 48 seconds specifically so I mean uh this is a supply chain market we love supply chain markets both 45:56 45 minutes, 56 seconds Pune Maldis these are the two markets there we don't see any major supply coming in the next four to five years in 46:04 46 minutes, 4 seconds the luxury segment uh considering we've captured most of the key strategic opportunities in Puna itself at different price points and different 46:12 46 minutes, 12 seconds products. So we have a clear runway and as far as the FDA is concerned we have a 46:18 46 minutes, 18 seconds 60% contribution from FDA and 40% uh contribution from domestic. 46:26 46 minutes, 26 seconds So uh you still don't see an impact because of lower FDAs or FDAs are improving any color on that? Let's just last question if I can. 46:37 46 minutes, 37 seconds So current let me give you few more data points. I mean um see hospitality 46:44 46 minutes, 44 seconds I mean luxury and upper upscale is directly linked to commercial office 46:51 46 minutes, 51 seconds absorption right and typically 1 million square ft adds around uh uh 8,000 to 46:59 46 minutes, 59 seconds 10,000 uh professional employees in a specific micro market and how that u 47:06 47 minutes, 6 seconds office absorption contributes through a hotel business. There are three channels. One is um transient travel 47:15 47 minutes, 15 seconds then internal relocations and mice right and we have seen historically 2016 to 26 47:24 47 minutes, 24 seconds in Hyderabad and Bangalore 1 million square ft commercial office absorption has added around 30 room nights uh business for luxury and upper upscale. 47:36 47 minutes, 36 seconds uh but that may not be the case for Pune since international connectivity is very limited but even if I take 10 room 47:45 47 minutes, 45 seconds nights for 1 million square ft it will add a lot of room nights for us right 47:53 47 minutes, 53 seconds and last year's Pune's commercial office absorption was around 7 million so we can estimate 48:00 48 minutes 70 room nights additional business and next five years absorption is estimated at around 40 million. 48:08 48 minutes, 8 seconds We are very confident we'll do well. Our occupancy will grow up go up uh in medium term and we'll hit 75% occupancy. 48:19 48 minutes, 19 seconds No, thanks. Thanks. That was very helpful. All the best sir. Thank you. 48:24 48 minutes, 24 seconds And also Karan just to add I mean uh the FDA question I get asked for a long time 48:30 48 minutes, 30 seconds but if you really do a little bit of a uh deep dive into the kind of companies that are operating out of Pune there's 48:39 48 minutes, 39 seconds very there is dependency on the US market and European market but there's also a heavy dependency on the Japan Korea market especially because of the 48:47 48 minutes, 47 seconds automobile and auxiliary market that we have and we just seeing this biggest base of Hundai being based and coming 48:54 48 minutes, 54 seconds along in Pune along with a lot of auto parts and units. So this has been typically the Puna story and there's not 49:01 49 minutes, 1 second heavy reliance on the US market at this stage. Got it. Got it. This was really helpful. 49:08 49 minutes, 8 seconds Thank you so much. Thank you. Thank you. 49:11 49 minutes, 11 seconds Thank you. The next question is from the line of Sam Goyel from Choice Institutional Equities. Please go ahead. 49:20 49 minutes, 20 seconds Hi. Um hi. 49:24 49 minutes, 24 seconds So one question from me is that with respect to uh Hilton Goa and so house 49:31 49 minutes, 31 seconds are we still on with the expansion plan we mentioned earlier like the new keys coming vas coming out and uh the so 49:40 49 minutes, 40 seconds house Delhi or yes um Sam Hilton is a very important 49:49 49 minutes, 49 seconds acquisition for us very timely uh we seeing a will down cycle and we're going to use this down cycle for our advantage 49:58 49 minutes, 58 seconds while we rebrand the asset and add additional 60 to 70 keys and come out 50:05 50 minutes, 5 seconds with a new brand new hotel with a new uh with a new brand and a new experience 50:13 50 minutes, 13 seconds and great management that we hope to bring along with our partners our children. So yes uh they will be 50:21 50 minutes, 21 seconds additional uh we also plan uh advanced stage talks to push s into the same portfolio. So adding all the keys 50:28 50 minutes, 28 seconds together, we'll have a healthy 200 keys with uh customers to experience a lifestyle boutique hotel within the same 50:36 50 minutes, 36 seconds hotel uh as well while using operational efficiencies from the Hilton uh hotel by 50:44 50 minutes, 44 seconds itself to support the 21 keys and the 60 keys 60 to 70 keys. While uh Betim 50:51 50 minutes, 51 seconds landed residence is also a work in progress design stage. So we plan to uh as I've explained in previous quarters 51:00 51 minutes uh raise some capital on that. Uh regarding Soho Delhi uh that is two on track completion within the next uh two 51:08 51 minutes, 8 seconds years. Uh that's what we are looking at. Uh thank you. 51:17 51 minutes, 17 seconds Thank you. 51:18 51 minutes, 18 seconds The next question is from the line of J K Bria from IFL Capital. Please go ahead. 51:25 51 minutes, 25 seconds Hi uh congrats on great set of numbers and thank you for the opportunity. So uh two questions if I may. Uh first if we cannot hear you be louder please. 51:37 51 minutes, 37 seconds Uh is this better? Okay go ahead. Yeah we can hear. 51:43 51 minutes, 43 seconds Yeah. Uh so if you could highlight uh separately for the India and the Maldives portfolio uh you know the uh 51:51 51 minutes, 51 seconds the initiatives that we are taking both on the cost side uh given the input prices pressure uh so how we are 51:58 51 minutes, 58 seconds protecting our margins on that front and also how the uh on the India portfolio have we seen uh some demand mix changing 52:06 52 minutes, 6 seconds in terms of leisure and business travel? 52:12 52 minutes, 12 seconds Okay. Uh let me take the margin question on India and Maldi. I think I'll take it separately. I think uh you know the 52:20 52 minutes, 20 seconds margin story was different in India and it's been different in uh Maldes. Uh in 52:26 52 minutes, 26 seconds India we moved the margin from uh to 40% from 37. Yeah. And this is also despite 52:35 52 minutes, 35 seconds of little bit softening on the occupancy. So the operational leverage kicked in with the rate that we did in 52:41 52 minutes, 41 seconds India that ADR was up 13% and ref%. I think that's where a lot of operational leverage came out from. Uh in Maldi the 52:50 52 minutes, 50 seconds improvement was both uh volume and it was efficiency. 52:56 52 minutes, 56 seconds I think FY26 margin improved to 35% from 32. I think that was a great achievement. I'm very proud of what we 53:04 53 minutes, 4 seconds achieved there. uh occupancy also really hurt that moved five percentage points 53:10 53 minutes, 10 seconds to 63 uh and the high you know how it works in moldies is that the high fixed costs uh once they are tackled I think 53:19 53 minutes, 19 seconds they and the extra occupancy they make a huge difference in the margin and we've done a lot of things in mold frankly I 53:26 53 minutes, 26 seconds mean there's a lot of uh initiative looking at the biggest cost which is utilities which we are doing in uh through our solar project initiatives. 53:36 53 minutes, 36 seconds So we have doing cluster procurement. 53:37 53 minutes, 37 seconds We're doing uh channel market mix. I think uh the revenue department is doing a great job in marketing department all 53:45 53 minutes, 45 seconds coming together to create the story and the margin growth. 53:52 53 minutes, 52 seconds Sure. And uh also in uh can you highlight uh you know have you seen any mix uh changing in terms of business and leisure for the India portfolio? 54:03 54 minutes, 3 seconds So um JV primary are business hotels in India and it's very typical we are not seeing much change we might like I said 54:12 54 minutes, 12 seconds before seeing shift uh of business moving forward Q1 is looking very healthy uh I don't see any great signs 54:21 54 minutes, 21 seconds of business shift whether it's FDA or domestic or any segment shift that is happening that is continuing as as the 54:29 54 minutes, 29 seconds pretty much at the same uh breakout ups that we've historically seen. 54:36 54 minutes, 36 seconds Sure. And just a final one if I may. Uh can you give some more color on uh the Mundra asset uh in terms of when we 54:44 54 minutes, 44 seconds should pencil in that asset uh coming into the operation. 54:50 54 minutes, 50 seconds Okay. So Mundra is like I said uh is currently on hold. uh we reassessed that 54:57 54 minutes, 57 seconds opportunity and I think we felt that the timing and the return profile uh can be put at a later stage. It uh 55:06 55 minutes, 6 seconds needs further evaluation. Therefore, we thought it's important to inform and at the right time we will take that call 55:13 55 minutes, 13 seconds but at this stage we will uh put it on hold and deploy our capital uh on other teams as well. 55:22 55 minutes, 22 seconds Sure. Thank you very much. 55:25 55 minutes, 25 seconds Thank you. Next question is from the line of Achel Kumar from HSBC. Please go ahead. Um yeah. Hi. 55:33 55 minutes, 33 seconds Um thanks for the opportunity. I have two questions actually. So one um going back uh to the international business. 55:40 55 minutes, 40 seconds Uh so basically if I look at the the traffic data in Mallay according to um the um Maldi's immigration I guess the 55:49 55 minutes, 49 seconds April traffic was down almost 25% uh and the first 10 days of May was down 15%. 55:56 55 minutes, 56 seconds So uh so I don't know I mean that seems a bit of a difference from what you are saying about the business. So can you please talk about that and also you know 56:05 56 minutes, 5 seconds um what is the situation with the diesel because I think mole runs on the diesel and and if if I remember it correctly previously you mentioned that diesel 56:12 56 minutes, 12 seconds situation is very tight. So how do you see that? Um and my second question is on the domestic business. So um you 56:20 56 minutes, 20 seconds mentioned about the operating leverage and and still your India hospitality business while your revenue was up 3% uh in the Q4 AIDA was down 7%. So actually 56:30 56 minutes, 30 seconds you know where uh was the pressure coming from you know why the why the AIDA was down while revenue was slightly up. So can you please give a bit of a color on that? 56:41 56 minutes, 41 seconds So Ajel let me take your first question for second question first I have explained on why IDA was down I mean we 56:49 56 minutes, 49 seconds had oneoffs in both quarters last year we had oneoff income so my IIDA was on the higher side. If I adjust that uh 56:58 56 minutes, 58 seconds around uh 7 K I have to knock off from that. So reported EIDA was 107 104 K 57:06 57 minutes, 6 seconds adjusted was 96 and this quarter we have taken one of expenses of around 5 K 57:13 57 minutes, 13 seconds rupees. So my adjusted IIDA is 97 + 5 that is 102. So there is 3% growth and 57:21 57 minutes, 21 seconds revenue we are showing growth. Uh my my rear growth is um 8%. For India Mhm. 57:31 57 minutes, 31 seconds I think that's answer the decline and I think I'll take your other question. I think you me mentioned about some data. 57:39 57 minutes, 39 seconds I think uh also typically this is a weak quarter anyway for Maldis and there is I 57:47 57 minutes, 47 seconds can't deny some uh air connectivity disruption especially from the Middle East. So maybe that's what the data that you're referring to. Uh at the same time 57:55 57 minutes, 55 seconds I'm seeing different data as well. I'm seeing more flights coming in from especially Russia and China and direct uh connections that are coming in. The 58:03 58 minutes, 3 seconds new flights have just started from Australia and and Malaysia. So this is will continue to juggle as we navigate 58:11 58 minutes, 11 seconds this uncertain times. Uh and to be honest the holiday makers don't cancel 58:19 58 minutes, 19 seconds till the writing was on on the wall then they have to cancel. We've seen lot of uh cancellations. We've also seen a lot 58:26 58 minutes, 26 seconds of uplift at the same time of people uh continuing their holiday as planned. U 58:34 58 minutes, 34 seconds regarding your other question regarding diesel. Was that the question? What was that specific question? Yeah. 58:40 58 minutes, 40 seconds Yes. So my my question was around the diesel around the diesel situation because I guess I guess previously um according to my discussion with you I 58:48 58 minutes, 48 seconds guess you mentioned that diesel situation is very tight and especially this since mole runs on diesel any shortage would be a major risk. So what 58:56 58 minutes, 56 seconds is the situation with diesel but but then but then on the yeah sorry yeah I mean situation is that we 59:03 59 minutes, 3 seconds mitigated at least one and a half to two months with our existing supplies that we had on our island going forward we will see and wait and watch how the 59:12 59 minutes, 12 seconds diesel pricing gets readjusted in moldies and to give you a direct answer will this have an impact yes it will 59:19 59 minutes, 19 seconds have an impact but it's exactly how hard or when it's a little bit difficult to see at this stage 59:26 59 minutes, 26 seconds Right. Um sorry uh uh I mean you know on the on the on the mole traffic uh so you mentioned the flights are increasing but 59:33 59 minutes, 33 seconds the number which I spoke about was that was the immigration traffic number. So that should actually um shouldn't I mean don't you think that should have 59:41 59 minutes, 41 seconds captured the traffic number which is which is down majorly. So you know um I'll have to study which immigration number is this because 59:49 59 minutes, 49 seconds sure you know the new airport has opened. Are you checking quarter versus last quarter or what data is this year on year? This is year on year. 1:00:00 1 hour Sorry, year on year is uh very spiky in moldies. Like I said before uh the last 1:00:06 1 hour, 6 seconds uh the last data was that it was uh the growth from 2 million has already reached 2.5 million in Maldes. That was 1:00:14 1 hour, 14 seconds the last data. But you know there is no counterargument. There will be some disruption on movement in Maldi just like any other place in the world 1:00:23 1 hour, 23 seconds and a impact could be different for different categories of hotel. It could be different for high-end hotels, luxury hotels, midscale hotels. 1:00:32 1 hour, 32 seconds Absolutely right to Milan's point and I'm not trying to be overdefensive here but we saw similar volatility in the co 1:00:40 1 hour, 40 seconds times for Maldi but the high-end resorts actually had no dips whatsoever. 1:00:47 1 hour, 47 seconds So they were a not price sensitive customers and b uh you know sometimes uh 1:00:54 1 hour, 54 seconds rerooting through different channels uh customers are reaching their destinations not an issue for Maldis. 1:01:00 1 hour, 1 minute Maldis is connected to 90 just for 90 90 different destinations to about 40 45 direct flights. 1:01:10 1 hour, 1 minute, 10 seconds Sure. Sure. Perfect. Thank you so much. 1:01:13 1 hour, 1 minute, 13 seconds Thank you ladies and gentlemen. That was the last question. I now hand the conference over to Mr. Ranjit Batra for closing comments. 1:01:27 1 hour, 1 minute, 27 seconds Okay. Um, thank you for your questions and continued engagement. Um, FI26 has 1:01:34 1 hour, 1 minute, 34 seconds been a milestone for Ventive. As we all have seen, it was our first full year of reporting 1:01:42 1 hour, 1 minute, 42 seconds uh as a listed company and we delivered performance that reflects whatever we set out to achieve whether it's quality and resilience and 1:01:50 1 hour, 1 minute, 50 seconds scalability of the platform. We delivered 24% of revenue growth, 28% of the growth and expanded margin to 49% 1:01:58 1 hour, 1 minute, 58 seconds despite travel destruction and geopolitical uncertainties during the year. We also crossed 500 crores at at 1:02:06 1 hour, 2 minutes, 6 seconds PAT which is an important milestone for the company and strong marker for a progress as a listed platform. Our 1:02:14 1 hour, 2 minutes, 14 seconds hospitality business is now close to 2,000 crores in revenue on its own with 33% in beta growth and 300 base points of margin expansion. India delivered a 1:02:23 1 hour, 2 minutes, 23 seconds rateled year. Moldies deliver a strong occupancy and transfer growth and annually continue to provide high margins stability. 1:02:32 1 hour, 2 minutes, 32 seconds We also use the year to sharpen our portfolio through acquisitions. 1:02:37 1 hour, 2 minutes, 37 seconds Uh Hilton, Goa, Soho, Saul, the Goa, Nurmada estates each strengthen the platform in different ways. Leisure, 1:02:44 1 hour, 2 minutes, 44 seconds lifestyle, wellness and annuityled growth. The portfolio to today is stronger, more diversified and more 1:02:52 1 hour, 2 minutes, 52 seconds focused than it was a year ago. As we enter 20 FY27, we do so with a stronger earning base, 1:03:00 1 hour, 3 minutes sharper portfolio and a clear focus on execution. I want to thank our teams across India. Maldi's corporate office 1:03:08 1 hour, 3 minutes, 8 seconds result reflects thousands of daily decisions taken by our hotel teams, commercial teams, finance teams, asset 1:03:14 1 hour, 3 minutes, 14 seconds management teams through a year that are more than its fair share of disruption. 1:03:21 1 hour, 3 minutes, 21 seconds As we see scale, our biggest advantage will remain the quality of our people, the consistency of aggress experience and the operating culture we build 1:03:29 1 hour, 3 minutes, 29 seconds across our brands, geographies and formats. I also want to thank our operating partners, vendors and other 1:03:36 1 hour, 3 minutes, 36 seconds stakeholders who work closely with us through the year to deliver the both guest experience and financial performance. I want to thank our teams 1:03:44 1 hour, 3 minutes, 44 seconds across India, Moldis and the corporate office. These results reflect a great deal of involvement from each and every member. 1:03:54 1 hour, 3 minutes, 54 seconds Thank you once again for joining us today. We look forward to speaking with you next quarter. 1:04:00 1 hour, 4 minutes Thank you very much, sir. On behalf of Ventive Hospitality, that concludes this conference call. Thank you all for joining us and you may now disconnect your lines. Thank you.