Interim report
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Chalet Hotels Limited Regd. Off. : Raheja Tower, Plot No.C-30, Block ‘G’, Next to Bank of Baroda, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. Website: www.chalethotels.com Email: companysecretary@chalethotels.com Phone: +91-22-2656 4000 Fax: +91-22-2656 5451, CIN: L55101MH1986PLC038538 November 04, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Corporate Relationship Department Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Dalal Street, Fort, Mumbai 400 051. Mumbai 400 001. Scrip Code: CHALET Scrip Code: 542399 (Equity) 976529 (Non-Convertible Debentures) 732697 (Commercial Paper) Dear Sir/ Madam, Subject: Outcome of the Board Meeting held on November 04, 2026 Ref.: Regulations 30, 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’) Pursuant to the provisions of Regulations 30, 33 and 52 read with Schedule III of the Listing Regulations, this is to inform you that the Board of Directors of the Company at its meeting held today, i.e. on November 04, 2026, has, inter-alia, considered and approved the Statement of Unaudited Standalone and Consolidated Financial Results for the quarter and six months ended September 30, 2026, in accordance with the provisions of Regulations 33 and 52 of the Listing Regulations. A copy of the aforementioned results along with the Limited Review R eport of the Statutory Auditors thereon, is enclosed herewith as Annexure I. The details of extent and nature of security created and maintained with respect to the Listed Non - Convertible Debentures of the Company are set out in the Notes to the Unaudited Standalone and Consolidated Financial Results. The aforesaid results will be uploaded on the Company's website, www.chalethotels.com and will also be available on the website of the Stock Exchanges. Further, the Financial Results will be published in the newspapers as required under Regulations 47 and 52 of the Listing Regulations. The Security Cover Certificate as per the provisions of Regulation 54(3) of the Listing Regulations is also enclosed herewith as Annexure II. The meeting of the Board of Directors of the Company commenced at 2.00 p.m. and concluded at 4.27 p.m. We request you to take the aforementioned information on record. Thanking You. Yours faithfully, For Chalet Hotels Limited Christabelle Baptista Company Secretary and Compliance Officer Enclosed: As above
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BS R & Co. LLP Chartere d Accountants 14th Floor, Central B Wing and North c Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited consolidated financial results of Chalet Hotels Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended To the Board of Directors of Chalet Hotels Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Chalet Hotels Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/C IR/2021/613 dated 10 August 2021, as amended. 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared In accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act. 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations , as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of Ille Entity", issued by the Institute of Chartered Accountants of India. A review of Interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion . We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the following entities: Chalet Airport Hotels Private Limited Wholly owned subsidiary Sonmil Industries Private Limtied Wholly owned subsidiary Mahananda Spa and Resorts Private Limited Wholly owned subsidiary Chalet Hotel & Properties (Kerala) Private Limited Subsidiary ADQl5lurtHJ Ouicu U S A & Co (H pa1t11t11shlp r1rm w~h Rttul5lra0on No 0A&122l) t()nvtit1tHJ •nlO O $: R & Cu LLP (i I imil0(1 llAtiilrly PArl110rship wr1t1 bLP ROQi$UAll()r1 Nn AAB-8181) W1lh ilflnc1 Imm Otmtk}r 14, 201j 1~111 fk>Or. C011t1ftl B \MftO Ai)(1 NOilh C IMO(); Nn,;r.o IT Pnrtc 4, Nosco C')ll!Q(, \M'.l!i!Crn Expro!.!. HIQhwny, GorDQAOn (EUI), Mumbnl • 40001)3 Page 1 of 2
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BS R & Co. LLP The Dukes Retreat Private Limited Ayushi and Poonam Estates LLP Seasons Hotel Private Limited Lakeview Mercantile Company Private Limited Limited Review Report (Continued) Chalet Hotels Limited Wholly owned subsidiary Wholly owned subsidiary Wholly owned subsidiary (w.e.f 05 May 2026) Wholly owned subsidiary (w.e.f 07 September 2026) 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared In accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted In India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021,as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial results of three Subsidiaries included in the Statement, whose interim financial results reflect total assets (before consolidation adjustments) of Rs 4,888.93 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs 146.64 million and Rs 517.20 million, total net profit / (loss) after tax (before consolidation adjustments) of Rs (24.92) million and Rs 78.72 million and total comprehensive income/(loss) (before consolidation adjustments) of Rs (24.08) million and Rs 80.24 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs 29.22 million for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. These interim financial results has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement. in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion Is not modified In respect of this matter. Mumbai 04 November 2026 For B S R & Co. LLP Chattered Accountants Firm's Registration No.:101248W/W-100022 µf~ Mansi Pardiwalla Partner Membership No.: 108511 UDIN:26108511SUSOVR2904 Page 2 of 2
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CHAI ,ET HOTELS LIMITED CH A LET i. n 1 1 l \ Stnlc111c11t of ConsolitlHtcd Fin"nc!n! Res111fs for lhc quurtcr 111111 siJ month s elided JU Scpicmhcr 202<, t in 111illio11 (.)un rler ended Sh months t;ndcd \'l'n r t.:n dt.:<l 30 Septemhct• 30 .June 30 Sc1Jtcm bcr 30 Seplember JO September JI Mnreh 2026 2026 202s 2026 lOl~ 2026 (ll nnudlted) (lJnnudltcti) (llnn11di!cd) (Unnuditcd) (Unnudltcd) (Audit ed) Income Revenue from opcu11lrn1s 5,019.96 s.122.n 7,353,()'I 10.142.69 16,298.60 27,697.SJ 0 1hcr income ?~.19 90.41 85.12 184.60 222.99 426 72 Total l1it<11iit• (A) ~.i 14.IS S,213,14 7,438.21 10,327.29 16,521.S9 2H,l 24,2S E1pcniscs Cost of mntcrinls consumed• rcnl i::s1111c 108.22 27 1.22 262.34 :179,1(4 i ,0'11.'12 736.96 Clmni:cs in invc111orics of 0nished i:rnnb and wnslrucl ion work in proArcss ( I0H 22) (238.15) 1,378.89 (3116.37) 3.201.M, 3,630.51 food nnd beverages consumed 107,81 315.93 30U8 6a74 <,(l<J.14 1.297 79 Opcroting supjllies consu,ncil 108.36 8S.Si1 I02J6 l </3.'10 204.68 436.23 Employee hc11ull1 i;x11cns1.:s 732.83 739 H4 6%.59 1,472.67 1,391.16 2,878.50 l'owcr' and fuel 2S0.07 257,55 249. 11 507.62 486.13 943 4</ ( l lher expenses 1,•145 41 1.150.63 1,366.58 2,796.011 2,741!,79 5,900.01 Toif,I 1,:, 1icnscs (ll) 2,844.4H 2,782.56 4,360.75 5,627.04 9,733.4H 15,823.49 Enrnings brforr Interest, dcpr·e:cl;1tior1. itmurthmtion 1111d tnx (ED ITDA) 2,2<,9,67 2,430.~8 3,077.46 4,700.2S <,,?HH, 11 12,300.76 herun· c.ccptionnl ilcms(C) (A-H) llcwc,rn1ion nnd umonisnlion expense~ 611.26 612.20 574.10 1,223.46 I,1 IJ I</ 2,299.52 l'im111ce costs 417.33 394.58 453,91 HI 1.91 ')39.35 1,804.50 l'roOt before cxec1>fio1rnl ltc,us 1111d 111, (U) 1,241.08 1,423.80 2;fJ49.4S 2,M4 ,HH 4,735.57 8,196.74 Exccptionnl items (E) ( Refer Nute H) 98.~9 9H,49 . i 0.21 Prone bdorc income; rn~ (I' ) (ll-E) 1,241.08 i ,32S.31 2 049.45 l 566.39 4,735.57 8,18<,.Sl Tax t!!(pCriilc (<J) (921.47) 4(14,06 501.26 (457.41) i ,1~6.10 1,736,J(, < 'urrenl lux i54.H4 428.64 393.84 <,83.4Jl H74, 74 1,484.73 MAT credit cntillcmc111 (242.25) (5J8.02) (l ,0IS.73) Deferred tax (('r•eil/t)/cxpenses (Refer Note 10) (1,176.31) 35.42 349.67 ( 1,140.89) 819.38 1,267.3(1 rront for the J>criud/ ycur (II) (F-G) 2 162.55 861.25 1,~4H,19 J 0lJ.80 J ~79.47 6,4~0.17 Other com1;relie1i5ivf h1comc/(cxpcnsc) Items ilif!I will not ~c rcdn ssificd to J>ront or loss Rcmci.1surcmcnt of the denned hcnclll phms 1.3 I 1..12 (1.03) 2 63 (2.05) 5.26 lncomc-tnx on above (0.'16) (0.44) o 35 (0.90) 0.70 (l.77) Other com1u·ehen~lve i,;co,n1•/(e, pcnsc) for the period / 1•ca1·, ,1et ur tux 0.8S 0.88 ((I <,Hl 1,73 11.J~I 3.49 Total coriiJlrehensivc income for the 1>crlod / year 2,163.40 H62,13 I 547.51 J,02~.53 3,578.12 <,,4S3.(1(1 rrofll/ (Los,) for lhc period /yenr attrlbu lnhle tu : Owners ul' lite company 2,162H7 861.49 1,548.'13 3,02d.36 :l,57</ </3 <•.451.09 NotHo nlrolling interest (0.32) (0.24) (0.2•1) (0.56) (0.46) (0.92) Other compt·ehi!nsll'i! lrici11n1•/(1·•1icns1·) attributable lo : Owners of ll1c c<11t 1f11111y 0.8S 0,XX (IJ.6X) 1.73 ( I.JS) :l,49 Non-coni,olli11g interests ;l'olRI cumprchcosivc incomc /(cxpcnsc) :1Urihu111hlc tu : Owner~ ul' lhe compuny 2.163.72 862.37 l,S17.75 :l,026,0<J 3.57H.58 6,454.58 Nun-conlroiling interest (0.32) (0.24) (0 24) (0,56) (0.46) (0.92) rnid -up equity shnrc c111>irnl (Fncc v11luc oft IO per share) 2,189.94 2,189.91( 2, IH6 H5 2,1 X9.94 2,186.85 2,189.94 Other equity 34.787,99 Net-Worth 39,798.77 37,H44.30 34,145.53 39,798.77 J•i,145.53 36,9715<• EArni11gs per equity shnrc(Fnce vnlui! or t 10 011t h) llf!Sit (' nol mmunliscd)(i n {) 'tJ,HH •J.93 '7.08 ' 13,8 I • I6,3H 29.50 Dihtled (• not annualised) (in t) '9.87 •3_93 '7.07 '13 XU ' 16.35 29.46 Addition11I lnfol'llrntlon tlUrsu,rnt to 1'c<11<ircmcnt of Regulation 112(4) or the Soturitic s and Exchange Bonrd or lrtili11 (Listing Obligntion, and llisclusurc Hc1111iremcnts) Regulation 201~ (ltercr Nute 7). Debi E1Iuity Rulio (in l imes) (I<,<) 0.65 0.72 0.69 0,72 0.63 llcbl Service Coverage Ratio (DSC'R) (n111n111hscd) (in limes) 2.04 2.67 2.20 2.14 2.40 2.68 inlcrcsl Service Coverage l{a1io ( ISl'R) (in times) 5.44 6.16 6,7X 5,79 7.23 6.82 Currcn1 Rmio (in !1111cs) 0.68 0,65 0.62 0.68 0.62 0.70 Long term l>cbl lu Working Cupilol (in limes) (3,66) (3.83) (3.56) (3.<.6) (3.56) (4.<Ji ) C111rc111 Liubilily Rolio (in limes) o 42 0.38 0.38 0.42 0 3H 0.36 llud Debts lo Accounl Receivable (in 1i11ics) . . . . . . Tomi IJcbt 10 Tu1ul A,scl• (in limes) 0.3'1 0,32 0.35 0.34 0.3S on llcht111· Tumuver (unnunliscd) (in times) 25 43 29.00 36.49 26.15 40,44 37.55 l11vc111u,y Turnover (annualised) (in time;) 6,</2 6.80 8.07 6,Jlll H.07 7.51 Opernling Margin (¾) 32% 3S¾ :'lt1% 34% 34% 36% Ncl rrorn Margin(%) 42% 17¾ 21% 29% 22% 23¾ Capirnl rcdcmp1i1111 n.:i;ervc 2,160.00 2,160 00 I ,560.00 2,160.00 1,560.00 2,160.00 Dchcn1111t! l(cde:111ptiun Reserve 0111srnml111u re<.lccmublc prcforcncc shares (Jurmf1f) 1 6,000 (1,00() 11(1/11,· 59S.80 595.80 ]..) The lislcdllo n-convcmble deb~•!lurcs of lhc Holding Company Rggicg11ti1111 ~ 750 mill ion as al 30 Septcmhc, 2026. iore secured by wuy of lir•I runking pari-pnssu charge over -,~ ·u~Jc ~ 111110veahle proper-lies ul'li1c Holding Company perminini; 111 J\V Siihar Marrioll & Salrnr Remit. 'rite ses111·11y cover Jhercof exceeds 1.75, of the principal amou111 ail in~:~l'"lltlc~•~ )l•s'i·cor1 uf 1he smd debentures as m 30 Septcmher 2026 t)11,~D ~CJ)lcn! ·~i(!i!v. the I l11ldi11g Cu111p1my lms issued 2,000 uni1s nf c ·rn11111erci11I Pupers with n fncc value 11n soo.ooo eacb. ;111nrcm11inn 1u 11111111uril)' umounl 9n_ lif0O 111illi\ln·n~11 di~Sm\n~a1c_of6,6~Jo/• p.a _The Commcrcinl Papers have been ,1,si1111~d II crcdH ruling of CRIS II. A i 1 111ill fne due liir rc<lcmpl/011 un 24 December 2026, ,- l11e·Comn~ rclpl l'np rs ISsned Ill previous qnnner have been duly rcdccmcil <Ill I1111cly bnsis. '••'<, ~oi<_ ''S'f('>1fccomnanvln~ notes to ihe c111isolid111cd 01111nclnl results .I ,.....I\ ,1u1v . ""'' I -~') * ◊if
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C H A LE T Notes: Tho ubu\'c 1.:011.sohdulcd furnncml result!; for the riunrtcr nnd ~,x mnntlui. ended Ju Sc1ltcmlw1 202c, wluch arc 1·H1hllcihcd 1n A1.'~\.11Ja11cc \I.1th l{cM,11lm101b ., i 1111J S~(•I) of 1lic Shh I (L1st111l' Ul>hM,itlluns und D1sdm.urc Rcqu1rcrncnt, ) Rcg.ulnim115, 20 15. ,m nmcndi.-<l, hnve hcen reviewed hy 1he Audn Comm111CL"' cmd Apprnvcd h~1 1hc Honrd nf D1n.-c1nrs nt 1hc1r tl"9JH.!tl1vc mcctm gs held un Oil Nuvcmbcr 2026 'I he Al)pwv4.•J rnmwh du11.·J 1'111a111.:1al ,cimhs Ii.Ji lhc qum1cr and six months cndi.-d 30 Scptcmhcr 202CJ me nvmlnhlc hn lhc Nmmnn l St~k Exchnnsc wch,;11c (URI. \v,v,v 1lS,.•111Jm 1.:1..1111), 1111: Uomboty Stod Exchange wchs1tc (URL www b~mdm com) ;md on lhc C'hnlct !Imel ~ l.1m1tccl 1~1Inld111e cnmpnny" ) wehs1tc (tJRL ,vw,v Cl1i1lctho1cls cu111) J ThL•~ co11wlid;1tcd fimmcml re:mlts lmvc been prcpnred III nc-cordnncc wit h 1hc rccog11111on nnrl met1r.11rcmc111 WlllCil)les of lrid1nfl Accuuntm}! Sm.nJnrJs ("lnJ AS") prcscrihcd under Sl'l·l1u11 I JJ of lhc Cu1npa111es Acl, 2013 read with the relcvoni rule,; issued ihcrcundcr nnd 1he oiher nccou111Ins rmnc1pl~ l!cnvrnlly nccep1cil 111 lndut 4 On 5 Mny 202~,. the I iolJrnK CO•llPfill)' OCQune<l l tKi;.t uf' Ilic ii:l1tud1uld111~ uf ScalUns I lutcls Pn\utc LmulL-<l (•st WL ")furn cuns1dcmt10n nf ~ 1,710 rmlhnn On 7 S~p1cmhcr 202ft, 1hc lloldrng Con11>0ny oc<1u11cJ IOl"O uf lln.1 shu11.:huhJ111g ul' l...ik1Jv1cw Meu:untilc Cump:my l'nvale l.11111tcd c•t.MCPL•) furn net consulerutmn nr ~ ()()2 million These RC(lUl &l110nF- <lucs 1hl l coll Sllluh.1 tt busmcis Ulllkr lmJmn Hl"l"Ulmlmg ~lm1d;._11ds umJ UH! m:cuunted for ;:1s a.ucl 11cqm!nlI011 5 In D ecember l oo,. th\i Gfli\J li purchased b,,,IJ,ngs cu11ipI1sI11g uf llil' lmtul um.I upar1ments 1here111. to~clhcr with n. demnrcnted por1I011 nf the le.i.r.chnld right s tu ltmd ;11 V.c1h1 (Nav1 M11mhn1) frnm K k nhcJa C'Oq} l111vmc L111111eJ ('K Rtthll)tt') Thu U1oup has been opcrnlmg its holl•I, All11va Pulse (e~ twlu lc Four Poml!i Dy Shcrnlon), Nnv1 ~,tlumbm, Vn.!.lu ut the ,;.n111 prcmI6CS Two f1 ubl1c l111crcs1 Lll iHm,on~ challen~11iv, 1hu nllulll1l"11I uf la11d l.ty City & lm.l11:!il1iul Dcvclupmcnl C:orpomtum of Mnlrnrm;htru L11111tcd ('CIDCO ') tu K RuhcJa wc,c filcrl in 1hc fin onc1nl year :>.oo1-04 L>11rrn~ 1hc li11ttncud yco, 2014· 1 ~. lhu I lunuurnbh:i I ligh Court of Bumbay ('Bmnbay I ligh Court'), hy Il!ii Judgment, ordcrl.·d K llnhcJil In demnli :sh 1hc sm1cwre ond hnnd back 1h0 land 10 Cl UCO In rc&1>onse, K RnhcJO filed fl specuil lcovc pctItIu11 (SL I') u)(mnst the urc.Jcr, 111 1hu I lunuurnblc Supreme Court nf lndm ("Supreme C'nurt'l II nbn nppllcd to the Stille Onvemrncnt for rcguhm~minn of 1hc land fillutmcril , w1tl1u\JI JJ11.!Jud1cu lo lhc pcncJ1118 SLP In thc previou s yc,u, the Supreme Cnur1 vule I1s order clntl.-d 27 October 2025 grn11lt.'<l leavc In K Rnhep1 rmd Jircc1ed CIIJCO 10 file Hn affiduv,t w 1th111 s,~ weeks 1cg1mJ111g steps taken to regularise the l;md allntlcd In K RnhcJn Pursunnl lo d1reclmns nf the Supreme C"our1, C'IDCO vtde 11~ Bn{lr,I rtc._~lut•Ofl i-11:i 1 ·111H, d;.i!td 4 Fd.numy 2026, uvpruvc<l fl'gulunsullun of lhe ;1llotment 111 favour of K RaheJR, ,;uhJL'CI to p,1ymcnt of n <l1ffcrcntrnl premium , 111tcrest u11d np11l1cohlc taxes nn<l 1>lnccd tho Uoflfd l(csolu11u11 un 1l-eCncJ wit h thli Sup1cmc Court v1dc its ~tlliduv,t duted 9 M11rch 2026 Th~ Su1>remc f'oun ho.s v1dc 118 1mh1,11h.·rH un<l u1Jc1 <lu1cJ 26 May 2026 sci ns1dc the Uo111ln1y I hgh C'uurt's order for dcmnhtmn/rc,1nrnl1011 nf the stniclure nnd lrns ordered tlml the nll01mcn1 of1hu fond m fuvuu1 ofK RohcJI.I slmll staml 1qi.ulm1sud, sulJJecl lo payment nftlu.! mnounl !!il1pul11tcd III the order w1lhm the pre5enhccl f>cnod K RnhC)D htl8 sublk:qucllll)' 11h:1<lu thu 1CltmSIto pftyme11l towmd s rngulurisalto n CIDCO, v1de its letter dnll'<I 9 Seplcmhcr 2026, hn,; ncknnwlcdgecl rcccIp1 of ihe nmn1111t s11p11lated m 1hc ordc1 end confi1111cd 1l1ltl. pursu11111 to 1cc(!1p1 of 1110 said mnuunt, the allotment nf"lm1d !ttcmd,; rcgulnnscd '1 Thu I toldmg C'umpany (Tram1fcrcc Company') nt its mectmg held on 25 October 2023 hnd npprovccl C'ompo,;111;: Schem~ ,1f l\rrm1Hemcm rmd fun{llgn111{Hi(111 ('~cheme') of Snnnul l11Ju~1 ,cs l11Ivutc L11111tcd ('Somml/ Trm1sfcrur Company Nu I') (who lly owned ~11h,;1chnry) nnd The Duke" Rctrcn1 Pnvn1c l .1m1icrl COukcs/ Trnnsfcror C'ompnny No 2') (s11hs1d1nry). wllli lho I luld1118 Cornpw1y under SL'cl1uns 230 to 232 oflhe Cnmp11mc1 Act, 2013, w1ih cffeci from I Apri l 2024 for Sn111111I ('Ap1mi111cd Dole• Smgc I Am[llgomn11on'J nnd from 1hc date fulling aO.cr the EITcc11ve Date· Stugc I Amulg.i1mntm11 rur. fixed hy lhc Bnnrd of 01rectnr~ nf ihc I lolcl111s C'nmpony for Di1li:cs ('Ap1>01ntcd DfltC· Smg_c 2 Amelgomotion') , 511hjcc1 tu lho uppruval ul"lhc slntutury and rc~ul11tnry n11thur111es An npphcatmn for npprnvnl uf the Scheme wn~ filed wllh the I lnnnurnhlc Nntu:,nnl C'nmprmy I .mv Trihonnl ('l·lonournblt: NC1: r) on ~ Oc1obcr .?024 1:m thcr 10 tt1)1>roval ncc.ordcd hy thu Eqml)' Shareholders of tho Trnn~fcrce Compnny for the Scheme nl iheir mec1111g held on I , f\.·1ny 202j . 11IIr-111(i11! 10 1hc orJtr vf 1hi.: Hon<i11rol,lc NCLT 1JmcJ IN M f1rch 201~. o Cuniplmy Sd1c111c Pct1llun(CSI') has been filed with the I lnnnurnhlc Nf'I.T 011 24 Mny 2025 The Ort!er of !111; Hon\1\1rphl,,: N('I .T 19 fl\Vfll!ed f'r,;ndms 1hc rc11111511c opprov{IIS. no ud1ust111c11b 111c c.imccJ out 111 the co11suhd111ed finrmcml rc:mlt~ Formu la u!lrd few C.nlculntlnn or RAfl n u ut Flr,ftilCIAI tu cHcHIOr'I 111'1.• tic•luw; Debt P.q111ly R11tm Tomi Oeh1/Shorchnldcr 's Hqu11y Debt Service \overng c Rn11n (DS\R) P.lll1l>A /(lmcres1 fo, the pc11ci<llyco, f t"u11cnl nmlu11ty vi" Long tl•1111 debt) lnlcre.s.1 Service Coverage l(a1,o (ISCK ) .. El:JITUA/h,11,1os1 cu:11 ur the pcrnx.1/year ('urrenl Rt1i in ... C'urrcnt A 85Cl8 I C't111co1 l.1abil1t!CS l.nns icnn nch110 Worlc1nK C't1p11nl Non Current bon(h\'111l(&'(Cu11c1il As!4.:t5· Cur11!111 L,ululillcs) C'urrcm I .ioh11i1y Rm,o (\1rrcn1 L.1ob1li11c,/ l\.,1u! L1alnlit1a.:s nnrt Och1s 10 l\ccou111 Rccc1vnblc Kello Uad 1Jcl.11s /Av~rogu Ti&du llfJl"c1v11blci Tmlll Dcbts 1nTotal AbSCIS (C11ncn1 IJ011ow111t.4f Non·l'u11u,111Jmrow1118,)f Tu111I A nel~ Och1or Turnover (ftllfl110l11fCd) K.cvcouc lium opcrf1tmns/Avc111go Trude RL1ec1vable lnvenmry Tumovcr (c!(cludma ttci11dc1111nl ScK,fill•fll) (lililhnlllk<J) t"u ~t ol',.1,oo<ls sold/Avl•r:tgl1 Inventor)' Opcrm,nH, MRfKlfl (¾) l.!&11i11\>4 Ucfuru h1l(t1u:1t & T;.1xl!s/Tu1i1l lncume Nel Profit Mnrgin (%) Nc1 l>rnfit / l'n1nl Income R (n) TI1e C1nvemm1,;111 of lnclin ho,; consoliilmcd 21> c~18UJIK lnbour lc.H,uilm1011s mtu u umlicd fum1cwork t;OrHp11s111g f'uur l:1buur codes v11 lhc Code 0 11 W:.igcs, 2019, the Codll on Socml Sccur11y, 2020. 1he lndus1rinl Rcl(l1ions Code. 2020, M<l 1hc Oc~u1,at1u1,ul Sflfcty, I kitlth and Workmg l'und1t1011:11 Cotlc, 2020 (t:iulk'Ct1vely rcfcned 10 as the ·cocleJ") . ·111c Cude~ hnvc he<:n mode cffcc11vc rl'o1n 2 1 November 202S (11 accu1Jnneu w1Il1 th1.i 1Iuw Utbom Codes, 1110 Group hu:\ e~t1mnted the 111crc111entul 1111p.ict nf { JO 21 1111111011 on rel1rul benefit~ nnd the I111p.ncl nf 1he: l .nhnur ('ottcs 15 rccosmscd lllldcr " l1xccp11onol l1c11u" 111 1hc: tu11~li<la1ni f11n111cml nmill i fur thu yc.:11 c11dcd JI Murch , 2026 Accmdm~ly, un ucJ;ustuiunt hu:1 hecn rec(lgn1~cl 111 rct pect (If employee hcncfit CApcnscs In 1hc p,cv,ou s l)\;1 ,oJ/ycm (h) During ihe quoncr ended 1() June 202(,, 1hc l·luld1HK (\1111pa11y mlloc.lUl:.td a vulunhuy scpmitlIun scheme (VSSJ 111 one of tis I lolcl Umts ·111e compcnsulmn III rcsJ>L'CI uf' cmplpyccs who op1cd for VSS oiu~rcf{Olcd 10 ~ ''~ 41J 1111111011 IJ As on 30 Sc11tc11\lx:1 2026, tl1c Oruup, fu, ~cur 111g the supply uf rencwuhlc cner8,)', h11s 1nvcstc..-d t I 0'1 .30 rn1llinn 111 lhe C'nm1>m11c,; ,hc111g cngngcd In ihc gcnemtInn of hydro power nr!d solnr power ·1111.; Uruup hold s f110ro limn 200/4 111 ct1uIty 111vc:1t111cnts III these cnlllIcs The Omup dues nnt hnve the nh,hty to pnrtIc1pnlc 11nd 11 not mvolvt.'<I m the npcmtmns 1tncl/nr rcl1.wam BtlIVIlh:J ofthuw Cumpi1111cs/c111lt1us uncJ lms 110 oxpusuro m 1"18,hls to vttrmhlc relums ·111e fm;mcml~ nflhe~ entItIcs hnvc Ihm, not hccn com;ulcre,t ni; A ,-i.oc1nte f'nmp;,mc~ In the co11soliJa1cJ fifmncrnl ,osulli us on JO ~eplcmlx!r 2026 JO Uurmg the current qmutcr ended 30 Seplemher 2026, the llnldmg C"nrnpnny hni; dcc1ded In excrcI~c lhc (lllll(lll nvoiltthlc lmdcr Scc1ion 20h nf1he lncomc•lm< /\Ct 202~ (erstwhile: Sci.;11011 11 SIJAA nfthc l11c:01ne-tnx Act, 19611, which provide!! el1g1hle dnme1t1e c;:nmpn11Ics n cnncc~ionnl 101< regirne m fl r111e or 2, i 7%1 (2l•/4 plu s oppl1c.nblc stirchnrgc n11d ceu). 111 lieu of"lhc 1c8,ulw curpumtc tax rate of 34 94% (3()1% ph1!1 npphcnhlc !';t1rchnr8c nncl c;:cu ) Accordingl y. 1hc Hnldms Compnny has remc,11stircd the orcntns bnlru1cc of i1s deferrc<l IIIX l1ul,1l1t1cs (net) as ut 01 Apnl 2026 nnd 1111s 11ccountcd lnx crcd11 oft 1, 125 million rclnl111s tn 1hc ~ me 111 1he c,1rrctu qtI(mer Hence m:it. cxpcnk: for 1he q11nr1erlf..tX month!' ended 30 S1:pli.:111l,e1 2026 Is not cu1111>arnble with uthcr reported pc, inch 11 ·nm sl;:1tutury nud1tor.1 or the I luldm8, Cumpany have expressed rm unmorl1ficd opImon on 1hc nhove enmmlicfatNI finnne1ol rcs11li5 for 1h1: qunncr lllld six mnn1hs i.:ndi:d 30 Sc1l1cmhcr 2026 12 lnvC'510r C'ompl{IUllS pcmlinH 01 thl· l'K'811H•IH}\ of' 1ho q11R1lc1 Nd. Rccu1vl'"d du111114 tho llllllllt:r - Ntl, Disposed durmg, lhc q1111rter N1l, llcm1.11111118 umesulvcd nl the end uf the qunner Nil ltcJ,:.istL•rct.l Uffi rc; RnhcJn Tower , Plo1 Nn ('. 11) 4th Floor , 13Iock 'U', Near Uunk ur llumda , n,mdrn Kurln Complex. n 1111drf' (P.osl). M1rn1h,11 - 41KKI' I L:111H1l 111vcs1011cla11011s(!!lclmlctholel J l"on1 Wclmle www chnlcthntcl ,; com l1h1n •; M11111b11i l>nlC'i 0-i NnvC'mhr1• l.Olt, For Chnlcl I loleli Limil ed ::;;n.,.,c:·~-, ~ ,_' ~ ~ '\, Shw<lnnk Singh ij _MIJ,_)ia111111! llln•c/11r & I 'Ii(} l Mu~. 8/\ - (DIN OZQ71,6J7) ~~0
Page 6
CHALET HOTELS LIMIT ED Cunsulidtttcd Balttncc Sheet as at 30 September 2026 ~ N O!l•Clll't'C!l1 a ssc1s Property. plant and equipment R iBht or use nsscts l'up 11ul work-in-progress lnvestincm pIopcIty Goodw ill Other 111lung1hlc usscls l~im111cial assets (i) Other investments (ii) Others 1Jcfc1 red lilX assets (net) Non-Gurrcnl tux usscls (net) Other non•currcrn assets To1ol ti0il•Cllrrc li ( liSSelS C urren, 11sse1s l!iven1orics Flmmc ml asse ts (i) Investments (ii) Trnde receivables (i ii) Cash 11nd cash cquiva lcnls (iv) Uunk balunGcs other than (iii ) ubovc (v) Others Other currcnl nsscts Totul cn1·1·cn1 asset~ T OTAL ASSl"1'S EOIJITY AND J.IAHII.ITIE S t:t1uity Equity shiirc cnriln l Other cqu lly Non cotllro ll ing interests Tollll equity l .lnhlllll es Non-cur r ent liuhililics Finnncial Jiuhil ilics (i) Burrowing.~ (i i) Lcnse liabiliiies (i ii) O1hcrs Provisions Dcii:rred tux liubi litics (net) Other non-current liabililics Tolnl non-current !li11Jlll11es Current li11 1Jililics Finuncia l Jinhilil ics (i) Llorrow ings (ii) Lease liabilitie s (ii i) Trude r uyuhlcs (a) Tomi outstanding dues oi' miao enterprises und smull enterprises nnd (b) Tow ! 011tstn11dins dues to creditor s other than micro enterpr ises and s1m1II cntcrpr•iscs (iv) O ther linuncinl linhilil ics Other cuIrent liabili ties Provisions Totill currcn1 llablllt lc~ TOTAL EQUITY AND LIAB ILIT IES As 111 J O September 2026 ( IJnuutli tcd) 36,243.94 304.117 2,039,60 23,1172.14 8 17.33 45.80 143.62 1,1147. 13 276.82 2,(114,26 1,363.01) 69, 138.60 3,0 14.li 220,RO 853.118 2,076.28 3,17 1.84 396.HH 1,898.29 11,632, (1) 110,770,79 2,189.94 37,615.76 (6.93) 39,798.77 20,450.73 337.59 1, 141.06 173.04 1, 126.34 516.98 23,745.74 6,983. 10 67.85 28 1.55 1,272.37 2,107. 14 6,406.06 108.2 1 17,226.28 80,770.79 CH A LET I U 11 l 'I f in milli on As HI J I Marc h 2026 (Audit ed) 33, 1 I 1.6 1 329.HK !,324,9 1 22,641.4 5 1117.33 JJ,2 4 146.9 1 1,849.49 218. 15 2,4111. 111 1, 163.KS 64,0SS.00 2,693.40 146,06 687.27 1,639.93 1,445.IO 797.52 1,622.04 9,031.32 73,086.32 2,189.94 34,787.99 (6.37) 36,971.56 IR.!137.10 372. 14 936.36 186.29 2,198.60 717.84 23,248.33 4,402.38 6S. 16 382.62 1,266.30 1,272.97 5,374.87 IOi. 13 12,866.43 73,08(,.32 ,-° I l l' < MUMBAI - t) C 1
Page 7
Chalet I lotels I ,imit ed Coii1olld111r-cl Sum:nk'nl of C ·.u;li J,1ow1 {111 IIIL' ,..,., lo,/ L'titl,:J J(} .'w.·11t1'111h,·1 ](}1/i A. (",\S Ii Fl.OW FHOM 01'1-'.HATI N( ; A<- n v rnES: l'l'flfi l ht fortr I!!' AilJll !tlllli;,1t1 fi..11 lnlcn::sl 111cot1K.1 from 11ulrumcn1, nw.uun:d at amortised cost !111c,n l on IIK'-Of1Ki lil't rufund lk-pn.'C1.1t1on and amort1s.1tmo C\J}C'nscs Fm:incc cos1s IJnrcJh K\1 C\C:h!utgc lob l .f,U f"I ,:nli,; c,r JifflJ M;l t~·. 1ila 111 {!;1111 i.:<1i1111mc 111 (11C.,1) Prv1x;1ly. 111111!1, and c:<1m11mcnt \\rlllc n ofT Profil on 1.110 of mvcstmcnt J11ur \11lu111100 (8llm)/loss otl tn\ cstmcnt \illuOO 1hrough l'rnfl 1 & Lou l1ro\u1on for doob1ful debts, nd1,nnces llnd b:ul dch1 \\m ien 11ft' llmplo)\."C smc._ 1)1lllOt1 c!l.pcilioc E.,1K1n l;c1'M;li111 :md 1,;111,tl,;111',:111 11 Tu111l O~ra li11g Prorit btfor r workln8 upli11 rhangu Acij u111ntn11 (lncrC!lSC) 111 mule rccc1\ >Allle:,, aiid c u m:111 !t11tl 1M1u~ 11111,:u1 n, ~1,i (lncr~sc) / Dec.rd.SC i11 11h'cruorie. h1~flt\K / (ll!,,~r\;.;r,Jo1,;) m 11;1,k: ICl)1'bl~ and t:mrc:111a,10110'!1-curn:11I lmbihll n To111I Income TaxL'I (1K.1 or refund) N!-..:l ' CASII <a-'.NEHATV.U 1-'HOM OJIEHAT I N{; A <T I VITI F.S (A) II, CASI! 1·1,ow FROM INVESTING ACTIVITIES: l'urr,;lm!fol; of JUOl~•ly. pl!ull an<l li<1mJm K"nl. ll11~1 of UM; iHst1s (im:ludma cap1li1I work m pfDNruH , ci1pm1! crl'd11ors and ca.pmtl 11d\1tllCi..'1) Proc«ds from sale of propert y, pl1111u ilnd cquIpmcnt1 nnd III\C1lll1Cnl propen~ J'urch.uc of lll\'Cltmcnts (1nclud111g 111,cs1mcn1 propc n ) imd 111\'Cilmcm proper!) ull!.ll!r 00ru1,11~11c111) S!1le/r1.,lentp l11}il 1)1' 111\'l;illnk:IIIS lnh;rQ.I on UttOCl'I!; 1.-, n;ru nd E.&nn,11kcd b.il;mcn with banks Interest IIICOOIO INCl\cd Pixed dcpo:11u; (pl1ecJ) (llC.'l) M:u9111 money (pl4C1.'d) (nc1) Nf;l TAS II (llS f:ll IN) INVESTING AClW IT IES (D) C. CASI! FLOW PROM PINANCING ACTIV ITIF.S , Issue of Non Convcrt1blc Ocbcnturo (NCf)) lu ucofcq1111) 1Mrct lt..11cof C'nr1mlt:fC1!\I 1'1tf1c1 Rt:j).•)'UiCnl MC<K111ti¢1(;1AI fl!lp\:r r,~ r,0111 loi1s·l\: 1111 oo,,o \,·111s, Rq1.1)11K·~1I of lons·tcm1 borrowmKS Rt.'<k.•mphon or preference sh.,ro Pa.)ntcm ofl~se lu,b1111y l111crcs1 and r'\11.llK.'C ch.'\fgt::tl J)!\lil NH CASI! Gt;N !;HAn; n rnoM I (USED Ir,/) f"INAl'/Clr,IG ACTI VIT IES (C) NET lr,ICREASE /(DECREASE) IN CASI! AND CASI! EQ lJI\IA LENTS (AJ • (DJ + !CJ CASII ANU CASII E(JIIIV AI.ENTS . C>PENIN{; HAI .A N{ 'E Acquirnl in Dusi11u 1 Combi111tio11 CAS I! AN I> CAS II EQIJI VAI.E NTS • l'I.OSI N{--; IIA I.A NCE CH A LET .. 01 1 11 Por lhe ptri od tnded flor tht ptriod ended .lO Sf1•!cm h4:1' 2026 JO Sf1,1f mh('r 2025 2,566.39 4,7J~.S7 1128.45) 111 l.6J ) (IJ,?8) 1.22H6 1,IIJ, 19 81 I.YI Y)9_j , J.61 12.Ul 6.71 0. IH 15,6J R,9J (12,J I) (Jo.6<) (0.48) 2.69 (U.731 (U.IJ ) 20.67 47.J S (l.52J 1,924.?l ! ,9R!, I I . ,.91 ,11 6,116.68 (52.UJJ 1744.04J (320.HJJ J,227 .52 1,168,25 (4,JIJ. SIJ ?Q~, JC) (l,RJ0.nJJ (450.47) (607,06) 4,836.0) 4,279.~9 (4,5Q(l,76) (l,m,00 1 29.41 4.96 (1,205.J' I (I HYK ) l ~.74 (7.UJ) ll,7R (116,99) 127.78 292.42 (3$.04) (9).98) (1,511.671 (244.17) (7,375.101 (2,424.87) 600.00 67.11, 2,461.02 985. 18 (1,475.98) 7,961,lR 7"~' 2.64 (5,? 14.8R) (6,665.00) (1,400.00) 14s. m (48.77) (756.541 (1,159.47) J,026,1.l (2,70R.26) 487,06 (653.~) l,IJ l,41 9 11.42 50.,~ 1,669.02 !7.118 I ('fr.ii, !ind ¢ti-.h li<l\11\•fll\:111!1 ;a11d b.111~ lg l;u1t.Q: 111ch.11.k:, bal;moc, 111 t.·~ru,\ ;,cwunt ,,hich ,h.ill be uKd onl)• for spoc1fiOO pUfPOK"S ;u ckifim'Ct under Re.ii Estate (Rcguliltton ;ind J>c\'clopnK!nl) Acl, 20 16 Rcconc1hat100 of cuh and cash oqu1valc111s mth tho billa.nco .dH:Cl Cuh illld C-3sh equivalents ' Ltn. O\·cr drafl acrounts from b.lrtlu i Cuh 1nd n sh tquiv11ltnls u per Conwlid1ted 1t1lement or cuh flows J 'Ille mmcmcnt nfborrm\mg t Ill per li\£1AS711 lll li)ll1)\\J 01'1..'fUllU borrowi111;13 Acq1urOO 111 Uu1l1k!U Comh 11u 11011 Proc:«d, from lona·lmn borrowinxs .. RL-p!l)1lk:ill ur l<tflS•ICffil horm\, ulgt rro«:005 from ,hort·lcn11 borrowms;s••• Rf1l.\)11W":fil fil' l hOl l •ICnt\ borfO\\ lllSi''' · Nun-t-Mh adlust1PC11ls A~ ,.i JU Stple.mber :ZU:Z6 l,0?6,28 (407.26) A il iii JU StJlltmbtr 202, 7ll,97 (M,4.091 ~~or the period ended Fur lhe 1,eriml e11dc<l JO Sttnemb,er lOi6 JU Septtmber lOl~ 22,7J U.'J6 ◄ lJ,76 8,561.28 ( 5 ,? l ◄ .88) 2,46 1.02 (l,4?5 ,9RJ 4U.J9 27,026.57 25,JJI.IIS 7,512.64 (8.6(;5,()(I) 98~. I K (! ,400,00) (11.68) 2J,7~l. U2 ' ( 'fl$1i !lod cnill1 r,:qui.,,nlcflliil m c lu\~ hlnk 1J\'\:Hhl\fhl 1h;t1 ;uc p;1y1'lilc i111 dcm.iuw.J ;md form ;m mtcgrnl 11art uf tbu Coi111>..iny c.ash m.tllilRCmcnt 1 " lnCll,dt.'I l:t.lllC of N('IJ1 .,,.. -= ~.,_ ' ''l rtdm~ 111.,t 11C 11fco11m\l,;f(:1lll jlflllfo:I l l ) ..... . .... t I It 1111;1111.~ 11 ' "1'-'1)111\:111 11f f'tK lll1~f\:l:II ,,..,x:, , ltJI;-· • \\ 1• V \ \' ) I ' ' ( 1:rr "" ,r,11 l(\, __ Z3'ffe/
Page 8
CHALET HOTELS LIMITED CH A LET H t I I\ Consolidated Segment wise Revenue, Results, Assets and Liabilities for the quarter and six months ended 30 September 2026 Quurkr c111.lcd Six months ended Ycnr ended JO Se1>1e111bu 30 ,June JO SeI1te111 ber JO SeptembH JO September 3 1 Mttn·h 2026 2026 2026 2025 2026 :W25 (Unaudited) (Un:111diicd) (ll uauditcd) (ll nauditcd) (ll1111111litcd) (Audlled) I . Scg111cnt revenue (a) I lospillllily (l-lotcls) 4,114.53 4,185.32 3,801.73 8,299,iiS 7,657.70 17,3 11.31 (h} Real Estnlc 4.51 72.93 2,82 1.36 77.44 7,2 12.53 7,383.12 (c) Rental / Annuity l3usincss 900.59 864.81 737.94 !.76 5,40 1,469.89 3,060.86 (d) l Jnullornlcd 94,52 90.08 77. 18 184.60 181.47 368.96 Totnl lrirnmc 5,114.15 5,213.14 7,438.21 10,327.2 1) 16,521.59 211,124.25 2. Segment results l'rol1t/(Loss) before tax 1111d interest (a) I lospitalily (I IOlcls) 1,240.78 1,224.90 1,082.91 2,465.68 2.286.58 5.818,48 (b) l{c11I !~state (4,97) 30,20 1,072.90 25.23 2,700.66 2,726.73 (c) Rental/ Annuity Business 596.08 579.40 465.47 I, 175.48 926,24 1.9~6. 77 (d) U1rnlloc11ted - - - - - . Totnl 1,1131.119 1,1134.50 2,621.211 J,666,J9 5,913.48 I0,49I.IJ8 Less: (i) finu ncc Cosl 417.33 394.58 453.9 1 811.9 1 939 .35 1,804.50 (ii) Other 1111-nlloeublc expenditure ncl offun-a llocublc 173.48 114.61 117.92 288.09 238.56 500,95 income Proli t before lnx 1,241.011 1,325.31 2,049.45 2,566.39 4,735.57 8,186.53 3. Segment usscls (a) 1-iospillllity (Hotels) 43,129.67 41.183 .53 38. 135.36 4:J, 129.67 38, 135.36 38,828.43 (h) Real Eslak 3,2 15.96 J , 159.83 3,350.96 3,2 15.96 3,350.96 3,00 1.78 (c) Rcntul / Annuity Business 27,644 .59 26,414 .94 23,002.64 27,M4 ,59 23,002.64 25,5 17.30 (dl l lnullocutcd 6,780.57 5,140.79 5,247.85 6,780.57 5,247.85 5,738.81 Totnl 80,770.79 75,899. 09 69,736.81 Hil,770.7'J <,9,736.R I 73,0116.32 4, Scgnicnt liubililic s (a) I lospit11lity (I lotcls) 3,2 12.51 3,026 .71 2,859.12 3,2 12.5 1 2,859.12 2,990.94 (h) Reul Es1u1c 6, 15 1.90 5,778.71 4,487.57 6,151.90 4,487.57 5.400.63 (c) Rental / Annuity 13usincss 2, 196.98 2,10 1.58 1,720.99 2,196.98 1,720,99 1,RSJ.95 (d} ll11111locotcd 29,410.63 27,147.79 26,523.60 29,4 10.63 26,523.60 25,869 .24 Totnl 40,972.02 38,054.79 35,591.28 40,972.02 35,591.211 36,114.76
Page 9
BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 101 O Limited Review Report on unaudited standalone financial results of Chalet Hotels Limited for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 Septmeber 2026 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021 /613 dated 10 August 2021, as amended To the Board of Directors of Chalet Hotels Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Chalet Hotels Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 01 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act. 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/6 13 dated 10 August 2021, as amended. Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared In accordance with the recognition and measurement principles iaid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended, including the manner In which it is to be disclosed, or that it ~ BS R & Co. (11 p1r1nor.;hlp rInn wl1h Rcglslrnllon No BA01223) c.on\/Cr1od Into B 8 R & Co LLP (A l111~tud Lhtbllrty P■ It11ursl11p wrth LLP Rouistrntlon No. AAU·GUSl) with olloci from OGtober 14, 20 13 R()(l1$.l(lf0d Olfl('.ft 14Ih Fk>or, Cnnlrnl B W ng And Nor1h C \Nlng, Ncm;o IT Port< 4, Nosco Center, 1/!Jestcm l!xprass Highway, Goregnon (En!}. Mumbai • 400003 Page 1 of 2
Page 10
BS R & Co. LLP contains any material misstatem ent. Mumbai 04 Novembe r 2026 Limited Review Report (Continued) Chalet Hotels Limited For B s R & Co. LLP Chattered Accountants Firm's Registration No.: 101248W/W-100022 Mansi Pardiwalla Partner Membership No.: 108511 UDIN:26108511VEYRCA8137 Page 2 of 2
Page 11
CHALET HOTELS LIMITED CH A LET •l(")T f i ', Shilemcnt of St1111dnlone Fin ancial Result s fot· th e qu a1·te1· and si x month s end ed 30 Se1Hcmbcr 2026 f in n1llllo11 Q mirfcr ended Six months ended Ycnr ended JOSc)lt cmhCI' 30 .June JO Se)lfcmh er 30 Sepk nlbi'r 30 Sc1llember 31 M arch 2026 2026 2025 2026 2025 2026 (lhinudit ed) (l11i11udil NI ) (llnnudll ed) (llnnud!ted) (ll 111111dltc1I) (Audited) Incom e Revenue from opcmt1011s 4,596.36 4,482. I 3 7,053.07 'l,078.49 15,560 75 25,701.9 1 Other i ncomc 207 65 178 R7 157.511 386 ,52 345.95 6'l l .83 T ot al I ncome (A) 4,804.0 1 4,66 1.00 7,2 I0.6 1 9,465.01 l !i,906.70 26,393.7,1 Expenses Cost or nmtcrinls consumed - rcul cstutc 108.22 271 .22 262.34 379.44 1,091.()2 736.96 Changes in inventories ofli nished goods and eonstruelion work in pro[vcss ( I OR,22) (23R, I 5) 1,378.89 (:346.37) 3,20 1.66 3,630 .51 Food und beverages cunstuncd 260.50 261.18 271.64 52 1 68 534 32 1,1 18.73 Opcrnling supplie s consumed 92,25 6(, 25 89,00 158.50 178.63 374.liO Employee henclit expenses 634.46 630.2 1 603.54 1,264.67 1,207.57 2,504.30 Power and fuel 211 33 213.83 216,33 425 .16 419.78 807,lil Other expenses 1,353.<JO 1,213.15 1,308.63 2,567.05 2,612 67 5,374.78 Tolill [XJH'IISCS (8) 2,552.44 2,,117.69 4, 130.37 4,970.13 9,246.55 14,547.49 Eurninns heforc interest, dq1reciation, amorlisntion nnd tux {1£UITUA) 2,25 1.57 2,243.31 3,080.24 4,494.88 6,660.15 11,846.25 befo1·c exccpllonnl Items ((:) (A-H) Dcprcdntion umJ 1111101 ti~atiun cx1>c11~c~ 477.53 478.$5 454 79 956,0R 888.70 1,8 18.83 Finance costs 371. 18 :343.53 402,00 714.1 1 833.3 1 1,5()0,60 Profit before exeeptio1rnl items n1iil tnx (IJ ) 1,402.86 1,421.23 2,223.45 2,1124.09 4,938.14 8,436.82 Exceptional items (F.) (Refer note 8) - 98.49 . 98.49 - to.OJ Profit before income tux (f) (U-E) 1,402.116 1,322.74 2,223.45 2,725.60 4,938.14 8,426.79 Tnx expense (G) (880.64) 455.40 548.32 (425.24) 1,217.62 1,772.72 Curren t tux 255.02 428.46 393.85 6R3 4R R74 70 1,484.67 MAT credit enti tlement - - (242.25) - (538 .02) ( 1,015,73) Dcforrcd lllx (Crcdit)/cxpcnses (Rcfor Nute 9) (1,13 5.66) 26.94 396.72 (I , I 08. 72) 880,911 1,:303.78 rron 1 fo1• 1hr pe1·lod/ yciu· (II) (F-G) 2,2113.50 1167.34 1,()75.13 .i,I50.84 3,720.52 6 6!i4.07 Other comprehensive ineorne/(expense) llcms thilt will 1101 br 1·ccl11sslf1cd to 111·0111 m· loss Rcmcusuremcnt of the ddtm:d bcncflt plans 0.57 0.57 (1.<JO) 1.14 (3,80) 2.29 Income -tax on above (0.20 (0.1 'J) 0.65 (0.39) 1.29 (0.76) Oih er comprehensive income/(ex1ie11sc) for lhe pcrioti / ycllr, net of hH 0.37 0.38 ( 1.25' 0.75 12.51 1.53 Tolill co111I1rehe11slvc Income fo1• the pc1·lod / year 2,2113.117 1167.72 1,673.88 3,151.59 3,718.01 6 6!i!i,60 Paid-UJI equity shure eupilul (F11ee vnlue oft 10 per shllre) 2, 189.94 2,189 .94 2,186.85 2, IR9,94 2, 181,,85 2, I 89.94 Oilier i'(Jlllly 35,352 4R Net-Worth 40,49 5.69 38,419 .57 31i,li54.42 40,495 ,69 36,654.42 37,542.42 Enrnlngs Iicr equity shn1·e • (Face vnluc of~ 10 cnch) Basic(• not annuuliscd) (m ~) • 10.43 •J.96 •7.66 * 14.39 * 17.02 30,43 Dilut ed(• not 111111u11liscd) (in ~) •10,42 •3,96 •7.65 * 14.38 * 16.99 30.38 Additional lnfol'mation pursuant to rc11uirement of Rei:ulution S2(4) of the Securities ~nd Exchnnnc Board of India (l.islinn Ohli,:11tions :ind Dlselosure Requlremenls) Rcg11ln1lon 201!i (Rcfrl' Note 7) Debt Equity Ratio (in times) 0.(,0 0,57 0.63 0.60 0.63 0,55 Dehl Service Cuvcrugc Rutio (DSCR) (unnuulised) (in times) 2.29 2.84 2.36 2.32 2,52 2.86 Interest Service Coverage Ralio (ISCR) (in times) 6,07 6,53 7.66 6.29 7.99 7.45 Current Ratio ( in times) 0.86 0.98 0.89 0.86 O,R9 1.03 Long term Debt 10 Workin g Capital (in tim es) (7,70) (52,86) (1 0,78) (7.70) (IO 78) 41 ,24 Current l.inbility Rutio (in times) 0.44 0.39 0.40 0,44 0,40 0.37 13u<l Debts to AcCOtiill Receivable (in times) . - . - - - Tolnl Dehl to Total Assets (in times) 0.31 0.30 0.32 0.3 1 032 0.29 Debtor Turnover (mintmlised) (in times) 24.53 26.77 38.05 24.71 41.97 37.56 Inventory Turno ver (annuuliscd) (in times) 7. 18 6.89 8.75 7. 10 R,6 1 7.8\1 Opcruting Margin(%) 37% 3R% 36% 37% 36% 38% Net l'rolit Maq~in (%) 48% 19% 23% 33% 23% 25% Cupi tul rcdcmptio11 reserve 2, 160,00 2, 160,00 1,560.00 2, 160.UU 1,560.00 2.160.00 Debenture Rcctemption Reserve - - - . - Outstun<ling redeemable preference shares Q110111/ty - - 6,000 6,000 - Value - - 595,80 - 595.80 . I ) The listcct non-convertible debentures of the Compuny uggrcguting ~ 750 million us ut 30 September 2026, arc secured by way of nrst ranking pari•pnssu ehnrsc over movcublc and immoveable j)ro1)Crtics or the I loldin n Company pertain ing to JW Suhar Marriott & Suhur Rctuil. The securit y cover thereof exceeds I . 75x of the principal amount and interest accrued thereon of the said debentures as at 30 September 2026. 2) On ;?9 Scptc'.~berW26 , ~l~c Compnny lms issued 2,000 unit s of Commcrciul Papers ''."i'.l1 u. fucc vnlue of ~ 500,0_00 cuch. aggregating to a maturit y amount or~ 1,000 11111111111 nt u ~ s ~l'(rat d ll .60°/(tl_;)I~ I he Commcre rnl Papers have been assigned II credi t rut mg ol CR ISII. A I+ und nre due l or rcdcmptmn 1111 24 1Jcccmbc1 2026. _;;;; • • -~ ~rclt1l,Papc'!'l'· isS:11ed in previous quarter have been duly redeemed on timely bosis. r.'('~ T Elu' c, ,, . ,, • fl. ~ ~ i-co 11'111n11vl11e. note~ tn th e Standa lone finn ncinl results • I• •1 \' I t i\r• UMU/\1 \\'tSl(l I, H ' I ,,1
Page 12
CH A LET Notes: Tiu:; ~1buvc St..111dulu110 f111m1c111l rc~ults fur the qunrlcr mul !.IX months ended JO Scptcmhcr 2026 whu;h ore pt1hlishcd m ru;:.cor(l(mcc with Rcg11lnt1n11 .1.1 nnd 52(4) nfthc sr.nt (l.1!.l111g Obllgutmns mid D1sdor.11rc llcqu1rcmcnt~) Rcy11l11t1on:.. '..WI ;S_ os (1111c11dcd. have been reviewed by 1hc l\ud11 Com111incc a11d ap1,rovcd b)I the Oonrd of r>ircc10rs 01 1hc1r rcs!1f;ct1vc; meetings helcl on 04 November 202h 2 The npprovcd stnmfalonc fmrmcml results for the qunrtcr and six momhs ended '.'40 September 2020 arn ava1lnblc on the Nm1onal S1ock Exdrnngc webs110 (URL. ,vww nsc111d1a com). the nomhny Stock nxchniw,c website (URL www bsc1ndia co111) umJ 011 tliu Curnpa11y's wcUs11c (URL. www Chalc1hu1cl!l com) These srnndalonc f1nanc1ul fCSuhs havu htc11 1>1Cp;.ucd III m:curdmu:c with the recugm llun um! mc.a!';urcmcnt pr111c1pJc5 or lmJmn AccmmlmH Standard5 ( .. Ind AS· ) 1ncsc11l>cd under ~cCl101i I JJ uf 1lie l'orripamcs 1\cl, 2013 umd w11h lhc relevant rule~ J!';!';Ucd thcre1111rlcr nnd the other ncco1111t111g pr111c1plc!'; gcncrnlly ncc:cptccl m lndm 4 On 5 Mny 2026, the C'nmpnny 11cq111red 100"/o oflhe shnrcholdinH ofScosons llotcl s Pnvotc Um11td ("S11l'I.,") for o cons1dern11on of{ 1,710 1mlhon Conscq11c11110 such ocq111s111011, Slll'I. hns hecome the wholly owned s11bs1dimy of the Company On? September 202(1. the Company ncqu,red IMV uf Lhu ihf11chuld111g of L;1kcv1uw Mc11.:1111tllc ( 'umpimy l111vuto L11111tcd ("LMCPL") fur II net cummh.!1;111011 uf ~ 992 1111ll1011 Consequent to such acqu1ill1u11, LMCPL ha~ l>u1.:u111c the wholly uw11ed suh.imlmry ol"thc C'ompimy In December 2005, the Commmy purchased bu1ldm~s compr1s111g ufthu hutol uml upmtmcnt?S tl1c1c111, tugcthc1 w1tl1 a llc11m11:utc<l pmt1u11 ufthu leusuliuld 11glits tu land at Vash, (Nav, Mumbai) from K l(nhCJ3 Corp l'rivu10 L1f1111cJ ('K Huhup') ·nu, ('u111pm1y lm!'I bce11 upernt111g 11!'1 hntcl, Atlnva Pul!'le (entwl11lc Fnur Pnmt!'; Hy Shernlun), N11v1 Mu111lm1, Vusl11 ;.11 the 9U1J p1ll11i1!Su9 Two l'uhhc lnlcre!'lt L11it,;.11lm11!'I dmllen8ll1H, the 11l1ntmcnl nr lnncl hy f'1ty & lndu,;lrml Ocvelnpmcnt f'nrpornt1011 of Mplmrn,;htrp l.11111ted ('f' IDCO') In K R11hcJr1 were filed 111 the f"11 11111cml yenr 2003-04 Dunny lhe finnncml ycnr 2014. 15. lhe llonourohlc lhgh Cnur1 of llombay (' Bombay lhgh Coun'), by ns judgment. ordered K RnhcJn to dcmnh:.h the !';!rnclnre nncl hnncl hnck the lnnd to C'IDC'O In response. K Rnhc:Ja filed ii special leave pe1111011 (SLP) against 1hu 01dur, 1n lhli Ho11um1tblo Supremu l'uull of imJn1 ('Suprumu Cumt') It al~o 11ppliud tu thli Statu Govcnuncm lbr rc9uloris1:mo11 of the land nllotrncnt, without prnjud1co tu tin; pcndmg SLP 111 tho p1csv1uu!'I ycnr, tho Supremo ( 'm111 v1dc 11!'1 order du!ed 27 October 2025 8r,mted leave tu K RahuJ.t mid directed CIIJCO to fllc an nflidav11 w11h111 six wcok!1 1cgf11ll111g stl!ps 111ken to rcgulun:;c the 11111d nllollccl In K RnhcJll Punmmt In clircctum!'; oflhc Supreme C"oml, CIDCO vsdc lls Uumd Rl1solut1on nu 13178, dutcd 4 Fclmmr-y 2026, :spprnvccl rcg11lnn!';ntmn of the 11llntrne111 m fnvq11r of K RnheJn, suhJCCI 10 pi:1yment of (I (11ffcre111111l pn:nmun , 1111crcst nncl nppl1cnhlc tuxes 11nd pl11ced the llcmrcl Rcsnh1t1011 on rccorcl w11h the St1prcrnc ('m1rt v1dc ils nOidnvil dnlcd '> March 202<, The Supremo ('01111 hos v1de 1ts Jt1dgmcn1 nnd order dn1cd 2(, Mny 2026 sci aside the Bombny Mish Court's order for demoh11on/rcsto,n1,on of the structure ond has ordered 1h01 1hc ollotmcm of the hmd in favour of K RnhcJo sholl srnnd regula, ,sc:d. subJcct 10 plly111011t of tlu, mnount st1puhltcd III tho mdc r w11h111 the p1esc11hcd per 1ud. "- RahCJA has subsequently 11uit.lo tl,u 1ct1u1~1t1J paynn:nl tuwurds rc8uhmsi1tum CIDC'O, v1dc 11!'1 letter dnlcd 9 September 2026, 1111!'; m;lmowlcdged rccc1pl of'thc mnmmt ?.t1pulu1ec.l III the rn lle1 mid 1.:011fi1 med that, 1111umml to receipt of' the !1111d mnounl, the nllotmcnl of lnnd :;tnnds regulnnsed h The C'nmpnny ('Tmnsfcrcc C'or11mmY) m its mcctinR held on 25 October 2U2:'.\ had npprnvcd Co1npos11e Seltcmo of A11angc111urn amt Anmlgu11111t1un ('Scheme') of Sonmil lndusmcs Private Lunitcd CSonm11/ Transferor Company No I') (wholly uwno<l subinlluu-y) :111d The Duke~ RctrcL1t l'nvuto L11111tcd {'Duke~ Tmnsrerur Company No 2') (~ul,s1dm1y), with thu Cunip31\)' u11Jc1 Sect1u11! 230 tu 232 ufthu ('0111pur11e~ Act, 2013, with effect from I st Apnl 2024 for Snnmll ('Appnmted Dnte• Stnge I Anmlgnmnllon') nm! frnrn the d11tc foll mg uOcr lht.1 Ell'ct:11vu Dute- Stugo 1 Anmlgnnmtmn as fixed by the llonrd of Dm:ctori; of the ('nrnpnny for l1t1kcs ('Appomtcd Onte- Stage 2 Arnnlgnnlat1on'). stihJtct lo the opprovpl of the stntutory 11ml rcyulnlnry n11thor1t1cs 1\11 J1ppl1cutum for npprovnl of the Scheme was filed wnh the llonurnablu National Co11111a11y Luw T11l.rnrh1i ('llo11omable NC Lr) u1i H UctuUur' 202'1 F111thu1 to apprnval ac.tordc<l by thu Fquuy Shareholder s of the Transferee Cornpuny fo, tho Scheme ul tlu.m mcetmg held 011 13 May 2025, pur!;mmt to the order' nf thc I lonournl>lc NCLT di1ted 18 Mi.11ch 2025, u Cu111pi.111y Schc111e 1,u1111u11(CSI') lm!i l>C!tm ii led wllh lhl.l llunournhlc NCI.Ton 211 Mny 2025 The Order nf lhc llonnurnhlc Nf'I.T 1~ mvmtccl Penrhng the rcqumlc npprovu]!';, 110 nclJmlmenl!'I nrc c11rr 1cd 0111 111 the foumcml rcstill!'; Porm11IS1 used fnr Cnlr11l11tlon of tlatlo and Flmrncll,I l11dic11:1ur!I Hf'c 111'.'luw: Debt Eq.,11y Rouo Toto! r>cbt/Shorcholdcr's fq111ty Debt Service Coveral:'i:: H.nt,o (IJSCI() tUITDA/( lrHu1 o~t fur tho pcnu<l/year' t Cun en! maim 1ty of Long term debt) lnlcrc51 Service f'ovcrnge Rnho (ISf' R) - EOITDA/ln1crest for the p(r1od'ycar f'urrcnt Rntm - Current A:;!'lct:. / ('urrcn1 l.1oh1h1lc:s Non-current Borrowm~ Debi to Workrng Capital Long 101111 bu11uw111g!V(Cu11c111 A~~ct~· Cu11e11t Lrnlnlit1c!'I) Cu11i::11t L1nb1lity lhi11u Cur11mt LmlJd1t1u~Tot:il Lmlnhlles Um! Debt:; tu Account Recc1vuhlc R11t10- llud Dehl~ /Avcmyc Trodc Rcccivnb!es Totol 11cht, to Totol Asscls - (C'11rrent llorrow1ng t Non-current Borrow1118)/ Totnl Assci, LJcbtor Turnover (annualised) ltovo1nu) 110111 upi.irut1m1'!JAvcrn8c T11.1dc Rccc1vablc l11vcnt01y Tunmvcr (cxcl11ch11g Resulcnlml ~egrnent) (111111111111:.ccl) • f'nst of goods sokl/Averogc lnvc111ory Operotmg Morgm (%) r,nmi11g llcforc I merest & Ta~csfl' otol l11eoi1t,· N~t J11 00t Ma1g1n (%) Nut 1'1001/J'Otul l11Cu111u R (n) The Government of 111~10 hos con~ol1dotcd 29 e~1sl111H lobo11r leg1slo11ons 11110 o 111110cd ll'onMvork cumprmng four labour codes vi, the l"oJe 011 Wnges, 201 'I, the Code on Socinl Smir11y, 2020, the Industrial R.clo11011s Code. 2020. and the Oceupa11unal Safety, i'lealth a,1J Wo1k111g Cond,1101\S CoJu , 2020 (collce11vuly ,ofci'1ud tu as thu 'Code s") The Codes hove been made effective from 21 November 202$ In acco1daneo w11h thu now L:ibour Cude~. the Company hus ustmmtod tho 111c1c111c11to1l nnpact of', IO 03 11i1lhu11 011 1Ch1t1I l.it.:11unts llfh.l tho nnpact of the Lltbou, Codu~ 1j 1ccOg1i1!\c<l under "Exceptmnal llems" 111 the limmcml re~ulls for the yenr cnclcd J 1 Murch, 2026 Accorclmyly, 1111 ndJustment lms hccn tccogm:scd 111 rc!'l1>ect ul' cmpluyco hc11Clit cxpen51!!'1 111 lhc prcvmu!'; pcrmd/yenr (b) nunng the q11ni1er ended JO Ju11c 202(,, the Company muodu ccd a voluntary scpnrn11011 schcrnc (YSS) m onu of ,ts llotcl U1111s Thu compcnsut,on in respect of employees who opted for VSS o~wc~otcd to~ 9~ 49 m1ll,on. '> f)urmg 1he currem quarter ended j() September 202U, the Comprmy lrns Jcc,Jcc.J tu oxc,c, so thu upltun avmlalJIL, undut' Scctmn 206 uf tho l11cu111c-t.1x At.:t, 202S (c,stwhilc Scct,011 11 SUAA of tho Income-tax Act, 1961 ). which p1uv1dcs ol1g1l>lc dumesllc cump11111cs II cu11cess1m111I tux reg1111e nl II rnte of25 17¾ (22~'a plus appl1c11ble !';Urchargo and cc-:i1s), 111 lieu uf tl,u ruguliU' cu1pu1C1tV tux rlllll of 3,1 91lo/o (JOO/a pl11s nppl1cnhlc s11rch11ryc nnd ccs,;) Accord111HIY, the f'ompnny !ms rc111cpi.11rcd lhe opening htsl:mec of 1t~ rlcfcrred lnx l111h1l1t1c~ (ncl) 11.-. nt 0 I Apnl 2026 nncl lms nccmmtcd tnx crccht oft 1, 125 1111111011 reloting lo 1he wnic in the current qunner I lence tnx expense for the quoncr/six momhs ended JO September 2026 15 not comporuble with other reported periods 10 The :;.tp.lulory n11rlitor~ of1hc Company hnvc expressed an 1111111od1ficd op1111on on the ubovc sumdolone iinane,al results for thu quarter anJ s,x months ended :'10 September 202(, 11 ·rho Compar\y hos 1do1H1licd 111,vu 1qX:nt111g scgmc11ts v11. lfo~;p1li1l1ty (I lotcls) , Rcntnl / Annuity ll11~1ne~5 nnd Rcnl Eslnlc In nccordnncc with Ind AS I 08 'Opcrnt111g Segmc11ts' scg111e11t 111fun11ut1u11 l1us been given m tl1c cm1sol1duted lirm11c111l rc!';tlils of the f'nrnpnny 12 lnvostui Cu1nµl:111Hs ptm<lllig ,11 tho bcg11111111g ul'the qu1111cr - N1l, Received d11r111g the qunrtcr Nil, D1:r,;pnsccl clunny the: qunrtcr Nil, Remnmrng 11nre:mlved 111 the end of the qunrtcr Nil llogi; tcrod Offitc: l\ohoJa 'ro1vu1, l'lot No C-JO 4th Flour, Block 'ti', Near Bank uf Bnrmln, llnndm Kurln C'omplcx, llmulrn (1!11!';!), M11mlu11 a 400051 P.rnn1l 1nvc5torrclnt1011!';~ c)mle1hntcl~ com Wch~11c www ~11111,ithntcls cmn Ph1el': M111ub11I Dnlc: 0;1 Nu~•cmber :20:26 --- 0 ::::--.~ ..---~ ...... · -~ I ' P.i1 ,.,
Page 13
CHALET HOTELS LIMI TED Sta ndalone Balan ce S hecl as al JU Sc•pfcmbcr 2026 ASSE TS Non-rurt·cn1 nsscts Prnpcny, plant and cquipmcm R il,lhl or lJse asset~ Capital work-in-progress lnvcstm~nt property Goodwill Other mtnngible nsscts r i11ancial assets (i) Investments in suhsidinn cs (ii) Other investments (iii) l.onns (iv) Others Non-current tax assets (net) Other nun-~urrc1il ussets Totnl 11011-currcnl nssc1s Currcn1 nsscts Inventories r:imn1ci,1I assets (i) Investments (ii) Trude reccivubll:S (iii) Cash nnd cnsh cquivnlcnts (iv) !Jank bulwiccs other than (iii) ubuve (v) I .onns (vi) Others Other current assets Tohtl current assets TOTAL ASSETS F.OlJIT\' AND LIAHILITrn s E1111ily Equit y shurc cup1tni Other equity To1111 equity Liobi lili cs Nm1-cur·1·ent lia hlliti cs f,innncinl linhiliti cs (i) Uurrowings (ii) l.cnsc linbi lili cs (iii) Others Provisions Deterred tux liabilities (net) Other non-currc111 liabilities T ol!t l non -c111·1·ent ll:1hlllti cs CUt'l'CJl1 !IHhll!tlc.~ r inancial liabilities ( i) Bnrrnwmgs (ii) Lease liabilities (iii) Trude puyublcs (a) Totnl outstandins dues of micro enterpri ses and small enterprises nnd (b) Total Ol1tstanding dues 10 creditors uthe1 thmi micro emerprises and small ente,prises (iv) Other financial liabili1ics Other current liubd itics Provisions -;: -- :,-... Total Clll't' Cllt llahllltl es TOTAL EQU ITY AND LIAIIII.ITIES \"l... P, Co"" ~ "1111 --:. I.< \ ,. 0 "'r \ ,. \',estc1 • G t•i; ~·1 ,. I "l I , r,., Asn t 30 Sc1>1embct· 2026 (lhrnudit cd ) 22,388.70 297.3!; 62 1.49 23,1172, 14 226. 11 34.!;4 10,311/i,47 13 1.11 1,817.90 1, 162.63 2,139.73 580. 10 63,6511.27 2,911!.03 220.80 110(,.43 1,677.91 1,659.29 4,58 1.47 390.5 1 1.85 1.91 14,169.35 77,827.62 2, 1119.94 38 305.75 40,495.69 17,1130. 15 337.57 960.36 167.09 1,03~.34 5 17. 10 20,847 .61 6,466.41 67.85 26(,.44 1,144.87 2,26S.34 li,174.112 98.59 16,484.32 77,1127.62 CH A LET "'' ' ''" ? in million As HI 31 Mal'rh 2026 (Aullilcll ) 22,130.99 329.88 7(,1,(i() 22,641.45 226. 1 I 19.411 7,650.77 134.Sli 1, 146.117 2,363.88 525.70 57,93 1.29 2,657.56 146.06 /i55.SII i.290.9 1 1,2110.93 4,245.04 797.37 1,588.98 12_,5112.43 70,5 13.72 2,1119,94 JS,352.48 37,!;42.42 t<,,(,22.311 372.14 934.~3 180.78 2, 143.611 541.88 20,79!;,39 3,990.34 6S. 16 3S7.87 1, 1511.76 1,290.94 5,219.79 93.0S 12,17!;.91 70,513.72
Page 14
Chuk l I lo1els Limited S111nd11lunt' S1111r111t'nl of Cns:h f.lows A. C"ASII n .uw ... HOM OPl-:RATIN(; AC7"1\flTI J-:S ; r rur.1 bt-for, '"-' Atl,i11s:Cinc1111 fo, lnlcn:sl !nl;Ol' 11(l from milru 1nc111, nX1.·u11rtd ;11 mnor11scd c05t lnlcn:st on moomo li1x refund Dcproc1:i.uo,1 .ind i1mon1.1,111on c,pcnK's l!111..:1occ c ons 1/llrclhlUI t;:\Cll .. 'lngc l~l l.o;; uu Jilli,; or 111u1x;1-1y. 1,1~111 :111,J t4.1u1p11~ot (ocl) rrui x:.rty. pli1nl, and cq111pmcnt \\ fllt cn ofT r rofit on sale of 1m~1tmc:nt J111r \'J:lui1t1on (gam)/lou on 1m't'Stmcm \'illucd 1hroogh Profit & Loss f•rov111on for Jouh1fl.1i debts, ;td\~11cc1 and b.1d dch1 \;,nncn oft Em11IO~l!t' ,-1ocl: op111111 c .,1lL:111t: S h~fi,; u rlm,, 111 l.11111!Q1.I l.11tl_11h1y P:111111,;r1h1p 1:un1 To11I Optn tlng Profll hf.fort working u11lt1I rh1ngt:1 AiljU i lilH"i\U. l>t..--Cfl!l~ / (lncr~ic.!) 11\ 1mdc recc.:1vfilih:1 Afkl i;11f11,:11I !11KI clfm-1!1111(:111 M11<=lll (ltt c r?st) I l >i.--crt:.1~ 1fi 11m,:1il~1f11;8 (11\_:f\::n,;. / (f~n.;,J4i) 111 trrn.k, l'-l)i1blcs ;ulll cum,111 ;111d 1Wt1-\'.urrc11t h:1b1hl1r, Total Income Tues (net of refund) NET ( 'ASII ( ;ENEH:ATEU YltOM OPEH AT I N(; A<- n V ITIES (A) D, CASII Fl.OW FROM INVESTING ACTIVITIES ; fl1Jr\;h:1,i;: vf l"\IIK.-'IY, pl:11111 ;mll ~JU •1111K;.nl. lt1gh! tir IIK ;\&KIii (mcl11d111s c.11111:11 wnrk Ill prOQrCU, cnp11AI crcdnort "nd CllJlll!II lld\'AllCCI) l'•t~ from a.ate of l"\IIX:11)'. 11l.111t$ ;111d ~ 1uip11ic111, ;md m,·c,l•11Cnt 11rlJl)C1ty Puri.:!~ vf ,m~lmc11t!! (mcl1«!1,1g m,1;1tincnt PI\IIKIIY and lll''Cl'lmi:111 1noptrty unOCr tot!Jlmttmn) lmw tnw:nu 111 acqu 151lioo of subsid1ancs S:ilc/n.tdcm1>i1011 of l1w~ tmcnts I .fi.i il~ g n -Cfi 1.Aiun,11.:fo1,ll l 11tc rP-I 11,tc'.1111(i r\.'«iWt;d lnlcrcsl on inromo lax n:fund l?..a.m1.1.rkcd 001.rnccs w1ih bol11ks H :\cJ dl..'J>Cdill (j)l!ICffl) (net) MMHUI ,r11)uey (j)Ll\~Ctl) (lw.;I) NET CASII (USED IN) INVEST ING ACT IVITI ES (0) C. CASII FLOW PROM FINANCING AC'flVITIF.,~ : l11uc o fc._,qu1I)' sh.:1res lu uc of Commcrc111I i'.111pcr KL"jUi)'mcm u(COiliiiier C11il p:ap,e:r fl10CWIJ~ from Jo11g-1c.1111 lx,1rvw111g; Rrp.i)111i1,mt oflom1,-1cm1 borruw11"1H5 Redemption of prcfonmcc sharo i'!1)1Uent oflc.1SC l111b1l11>• lmcrl.':il aod f11\411cc c.har9cs j)ald NET C'ASII (;ENEN:ATEIJ t-'HOl\1 / (11SEI> I N) YINAN C'IN( ; A( -rl VITU·:S ((') NET lr<CREASE/ (LlECREASE) IN CAS II AND CAS II EQUIVAU: NTS (A) 1 (DJ 1 (C) <"ASII AN ll l"AS II E(JIJIVA I.ENTS - Ul'EN IN(; IIALANn: CASII AND CASII EQUIVALENTS · CLOS ING DALANCE ~·or !hr 1~ rim.l rmlnJ )U Sr111eml~r 20ic, (]17.6!- ) ( I I.HI) IJSli,M 7!4 ,7! IJ ,71 6.MO 15.bJ (12.J I) (0,4") (OAR) 10.67 80.52 1,465.45 4, 191.05 I0,8J (Jl,1.47) 1,087.79 775.15 (4(.0,7R) 4.~Ml (798,J9) 18.61 (l ,IOJ,0·0 (2,748.01) l ~.N (l,9JJ .7l ) 89).00 156.01 II .HI (2 IR.9'1) (68,4~) \lJ9. 7J) (7,095.17) l,461.02 (t.◄ 75,98) 'Mlfll.28 (5,182.281 (4R,77) (6JJ ,l4) J ,081,0J 492.28 9J7.14 1,429.42 CH A LET •• 01 I\ I For 1hr 1~ri1.H.I t nth:cl JU Stp1rml~ r 102, (217.74) KHK.70 1133,3 1 I 1.84 0.36 8.9J (j0.641 2.69 H .J~ 99,lJ 1,644.UJ <,,Sft2.l7 (6'11.lR) J ,118,50 (4,498.73) 11,~52.011 1597.IH) 4,0Jl ,9H (706,16) 4.79 (l ~l ,98) (1,488.77) 108,74 287.65 (RR,IR) (J-07.40) (l,JJJ.J I) 67. 1(, 9R5,IR 7~12.64 (8,000.001 (1,400.001 (4R.771 (797, 71) (l,.14 1.~) (64 l.8Jj 691 ,7◄ 49.91 I n,ih 1111I CAAh «1111\!\ICnll t ml h.tuk llrillim'QI 111¢l111li;,i l~l!\m~ m ete1lm A,~C(mul \\In ch j h.'1ll lx; 11~ nnl) fur it1~ iliQ I 1m11~ fn 1lt,:fi1~I u11ik:f Kc::il E~l!lll! ( KCH11l!llni11 AOd l>cvclopmc m) Acl, 2UJ(, 2 Rocoocihation of c.ash and c .. u.h cqui\'illcntJ: with IIK! b.il11nco shocl Cuh and cMh cqmVilkntJ: • I~:!! (.h-1:;r dr;1R ac~o, 11113 fi 1,.1C11 b.l nka • Ca.sh and cHh et1uin lrnls Ill IM?r S1,md11lonr :11111,n"'nl of nub flows ) The movcmcm ofborro\\ 11181111 per Ind J\S 7 11 .u follow• Opcmng borrowmHS Proa..~ from loog,1cm1 borrm\1118,l R(l)il)11Knt oflott1·tc:nn borrowmgs Prnccooli 11001 J.lion °1c m, horrowmgs •• R\:11a)111t11l of shurl·tcn11 llUrrv1,·111g.s••• N01i•Ci1Sh 11dJt1SI01CnlJ As 1111 JO SC!p!cmlt('I' 2026 1,677.91 \248.49) 1,419.42 ~•or !lir ,~riot.I rmlrd .lO ~ plrrnlM·r 202<, )0,2~•.9~ 7,%1.28 15,13l,l3) 2,4~1.Ul (1,,75 ,98) 25.0i< 24,114R.07 'C";1~h " '"-' ¢'1,h Q llll\'(i h,.,118 111Cl1111d t;:.11k CIV\;IJ rl'lflll lh.11 :Ill,: ,i:,y; 1hl.,;: cm clc;m!111J ;111,J fo11n im ml~m l 11.111 11n1j\; C:1..Hn1~11~ i.:.'lil1 111,·111.'iHc;lllc,;III u h1tluOCJ IJJUC ufCtn1111M.:rc1al p.ipcr ••• lncludt.'"S rrpa)TIK.'lll ofConmK'rci;al JXIJX!r As 1111 JO S q1l r11ihtr 2025 5-41.00 H9 LO?i 49.9 1 ~·or t!1r prritw l r rnlccl JO Sq1 lr1h htl' 2025 22,RI 2,64 7,511.64 IR,6(.0,00) 985. 18 11,400.00) 1.46 21,251.92
Page 15
BS R & Co. LLP Chartered Accountants Private and confidential The Board of Directors Chalet I lotels Limit ed Raheja Tower , Plot No C-30, Block 'G' Opp. SIDBI , Sandra Kurla Complex 13andra East Mumbai- 400 051 India 04 November 2026 14th Floor, Central B Wing and North c Wing Nesco IT Par1< 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone : +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Independent Auditor's Certificate on Security Coverag e of Chalet Hotels Limited pursuant to Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations und Disclosure Requirements) Regulations, 2015 (us amended) for listed Non-Convertible debt securities as at and for the six months ended 30 September 2026 I. This certifi cate is being issued wit h the terms of our original engagement letter to the Board of Directors dated 19 June 2023 and addendum to the original agreement dated 03 November 2026. 2. The Management of Chalet Hotels Limi ted (herein after referred as "the Company") has prepared and compil ed the accompanying Statement on calculation of Security Coverage Ratio as at 30 September 2026 (hereinafter referred as " the Statement'). We have been requested by the management of the Company to examine the details in Column F (' Book value of the assets shared by pari passu debt holder (includes debt for which this ceriificale is issued & other debt with pari passu charge)') of the Statement and that the Security Coverage Ratio (based on book value) mentioned in the Staternent is more than 1.75 times of the Principal and Interest value of the NCD as at and for the six months ended 30 September 2026 are as per the Debenture Trust Deed between the Company and IDBI Trusteeship Services Limi ted ("Debenture Trustee"), dated 11 March 2025 (herein after referred as "the Deed"), unaudited books of accounts and other relevant records and documents maintained by the Company as at and for the six months ended 30 September 2026 in respect of 7,500 8.35% Listed, Rated, Secured, Redeemable, Transferable, Taxable, Non-Cum ulative, Non-Convertib le Debentures of a face Value of INR l 00,000 each (herein after referred as " the NCD") issued on a private placement basis in compliance with the Regulation 54(3) of the Security and Exchange Board of India (SEBI) Li sting Obligation s And Disclosure Requirements (LODR) Regulations, 201 5 (as amended) read with SEBI Master Circular No. SEBI/HO / 17/ 11/ 12(2)2026-DDH S POD I / 1/22420/2026, dated 28 September 2026 (herein after cumulatively referred as " the Regulations"). 3. The certifi cate is required by the Company for onward submission to Bombay Stock Exchange Lim ited (BSE) in respect of8.3 5% Listed, Rated, Secured, Redeemable, Transferable, Taxable, Non-Cumulati ve, Non-Converi ible Debentures of face Value of INR I 00,000 each aggregating lo INR 750 mi lli on. R,0Ii 1oreo oroce B s R & Co (n partnership nnn w~h Ragl~tratlon No BAG122J) converted Into a s R & Co LLP 14th Floor, Cantral B Wng and North C Wing, NeltO IT Paik ii. Nesoo (1 l.lnlilod Liability Pannorshlp wlih LLP Rogl1HDIIOn No AAB-8181) with otrocl from October 14, ?013 C(lnior , W<tatom Exprou Highway , Oorogaon (EHi) , Mumbai • 4000GJ
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BS R&Co. LLP Chalet I lotcls Limit ed Page 2 of 4 Independent Auditor's Certificate on Sec urity Coverage of Chalet Hotels Limited pursuant to Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation s, 2015 (as amende d) for listed Non-Convertib le debt securities us at and for the six month s ended 30 September 2026 (Continued) Management's Responsibility 4. The preparation of the Statement is the responsibilit y of the management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibilit y includes the design, impl ementation, and maintenance of internal control relevant to the preparation and presentation of the Statement and apply ing an appropriate basis of preparation. 5. The Management of the Company is also responsible for ensuring that the Company compl ies with the requirements of the SEBI LODR Regulations and for provid ing all relevant information lo the Debenture Trustee, incl uding, amongst others, maintaining Security Coverage Ratio. Auditor's Responsibility <i. Pursuant to the requirements of the Regulations, it is our responsibility to provid e limited assurance on whether the book Value mentioned in Column F of the Statement that forms part of calculation of Security Coverage Ratio (based on book value) have been accurately extracted from the unaudited books of accounts and other relevant records and documents maintained by the Company as at and for the six months ended 30 September 2026 and that the computation of Security Coverage Ratio is arithm etically correct. 7. A limit ed assurance engagement involves making inqu1nes, pri mari ly of the Comra ny's personnel responsible for fin ancial and accounti ng matters and arp lying analytical and other review procedures. The procedures perform ed vary in nature and timin g from a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. 8. We have perform ed the followi ng procedures in relation to the statement: • We have verifi ed the arithm etical accuracy of the Security Coverage Ratio (based on book value) mentioned in the Statement is more than 1.75 times of the Principal and Interest value of the NCD as at and fur the six months ended 30 September 2026. • Obtained the Deed and noted that as per Schedule 7 (Mortgaged Imm oveable Properti es) of Part A(Statutory Information pertaining to issuance of non-convert ible debentures) thereof: the Company is required to create security in respect of the NCD by a first rankin g pari-passu charge by way of mortgage of immov eable properti es compri sing of the Hotel viz. JW Sahar Marriott , admeasuring 674,566 square feet of built up area, in the aggregate, compri sing of lower basement, upper basement, ground lloo r and I O upper lloors and Sahar Retail Arca, admeasuring 155,869 square feet of built up area, in the aggregate, compri sing of Ground and First Floor on Wing A, both constructed and standing on the land bearing J!f.,
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BS R&Co. LLP Chalet I lotels Limited Page 3 of 4 Independent Auditor's Certificate on Security Coverag e of Chalet Hotels Limited pursuant to Regulntion 54(3) of the Securit ies and Exchange Board of India (List ing Ob ligat ions nnd Disclosure Requirements) Regulations, 2015 (as amended) for listed Non-Convert ible debt securities as at and for the six months ended 30 September 2026 (Co11ti1111ed) Auditor's Responsibility (Co11ti1111ed) New CTS No. 1483D ad measuring 29,047.25 square meters and the proportionate undivided right, title , share and interest in the Chalet Developed Land together with a first ranking pari passu charge over all the receivables of the Mortgaged Properti es basis with existing I .enders, all accounts held by the Company pertaining to M ortgaged Properti es including the Escrow account pertaining to the Identifi ed Assets, both present and future in the form and manner satisfactory lo the Debenture Trustee. 9. The Market Val ue mentioned in the Statement has been updated by the management of the Company. We have not performed any independent procedure in this regard. Our procedures arc restricted to the detail s mentioned in Para 8 above with respect to calculation of Security Coverage Ratio based on the book value of assets extracted from the unaudited books of accounts and other relevant records and documents maintained by the Company as al and for lhe six months ended 30 September 2026. 10. We conducted our examination of the Statement in accordance with the "Guidance Note on Reports or Certificates for Special Purposes (Revised 20 16)" (referred as 'Guidance Note ') issued by the Institut e of Chartered Accountants of Indi a (' !CAI') . The Guidance Note requires that we comply w ith the ethical requirements of the Code of Ethics issued by the ICA I. I 1. We have compli ed with the relevant applicable requirements of the Standard on Quality Control (SOC) I, Quality Control for f-inns that Perform A udits and Reviews of I listori cal r:inancial Informati on and Other Assurance and Related Services Engagements. OJ>inion 12. Based on our examin ation and according to the information and explanations given to us and appropriate representations obtained from the company nothing has come to our attention that causes us to believe that the Security Coverage Ratio calculated based on the books value mentioned in Colum,, F of the Statement is greater than 1.75 times of the Principal and Interest value of the NCO as at and for the six months ended 30 September 2026, read with notes thereon, and are 1101 in agreement with the unaudited books of account and other relevant records and documents maintained by the Company as at and for the six months ended 30 September 2026. e
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B S R& Co. LLP Chalet Hotels Limit ed Page 4 of 4 Independent Auditor's Certificate on Security Covernge of Chalet Hotels Limited 1>ursuant to Regulation 54(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulutions, 2015 (as umended) for listed Non-Convertible deht securities as at and for the six months ended 30 September 2026 (Co11ti11uerl) Restriction on lJse 13. This certi ficate has been issued al the request of the Company, solely for the purpose as set forth in the paragraph 2 and 3 above. It should not be used by any other person or for any other purpose. This ccrtif1catc relates only to the Statement speci f1cd above and docs not extend to any fin ancial informati on of the Company or other inform ation . Acco rdingly, we do not accept or assume a,,y liability or any duty of care for any other pui-posc or to any other person to whom this certifi cate is shown or into whose hands it may come without our prior consent in writin g. We have no responsibilit y to update this certifi cate for events and circumstances occurring after the date of thi s certifi cate. Mumbai 04 November 2026 ror B S R& Co. LLP Chartered Acco untants Firm's Registration No: 10 l 248W/ W 100022 Mansi Pardiwalla Partner Membership No: 1085 11 U DIN N o: 26 I 0851 I JXCEM G67 I 5
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Slatel'l'lltnt oa alculuioa of Security R.tio ("'tk St:dtmnt'' ) (To" n-ad in"Wt 1,rdq,a,dcrt A.Mdit«-',-CO'lifJaJte. dateJ. OJ i"i-vr.onl,,r:r 1i12-6) C.maA ~-· c.-c w ... D Coh-E c.6noaF .-...-c Col-H .,,._, ~-· t,- ...... ._ --..,,_.,_ ..... _°"'" --c-. ., ..... (:1-■ tl• c-. c.. t.dld''b!' ■ WI -"'") ---~ ..... ., IIKU'fl!'(Q■ M .. ,.,,,... .... OGn-1:MOm"'lltl •UfillsaaJ Ddlt•-c .,. ... ---,_:rdtiabrs u..at ... ., ....... wlk. DrrM ... -Morw. -p-- 6tftbp.1'1-1PahA -.. .. "'- ----- ·-... tMICffd lk:■• ..... adllcabM .. ............. .., -- _.,. a-1u- ... _., .. ,. - - _,.b -·- __ ., -- ad-,..,iop■. rl .......... &cdin-lldKrill 0-..f) U.lCS.lldo --___ , ........ ..,. ..,._ -.. -VII• ... v ... y~ lrolll\'.alw -v- -~ ASSETS 1~ •• :Pla:lnc-..- y,, l,4'&!-1 1.:194.llH '"-= y,, r.,:730 .!]JJ:!~ 'j.,I ◄ --w.::■t~ ~:!I ~9 ' RtzllaCUx~ 2Yo']~ I w-... ,n Uf.11 I ~..!illCbk1UtdJ 3-:S.:: I t:~.As,ri:UUUC::-~J. baatDciu: Rdc,- S'Olt I ,!t. l Sal:L0~6Jlcd J0.'11]1 I ....... 6Jt9 ]i _,.,... l.'H.I C·J. T.:ldcEt.o::tid.:b y,, !Clb ti ,,."' Cmu.:ICffli.n,-.,,,....1. , .. :s, 16 1.62D ~ 8""' e.i...-.,""" u.a,Ca,h adc,,h 1.6!9:!9 '"-••-.Jan Ohn 6.l:!J.18 T_, . I ~7.19 0.1,.t.n c.t■ -k T-■,l(Ca,EI), Zl.lk7" I ::.un." I ' ,:iu, I ffl.J,5 I lli. l l I >L<I I I L._73L31 I U,,.J T l.991.ll -.u Uin,-1 U--c.t.2" '-U.C..11: 71.IH.4-? CH J\ LET ,.. .:., r I ~ t ia million ~ ·- ,._, ... --..... ,_ G'ol■-N C.0,-N o.,....,o C.-P .R:da11N1•...,.dilea itut11~.,Guw.l"lfflo11 ~Tai- ... nt1_,.caa,w,:_ -tin.mnlitf ...... li■ IIOC, Marlild\-.Jark A-1:llda,wtd• ---.......... -- er • ..., ........ DSRA-rk1ftl• h-• ·-· l'.:ai:l0~5Jlcd iCu'r'?hl>1-litUil•f■r flrl _ ... ...,._ ..... •rklftl•b -M'lriN V:■:tM k Pmi- mctTtal■-Wt • •Pllkllbk ,...a-e,.A..- ff-1.a,'llilal.: lkl■■a. DSRA_,.._.._,._&Nt .......... ) lt.dlldq: ·•CCII-. .II 1~~uo, I I I ◄ ~l .'.:l!!i.• d-Tti?\ ~□~ \\~□--, ~\') * ~ ~ - m)EI !,7 16 ,._,_., T,..IV■I• _.,..., I !Ul~OO !06SI ~,i6 ?U;'i'IL9'
Page 20
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