Good afternoon, ladies and gentlemen, and thank you for attending this virtual meeting. I'm pleased to welcome you on behalf of EIH Limited and SKP Securities to EIH Limited's Q3 FY25 earnings webinar. We have with us Mr. Vikram Oberoi, Managing Director and Chief Executive Officer, and Mr. Vineet Kapur, Chief Financial Officer. Friends, this virtual meeting is being recorded for compliance reasons, and during the discussion, there may be certain forward-looking statements. These must be viewed in conjunction with the risks that the company faces. We'll have the opening remarks and a presentation by the management, followed by a Q&A session. Thank you, and over to you, Vikram. Thanks, thanks, Naveen, and good afternoon, ladies and gentlemen. Thank you for joining us for the call. Many of you will be meeting Vineet for the first time, so Vineet joined us as CFO, and it's great to have him on board, taking on the roles from Kallol, who all of you know. Just a few very broad statements I'd like to make is that you'll see, if you've already downloaded the presentation, you'll see something that we've been reiterating time and time again on the premium positioning of Oberoi Hotels, and possibly to a slightly lesser extent, Trident Hotels. It's not quite hasn't shown the same ARR RevPAR growth as Oberoi, but still has performed well. Our view continues to be that really the premium segment has strong opportunity for growth in terms of occupancy, in terms of average room rates, occupancies, and therefore RevPAR and profitability. When Vineet goes through the numbers, you will see why we say what we're saying. With that, I'll probably hand over to Vineet, and of course, we both are here to answer questions that you have. Naveen, just one other request, because we are in the midst of our budget process, I do need to get back, in fact, both of us need to get back to, in a timely manner, to our meetings. A number of our colleagues are waiting, and we've just stepped out for lunch. If we can please keep it to the time limit, I'd be really grateful. Sure, Vikram. Friends, a request during the Q&A session: request you to limit yourselves to just two questions because we need to wind up at 4:00 P.M. Thank you. Vineet, over to you. Thank you, Vikram. Thanks a lot, and pleasure is totally mine for joining this call, and I look forward to more interactions with everybody around. So starting with the presentation, Naveen, if. Yeah, I'll just share it. Can you see me, Vineet? Yes, yes, now we see. If you look at this more of the overall Indian hotel sector, we have seen quite good expansions happening in 2004, and the expansion is happening both in domestic tourism as well as because of corporate travel, and I think the main key drivers are the tourism, a lot of conferences, a lot of events are happening. There's also inbound tourism, and also the fact that there's a good growth from an Indian leisure segment in luxury as well as wellness requirements. We have seen a good healthy growth in last year, and we foresee that this will continue in the coming future. If you look at the industry numbers for Q3, of course, when we're talking about the domestic air passengers, the traffic has improved almost 12% as compared to the pre-COVID era, and we are seeing also a very healthy 9% growth in the air traffic year over year, on a year over year basis. And with that, we see overall industry has done very well on occupancy, roughly 2%-4% growth over last year in occupancy, which has led and also a very healthy growth in ARR, which is actually around 9%-11%. And that has resulted in a very good RevPAR growth of 14%-16% versus last year. And if you look at versus pre-COVID, the growth is almost 45%-46%. Our perspective is that this is the signs are very healthy, still growing, the demand is pretty strong at this moment, and we foresee a good growth coming in the coming future. If you look at our operational performance, EIH has done considerably well as far as competition is concerned. If you look at both on an MPI as well as ARI, we have been able to maintain more than 100% index versus the competition, and that's resulted in a good RGI over a good sustained period of time, except for the blips which we saw during the COVID era. Just breaking that down, if you look at the industry growth on a RevPAR, we have seen a healthy 15% growth on RevPAR for domestic hotels, and this will be the total industry. If you look at within the group, within the owned and managed hotels, we have seen a healthy RevPAR growth of 17%. And if you have further broken that down, we have seen a very strong growth in our Oberoi hotel segment, where we're seeing a 22% growth. And in Trident, we are almost same similar in the similar pattern as industry. But that gives us a benefit of our RevPAR much more higher than overall industry. And the same trend continues on a RevPAR growth. If I look at the five-year RevPAR CAGR growth, it's roughly in the range of 13%. We have seen the cycles of summers and then picking up again towards Q3, Q4. But the base has moved up, and if I really see versus FY20, which was 10, we are running at 19,000 on a RevPAR basis, which is a very healthy growth of 46%-47% in terms of percentages. Same thing, just breaking them down in Q3, we are seeing pretty healthy occupancy levels in the range of beyond 70% to 75%, and we've seen a healthy growth in December as well. And the major thing to stand out would be the ARR, where we are seeing a good growth in every month vis-à-vis last year. So at an overall occupancy, if I look at, we have seen an occupancy almost at the same rate as last year of 79%-80%, which is pretty good healthy occupancy rates, but driven by a very good ARR, which is driving our RevPAR growth for the quarter. This is a further breakdown between EIH owned. The earlier slide was for the total. Same trends, what was visible for the total growth. If you break that RevPAR down on a growth by city, we have seen some regrowth in cities like Bhubaneswar. I think mainly driven by some sports events, which were there as a one-time event last year, which didn't occur this year. Otherwise, healthy RevPAR growth in every city. If you look at the Hyderabad, grown by 26%, huge demand in terms of both in terms of requirement. Our international hotels also have done considerably well versus last year. We've seen a 20% growth in terms of RevPAR, driven by the fact that last year we got badly impacted by the Israel conflict, which is now coming stabilizing, at least from a tourism and travelers' perspective. If we further break that down on the revenue tail, on the segment-wise revenue, we are seeing a good trend in terms of direct is driving a lot of growth, where there's a lot of growth in that segment. The revenue, which is driven by the direct segment, has grown much more faster. We have seen leisure and MICE on the same range, but a good factor growth coming from our direct sector for the current for the last year. Yeah, if I look at the Q3 performance, on a standalone basis, our Q3 was the highest performance in both terms of revenue, EBITDA, and PAT, driven by occupancy as well as healthier ARR growth, which is helping the overall financials. The same trends for Q3 consolidated, standalone and consolidated. In fact, consolidated was on a little higher side because of our subsidiaries, and international business did well as compared to last year. So this is the cash flow situation, so pretty strong cash flow we've been able to maintain, and this basically will help us to support all the expansion plans which we have, which we have already announced and are planning to announce in the coming future, and supporting the expansions for the hotels, which you'll see the list in slide 24, which already has the list of the hotels in the pipeline. So if I look at the Q3 financial statement on a standalone basis, we grew revenue income by roughly around 6%. And just to add here, we had one of the hotel brand in Kolkata, which was shut down for renovation. If I exclude that impact on a like-for-like basis, we have grown at 11%, EBITDA growing in a healthy range of 7%, and PAT growing much more healthier by roughly 18% in Q3. I think consolidated is the same, and what I mentioned before, growth is higher than my standalone because of better operations, better performance in subsidiary, and my international operations. Overall, PAT increase of 21% on a consolidated basis. These are various lists of awards and accolades. Oberoi is known for the hotels and the service, so we got numerous awards across U.S., U.K., and in India for our hotels. These are all the awards which are during the Q3, which were received. Coming to the expansion plans for the group, this is the list of hotels, roughly 19 properties which are coming and are in the pipeline. A few of them will get operational in 2025, a couple of them coming 2026, and in the future, yes. Overall, if I look at as a summary, Oberoi hotels we're going to add roughly 13. Trident, there'll be three hotels which we added. We'll also have luxury boats and nine cruisers, which is roughly three. If I take the split, we are increasing in all geographies, including domestic and international, domestic growth of 10, and international we are increasing nine numbers. And the same, if I look at in a percentage basis, owned are eight, and managed properties will be 11. Maybe we just want to say that we will be further two hotels. Oh, I can add more of a press release for the next week. Right. Okay. But I won't give details of the hotels. Should I just mention? And a press release will be coming out next week on two further management contracts that have been signed since our last presentation to you. Both of these hotels, one is in Oberoi, one is at Trident, and they both are in India, but we'll share that press release with the stock exchange and, of course, with the press, so that will be covered, and of course, we'll announce it to you as well. Should we move on? Yes, please. The next is just the footprint across. We are present. This is a chart of the international presence. We have seven resorts and hotels across in different geographies. And if I look at, there'll be some, of course, our presence will increase once the pipeline hotels get ready and they become operational. On the next page is the presence in India, that's our national presence, both for Trident and Oberoi. So roughly on a total basis, roughly 3,700 across India. That's it. That's for our Q3 investor presentation. Back to you, Naveen. Thank you, Vikram. Thank you, Vinny. Friends, we now open the floor for the Q&A session. And as requested, please restrict yourself to one question because we're running short of time. We take the first question from Archana Gude. Archana, please go ahead. Archana, please unmute yourself and go ahead. She's facing someone. Hello. Am I audible now? Yes, Archana, please go ahead. Hello? Yeah. Yes, Arshana. Thank you for the opportunity. Good afternoon. Decent set of numbers. Actually, I had two questions, but Naveen is, you know, since we are running out of time, I'll just ask you one quick question. We have this impressive mid-teens increase in ADR. How has been the trend in Jan-Feb of this quarter? Some color on this. And after healthy growth in India post-COVID, continuation of similar growth is doable, or should we expect some softness there? Any guidance for FY26 would be helpful. So sorry, Archana. First of all, good afternoon. I think perhaps this is your first time on the call? No, sir. Okay. Sorry. And I apologize, Archana. Archana, just I had trouble hearing you. So if I understood you correctly, you were asking about January and February. Is that correct? And on ADR growth? Sure, sir. Yeah. The same one. The likelihood of continuing to drive ADR in times to come. Those were your two questions. Correct. Yeah. Okay. So we continue to drive ADR, and we're confident that we will be able to drive ADR like we've done in the past, and there's no reason for that to change. So our position still remains unchanged from previous questions that I've answered along these lines. And your second question was, really, can we sustain these ADRs over time? And my view is absolutely. In fact, my view is that there is considerable opportunity to enhance ADRs substantially. You would have seen in the EIH slide, the hotels are running a very high occupancy. And with that high demand, we're confident of being able to drive ADRs further. I also want to point out that given the quality of hotels, not only EIH hotels, but the quality of hotels that we have in India, EIH and others, and you look at our pricing relative to other cities around the world, there is considerable upside in rate. We're still, in my view, underpriced for the quality of hotels that we offer, both in parts of Asia and in leisure and business, and also in Europe and North America, where many of our guests come from. So we still have great value for our guests who travel to and stay at our hotels. And we'll continue to drive ARR up. Sure. That was helpful. Thank you so much, sir. Thanks so much, Archana. Thank you. Thank you, Archana. Thank you, and Nidhi. We'll take your follow-up question. We'll take the next question from Amit Agarwal. Amit, please go ahead. Hello. Can you hear me? Yes, Amit. Please go ahead. Hello, Mr. Oberoi. Hello, Amit. How are you doing? I'm doing well, but I feel, in fact, both you Archana, Archana called me sir, and I'm certainly not sir. I'm Vikram, and please, I'm not Mr. Oberoi either, but whatever you're comfortable with. Right now, I'm joining a meeting from Vaishno Devi. Your loss, advisor. Oh, thank you so much for staying with us. I hope you're having a good stay. Yeah, but I'm sad also because the property won't be there next month, so I just came full time to enjoy this property. That's very kind of you. I request you to do everything so that we can regain this property. I love this property. This is my seventh or eighth visit. Yeah. No, thank you. Thanks, Amit. And first of all, thank you for staying with us. Secondly, absolutely. We love the hotel just as you do, and we'll do whatever we can. What are the chances? I don't want to comment on that, Amit. Okay. I'll let them go there. All I can say is that our effort will be 100%. Sorry, sorry, sorry. Just my other question is regarding Pune thing. Within three months, what made you feel that we shouldn't go with the project? Because I think our approach compared to the other hotel chains in India, we are a bit conservative in owning the hotels now. And most of the hotels that are coming up are mostly managed. And the two or three properties which are coming are old properties, like Bangalore. I think you own the land for a long time, so nothing new. Are we conservative in approaching future? Because most of them are managed, and the Pune one is canceled. Any particular reason that you canceled the Pune one? So I'm sure you've seen it. We made an announcement to the stock exchange on the cancellation. And Amit, I don't want to say anything over and above that on why it didn't happen. All I can say is that we would be very keen to have a hotel in Pune, and we're disappointed that this has not happened with this particular opportunity. But we will look for other opportunities for mixed-use developments, both in Pune and in other cities. And that's our endeavor, and I hope we'll have more good news to share with you. Like I mentioned, we've signed two further management contracts from the last time we met. And one is in Oberoi, one is at Trident, and we'll be sending a press release out next week. So please wait for that. But growth is something that is very important for us, and we continue to focus on it and give our 100% to driving growth, both in terms of JVs, management opportunities, or owned opportunities. So that is a top priority for the organization, in addition to maintaining the highest levels of service for our guests and keeping our premium position and running profitable hotels as a result, and ensuring our team and our colleagues are well looked after so they can do the best they can for our guests. Do you expect some more announcement beyond the last next week announcement regarding some new joint ventures or opening? The two will be. It's not a JV. It's a pure management contract. But we will be announcing that next week. Beyond that, is there any scope of announcing some more next month or so, two months? We are working hard. And I think given the effort we're putting in, I hope we will continue to share news on our growth. But other than that, I really don't want to say anything till everything is confirmed and we can make a formal announcement. My last thing is, how's the Tirupati development going on? Because I heard that there have been political objections to the project. Are we sure we're going to meet the deadline? We absolutely will. Yes. Okay. Thank you. Go ahead. Thanks so much. And Amit, thank you. And enjoy your stay at Wildflower Hall. Thank you. Thank you for staying with us. Really appreciate it. Thank you, Amit. We take the next question from Abhishek Jain. Abhishek, please go ahead. Hi. Good evening. Hello, Abhishek. Yeah, so I recently had visited your Maidens Hotel in Delhi. What I would like to know is that, like Maidens Hotel, what is the proportion of the properties that are owned by EIH out of our total portfolio? So, if you refer to the, I think that's given in the. The national presence? Yeah. If you just go to that chart, it'll give you those details. Yeah. So along with that, I want to know that since these properties, a couple of them are owned by us, more generally the older ones, what would be the market value of the land of the number of hotels which are owned by us, owned by EIH as of date? We haven't done evaluation on the land, so I don't want to even hazard a guess. Okay. And just the last one, what would be the extent of the property which is located at Nariman Point, and is that just the extent of land? Sorry, could you repeat that question? Just the extent of land at Nariman Point, which includes Oberoi Hotel and Trident? Yeah. You would have seen the site. Let me get back to you on the exact size of that land. And I don't want to give you anything which is not 100% accurate. And I don't recall the exact plot size, but we can certainly share that with you. That's owned by EIH, right? It is. The hotels are owned by EIH. It's on a lease, which, if I remember correctly, is a 99-year. Okay. Thanks. My pleasure. Thanks. Thank Thank you, Abhishek. Yeah. Thanks, Abhishek. Thank you. You have mail and. Yeah. Abhishek, thank you for visiting the management team. Yeah. I was really quite delighted to. Yeah. I'll add one thing. I think that hotel has tremendous potential because it's a historic hotel. It's located for leisure, and I think it has a bright future, so that's all I'll say for the moment. Yeah. Yeah. Thank you. Thank you, Abhishek. We take the next question from Sangeeta Purushottam. Please go ahead. Yeah. Could you just help me reconcile some of the numbers that you have presented in the financials? 8% RevPAR growth and an absolute growth in revenues of 8%. That's one. And the second thing is that you have an absence of exceptional items in the PAT, which is boosting the PAT growth as compared to next year. So could you give us a sense of how we should look at the operating leverage that is actually playing out in your hotels? Yeah, please. Please. Vineet, in case you need to refer to the PPT, I've opened it. Yeah. So if I just see here, if we look at the number, we have grown by 8% in terms of overall revenue. The one-timer what you're looking at was a one-time event which was last year. That was mainly on account of Mashobra which was there last year. There was no one-timer for the current year. And the 2.1, it's just the lease rental, if I'm not mistaken. The 2.1 under. exceptional items this year in FY 2025 under exceptional items. Please, sorry, I didn't mean to interrupt. Yeah. That's the lease rental impact for the current year. No. So my question is, 17% RevPAR growth and 8% absolute revenue growth. Can you just help reconcile the difference? I'll just explain that, and I'm sorry, we probably didn't cover it in detail, but the Grand has been closed for renovation and redevelopment or renovation or restoration, maybe a better word. And therefore, if you take Grand out both for Q3 of last year and Q3 of this year, then our revenue growth is 11%. EBITDA growth is 14%, but with Grand's absence, it is 6% revenue growth and 7% EBITDA growth, so what you're seeing is the Grand effect on the numbers. I hope I've been able to explain that. Yeah. That still doesn't explain the difference between 17% and 11%. Let's just take top line growth. So which slide are you looking at for 17%? The RevPAR growth, which you've shown. You've shown, I think, 17% overall growth for yourselves with 22% in the Oberoi brand and 15% in Trident. Yeah. Yeah. Okay. So if you just look at the top of the slide, I think one needs to just see where it says owned and managed and just EIH-owned hotels. So that will give you the difference between the two. So one is for owned and managed. One is for EIH-owned and operated hotels. Andre, which slide are you referring to? Was it this one? I'm referring to the slide where you talk about 17% RevPAR growth over last year, broken up as 22% for the Oberoi brand. Yeah, this slide. Yeah. Correct. So you're showing 17% RevPAR growth, and you're showing about 8% growth on consolidated basis, maybe correctable to 11% if you take into account the Oberoi Grand effect. So I'm just trying to understand the difference between 17% and either 8% or 11%. So that would be the Grand. And we can just look at the numbers and come back to you. But that would be the fact that Grand is the same. Yes. The Grand definitely had an impact, which was driving. If we take the Grand impact out, we grew by around 16%. Oh, and sorry, a colleague of mine has just handed other revenue components, of course, of food and beverage. There were discards as well because five floors at Trident and Nariman Point were renovated. So there was a discard of assets there as well. The dividend impact, which was there last year, is the timing difference for the current year? Okay. And given the fact that there are linkages between the stock market and the luxury market, have you seen in the past that with the lag, it either benefits you or hits you? And given the short-term impact in the stock market that we see right now, do you see any grounds for concern for immediate revenues in, let's say, the next six to nine months? Sorry, I haven't understood the question. Okay. Let me repeat. The stock market has not done well in the last six months, right? And that could possibly lead to a perception of reduced wealth among the clientele that you have. This has happened in the past. And have you seen a correlation between negative movements in the stock market and its impact on you with a lag, if that be? And first of all, we haven't done that analysis to correlate the stock market movements with our business. But what I can say, which is reflected in the numbers, is that we have strong RevPAR growth at high occupancy levels. So if that is anything to go by, then the last six months where we've seen a decline hasn't impacted us would be a reasonable assumption to make. Thank you. Thank you. Thank you. Thank you, Andrew. We'll take the next question from Harshil Sethia. Harshil, please go ahead. Hello. Hello? Please go ahead. Hello, Herschel. Please go ahead. Hello, Herschel. Hi. So from what we've read from the news articles, that Wildflower Hall would be up for auction by the government post-March and once it is closed. So am I correct on my understanding, or? I really don't want to comment on Wildflower Hall. I think what is available in the public domain is all I would like to restrict my answer to. Yes. Okay. Thank you for that. Thank you so much. And I apologize for that. Please forgive me for not being able to say anything beyond that. Okay. Yeah. Okay. Yeah. Thank you. Thank you, Harshil. We take the next question from Abhay Khaitan. Abhay, please go ahead. Abhay, please go ahead. We can't hear you. Abhay, we can't hear you. We'll take the next question in the interim from Sangeeta Purushottam. Sangeeta, please go ahead. Yeah. Good afternoon, and thanks for taking my question. When I look at the list of new hotels and new rooms that you're going to add over the next few years, a bulk of the addition seems to be coming more from 2027 onwards. The numbers in the next two years are in the range of about 100 plus, minus a little bit. Now, does that mean that for you, for your growth in the next two years, growth in the rates or the price will be more important? And therefore, overall growth is going to kind of normalize to the mid-teens from the high growth we've seen in the last few years. Till your new set of properties come up, how should we really look at the numbers? That's my first question. So before I answer that question, I just wanted to say a couple of things. First of all, Sangeeta, we really are sparing no effort in terms of growth and through management contracts, through JVs, and through our own 100% investment in hotels. So growth is very important to us. The second thing I wanted to say is that in order the lead time for developing a hotel, as you know, it can't be done overnight. That's why you see the numbers staggered to the next couple of years. The third thing I wanted to say is that this has been an important focus for us since my brother Arjun and I took over, for lack of a better word, with our colleagues, the running of the company, which has been two years or thereabout. I think in two years, you have to judge whether we've made good progress or not. You can look at what growth EIH did prior to that and see what we're doing now through the various options that are available for growth that I just outlined. In terms of what are the opportunities for driving increased revenue and increased profitability, it is not unusual to have luxury hotels or the top hotels in key cities, whether it's in Asia, Europe, or North America, command rates of well over $1,000 a night. Therefore, I still continue to believe provided demand is strong, and there's no reason to think that India's growth story is not going to continue. There's no reason to believe that wealth creation within India is not going to continue. So we still remain optimistic on the substantial upside in rates and occupancies as well at some of our hotels. And our focus will be to drive rates even at the cost of occupancy because by increasing rate, the flow through to bottom line is 100%. And that's going to continue to be our focus to drive ARR. That's our top priority, all things being equal and the market continuing to be strong. All right. Thank you. I had one more question. If you look at your shareholding pattern, there's a substantial amount of your shares which are held and have been held for many years by one of your competitors who's recently gone in for a reorganization of their hotel business. Are there any insights you could share with us as to how this situation is likely to pan out in future and what impact, if any, it would have on your business? I have no insights to share, Sangeeta. All right. Okay. Thank you. Thank you so much. Really appreciate it. Thank you. Thank you, Sangeeta. Yeah. Hi, this is Abhay. Can I go ahead? Hello, Abhay. Yeah. Please go ahead. Yeah. Sorry. Sorry Sorry for the previous one. Hi, Vikram. Hi, Vineet. And good afternoon to you guys. How are you, Abhay? Yeah. Thank you for the opportunity. So I have a couple of questions. Let me take it one at a time. So the first is on the city-wide slides. So I can see that the metro cities have seen much stronger growth compared to the tourism-focused cities. And that is the trend, actually, we have been seeing across all other hotel companies that have reported. So do you think this sort of discrepancy is going to go on in the near term as well as in the medium term as well? And in that light, how does that tally with your strategy, given that if I see the pipeline that you have that focuses mostly on the domestic side, mostly on the tourist cities? So how do you see this trend going forward? Yeah. No, it's a great question, Abhay. So let me first of all say that if you look at outbound travel from India, there's been that continues to grow year on year. And although that's not broken up into leisure and business, I think many of us are traveling not only within India but looking at opportunities outside of India for travel. And with connectivity improving, as an example, now you can fly directly from Delhi to Bali. It's an overnight flight. And at our Bali hotel, we've seen a substantial rise in our Indian guests staying at the Oberoi Bali. So I think, number one, what you're saying is correct. People have connectivities improved, and people are traveling outside of India and not only holidaying in India. And that's reflected in the numbers. Now, I think my counter to that is that we, as an organization, need to say, "What is it that we need to do to get a larger share and still drive growth for our leisure hotels?" And we are working on that because if we take that as given, then really, where is it that we're applying our minds to really influence our future? And therefore, we need to take steps to say, "Despite that, how do we grow our leisure business?" One, of course, is foreign travel. Foreign travel in a number of leisure locations has still not reached pre-pandemic levels. But in addition to that, even with our domestic guests, how do we incentivize them to stay with us increasingly, not only by providing a better service, but through other means as well so that we get a larger share of their wallets? That's something that we are working on and we will continue to work on. Got it. Thank you. Thank you for this. My second question is, again, on the pricing side. So while I agree that the pricing of the premium hotels in India is much lower compared to international hotels with similar offering, but given the sharp rise in the room rates in the Indian premium hotel segment, do you think there will be an element of price elasticity of demand, or do you think it does not matter for the segment we cater to? And also, in the medium term, if there is an opportunity or if you have to sacrifice some occupancy for higher ARR growth, would you do it, or would you focus on overall occupancy and then increase the ARR as per the demand? Provided we can increase RevPAR, we will focus on, and actually, not only just RevPAR, but RevPAR plus driving bottom line. We will be happy to sacrifice occupancy for either equal or better RevPAR or increased profitability. Okay, and about the price elasticity of demand, do you think it matters in the segment that we cater to? I don't know the answer. If I look at rate increases, and there was in our presentation, you can see how RevPAR has increased from I think we looked at the last 10 years. That would seem to suggest that it is fairly inelastic because we've been able to increase price while maintaining occupancy, in fact, driving occupancy higher as well, and therefore, RevPAR. I would say that 10-year slide will be factually correct and should answer the question. If you want my view on it, my view is, yes, you can. There's still upside to be had. Got it. Thank you. Thank you so much for this. Thank you. Thanks so much, Abhay. Thank you. Thank you, Abhay. We'll take the next question from Bharat Sheth. Bharat, please unmute yourself and go ahead. Good afternoon, Vikram. Hi. Hi, Bharat. How are you? Hi. Vikram, I have just one question. I mean, of course, because of our almost all hotels are, I mean, old and built over time, so we are generating a very high ROC as of today. But now, going ahead, the way we are aiming in the portfolio and the cost of land as well as construction costs has gone up. So to sustain those kind of ROC, what kind of ARR growth do we have to really look for? Bharat, great, great question. And really, unfortunately, there's no straightforward answer to that question. So in city hotels, if you're just doing a hotel and it's a prime location, then to get a healthy ROC, given the cost of development, becomes very difficult. And that's why we're looking at mixed-use opportunities for city hotels. Hebbal is an example of that. And please be rest assured that that development has a very healthy ROC. So that's the first thing I'll say. In leisure locations, depending on where you go, and the nice thing with leisure locations is the more remote you are and the less that is around you, guests are willing to pay a premium for that. So provided it's reasonably well connected and it's a couple-hour drive, guests will not only visit the hotel but also pay you a high rate. And Vanyavilas is a perfect example of that, albeit it's not a new hotel, but you can see that it demands or it achieves. And we don't share Vanyavilas data with you. We don't share individual data. But Vanyavilas achieves a very high occupancy and a very strong ADR or average room rate. So really, there's no one answer. And I think we need to be flexible with our approach. We need to be really diligent in the analysis we do, whether it's owned or managed hotels, on P&L projections, the cost of development, and therefore, the enterprise value and the internal rate of return. So that's how I would answer that question. And we do get into a lot of detail, whether it's an owned hotel, a JV, or even with a management contract, to ensure that we are running hotels that provide a return either to us, to us and our JV partners, or to the owner whose hotel we're operating. We have that moral responsibility. And of course, we've got a responsibility to our shareholders and to the board as well. Can I go for a second question, Naveen? Yeah, Abhay, go ahead. So, Vikram, second thing, post-COVID, we have seen that MICE and weddings have substantially increased in the hotel area. So how are we experiencing because those weddings, particularly as well as MICE, bring a lot of food revenue also simultaneously, whereas guests may not be, I mean, in line with that hotel, I mean, room rate and food revenue growth. So how are we seeing the increasing, and how long do we expect that this will sustain? Bharat, the nice thing is that young people are getting married, right? Yeah. And a marriage, as a parent, and many of us will be parents who have children who are either married or divorced, it's such an important part of one's journey through life as a parent or as a child. And so I continue to see demand being very strong for that segment. I continue to see parents willing to make that event very special and memorable for their family, for whoever's getting married, the bride or the groom, and for guests who attend the wedding. And therefore, these rates, which are, you're absolutely right, both in terms of average room rate and in terms of F&B spend, they are higher than what an FIT guest would typically spend. So the contribution to bottom line is significant. I think what we need to focus on is how do we make a wedding absolutely perfect for people who are attending, give them the best possible experience, drive word of mouth, and drive a premium price for that segment. I think, Bharat, to the same question, so how are we seeing the traction within city hotel and our leisure where nowadays a lot of destination wedding is also taking place? Bharat, both are strong. Both are strong. Okay. And all the best. Thank you. Thanks so much. Thank you so much. Thank you, Abhay. We'll take the next question from Rajiv Bharati. Rajiv, please go ahead. Yeah. Good afternoon, sir. Thanks for the opportunity. Hello, Rajiv. Please, Vikram, if you don't mind. So with regard to your slide 16, where you have shown your cash position. So the cash position has increased by 42 odd crores. And if I just add your cumulative PAT plus depreciation, you would have accumulated close to 588 odd crores during the nine months. Can you just state where this CapEx is going? The investments which have happened during the last period, we have made, as was announced earlier, was a London investment. So we have done an investment of up to INR 241 crores on our London asset. And also, we have spent on Capex, the few new hotels in the pipeline which you see. We have been spending on that, which is roughly around INR 200 crores. So the idea was just to get the names of projects where you have started work. We are spending. The investments are happening in Tirupati. We are spending in Rajgarh, Gandikota, all these three main places the investments are happening. But for EIH, it's Rajgarh and, of course, London and also some on Hebbal as well. Oh, and of course, renovations as well. We're renovating our hotels. So like I gave an example of Trident Nariman Point, we renovated five floors at Trident Nariman Point as an example. Sure. So the last question is on the international bit. So after several quarters, we are seeing that it has grown 20% YOY. So what led to this, and is it sustainable? I think with international, we have considerable upside. But I think these hotels also need investments, or some of them, not all of them. And with those, we will be able to run far more profitable hotels. So Bali is an example, is a hotel that has tremendous potential and therefore considerably more upside. Marrakech is a hotel that opened, and literally, when it opened, COVID broke out, so the hotel shut. We had the earthquake in Marrakech, as you remember. There's the Middle East crisis. So there's considerable upside in Marrakech as well, which is a new hotel. It doesn't need an investment. It's a beautiful hotel. And one of the slides is of Marrakech in the presentation. So I think there is further opportunity for our international hotels too. Thanks a lot, sir. Eye-opening, I've noticed. Thanks, Rajiv. Thank you so much, Rajiv. Thank you. We'll take the last two questions from Prateek and Yagnam. Prateek, please go ahead. Hello, Prateek. Hello. Yeah, hi, Vikram. My first question is on occupancy you have been alluding to. Like wanting to maximize RevPAR at obviously compromising occupancy at some instance. So what is the right occupancy? I don't know whether we should see on a quarterly basis or annual basis as an analyst, which a hotel can achieve in general for looking at RevPAR goals for the company? Yeah. Gosh, that is a really hard question, Prateek, for me to answer. So I don't know if there's one or the other. It really depends on what are the segments that drive business. And for example, if you have, as an example, a segment like mice, and particularly leisure mice, weddings, celebrations, etc., and that's a large part of your or has the potential to be is contributing and has potential to grow, then price elasticity there is very low. So you can look at increasing prices. If you have a large corporate segment, corporate segments are far more price sensitive. And unless you can replace that business with other business, then you need to continue to focus on that segment, which is price sensitive. So I don't and I take the direct segment. Direct segment, you have great flexibility because a large part of our business, as you can see from the slide, comes from that segment. And that's why we look at our pricing. We're just pricing based on business on books, pickup, etc. So you have the ability to yield either upwards or downwards based on demand. And of course, there's also seasonality, which exists. I have to say that seasonality in our city hotels is coming down, but we continue to see seasonality in our leisure hotels. Although if you look at figures from five, six, seven, pre-COVID, or maybe a couple of years before COVID, it was far more seasonal. But with more domestic business, seasonality, even at leisure hotels, has reduced. So there's no one you have to look at each hotel individually. You have to look at each segment individually. You need to see what that contribution is. It also depends on the competitive market in that area. And then see what you need to do and how you need to adjust pricing for each one of those segments to maximize rev power. And I'm sorry, Prateek, I haven't given you a straightforward answer at all, but I don't have a straightforward answer for your question. Thank you, sir. That was useful. Please, Prateek, please. Vikram, it's a matter of habit. Yeah. Okay. We'll take the last question from Yagnam Pathak. Yagnam, please go ahead. Yeah. Hi. Thanks for taking my question. Basically, regarding the airport services and flight services segment, so could you please share the revenue contribution for the quarter? Do we provide that? All I can say, Yagnam, is that the business has really, really performed incredibly well, and we are so happy with the performance of our flight business. We've seen strong growth in top line. We've seen strong growth in EBITDA, so we're very happy with the performance, and if you just see what's happening in India, I mean, if you just take Indigo and Air India, and you also see British Airways, for example, is adding a third flight. We cater to British Airways. Both domestic and international airlines are adding significant flights to India, and therefore, we remain optimistic about the flight kitchen business. All right. And anything on margin compared to last year? Has it improved or? It's been a significant improvement on margin as well. All right. Thank you so much. My pleasure. Thank you. Thank you, Yagna. Vikram, we have a couple of questions on the Q&A board. May I take them? Sure, please. If we can, I mean, with. We'll wrap up in the next two, three minutes. Okay. Perfect. Please. Yeah. Okay. Sakshi Chhabra, how many rooms have been shut for renovation in Q3 and Q4? What renovations will we undergo in FY26? Okay. You don't have it, sir? Yeah. I don't have that with me. And I'll just check if we're comfortable sharing that. And then if Naveen, if you send us. We will do that. We do that. We will share. We don't have that information readily available. Sakshi, if you can write to me, I'll take it up with the management and get back to you. Thanks. Okay. Tarun Rathi, good afternoon, sir. Congratulations on a good set of numbers. Please share details on Oberoi Grand opening. Please share in which quarter Oberoi Rajgarh will start operations. Any plans for having an Oberoi at Hyderabad? So gosh, there are three questions. Details on overall grand opening. Yeah. So Oberoi Grand should open in about 18 months. Please share which quarter Oberoi Rajgarh will start operations? So hopefully in and around August. The last one, any plans of having an Oberoi at Hyderabad? Absolutely. We'd love to have an Oberoi in Hyderabad. So anybody who's on the call is interested in partnering with us for a hotel in Hyderabad, we'd love that. And we continue to look at Hyderabad. Absolutely. Okay. One last question. Prateesh Iyer, do we see similar growth or occupancy rates, ARR, in Tier 2, Tier 3 compared to metro cities? So again, it's a mixed bag. So if you look at, I don't know if, and I'll give examples. If Udaipur is classified as a Tier 2 city, and I don't know if it is or not, we're seeing strong demand for Trident. We're seeing probably slightly less strong demand for Oberoi over last year. Agra, as an example, at the Trident, Amarvilas, does extremely well. Extremely profitable hotel. Udaivilas, incidentally, is our most profitable hotel. With 87K per key, that is the most profitable hotel we have out of all our hotels, either owned or managed by EIH. Agra, as an example, at the Trident, is a hotel that there is greater what's the right word? Demand is more elastic, so our ability to raise prices at the Trident Agra are not as good as others, and that may be classified as a Tier 2 city. So I don't know if I've answered that question, Naveen. In fact, Prateesh is asking, for example, Tirupati, Hebbal. Okay. Yeah. Specifically these. I think Tirupati is, at least based on the analysis that we've done. We put together a P&L for Tirupati. I can't remember, maybe about a year, year and a half ago, with, if I remember correctly, a 10-year forecast, and already those numbers are conservative. We do look at STR data, etc., when we put these figures together. Trident, Jaipur is another example where we plan to renovate the hotel, and when we did the given the capital investment that will be made, it's an EIH-associated hotel. But given the capital investment we'll make, very strong internal rate of return. Those numbers were done, again, about a year ago. We're revising those numbers because they've gone upwards. I would say, again, we believe both in Tirupati, in Hebbal. We haven't revised the numbers yet, so they're still the old numbers. But the numbers were positive numbers. You can see that if you look at STR data for Bangalore in the luxury segment, and even in the Trident segment, you have very strong rates, ADRs, in those locations. Hebbal is good. I covered Jaipur is good. Tirupati, we believe, will be very strong. Thanks, Vikram. We'll take the final question from Abhishek Jain. Can you please provide a broad revenue guidance over the next three to five years? I don't do guidance. Okay. Also, why are we as a corporate? Maybe we should, but I don't know. Naveen, and maybe we can have a chat separately, but we've shied away from guidances. Yes. Yes. Okay. Also, why are we, as a corporation, choosing not to disclose flight services numbers? Ooh. I didn't know we didn't disclose flight services numbers, but thank you for that. We'll absolutely look at that. And whoever gave you that, we'll look at it. It's primarily B2B business, right? It's not really a B2C business. So that may be one reason, but that may not be a good excuse. Please, first of all, thank you for that feedback. And rest assured, we will look into it today. Okay. That's it for the questions. Friends, I have shared my email ID in case there are any unanswered or follow-up questions. Please write to me, and we'll take them to the management. Thank you very much, Vikram. I hand over the webinar to you for your closing remarks. You know, it's just Naveen, first of all, thank you to you. My pleasure. Again, it's just nice because every quarter, we get to talk to a number of analysts, investors, people who are interested in EIH, and many familiar names. I hope we'll get to meet some of these interested parties face to face. Just a very big thank you for all your support. We are extremely grateful, and we'll continue to work hard on really providing the best possible service to our guests, looking after our colleagues like family, and driving profitability for our hotels, either through owned or managed hotels or through JVs. I have to close with a sales pitch. If anybody is interested in partnering with us, we are all ears. We treat our partners with the highest degree of respect. Well, our former Executive Chairman and Chairman Emeritus used to tell Arjun and me, and it's a really important lesson that we live by, is if somebody gives you money, you take it and he asks you to go and shop for them, for example, and he would literally say this, then you take great care. You take much more care than if it was your own money. And that is absolutely the way we approach our partners. We have a real responsibility to them if we're going to operate a hotel. And we say no to a number of opportunities because if we can't run a profitable hotel, all we're doing is creating a problem for the future. We need to be absolutely sure that we can give a good return to our owners and run hotels that, again, meet the needs of the various stakeholders, including EIH and its shareholders. Thank you very much, Vikram and Vaneet, for taking time out to interact with the investors. Thank you, ladies and gentlemen. And we look forward to hosting you again in the next quarter, which will also be the annual results webinar. Thank you, and have a wonderful day. Thank you, ladies and gentlemen. Thanks, Naveen. Thanks so much. Thank you. My pleasure. Thank you. Bye-bye. Bye-bye. Bye.