Good morning, ladies and gentlemen, and thank you for attending this virtual meeting. I am pleased to welcome you on behalf of EIH Limited and SKP Securities to EIH Limited's Q1 FY 2027 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. During the discussion, there may be certain forward-looking statements that must be reviewed in conjunction with the risks that the company faces. We will have the opening remarks from Mr. Oberoi, followed by a Q&A session. Thank you, and over to you, Vikram. Good morning, ladies and gentlemen, and a warm welcome. You would have seen our Q1 results, and there are just a couple of points I would like to highlight. One is that we had, both on standalone and consolidated, strong revenue growth. EBITDA margin was impacted for several reasons, which Vineet and I will cover during the presentation. The other point I wanted to highlight was that really what has stood out for us is strong domestic demand. Sorry, there is a slight echo. Strong domestic demand. Despite the West Asia crisis that impacted foreign arrivals at our hotels, we were still able to do well and drive revenue growth, largely driven by the domestic market. With that, I will hand over to Vineet to make the presentation, and then we will be able to answer any questions that you have. Thank you very much. Thank you, Vikram. Good morning, everyone, and thank you for joining us. We will begin with a brief overview of our performance for the quarter, followed by key business updates, and then we will open the floor for questions. The industry performance for Q1 was positive, both for occupancy and ARR. Occupancy was higher by 2%-4% and ARR grew by 6%-8%. The domestic demand was point, which offset the impact of lower foreign bookings on account of geopolitical situation. For the current year, we continue to see increase in ARR due to limited supply and MICE events like BRICS as well as Aero India show, which will happen in the later part of the year. We hope and expect the foreign tourist arrivals coming back to normalcy in Q3 and Q4. Considering our management perspective, we are working on a robust expansion plan of almost 30 new properties, which will be in operation by 2031, which will be both managed as well as our owned hotels. Looking at the red bar and the leadership over the comp set. EIH continues to maintain leadership over the competition set. In Q1, EIH hotels occupancy improved versus competition. Our MPI was 108 versus 106. The rest of the stuff, these material appointments, they should be- Sorry. They should come forward. The MPI was 108 as compared to 106, while the RGI was flat to last year, which resulted in an RGI increase of 4% from 121, we ended the quarter at 125. 14 out of 15 hotels ranked first and second. Wherein STR provides benchmarking, our eight hotels are [crosstalk] Sorry, somebody could Vineet, could I just- Vineet, just one sec. Yeah. Friends, some of you have probably unmuted yourself and that's causing a disturbance. Request you to kindly mute yourself. Thank you. Yeah. Apologies for that. Yeah. No problem. Vineet, do you just want to run through the slide again? Because it's an important slide and there were people talking in the background. If you could just run through that again. Thank you. EIH continues to maintain leadership over the competition set. In Q1, EIH hotels occupancy improved. MPI was at 108, as compared to 106 last year. Though the ARI was almost flat, both 115 and 115. But the increase in occupancy helped us grow the RGI, where we went from 121% - 125% over our comp set. 14 out of 15 hotels are ranked first and second, wherein STR provides benchmarking. Out of that, eight hotels are ranked first and six hotels are ranked second in the comp set. Vineet, may I just add a couple of things that may be relevant, and I am sure people on the call will be aware of this. Sorry if you are aware of what I am saying, please forgive me. But people give data on comp set information, and really, depending on who you select as your comp set, you can get varying numbers. I think it is important for one to understand which hotel is on the comp set because if you really were to do it, establish your comp set with doing it as fairly as possible to truly reflect who your competitors are, then your RGI numbers are really of value. If you select competitors to show good numbers, then obviously relatively to the competition you have selected, you will do better. I think it is very important at EIH, I can say with absolute assurance that we select our comp set based on what we believe are our true competitors. We do not do it with the objective of showing good numbers. We do it with the objective of really measuring ourself against our competitors. That is why just a deeper understanding of who the comp set is always useful. Then you can really see, are these really your true competitors or not? I just wanted to add that to what Vineet was saying. Thank you, Coming on the next slide, which talks about the RevPAR growth of Oberoi Brand. Oberoi brand falls in the luxury segment, and luxury segment saw a growth of 13.2% on RevPAR, while Oberoi Hotels saw a growth of 8.2% in Q1. Our Oberoi brand growth was lower than the industry, mainly because of Oberoi Rajvilas, which got added last year, and that is still in the ramp-up and the stabilization stage. If we exclude Rajvilas, our RevPAR growth was 11.4%, and considering that we are already working on a very higher base, the growth of 11.4% was still substantial versus last year. RGI- Sorry. Please, Vineet, go ahead. Coming on the next. Yeah. Vineet, can I just add one thing for Oberoi then also? Yeah, please. It applies to a lesser extent at Trident. Oberoi Hotels also attract a higher percentage of foreign business, and that was impacted because of the West Asia crisis. It is Rajgarh, of course, but it is also the West Asia crisis and the decline we saw in people coming in from overseas markets. Of course, we saw buoyant domestic demand, but international rates typically, or international guest propensity to pay is higher than it is domestically. The next slide reflects about the Trident. Trident brand, which falls in upper upscale segment. For Q1, this segment saw a growth of 9.2% for the industry, while Trident Hotels had a growth of 13.8%, both on account of occupancy and ARR. Our hotels in Mumbai, both Trident, Nariman Point and Trident, Bandra Kurla, did well in terms of both occupancy and ARR, which reflected a good growth versus the industry for our brand. If you look at RGI, we were at 162 versus 155 last year. Looking at the Q1 occupancy trends for the month, the occupancy was higher than last year. Last year got impacted, especially May, got impacted by [uncertain], where that resulted in an occupancy degrowth, or almost going down to 62%. We saw a good occupancy as well as ARR growth in Q1, and that was in spite of the fact that we got impacted by the Iran U.S war, mainly because of foreign tourists. But because of good buoyant domestic demand and good trends, we were able to offset that. In overall, in net, our RevPAR grew from INR 11,352 -INR 12,801. This is for all hotels, including managed. When we look at only the owned hotels, same trend. We were able to see a good occupancy growth both for May and June. Also, the ARR increase in all the months, which helped us increasing our RevPAR from INR 13,000 to almost INR 15,000 at the end of the quarter one. Looking at the RevPAR growth by city. All cities showed a healthy trend of growth. We saw the biggest increase happening in Shimla and Chandigarh. Mainly, again, because of last year, they had got badly impacted by Operation Sindoor. Mumbai had a good domestic demand on account of MICE activities, which resulted in a good RevPAR growth for the city. Jaipur got impacted because of lower foreign tourists and foreign bookings. While Hyderabad, we had hosted the Miss World event last year, which had resulted in a good occupancy as well as RevPAR for us last year. The current year, that was lower in comparison to the last year in Hyderabad. Looking at the room revenue trends, we are almost seeing similar trends to last year. No fundamental change. Same percentage, same trends, nothing to comment further. We will move to the financials for the quarter. We continue to grow our revenue as well as our EBITDA and PAT. For the quarter one FY 2027, our sales revenue was at INR 698 crores as compared to INR 609 crores of last year, which was a healthy 15% growth in revenue. We also grew on EBITDA from INR 195 crores to INR 207 crores. On PAT, the growth was much more higher, but maybe last year was not comparable because we had a one-time impact of Mashobra, which came in last year, June. If you do not consider that on a year-over-year trend, our PAT continues to grow year over year. We ended up the quarter at INR 120 crores of net PAT. Same trends for standalone performance. Same numbers in terms of growth, revenues as well as EBITDA and the PAT, mainly in line with our consolidated numbers. If you look at our cash flow funds position, we continue to have healthy cash balance and funds at the end of the quarter. It gives us good cash position, will enable us to support our long-term growth plans in the coming next three to four years. Looking at the consolidated funds movement for the quarter, the cash flow from operations was INR 183 crores. Out of that, INR 148 crores got spent on CapEx and the projects which already in line. In net, we increased our cash flow, our funds by almost INR 23 crores for the quarter. Looking at the financial statements, as I mentioned before, we ended up the quarter at INR 698 crores as compared to INR 609 crores of last year, which was a healthy growth of 15%. EBITDA grew from INR 195 crores to INR 207 crores. It was not in the same line as revenue growth because of couple of impacts we had. One is we had The Oberoi Rajgarh Palace got operational in Q3 of last year, which is still in the ramp-up stage and stabilization phase. So that is impacting our EBITDA percentage for the quarter. On top of that, we also had a few expenditure which we had done. We had done a higher marketing expenditure to make sure that we have our domestic bookings take care of the occupancy in Q1. At the same time, we spent a little more on IT in Q1 to support our automation and AI drive. Also at the same time, we had some write-off because of renovations which we had taken in our Mumbai hotels. Due to those reasons, our EBITDA was not in line with the revenue. If you look at the PAT, not comparable to last year. We ended up our PAT at INR 120 crores. Not comparable to last year because we had last year impact of INR 110 crores on account of Mashobra. Same for standalone is exactly the same, nothing different. The same impacts in terms of numbers. I will not talk. It is in the same line as our consolidated numbers. Looking at awards and accolades, we continue to get awards for our hotels all across India. In particular, the highlight this quarter is the number of awards which we have got for our The Oberoi Rajgarh Palace. Almost five awards we have received on account of new The Oberoi Rajgarh Palace in this quarter. Vikram, you want to mention? Yeah. I will just add to that. Rajgarh opened in November, and it already has received considerable recognition. These awards and accolades are important not only to promote the hotel in the domestic market, but equally in the international market. We continue to receive very positive feedback on Rajgarh Palace. Okay. Coming to our expansion plans, these are our seven properties owned as well as through associates. The seven hotels which are in the pipeline with the expected year of opening. Most of them domestic except for one international, The Oberoi, London, the expected year of opening is 2028 for that. For Hebbal, just to highlight on top of the two hotels which we are going to have in Hebbal, both Oberoi and Trident, we also have a retail and F&B space of almost 7.63 lakh, which will come along with our hotels in Bangalore. The total developable area for Bangalore is over 1.3 million sq ft. Looking at the pipeline summary for managed hotels, total number of hotels which are in the pipeline, both Oberoi and Trident is 23, with number of keys of 1,833. There was a reduction of one property in this pipeline, which has gone beyond 2032, has got delayed, and because of that, there is the impact of one hotel as well as 60 number of keys, which has been postponed beyond 2032. We have not covered that in this list, because we were only covering the hotels which will be in operation in next five years. These are footprint of total 3,801 keys in India and 408 keys international. Except for last year, which we added Oberoi Rajgarh and Bandhavgarh, most of the additions will be coming in next two to three years' time. That is it. I am through with the presentation. I'll leave the time for any questions. Thank you, Vikram. Thank you, Vineet. Friends, we now open the floor for the Q&A session. Anyone wishing to ask a question, please raise your hand and we'll take it up. We'll take the first question from Deepak Saha. Deepak, please unmute yourself and go ahead. Thanks, Navin. Thanks for the opportunity, and thanks, Vikram sir and Vineet sir. Just a couple of questions on the existing quarter. If I see Q1 numbers, 14% RevPAR growth, but EBITDA growth obviously you highlighted, but just trying to understand, did we have higher share of flight services business which also impacted the margin? And a follow-up on that, how should we look that revenue and EBITDA gap from a full-year point of view? Because you mentioned renovation expenses, then ramp-up of The Oberoi Rajgarh Palace, right? Should we kind of model out these things to persist in the upcoming quarters, or the expenses are more likely to moderate in the coming quarters from a full-year point of view? These are the first two questions. Thank you. Good afternoon, Deepak, or good morning, Deepak. I don't know if it's morning or afternoon. But on renovations, I'll first address your point on renovations. India business is seasonal. Occupancies fall between April and October and then rise in the winter months. That's more prevalent in leisure locations, less prevalent in city locations. But our endeavor always is to minimize any revenue loss, and therefore, renovations are done during these months. In Mumbai, both at The Oberoi, Mumbai and Trident, Nariman Point, in Q1, the renovations of rooms has taken place, and that will be complete for the month starting October. So come winter, there will be no impact. You also saw strong growth in Mumbai. The Trident, Nariman Point is a large hotel of 585 keys. So really the revenue loss at that hotel is negligible, if at all. And similarly at The Oberoi, Mumbai, and similarly with other renovations that we do, the objective is always to ensure that there is no revenue loss, and we block out and take out areas accordingly. On Rajgarh, again, Rajgarh is an Oberoi leisure hotel in Khajuraho, and the summer months are very slow months for two reasons. One is generally the hot climate in Madhya Pradesh, which attracts less guests, both domestic and international, and also the fact that it is a new hotel. We expect the winter months starting October to do considerably better. I think those were the two things you had asked. Oh, you also asked about the flight kitchen business. The flight kitchen business absolutely has shown strong growth over last year as well. Again, driven by good performance on the domestic airlines that we cater to and also to the international airlines that operate directly from Europe and North America into India. Got it. That is helpful. My second question, when I look quarterly numbers, 14% RevPAR growth, but May and June indicates together 22% kind of a RevPAR growth. Right? Just trying to understand, do we see this trend persist both in the month of June and May, the kind of trend on the RevPAR side we have seen? How are we looking for the remainder of the year? Is this trend kind of persisting, or is there any one-off on those particular quarters? Because 22% month growth rate that we have seen, very strong. Yeah. We typically, Deepak, don't make forward statements, and it is impossible to really give you a fair picture of particularly Q4 because we really look at business on books today vis-à-vis the same time last year. What I can say is for the next quarter, which is Q2, business on books vis-à-vis the same time last year is very positive. Just one follow-up on that, Vikram sir. If we see last year, we have the BRICS Summit next quarter. This quarter we have BRICS Summit. If I see your Q4 number, despite 6% RevPAR growth, February month you delivered almost 22% RevPAR growth, and we had AI Summit in the same quarter from Delhi. Can we expect similar kind of advantage or tailwind for this quarter as well? Because I think Delhi is almost 10% of the total owned keys. I am not looking for a guidance, but directionally, how should we look into that? I think when there are large events, and there are two events, there is also an event in Bengaluru, which is the Aero India show. That has a ripple effect across other cities as well, because people coming in from overseas may not just limit their travel to Bengaluru. They will travel to Delhi, possibly Mumbai as well, one or both those cities. So there is a ripple effect across. Any time there is a big event, it has a beneficial impact for the city, as well as for other cities as well. Got it. One last question before I fall back on the queue. On The Oberoi Grand, Kolkata side, if I. Okay. Go ahead. Yeah. On The Oberoi Grand, Kolkata side, now the revised timeline, right? If you can just help us understand what is the nature of this delay and how firm the revised timeline is, because 2029 seems to be a little far and how firm these revised timeline is and what exactly led to this kind of delay versus our earlier expectation of, say, 2028 when we are expecting all the phases to get complete and open that particular hotel. Yeah. Kolkata is an unusual hotel because it's a very old historic building, and any time you're doing a restoration of an old building, there are unknown factors. Now, what we need to ensure is that the building is completely compliant to safety regulations of today. When we opened the building up to really see the state of the building, considerable work was required to ensure that it complies with today's safety regulations. This isn't just fire safety, but this is also structural safety. You can appreciate how old the hotel is, and the need to ensure that that's done. So that was one factor, and a large contribution to the change in timeline. Also, I don't know if you're aware, but there was about two months ago, just over two months ago, an incident that took place in Kolkata where 15 people tragically were killed and all construction in Kolkata was halted. When an event like that happens and construction is halted, it may seem, or you'd say it's only two months, but there's demobilization, mobilization again, ramp up again, and that's also caused a delay. This stoppage in Kolkata is still there today. The authorities are assessing individual building by building and then giving approvals to start work if they find that there are no safety-related issues. Obviously at our site, there are no safety-related issues, so we hope to be able to start with the work again. So these are the two main factors. The first one is obviously the most significant one, but delays because of things that are beyond our control also have led to a delay. What I can assure you is that Kolkata is going to be a very special hotel and will set a new benchmark for historic hotels, not only in West Bengal but also in the nation. It is something that we, as a country and as an Indian company, are very proud of. Thank you. That is really helpful. Thank you. All the best. Thank you so much. Thanks, Deepak. Thank you, Vikram. We will take the next question from Vaibhav Muley. Vaibhav, please unmute yourself and go ahead. Hi. Thanks for the opportunity. Hi, Vikram. Hi, Vineet. My first question was on flight catering business. How much was the impact of the change in revenue mix in favor of flight catering business on our operating margins in this quarter? Will it also generally provide the revenue number for the flight catering business, if you can help with that as well? Vineet, I don't have that number with me and we're not sitting together. For OFS business, we had a very healthy growth in the quarter. For Q1, OFS business and OFS segment recorded revenue of INR 154 crores. Great. How was this driven by? Mainly due to new additions in terms of our clients or from higher volumes from the existing clients? This is also because of new flights which were added in the operations, and also because of higher business, which we got from international airlines who were mainly running direct flights out of India. Okay. Regarding the mix change impact on the margins. OFS business was profitable. I would not say it impacted much on the margins. All right. Second question on the growth in our brands. Trident has actually seen a very strong growth of 13.8% RevPAR compared to relatively lower growth in Oberoi. What was the driver for higher growth in travel for this quarter? First of all, hello, Vaibhav, and I think I mentioned that in the beginning, but I will say it again. One is that Oberoi does receive a larger percentage of foreign travel, and foreign travel was impacted. That is one reason. We also have seen very strong demand in Mumbai, and this actually even includes The Oberoi, Mumbai in addition to the two Tridents. I know you are referring to the Trident numbers, and the two Trident hotels in Mumbai have a large key count. I mentioned Trident, Nariman Point has 585 keys and Trident, Bandra Kurla has 430 keys. These are large hotels that have done very well. Understood, sir. Just lastly, if I can add on The Oberoi Rajgarh Palace piece. We have seen relatively subdued performance in the summer markets. Can you provide some color in terms of how much time will it take for this hotel to stabilize going forward, and what kind of growth can we expect in the winter season? That is it. It typically takes hotels three years to stabilize. Leisure hotels typically take a longer time. If you are in a city hotel, if the market is very buoyant, it could take well under three years. We saw that with The Oberoi, New Delhi. That ramped up very quickly. It was an existing hotel. My guess is The Oberoi Grand will be similar because it is an existing hotel in a prime city location. Leisure hotels depend on our travel partners also promoting the hotel and the destination, and that takes a longer lead time. To answer your question precisely, I would say that it will take three years for the hotel to stabilize. Understood. Perfect. Thank you, and all the best. Thank you very much. Thank you, Vaibhav. We take the next question from Amit Agarwal. Amit, please unmute yourself and go ahead. Good morning, everyone. How are you? Hello, Amit. Very well. How are you, Amit? Good, thank you. My question was- Amit, you need to speak louder. My question was regarding Wildflower. Have we bid for that, and can you throw the number? What was our bid? Amit, I will try and answer that question. The date for the qualifying bid has been changed from 26th of August to the 10th of September. That is really all I can tell you at this point. So that day, the winner will be announced, or that is the date? No. There are two parts to it. One is a qualifying bid, and then there is a second part, which is a live auction as well. Those are the two parts. Okay. My second question is regarding The Oberoi Grand. Yes. How much of the work is complete there? It has been under construction for two years now almost. Yeah, I couldn't give you the answer to that question. I'll tell you why that's a very difficult question to answer. I think the hotel is scheduled to open in September 2028. So that'll give you an indication of where we are. But civil work, structural work is much quicker than interior finishes. Interior finishes take considerable time. So it's very hard for me to say x percent is complete and y percent is left. But we're hopeful of the hotel opening in September of 2028. Can you throw the number of rooms we'll be having in that hotel? Yes, 197 keys. Would you like me to- Is it the same number we had earlier also, or have you increased the number? I think it will be about the same number. I think the earlier one may have been, and I do not remember what it was, 200 keys. So it is really a two or three key difference. The number has not changed in any significant way. Okay. Thank you. That is from my side. Best of luck for the future. Thank you. Thanks, Amit. Thank you so much. Thank you, Amit. We will take the next question from Madhav Aggarwal. Madhav, please unmute yourself and go ahead. Yes. Hi. Thanks for the opportunity. I wanted to confirm the opening dates. For your own Goa hotel, in the presentation, you have mentioned expected year of opening to be 2028, but in the annual report, if I see, you have mentioned the operations will commence in late 2029. Similarly, for Tirupati and Jabalpur, if you can confirm the expected year openings. I would say the annual report would be a fair report to go by as far as opening dates are concerned. Okay. Just to confirm, on the profitability front, mainly the impact on the EBITDA margins what you mentioned. Fundamentally margins should, for the existing hotels, they should go up, right? Because as you have taken rate hikes and all, the impact is mainly on account of the mix change and the marketing expenses and IT expenses I think, right? Also renovation- Right As well, r enovations will continue. Of course, we are over in Q1, but renovation is also taking place in Q2. In Q3 and Q4 there will be really no significant renovation. Right. Thanks. Thanks, Madhav. Thank you, Madhav. We will take the next question from Raghav Malik. Raghav, please unmute yourself and go ahead. Yeah. Hi, am I audible? Yes. Hello. Absolutely. Okay. Thank you. Thank you for the opportunity. Just wanted to ask, specifically on the Mumbai market, your portfolio's grown pretty phenomenally compared to what the peer set has reported. You mentioned Trident had substantial growth. There is also renovations as a result of which you may have got better pricing, but is this something that we can sustainably see? Anything you can comment about the underlying Mumbai market and how that is tracking? The Bombay market has been strong. I am sure that is reflected in, if you have access to STR data for the city, it will be reflective of that. I think we have done better than market, and our endeavor always is to do better than market. Sure. This number, this 20%, this outperformance could kind of track similarly going ahead, given recent renovations and pricing increase and better occupancy for Trident? All I can tell you is that we will do our best to drive RevPAR, which is a function of occupancy and average room rates. I really do not want to comment on whether it is going to be 20% going forward. Our endeavor is always to do the best we can. Sure. I understand. Thank you. The next question is on foreign tourists. Obviously there will be some recovery there. Could you just give us the mix maybe or some indication of where foreign tourists are now trending at in the recent months post the quarter? Or, yeah. In Q1, there was a fall in international guests coming to our hotels. We saw that in any hotel that has a dependency on foreign visitors staying at the hotel. In Q2, that will. again, I will mention it, Q2, that we would expect that trend to continue just given what is happening in West Asia. Let us hope that things stabilize for Q3 and Q4. If that were to happen, which I hope it happens, foreign business should be strong. Sure. That is very helpful. Those were my questions. Thank you, and good luck. Thank you so much. Thanks, Raghav. Thanks, Raghav. Friends, anyone with a question, request you to please raise your hand and we will take it up. We take the next question from Rajiv Bharti. Rajiv, please unmute yourself and go ahead. Hello [inaudible] sir, thanks for the opportunity. Yes, Rajiv. On this renovation bit, what are the policy in terms of capitalizing and passing it through the P&L? The entire cost of the renovation is capitalized. Vineet, you want to answer that? If there are any items that have a book value that are not going to be used, that has to be written off. But Vineet, over to you if you want to explain. We normally follow the rules as per the Companies Act for depreciating all of our assets, the buildings, furniture fixtures, and all the others separately. If the renovation happens and there is some life of the asset which is still not being used, that is written off and charged to the P&L. Sure. So in current this quarter's P&L, actually, there's no renovation-related CapEx. I mean, partly which is running through the OpEx line item, right? Because if I, let's say, strip out the past profitability levels of your OFS business from your given EBITDA number, and also something on the fee business also, if you can call out what is the fee you're generating this time. In the base business, EBITDA seems to be down some 400 basis points in terms of, let's say, the standalone EBITDA just for these two line items. I just want to run that. If I just bifurcate that amount, if I look at what is the last year EBITDA on a like-to-like basis without Rajgarh itself. If you just compare as against our 29% EBITDA for the current quarter. If I look at a like-to-like basis and take out the Rajgarh, that brings our EBITDA to almost 30.6%. If I compare that with what is last year, we have impact of roughly INR 9 crores for the quarter. We had mentioned, we got impacted by a few other factors in the quarter. One is the power and fuel went up because of the Strait of Hormuz crisis, the Iran U.S war. That had impact on our costs because of the increase in cost at the hotels. We had done almost INR 4 crores of extra marketing expenditure to make sure that we get extra domestic bookings to offset the international tourist arrivals, which was actually below by 10% in Q1. We had also done some IT-related expenditure for doing on automation, and we had impact because of renovation, which was to the tune of INR 5 -INR 6 crores. Sure. Can you call out what is the fee which we have generated, let us say, this quarter and the base quarter as well? Just to get a sense. Okay Is there any leverage there is. What's that? Sorry. The management fee. That details, we normally don't disclose that separately. It's not at this point. Oh. That's all from my side. Thanks a lot. Thank you. [inaudible] Thanks, Rajiv. Friends, anyone with a question, please raise your hand. Amit. Amit Agarwal, please unmute yourself and go ahead. Amit, do you have a follow-up question? Friends, anyone with a question, I request you to please raise your hand. Vaibhav has a follow-up question. Vaibhav, please unmute yourself. Hi. Thanks for the follow-up. I just had a question regarding our F&B revenue for the quarter. If I do a quick math, our room revenue is growing at a healthy pace of in the high teens, while our flight catering business has also done very well. That translates to slightly negative revenue growth or revenue decline for F&B and other income streams. Is that a correct presumption? What is the outlook for F&B and other income going forward? If I look at the quarter, I think our F&B revenue also had increased versus last year, so there is no degrowth. Again, I would say when you dissect, you have to take out the element of the Rajgarh, which got impacted in Q1, which was not there last year. Otherwise, F&B revenue also had a healthy growth. We almost recorded 6%-7% growth on F&B. S orry, Vineet, just one correction, and again, if I have got this number wrong, please correct me. But the write-off from renovations was, if I remember correctly, INR 7.5 crore. Yeah. You can take that. Yeah. Yeah. I think you gave a slightly lower number. Okay. All right. And just second question on our operating inventory for Q1 on account of renovation. How much was the impact on the operational inventory? Going forward, especially in the Q2, is there any significant impact on operational inventory due to renovation? In fact, we'll be in South Bombay. We'll finish the four floors, 120 keys, one month ahead of schedule. Instead of finishing in October, we'll finish in September. We're ahead of time for that. We're also doing one floor at a time in Bombay, at The Oberoi, Mumbai. We now, in Q2, are also doing rooms at The Oberoi, Bengaluru, 18 rooms at a time, and a further 57 rooms at Trident, Bandra Kurla. All of these will be finished before October. Most of these renovations are happening in the summertime, whenever occupancy is low, so that it has a minimum impact on the revenue and the profitability. Perfectly understood. Thank you. Thank you. Friends, anyone with a question, please raise your hand. Since there are no further questions. One second. Rajiv has a follow-up question. Rajiv, go ahead. Yeah. Thanks for the follow-up. Just on the employee cost line item, both in Q4 and Q1, is it safe to assume that this delta which we are seeing sequentially in, let's say, Q4 from Q3, INR 50 crore-INR 60 crore is from Rajgarh alone? Is that the employee costs that's asset? Sorry, I am going to employee costs at Rajgarh are not at that number, Rajiv. Rajiv, the employee cost has impacts of increase in headcount versus last year, including increments, including the wage impact, the Labour Code impact, which we have taken this year. And also there is the impact of The Oberoi Rajgarh Palace coming into place, but not all increase attributable to The Oberoi Rajgarh Palace. Is it possible to quantify the revenue contribution from Rajgarh this quarter? Or did I miss that? You have already called it out. We tell the- Rajiv, you are dissecting our P&L in detail more than what we have attributed. I like the question, Rajiv. That is a great question. Thank you. One thing that I will say about our industry is that people in our industry work very long hours. If we want to attract good people to our industry and to retain good people and see them grow within the industry, which is important for the future of our industry, we really need to be more mindful of how many hours people are spending at work. At EIH and at our group companies, we have really made that commitment to reducing the number of hours that people work. It is really including their breaks, et cetera. We really need to conform to the working hours limits, which is not something that if you go and ask people working in our business, frontline staff in hotels, how many hours they work, they work very long hours. Attrition, therefore, is high. Recruitment costs are high. Training costs are high. The quality of service, therefore, suffers. We have taken a conscious decision to really address this for all our colleagues within the company. That has an impact on higher costs as well. Sure. Last question on the delay, which we have seen, especially in Oberoi Grand. Does it lead to, let us say, cost overruns also in terms of what you were budgeting earlier? Is there escalation on that numbers? I think delays will have some cost. I am not talking about The Oberoi Grand, but I am just saying if you ask the question, do delays have an impact on higher costs? Yes, they do have some impact. Depending on what the reasons for the delays are, that may be small or it could be larger. But delays do have impact. There is a second impact, which is more significant when there are delays, is that your ability to go to market gets delayed, and therefore your ability to earn revenue and drive profitability gets delayed. That is awesome. Thanks a lot. Thank you. Thanks, Rajiv. Friends, anyone with a question, please raise your hand. No one? Okay. I would like to hand over the webinar back to Vikram for his closing remarks. Vikram? Look, really nothing too elaborate, Navid. I just wanted to thank everybody. We continue to do the very best we can. We are excited about the new openings. In particular, Hebbal presents a great opportunity just because of the scale of that development and the EBITDA that it will generate for the company with two hotels and a mixed-use development or commercial development of over 1.3 million sq ft. Goa is another location which we should really be in. Also our other hotel developments, both owned and managed. So we are excited about the growth. I hope, or I am confident we will have future news to share with you on our future growth with other opportunities coming to fruition in the not-too-distant future. So we remain optimistic about the future. Thanks, Vikram. Vineet, anything from your end? No, nothing. Thank you very much. On behalf of SKP Securities, thank you very much, Mr. Oberoi and Mr. Kapur, for taking time out to interact with the investors. We look forward to hosting you again in the next quarterly webinar. Thank you very much. Thank you, ladies and gentlemen, and have a wonderful day. Thank you. Thank you, everybody. Thanks, Navin. Thank you. Thanks. Goodbye. Bye