Good evening, ladies and gentlemen. At the beginning of this call, I thought first we will show you a picture of a very nice small boutique property that we officially launched last weekend, is The Connaught, in Connaught Place in New Delhi. Comprising of 104 rooms. Very nice outside area with a bar and restaurant, and a picture of the lobby. It redefines what boutique hotel business is in India and will be part of our SeleQtions platform, which takes the SeleQtions platform to 13 hotels in operation with another two in development. The global pandemic, as we are all aware, had 100 million cases, two million deaths, a complete shutdown of hospitality. Almost 70% of the hotels across the globe were shut. There was a decline in revenue of INR 900 billion, sorry, and job losses of almost 40% - 45% of all direct employees in the organized sectors lost their job. Having said that, the pandemic also started reshaping travel behaviors. We saw that the demand, when it started coming back, it came in form of leisure. Some also included some business for making it leisure travel. It was value-driven and more experiential, or if you want to call it, immersive. Short-term rentals and homestays are very popular. A lot of focus in and around wellness tourism, sustainable tourism. When the MICE started opening up, that is Meetings, Incentives, Conferences and Events, it started initially as digital only, and then later on, and as we speak today, moved into a phygital mode. We have announced our R.E.S.E.T 2020 strategy already after Q1. Just as a reminder, R stands for revenue initiatives, E for excellence, S for spend optimization, effective asset management, and being thrift and financially. All this helped us to get on the very first R, especially as we have seen at the end of Q3, in the month of September, December, and in January. This slide is really on the domestic front. April is the month when we almost reached zero revenues, with 7% occupancy and a RevPAR decline to INR 339. That has already recovered to 10x. As a percentage of revenue became also 60% in December and closing to almost 50% in November. Actually November, I would say, is really the turning point around Diwali. 10th, 15th of November, when we started seeing more and more pickup in domestic demand and business. There's a little blip which could be misleading in the month of June. That is because of the Vande Bharat business that the hotel industry got. That's why the RevPAR is lower, but the occupancy shows a marginal increase over July. A significant increase from May. That was really related to Vande Bharat. December is the really first month when we saw business, especially on the leisure front on weddings. From middle of November till 31st of December, six good weeks for the industry. If we look at the RevPAR versus industry, this is from STR Global. I think the IHCL portfolio on the RevPAR performance has been good. We are noticing this trend across the globe, that a lot of brands which are being preferred are the ones which have a lot of history, which have a legacy in that country. I think we are also benefiting a lot, especially because of the Taj brand. Taj brand in many markets is seeing a huge premium. Although the demand base is low, but our market penetration and RevPAR penetration is very, very high. If you look at the last three months in the quarter, we have gone beyond 1.5 in terms of market share. Our RevPAR for the month of December finished at INR 3,424. These figures are including Ginger. As you would know that Ginger does a lower rate, so the figure that you saw on RevPAR is a blend of all brands that we have in our portfolio. This is an interesting slide, which also demonstrates leisure destinations led to the path of recovery, at least in domestic leisure. If we compare the three quarters, you see in the third quarter, Goa was absolutely the number one in terms of the percentage of revenue of last year. Last year when we say is obviously the comparable trend for the Q3 of the year before. 80%, then followed by Rajasthan, then followed by Calcutta, and then Kerala. The challenge remains on the right extreme, which we see is Bangalore, Delhi, NCR, and Mumbai. These are three very important cities for domestic corporate, especially for our portfolio, as we have significant number of our hotels in Bangalore, Delhi and Mumbai. We see that also as an opportunity going forward, because at the moment they're not even back at 50% of the previous year's business in the quarter. Moving on from here to the signings and the openings. We have tried to maintain our growth momentum even in 2021. We have been very focused, as you all know, on signing of management contracts and not owning hotels. We signed this year also, in the nine months of this year, 14 hotels. We opened six hotels. We have also opened five amã branded properties. We have signed some more amã properties which you'll hear about in the next few days, a small portfolio of amã homestays. On the signings and openings, given the fact that the markets were shut down and were undergoing a lockdown for six months, still having opened six hotels, and we still plan to open a few more in the next, we'll get to our 12 hotels opened in the 12 months of the year. This has worked well for us, and we are very much on target in terms of our growth strategy. Moving further from growth to focus on our excellence and wellbeing. At Tajness, commitment restrengthened. We talked about it already at the Q1 results. We have implemented all standards of safety, associates are still staying in our hotels as public transport system is for them to be exposed. A lot of our associates are still being hosted by us in hotels so that they are kept in this clean and safe environment. We introduced a zero touch service, to transform as minimum contact as possible. Something which we did not talk about so much is we introduced to our Taj Public Service Welfare Trust, certain voluntary salary contributions from the staff, which go into a fund for people within more contractual workers, working for a car contractor or for any other contractor who lost job, as there was not enough demand for cars, et cetera. They were supported through our Taj Public Service Welfare Trust under the promotion of Taj for Family. That means each of the Taj employee, was contributing one way or the other towards the other less fortunate ones who may have been in our ecosystem, employed by other employers who own our hotels but use our franchise or use our brand with us as manager. We took the occasion and supported them financially. Moving on further from excellence to spend optimization. Here it is presented in terms of sustained optimization of fixed costs. We had a 27% decline in fixed costs per month. We are more or less at 120, and I think that's the figure which is a good guidance forward versus 164, which used to be in the year. From sustained optimization of fixed costs, when we move further in terms of how did we achieve this? We have achieved this through redeployments of staff in new properties that are opening. Redeployment of some of the corporate employees and other Tata Group company. Multi-skilling. We have skilled our people in different areas, so they are able to work in different departments within an eight-hour shift, and that's the new way of working. That brought our staff to room ratio in April from 1.53 down to 1.14 in December. Of course, this number will increase as the occupancies increase, as the business volume increase, especially as more and more weddings and MICE events start coming. That number will have a certain increase, but there is also a certain permanent reset that we have achieved in terms of the staff to room ratio. In terms of effective asset management, which helps the bottom line in the quarter, the contribution through lease cost savings as sale of residential apartments for the nine months is INR 64 crore. For this quarter it was marginally less, but we have achieved INR 64 crore to asset management initiatives which were launched with the launch of R.E.S.E.T. Going on further to continuous reduction in corporate overheads. We have savings of INR 67 crore in the first nine months of the year. That is a 28% reduction. This number is expected to rise as some of the reductions did not commence immediately in the months of April and May. There is strict prudence in all corporate expenditure, and we continue to use organizational optimization for redeployments, restructuring and better utilization of the skill sets and the talents that we have in our system. With that, the nine months, if we look at it on the nine months front, the revenue initiatives on a not like for like initiative, I got INR 205 crore in incremental revenue. Our spend optimization cost achieved was INR 280 crore, INR 64 crore in asset management, as I just explained, and under thrift and being financially prudent, we got another INR 67 crore contribution. When we move on further, I think we thought this time we will also say that although we had R.E.S.E.T, two of our other joint ventures, which are pretty important for us, adopted and embraced a strategy we call R.E.A.P. That's building revenue, containing expenses, managing assets, and affecting costs. When we look into Ginger on the next slide, you will see that Ginger performed quite well and achieved in the nine months 57% of last year's revenue. I think that's coming from where we are coming from almost 7%, 10% in April, 12% in May, then going on to 17%, 18% in June. I think Ginger getting to 57% of last year is a very good number. The nine-month RevPAR index of Ginger was at 1.23x, they clocked 60% occupancy in December, we see the same trend in January. EBITDA positive for the nine months. It has achieved 31% cost reduction over the nine-month period. The manning in Ginger has gone down from 0.55 to 0.41. In terms of assets, now Ginger is a 75-hotel portfolio, of which 54 are in operation. From the total lease obligation, they got 20% lease rent reduction. Ginger is still clocking a TripAdvisor score average across the system of 4.74 and is equally focused on monetized scaling. When we move further to Taj. Just on this. In a similar trend, we also see on TajSATS, and we'll narrate more on that in the next quarterly meeting. As also air traffic is beginning to come back. We all read that the air traffic on the domestic front is almost 6% previous year. I think at the end of the full year, this will become interesting to talk also about our flight kitchen business. Our improvement in the revenue, coming from a small base, of course, from Q1 to Q2 we saw a jump of 85%, from Q2 to Q3 of 90%, which is just a consequence of unlock one, unlock two, and unlock three. As slowly the pools and the spas and the banqueting facilities start to open up, we hope to get more and more revenues also on the food and beverage side. Obviously, Q1 being the worst quarter, coming from a -234, we were able to finish Q3 in a positive territory, albeit at a very small amount of INR 38 crores. The negative and the drop was significant from Q1 to Q2. From Q2 to Q3, we had INR 121 crore improvement to get to a positive EBITDA. Moving further, trend in comparison with the previous year. As we can see, it's still a long way to go in Q3, because Q3 of last year, we had a system-wide revenue of INR 1,400 crore. Very important here is that unfortunately for our portfolio, London, New York, San Francisco, these contributions have come to almost zero, as these cities went into a lockdown in the months of the U.S., it kept getting worse, and unfortunately, London also went into a lockdown. The revenue drop is, that's why very high. Also on the EBITDA front, from a INR 462 EBITDA, we were able to do only INR 38. Otherwise, Q3 and Q4 get significant contribution from also our international operation. We were able to narrow the gap on our PAT, or the loss after tax, was coming from INR 218 Q1, INR 213 Q2. We ended up close to INR 120, to be precise, INR 119 in this quarter. Going further after this slide, I think it is very important and interesting that the significant portfolio EBITDA was positive in December. 86% of our domestic hotels turned EBITDA positive in the month of December. We think that is the kind of base going forward. Of course, there is Christmas and a New Year impact. Also as business begins to open up, we are looking forward to having that as a kind of a moving average going forward in the short term. Moving on to the next slide, I think I will hand over to my colleague, Mr. Giridhar Sanjeevi, who's our Executive Vice President and Chief Financial Officer. Over to you, Giri. Thank you. Taking off from where the managing director summarized, I think I'll go into a little more of detail. As you can see, in Q3, the total revenue at INR 615 crore was -56%. As compared to the nine months where we were INR 1,113 crore, which was about -68%. Clearly Q3 saw a recovery led by leisure. On the cost reduction side, we were able to save -39% as compared to -47% in the nine months. Fundamentally, with the did come back in terms of the ad expenses and others. The manpower cost definitely was continued to be at the same -38% as compared to the nine months number. In terms of the finance cost, the finance cost reflected the incremental borrowings and was in line with that. Exceptionals, we had INR 28 crore of exceptionals in Q3 and INR 135 crore over the nine months. I'll come to the details of it in the next slide. Leaving us with an overall loss after tax of INR 119 crore for Q3 and INR 629 crore for the period of nine months. Moving to the next slide. I think, in terms of exceptionals, we had derivative contract changes because of the favorable rupee of about INR 6 crore in the quarter and about INR 23 crore in the nine months. We had an exchange gain loss in relation to the bank loans in South Africa crore for nine months. In terms of operating and non-operating revenue, we had gain in sale of flats of about INR 9 crore during the quarter and about INR 15 for the nine months. Lease rental concessions under accounting standards comes under the revenue line, that's about INR 5 crore and INR 34 crore for the nine months. We were able to get, and this is a good development, in Vivanta Guwahati, which is the hotel that we opened in 2015. We have received two kinds of concessions. One is a capital subsidy of INR 42 crores, which was received in March 2020. On top of it, there is an indirect tax subsidy where indirect taxes minus input credits got reimbursed. For the five years, we were able to get a confirmation recently that we will get a refund of INR 13 crores, which has not yet come, but we should get it shortly. This benefit will continue for five more years. We also had a foreign currency gain on restatement of some loans given to one of the subsidiaries of INR 24 crores. Exceptional items and operating and non-operating revenue inclusions, actually. Moving on to the standalone reported P&L. We had a top line of INR 434 crores. The overall pattern mirrors the consolidated. It was -51% in terms of the revenue as compared to the last year, and -64% for the nine months at a total revenue of INR 766. In terms of cost reduction, we had a -33% in Q3 and a -41% for the nine months. We continue to focus on the cost savings during the quarter. In terms of finance cost, once again, it reflected the incremental borrowing. On exceptional gain/loss items, we did have a loss of INR 56 crores during the quarter and INR 110 crores for the nine months, and I'll come to it in a minute. Leaving with a loss after tax of INR 95 crores for Q3 and INR 475 crores for items. I think the change in fair value of derivatives we saw in the consolidated, that is INR 6 crores. As you know that whenever there is a P&L loss, since we fund from India, we kind of provide for that in the standalone. That was INR 62 crores during the quarter. In terms of operating and non-operating revenue inclusions, we had the gain in sale of flats that we saw, lease rental concessions, INR 4 crores, and the Vivanta Guwahati subsidy of INR 13 crores. These were the fundamental exceptional and operating and non-operating inclusions. For some metrics in terms of owned rooms standalone, I think what is good to see on the right-hand side is that the occupancy jumped from 32.1% to 47.4%, and the ARR jump was 5,400 to 8,300, which is a very significant jump. As was described in the earlier section, we had a significant premium in the RevPAR as well, which was INR 3,936 as compared to INR 1,751. Breakup of revenues, where room revenue was about INR 160 crores, our F&B revenue INR 161 crores, and other revenue INR 113 crores, constituting the INR 434 crores of Q3 revenue as compared to Q2. Moving to the domestic network revenue metrics. It reflected the same underlying trend, where the occupancy went up from 28% to 45%, with ARR going up to INR 5,643 and RevPAR going to more than doubling to INR 2,573, and room revenue at INR 815 crores between room revenue, F&B, and other revenue. The final slide we have is really the debt position. In terms of the debt position, the consolidated net debt was INR 3,079 crores, and I think the standalone net debt position was INR 2,175 crores. I think one of the things to note is that the substantial increase in the debt position actually when the net debt position was something like INR 1,900 crore or so. I think in September, the consolidated net debt was INR 2,900. While the bulk of the increase happened up to September. From September to December, the increase was marginal. As you can see that both in terms of standalone and in consolidated, that clearly demonstrates that with the resurgence of business in Q3, the need to take incremental debt has kind of dropped. The interest costs will continue to be competitive in terms of what we are borrowing. The net debt to equity still is at 0.71 for the consolidated and 0.52 for the standalone. Of course, net debt to EBITDA 12 months trailing will essentially be reflecting the underlying losses. That's broadly it in terms of the debt position. I don't think we have any other slides, and we open up for questions. Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may click on the Q&A tab and submit request. Your name will be announced when you are promoted in the question queue. Please accept the prompt on your screen and proceed with your question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Nihal Jham from Edelweiss. Please go ahead. Thank you so much, and good evening, Puneet and Giri. My question is that, the recovery I see from Q2 to Q3 is, but even now if I look at the long-term estimates that the consultants and credit rating agencies gave out, no one's expecting the RevPAR to come back before FY23, what we achieved in FY20. How the vaccine will progress and how it will normalize for other segments is known. What I wanted your comment on is something that could change trajectory of RevPARs coming back to pre-COVID levels. I can answer that. I think we are living in a very uncertain 11 months now, on the domestic front and on the international if you include China's. I personally feel that should start improving in six to eight to nine months, as we certainly saw improvement in December. One thing which no of this virus, be it a second or a third or a fourth wave. I don't know if we've already had a second wave. He says they had a second wave. If that does not happen, I think given that 85% of our portfolio is FY 2023. However, having said that, I don't think it's easy to predict. What is definitely good to see, and we showed you, that month-on-month and quarter-on-quarter there is it comes to domestic leisure or it comes to corporate business. I'm so sorry, Puneet. I'm not able to hear you. Hello? You're not able to hear me? Some disturbance and some traffic. Is everybody muted? Maybe take off the video, Puneet. I think we will take off the video and that may just help in terms of improving bandwidth actually. Can you hear me now? Is it better? Yes, absolutely. Yes, sir. Again, there is some traffic noise behind. Okay. The main thing is, I don't think anybody's in a position to give any prediction today in terms of visibility of the virus. The news definitely is that in India, the flattening of the curve has happened with a clear downward trend from 95,000 cases we are coming to now averaging around 10, 11, 12, and it even went to 8,600. There is no new wave coming this way. The recovery on the domestic front could be faster, I think the rollout of the vaccine in the international markets would be a key for the RevPAR growth also out there. What we can say is what we have witnessed. What we have witnessed is that there has been a 10x increase between April and December for us in terms of RevPAR. Coming from a low base, that 10x was maybe much easier to achieve than to do 10x from where we stand today, right? The jump month-on-month and quarter-on-quarter is there. I definitely see no reason as we speak today why February should not be as good as December. We all know that January there is a slight dip back. Even January, the offices on the domestic front have been positive. I think the major part where the industry was missing is RevPAR for our portfolio is only 52%-55% of pre-COVID total revenue, right? 45% is non-rooms. I think what we have been missing is the non-rooms revenue. Now with restaurants opening up, with the wedding segment opening up, with the conference segment slowly opening up, that is an equally important segment, so we should not ignore that. I think instead of RevPAR, I would call it the Rev revenue, by the way. What we should look at. I think domestic then the recovery could be faster. If that somehow for some reason today changes, then the RevPAR recovery to pre-COVID could go on till FY23, as you mentioned in your question. Thanks, Puneet. Just one last question from my side, specifically for Giri. Giri, if I saw the presentation right, I think we've reduced our cost by around INR 40 crores on a quarterly basis, and I think that trend has continued. Now with eight, nine months, and you mentioned about the staff room ratio, so what is the amount you think will continue forward in FY 2022, and that will be the ratio at least going forward? I think on cost, as we saw on the slide, I think the fixed costs are approximately about INR 120 crores a month. That is the kind of number that we are saying that we would like to maintain. If you see the fixed cost savings in every quarter, I think Q1, the fixed cost savings was about INR 8 crores. Q2 was about INR 38 crores a month. Overall, we have been maintaining about INR 44 crores a month. Now the whole attempt in terms of redeployment of manpower, in terms of corporate order reductions, in terms of other initiatives, I think we are trying to make sure that we kind of stay around the INR 120 crores a month in terms of fixed costs. That's what we are attempting, actually. Yeah. Thanks, Giri and Puneet. Wish you all the best. Thank you. Thank you. The next question is from the line of Sumant Kumar from Motilal Oswal Financial Services. Please go ahead. Sumant Kumar, please accept the prompt on your screen and proceed with your question. Yeah. Hi, Giri. Regarding the corporate rate, can you discuss more about how the corporate rate negotiation is going on? Excuse me, this is the operator. I'm sorry to interrupt. Sumant Kumar, your voice is not audible. Hello? Yes, sir. It is better. It is better now, Sumant. Yeah. My question is about the corporate rate negotiation. How is the scenario currently if we are going to negotiate with the corporate? They are asking more discount from the pre-COVID level. Can you elaborate more about that? What is happening, Sumant, at this point of time is that the corporate renewals, more or less, most corporates are now essentially asking us to renew the existing contracts on the same basis as the previous. Business now is yet to pick up. We have not got into any serious discussions in terms of discounting of price negotiations. It is just getting renewed as per the previous year. As the business travel picks up, I think we will get a better sense, actually. If you see the mix of business, we are still dependent on the transient business at this point of time. I would simply say that renewals are happening based on previous year rates. Okay. When talking about the overall, the Q3, we have seen a decent recovery. Talking about the current quarter, January, you have seen some dip, February has some wedding season, and F&B segment is yet to recover. Assuming all this scenario, what is your view on the Q4 scenario compared to Q3? Yeah. No, I think You want to answer that, Puneet? I can, and then you can add your thing. We are, at this point of time, based on the business on the books, plus our daily pickup that we are seeing on a daily basis, Q4 will definitely be stronger than Q3. As I've said always, if there is no new sudden wave of virus coming or there is no lockdown, if the business goes on as it is like for the last two, three months, then definitely Q4 will be better. There is no reason that we know today, as I said before, why February should not do as well as December, or March should not do as well as February. It's an important one. January is always a slow start, but January has done well and has been in line with our expectations on the domestic front. The only place where we are missing in January is, as I said before, London, New York. Giri, you want to add? No, I think that's right. I think very clearly, we expect, if you look at the Q3 numbers where top line was INR 615 crores, I think all we're talking about is about INR 200 crores a month, There's no reason why we should not do it. The other thing is that London also, the current news is that the lockdown should end by March 1st week, actually. Which means we are likely to see hopefully some resumption of business, That's the turnover that we have been missing. I think we continue to be optimistic as far as Q4 is concerned. Any new trend post this Q3 you are expecting? Like Q3, we have seen the good wedding season and overall F&B segment has recovered. Any for the Q4 and maybe the coming quarter? If I answer that, I think one of the things which is worth noting, I suppose, is that if you have noticed the news in Delhi, Sumant, I think, weddings are now allowed for 200 people inside and unlimited outside. That is definitely helping us for sure. That is a trend which will definitely help. The wedding business, there is still some wedding business, which is happening. The other things are, basically we are seeing some sports segments also opening up at this point of time with the BCCI India-England series. That should also potentially help. Wellness retreats are also, we are seeing happening, especially in addition to weddings, some of these other trends are slowly kind of opening up is what I would say. Okay. Lastly, the business destination, we have seen a very strong recovery in the leisure destination. Any new trend have you seen in the business destination, and how the key destination recovery is going to be like Mumbai, New Delhi and Bangalore and Hyderabad in the coming couple of quarters? Sumant, if I may answer that. Yes. The RevPAR growth globally and historically has a direct correlation with the GDP growth. If the GDP keeps growing the way it is expected to grow, the RevPAR should grow, especially in the business destinations. The leisure markets RevPAR growth has been very people want to go, move and take a holiday. The business destination, I am hoping with the kind of optimism we are seeing on the markets, should also help drive demand in the hospitality sector and also in the aviation sector. Anything to do with hotel sector, restaurant sector, I think that is positive, and we are reasonably optimistic that we will continue to see improvement. Now, how strong that growth will be, over two quarters to describe is very difficult. Definitely this quarter, the total revenue with all possible mathematics looks better than the previous quarter. Thank you so much, sir. Thank you. Achal Kumar from HSBC, please go ahead. Achal Kumar, please go ahead with your question. Achal Kumar from HSBC, please unmute the line from your side and proceed with your question. As there's no response, we take the next question from the line of Vikas Ahuja from Antique Stock Broking. Please go ahead. Hello. Hi. Am I audible? Yes, you are. Sure. Hi, Giri. Hi, Puneet. Hope you're doing well, and thanks for the opportunity. My first question is talking about travel costs partially coming back in next fiscal year. Just want to know what your view is around that. What your large corporate customers are telling you around the timelines and all. They have also started unlocking a bit. That's my first question. The second question is to Giri. Sir, the kind of margin savings we have seen in this pandemic, can you please highlight what cost savings will come back when growth is back, and what are actually the structural that will stay even whenever we'll reach to pre-COVID levels? Also, if you can give some color on where you see the margins of FY 2022, 2023 going. I know it's hard to estimate whatever you are working with internally. Puneet, could you answer the first question? So on the first- Yeah. Can you just repeat that you wanted? Sure. The first question is around all these tech consulting companies are talking about the travel cost coming back. Yeah in the next fiscal year gradually, obviously. For example, if you take an example of TCS, also 3% of their revenue is travel cost, which includes hotel, travel, everything. They are saying that around 1.52% might come back in FY 2022, 2023. What are we hearing from our large customers? Any timelines they are talking? Not anything really to that extent. We are seeing there were two kinds of people in the last few months. Those who were traveling. Things are getting good, because everybody, emphasis goes for the occupancy. If you look at 30, 40 years of STR charts, you will see that the first occupancy drop, the crisis comes, the rate follows. The occupancy comes back, there is a lag of three to six months before the rate starts coming back. I think that's one of the things. Definitely what we have seen is on the bottom of the pyramid, the junior corporate executive, the travel has commenced and Ginger brand. What we are really missing is, to be very precise on your question is, events with a meeting for 100 people, 150 people are very rare. We have had a few in Goa, a few in Mumbai. It's 50 people because only 50 were allowed. God knows now if 200 are allowed, will an event happen for 200 people? The one thing is for sure, if the numbers keep going down and on the new COVID cases, and if the vaccination keeps rolling the way it is expected to roll, then people will start traveling and travel costs will, as you rightly said, and all such companies start going up again. Because travel is not just a domestic leisure, a human need. Certain businesses you can do digitally, but not forever. The reason is because what we have done in the last 10, 12 months, we have been digging into our relationship capital of the past and using that to do business build a capital for future. I personally feel, within our own group, that travel is expected to pick up as people have the need to meet physically. Everything cannot be done on a screen. If you don't know each other and you have to build new businesses, you have to build new contacts, you have to build new client base, you have to build new products. That way the travel is expected to come back as things are opening up also. As we can see, airports, I came back on Sunday from Delhi after the formal opening of The Connaught. I never saw Mumbai airport as full as I saw it on Sunday evening. That means people are traveling. Now, how many of those were leisure and how many of those were corporate or part of leisure, as we said, combining business and leisure? That we will get to know in a few months, the statistics. Travel has started. Costs have also started. Sure. That's clear. Yeah. I think if I take on for the second question, Vikas, you were asking about sustainable cost savings. Obviously, I think what we said is that clearly we have had a lot of success so far. I think the attempt now is to make sure that we continue to maintain and sustain the cost savings. Essentially, there are a number of steps that we are taking which we have highlighted before as well. The most important cost line for us clearly is manpower. In addition to what was highlighted in terms of relooking at the manning ratios, where I think significant work has happened. Redeployment is a very important part of our strategy. As our growth continues, we are working in terms of redeploying people to different hotels. Secondly, that we also highlighted reskilling. There's a A1 Operations which has been introduced and is being gradually rolled across all to do different jobs, actually. That's a very big part of it. I think we continue our work on shared services. That is continuing. Digitization is one area where we will spend to make sure that we can increasingly digitize. You were already able to see some changes not just to the front end, but also in the back end. Both ways, we are working on digitization. I think there is all round effort happening in terms of making sure that we can sustain the cost savings. We will be able to probably provide more clarity as the quarters go forward and as our plans in terms of changing some of the fundamental structure of our operating model happens, actually. I think so we will talk about it. You are able to see Q1, Q2, Q3, Q4, the kind of sustained cost actions that we have implemented. Sure. We have not seen. It was expecting November, December, there would be some deals around it. Small hotels which are struggling, there would be some consolidation around it. Do you think we are cusp of the acceleration here or somehow the cash flow versus the other valuation doesn't match, so consolidation is very hard in this market? Secondly, if you can just give some more color on Ginger because the strategy of having Ginger with larger rooms and all, what kind of potential you are seeing in terms of the revenues or the margins maybe in the medium term? That's about it, sir. Thank you. Yeah. Krishna I think. Sorry. Oh, sorry. Giri, go ahead. Go ahead. I will. No, I was just saying, you are very right. You already answered the question yourself because your question included the answer. In this, the expectation of a seller and the price that a buyer is willing to pay, the delta is pretty big, and it's very difficult to narrow the gap. That's why you're not seeing a lot of consolidation efforts. Also from the banks who have given monies, and people have still got benefited from the moratorium. They are in discussions. I think you'll see some of that activity coming back maybe in 6 months. It will not take longer than six months. I think it will start coming back in six months' time, and some consolidation will definitely happen. That's one thing which I see, and that's rightly given. The next scenario, if one analyst asks, "Do you think we'll get to pre-COVID level FY 2023?" Somebody thinks it's FY sellers will all say, "Well, listen, I am in leisure destination. You're already back at the normal level and COVID is as good as over." That's where the gap is there. I expect that to change in the next maximum six months' time. Yeah. Gotcha. On Ginger. On Ginger. Ginger is a very good brand. It's a leader in its segment, which we call the lean luxe or the value-driven proposition that we have. Ginger's repositioning has worked very well for us. Ginger is actually doing very well, especially as I said in the last few months. One of the things which we want to change for large properties, as we do have some land bank, and one which we had announced in one of our capital market day and where we have got the intimation of disapproval is on the land in Santa Cruz on old flight kitchen, where we had the old flight kitchen of TajSATS. We own the land as IHCL, so there we have got permission to build a 371-room. Similarly, other such markets where you are one or two kilometers at the most from the airport, if not directly at the airport, and very close to business areas. I think those large boxes could be big brand builders for Ginger, and that was needed. I think the idea was always great, and a boom came in the way of Ginger when it was launched, the boom of 2004, 2005, 2006, 2007, 2009, 2010 is history. I think all the efforts are delivering very positive results, and our MD and CEO there is doing a great job with the entire team. We are looking at a rapid expansion of Ginger. As we have done, I think we can expand it very fast. We have 54 in operation. For a long time, this number was at a very low level, and our pipeline is more than 20 hotels. That's 40% of the hotels in operation are in pipeline. Therefore, successful repositioning of this brand will only happen through big box Gingers in key markets, and that will drive really the margins because it's north of percentage as gross margin in any key destination. Sure. This is very helpful. Thanks a lot. Best of luck for the next quarter. Thank you. The next question is from the line of Jignesh Kamani from GMO. Please go ahead. Jignesh Kamani, please go ahead with the question. Hello. Yes, we can hear you. Yeah, hi. Hi, Giri and hi Puneet. I just want to know about our offices of personnel, particularly for The Pierre. There, our cost structure was very high because we are another partner community in which we operate. Has COVID given any opportunity to rationalize manpower and bring down the cost structure? Yes. No, yes, Jignesh. I think very clearly, we have done a number of efforts in The Pierre in terms of the overall cost rationalization. I think there are three parts to it. I think one part is related to the lease rental renegotiation that we were able to effect in The Pierre. That's number one. Number two was that in terms of manpower, there were two kinds of manpower. One is the union manpower and the second is the non-union manpower. On the union manpower, under the local New York union regulations, we were able to have a temporary furlough of employees for a period of six months. After October, we have gradually opened the hotel and taken back some of the people basis need. Therefore, that's clearly helped actually. The breakeven in Pierre has reduced to what level right now versus pre-COVID? Breakeven? You said breakeven? Yeah. At what revenue level will be breakeven in Pierre? I think if you look at the revenue that we have always had in Pierre, it has been approximately about $80 million-$85 million actually on an annualized basis. At this point of time, with the pandemic, it has been significantly impacted. Our belief is that, I'm not able to talk in terms of what is a breakeven level of top line, but definitely with the lease reductions achieved and with the resumption of inputs hopefully post the pandemic, I think we should be able to get back very quickly. The first target is to get back very quickly to the level of performance then drive it down even further. I think we need to see how this year, the new year, progresses in terms of recovery. This year, as you've seen, even in the standalone, we have kind of taken a provision for cash losses in Pierre. Now we need to see how the next step improves. Next step, we definitely see an improvement, you'll probably see a much better impact in the year 2022, 2023 is what I would say. Okay. Next question on the trend. You mentioned that January was weaker than the December, if you take about from YOY basis, December was 60% of last year. Still January is better than 60%? January is. We have not yet closed the month. Unless you have that figure, I think we don't have the exact%, but should be around that number. There is no softness in that, fair to assume. Sorry? I think the momentum which we saw in the December has continued to January also, right, leaving aside seasonality. Yes, you can say that if you compare January with January of the previous year, but we can't compare January with December. Yes, I'll compare with January. Thanks a lot. Thank you. Thank you. The next question is from the line of Himanshu Upadhyay from PGIM. Please go ahead. Mr. Upadhyay, please accept the prompt on your screen and proceed with your question. As there's no response, we take the next question from the line of G. Mehta from an individual investor. Please go ahead. G. Mehta, an individual investor. Please accept the prompt on your screen and proceed with your question. Am I audible? Yes, you are. Yes. Great. Thank you for taking my question. I have two questions. One is, you spoke about the F&B sales. Is it possible for you to share a flavor? F&B sales are good, is it Qmin related or is it actually in the hotel meaning that's doing well? Of course, Qmin is a kind of a startup. It helped us do sales in the period of lockdown and still helping us create sales. The revenue that a Ming Yang in Lands End or a Varq in Delhi or a Golden Dragon in Mumbai or the Wasabi by Morimoto, that is very important. That we are seeing coming back. Although, we had some restrictions and also in terms of seating, because the seating is reduced due to social distancing. That F&B activity is coming back. You can go today to different places and see them. Excuse me, this is the operator. Mr. Chhatwal, we've lost your line. We cannot hear you. Can you hear me or not? Yes. Now we can. I don't know. I'm struggling with this. I think we're all struggling with this connection. What I'm saying is that we are beginning to see F&B activity back in most of the preferred restaurants and hotels. If it's a chain in Taj Lands End or the Golden Dragon in Taj Mahal Palace, then it is kind of rolling as the seating has been reduced due to social distancing. Otherwise, to start returning to the hotel restaurants. Right. Great. The second part of the question is, the increase in occupancies in, let's say, RevPAR, is it led by city hotels or is leisure destination? It's all led by. Goa, third quarter went to almost 80% of the previous year. Wow. In terms of that. I think the also that we have are better than COVID. One example is Srinagar. Another example is Shimla. One another example has done better than the previous year. There are many hotels which are doing better than previous year. Our homestays, which we had just launched and then COVID came. The homestays are doing better. These are all mainly leisure-driven businesses. We see no reason why that should change in the next months. Great. Thank you. Good work and keep it up. Thank you. Thank you. The next question is from the line of Sharma from Nimble Investments. Please go ahead. Thank you. Thank you for this point. My first one is, our staff to room ratio has come down from 1.5 to 1.14. As we go back, do you think this number can inch back or now this is a sustainable reduction? The staff room ratio is something that we are working on in terms of a number of initiatives. The way to look at staff room ratio is Taj Hotels will have a slightly higher manpower to room ratios, whereas will be much lower on the ratios. Therefore, as the activity comes back, as the meetings come back, you will see that some of them, as we have always highlighted, is a redeployment of manpower. Second is, as we talked about digitization efforts, which is leading to contactless check-ins and also helping us in both. Of course, some of the shared services initiatives that we are taking. Fourth is the multi-skilling initiatives that we spoke about. As a result of these multiple initiatives, very clearly, this is track on. There will obviously be some changes and increases depending upon the level of business. You will see some sustainable reductions in manpower ratios going forward. Thanks. The second question is, we have a wide assortment of hotels. Have we ever considered using the loyalty program and having some sort of membership, not exactly a membership holiday, but some hybrid thought about it? Any views on that? We do have a Ranthambore membership. We do have oriented towards the loyalty. For instance, in the last month, we did a program specifically for loyalty members to reasonably good business. I think we continue to work with our loyalty members carefully. We also work with select partnerships like, for instance, with American Express, which targets the high-spending customers. In terms of working with different customer segments, the high-spending customers, our loyalty programs, and doing selective programs with even OTAs, that is one of the reasons why I think if you see the RevPAR premiums that we've got as compared to industry, I think we continue to be able to sustain because of our focused approach with customer segments. Even data on the loyalty and how you have maybe used the data and enriched our RevPARs. My third point is, what is the breakup between the OTA, our own platform and agent or the agency network, and how do you see that evolving over the next three, five years? Thank you. Yeah. Sure. I think the OTA percentages for us has been approximately about 22% or so. I think that is the OTA percentages that is there in the network. If I look at our own Taj website and our call centers, taken together, will be another 22% or so. Between the two, I think it has been fairly steady, actually. Obviously, during this pandemic period, because the reliance has been on the transient business, I think we have used OTAs to drive some traffic, actually. Yes, I think 22% each between OTAs and number actually. Hello? Yes, can you hear us? Were you able to hear my response? Yeah, I think it was broken, but all right. Yeah. I end my last question. Yes. Do you see that evolving over the next three to five years? Obviously, I think this is an area that we are clearly working on. One of the big areas that we are clearly working on is, as you rightly mentioned, loyalty program plus the websites. There's significant investment happening in both, actually. Over the last three years, we have seen significant improvement in terms of the website and the call centers to drive it up to the 22% that we have achieved today. That's an area which will continue to grow for sure, actually. I think in terms of our partnership with OTAs and that, there will be strategic elements there, and there will be tactical elements there. We'll continue to use both of these in terms of driving it up. A key focus obviously is to drive the loyalty and the website and our call center business actually. All right. Thank you. If I could just push in one more. Yes The leisure segment has been doing well. When you look out, of course it's a guess, but over the next three to five years, the incremental hotel build up, would you want it more towards the leisure side or you would actually want to be counterintuitive and build up the business hotel segment? Just your thoughts on it. Thanks. I think we do continue to dominate the leisure segment in the industry. If you see, we dominate the different leisure destinations of Kerala, Goa, Rajasthan, and now we are seeing Shimla, Rishikesh and other destinations. We are the leaders in the leisure segment, and we will continue that development work that is happening. I think we, of course, see demand in terms of new hotels in other destinations. I suppose that, I think in the pandemic, with leisure kind of driving the recovery, we are fortunate to have dominated. I don't think we can comment that one will be more than As far as we are concerned, we will continue to have a balanced portfolio across both business and leisure and across all the key destinations, actually. The other point to note is that, if you look at the key cities of Delhi, Jaipur, Goa, Bombay, Delhi, Bangalore, I think we continue to have significant number of hotels and therefore continue to dominate market share, actually. I think we also look at market share dominance as well, which will allow us to get a more than proportionate share of the business in all these places. All right. Thank you for that. I think we will probably just for the moderator, just we'll probably take the last five minutes in terms of questions. I think if you're not able to take any more questions, then don't worry. I think I'm available, and we can always schedule calls to get into a lot more detail. Maybe we should just use the last five minutes for a couple of questions, please. Sure, sir. The next question is a text question from the line of Deepika Mundra. Deepika Mundra is from J.P. Morgan. The question is: Given that 3 Q is seasonally strong, could the momentum slip in 4 Q? What is the outlook on debt increase from here? What is the outlook for business travel and hence Mumbai/Delhi properties? Yeah. I think we did answer that, Deepika. I think what we said is that if you look at the fourth quarter, considering we continue to see strong momentum in Q4. I think that is something that will continue. As far as the debt levels are concerned, I think as I pointed out, there has been a significant drop in the incremental debt post-September with the recovery of business. That is something that we are closely tracking to make sure, in fact, that with EBITDA turning positive in many of the hotels, I think our operating cash requirement has dropped dramatically in standalone, actually. Therefore, I think it's near breakeven in terms of operating cash requirements. Of course, we will still have to look at funding some of the, what do you say, international properties. Those continue. I do think that debt levels will kind of start to get much better in terms of the incremental debt requirements. That continues to be an area of focus. As the quarter passes by, we will clarify better. Also, if you see the cost of debt, that also is being managed quite efficiently at this point in time. Can we take the last question now, please? Sure, sir. We take the question from the line of Achal Kumar from HSBC. You may go ahead, please. Yeah. Am I audible? Yes, you are. Perfect. I just had one question, basically. Is that, in terms of cash burn rate, how that has moved quarter to quarter, and now where we are and how do you expect it going forward? If I can squeeze in a last question. In terms of your cost, how the costs have evolved, and how do you see the costs evolving over. Yeah Assuming that you were operating at pre-COVID levels, and then now because of your cost restructuring, how much of your cost do you think you can permanently throw out of the business? If you could please help me on these two. Yeah. I think the second question we did answer some time back. I think what we said is that the sustainable fixed expenses at this point of time has been about INR 120 crore a month. I think we have seen savings of between INR 40-45 crore a month on fixed expenses that we are seeing. So the attempt now as we go forward is to make sure that we kind of sustainability and maybe, Achal, on this, maybe we can have a separate discussion. On the first discussion, as I just clarified, I think with the resurgence in business, I think we are seeing operating cash requirements has come to nearly a breakeven actually. Really what is happening is that INR 100 crore actually, in terms of cash burn. In December, it was just about INR 12 crore or so. Positive, actually. Therefore, I think there has been a massive shift in terms of the cash burn between April and now. As I said, we keep a very close watch on this. You saw that in the movement of debt levels, as I told you from the presentation. Up to September, if you see, the increase in debt levels was significant, but post September to now, it has been kind of contained significantly, actually. This again, is something that we can take up separately, Achal, actually. Not a problem. I think, yeah. Perfect. Thank you so much. Yeah. Thank you. Ladies and gentlemen, there are a few more questions. Due to paucity of time, we will not be able to answer all of them. I now hand over the floor to Mr. Giridhar Sanjeevi for closing comments. I think, as I said, we are available. I think, clearly while this call was for about a little more than an hour or so, I think we are available for other conversations post today. I think do be in touch with us and we will be happy to discuss this in greater detail, actually. All I can say is that, since September, October, we are seeing an improved performance driven by leisure. With all the vaccination efforts that is going around, subject to no second or third wave coming in terms of viruses, I think we continue to be cautiously optimistic in terms of the business recovery, in terms of the overall recovery. Currently driven clearly by leisure, but business travel, as was clarified also should hopefully come back. You've also seen airline and GDP growth also expected to come back strongly. Puneet, do you want to say any last comments before we kind of just close? No, I want to apologize to all the people. I just got a message that there has been a fiber cut at Mahalakshmi and that has created a lag in the network. Some of our discussions, conversations, and presentations had a certain lag. Our apologies, but it's not in our hands and that's another thing. Maybe to end on this note that everything that's why it doesn't work digitally. Sometimes you have to meet in person, too. Hopefully our next quarter call will be a phygital one. Those who want to be digitally present, they'll be digitally present and the rest, like in person. Thank you. Thank you, sir. Thank you. Thank you all. Thank you very much, sir. Ladies and gentlemen, on behalf of IHCL, thank you for joining us. That concludes the session. You may now disconnect.