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1 FROM ASPIRATION TO ACCELERATION AMBIT TRAVEL ECOSYSTEM CONFERENCE | 12TH DECEMBER 2024
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2 HOSPITALITY SECTOR IN AN UPCYCLE, DRIVEN BY STRONG DOMESTIC DEMAND AND FAVORABLE DEMOGRAPHICS DEMAND SUPPLY India’s Economic Growth $7 Tn 3rd Largest Economy (Source: Figure for 2030, Chief Economic Advisor, Govt. of India) Growing Middle Class 31% → 38% of popn. from ‘24 to ’30 (Source: Skift Research) Rising Disposable Incomes ↑50% Disp. Income (‘24->’30) (Source: Trading Economics) Strong Demand Growth 9-11% Future CAGR (Source: Horwath) FTA Recovery & Growth 25 Mn from 10.9 Mn (2019) (Source: Trading Economics) India is Underpenetrated 0.2 Mn Hotel rooms (4% of US) (Source: Hotelivate) Govt. Focus on Infra Sector $2 Tn Govt. spend (2024-30) (Source: CRISIL) New Destinations 75% New hotels in Tier 2/3/4 (Source: Hotelivate) Lower Supply Growth 6-8% Future CAGR (Source: Hotelivate) Focus on MICE, Conventions 18% CAGR till 2030 (Source: Coherent Market Insights)
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3 INDIA A LAND OF OPPORTUNITIES 6 major mountain ranges spread across 1 million sq. kms. 75+ hotels 45+ locations Bekal Binsar Calicut Coonoor Chandigarh Chikmagalur Darjeeling Coorg Corbett Dibrugarh Dehradun Dharamshala Ernakulam Guwahati Haridwar Itanagar Jammu Katra Kumbhalgarh Madurai Mahabaleshwar Manali Mangalore Munnar Vijayawada Mussoorie Naggar Nainital Nashik Naukuchiatal Ooty Pune Pushkar Rishikesh Sawai Madhopur Shimla Sirmaur Srinagar Tawang Udaipur Udaipurwati Vizag Wayanad Pantnagar
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4 INDIA A LAND OF OPPORTUNITIES 7,500+ km. of Coastline 500+ beaches 80+ hotels 30+ locations Alibagh Bekal Bharuch Calicut Candolim Chennai Cochin Dwarka Ernakulam Havelock Kadmat Kolkata Kollam Kovalam Kumarakom Mangalore Mumbai Pondicherry Puri Raichak Suheli Thane Trivandrum Vapi Varkala Vizag
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5 INDIA A LAND OF OPPORTUNITIES 3+ million places of worship 60+ hotels 50+ locations Agra Ahmedabad Ajmer Amritsar Aurangabad Ayodhya Bhubaneshwar Chandigarh Chennai Dharamshala Gangtok Dwarka Gandhinagar Goa Gurugram Guwahati Hampi Haridwar Hyderabad Indore Jaipur Jamshedpur Junagadh Puri Katra Kevadia Kolkata Lucknow Madurai Mumbai Mysore Nashik New Delhi Pakyong Patna Pondicherry Prayagraj Rishikesh Shillong Srinagar Tawang Thiruvananthapuram Tiruapti Udaipur Ujjain Vaishno Devi Vapi Varanasi Vijaywada Vrindavan Vrindavan Golden Temple, Amritsar Somnath Temple, Gujarat Vaishno Devi Mandir Ram Mandir, Ayodhya Tiruapti Mandir Sree Padmanabhaswamy Temple, Trivandrum
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6 INDIA A LAND OF OPPORTUNITIES Presence in Tier – 1 Cities – MICE & Business Travel Demand ~ 75 hotels 8 Metro cities of India Ahmedabad Chennai Hyderabad Kolkata Mumbai New Delhi Bangalore Pune Bharat Mandappam, New Delhi Yashobhoomi, Dwarka Jio World Convention Centre, Mumbai Taal Kutir, Kolkata
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7 IHCL’s STORY OF TRANSFORMATION 2017-2024 Where We Were in 2017 Where We Are Today in 2024 P&L Rev. ₹ 4,000 Cr EBITDA 16% PAT (₹ 63 Cr) Rev. ₹ 7,000 Cr EBITDA 33%[1] PAT ₹ 1,259 Cr BALANCE SHEET Net Debt ₹ 3,000+ Cr ROCE 5% Net Cash ₹ 2,000 Cr ROCE 15% BRANDSCAPE GROWTH # Portfolio 155 # Operational 142 # Pipeline 13 # Portfolio 350 # Operational 232 # Pipeline 118 (1) Excluding impact of one-time interest income on income tax refund
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9 10 CONSECUTIVE QUARTERS OF RECORD FINANCIAL PERFORMANCE (₹ Crore) Growth YoY Q2 2023-24 Q1 2024-25Q1 2023-24 Q3 2023-24 Q4 2023-24 Q2 2024-25 1,516 1,481 2,004 1,951 1,596 1,890 459 402 772 706 496 565 Consol. Revenue EBITDA ↑18% ↑25% ↑8% ↑17% ↑13% ↑18% ↑15% ↑18% ↑5% ↑28% ↑26% ↑41% *Q2FY25 includes impact of subsidiarization of TajSATS w.e.f August 2025
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10 IHCL WELL POSITIONED TO SHAPE THE FUTURE The India Growth Story Macro-economic Hospitality Industry Strong Demand, Immense Growth Potential IHCL Industry-leading Performance Industry-leading Brands Differentiated Strategy ₹
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11 82 25 30 8 70 17 39 13 20 14 30 2 Operational Network Pipeline 121 38 50 22 100 19 INDUSTRY LEADING PORTFOLIO OF 350 HOTELS 232 OPERATIONAL HOTELS , 118 IN PIPELINE 12% 17% IHCL share of Existing Branded Rooms IHCL share of Pipeline (Active supply) IHCL Share of Branded Rooms in India Data as on 31st March 2024. Industry Base : Existing branded rooms – 1,80,403 Pipeline – 88,706 rooms with 77% under active development. Source : Hotelivate T&O 2024 Portfolio as on 31st October 2024
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12 SUMMARY 2030 GOALS Where We Are In 2024 Where We Want To Be In 2030 PORTFOLIO 350 Hotels 700+ Hotels OPERATIONAL 232 Hotels 500+ Hotels BALANCE SHEET 15% ROCE ₹ 2,000 Cr Net Cash 20%+ ROCE* Sustain +ve Net Cash Position REVENUE ₹ 13,000 Cr Enterprise Revenue ₹ 7,000 Cr Consol. Revenue ₹ 30,000+ Cr Enterprise Revenue ₹ 15,000+ Cr Consol. Revenue *Excluding the impact of any future acquisitions and business combinations Note: All portfolio figures as on 31st October 2024 and financial figures for FY 2023-24
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13 2030 GOALS TARGET TO MORE THAN DOUBLE THE PORTFOLIO BRANDS PORTFOLIO INCL. PIPELINE OPERATIONAL HOTELS Oct-24 Mar-30 Oct-24 Mar-30 Steady Growth Brands (Taj, SeleQtions, Vivanta) 209 300 137 225 Accelerated Growth Brands (Gateway, Ginger, Tree of Life) 141 400 95 275 TOTAL 350 700 232 500 15 Signings p.a 15 Openings p.a 50 Signings p.a 30 Openings p.a
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14 WHERE TO PLAY DOMESTIC MARKETS LEADERSHIP IN THE INDIAN SUBCONTINENT ACROSS ALL SEGMENTS BRANDS KEY MARKETS* TIER 2 / 3 CITIES DRIVABLE DESTINATIONS DISTRICT HEADQUARTERS LEISURE LOCATIONS ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ *Top 10 cities, state and commercial capitals Efficient Capital Deployment to Cover White Spaces in Brandscape, Themes & Destinations Domestically
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15 WHERE TO PLAY INTERNATIONAL MARKETS ROUTE TO INTERNATIONAL GROWTH BRANDS MIDDLE EAST S.E.A & SOUTH ASIA WESTERN HEMISPHERE REST OF THE WORLD Deepen presence in the region Build Destination Itineraries Presence in key gateway destinations Opportunity based e.g. Dubai, Bahrain, KSA e.g. Singapore, Thailand e.g. Paris, Berlin, Switzerland, UK Growth Primarily Through Capital Light Model
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16 LATEST ADDITION TO OUR BRANDSCAPE Landmark Hotel in Lutyens’ Delhi Opportunity to grow with a Differentiated Offering in Luxury Space Brand License for ‘The Claridges’ & ‘Claridges Collection’ for India & Nepal Opportunity in micro-markets for Branded Residences
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17 4,000 7,000 FY17 FY24 FY30 FY30 Revenue Potential 15,000+ CAGR 14%+ CAGR 8% IHCL Consol. Topline (₹ Cr) CONSOLIDATED REVENUE DOUBLE DIGIT GROWTH TO SUSTAIN 2x+ REVENUE on the back of • Long Term Demand Tailwinds • Limited Supply resulting in favorable demand supply balance • Accelerated Not like for like growth Rounded off numbers
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18 FY24 7,000 FY30 15,000+ STRATEGIC DRIVERS FOR ACCELERATED REVENUE GROWTH Traditional Business (1) driven by TRevPAR growth, Asset Management initiatives & Ongoing Expansions(~600 Keys) 1 Continued Momentum of New Businesses (2) (Expected CAGR 30%+) 2 Reimagined TajSATS & Chambers growth momentum 4 3 Management Fee expected CAGR of 15-18%, primarily driven by Net Unit Growth 3 (1) Traditional Business – Assets owned under Taj, Vivanta, SeleQtions & Gateway Brand Revenue ₹ Cr Rounded off numbers (2) New Business – Ginger, Qmin, ama, Tree of Life
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19 6,300 11,000 YTD Oct Growth 8% - 5,000 10,000 15,000 20,000 25,000 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY30 ₹ / Night Growth Momentum to Continue Growth for existing assets driven by Asset Management interventions & Sector Growth Like for Like RevPAR growth of High single digit Numbers rounded off to nearest hundreds CAGR 8% LIKE FOR LIKE (LFL) REVPAR CAGR MOMENTUM TO CONTINUE TRADITIONAL BUSINESS 1 Data for Traditional Business - IHCL Consol. Domestic same store basis
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20 LIMITED SUPPLY IN ACTIVE DEVELOPMENT ACROSS KEY CITIES 6.9% 6.6% ALL INDIA Branded Inventory CAGR FY24 vs FY19 (Actual) CAGR FY29 vs FY24 (Projected) 3.8% 3.5% MUMBAI 0.2% 2.2% NEW DELHI 9.1% 6.0% GOA 1.9% 1.6% CHENNAI 4.0% 4.5% BENGALURU 6.6% 4.4% KOLKATA (1) Includes data for Jaipur & Udaipur only Source : Hotelivate Trends & Opportunities report 2024 8.3% 6.7% RAJASTHAN(1) 1
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21 ARRs IN INDIA ROOM FOR GROWTH ARR still significantly below previous peak in Dollar terms ARRs need to keep growing for justifying fresh investments 1. Industry ARR Ref Hotelivate Trends & Opportunities report 2024 ARRs converted at relevant year’s USD : INR exchange rate Previous peak $267 $185 $190 $106 FY08 FY24 IHCL Standalone Industry (Five star) (1) Current ARRs have to grow at a sustainable 7-10% for a new greenfield to be viable *Including imputed cost of land. This is representative data for a typical hotel of 150-200 keys in Tier 1 cities and actual project data will vary depending upon location and project size LUXURY UPSCALE MIDSCALE Current Industry ARR Green Field Capex/ Room* ₹ 15,500 ₹ 7,500 ₹ 4,500 ₹ 3.5 – 4.0 Cr ₹ 1.5 - ₹ 2.0 Cr ₹ 0.8 – 1.0 Cr 1 (1) (Deluxe)
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22 ASSET MANAGEMENT & REPOSITIONING OF OUR KEY ASSETS PROTECTING AND POLISHING OUR CROWN JEWELS 1 TAJ MAHAL, NEW DELHI (Reopened in 2023) 162 300+Turnover CAGR 14% EBITDAR CAGR 26% FY20 FY25(Est) ₹ Cr TAJ USHA KIRAN PALACE, GWALIOR (Reopened in 2024) 10 25+Turnover CAGR 20% EBITDAR CAGR 36% FY20 FY25(Est) ₹ Cr
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23 NEW BUSINESS: QMINIZED LEAN LUXE GINGER DRIVEN BY CAPITAL LIGHT GROWTH Reimagined in 2018 INVESTMENT MODEL • Capital light Variable Leases • Select assets on Balance sheet • Limited Management contracts upto 25% of Portfolio Share of Ginger in IHCL Consol. Turnover 2 Latest addition in Heart of Delhi with opening of Ginger Chanakyapuri Portfolio of 100 Hotels (As on 31st Oct’24) 200+ Hotels by 2030 12-15% New Qmin Stores on Capital Light Model INVESTMENT MODEL • Capital light growth approach Qmin Stores & QSR • Qmin Delivery App synergized through our hotels & TajSATSkitchens • Restaurants in Ginger Airport KioskShop in Shop
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24 RAPIDLY SCALING UP NEW CONCEPTS amã STAYS & TRAILS & TREE OF LIFE Launched in 2019 INVESTMENT MODEL • Management Contracts • Only select few on Balance sheet (currently 15 in portfolio) Portfolio of 227 Bungalows (As on 31st Oct’24) 750+ Bungalows by 2030 2024 Strategic investment to enter the boutique leisure segment INVESTMENT MODEL • Growth through Capital Light leases & Management Contracts Portfolio of 19 Properties (As on 31st Oct’24) 100 Properties by 2030 *Portfolio includes Operational plus Pipeline 2
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25 FY17 Managed Inventory 26% Capital LightCapital Heavy 7,436 13,000 FY17 FY24 FY30 Potential 12%-15% CAGR NET UNIT GROWTH MANAGED HOTEL ROOMS 44% FY24 60% Managed Inventory 43% 75% FY30 Managed Inventory 57% MANAGEMENT FEE TO GROW INCREASING SHARE OF CAPITAL LIGHT INVENTORY Management Fee expected to cross ₹ 1,000 Cr Data for Operational Inventory in relevant years 3 8% CAGR
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26 9 ICONIC LOCATIONS INDIA & INTERNATIONAL NEW DELHI DUBAI LONDON MUMBAI BENGALURU HYDERABAD KOLKATA CHENNAI THE CHAMBERS STRONG VALUE PROPOSITION 4 New Chambers at the upcoming Taj Frankfurt (FY26)
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27 TAJ SATS TRANSFORMATION JOURNEY CONSOLIDATION WEF FROM JULY 23, 2024 Turnover ₹ Crore Expanding capacity in existing kitchen and New Kitchens at NOIDA, MOPA & Gurugram Amritsar New Kitchen NOIDA (WIP) New Kitchen MOPA New NEKTA Kitchen Gurugram Kolkata Bangalore Expansion Mumbai Expansion Delhi Strategic Steps to PROPEL EXPANSION 4 350 900 FY17 FY24 FY30 Potential 2X+
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28 LEADING TO A DIVERSIFIED CONSOLIDATED REVENUE MIX FY30 60- 65% 7- 10% 15- 18% FY24 86% 6% 6% FY17 91% 4% 4% Traditional Business New Business Management Fee 12- 14% Re-imagined Business (TajSATS& Chambers) 2%1%
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29 16% 24% 33% 29% 30% FY17 FY20 FY24 H1 FY24 H1 FY25(1) EBIDTA Margin expected to continue show positive bias KEY EBITDA Drivers › Operating leverage & efficiency › Improvement in Performance of International Assets (EBITDA Margin up 140 bps in H1 FY25) › Favorable revenue mix change › D2C channels (loyalty & website) Putting Money Back into › Organisation of the future › Brand Building › Digital & Tech Spends › Continued Asset Renovations TajSATS consolidation to impact Consol Margins EBITDA DRIVERS SUPPORTED BY PRODUCTIVITY, SCALE & MIX (1) Excluding impact of one-time interest income on income tax refund 23% 31% 41% 35% 38% Standalone EBITDA Margins Consol. EBITDA Margins
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30 CAPITAL ALLOCATION PRINCIPLES IHCL CONSOLIDATED EBITDA Free Cash flow before Capex Renovations, Ongoing New Builds & Digital Capex Dividend Future Greenfields Cash accrual for New Projects, Inorganic Opportunities & Strategic Reserve % OF EBITDA 100% 70 - 75% 20% - 25% 12% - 15% 15% - 20% 10% – 20% Renovations, Ongoing New Builds & Digital Capex Asset management & renovations About 1,000 Keys New Builds (Incl Ginger) Digital & IT spends Future Greenfields Ranchi, Shiroda, Lakshadweep, Aguada Plateau & Bandstand Dividend Dividend payout linked to Consol PAT - 20% to 40% as per latest policy
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31 Ongoing Newbuilds / Expansions Identified Capex spend of upto ₹ 5,000 Cr over next 5 years Taj Hessischer Hof, Frankfurt (Q4 FY26 - 134 Keys) Expansion at Taj Ganges, Varanasi & Taj Mahal, Lucknow (200 Keys) Ginger MOPA (FY28 - 300 Keys) Taj Cochin Airport (Q4 FY25 - 112 Keys) Vivanta & Ginger, Ekta Nagar (H2 FY26 - 275 Keys) Key Renovations Digital Spends Room Renovations Reimagined Chambers & Club Lounge Restaurant, Spa & Public Areas ERP Upgrade Brand Websites, CRM & Martech Data Lake & PMS *The opening schedule is indicative and may change in the future. INVESTING TO STRENGTHEN & BUILD FUTURE MOATS
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32 KEY COMPANY OWNED PROJECTS MAKING PROGRESS Bandstand (Sea Rock) 400 Keys Lakshadweep Suheli - 70 Keys Kadmat - 110 Keys Shiroda 300 Keys Aguada Plateau 110 Keys Ekta Nagar 275 Keys Goa MOPA 300 Keys FSI crystallized & received IOD approval; Other approvals applied for Plans submitted for approvals Bhoomi Poojan done; Approvals awaited Supplemental lease deed signed with Govt. of Goa, & approvals applied for Construction Work in Progress; Completion in 2025 Designs being finalized; Likely Completion in 2027
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33 STRONGER RETURNS RoCE TO EXPAND BY 500 BPS (1) RoCE is pre-tax EBIT divided by average Capital employed. RETURN ON CAPITAL EMPLOYED(1) 5% 15% 20%+ FY17 FY24 FY30 RoCE EXPANSION DRIVEN BY • Asset management initiatives in existing assets • Increased share from Capital Light Business • High ROCE investments like brownfield expansions • Unlocking non-cash generating assets FY30 RoCE is excluding the impact of any future acquisitions and business combinations
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34 KEY ENABLERS One Tata Paathya Governance Operational Excellence Digital Human Capital
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35 DOING BUSINESS THE RESPONSIBLE WAY H1 FY 24/25 UPDATE 284 Tons of Plastic Saved through Glass Bottles, Bio-degradable Bathroom Amenities, Paper Straws 55 hotels have bottling plants to eliminate use of single-use plastic bottles 45% water recycled 38% Renewable energy 336 EV charging stations across 134 locations in India Waste 100% elimination of single-use plastic Waste 100% operating hotels will have an organic waste management system Water 100% water recycling Energy 50% energy use to be from renewables All hotels to provide EV charging stations 2030 Goals
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36 ELEVATING OUR VISION, ALIGNED WITH OUR PURPOSE VALUED, RESPONSIBLE ECOSYSTEM MOST ICONIC^& PROFITABLE HOSPITALITY COMPANY^ IN SOUTH ASIA
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37 OUR STRATEGY ACCELERATE 2030 PURPOSE VALUES STRATEGIC INITIATIVES ENABLERS VISION MOST VALUED, RESPONSIBLE & PROFITABLE HOSPITALITY ECOSYSTEM INTEGRITY, EXCELLENCE, UNITY, RESPONSIBILITY, PIONEERINGTRUST, AWARENESS, JOY HUMAN CAPITAL PAATHYA CUSTOMER CENTRICITY GOVERNANCE DIGITAL EVOLUTION OF BRANDSCAPE EXCELLENCE IN OPERATIONS EXPANSION OF PORTFOLIO ONE TATA PIONEERING RESPONSIBLE CHANGE CREATING VALUE SHAPING THE FUTURE 2x+ REVENUE GROWTH 70+ NPS 20%+ ROCE* 700+ HOTEL PORTFOLIO *Excluding the impact of any future acquisitions and business combinations
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38 FROM ASPIRATION TO ACCELERATION AMBIT TRAVEL ECOSYSTEM CONFERENCE | 12TH DECEMBER 2024
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39 DISCLAIMER This presentation contains selected information about the activities of the Company and the Group as at the date of this presentation. The information in this document have been collected with the purpose to provide interested parties with information about the Group including but not limited to its operations. This presentation does not purport to present a comprehensive overview of the Group or contain all the information necessary to evaluate an investment in the Company. This presentation should be read in conjunction with the Company’s other periodic and continuous disclosure announcements, which are available at www.ihcltata.com. 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