Ladies and gentlemen, good day, and welcome to Lemon Tree Hotels Limited earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Anoop Poojari from CDR India. Thank you, and over to you, Mr. Poojari. Thank you. Good afternoon, everyone, and thank you for joining us on Lemon Tree Hotels' Q2 and H1 FY25 earnings conference call. We have with us Mr. Patanjali Keswani, Chairman and Managing Director, and Mr. Kapil Sharma, Chief Financial Officer of the company. We would like to begin the call with three opening remarks from the management, following which we'll have the forum open for an interactive question-and-answer session. Before we start, I would like to point out that some statements made in today's call may be forward-looking in nature, and a disclaimer to this effect has been included in the results presentation shared with you earlier. I would now like to request Mr. Keswani to make his opening remarks. Thank you. Good afternoon, everyone, and thank you for joining us on the call. I'll be covering the business highlights and the financial performance for Q2 and H1 FY 2025, post which we will open the forum for your questions and suggestions. Due to high seasonality of the hotel industry, I would request everyone to consider year-on-year performance rather than quarter-on-quarter. Lemon Tree recorded its highest-ever second-quarter revenue this year at INR 284.8 crores. Our revenue grew 24% as compared to Q2 last year, while net EBITDA grew 25% year-on-year, translating to a net EBITDA margin of 46.1%, which increased by 53 basis points year-on-year. Q2 FY25 recorded a gross ARR of 5,902, which increased 12% year-on-year. The occupancy for the quarter stood at 68.4%, which decreased by 328 basis points year-on-year. This translated into a RevPAR of INR 4,035, which increased 7% year-on-year. In Q2 FY 2025, if we exclude the increase in renovation expenses of INR 8 crores beyond that spent last year, in Q2, our net EBITDA margin would be around 49%, a 340 basis points increase year-on-year, with demand growth expected to exceed supply growth in the next few years, accompanied by the structural tailwinds in discretionary consumption of branded hotel rooms that India is now starting to witness. Our increased investment in renovation will allow us to better position our hotels going forward to capture better pricing and position Lemon Tree as the preferred brand of choice in the mid-market segment. Fees from managed and franchise contracts for third-party-owned hotels stood at INR 13.4 crores in Q2 '25, which increased 28% year-on-year. Fees from Fleur Hotels stood at INR 18.4 crores in Q2, which increased 35% year-on-year. Total management fees for Lemon Tree stood at INR 31.8 crores in Q2 2025, which increased 32% year-on-year. Our debt decreased by INR 90 crores from INR 1,912 crores as of 30 September 2023 to INR 1,822.6 crores as of 30 September 2024. Cash profit for the company stood at INR 69.8 crores in Q2 2025, which increased 43% year-on-year. During the quarter, we signed 19 new management and franchise contracts, which added 1,373 new rooms to our pipeline, and operationalized five hotels, which added 193 rooms to our portfolio. As of 30 September 2024, the inventory for the group stands at 112 operational hotels with 10,318 rooms and a pipeline of 75 hotels with 5,220 rooms. Going forward, we are very confident in the company's ability to sustain this growth in the coming quarter by focusing on the following growth levers: stabilization of Aurika, Mumbai Skycity, which is already EBITDA positive, accelerated growth in our management and franchise portfolio with proportionate increase in fee-based income, and timely completion of renovation activities in the owned portfolio to be able to further improve gross ARRs and occupancy. Please note that the increased investment allocation in renovation expenses will continue into FY 2026 until the entire portfolio of all owned hotels has been fully renovated and refreshed. Post this, renovation expenses are expected to be between 1.5%-1.6% of revenue on an ongoing basis. With this, I come to the end of my opening remarks. I would ask the moderator to open the forum for any questions that you may have. Thank you very much. We'll now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star and one to ask a question. The first question is from the line of Archana Gude from IDBI Capital. Please go ahead. Hi, sir. Thank you for the opportunity and congrats for a very good set of numbers. I have three questions. First, ADR, while we had this 12% increase in ADR, which is pretty impressive, this occupancy decline of 328 basis points to 68%, I'm sure this is because of renovation of property. My question is on this Aurika Mumbai. What kind of growth you have seen in occupancy in ADR on both sequential and variable basis? Just a moment. Where are the Aurika numbers? Okay. So you have to keep in mind that one of the reasons that the occupancy was low, of course, as you said, was that about 9% of our inventory was shut in Q2, about 530 rooms. So some hotels, which could have gone full, obviously, were unable to sell those rooms. Second is Aurika itself did about a little over 50% at a little over INR 9,000 ARR. So as a result, because it is about 15% of inventory, the weighted average occupancy was deflated by, I think, about 3 percentage points. Okay. And, sir, this you said on YoY? I'm talking about Q2. Q2 or last year Q2? No, I'm talking Q2 this year. So last year Q2, there was no Aurika, no? We started somewhere, yeah, October. Yeah, right, right. Okay. And so sequential, has there been some improvement in terms of corporate contracts for Aurika and maybe some color on rates for corporate contracts? Yeah, because you will see that from Q3 onwards. Aurika is starting to do very well, actually surprisingly well in Q3. Sure, sir. Sure. So how is this wedding season for us in terms of pre-booking for Aurika, Udaipur and Bombay? I think we have booked 21 or 22 weddings this year in Aurika, Udaipur, and we expect, sorry? Yeah, and there are some more under negotiation. So 21 or 22 are confirmed. I reckon we'll close by about 25 weddings. So it's been good for Aurika, Udaipur. Sure, sir. Maybe in one bookkeeping question, so you mentioned your opening remark that we paid roughly INR 90 crore debt. So should we consider it as an ongoing phenomenon and debt to reduce by roughly INR 400-INR 450 crores on a yearly basis? Yeah. See, first is, Archana, we are spending a large amount of money in renovation. As I said, between three years, we will spend INR 250 crores-INR 300 crores instead of what would normally have been, say, INR 20 crores a year. So instead of INR 60 crores, INR 70 crores, we will be spending three and a half times that. Okay? So that will anyway get over next year. And I think you will start seeing the results from ARR jumps from Q3 onwards. Once that happens, free cash flows will be enormous in Lemon Tree. So I think we are sticking to our guidance that in the next three and a half years, we should be debt-free. But if we list Fleur before that, then we will be debt-free that much earlier. Sure, sir. That helps. Thank you and all the best. Thank you, Archana. Thank you. Next question is from the line of Jinesh Joshi from PL Capital. Please go ahead. Thanks for the opportunity. Sir, my question is again on Aurika. While you highlight that the occupancy is 50%, if I remember right, in the last quarter, you had stated that we let go some low-yielding crew business to boost occupancy in Q2, and we are almost halfway through the quarter, so is it possible to share some color on occupancy or pricing in the first 45 days? Yeah, so that is question one. Let me just say this. We let go low-rate crew. It doesn't mean we are not interested in crew. There is also high-rate crew, specifically some international crew. So we have tried to get back because the average rate of that crew is higher than, in fact, the INR 9,000 ARR I just spoke about. So we are focusing on taking some crew. It is basically a churn. Think of it this way. Any high-rate business which has predictability of demand, we will be taking. Now, as far as Aurika goes in Q3, we are doing. I don't want to give specific figures, but we are doing quite well. But let me say it will be over 60%. Got that. And the second question is on our management fee income. I think the number stood at about INR 25 crores in Q1. And given the seasonality impact, I think Q2 should be better than Q1, and perhaps we may end the year with about INR 55 crores-INR 60 crores in terms of revenue. But this is a bit lower than what we have been guiding in our past calls, whereby the numbers were, I think, if I remember right, between INR 75-100 crores. So is there anything that one needs to be aware with respect to our management fee income revenue guidance? See, my basic point is, if you look at last year, we did INR 50 crores of third party. But if you remember, in Q2, we did INR 10 crores. So that was the multiple. That is, whatever we reflected in Q2, we did roughly INR 5 to INR 5.2x of that. Are you getting me? Yes. So if you look at H1, last year, we did INR 20 crores, but in the full year, we did INR 50 crores. So you can do the math. You say 35% is the growth in 30%, 35% is the growth in third-party fees, then obviously, we will be north of 65, more likely to be INR 70 crores. So it is not your number. It is closer to 70 because of seasonality. Remember, a bunch of our fees also comes from incentive fees when your gross operating profit crosses a certain hurdle, which obviously, in winter, with higher rates and higher demand, those hurdles are crossed progressively. Understood, sir. Understood. This is pretty much clear. One last question from my side. If I look at our RevPAR for Keys, it is flat on YoY basis. And this is one segment of our portfolio where some kind of renovation is required. And ideally, I mean, after renovation, we should see some kind of an uptick in pricing, which essentially is missing. So can you please share the reason behind it? And once the entire renovation exercise is complete, I mean, what can be the steady-state EBITDA margin in Keys? Because I think that is pulling down the overall EBITDA margin of the consolidated. So, see, Keys, we have shut 25% of the inventory. And we are renovating it, as I said, fairly aggressively. Certain hotels are being renovated to very superior standards, and certain hotels are being renovated to what I would call hygiene standards because the whole portfolio was in shambles when we acquired it. So first is, there was an impact of availability of rooms in certain markets like Pune and Visakhapatnam and in Bangalore. But once we finish the renovation, I will give a broad guidance that after we stabilize it, we are looking at an EBITDA of roughly INR 60 crores from the portfolio, which means about INR 6.5 lakhs a room. Got it, sir. Thank you. Thank you so much. Thank you. Thank you. Next question is from the line of Kaustubh Pawaskar from Sharekhan by BNP Paribas. Please go ahead. Yeah. Good afternoon, sir. Thanks for giving me the opportunity. Kaustubh, can you speak a little louder, please? Just a second. Is it better now? Yes. Yeah. Good afternoon, sir. Thanks for giving me the opportunity. And congrats on a good margin performance. So my question is, on the renovation part, in your initial comment, you mentioned that in FY 2026 also, you will be doing some bit of renovation. And how many rooms are we planning to renovate in FY 2026? Do we have any ballpark number for that? And also, post this renovation activities, what kind of increase you are expecting in terms of room rentals on a base of 100, maybe 1.2x or 1.23x? What kind of revenue room rental increase you are expecting post the renovation? So Kaustubh, these are actually separate questions. So let me say firstly that we are renovating Keys Hotels non-stop. So at any given time, 20%, 25% of the portfolio will be shut. Okay? So I reckon that the full portfolio will open perhaps next year end, next financial year end. So really, the impact will be felt for the full portfolio from FY 2027. Number one. Number two is that we don't have a, it is difficult for me to give you an aggregate figure, but let me put it this way. Many of the hotels in the Keys portfolio were, as I said, most of them, not most, I should say, all were in very bad shape. So when we renovated it, we had a two-pronged approach. Where do we think we'll be able to reprice and increase occupancy? That's where we invested more money. Where we felt we had to maintain brand standards, minimum standards. Although we would not increase pricing, we would increase occupancy were the other hotels like Kochi, and Thiruvananthapuram, and Ludhiana, and so on. What is our expectation? Our expectation is that whatever we invest in renovation, every year, we should be able to recover it in two years. Put another way, if we over three years invest INR 250 crores or say INR 80 crores a year, we think we will be able to recover this after three years in incremental EBITDA of INR 125 crores each year. Am I making sense to you? Right. Yeah. So think of it this way. Normal renovation is just to maintain standards, which is about 1.5%-1.7% of our revenue. This renovation we are doing is to reprice and reposition. So our expectation is, if we invest INR 100, we want INR 50 a year increment. Right. Thanks for the understanding. So my another question is in the markets where you're doing most of the renovation or investment, how is the supply scenario over there? You must have assessed the demand supply scenario over there, and you must have taken this renovation strategy. So can you just give us some perspective on the same? How is the demand supply scenario? And what are your expectations over the next two years? So, see, where are we investing the maximum money other than—I mean, Keys, of course, is going to take some amount, but we are investing a lot of money in our hotels in Delhi, the two Lemon Tree and Red Fox, and in Hyderabad, the four hotels there. We think both those markets are very, very deep markets. And I'll give you a simple example. We renovated, I think, about 120 rooms in Lemon Tree Premier Delhi. And we spent about INR 10 crores-INR 12 crores on it. INR 10 crores, its ARR is already north of, I think, about INR 10,500-INR 11,000. Okay? And it is doing 100% occupancy since we opened the rooms. So that is our expectation. Where we put money is where we think we put more money is where we think there is more pricing power and therefore also high demand. So I mean, it's a very basic strategy. But we have minimum spends anyway in all hotels to catch up for the COVID time, and then an extra spend where we think we can reprice. Right. Right. Thanks. Thanks for the understanding and all the best for your future quarters. Thank you. Thank you very much. Other participants, you may press star and one to ask the question. Next question is from the line of Sumant Kumar from Motilal Oswal. Please go ahead. Yeah. Hi, sir. So can you talk about the growth in October and November, how it is going on? See, now it will be same store, so to speak, because in October last year, Aurika was launched. So I would reckon that we should be north of 15%. Now, obviously, we have a number in mind, but let me just say our revenue should be north of 15%, and our EBITDA should be north of, hopefully, 20% year- on- year. Okay. And when we talk about the growth of everybody is talking about and how the market for wedding, how much benefit we are going to get in particular the coming month, and how the 15% growth contribution is there for wedding? See, weddings, I think we have two types of weddings. We have destination weddings, which we get a share of because of the Aurika Hotel in Udaipur. Then we have regular weddings, which we get in our banquet halls in some cities where we have large convention facilities. But as a company, we have not had a heavy focus on banquets. So going forward, we identified certain markets where we felt there would be heavy demand. And in fact, we are renovating those banquet halls also, which is why, as I said, it has affected some demand because in some hotels, we are renovating restaurants and moving the restaurants to the banquet halls, and in some hotels, we are renovating banquet halls and therefore not getting banquet business in both. My view on weddings is it's an annual high-value business. As a company, we have reoriented our strategy towards trying to capture that. But we are a mid-market company by and large. So obviously, we are targeting mid-market hotels. That is as far as the wedding business goes. But overall, let me put it this way, Sumant, we are seeing very high demand, okay, for our hotels in general. And I'm quite confident that the next few quarters will be very good quarters. So how is the wedding demand for Aurika Mumbai? We do get on and off, but we have a lot of, generally, a lot of banquet demand in that hotel. So it's not only wedding, it's social events, it's meetings, incentives, conferences, the works. So it is doing very well. Thank you so much. Thank you. Next question is from the line of Sakshi Chhabra from Swan Investment Managers. Please go ahead. Yeah. Hello, sir. Congratulations on a good set of numbers. My question was pertaining to your Bangalore market. So if we see in every other market, you have seen close to a double-digit growth, but only in Bangalore, the ARR has remained flat as well as there's been a slight dip also in the occupancy. So just wanted to understand what would be the reason for this, and can you just throw some light on the Bangalore market overall? A fair amount of rooms are shut in Bangalore, I think about 10% of the inventory. I also think, frankly, we have not performed as well in Bangalore as I would like for many reasons, and we intend to recover from that. It is partly poor performance also. Okay, but how do you plan to recover now from this? By focusing on improving our performance. No. I just want to understand that is the overall Bangalore market down, or have we particularly not performed, and is there any reason for that other than the shutdown of rooms? I'll explain. Bangalore is multiple markets. Today, all big cities have many markets. So there is a market in Bangalore along the Outer Ring Road, which is a fabulous market where we don't have a hotel. There is a market in Whitefield where about a large part of our Lemon Tree Whitefield Hotel was shut for renovation. Then there is a market in Hosur and Electronic City where we have two hotels where there was a dip in demand because it is very, very IT-dependent, and hiring had come down, and we depend a lot on the hiring business. So there were multiple reasons in multiple markets. Unfortunately, the market, which is the best performing in Bangalore, which actually turns and changes the entire perspective. So if I say Bangalore has 20% of its supply in Outer Ring Road, but 30%-40% of its demand, then that part of the micro market skews the overall view on Bangalore. Do you get me? So City Center Bangalore, Whitefield Bangalore, Electronic City, Hosur Road might do, say, X, but Outer Ring Road will do X plus 5. So therefore, the average is higher than X, and we are unfortunately not in that specific micro market, which is completely outperforming. So that is the first point. Second is, I think we can do better in some markets. And what we have learned is to reduce our dependence on IT hiring, which is where we used to traditionally get a lot of our business from. So that is how we are also reorienting our focus. I'm pretty confident that we will, I mean, I'm confident that from this quarter, we have kind of repaired that, as you will see. Okay. Thank you. Thank you. Next question is from the line of Prashant Biyani from Elara Securities. Please go ahead. Yeah. Thank you for the opportunity. Sir, how many rooms across brands do we plan to complete renovation in FY 2025 and in FY 2026 separately? Let's put it this way. Of our total inventory of 5,800 rooms, other than about 1,300 rooms, say 4,500 rooms, we will renovate last year, this year, and the next year. One-third, 1/3, 1/3 would be right, or the proportion of? See, I don't have the exact number, but actually, it's a question of capital allocation. So we were investing more heavily in the hotels we wanted to reprice earlier, like Bangalore and, sorry, Delhi and Hyderabad. And now we will start renovating some other hotels where the repricing is more limited. Are you getting me? Yeah. So because we decided we would not invest more than, say, INR 100 crores-INR 110 crores per year. So the inventory allocation for renovation would probably be higher next year for Keys portfolio and lower for the high-value portfolio, which would be fully renovated. Right. Sir, Hyderabad portfolio has been renovated, or it is yet to complete? No, no. It is still to be completed. I think I can say about 60% has been renovated. So partial rate hikes we should start to see for that market from next quarter as well? From this quarter, yeah. Yeah. Q3. Sir, at the portfolio level in FY 2027, when your all rooms are renovated, how much ARR increase do you anticipate? Impossible to tell, but I would be, listen. I don't know what the future holds, but I would reckon that a 15%-20% growth in revenue every year is the minimum we would expect. And once renovation slows down and costs flatten, then this will be mostly operating level. Right. Sir, lastly, by when are we planning to come up with the IPO for Fleur? Sometime in the near future, hopefully. Any other timeline for that? I would reckon within the next two, three years at most. Okay. Thank you. Thank you very much. Participants, you may press star and one to ask a question. Next question is from the line of Nihal Shah from Prudent Corporate Advisory. Please go ahead. Thank you for the opportunity and congratulations for the great set of numbers. My question is, if we exclude the total number of rooms that are being renovated, what would be our occupancy rate considering those in the inventory? It would be 10% higher. Okay. And so is this level of 530 rooms that are closed right now, has it peaked out, or we can see this number going up in the following quarters as well? So it will come down in Q3 and Q4. Excluding Keys, we will not be renovating any rooms. So for example, we had decided that till Diwali, we would continue our renovation, which was till the end of October. But in November, excluding these 230 rooms of Keys which are under renovation, all the rest of the inventory will be operational. So we will have roughly 5,500 rooms operational in Q3 and Q4. Okay. And so the last question is regarding the debt. So we have reduced it by INR 90 crore in this quarter, but as we had mentioned in the previous calls as well, that the cash flow generated from activities in Q3 and Q4 will be majorly used to retire some part of the debt. So do we stick with that strategy, or have we changed it looking at the high inventory cost? So think of it this way, Nihal. The high-value renovation got done in Q1 and Q2. Okay? So Q3 and Q4 will be mostly renovation, which is actually of the Keys portfolio. So the free cash flow that we generate will not go towards renovation. It will go mostly towards debt reduction. Okay. Okay. Thank you. Thank you very much. Next question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just a couple of questions. Firstly, a clarification, Patu. In the last call, you mentioned that most of the renovation CapEx will be front-ended in the first half of the year in FY 2025 and FY 2026. But earlier on in the call, you mentioned that the renovation CapEx will continue going until FY 2026. So just curious to understand if the second half of FY 2025 will also see a high element of renovation expense, or is that something which is largely captured in the first half results? See, let me explain. Renovation currently is two parts: CapEx and OpEx. Whatever we are renovating, like you are seeing a number of 13 crores or 10 crores and so on, that is the OpEx number, not the CapEx number. Are you getting me? So the free cash flow represents post- CapEx, but the PAT and the EBITDA represents post- OpEx. The renovation in Q3 and Q4 will be mostly CapEx because the Keys portfolio requires CapEx, not OpEx. Yes. Am I making sense? So there will continue to be renovation, but from the P&L perspective, I reckon the impact will be much less. Sure. This is helpful, and just to follow up, for the part of the renovation that got completed in 1H, what kind of improvement in the repairs have you seen in the last two months? In the last month, that is October, there would not have been a big improvement because it was Dussehra and Diwali, and that is a period of low demand. Overall improvement, I have given you a broad guideline, which is that our revenue from our own hotels will go up by north of 15%. I would say at least half of that would be roughly demand-led, and half of that would be price-led. Sure. Secondly, if you can comment on the same store growth that you've seen in the inventory, which was not affected by renovation? See, I'll give you an example. Karan, when we shut hotels in Delhi and Hyderabad, I would say that half the days we were turning business away in those hotels. So there, the reduction in inventory mattered. Similarly, a little bit when we did it in Pune and in Chennai. But in some markets, it didn't matter so much because the turnover was less, and in some markets, it mattered a lot, but we still went ahead with it. So the impact of this in terms of lots of business, I would say, would have been about INR 10 crore-INR 12 crores. That's a broad guess. And this is something we were quite happy to accept because we felt we would catch up. That was, in our minds, some form of investment also in the product. I think what you have to really look at is our performance in Q3 and Q4, and it will answer your question as far as RevPAR growth goes, as far as operating leverage goals, and what I can tell you is the numbers will be better than we expected. Sure. And my last question on Aurika Mumbai, do you still expect to increase the share of retail and corporate to, let's say, 200 rooms by 2H? And if yes, how do you see the margins evolving in Aurika Mumbai? See, Aurika, Mumbai, I expect, will do EBITDA margin of 60+% in H2. Sure. And the mix, will it be about 200 rooms for retail corporate in second house? I think we are quite clearly moving towards that. Actually, what we have to really look at, Karan, is the right balance. So there is what I call bread and butter. Bread and butter is business that is round the year, preferably also over weekends, which is crew. But obviously, we don't want crew business, which is low rate. So that's the trade-off. Think of it this way. Getting one room from Monday to Friday at INR 15,000 is earning INR 75,000. And getting one room from Monday to Sunday at INR 11,000 is actually also the same amount. So the trade-off is really on RevPAR. What you look at is which business gives you which demand gives you business in weekends. So crew does that. So one is we want to basically churn our crew portfolio, and we would really like it to be about 150-200 rooms around the year. We would like retail to be another 200, and corporate meetings, conferences, etc., to be 150, 200. So roughly 130 each. Some we will achieve earlier, some will take a little longer, but that is the, I would say, the one-year-forward perspective. Sure. And just to follow up on Aurika, Mumbai, have you onboarded the new general manager for the property, or is it still in process? No, no. We have a general manager there. Who was that deputy? GM, who was actually a very good guy. We are very happy with him. Sure. Great. Thank you and all the best. Thank you. Thank you. Participants, you may press star and one to ask a question. Next follow-up question is from the line of Prashant Biyani from Elara Securities. Please go ahead. Sir, for Delhi, Mumbai, Bangalore, and Hyderabad market, all high-value renovation is now complete? No, no. Delhi, we still have about 40%. We've done about 60%. Or maybe we've done 70%, actually, in Delhi. Hyderabad, I would say that in the Lemon Tree Premier, we have done 70%. But in Gachibowli and Red Fox, we have done maybe less than 50%. So it is different hotels, different levels of renovation have occurred. But Hyderabad and Delhi will continue next year in summer. Bangalore, we will focus really on Lemon Tree Premier Bangalore. Whitefield will continue indefinitely until the end of 2026. LTP Bangalore and Lemon Tree Whitefield will go under renovation next summer. Okay. So in the. These are low-cost renovations. These are not high-cost renovations like Delhi and Bangalore. Even for Hyderabad market, for existing hotel where we are not 100% complete in terms of renovation, those also will be low-cost or low-value renovation? The highest value renovations, Prashant, were in Delhi and Hyderabad Lemon Tree Premier. The next level was Keys Pune and Keys Whitefield. These are where Keys Pune is now practically complete. End of this month, it will be fully renovated. Wherever we felt we could start earning earlier is where we allocated the first round of capital. It's difficult for me to tell you that it was evenly distributed. It was distributed where we felt we could start earning earlier. Right. So sir, would it be fair to say that renovation expenses would have peaked out in Q2? We will continue with renovation, but the capital contribution to that will be lower from here on. In Q3, Q4, yes, but it will shoot up again in Q1, Q2 next year. It is likely to be same as H1 this year or more than that? More or less. Okay. Thank you, sir. That's it from my side. Thank you. Thank you very much. A reminder to all the participants, you may press star and one to ask a question. A reminder to all the participants, you may press star and one to ask a question. As there are no further questions, I'll now hand the conference over to the management for closing comments. Thank you once again for your interest and support. We'll continue to stay engaged. Please be in touch with our investor relations team for any further details or discussions, and I look forward to interacting with you soon. Thank you very much. On behalf of Lemon Tree Hotels Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.