EIH Limited Investor Call Summary (August 2024)
Communication Update
• Issued on August 9, 2024, regarding an investor call on August 7, 2024.
• Updated link to video and transcript available on the company's website.
• Unaudited financial results for Q2 FY24 approved by the Board on August 6, 2024.
Q1 FY25 Earnings Webinar Highlights
• Participants: Mr. Vikram Oberoi (MD & CEO), Mr. Kallol Kundu (CFO).
• Market Outlook: Positive hotel sector driven by inbound tourism, weddings, and MICE events.
• Financial Performance:
• Standalone revenues increased to 498 crore.
• Slight declines in EBITDA and PAT due to stable rates and rising expenses.
• Strong cash position of 818 crores.
• Future Projects: Ongoing projects in Bangalore and renovations at Oberoi Grand.
Business Recovery and Challenges
• July Performance: Over 20% growth reported.
• EBITDA Margin Decline: Attributed to increased employee costs and ongoing renovations.
• Management Focus: Strong relationships with government partners and learning from past experiences.
Regional Performance Insights
• Bombay: 6% decline in RevPAR; optimism due to new residential suites at Oberoi Mumbai.
• Occupancy Rates: Currently around 80%.
• Future Demand: Strong outlook for winter months; confidence in increasing room rates.
Growth Strategy
• Expansion Plans: Aim to add 50 properties in India by 2030, exploring international opportunities.
• Balanced Approach: Focus on both owned and managed properties.
Renovation and Capital Expenditure
• Oberoi Grand Renovation: Emphasis on preserving heritage while modernizing.
• Hebbal Project: Fully funded by EIH; includes commercial office space and retail.
Financial Estimates and Performance Metrics
• Current Fiscal Year: No specific estimates provided due to challenging first quarter.
• Revenue Growth: 10% increase noted by CFO despite tough conditions.
• Average Room Rates: Potential for increases, especially in leisure hotels.
Operational Insights
• Profitability: New property in Marrakech performing well; restructuring needed in international operations.
• Airport Lounge: Significant contribution to gross operating profit.
Future Communication and Project Announcements
• Project Finalization: Announcements will occur only once projects are fully finalized.
• Vision 2030: Goal to double room capacity; need for clarity on growth plans.
Conclusion
• Optimism: Positive sentiment regarding performance and growth prospects.
• Recognition: Appreciation for the team at Oberoi Rajvilas, noted as the best hotel in the world.

EIH Limited Q4 FY24 and FY24 Earnings Webinar Summary
Overview of the Webinar
• Date: June 6, 2024
• Key Presenters: Mr. Vikram Oberoi (MD & CEO), Mr. Kallol Kundu (CFO)
• Focus: Financial results for Q4 FY24 and fiscal year ending March 31, 2024
Hospitality Sector Outlook
• Positive outlook driven by:
• Domestic tourism
• Corporate travel
• MICE (Meetings, Incentives, Conferences, and Exhibitions)
• RevPAR growth:
• 11% for owned hotels
• 15% for all domestic hotels
• Key markets:
• Significant recovery in Mumbai and New Delhi
• Leisure destinations outperforming urban areas
• Challenges in international markets, particularly Egypt
Financial Performance
• Q4 FY24 Results:
• Standalone revenue: Rs. 692 crore
• Profit After Tax (PAT): Rs. 159 crore (after Rs. 60 crore exceptional items)
• Consolidated PAT: Rs. 248 crore
• FY24 Results:
• Consolidated EBITDA: Over Rs. 1,000 crore
• PAT nearly doubled to Rs. 678 crore
• Cash position: Rs. 744 crore for future expansion
• Plans to open two hotels in FY25 with projects in Tirupati, Vizag, and Goa
Expansion Strategy and Partnerships
• Discussion on hotel expansion and partnerships
• Concerns raised about standalone growth and profit leakage
• Management emphasized overall growth strategy
• Ongoing legal matters regarding Wildflower hotel mentioned
Renovation and Revenue Growth
• Renovations at Oberoi Mumbai nearing completion
• Positive feedback received; revenue impact expected in future quarters
• RevPAR growth in Mumbai: 6% increase year-over-year
Airline Business and Catering
• Optimism about airline business growth due to strong Indian economy
• No plans for international expansion of flight catering
• Management contract fees for the last financial year: approximately Rs. 70 crore
Competitive Position and Market Insights
• Strong RevPAR growth at Amarvilas hotel in Agra
• High service quality compared to competitors like Four Seasons
• Capital expenditures clarified, with Goa CapEx at Rs. 4.7 crore per room
Revenue Management and Guest Experience
• Importance of revenue management and guest experience emphasized
• Anticipated growth in upper upscale and luxury segments
• Management fees from managed hotels contribute fully to EBITDA
Currency Exposure and Food & Beverage Revenue
• Exposure to currency fluctuations discussed, particularly with the Egyptian Pound
• Food & Beverages revenue approximately 45% of overall revenue
Conclusion
• Closing remarks from CEO Vikram Oberoi and CFO Kallol Kundu
• Expression of gratitude to participants and anticipation for future calls

EIH Limited Q3 FY24 Earnings Call Summary
Investor Call Overview
• Date: February 7, 2024
• Focus: Unaudited financial results for the quarter and nine months ending December 31, 2023
• Compliance: SEBI regulations, addressed to National Stock Exchange of India and BSE Limited
Key Highlights from Management
• Mr. Vikram Oberoi, MD & CEO:
• Strong quarterly results with increased average room rates and occupancy.
• Acknowledged hotel staff efforts in enhancing guest experiences.
• Announced development of three new hotels, aiming for 15 new hotels by 2030.
• Mr. Kallol Kundu, CFO:
• Insights from a Horwath report indicating robust growth in the Indian hotel sector.
• EIH's RevPAR growth outperforms industry averages, especially in metro cities.
• Domestic performance remains strong despite international challenges.
Financial Performance
• Overall occupancy rate: 79% (up from 77% YoY)
• Average room rate (ARR): Approximately ₹20,000 (up from ₹16,700)
• Significant RevPAR growth in Agra (39% increase).
• Strong margins in Flight Catering and Airport Lounge segments (~35%).
• Financials: EBITDA of ₹309 crores, revenues of ₹680 crores, PAT of ₹187 crores.
• Consolidated funds position improved to ₹684 crores.
Future Growth Plans
• Plans to add 50 hotels and 4,500 rooms by FY30, focusing on leisure destinations.
• Emphasis on location for city hotels and potential for higher margins in leisure segment.
Management Discussion
• Addressed occupancy rates and seasonality in leisure hotels.
• Future hotel developments discussed, including a vacant land in Gurugram.
• Employee costs attributed to work-life balance initiatives.
• Investments in repairs, maintenance, and marketing highlighted.
Market Dynamics
• Discussion on pricing power and average room rates in India.
• Indian hotels considered underpriced compared to international standards.
• Potential for rate increases as disposable incomes rise.
Closing Remarks
• Gratitude expressed to participants for their engagement.
• Unanswered questions to be addressed via email.
• Anticipation for future discussions on full-year results.

EIH Limited Q2 FY24 Earnings Webinar Summary
Investor Call Overview
• Date: November 6, 2023
• Focus: Unaudited financial results for the quarter and six months ending September 30, 2023
• Compliance: SEBI regulations, addressed to National Stock Exchange of India and BSE Limited
Company Performance Highlights
• Strong Results: Record performance for both the quarter and half-year
• Travel Resurgence: Optimism about growth in foreign travel, though not yet at pre-pandemic levels
• Economic Context: Challenges from rising interest rates and inflation, but positive outlook for the Indian economy and hospitality sector
Operational Trends
• RevPAR Growth: EIH's RevPAR growth exceeded industry average, particularly in luxury segment (23% increase)
• Room Revenue Recovery: Overall hotel room revenues recovering, with luxury and upper upscale categories benefiting from less new supply
• Corporate and MICE Segments: Continued growth anticipated in corporate bookings and MICE
Financial Performance
• Revenue Figures: Standalone revenue at Rs. 490 crores; consolidated revenue at Rs. 552 crores
• EBITDA and PAT: Significant increases reflecting strong operational performance
• Net Cash Positive: Rs. 227 crores on a standalone basis
Future Outlook and Expansion Plans
• 2030 Vision: Plans to add 50 new hotels and 4,500 additional keys
• Market Dynamics: Focus on entering markets with good occupancy and average room rates
• Upcoming Projects: Timelines for projects in Tirupati and Vizag aimed to be completed sooner than four years
Management Insights
• Occupancy Rates: Slight increase to 77.5% for EIH-owned hotels
• Partnerships: Collaborations with Reliance Industries and Mandarin Oriental for new hotels
• Financial Management: Plans to take on debt for growth while ensuring financial stability
Conclusion
• Tourism Recovery: Positive signs of recovery in Shimla and overall optimism for the winter season
• Cyclicality Considerations: Acknowledgment of potential cyclicality in the hotel sector, with adaptability as necessary
Closing Remarks
• Expressions of gratitude and well-wishes for Diwali from executives, concluding the conference call.

Investor Call Details
• Date of Call: August 10, 2023
• Financial Results: Unaudited results for the quarter ending June 30, 2023
• Approval Date: Results approved by the Board on August 8, 2023
• Compliance: Communication made in accordance with SEBI regulations
• Digital Signature: Signed by Lalit Kumar Sharma
Key Financial Highlights
• Revenue Performance:
• 16% increase in Revenue Per Available Room (RevPAR) year-over-year
• Quarterly occupancy rate: 70%
• Standalone PAT: ₹90 crores (up from ₹42 crores last year)
• Total revenues: ₹455 crores
• Consolidated PAT: ₹106 crores
• Net cash positive: ₹188 crores as of June 30, 2023
Business Overview
• Hotel Footprint:
• 3,772 keys in India and 497 keys abroad
• Expansion Plans:
• Two new hotels in Madhya Pradesh planned for FY24
• Return on Capital Employed: Over 17% for the previous year, 35% for hotels
Management Insights
• Management Fees: Reported at ₹7 crores, with 54% of keys managed
• Focus Areas:
• Increasing Average Room Rates (ARR)
• Addressing declining management fees in the industry
• New Ventures: Positive feedback on club and restaurant (Amadeo)
Future Growth and Strategy
• Upcoming Events: G20 summit, Cricket World Cup, MotoGP expected to boost demand
• Debt Policy: Conservative, maintaining a debt-equity ratio of around 20%
• Cyclical Nature: Shift towards stronger domestic demand noted
Renovation and Development
• Ongoing Renovations:
• Regal Room at Oberoi Mumbai and conversion of rooms into long-stay suites
• Trident Agra closed for infrastructure upgrades
• Flight Services: Optimism about future demand for air travel
Market Trends and Challenges
• Udaipur RevPAR Growth: Only 1% increase attributed to fewer high-paying wedding events
• Occupancy Trends: Typical seasonal decline in ARR noted
Ownership and Expansion Queries
• Rajgarh Palace: Confirmed as owned property
• Mid-Segment Hotels: Acknowledged potential but focus remains on luxury brands
Customer Mix and Corporate Rates
• Direct Segment Growth: Increasing significance over the past five years
• Corporate Rate Impact: Discussion on ARR growth and customer mix trends
Conclusion
• Final Remarks: Management expressed gratitude and invited further questions via email.

Company Structure and Investments
• EIH Limited discussed its subsidiaries, joint ventures, and asset distribution.
• Total investment: ~$106 million in international operations; ~800 crores in domestic investments.
• Growth is a priority; projects are on track despite a property in Doha being on hold due to financing issues.
Growth Strategy and Market Position
• CFO Kallol Kundu emphasized a strategy prioritizing quality over quantity.
• Focus on being a premium niche player rather than the largest market player.
• Cautious expansion approach with potential for leveraging the balance sheet for growth.
• Mixed-use developments and a mix of ownership and management contracts are part of the strategy.
Property Performance and Renovations
• Ongoing investments in upgrading existing properties to maintain competitiveness.
• Successful renovations at hotels like Oberoi New Delhi and Trident Nariman Point.
• Aging properties still generating record profits.
Impact of COVID-19
• Successful launch of Marrakech hotel in December 2019 with high average room rates.
• Corporate bookings make up 50-55% of business; potential for price adjustments exists.
• Employee costs rationalized post-COVID for operational efficiency.
Cautious Growth and Debt Management
• Slow and steady approach to room additions and capital allocation over the past decade.
• Major shareholders (Reliance and ITC) actively involved in guiding strategy.
• Preference for a conservative debt policy with a debt-to-equity ratio around 20%.
Flight Catering Business
• Flight catering generates turnover of 200-250 crores with margins around 20%.
• Excluding catering, EBITDA margins exceed 40%.
• Active construction site: Rajgarh; regular maintenance CapEx around 40-50 crores annually.
Future Outlook
• Focus on average room rate (ARR) maximization; current occupancy nearly 80%.
• Optimism about hotel performance, particularly in Nariman Point.
• Anticipation of recovery in foreign tourist occupancy as travel normalizes.
Investor Feedback and Disclosure
• Hrishikesh suggested more detailed disclosures on subsidiary performance.
• Kundu acknowledged the feedback and expressed willingness to improve disclosure practices.

EIH Limited Q4 FY23 Earnings Call Summary
Submission and Compliance
• EIH Limited submitted a transcript of an investor meeting to the National Stock Exchange of India and BSE Limited.
• Communication signed digitally by Lalit Kumar Sharma.
Financial Performance Highlights
• Record performance attributed to staff dedication and guest trust.
• Q4 FY23 occupancy rates: 70-72%, average rates over ₹8,200.
• Standalone revenues increased from ₹279 crores to ₹586 crores (110% increase).
• EBITDA rose by 621% to ₹249.3 crores.
• Consolidated revenues increased from ₹316.9 crores to ₹663.8 crores.
• Strong operational efficiencies with only a 3% rise in expenses.
Strategic Focus and Growth
• Emphasis on growth in the luxury hotel segment with a 45% return on capital employed.
• Shift from net debt of ₹271 crores to a positive cash balance of ₹129 crores.
• Upcoming projects include new hotels and a restaurant in Mumbai.
• Interest in opportunities in the Andaman and Nicobar Islands.
Management Responses to Inquiries
• No current plans for the 13-acre land parcel in Gurgaon.
• MV Vrinda boats are not operational; asset written off.
• Rajgarh Palace project construction ongoing, expected completion by FY24-25.
• Acknowledgment of competition affecting Cuckoo Bar's performance.
Growth Strategies and Market Position
• Focus on expanding through owned hotels, management contracts, and partnerships.
• Strong financial position with no debt and ample cash reserves.
• Operating leverage indicates profitability growth outpacing revenue growth.
• Competitive edge through superior guest experiences and service quality.
International Business and Dividend Payout
• International properties profitable at EBITDA level, but some losses due to asset impairments.
• Current dividend payout ratio above 50%, balancing shareholder returns with growth funds.
• Significant improvement in receivables, with room for further enhancement.
Industry Trends and Future Outlook
• Positive trend in domestic travel may reduce seasonality.
• Cautious approach to acquisitions and refurbishing distressed assets.
• Support from major shareholders like Reliance and ITC during challenging times.
• Commitment to improving both top and bottom lines while enhancing guest experiences.