Benares Hotels Ltd — Interim / Quarterly Report 2022

Jul 30, 2021

July 30, 2021

BSE Limited, Corporate Relationship Department, 1[st] Floor, New Trading Ring, Rotunda Building, Dalal Street, Fort, Mumbai – 400 001 Scrip Code : 509438

SUB: OUTCOME OF THE BOARD MEETING

Re: Unaudited Financial Results for the quarter/period ended June 30, 2021 and Limited Review Report

Dear Sir,

We refer to our letter dated July 13, 2021. A meeting of the Board of Directors of the Company was held earlier today, at which the Board inter-alia, considered and took on record the Un-audited (Reviewed) Financial Results along with the Limited Review Report thereon for the quarter ended June 30, 2021.

The meeting of Board of Directors commenced at 3.00 p.m. and concluded at 4.00 p.m.

Enclosed is the copy of the said unaudited financial results of the Company along with the Limited Review Report, being forwarded to you in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The said financial results shall be published in English and vernacular newspapers as required.

You are requested to kindly take the same on record.

Thanking you,

Yours faithfully, for Benare s Hotels Ltd.

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Vanika Mahajan Company Secretary

Encl. a/a

PKF SRIDHAR & SANTHANAM LLP Chartered Accountants

Independent Auditor’s Review Report on review of Interim financial results

To the Board of Directors of Benares Hotels Limited

1. We have reviewed the accompanying statement of unaudited financial results (“the Statement”) of Benares Hotels Limited (“the Company”) for the quarter ended 30[th] June 2021, being submitted by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Obligations”) and which has been initialed by us for identification.

2. This Statement which is the responsibility of the Company’s Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

3. Our responsibility is to issue a report on the Statement based on our review.

4. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410 ‘ Review of Interim Financial Information performed by the Independent Auditor of the Entity’, issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

5. Emphasis of matter

We draw attention to:

Note 5 to the Statement, regarding the management’s impairment assessment of property, plant and equipment, intangible assets, trade receivables valuation as at 30 June 2021 being considered recoverable based on its internal and external sources of information and estimates, and its judgments on implication expected to arise from COVID-19 pandemic. This being an unprecedented event which is difficult to estimate, the actual implications could vary. The economic/social consequences of this event are impacting the very operation of the hotels and consumer demand.

Our conclusion is not modified in respect of this matter.

1. Attention is drawn to the fact that the figures for the quarter ended 31st March 2021 as reported in these financial results are the balancing figures between audited figures in respect of full financial year and the published year to date figures up to the end of the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

319, 3[rd] Floor, DLF Prime Towers, Okhla Phase 1, New Delhi - 110020, India Tel: +91 11 40543689 Email: sands@pkfindia.in Web: www.pkfindia.in

Conclusion:

1. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Obligations”), including the manner in which it is to be disclosed, or that it contains any material misstatement.

For PKF Sridhar & Santhanam LLP Chartered Accountants Firm’s Registration No. 003990S/S200018

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Suriyanarayanan Digitally signed by Ramaswamy Suriyanarayanan Ramaswamy R. Suriyanarayanan Partner Membership No. 201402 Place: Mumbai Date: 30[th] July 2021 UDIN: 21201402AAAABY3105

BENARES HOTELS LIMITED

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021

BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021	BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021	BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021	BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021	BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021	BENARES HOTELS LIMITED STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2021
		Figures in ₹ Lakhs
Particulars		Quarter Ended			Year Ended
		Unaudited	Audited	Unaudited	Audited
		Jun 30, 2021	Mar 31, 2021	Jun 30, 2020	Mar 31, 2021
1 2 3 4 5 6 7 8 9 10 **11 **	Income from Operations Other Income Total Income Expenses a. Cost of Materials Consumed b. Employee Benefits Expense c. Operating Fee d. Fuel, Power and Light e. Depreciation and Amortisation Expense f. Finance Costs g. Other Expenditure Total Expenses Profit/ (Loss) before Exceptional Items Exceptional items Profit/ (Loss) before tax Tax Expense Income Tax Deferred Tax Tax Expense Profit/ (Loss) after tax Profit / (Loss) after taxes for the period from continuing operations Other Comprehensive Income/ (loss) (Net of tax) Items that will not be reclassified subsequently to profit and loss Remeasurement of defined benefit obligation Less :-income tax expense Other Comprehensive income for the period, net of tax Total Comprehensive Income (Comprising Profit/ (Loss) and Other Comprehensive Income (after tax) ) Paid-up Equity Share Capital (Face value per share - ` 10 each) Other Equity (excluding Revaluation Reserves) Earnings Per Share (Face value - ₹ 10 each) Basic and Diluted (in ₹) ( not annualised) See accompanying notes to the financial results*	385.13 0.19	1,101.32 4.66	56.39 47.74	2,423.85 57.03
		385.32 33.27 212.56 13.33 77.09 162.60 21.26 168.13	1,105.98 113.79 186.98 49.85 90.64 190.80 22.47 317.36	104.13 4.19 235.75 1.78 46.68 168.77 21.08 128.78	2,480.88 275.25 799.42 88.10 297.84 693.45 99.70 923.97
		688.24	971.89	607.03	3,177.73
		(302.92) -	134.09 -	(502.90) -	(696.85) -
		(302.92) - (75.41)	134.09 - 31.75	(502.90) - (126.48)	(696.85) - (173.99)
		(75.41)	31.75	(126.48)	(173.99)
		(227.51) (227.51)	102.34 102.34	(376.42) (376.42)	(522.86) (522.86)
		- -	12.54 -	- -	12.54 -
		-	12.54	-	12.54
		(227.51)	114.88	(376.42)	(510.32)
		130.00 *(17.5)	130.00 * 7.87	130.00 *(28.96)	130.00 7,093.46 (40.22)

Suriyanarayana Digitally signed by Suriyanarayanan n Ramaswamy Ramaswamy

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ANANT NARAIN SINGH

Digitally signed by ANANT NARAIN SINGH Date: 2021.07.30 16:05:42 +05'30'

Notes:

1. These results were reviewed by the Audit Committee of the Board on July 30, 2021 and subsequently approved by the Board of Directors at its meeting held on July 30, 2021. The results have been reviewed by the Statutory Auditors of the Company.

2. These financial results for the quarter ended June 30, 2021 and corresponding period of the previous year have been prepared in accordance with the recognition and measurement principles as laid down in the Ind AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules i.e. Companies (Indian Accounting Standards) Rule, 2015 and the other accounting practices & policies generally accepted in India.

3. Results for the quarter ended June 30, 2021 are not comparable with the corresponding quarter of the previous year due to the impact of Covid 19 pandemic, as explained in para 5 below.

4. Disclosure of segment wise information is not applicable as Hoteliering is the Company's only business segment.

5. Disclosure on COVID-19

The hotel business has been severely impacted on account of outbreak of global pandemic COVID-19. The Company witnessed softer revenues due to the partial lockdown imposed during the period.

The Company has assessed the possible impact of COVID-19 in preparation of the financial results, including but not limited to its assessment of liquidity and going concern assumption, recoverable values of its financial and non-financial assets and impact on revenues and costs. The Company has considered internal and external sources of information and has performed sensitivity analysis on the assumptions used and based on current estimates, expects to recover the carrying amount of these assets. The impact of Covid-19 may be different from that estimated as at the date of approval of these financial results and the Company will continue to closely monitor any material changes to future economic conditions.

The Company has adequate funds at its disposal and the management has already secured financing in previous year to prevent disruption of the operating cash flows and to enable the Company to meet its debts and obligations as they fall due. Accordingly, the financial results of the Company have been prepared on a going concern basis.

1. The Indian Parliament has approved the Code on Social Security, 2020. This has also received the consent of the Hon’ble President of India. The Code when implemented will impact the contributions by the Company towards benefits such as Provident Fund, Gratuity etc. The effective date(s) of implementation of this Code is yet to be notified and the rules for quantifying the financial impact are yet to be framed. In view of this, any impact due to the change will be assessed and accounted for in the period of notification of the relevant provisions.

Suriyanarayanan Digitally signed by Ramaswamy Suriyanarayanan Ramaswamy

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ANANT Digitally signed by ANANT NARAIN NARAIN SINGH Date: 2021.07.30 SINGH 16:06:09 +05'30'

1. The results for the quarter ended June 30, 2021 are available on the Bombay Stock Exchange website (URL: www.bseindia.com) and on the Company's website (URL: www.benareshotelslimited.com).

For BENARES HOTELS LIMITED

ANANT Digitally signed by ANANT NARAIN NARAIN SINGH Date: 2021.07.30 SINGH 16:06:41 +05'30' Dated: July 30, 2021 DR. ANANT NARAIN SINGH Place: Varanasi CHAIRMAN (DIN: 00114728)

UDIN: 21201402AAAABY3105

Suriyanarayanan Digitally signed by Ramaswamy Suriyanarayanan Ramaswamy

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PRESS RELEASE

BENARES HOTELS LIMITED ANNOUNCES FIRST QUARTER 2021-2022 RESULTS POSTS 270% INCREASE IN REVENUE OVER Q1 LAST YEAR 62% INCREASE IN EBITDA OVER Q1 LAST YEAR

Mumbai, July 30, 2021: Benares Hotels Limited (BHL), a subsidiary of The Indian Hotels Company Limited (IHCL), reported its results for the first quarter ending June 30, 2021.

FINANCIAL RESULTS FOR THE I[st] QUARTER ENDING JUNE 30, 2021

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Q1 (Apr - Jun) Revenue EBITDA Profit After Tax
Q1 FY 21/22 3.9 Cr. (1.2) Cr. (2.3) Cr.
Q1 FY 20/21 1.0 Cr (3.1) Cr. (3.8) Cr.
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Dr. Anant Narain Singh, Chairman, Benares Hotels Limited (BHL) said , “The second wave of COVID – 19 led to lockdowns in our major source markets. Inspite of the challenging conditions, the company reported an increase of 270% in Revenue and 62% in EBITDA over Q1 FY 20/21.”

KEY HIGHLIGHTS:

• Taj has been recognised as ‘World’s Strongest Hotel Brand’ by Brand Finance Hotels 50 Report 2021. Two BHL hotels are branded Taj.

• All BHL hotels have effectively implemented heightened hygiene and safety protocols at its hotels.

About Benares Hotels Limited

Benares Hotels Limited (BHL) is a listed public limited company incorporated in 1971. The Company operates its hotels, viz. Taj Ganges Varanasi and Taj Nadesar Palace in Varanasi and The Gateway Hotel, Gondia in Maharashtra. The Company became a subsidiary of The Indian Hotels Company Limited (IHCL) in 2011. While Taj Ganges Varanasi and Taj Nadesar Palace at Varanasi have 144 rooms and suites, The Gateway Hotel at Gondia has 34 rooms.

Please visit www.benareshotelslimited.com