EIH Ltd — Annual Report 2021

May 7, 2021

CIN:L55101WB1949PLC017981 CORPORATE OFFICE: 7 SHAM NATH MARG, DELHI -110054, INDIA / TELEPHONE: +91-11-23890505/ WEBSITE: WWW.EIHLTD.COM

7th May 2021

The National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, 5th Floor	Corporate Relationship Dept.
Plot No.C/1, G Block	st Floor, New Trading Ring 1
Bandra Kurla Complex	Rotunda Building
Bandra (East)	Phiroze Jeejeebhoy Towers
Mumbai -400 051	Dalal Street, Fort, Mumbai-400001
Code: EIHOTEL	Code:500840

Sub: Audited Financial Results for the Financial Year ended on 31st March 2021

Dear Sir / Madam,

The Board of Directors at their meeting held today have approved Standalone and Consolidated Audited Financial Results ("Financial Results") of the Company for the quarter and Financial Year ended on 31st March 2021.

We are enclosing herewith the following:

• 1. Financial Results (Standalone and Consolidated) of the Company in the prescribed format under Regulation 33 of the Securities and Exchange Board of India (Listing Obligation and Disclosures Requirements) Regulation, 2015 ("Listing Regulations");
• 1. Audit Reports for the Standalone and Consolidated Audited Financial Results.

M/s. Deloitte, Haskins & Sells LLP, the Statutory Auditors of the Company have issued the Auditor's Report with an unmodified opinion on the Audited Standalone and Consolidated Financial Statements for Financial Year ended on 31st March 2021. This declaration is made pursuant to Regulation 33(3) (d) of the Listing Regulations.

The Board meeting started at 4.30 P.M. and concluded at about 6.00 P.M.

Kindly take the above on record and host on your website.

Thank you,

Yours faithfully,

For EIH Limited

S.N. Sridhar Company Secretary

	Email ID : isdho@oberoigroup.com (REFER 3 months ended NOTE 6) (52.35) (52.35) (28.69) (81.04) 31.03.2021 187.89 10.32 30.03 77.42 28.44 107.16 250.56 Fax : 91-33-22486785 198.21 7.51 - ARTE QU	D YE 3 months R AN
Registered Office : 4, Mangoe Lane, Kolkata - 700 001 CIN : L55101WB1949PLC017981 Phone : 91-33-22486751 R THE Website: www.eihltd.com O AL RESULTS F CI AN MENT OF FIN STATE			AR EN	DED 31	M ST	ARCH, 2021
			Standalone					Consolidated		(Rs. in Crores)
		ended 31.12.2020	3 months 31.03.2020 ended	Year ended 31.03.2021	Year 31.03.2020 ended	3 months ended 31.03.2021	3 months ended 31.12.2020	3 months ended 31.03.2020	Year ended 31.03.2021	Year ended 31.03.2020
		UNAUDITED	(REFER NOTE 6)	AUDITED	AUDITED	(REFER NOTE 6)	UNAUDITED	(REFER NOTE 6)	AUDITED	AUDITED
a) Revenue from operations b) Other income Income		155.90 11.60	351.00 16.48	40.94 432.70	1,350.30 84.01	216.26 14.51	179.16 15.62	410.44 20.73	497.08 57.89	1,596.25 78.44
Total income Expenses		167.50	367.48	473.64	1,434.31	230.77	194.78	431.17	554.97	1,674.69
a) Consumption of provisions, wines & others b) Employee benefits expense		24.57 74.16	40.68 101.95	69.98 315.41	168.83 410.89	32.31 86.11	26.56 83.14	48.22 116.89	75.08 351.93	469.22 199.41
d) Depreciation and amortisation expense e) Other expenses c) Finance costs		9.65 29.69 84.50	11.29 32.52 139.93	40.43 119.96 321.93	134.20 545.17 49.51	122.03 8.89 31.62	32.84 10.49 96.30	13.28 36.32 160.66	45.74 132.66 361.94	146.46 637.36 55.61
Profit / (Loss) before exceptional items, share of net profit / (loss) of associates and joint ventures accounted for using equity method and tax Total expenses		(55.07) 222.57	326.37 41.11	(394.07) 867.71	1,308.60 125.71	(50.19) 280.96	(54.55) 249.33	375.37 55.80	(412.38) 967.35	1,508.06 166.63
Share of net profit / (loss) of associates and joint ventures accounted for using equity method Profit / (Loss) before exceptional items and tax		(55.07) -	41.11	(394.07)	125.71	(8.91) (59.10)	(12.86) (67.41)	(10.94) 44.86	(60.82) (473.20)	(0.14) 166.49
Exceptional items (note - 4) Profit / (Loss) before tax		(55.07) -	(16.14) 24.97	(48.98) (443.05)	(16.61) 109.10	(59.10) -	(67.41) -	44.86 -	(2.49) (475.69)	(0.47) 166.02
b) Deferred tax a) Current tax Tax expense	(14.13) 1.21	(13.54) -	3.68 5.71	(101.13) 1.21	(36.36) 20.99	(15.59) 5.32	(14.09) 2.46	7.03 4.67	(107.90) 7.65	(36.36) 37.24
A Items that will not be reclassified to profit or loss Other comprehensive income / (loss) Profit / (Loss) for the period	(68.12)	(41.53)	15.58	(343.13)	124.47	(48.83)	(55.78)	33.16	(375.44)	165.14
- Share of other comprehensive income of associates and joint ventures accounted for using the equity method - Recycling of foreign currency translation reserve	- -	- -				1.15 -	(0.03) -	(2.80) 0.18	1.08 -	(0.34) (2.80)
- Remeasurement of defined benefit obligations - Tax relating to these items	(0.38) 1.39	(0.22) 0.91	(0.71) 5.43	(1.04) 4.13	(3.11) 0.78	(0.68) 1.48	(0.20) 1.00	(0.71) 5.72	(1.33) 4.46	(3.11) 0.97
- Exchange differences on translation of foreign operations B Items that may be reclassified to profit or loss	-	-				2.47	(3.57)	59.80	(12.66)	60.37
Total other comprehensive income / (loss) for the period, net of tax Total comprehensive income / (loss) for the period	(67.11) 1.01	(40.84) 0.69	4.72 20.30	(340.04) 3.09	(2.33) 122.14	(44.41) 4.42	(2.80) (58.58)	62.19 95.35	(8.45) (383.89)	55.09 220.23
Profit / (Loss) attributable to: a) Owners of EIH Limited						(48.87)	(55.73)	27.92	(369.71)	148.82
Other comprehensive income / (loss) attributable to: b) Non-controlling interests						0.04	(0.05)	5.24	(5.73)	16.32
b) Non-controlling interests a) Owners of EIH Limited						4.72		61.15	(8.85)	54.10
Total comprehensive income / (loss) attributable to: a) Owners of EIH Limited						(0.30)	(3.14) 0.34	1.04	0.40	0.99
b) Non-controlling interests						(44.15)	(58.87)	89.07	(378.56)	202.92
Paid-up equity share capital (Face Value - Rs. 2 each)	125.07	125.07	114.31	125.07	114.31	(0.26) 125.07	125.07 0.29	6.28 114.31	(5.33) 125.07	17.31 114.31
Earnings per equity share (Face Value - Rs. 2 each) - Rs. (notes - 3 and 5) Other equity (a) Basic	(1.09)	(0.67)	0.27	(5.72) 2,800.59	2,804.92 2.15	(0.78)	(0.91)	0.48	2,979.38 (6.17)	3,022.23 2.57

M ST DED 31 AR EN D YE R AN AUDITED STATEMENT OF ASSETS & LIABILITIES ARTE QU R THE O AL RESULTS F CI AN MENT OF FIN STATE	ARCH, 2021
PARTICULARS	Standalone As at		Consolidated As at
	AUDITED 31.03.2021	AUDITED 31.03.2021 31.03.2020 AUDITED	31.03.2020 AUDITED
1. Non-current assets ASSETS
(a) Property, plant and equipment (b) Right-of- use-asset	1,737.66 366.79	1,996.07 415.62 1,823.85 387.45	2,082.26 438.09
(d) Goodwill on consolidation (c) Capital work-in-progress	152.45 -	168.92 360.94 112.93 -	130.44 370.11
(e) Other intangible assets (f) Investment property	6.76 105.88	6.87 105.88 7.85 108.48	8.00 108.48
(i) Investments accounted for using equity method (g) Financial assets	-	315.51 -	381.25
(ii) Other non-current financial assets (ii) Other investments	765.74 182.56	38.36 47.47 812.17 180.58	39.29 45.51
(i) Deferred tax assets (net) (h) Tax assets (net)	63.22 -	69.06 7.54 55.74 -	61.82 9.83
(j) Other non-current assets Total non-current assets	87.34 3,468.40	144.20 3,676.44 93.45 3,582.50	149.58 3,824.66
(a) Inventories 2. Current assets	43.45	51.36 52.27	60.95
(i) Investments (b) Financial assets	9.93	57.22 -	38.45
(iii) Cash and cash equivalents (ii) Trade receivables	72.42 4.06	77.75 45.35 190.65 5.20	205.73 67.88
(v) Other current financial assets (iv) Other bank balances	5.74 2.92	160.84 6.52 5.35 3.32	161.23 7.66
(c) Other current assets Total current assets	188.94 50.42	56.60 455.64 74.53 331.32	85.37 627.27
Total assets	3,657.34	4,132.08 3,913.82	4,451.93
1. Equity(a) Equity share capital EQUITY AND LIABILITIES	125.07	125.07 114.31	114.31
(b) Other equity	2,800.59	2,979.38 2,804.92	3,022.23
(c) Non-controlling interest Total equity	2,925.66 -	94.40 3,198.85 2,919.23 -	99.73 3,236.27
(a) Financial liabilities 2. Non-current liabilities
(i) Borrowings	214.59 114.09	254.57 163.58 114.84 183.21	233.75 167.23
(iii) Other non-current financial liabilities (b) Provisions- non-current (ii) Lease liabilities	11.54 21.75	34.94 29.38 7.90 24.42	33.08 31.91
(c) Other non-current liabilities (d) Deferred tax liabilities (net)	0.86 23.55	0.86 41.39 123.64 1.12	1.12 147.79
Total non-current liabilities 3. Current liabilities	386.38	524.72 455.13	614.88
(a) Financial liabilities (i) Borrowings	17.03	22.29 186.53	187.41
Total outstanding dues of micro enterprises and small enterprises (ii) Trade payables	1.75	1.82 1.19	1.53
Total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Lease liabilities	150.46 1.77	177.23 5.49 169.26 3.18	206.24 4.12
(iv) Other current financial liabilities (b) Tax liabilities (net)	58.90 -	81.64 - 66.01 -	84.26 -
(d) Other current liabilities (c) Provisions - current	17.96 97.43	18.08 101.96 19.12 94.17	19.16 98.06
Total current liabilities Total equity and liabilities	3,657.34 345.30	4,132.08 408.51 539.46 3,913.82	600.78 4,451.93

AUDITED STATEMENT OF CASH FLOWS	Standalone	Consolidated
	Year ended Year ended	Year ended	Year ended
	31.03.2020 AUDITED AUDITED 31.03.2021	AUDITED 31.03.2021	31.03.2020 AUDITED
Cash flows from operating activities Profit / (Loss) before tax	109.10 (443.05)	(475.69)	166.02
Share of net profit / (loss) of associates and joint ventures accounted for using equity method Depreciation and amortisation expense Adjustments for	134.20 - 119.96 -	60.82 132.66	0.14 146.46
Effect of exchange rate difference	- -	(1.43)	5.04
Provision for impairment in value of investments in a subsidiary Loss on disposal of property, plant and equipment (net)	1.65 16.14 1.32 46.49	2.24	4.72 -
Impairment loss in respect of property, plant and equipment Bad debts and advances written off	0.06 - 2.49 0.04	2.49 0.06	0.09 -
Provision for doubtful trade receivables and advances with significant increase in credit risk Fair value changes on investments measured at fair value through profit or loss (net)	2.43 0.21 (0.42) 0.81	(0.42) 0.81	2.43 0.21
Provisions/Liabilities written back Profit on sale of investments (net)	(2.92) - (2.90) (0.03)	(2.93) (0.03)	(2.94) -
Dividend income Interest income	(22.78) (12.38) (0.76) (4.43)	(1.45) (17.01)	(1.95) (25.07)
Rental income from investment property Finance costs	(17.06) 49.51 (21.11) 40.43	(21.11) 45.74	(17.06) 55.61
(Increase) / decrease in trade receivables Change in operating assets and liabilities	31.77 117.38	127.64	39.74
(Increase) / decrease in other current / non-current financial assets (Increase) / decrease in other current / non-current assets (Increase) / decrease in inventories	(1.91) (1.95) 8.82 6.92	9.18 6.92	(1.09) (1.98)
Increase / (decrease) in trade payables Increase / (decrease) in provisions	(17.56) (22.44) (0.13) (15.34) 24.54 0.30	(21.94) (7.35) 29.32	(17.77) (19.63) (0.83)
Increase / (decrease) in other current / non-current financial liabilities Increase / (decrease) in other current / non-current liabilities	3.78 3.98 0.90 3.00	0.92 3.92	3.79 1.82
Income taxes paid (net of refund) Cash from / (used in) operations	(1.87) 253.70 (114.64) (8.68)	(126.64) (12.80)	(20.71) 337.75
Net cash from / (used in) operating activities	251.83 (123.32)	(139.44)	317.04
Payments for property, plant and equipment Cash flows from investing activities	(139.05) (57.40)	(69.81)	(174.56)
Payments for investment property Payments for intangible assets	(0.41) (4.54) (0.01) (2.43)	(0.01) (2.43)	(0.41) (4.53)
Purchase of investments Sale of investments	0.01 - (11.06) 1.50	(26.44) 9.50	(52.18) 35.26
Proceeds from sale of property, plant and equipment Rental Income from investment property	17.06 8.54 1.50 21.11	1.75 21.11	17.06 8.81
Changes in other bank balances - deposits matured/(placed) Dividend received	(0.04) 22.78 0.40 0.76	0.39 0.76	(18.25) 6.82
Net cash used in investing activities Interest received	(86.73) 8.92 (44.31) 1.32	(52.68) 12.50	(163.35) 18.63
Cash flows from financing activities
Issue related expenses incurred on Rights issue of equity shares Proceeds from Rights issue of equity shares Proceeds from borrowings	- - (3.20) 349.67	(3.20) 349.67	- -
Non-current borrowings Current borrowings	25.00 - 264.57 -	264.57 5.79	25.00 0.89
Non-current borrowings Repayment of borrowings	(42.85) (231.78)	(231.80)	(47.25)
Current borrowings Interest paid	(38.14) (39.83) (169.50) (30.98)	(169.50) (33.17)	(38.14) (43.01)
Repayment of lease liabilities Dividends paid	(10.97) (51.71) (11.90) (0.39)	(12.38) (0.39)	(13.39) (57.91)
Net cash from / (used in) financing activities Dividend distribution tax	(7.23) (165.73) 166.49 -	169.59 -	(10.41) (184.22)
Cash and cash equivalents at the beginning of the year Net increase / (decrease) in cash and cash equivalents	(0.63) 5.83 (1.14) 5.20	(22.53) 67.88	(30.53) 98.41
Cash and cash equivalents at the end of the year	5.20 4.06	45.35	67.88

These financial results have been prepared in accordance with the Indian Accounting Standards prescribed under section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder ('Ind AS') and the other accounting principles generally accepted in India, to the extent Notes : 1
applicable.
October, 2020 with a subscription of 1.60 times the issue size. Subsequently, the Company allotted 53,794,768 equity shares on 20th October, 2020 on the basis of allotment approved by the Rights Issue Committee of the Board aggregating to Rs. 349.67 crores including Securities Premium of Rs. The Company in its Letter of Offer dated 21st September, 2020 offered 53,794,768 shares by way of Rights issue at a face value of Rs. 2 each and at a price of Rs 65 per equity share (including a premium of Rs 63 per equity share). The issue opened on 29th September, 2020 and closed on 13th The Company and its subsidiaries have no reportable segments other than hotels as per Indian Accounting Standard. 338.91 crores. 2 3
Pursuant to the allotment of equity shares on Rights basis, basic and diluted earnings per share have been adjusted retrospectively for the bonus element in respect of Rights issue made during the quarter ended 31st December, 2020 in accordance with Ind AS 33.
Exceptional Items for the quarter and year ended 31st March, 2021 represents provision for impairment in the value of a non-current investment in a wholly owned subsidiary of Rs. 28.69 crores and 46.49 crores respectively. Exceptional Items for the year ended 31st March, 2021 include, in addition to this, impairment loss in respect of certain property, plant and equipment of Rs. 2.49 crores. 4
Exceptional Items for the quarter and year ended 31st March, 2020 represent provision for impairment in the value of a non-current investment in a wholly owned subsidiary of Rs. 16.14 crores.
Exceptional Items for the year ended 31st March, 2020 include, in addition to this, a provision of Rs. 0.47 crores against receivable by the Company from a single customer in the flight catering business, due to uncertainty in business continuity of the afore-referred customer. Earnings per share are not annualised except for the year ended 31st March, 2021 and 31st March, 2020. 5
Figures for the 3 months ended 31st March, 2021 and 31st March, 2020 are the balancing figures between audited figures for the year ended 31st March, 2021 and 31st March, 2020 and the published figures for the 9 months ended 31st December, 2020 and 31st December, 2019 respectively which were subject to limited review. 6
The World Health Organization declared the COVID-19 outbreak as a pandemic on 11th March, 2020, leading to series of measures by countries across the world to contain the spread of the virus. A nationwide lockdown was imposed across India on 24th March, 2020, whereby hotel operations In accordance with Regulations 6(a) and 7 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, the Company has voluntarily delisted its equity shares from Calcutta Stock Exchange Limited (CSE) w.e.f. 5th March, 2021. However, the equity shares of the Company continue to remain listed on National Stock Exchange Limited (NSE) and BSE Limited (BSE). for the year ended 31st March, 2021. 7 8
gradually started picking up, especially at leisure locations. With respect to business in the financial year ending 31st March, 2022 revenues could be impacted due to further travel restrictions, if any, resulting from a surge of COVID-19 cases that could influence travel decisions of guests or special permission from the Government to operate amidst the lockdown from 1st May, 2020 for servicing essential services like banks, pharmaceuticals and food.
available as on the Balance Sheet date. The Company has access to borrowing facilities worth Rs. 510.00 crore, of which Rs. 492.97 crores was unutilised as on 31st March, 2021. Further, the Company has raised Rs. 349.66 crore by way of a Rights issue (for details, please see note 3).
progress, goodwill on consolidation and other intangible assets, investment property, investments, trade receivables, inventories, and other current and non-current assets of the Company and its subsidiaries as on 31st March, 2021. Based on current indicators of future economic conditions, the The Management has also assessed the potential impact of COVID-19 in preparing the Statement of financial results including but not limited to its assessment of liquidity and going concern assumptions, the carrying value of property, plant and equipment, right of use assets, capital work-in- Company and its subsidiaries expect to recover the carrying amounts as on 31st March, 2021 of these assets. The impact of COVID-19 on the business may be different from that estimated on the date of approval of these financial results. The Management will continue to closely monitor any material changes to future economic conditions.
(31st March, 2020: Rs. 15.65 crore) and the company had a net current liability of Rs. 26.96 crore (31st March, 2020: Rs. 13.16 crore). The financial performance of EIHFSL has been impacted due to the global outbreak of COVID-19 and the measures put in place by governments worldwide, which restricted international travel. Such restrictive measures continue in many countries resulting in business uncertainty in the near future due to its impact on the airline industry. In order to mitigate the risk of business uncertainty in the airline sector, EIHFSL commenced the business of outdoor catering in Mauritius since August 2020, with revenue upto March 31, 2021 aggregating to Rs.1.27 crore, in respect thereof. 9
crore (equivalent to Rs. 17.95 crore as on 31st March, 2021) in the equity share capital of EIHFSL. Management of EIHFSL is comfortable that the company will continue its operations for at least the next twelve months since the Parent Company has provided a letter confirming financial support if equity as required during the year ending 31st March, 2022 so as to match all loan installments falling due at the bank on the agreed terms and conditions. Towards this, the Board of Directors of the Company, in its meeting held on 26th March, 2021, approved further investment of MUR 10.00 required, for the foreseeable future. As such, the financial statements of EIHFSL have been prepared on a going concern basis.
The above Financial Results were reviewed by the Audit Committee at its Meeting held on 6th May, 2021 and were approved by the Board of Directors at its Meeting held on 7th May, 2021. Figures have been regrouped or rearranged, wherever necessary. 1011
(DIN : 00052014) 7th May, 2021 New Delhi	Managing Director and Chief Executive Officer VIKRAMJIT SINGH OBEROI