EIH Ltd — Annual Report 2021

May 7, 2021

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CIN:L55101WB1949PLC017981

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

7[th] May 2021

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

Sub: Audited Financial Results for the Financial Year ended on 31[st] 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 31[st] 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”);

2. 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 31[st] 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

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S.N. Sridhar Company Secretary

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(Rs. in Crores) Year ended 31.03.2020 AUDITED 1,596.25 78.44 1,674.69 199.41 469.22 55.61 146.46 637.36 1,508.06 166.63 (0.14) 166.49 (0.47) 166.02 37.24 (36.36) 165.14 (0.34) (2.80) (3.11) 0.97 60.37 55.09 220.23 148.82 16.32 54.10 0.99 202.92 17.31 114.31 3,022.23 2.57 2.57
Year ended 31.03.2021 AUDITED 497.08 57.89 554.97 75.08 351.93 45.74 132.66 361.94 967.35 (412.38) (60.82) (473.20) (2.49) (475.69) 7.65 (107.90) (375.44) 1.08 - 4.46 (1.33) (12.66) (8.45) (383.89) (369.71) (5.73) (8.85) 0.40 (378.56) (5.33) 125.07 2,979.38 (6.17) (6.17)
Consolidated 3 months ended 31.03.2020 (REFER NOTE 6) 410.44 20.73 431.17 48.22 116.89 13.28 36.32 160.66 375.37 55.80 (10.94) 44.86 - 44.86 7.03 4.67 33.16 0.18 (2.80) 5.72 (0.71) 59.80 62.19 95.35 27.92 5.24 61.15 1.04 89.07 6.28 114.31 0.48 0.48
3 months ended 31.12.2020 UNAUDITED 179.16 15.62 194.78 26.56 83.14 10.49 32.84 96.30 249.33 (54.55) (12.86) (67.41) - (67.41) 2.46 (14.09) (55.78) (0.03) - 1.00 (0.20) (3.57) (2.80) (58.58) (55.73) (0.05) (3.14) 0.34 (58.87) 0.29 125.07 (0.91) (0.91)
3 months ended 31.03.2021 (REFER NOTE 6) 216.26 14.51 230.77 32.31 86.11 8.89 31.62 122.03 280.96 (50.19) (8.91) (59.10) - (59.10) 5.32 (15.59) (48.83) 1.15 - 1.48 (0.68) 2.47 4.42 (44.41) (48.87) 0.04 4.72 (0.30) (44.15) (0.26) 125.07 (0.78) (0.78)
Year ended 31.03.2020 AUDITED 1,350.30 84.01 1,434.31 168.83 410.89 49.51 134.20 545.17 1,308.60 125.71 - 125.71 (16.61) 109.10 20.99 (36.36) 124.47 - - (3.11) 0.78 - (2.33) 122.14 114.31 2,804.92 2.15 2.15
Year ended 31.03.2021 AUDITED 432.70 40.94 473.64 69.98 315.41 40.43 119.96 321.93 867.71 (394.07) - (394.07) (48.98) (443.05) 1.21 (101.13) (343.13) - - 4.13 (1.04) - 3.09 (340.04) 125.07 2,800.59 (5.72) (5.72)
Standalone 3 months ended 31.03.2020 (REFER NOTE 6) 351.00 16.48 367.48 40.68 101.95 11.29 32.52 139.93 326.37 41.11 - 41.11 (16.14) 24.97 3.68 5.71 15.58 - - 5.43 (0.71) - 4.72 20.30 114.31 0.27 0.27
3 months ended 31.12.2020 UNAUDITED 155.90 11.60 167.50 24.57 74.16 9.65 29.69 84.50 222.57 (55.07) - (55.07) - (55.07) - (13.54) (41.53) - - 0.91 (0.22) - 0.69 (40.84) 125.07 (0.67) (0.67)
3 months ended 31.03.2021 (REFER NOTE 6) 187.89 10.32 198.21 30.03 77.42 7.51 28.44 107.16 250.56 (52.35) - (52.35) (28.69) (81.04) 1.21 (14.13) (68.12) - - 1.39 (0.38) - 1.01 (67.11) 125.07 (1.09) (1.09)
CIN : L55101WB1949PLC017981
Registered Office : 4, Mangoe Lane, Kolkata - 700 001 Phone : 91-33-22486751 Fax : 91-33-22486785
Website: www.eihltd.com Email ID : isdho@oberoigroup.com
STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021
- Share of other comprehensive income of associates and joint ventures accounted for using the equity method - Recycling of foreign currency translation reserve - Remeasurement of defined benefit obligations - Tax relating to these items - Exchange differences on translation of foreign operations
Income a) Revenue from operations b) Other income Total income Expenses a) Consumption of provisions, wines & others b) Employee benefits expense c) Finance costs d) Depreciation and amortisation expense e) Other expenses Total expenses Profit / (Loss) before exceptional items, share of net profit / (loss) of associates and joint ventures accounted for using equity method and tax Share of net profit / (loss) of associates and joint ventures accounted for using equity method Profit / (Loss) before exceptional items and tax Exceptional items (note - 4) Profit / (Loss) before tax Tax expense a) Current tax b) Deferred tax Profit / (Loss) for the period Other comprehensive income / (loss) A Items that will not be reclassified to profit or loss B Items that may be reclassified to profit or loss Total other comprehensive income / (loss) for the period, net of tax Total comprehensive income / (loss) for the period Profit / (Loss) attributable to: a) Owners of EIH Limited b) Non-controlling interests Other comprehensive income / (loss) attributable to: a) Owners of EIH Limited b) Non-controlling interests Total comprehensive income / (loss) attributable to: a) Owners of EIH Limited b) Non-controlling interests Paid-up equity share capital (Face Value - Rs. 2 each) Other equity Earnings per equity share (Face Value - Rs. 2 each) - Rs. (notes - 3 and 5) (a) Basic (b) Diluted
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31.03.2020 AUDITED 2,082.26 438.09 130.44 370.11 8.00 108.48 381.25 39.29 45.51 61.82 9.83 149.58 3,824.66 60.95 38.45 205.73 67.88 161.23 7.66 85.37 627.27 4,451.93 114.31 3,022.23 99.73 3,236.27 233.75 167.23 31.91 33.08 1.12 147.79 614.88 187.41 1.53 206.24 4.12 84.26 - 19.16 98.06 600.78 4,451.93
As at
Consolidated 31.03.2021 AUDITED 1,996.07 415.62 168.92 360.94 6.87 105.88 315.51 38.36 47.47 69.06 7.54 144.20 3,676.44 51.36 57.22 77.75 45.35 160.84 6.52 56.60 455.64 4,132.08 125.07 2,979.38 94.40 3,198.85 254.57 163.58 34.94 29.38 0.86 41.39 524.72 22.29 1.82 177.23 5.49 81.64 - 18.08 101.96 408.51 4,132.08
31.03.2020 AUDITED 1,823.85 387.45 112.93 - 7.85 108.48 - 812.17 180.58 55.74 - 93.45 3,582.50 52.27 - 190.65 5.20 3.32 5.35 74.53 331.32 3,913.82 114.31 2,804.92 - 2,919.23 183.21 114.84 7.90 24.42 1.12 123.64 455.13 186.53 1.19 169.26 3.18 66.01 - 19.12 94.17 539.46 3,913.82
As at
Standalone 31.03.2021 AUDITED 1,737.66 366.79 152.45 - 6.76 105.88 - 765.74 182.56 63.22 - 87.34 3,468.40 43.45 9.93 72.42 4.06 2.92 5.74 50.42 188.94 3,657.34 125.07 2,800.59 - 2,925.66 214.59 114.09 11.54 21.75 0.86 23.55 386.38 17.03 1.75 150.46 1.77 58.90 - 17.96 97.43 345.30 3,657.34
AUDITED STATEMENT OF ASSETS & LIABILITIES
PARTICULARS
Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprises
(i) Investments accounted for using equity method (ii) Other investments (ii) Other non-current financial assets
(i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Other bank balances (v) Other current financial assets Total assets Total current liabilities
(i) Borrowings (ii) Lease liabilities (iii) Other non-current financial liabilities Total non-current liabilities (ii) Trade payables (iv) Other current financial liabilities
(i) Borrowings (iii) Lease liabilities
(a) Property, plant and equipment (b) Right-of- use-asset (c) Capital work-in-progress (d) Goodwill on consolidation (e) Other intangible assets (f) Investment property (g) Financial assets (h) Tax assets (net) (i) Deferred tax assets (net) (j) Other non-current assets
(a) Inventories (b) Financial assets (c) Other current assets (a) Equity share capital (b) Other equity (c) Non-controlling interest Total equity (a) Financial liabilities (b) Provisions- non-current (c) Other non-current liabilities (d) Deferred tax liabilities (net) (a) Financial liabilities (b) Tax liabilities (net) (c) Provisions - current (d) Other current liabilities
Total equity and liabilities
ASSETS 1. Non-current assets Total non-current assets 2. Current assets Total current assets EQUITY AND LIABILITIES 1. Equity 2. Non-current liabilities 3. Current liabilities
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Standalone Consolidated

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

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(DIN : 00052014)
VIKRAMJIT SINGH OBEROI
Managing Director and Chief Executive Officer
STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021
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 applicable. The Company and its subsidiaries have no reportable segments other than hotels as per Indian Accounting Standard. 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 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. 338.91 crores. 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. 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. 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. 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). 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 for the year ended 31st March, 2021. 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). 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- 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 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. 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 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 required, for the foreseeable future. As such, the financial statements of EIHFSL have been prepared on a going concern basis. Figures have been regrouped or rearranged, wherever necessary. 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.
Notes : 1 2 3 4 5 6 7 8 9 10 11 New Delhi 7th May, 2021
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