EIH Ltd — Interim / Quarterly Report 2021

Jan 29, 2021

CIN:L55101WB1949PLC017981

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

		29th January 2021
The National Stock Exchange	BSE Limited	The Calcutta Stock Exchange
of India Limited	Corporate Relationship Dept.	Limited
Exchange Plaza, 5th Floor	st Floor,New Trading Ring1	7,Lyons Range
Plot NoC/1, G Block	Rotunda Building	Kolkata-700001
Bandra Kurla Complex	Phiroze Jeejeebhoy Towers
Bandra(E)	Dalal Street,Fort
Mumbai – 400 051.	Mumbai-400001
Code: EIHOTEL	Code:500840	Code:05

Sub: Outcome of the Board meeting and Unaudited Financial Results (Standalone and Consolidated) for the third quarter and nine months ended on 31st December 2020

Dear Sir,

At the Board Meeting held today, the Board has approved, inter-alia the following

• 1. Voluntary delisting of Company's equity shares from the Calcutta Stock Exchange Limited;
• 1. Unaudited Financial Results (standalone and consolidated) of the Company for the third quarter and nine months ended on 31st December 2020.
• 1. We are enclosing herewith the following:
  • i) Unaudited Financial Results (standalone and consolidated) of the Company for the third quarter and nine months ended on 31st December 2020, duly signed by Mr. Vikram Oberoi, Managing Director and Chief Executive Officer;
  • ii) Limited Review Report of the Auditors on the Unaudited Financial Results.

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

Kindly take the above in your records and host on your website.

Thank you,

Yours faithfully,

For EIH Limited SRIDHAR S NATESAN Digitally signed by SRIDHAR S NATESAN Date: 2021.01.29 18:19:56 +05'30'

S.N. Sridhar Company Secretary encl: a.a

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 CIN : L55101WB1949PLC017981

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

												(Rs. in Crores)
	Standalone					Consolidated
	3 months	3 months	3 months	9 months	9 months	Year	3 months	3 months	3 months	9 months	9 months	Year
	ended	ended	ended	ended	ended	ended	ended	ended	ended	ended	ended	ended
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
		UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED						AUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED				AUDITED
Income
a) Revenue from Operations	155.90	60.44	422.00	244.81	999.30	1,350.30	179.16	71.92	509.55	280.82	1,185.81	1,596.25
b) Other Income	11.60	9.05	27.10	30.62	67.53	84.01	15.62	12.88	24.58	43.38	57.71	78.44
Total IncomeExpenses	167.50	69.49	449.10	275.43	1,066.83	1,434.31	194.78	84.80	534.13	324.20	1,243.52	1,674.69
a) Consumption of Provisions, Wines & Others	24.57	10.41	49.13	39.95	128.15	168.83	26.56	10.95	58.39	42.77	151.19	199.41
b) Employee benefits expense	74.16	76.53	101.96	237.99	308.94	410.89	83.14	85.29	116.63	265.82	352.33	469.22
c) Finance Costs	9.65	12.19	13.20	32.92	38.22	49.51	10.49	13.73	14.53	36.85	42.33	55.61
d) Depreciation and Amortisation expense		29.6930.90	34.06	91.52	101.68	134.20	32.84	34.01	37.01	101.04	110.14	146.46
e) Other Expenses	84.50	68.67	151.86	214.77	405.24	545.17	96.30	75.70	181.11	239.91	476.70	637.36
Total Expenses	222.57	198.70	350.21	617.15	982.23	1,308.60	249.33	219.68	407.67	686.39	1,132.69	1,508.06
Profit/ (loss) Before Exceptional items, Share of net profits of Associates and Joint Ventures	(55.07)	(129.21)	98.89	(341.72)	84.60	125.71	(54.55)	(134.88)	126.46	(362.19)	110.83	166.63
accounted for using equity method and Tax
Share of net profit / (loss) of Associates and Joint Ventures accounted for using equity	-	-	-	-	-	-		(17.14)	9.84	(51.91)	10.80	(0.14)
method							(12.86)
Profit/ (loss) before Exceptional Items and tax	(55.07)	(129.21)	98.89	(341.72)	84.60	125.71	(67.41)	(152.02)	136.30	(414.10)	121.63	166.49
Exceptional Items- Profit/(Loss) (note - 4)	-	(20.29)	-	(20.29)	(0.47)	(16.61)	-	(2.49)	-	(2.49)	(0.47)	(0.47)
Profit/ (loss) before tax	(55.07)	(149.50)	98.89	(362.01)	84.13	109.10	(67.41)	(154.51)	136.30	(416.59)	121.16	166.02
Tax Expense
a) Current Tax	-	-	20.53	-	17.31	20.99	2.46	(0.02)	28.78	2.33	30.21	37.24
b) Deferred Tax (note - 5)	(13.54)	(34.24)	3.37	(87.00)	(42.07)	(36.36)	(14.09)	(35.72)	4.96	(92.31)	(41.03)	(36.36)
Profit/ (loss) for the period	(41.53)	(115.26)	74.99	(275.01)	108.89	124.47	(55.78)	(118.77)	102.56	(326.61)	131.98	165.14
Other Comprehensive Income/ (Loss)
a) Remeasurement of defined benefit obligations	0.91	2.61	(2.85)	2.74	(8.54)	(3.11)	1.00	2.79	(2.96)	2.98	(8.83)	(3.11)
b) Share of other comprehensive income of associates and joint ventures	-	-	-	-	-	-	(0.03)	0.02	(0.15)	(0.07)	(0.52)	(0.34)
accounted for using the equity method
c) Recycling of foreign currency translation reserve	-	-	-	-	-	-	-	-	-	-	-	(2.80)
d) Exchange differences on translation of foreign operations
	-	-	-	-	-	-	(3.57)	(17.81)	0.47	(15.13)	0.57	60.37
e) Tax relating to these items	(0.22)	(0.63)	0.47	(0.66)	1.49	0.78	(0.20)	(0.66)	0.54	(0.65)	1.68	0.97
Total other comprehensive income/ (loss) for the period, net of tax	0.69	1.98	(2.38)	2.08	(7.05)	(2.33)	(2.80)	(15.66)	(2.10)	(12.87)	(7.10)	55.09
Total Comprehensive Income/ (loss) for the period	(40.84)	(113.28)	72.61	(272.93)	101.84	122.14	(58.58)	(134.43)	100.46	(339.48)	124.88	220.23
Profit attributable to:
a) Owners of EIH Limited							(55.73)	(115.83)	95.06	(320.84)	120.90	148.82
b) Non-controlling interests							(0.05)	(2.94)	7.50	(5.77)	11.08	16.32
Other Comprehensive Income attributable to:							-
a) Owners of EIH Limited							(3.14)	(14.71)	(2.09)	(13.57)	(7.05)	54.10
b) Non-controlling interests							0.34	(0.95)	(0.01)	0.70	(0.05)	0.99
Total Comprehensive Income attributable to:							-
a) Owners of EIH Limited							(58.87)	(130.54)	92.97	(334.41)	113.85	202.92
b) Non-controlling interests							0.29 -	(3.89)	7.49	(5.07)	11.03	17.31
Paid-up Equity Share Capital (Face Value - Rs. 2 each)	125.07	114.31	114.31	125.07	114.31	114.31	125.07	114.31	114.31	125.07	114.31	114.31
Other Equity						2,804.92						3,022.23
Earnings per Equity Share (Face Value - Rs. 2 each) - Rs.
(a) Basic	(0.67)	(1.99)	1.30	(4.65)	1.88	2.15	(0.91)	(2.00)	1.64	(5.43)	2.09	2.57
(b) Diluted	(0.67)	(1.99)	1.30	(4.65)	1.88	2.15	(0.91)	(2.00)	1.64	(5.43)	2.09	2.57

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020

Notes :

• 1 These financial results have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereafter ('Ind AS') and the other accounting principles generally accepted in India, to the extent applicable.
• 2 The Company and its subsidiaries have no reportable segments other than hotels as per the Indian Accounting Standard.
• 3 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 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 of face value of Rs. 2 each 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 for the previous periods 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.

4 Exceptional Items for the 3 months ended 30th September, 2020 and 9 months ended 31st December, 2020 represents provision for impairment on the value of a non-current investment in a wholly owned subsidiary of Rs. 17.80 crores and impairment loss in respect of certain property, plant and equipment of Rs. 2.49 crores.

Exceptional Items for the 9 months ended 31st December, 2019 and year ended 31st March 2020 included a provision of Rs. 0.47 crores against receivables by the Company due to uncertainty in the business continuity of a single customer in the flight catering business. Further, exceptional Items for the year ended 31st March, 2020 also included a provision for impairment on the value of a non-current investment in a wholly owned subsidiary of Rs. 16.14 crores and aggregated to Rs. 16.61 crores.

• 5 Current Tax and Deferred Tax figures have been computed based on Paragraph 30(c) of Ind AS 34 'Interim Financial Reporting', which requires income tax expense to be recognised in each interim period based on the best estimate of the weighted average annual income tax rate for the full financial year.
• 6 Earnings Per Share are not annualised except for the year ended 31st March, 2020.
• 7 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 were mandated to remain non-operational for different periods across various states in the country. This had a severe impact on business at the Company's and its subsidiaries' hotels and other operations across India and overseas for the nine months ended 31st December, 2020. Similar restrictions in other countries also affected business from various international markets.

The lockdown was lifted in a phased manner across various states, post which hotels and restaurants were allowed to resume operations from 08th June 2020 in phases. Domestic airlines were allowed to commence operations from 25th May, 2020 and several 'Air Bubble' flights were allowed to operate between India and other specified countries effective 18th July, 2020.

During the lockdown, business at the Company's and its subsidiaries' hotels was mainly limited to stranded guests and accommodation requirements of guests rendering essential services allowed under government orders. Post lifting of the lockdown, business at hotels and restaurants have gradually started picking up, especially at leisure locations. With respect to business in the financial year ending 31st March, 2021, the impact on revenue could come from further travel restrictions, if any, and guests postponing their discretionary spending. The Company's and its subsidiary's flight kitchens catered to various airlines operating repatriation flights, crew and cargo flights, and the Company's flight kitchen continues to cater to domestic flights and to international 'Air Bubble' flights since July, 2020. The printing press of the Company received special permission from the Government to operate amidst the lockdown from 1st May, 2020 for servicing essential services like banks, pharmaceuticals and food.

Notwithstanding the impact of the crisis on the Company's business, Management based on its assessment does not foresee stress on liquidity, as it has access to sanctioned borrowing facilities for working capital requirements, worth Rs. 525.00 Crore, of which Rs. 481.51 Crore was unutilised as on 31st December, 2020. Further, the Company has raised Rs. 349.67 Crore by way of a Rights issue (for details, please see note 3 above).

The Management does not foresee any stress on the subsidiaries' liquidity, as the subsidiaries either have access to sufficient unutilised sanctioned borrowing facilities for working capital requirements or have sufficient cash and cash equivalents and other bank balances as on 31st December, 2020, as the case may be.

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, intangible assets, investment property, investments, trade receivables, inventories, and other current and non-current assets of the Company and its subsidiaries as on 31st December, 2020. Based on current indicators of future economic conditions, the Company expects to recover the carrying amounts as on 31st December, 2020 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.

8 EIH Flight Services Ltd, Mauritius (EIHFSL), a subsidiary, incurred a loss of Rs. 8.60 crores during the nine months ended 31st, December 2020. As on 31st December, 2020, the Company reported a shareholder's deficit of Rs. 23.44 crores.

The global outbreak of COVID-19 has had an adverse impact on the company's activities and financial performance. The management of EIH Flight Services Ltd, Mauritius has evaluated the implications of COVID-19 and the uncertainties posed as a result of related impact on international travel and viability of the Company's main clients, i.e. the airlines. With a view to mitigate the risk of uncertainties in the airline sector, EIHFSL has commenced the business of outdoor catering in Mauritius from August 2020. The company expects to expand on this new business opportunity going forward.

EIHFSL has a bank overdraft facility of Rs. 4.60 crores to meet its day-to-day working capital requirements. As on 31st December, 2020, the overdraft balance was Rs. 3.81 crores (31st March, 2020 – Rs. 0.89 crores). EIHFSL has received a moratorium on loan principal repayments till June 2021. Moratorium on interest payments was received till December 2020. Whilst acknowledging that there is a certain degree of uncertainty surrounding COVID-19, the management of EIHFSL is confident that the Company will continue its operations for at least the next twelve months, and also has assurance of continued financial support from the parent Company, if required. As such, the financial information has been prepared on a going concern basis.

• 9 The unaudited financial results for the quarter and nine months ended 31st December, 2020 have been adversely impacted by the outbreak of the COVID-19 pandemic as explained in Note 7 above and therefore are not comparable with the corresponding previous quarter and nine months ended 31st December, 2019.
• 10 Figures have been regrouped or rearranged, wherever necessary.
• 11 The above Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at its Meeting held on 29th January, 2021. The Statutory Auditors have carried out a limited review of the above financial results for the quarter and nine months ended 31st December, 2020.

New Delhi
29th January, 2021

VIKRAMJIT SINGH OBEROI Digitally signed by VIKRAMJIT SINGH OBEROI Date: 2021.01.29 17:53:01 +05'30'

VIKRAMJIT SINGH OBEROI Managing Director and Chief Executive Officer (DIN : 00052014)

Chartered Accountants 7th Floor, Building 10, Tower B DLF Cyber City Complex DLF City Phase - II Gurugram - 122 002 Harvana, India

Tel: +91 124 679 2000 Fax: +91 124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF EIH Limited

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of EIH Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter and nine months ended December 31, 2020 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's 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. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Requlation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended, to the extent applicable.

• 1. The Statement includes the results of the entities as listed in Annexure A.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard 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) Requiations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We draw attention to Note 8 to the Statement, which indicates that EIH Flight Services Ltd (EIHFSL), a subsidiary, has incurred a loss of Rs. 8.60 crores during the nine months ended December 31, 2020 and, as of that date, had a shareholder's deficit of Rs. 23.44 crores. These events or conditions, along with other matters as set forth in Note 7 to the Statement, indicate that a material uncertainty exists that may cast significant doubt on EIHFSL's ability to continue as a going concern. Further, the auditors of EIHFSL, without modifying their conclusion, reported a Material Uncertainty related to going concern vide their report dated January 19, 2021 on the interim financial information of EIHFSL for the nine months ended December 31, 2020.

Our conclusion on the Statement is not modified in respect of this matter.

1. We did not review the interim financial information of seven subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflects total revenues of Rs. 5.77 crores and Rs. 21.67 crores for the quarter and nine months ended December 31, 2020 respectively, total net loss after tax of Rs. 8.99 crores and Rs. 25.14 crores for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss of Rs. 8.99 crores and Rs. 25.14 crores for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement. The consolidated unaudited financial results also include the Group's share of loss after tax of Rs, 10.16 crores and Rs. 34.53 crores for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss Rs. 10.16 crores and Rs. 34.53 crores for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement, in respect of one joint venture and one associate, whose interim financial information has not been reviewed by us. This interim financial information has been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, joint venture and associate is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

1. The consolidated unaudited financial results include the interim financial information of one subsidiary, which has not been reviewed by their auditors, whose interim financial information reflects total revenues of Rs. 0.02 crores and Rs. 0.05 crores for the quarter and nine months ended December 31, 2020 respectively, total net loss after tax of Rs. 0.01 crores and Rs. 0.01 crores for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss of Rs. 0.01 crores and Rs. 0.01 crores for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement. The consolidated unaudited financial results also include the Group's share of loss after tax of Rs. 2.74 crores and Rs. 7.88 crores for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss Rs. 2.77 crores and Rs. 7.96 crores for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement, in respect of one joint venture and one associate, based on their interim financial information which has not been reviewed by their auditors. According to the information and explanations given to us by the Management, this interim financial information is not material to the Group.

Our conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Alke Checks

Alka Chadha Partner (Membership No. 93474) (UDIN: 21093474AAAAAI2428)

Place: Gurugram Date: 29 January, 2021

Annexure A to Independent Auditor's Review Report (Referred to in paragraph 4 of the Independent Auditor's Review Report of even date)

List of subsidiaries:

• 1. Mumtaz Hotels Limited
• 1. Mashobra Resort Limited
• 1. Oberoi Kerala Hotels and Resorts Limited
• 1. EIH Flight Services Ltd
• 1. EIH International Ltd
• 1. EIH Holdings Ltd
• 1. EIH Investments N.V. (Liquidated during quarter ended September 30, 2020)
• 1. PT Widja Putra Karya
• 1. PT Waka Oberoi Indonesia
• 1. PT Astina Graha Ubud

List of Associates

• 1. EIH Associated Hotels Limited
• 1. La Roseraie De L'altas
• 1. Usmart Education Limited

List of Joint Ventures

• 1. Mercury Car Rentals Private Limited
• 1. Oberoi Mauritius Ltd (including its subsidiary, Island Resort Limited)

Chartered Accountants 7th Floor, Building 10, Tower B DLF Cyber City Complex DLF City Phase - II Gurugram - 122 002 Haryana, India

Tel: +91 124 679 2000 Fax: +91 124 679 2012

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF EIH Limited

• 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of EIH Limited ("the Company"), for the quarter and nine months ended December 31, 2020 ("the Statement"), being submitted by the Company pursuant to the requirement of Requlation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's 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. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Requlation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Alke Chack

Aika Chadha Partner (Membership No. 93474) (UDIN: 21093474AAAAAH4412)

Place: Gurugram Date: January 29, 2021