EIH Ltd — Interim / Quarterly Report 2021

Jan 29, 2021

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CIN:L55101WB1949PLC017981

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

		29th January2021
The National Stock Exchange of India Limited Exchange Plaza, 5thFloor PlotNo..C/1, G Block Bandra Kurla Complex Bandra(E) 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	The Calcutta Stock Exchange Limited 7,Lyons Range Kolkata-700001 Code:05

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

2. Unaudited Financial Results (standalone and consolidated) of the Company for the third quarter and nine months ended on 31[st] December 2020.

3. We are enclosing herewith the following:

4. i) Unaudited Financial Results (standalone and consolidated) of the Company for the third quarter and nine months ended on 31[st] 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 Digitally signed by SRIDHAR S NATESAN NATESAN Date: 2021.01.29 18:19:56 +05'30'

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

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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

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2020 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
		(Rs. in Crores)
		Standalone						3 months 3 months 3 months 9 months 9 months Year ended ended ended ended ended ended 31.12.2020 30.09.2020 31.12.2019 31.12.2020 31.12.2019 31.03.2020 UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED 179.16 71.92 509.55 280.82 1,185.81 1,596.25 15.62 12.88 24.58 43.38 57.71 78.44 194.78 84.80 534.13 324.20 1,243.52 1,674.69 26.56 10.95 58.39 42.77 151.19 199.41 83.14 85.29 116.63 265.82 352.33 469.22 10.49 13.73 14.53 36.85 42.33 55.61 32.84 34.01 37.01 101.04 110.14 146.46 96.30 75.70 181.11 239.91 476.70 637.36 249.33 219.68 407.67 686.39 1,132.69 1,508.06 (54.55) (134.88) 126.46 (362.19) 110.83 166.63 (12.86) (17.14) 9.84 (51.91) 10.80 (0.14) (67.41) (152.02) 136.30 (414.10) 121.63 166.49 - (2.49) - (2.49) (0.47) (0.47) (67.41) (154.51) 136.30 (416.59) 121.16 166.02 2.46 (0.02) 28.78 2.33 30.21 37.24 (14.09) (35.72) 4.96 (92.31) (41.03) (36.36) (55.78) (118.77) 102.56 (326.61) 131.98 165.14 1.00 2.79 (2.96) 2.98 (8.83) (3.11) (0.03) 0.02 (0.15) (0.07) (0.52) (0.34) - - - - - (2.80) (3.57) (17.81) 0.47 (15.13) 0.57 60.37 (0.20) (0.66) 0.54 (0.65) 1.68 0.97 (2.80) (15.66) (2.10) (12.87) (7.10) 55.09 (58.58) (134.43) 100.46 (339.48) 124.88 220.23 Consolidated
		3 months ended 31.12.2020 **UNAUDITED **	3 months ended 30.09.2020 **UNAUDITED **	3 months ended 31.12.2019 **UNAUDITED **	9 months ended 31.12.2020 **UNAUDITED **	9 months ended 31.12.2019 UNAUDITED	Year ended 31.03.2020 AUDITED	3 months ended 31.12.2020 UNAUDITED	3 months ended 30.09.2020 UNAUDITED	3 months ended 31.12.2019 UNAUDITED	9 months ended 31.12.2020 UNAUDITED	9 months ended 31.12.2019 UNAUDITED	Year ended 31.03.2020 AUDITED
	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 profits 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 Item~~s-~~ Profit/(Loss) (note - 4) Profit/ (loss) before tax Tax Expense a) Current Tax b) Deferred Tax (note - 5) Profit/ (loss) for the period Other Comprehensive Income/ (Loss) a) Remeasurement of defined benefit obligations b) Share of other comprehensive income of associates and joint ventures accounted for using the equity method c) Recycling of foreign currency translation reserve d) Exchange differences on translation of foreign operations e) Tax relating to these items Total other comprehensive income/ (loss) for the period, net of tax Total Comprehensive Income/ (loss) for the period Profit attributable to: a) Owners of EIH Limited b) Non-controlling interests Other Comprehensive Income attributable to: a) Owners of EIH Limited b) Non-controlling interests Total Comprehensive Income 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. (a) Basic (b) Diluted	155.90 11.60	60.44 9.05	422.00 27.10	244.81 30.62	999.30 67.53	1,350.30 84.01	179.16 15.62	71.92 12.88	509.55 24.58	280.82 43.38	1,185.81 57.71	1,596.25 78.44
		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
		24.57 74.16 9.65 29.69 84.50	10.41 76.53 12.19 30.90 68.67	49.13 101.96 13.20 34.06 151.86	39.95 237.99 32.92 91.52 214.77	128.15 308.94 38.22 101.68 405.24	168.83 410.89 49.51 134.20 545.17	26.56 83.14 10.49 32.84 96.30	10.95 85.29 13.73 34.01 75.70	58.39 116.63 14.53 37.01 181.11	42.77 265.82 36.85 101.04 239.91	151.19 352.33 42.33 110.14 476.70	199.41 469.22 55.61 146.46 637.36
		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
		(55.07) -	(129.21) -	98.89 -	(341.72) -	84.60 -	125.71 -	(54.55) (12.86)	(134.88) (17.14)	126.46 9.84	(362.19) (51.91)	110.83 10.80	166.63 (0.14)
		(55.07) -	(129.21) (20.29)	98.89 -	(341.72) (20.29)	84.60 (0.47)	125.71 (16.61)	(67.41) -	(152.02) (2.49)	136.30 -	(414.10) (2.49)	121.63 (0.47)	166.49 (0.47)
		(55.07) - (13.54)	(149.50) - (34.24)	98.89 20.53 3.37	(362.01) - (87.00)	84.13 17.31 (42.07)	109.10 20.99 (36.36)	(67.41) 2.46 (14.09)	(154.51) (0.02) (35.72)	136.30 28.78 4.96	(416.59) 2.33 (92.31)	121.16 30.21 (41.03)	166.02 37.24 (36.36)
		(41.53)	(115.26)	74.99	(275.01)	108.89	124.47	(55.78)	(118.77)	102.56	(326.61)	131.98	165.14
		0.91 - - - (0.22)	2.61 - - - (0.63)	(2.85) - - - 0.47	2.74 - - - (0.66)	(8.54) - - - 1.49	(3.11) - - - 0.78	1.00 (0.03) - (3.57) (0.20)	2.79 0.02 - (17.81) (0.66)	(2.96) (0.15) - 0.47 0.54	2.98 (0.07) - (15.13) (0.65)	(8.83) (0.52) - 0.57 1.68	(3.11) (0.34) (2.80) 60.37 0.97
		0.69	1.98	(2.38)	2.08	(7.05)	(2.33)	(2.80)	(15.66)	(2.10)	(12.87)	(7.10)	55.09
		(40.84)	(113.28)	72.61	(272.93)	101.84	122.14	(58.58)	(134.43)	100.46	(339.48)	124.88	220.23
		125.07 (0.67) (0.67)	114.31 (1.99) (1.99)	114.31 1.30 1.30	125.07 (4.65) (4.65)	114.31 1.88 1.88	114.31 2,804.92 2.15 2.15	(55.73) (0.05) - (3.14) 0.34 - (58.87) 0.29 125.07 (0.91) (0.91)	(115.83) (2.94) (14.71) (0.95) (130.54) (3.89) 114.31 (2.00) (2.00)	95.06 7.50 (2.09) (0.01) 92.97 7.49 114.31 1.64 1.64	(320.84) (5.77) (13.57) 0.70 (334.41) (5.07) 125.07 (5.43) (5.43)	120.90 11.08 (7.05) (0.05) 113.85 11.03 114.31 2.09 2.09	148.82 16.32 54.10 0.99 202.92 17.31 114.31 3,022.23 2.57 2.57

Confidential

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.

VIKRAMJIT SINGH Digitally signed by VIKRAMJIT SINGH OBEROI OBEROI Date: 2021.01.29 17:53:01 +05'30' New Delhi VIKRAMJIT SINGH OBEROI 29th January, 2021 Managing Director and Chief Executive Officer (DIN : 00052014)

Confidential