EIH Ltd — Investor Presentation 2019

Aug 13, 2019

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CIN:L55101WB1949PLC017981

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

13[th] August 2019

The National Stock Exchange of India Limited Exchange Plaza, 5thFloor Plot No..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: SUBMISSION OF PRESENTATION TO INVESTOR / ANALYSTS

Dear Sir / Madam,

In Furtherance to our intimation dated 9[th] August 2019 and pursuant to Regulation 30(6) of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015 (Listing Regulations), please find enclosed the copy of the presentation to be circulated to Investor / Analysts in respect of the Financial Results(Standalone and Consolidated) of the Company for the first Quarter ended 30[th] June 2019.

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

Thanking you,

Yours faithfully

For EIH Limited

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S.N. Sridhar Company Secretary

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INVESTOR PRESENTATION August 2019

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CONTENTS

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1. The Oberoi Dharma

2. The Oberoi Group Mission

3. Business Overview

4. EIH Group Presence

5. Balanced Portfolio

6. Planned addition of properties

7. Operational Statistics

8. Financials

9. Ind AS 116 Impact

1

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4503
Rooms;
31
Hotels
2271 Rooms; 2232 Rooms;
20 Hotels 11 Hotels
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2

The Oberoi Dharma

Fundamental Code of Conduct

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We, as members of OBEROI Group are committed to display through our behaviour and actions the following CONDUCT which applies to all aspects of our Business:

• Conduct which is of highest ethical standards, intellectual, financial and moral, and reflects the highest levels of courtesy and consideration to others

• Conduct which builds and maintains Team work, with mutual trust as the basis of all working relationship

• Conduct which puts the customer first, the Company second and the self last

• Conduct which exemplifies care for the customer through anticipation of need, attention to detail, excellence, aesthetics and style and respect for privacy along with warmth and concern

• Conduct which demonstrates two-way communication accepting constructive debate and dissent whilst acting fearlessly with conviction

• Conduct which demonstrates that people are our key asset, through respect for every employee, and leading from the front regarding performance achievements as well as individual development

• Conduct which at all times safeguards the safety, security, health and environment of customers, employees and the assets of the Company

• Conduct which eschews the short-term quick-fix for the long-term establishment of healthy precedent

3

The Oberoi Group Mission

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OUR GUESTS

We are committed to meeting and exceeding the expectations of our guests through our unremitting dedication to perfection, in every aspect of service

OUR PEOPLE

We are committed to the growth, development and welfare of our people upon whom we rely to make this happen

OUR DISTINCTIVENESS

Together we shall continue the Oberoi tradition of pioneering in the hospitality industry, striving for unsurpassed excellence in high potential locations all the way from the Middle East to Asia Pacific

OUR SHAREHOLDERS

As a result we will create extraordinary value for our shareholders

4

Business Overview

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Hotels

• Oberoi Hotels & Resorts Trident Hotels

• Business / Leisure Hotels in  First class hotels of the premium segment International standard

• Operating in 5 countries –  Operations in India India, Mauritius, Egypt, UAE and Indonesia

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• Flight Catering Other Businesses

• In-flight catering  Car Rental  Airport lounge & restaurant  Corporate Air Charter service  Operates out of Mumbai, Delhi,  Printing Press Kolkata, Chennai and Mauritius

Other businesses complement the core business of hospitality

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5

EIH Group Presence

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Gurgaon (202) Gurgaon (136) [(3) ] Mashobra, Shimla Hills
Shimla (75)
(85)
The Oberoi
The Oberoi Cecil [(2)] Wildflower Hall [(2)]
Gurgoan [(3)]
Jaipur (71) Jaipur (134) [(2) ]
New Delhi (220) New Delhi (54)
The Oberoi
Chandigarh (65) The Oberoi [(1)] Maidens Hotel [(1)]
Rajvilas [(2)]
The Oberoi
Ranthambore (25) Sukhvilas [(3)] Agra (137) [(2)] Agra (102)
The Oberoi The Oberoi
Vanyavilas [(1)] Amarvilas [(2)]
Udaipur (87) Udaipur (143) [(2)]
The Oberoi
Udaivilas [(1)] Kolkata (209)
Mumbai (436) Mumbai (555) The Oberoi Grand [(1)]
Bandra Kurla [(1)] Nariman Point [(1)]
Bhubaneshwar (62) [(2)]
Mumbai (287)
Hyderabd (323 [(2)]
The Oberoi [(1)]
Bangalore (160)
Cochin (85) [(2)] The Oberoi [(1)]
Backwaters of Kerala (8)
Chennai (167) [(2)]
The Oberoi M. V. Vrinda [(1)]
Luxury Cruiser
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International[(2)] EGYPT The Oberoi, Sahl Hasheesh (102) The Oberoi Zahra (Cruiser) (27) INDONESIA The Oberoi, Bali (74) The Oberoi, Lombok (50) MAURITIUS The Oberoi, Mauritius (71) UAE The Oberoi Dubai (252) The Oberoi Al Zorah (104) The Oberoi Trident

We own and/or manage 31 Hotels with 4,503 rooms

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Figures in brackets indicate the number of rooms in each property; (1) Owned by EIH (2) Owned through subsidiaries / Associate Companies; (3) No Equity Interest

6

Balanced Portfolio

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Business Leisure	Business Leisure
The Oberoi Mumbai (287) The Oberoi New Delhi (220) The Oberoi Grand, Kolkata (209) The Oberoi, Bangalore (160) Trident, Gurgaon (136) Trident,Nariman Point (555) Trident, Bandra Kurla (436) The Oberoi, Gurgaon (202)	The Oberoi Amarvilas (102) The Oberoi Udaivilas (87) The Oberoi Rajvilas (71) The Oberoi Vanyavilas (25) The Oberoi Sukhvilas (60) The Oberoi Cecil (75) Wildflower Hall (85)* The Oberoi M.V.Vrinda(8)
Trident , Chennai (167) Trident , Bhubaneswar (62) Maidens Hotel (54) Trident Hyderabad (323)*	Trident, Agra (137) Trident,Udaipur (143) Trident, Jaipur (134) Trident, Cochin (85)

Figures in brackets are number of rooms

• Significant presence in major tourist & business destinations with high room inventory

• Business Destinations - Mumbai, NCR, Kolkata, Bangalore, Chennai, Hyderabad

• Leisure Destinations - Agra, Jaipur, Udaipur, Kerala and Shimla

• Assets irreplaceable in terms of location, ambience and experience

• Geographic spread helps

• achieve synergies in occupancy by cross selling our properties

• mitigate effect of seasonality by efficiently utilizing personnel by re-deploying them between hotels

_ Properties managed by EIH limited*_ 7**

Planned Addition/ Renovation

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Agra
Bandhavgarh
The Oberoi Amarvilas [1]
The Oberoi
Bandhavgarh
Rajgarh
The Oberoi Rajgarh
Palace
Ahmedabad
The Oberoi GIR
Udaipur
Trident Udaipur [1]
GOA Bangalore
The Oberoi, Hebbal
The Oberoi, Goa
Lake, Bangalore
Bangalore
The Oberoi [1]
(Restaurants)
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International

Morocco The Oberoi, Marrakech Qatar The Oberoi, Doha

Kenya The Oberoi Maasai Mara

Thailand

The Oberoi &Trident, Koh Tan Island Nepal The Oberoi Kathmandu

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New Addition
Hotels Under
Renovation
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1Existing properties under renovation

8

In Flight Catering and Airport Services

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• EIH Limited was an early mover in the industry

• In-flight catering and related services to airlines started in 1966

• First independent kitchen in 1979 in Delhi.

• OAS/ OFS has reported an average EBITDA of Rs.63.7 crore per year during the past 15 years.

• In FY19, it supplied 13.7 million meals. In Q1 of the current year, it supplied 1.2 million meals as compared to 3.9 million meals Q1 last year.

• It also provides laundry, provision of dry stores and bonded warehousing to airlines

• EIH operates flight catering services and airport restaurant/lounge at the following locations:

Kitchen / Airport Service Locations	Kitchen / Airport Service Locations	Kitchen / Airport Service Locations
Airport Services Flight Services
Chennai		
Delhi		
Kolkata		
Mumbai		
Mauritius		

9

OPERATIONAL STATISTICS - Annual

Domestic properties - Owned

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14,000
71.7%
71.4% 12,200
72.0%
11,246 12,000
70.0% 10,695 10,000
10,202 70.1%
9,872
69.6%
67.7% 8,000
68.0%
6,000
66.0%
4,000
64.0%
2,000
6,686 7,308 7,639 7,880 8,490
62.0% -
2014-15 2015-16 2016-17 2017-18 2018-19
RevPAR-Rs. Occupancy-% ARR-Rs.
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10

OPERATIONAL STATISTICS – Q1 Domestic properties - Owned

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12,000
72.0% 10,284 10,023
9,591
10,000
9,061
8,618
67.0%
64.9%
65.5% 65.3% 65.3%
8,000
64.4%
62.0%
6,000
57.0%
4,000
52.0%
2,000
47.0%
5,647 5,916 6,265 6,624 6,506
42.0% -
Jun-15 Jun-16 Jun-17 Jun-18 Jun-19
RevPAR-Rs. Occupancy-% ARR-Rs.
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11

Operational Statistics – Q1 Domestic Properties – Owned / Managed

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Occupancy (%)

RevPAR ( ` )

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75.00%
63.47%
62.61%
50.00% 1.37%
25.00%
0.00%
Q1 Jun 18 Q1 Jun 19
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8,000
6,310
6,270
6,000
0.64%
4,000
2,000
-
Q1 Jun 18 Q1 Jun 19
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Note:

1. Occupancy and RevPAR are for Domestic properties only.

2. Includes managed properties.

2. The results of this quarter are not indicative of full year’s performance due to seasonal nature of the hotel industry.

12

Operational Statistics – Q1 Domestic + International – Owned / Managed

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Occupancy (%)

RevPAR ( ` )

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75.00%
61.14%
60.18%
50.00% 1.60%
25.00%
0.00%
Q1 Jun 18 Q1 Jun 19
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8,000
6,700
6,657
6,000
0.65%
4,000
2,000
-
Q1 Jun 18 Q1 Jun 19
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Note:

1. Includes managed properties.

2. The results of this quarter are not indicative of full year’s performance due to seasonal nature of the hotel industry.

13

Operational Statistics – Q1 Brand Wise ~ Domestic + International – Owned / Managed

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Occupancy (%)

RevPAR ( ` )

Oberoi Hotels

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75.00%
53.01%
51.40% 3.13%
50.00%
25.00%
0.00%
Q1 Jun 18 Q1 Jun 19
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10,000
7,918
7,736
7,500 2.35%
5,000
2,500
-
Q1 Jun 18 Q1 Jun 19
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Trident Hotels

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70.95%
75.00% 71.11%
0.23%
50.00%
25.00%
0.00%
Q1 Jun 18 Q1 Jun 19
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6,000 5,230
5,314
1.57%
4,000
2,000
-
Q1 Jun 18 Q1 Jun 19
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1. Includes managed properties.

2.The results of this quarter are not indicative of full year’s performance due to seasonal nature of the hotel Industry.

14

Market Leader FY 2018-19

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Hotel-wise STR ranking suggests Oberoi & Trident branded hotels continue to be the leaders across India with 7 hotels ranked # 1 and 6 hotels ranked # 2 out of total 18 hotels in India

Oberoi Branded Hotels STR Rank		Trident Branded Hotels STR Rank
The Oberoi, Mumbai 3 The Oberoi, Bengaluru 1 The Oberoi Grand, Kolkata 1 The Oberoi, Gurgaon 1 The Oberoi, Rajvilas 1 The Oberoi, Udaivilas 2 The Oberoi, New Delhi 1 The Oberoi, Cecil 2 The Oberoi, Sukhvilas 3		Trident, Nariman Point 2 Trident, Bandra Kurla 2 Trident, Gurgaon 1 Trident, Chennai 6 Trident, Hyderabad 2 Trident, Agra 3 Trident, Jaipur 2 Trident, Udaipur 1 Trident, Cochin 5

* STR date in respect of The Oberoi Amarvilas, The Oberoi Vanyavilas, Wild Flower Hall, The Oberoi MV Vrinda, Trident Bhubaneshwar and Maidens Hotel is not available.

International Oberoi Branded Hotels	STR Rank
The Oberoi, Bali	7 of 11
The Oberoi, Mauritius	3 of 6
The Oberoi, Sahl Hasheesh	1 of 6

* STR data in respect of other International properties is not available.

15

Historical Financials (EIH CFS)

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Turnover (Rs. Cr)

EBITDA (Rs. Cr)

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600 40%
487
500 422
374 30%
355
400
309
300 20%
200
10%
100
0 0%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
EBITDA Margin
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1880
2000
1700 1705
1697 1618
1600
1200
800
400
0
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
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PAT (Rs. Cr) Net Worth (Rs. Cr)
200 179 12% 3500 2993
2883
3000 2729 2712 2781
10%
150 131 132 2500
8%
103 2000
100 6% 1500
63
1000
4%
50 500
2%
0
0 0% Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
PAT Margin
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200 179 12%
10%
150 131 132
8%
103
100 6%
63
4%
50
2%
0 0%
Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
PAT Margin
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16

Q1 Financials (EIH CFS)

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Turnover (Rs. Cr) EBITDA (Rs. Cr)
500 80 68 40%
400 358
400
60 49 30%
300 42 cr 17%
40 20%
200 14%
100 20 10%
0
0 0%
Q1 Jun 18 Q1 Jun 19
Q1 Jun 18 Q1 Jun 19
EBITDA Margin
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* The drop in revenue in the current quarter is attributable to slowdown in business travel due to high airline fares, General Elections in India and general slowdown in consumption.

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PAT (Rs. Cr) Net Worth (Rs. Cr)
20 4%
2930 2990
3000
15
15 3%
60 cr
2000
10 2%
1000
5 1%
-1
0 0% 0
Q1 Jun 18 Q1 Jun 19 Q1 Jun 18 Q1 Jun 19
-5 -1%
PAT Margin
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17

Q1 Financials (EIH Standalone)

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Turnover (Rs. Cr) EBITDA (Rs. Cr)
500 60 57 40%
50
400
343 40 cr 303 40 35 30%
300
30 17% 20%
200 12%
20
100 10%
10
0
0 0%
Q1 Jun 18 Q1 Jun 19
Q1 Jun 18 Q1 Jun 19
EBITDA Margin
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PAT (Rs. Cr)

Net Worth (Rs. Cr)

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15 4%
10
3%
10
2%
5
1%
0%
0
Q1 Jun 18 Q1 Jun 19 -1%
-5
-2%
-10 -7 -3%
PAT Margin
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2813 2848
3000
35 cr
2000
1000
0
Q1 Jun 18 Q1 Jun 19
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18

FINANCIAL PERFORMANCE (EIH CFS) Q1 FY20

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Q1 FY20
			(Rs. Crore)
	JUN’19	JUN’18	INC / (DEC)
Revenue	358.22	400.35	(42.13)
Expenditure	308.11	331.34	(23.23)
EBITDA	50.11	69.01	(18.90)
Interest	13.51	11.23	2.28
Depreciation	36.31	32.78	3.53
Exceptional item – loss	(0.47)	-	(0.47)
Share of Net Profit of Associates and JVs	(1.15)	(1.49)	0.34
Profit before tax	(1.33)	23.51	(24.84)
Tax including deferred tax	(0.20)	8.81	(9.01)
Profit After Tax	(1.13)	14.70	(15.83)
OCI	(0.50)	(1.80)	1.30
Total Comprehensive Income	(1.63)	12.90	(14.53)

19

FINANCIAL PERFORMANCE (EIH Standalone) Q1 FY20

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Q1 FY20
			(Rs. Crore)
	JUN’19	JUN’18	INC / (DEC)
Revenue	302.99	343.46	(40.47)
Expenditure	268.08	286.65	(18.57)
EBITDA	34.91	56.81	(21.90)
Interest	12.12	10.14	1.98
Depreciation	33.57	30.64	2.93
Exceptional item – loss	(0.47)	-	0.47
Profit before tax	(11.25)	16.03	(27.28)
Tax including deferred tax	(4.15)	5.84	(9.99)
Profit After Tax	(7.10)	10.19	(17.29)
OCI	(0.45)	(1.79)	1.34
Total Comprehensive Income	(7.55)	8.40	(15.95)

20

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Impact of IndAS 116 on Company’s Financials

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Impact on Profit and Loss Statement for the quarter ended June 2019 :

Amount in Rs. crore

Particular	Before Ind AS 116	After Ind AS 116	Net Impact on Profit
Lease Rent	2.16	-	2.16
Others	1.19	-	1.19
Net EBITDA	3.35	-	3.35
Interest expenses	0.08	2.32	(2.24)
Depreciation	0.12	3.24	(3.12)
Profit Before Tax	3.15	5.56	(2.01)

The impact of adoption of Ind AS 116 on the financial results of Subsidiaries and Associates for the quarter is insignificant.

21

THANK YOU

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