June 15, 2021

National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai - 400001 Bandra (E), Mumbai - 400051

emontree HOTE

NSE Scrip Symbol: LEMONTREE BSE Scrip Code: 541233

Re: Outcome of the Board Meeting

We wish to inform you that the Board of Directors of Lemon Tree Hotels Limited (the "Company") at its meeting held today at 03.30 p.m and concluded at 08.15 p.m, has, interalia, approved the Audited (Standalone & Consolidated) Financial Results for the quarter & year ended March 31, 2021 and took on record the Auditor's Report thereon.

A copy of:

A) Audited financial results (Standalone & Consolidated) for the quarter & year ended March 31, 2021; and
B) Auditor's Report on Financial Results (Standalone & Consolidated)

as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, alongwith Investor presentation are enclosed herewith.

Further, 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.

This is for your information and record.

Thanking You

For Lemon Tree Hotels Limited

Nikhil Sethi Group Company Secretary & GM Legal and Compliance Officer

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

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

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUATERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LEMON TREE HOTELS LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and (b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us, both included in the accompanying "Statement of Consolidated Financial Results for the Quarter and Year Ended March 31, 2021" of Lemon Tree Hotels Limited ("the Parent"), its subsidiaries and limited liability partnership firm (the Parent, its subsidiaries and limited liability partnership firm together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its associates for the quarter and year ended March 31, 2021, ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the audit reports of the other auditors on separate financials statements of subsidiaries, associates and limited liability partnership firm referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

$(i)$ includes the results of the entities as specified in Annexure 1 of this report;
is presented in accordance with the requirements of Regulation 33 of the SEBI $(ii)$ (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
(iii) gives a true and fair view in conformity with the recognition and measurement principles laid down In the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net loss and consolidated total comprehensive loss and other financial information of the Group for the year ended March 31, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31, 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the audit reports for the year ended March 31, 2021 of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards 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) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group and its associates in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

Attention is invited to Note 5 of the consolidated financial results which sets out the Group's assessment of going concern assumption and financial impact on account of COVID 19 pandemic situation. Based on these assessments, the management has concluded that the Group will continue as a going concern and will be able to meet all of its obligations as well as recover the carrying amount of its assets as on March 31, 2021.

Our report is not modified in respect of this matter.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net loss and consolidated other comprehensive loss and other financial information of the Group including its associates in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group and of its associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and its associates and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group and of its associates are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates are responsible for overseeing the financial reporting process of the Group and of its associates.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2021 as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Annual Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
Evaluate the appropriateness and reasonableness of disclosures made by the $\bullet$ Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
Obtain sufficient appropriate audit evidence regarding the Annual Standalone $\bullet$ Financial Information of the entities within the Group and its associates to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For entities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2021 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 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 SA specified under section 143(10) of the Act 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

As part of our annual audit, we also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

The Statement includes the results for the Quarter ended March 31, 2021 being the balancing figure between audited figures in respect of the full financial year and the

published year to date figures up to the third quarter of the current financial year which were subject to limited review by us. Our report is not modified in respect of this matter.

We did not audit the financial statements of Krizm Hotel Private Limited Employee $\bullet$ Welfare Trust (the "Trust") included in the standalone audited financial statements of the Parent included in the Group whose financial statements reflect total assets of Rs. 506.85 lacs as at March 31, 2021 and total revenues of Rs. Nil and Rs. Nil for the quarter and year ended March 31, 2021 respectively, total net profit/(loss) after tax of Rs.0.01 lacs and Rs.(0.08) lacs for the quarter and year ended March 31, 2021 respectively and total comprehensive income/(loss) of Rs.0.01 lacs and Rs. (0.08) lacs for the quarter and year ended March 31, 2021 respectively and net cash outflows of Rs. 20.45 lacs for the year ended March 31, 2021, as considered in the respective standalone audited financial statements of the Trust included in the Group. The financial statements of this Trust has been audited, by other auditor whose report has been furnished to us, and our opinion in so far as it relates to the amounts and disclosures included in respect of this Trust, is based solely on the report of such other auditor and the procedures performed by us as stated under Auditor's Responsibilities section above.
We did not audit the financial statements of 20 subsidiaries and 1 Limited Liability Partnership Firm included in the consolidated financial results, whose financial statements reflect total assets of Rs. 131,075.45 lacs as at March 31, 2021 and total revenues of Rs. 1,961.78 lacs and Rs. 5,306.02 lacs for the quarter and year ended March 31, 2021 respectively, total net Profit/(loss) after tax of Rs. 599.34 lacs and Rs. (2,636.43) lacs for the quarter and year ended March 31, 2021 respectively and total comprehensive income/(loss) of Rs. 575.34 lacs and Rs. (2,658.87) lacs for the quarter and year ended March 31, 2021 respectively and net cash inflows of Rs. 610.41 lacs for the year ended March 31, 2021, as considered in the Statement. The consolidated financial results also includes the Group's share of loss after tax of Rs. 27.48 lakhs and Rs. 88.30 lacs for the quarter and year ended March 31, 2021 respectively, as considered in the Statement, in respect of 3 associates, whose financial statements have not been audited by us. These financial statements have been audited, by other auditors whose reports have been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and Limited Liability Partnership Firm, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Responsibilities section above.

Our report on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W100018)

Vijay Agarwal Partner (Membership No. 094468) (UDIN:21094468AAAAFA6711)

Place: Gurugram Date: June 15, 2021

Annexure - 1 TO INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

(Referred to in paragraph a (i) under the Opinion and Conclusion section of Independent Auditor's Report on Audit of Annual Consolidated Financial Results and Review of Quarterly Financial Results of even date)

S.No	Name of the entity	Relationship
1.	Lemon Tree Hotels Limited	Parent Company
$\overline{2}$ .	Fleur Hotels Private Limited	Subsidiary company
3.	Hyacinth Hotels Private Limited	Subsidiary company
4.	PSK Resorts and Hotels Private Limited	Wholly owned subsidiary company
5.	Canary Hotels Private Limited	Wholly owned subsidiary company
6.	Sukhsagar Complexes Private Limited	Wholly owned subsidiary company
7.	Oriole Dr Fresh Hotels Private Limited	Wholly owned subsidiary company
8.	Grey Fox Project Management CompanyPrivate Limited	Wholly owned subsidiary company
9.	Dandelion Hotels Private Limited	Wholly owned subsidiary company
10	Lemon Tree Hotel Company Private Limited	Wholly owned subsidiary company
11	Red Fox Hotel Company Private Limited	Wholly owned subsidiary company
12.	Poplar Homestead Holdings Private Limited	Wholly owned subsidiary company
13.	Madder Stays Private Limited	Wholly owned subsidiary company
14.	Jessamine Stays Private Limited	Wholly owned subsidiary company
15.	Manakin Resorts Private Limited	Subsidiary company
16.	Celsia Hotels Private Limited	Subsidiary company
17.	Inovoa Hotels and Resorts Limited	Subsidiary company
18.	Iora Hotels Private Limited	Subsidiary company
19.	Ophrys Hotels Private Limited	Subsidiary company
20.	Bandhav Resorts (P) Limited	Subsidiary company
21.	Valerian Management Services Private Limited	Subsidiary company
22.	Carnation Hotels Private Limited	Subsidiary company
23.	Berggruen Hotels Private Limited	Subsidiary company
24.	Mind Leaders Learning India Private Limited	Associate company
25.	PelicanFaciliticsManagementPrivateLimited	Associate company
26.	Glendale Marketing Services Private Limited	Associate company
27.	Hamstede Living Private Limited	Subsidiary company w.e.f. March 31, 2021
28.	Mezereon Hotels LLP	LimitedLiabilityPartnershipFirm(consolidated on Equity method similar tosubsidiary)
29.	Krizm Hotel Private Limited Employee WelfareTrust	Trust

Lemon Tree Hotels LimitedRegd Office:- Asset No. 6, Aerocity Hospitality District, New Delhi-110037Tel.: 011.46050101; Fax.: 011.46050110; E Mail:seetdept(@Icmontrechotela.com:Webrite: www.letCIN: L74899DL1992PLC049022 ureehotels.com

		Quarter ended			Year Ended
		March 31, 2021	December 31, 2020	March 31, 2020	March 31, 2021	March 31, 2020
		(Unaudited)(Refer Note 1)	(Unaudited)	(Unaudited)(Refer Note 1)	(Audited)	(Audited)
$\overline{1}$	Income
	Revenue from operations	9,508.11	6,337.68	17.613.01	25.172.04	66.943.74
	Other income (Refer Note 6)	189.19	223.67	41.42	1,325.88	578.28
	Total income	9,697,30	7,061.35	17,654.43	26,497.92	67,522.02
$\overline{2}$	Expenses
	Cost of food and beverages consumed	694.34	535.66
	Employee benefit expenses	2,255.64	1,579.26	1.462.05	1,784.13	5.696.78
	Power and fuel	1.021.68		4.288.18	7,039.02	15.532.26
	Other expenses		$73.60	1,452.61	3.274.25	6,133.58
	Total expenses	2,684.066,655.72	1,841.15	4.016.01	6.947.69	15,238.67
			4.329.67	11,218.85	19,045.09	42,601.29
3	Profit before depreciation and amortization, finance cost, finance income (1-2)	3.041.58	2,231.68	6,435.58	7,452.83	24,920.73
4	Finance cost	4.452.10	4.752.62	4.948.57	19,045.72	16.155.57
5	Finance income	(140.25)	(211.91)	(73.96)	(873.32)	(503.54)
6	Depreciation and amortization expense	2.611.04	2,733.77	2,773.67	10,755.32	9.224.72
7	Net (loss)/profit before tax and share of associates (3-4-5-6)	(3, 551.31)	(.5, 042.50)	(1, 212.70)	(21, 474.39)	48.98
s	Add: Share of Loss of associates	(206.33)	(6.93)	(133.64)	(399.53)	(266.66)
$\mathbf{9}$	Loss before tax (7+S)	(4,087.64)	(5,049.78)	(1,346,34)	(21, 874.42)	(217.63)
	10 Tax expense
	Current tax/MAT	062	0.01	192.01	(1.57)	990 43
	Deferred tax
	- MAT Credit entitlement related to current year			(151.24)		(689.93)
	- MAT Credit entitlement related to earlier year			(11.13)
	- Deferred tax (income)/expense related to current year	(1, 416, 70)	(477.12)	526.13	(3.218.68)	4.40782.92
	11 Net loss after tax (9-10)	(2,671,56)	(4.572.67)	(1.902.06)	(15,654.17)	(1, 305.45)
12	Other Comprehensive Income/(Expenses)
	Items that will not be reclassified to profit and loss
	Remeasurements of defined benefit plans	(25.55)	0.86	10.34	(23.57)
	Income tax effect	3.49	(0.70)	(2.04)	1.37	1.42
	13 Total comprehensive Loss	(2,693.62)	(4,572.51)	(1.593.76)	(18, 676, 37)	(0.1S)(1, 304.20)
14	Net loss after tax
	Attributable to:	(2,671.56)	(4,572.67)	(1.902.06)	(18, 654.17)	(1, 305, 45)
	Equity holders of the parent
	Non-controlling interests	(1,681,65)	(3,124.91)	(1.791.54)	(12,706.82)	(953, 70)
		(989.88)	(1, 447.76)	(110.52)	(5, 947.35)	(351.75)
	15 Total comprehensive Loss	(2,693.62)	(4,572.51)	(1, 593.76)	(13,676,37)	(1, 304.20)
	Attributable to:
	Equity holders of the parent	(1,695.73)	(3.123.37)	(1,778.12)	(12.718.55)	(949.17)
	Non-controlling interests	(997.39)	(1,448.64)	(115.64)	(5.957.79)	(355.03)
	16 Total comprehensive Loss for the year/period after non controlling interest	(1,695,73)	(3,123.37)	(1,778.12)	(12, 713.58)	(949.17)
	17 Paid-up equity share capital
	(Face value of the share ₹ 10/-)	79.042.14	79,034.04	79.031.44	79.042.14	79,031.44
	18 Other Equity(including non-controlling interest)
	19 Eamings/(Loss) per share (Face value of the share ₹ 10/-)				74.454.69	75,444.67
	(EPS for quarter is not annualised)
	Basic
	Diluted	(0.21)	(0.40)	(0.23)	(1.61)	(0.12)
		(0.21)	(0.40)	(0.23)	(1.61)	(0.12)

Statement of Consolidated Financial Results for the Quarter and Year ended March 31, 2021

Noter.

The Audit Committee has reviewed the above results and the Board of Directors has approved the above consolidated financial results at their respective meetings held on June 14, 2021 and The 15, 2021. Figures for the quarter ended March 31, 2021 and March 31, 2020 are balancies one converse conservative annual resume at the full financial years and the mandited figures in respect of the full financial year
The above consolidated financial results have been prepared in accordance with the recognition and measurement principles as laid down in the Indian Accounting Standards (referred to as "Ind AS") prescribed under Sectio the BSE Limited and National Stock Exchange of India Limited.
On November 13, 2019, the Board of Directors of Fleur Hotels Private Limited, material subsidiary of parent company had approved the Scheme of Amalgamation (Scheme) of Begonia Hotels Private Limited (Transferor Company 1), Nightingale Hotels Private Limited (Transferor Company 2) with Fleur Hotels Private Limited (Transferor Company 2) with Fleur Hotels Private Limited (Transferor Company 2) and Hotels Private Limited w.e f April 1, 2019 (Appointed date of the Scheme).
The paid up share capital of the Company excludes 18,24,991 (March 31, 2020: 19,31,991) equity shares held by the ESOP trust which has been consolidated in accordance with the requirement of IND AS 110
COVID-19 pandenic has impacted and continues to impact business operations in many countries due to lockdown, travel bans, quarantines and other emergency measures resultingreduction in occupancy of hotels and average salary reduction, rent waiver, etc. to conserve cash coupled with the capital infusion amounting to Rs. 175 crores in the form of computerily convertible preference shares. Further, out of 41 Hotels (5,192 rooms) of the group, 39 hotels (5,002 rooms) were operational as on March 31, 2021. The weighted average occupancy of the operational rooms for the month ended March 31, 2021 was 59%.

In evaluating the impact of COVID-19 on its ability to continue as a going concern and the possible impact on its financial position in the current quarter, the Company has made an assessment of its liquidity position for next one year and assessed the impact of macro-economic conditions on its business in light of comparison of future projections developed and of the recoverability and the carrying value of its major assets comprising of Property. Plant and Equipment (PPE), trade receivables, Right of the assets in a security in secondary processes as at the balance sheet date. Based on aforesaid ass obligations as well as recover the carrying amount of its aforesaid assets as on as on March 31, 2021.

Management believes that it has taken into account all the possible impact of known events arising from COVID-19 pandemic in the preparation of above Consolidated financial results. The associated economic impact of the pa any significant impact of these changes would be recognized in the financial results as and when these material changes to economic conditions arise.

During the current quarter and current year, consequential to COVID 19 pandemic, the Group has requested and received rent waiver/concessions from certain landlords and accordinglyrecognized an amount of Rs. 173.46 lak 46B of Ind AS 116 (as amended).

$\ln h$

$Ho^{\wedge}_{\mathcal{O}}$ $\mathbf{e}^{\mathbf{e}}$ Neur Detti

7. Statement of Consolidated Assets and Liabilities

Particulars	As at	(7 In Lakhs)As at
	March 31, 2021	March 31, 2020
Assets	(Audited)	(Audited)
Non-current assets

(a) Property, plant and equipment	257,079.91	265,180.14
(b) Capital work-in-progress	24,178.34	18,956.64
(c) Investment Property	232.54	236.93
(d) Intangible assets	1,952.68	2.431.48
(e) Right of use asset	50,604.13	53,354.75
(f) Goodwill on consolidation	9.508.44	9,508.46
(g) Financial assets
(i) Investments	463.11	959.51
(ii) Loans	87.46	118.88
(iii) Other non-current financial assets	6,993.61	5,965.49
(h) Deferred tax assets (net)	3,666.92
(i) Non-current tax assets (net)	2,300.16	438.47
(i) Other non-current assets		3,265.19
	1,392.02	1,130.00
	358, 159.32	361,545.94
Current assets
(a) Inventories
(b) Financial assets	722.45	821.76
(i) Trade receivables
(ii) Cash and Cash equivalents	3.081.88	5,027.09
(iii) Other bank balances	12,745.72	4,081.73
(iv) Investments	1,368.50
(v) Other current financial assets	91.12	441.37
(c) Other current assets	415.02	434.91
	4.598.48	3.922.51
	23,023.17	14,729.37
Total Assets
	381,482.49	376,275.31

Particulars	As atMarch 31, 2021	(7 In Lakhs)As at
	(Rs in lakhs)	March 31, 2020
Equity And Liabilities	(Audited)	(Audited)
Equity
(a) Share capital
(b) Other Equity	79.042.14	79.031.44
	12,715.70	3.267.73
Add: Adjustment in respect of change in ownership interest of subsidiary (refer note 11)		16.589.00
Equity attributable to owners of the parent	91,757.84	98,888.17
(c) Non-controlling interests
Less: Adjustment in respect of change in ownership interest of subsidiary (refer note 11)	61.738.99	72.176.94
Total Non-controlling interests	61,738.99	(16.589.00)
		55,587.94
Total Equity	153, 196.83	154,476.11
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liability	151,351.15	145.089.51
(b) Long term provisions	46.707.29	46,188.08
	293.06198,351.50	240.28191,517.87
Current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Lease liability	5.955.98	5.957.53
(iii) Trade payables	88.21	77.54
- total outstanding dues of micro enterprises and small enterprises
- total outstanding dues of creditors other than micro enterprises and small enterprises	316.80	239.51
(iv) Other current financial liabilities	7.558.68	8,182.44
(b) Provisions	13.587.42	12,880.31
(c) Other current liabilities	485.79	425.38
	1.641.28	2.518.62
	29,634.16	30,281.33
Total Liabilities	227,985.66	221,799.20
Total Equity and Liabilities	381, 482, 49	376,275.31

Cleb

$\frac{1}{2}$

8. Statement of Consolidated Cash flow

	( In Lakhs )
Particulars	For the yearended March 31.2021	For the yearended March 31,2020
A. Cash flow from operating activities	(Audited)	(Audited)
Loss before tax
Non-cash adjustments to reconcile profit/(loss) before tax to net cash flows:	(21, 874.42)	(217.68)
Depreciation and amortisation expenses
Waiver of lease rent	10,755.32	9.224.72
Share of loss of associate	(1, 200.34)
Finance income (including fair value change in financial instruments)	399.53	266.66
Finance costs	(773.04)	(267.51)
Provision for gratuity	18,897.71	15,705.67
Provision for leave encashment	56.81	37.31
Excess provision/ credit balances written back	10.70	53.75
	(9.36)	(0.48)
Profit on relinquishment of rights		(135.00)
Provision for litigations	22.11	22 11
Provision for doubtful debts	100.11	444.50
Net gain on sale of current investments	(2.91)	(232.04)
Operating profit before working capital changes:	6.381.72	24.902.01
Movements in working capital:
Increase in trade receivables	1,845.12	3,515.49
Decrease in loans and advances and other current assets	(1.759.13)	(526.99)
(Increase) / Decrease in inventories	99.31	(163.75)
Decrease in liabilities and provisions	(3.423.83)	(12, 495, 67)
Cash generated from operations	3,143.19	15.231.09
Direct taxes paid (net of refunds)	958.20	(131.74)
Net cash flow from operating activities (A)	4,101.39	15.099.35
Purchase of property, plant and equipment including CWIP, capital advances and capital creditorsProceeds from sale of property, plant and equipmentProfit on relinquishment of rightsOther bank balance	(7.044.35)601.84(1,368.50)	(64, 449, 39)1,138.25135.00÷,
(Purchase)/sale of other non current investments	96.87
(Purchase)/sale of current investments	353.16	(600.30)2,681.11
Interest received	801.74	272.50
Net Cash flow used in investing activities (B)	(6.559.24)	(60.822.83)
Cash flows from financing activities
Proceeds from issuance of share capital	23.01	219.06
Proceeds from Minority Interest (issuance of share capital by Subsidiaries)	17,497.61	35.999.96
Payment of lease liability	(2,680.89)	(3, 272.40)
Proceeds from long term borrowings	13,063.36	27,060.86
Repayment of long term borrowings	(7.085.00)
Net proceeds/(Repayment) of short term borrowings		(5,517.54)
Interest paid	(1.55)	2,602.51
Net Cash flow from financing activities (C)	(9.694.70)11,121.84	(11.425.37)
		45,667.08
Net increase in cash and cash equivalents $(A + B + C)$	8,663.99	(56.40)
Cash and cash equivalents at the beginning of the year	4,081.73	3,139.70
Cash and cash equivalents acquired on inclusion of new subsidiary		998.43
Cash and cash equivalents at the end of year	12,745.72	4,081.73

Components of cash and cash equivalents
Cash on Hand	53.50	75.06
- Current accounts	2,333.22	3,826.69
- Deposits with original maturity of less than three months	10.359.00	179.98
Total cash and cash equivalents	12,745.72	4,081.73

Cela

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The Code on Wages, 2019 and Code on social security, 2020 ("the codes") relating to employee compensation and post-employment benefits that received Presidential assent have not beennotified. Further, the related rules
The Group is into Hoteliering business. As the Group operates in a single operating segment, it did not give rise to different operating segments in accordance with Ind AS 108 - OperatingSegments. Since the group is i
Adjustment in respect of change in ownership interest of subsidiary during the year ended March 31, 2020 has been reclassified from non-controlling interest to Equity attributable toowners of the parent, since the cha
Previous period/year figures has been re-grouped or reclassified, to confirm to such current period/year classification.

By order of the Board for Lemon Tree Hotels Limited

eo Holo $\mathcal{L}_{\mathcal{A}}$ oine E New Dalh $\frac{1}{2}$ $\mathbf{r}$

Patanjali G. Keswani(Chairman & Managing Director)

Place : New DelhiDate : June 15, 2021 $dQ$

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

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