Chalet Hotels Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

In 2025, the global economy was initially projected to grow at a steady yet moderate pace. The International Monetary Fund (IMF) had forecasted a global growth rate of 3.3%, a slight uptick from previous estimates, primarily driven by stronger-than-expected performance in the USA. However, the landscape has shifted significantly due to the implementation of reciprocal tariffs and geopolitical disruptions in the middle east, introducing new uncertainties and challenges.

The stance of the US, particularly targeting countries with significant trade surpluses and high tariff barriers, has intensified global trade tensions. For instance, the U.S. imposed a 26% tariff on Indian goods, citing Indias higher import duties on American products. This move has prompted concerns about potential retaliatory measures and a possible trade war, disrupting established supply chains and trade flows. The heightened trade tensions have led to a reassessment of global growth projections. Analysts now warn of a potential slowdown, with some forecasting a downward projection in global GDP growth. The uncertainty surrounding trade policies is causing businesses to delay investment decisions, further dampening economic momentum.

INDIAN ECONOMIC LANDSCAPE

India remains a standout performer on the economic front, with the IMF projecting a robust 6.3% GDP growth in 2026. This momentum highlights the countrys resilience amid global geopolitical uncertainties with this economic buoyancy expected to continue driven by substantial infrastructure investments and a surge in consumption, propelled by a rapidly expanding middle class with rising disposable incomes. This consumption boost is further supported by strategic tax incentives introduced by the Central Government.

Indias journey towards becoming a developed nation by 2047 hinges significantly on building sustainable and modern infrastructure through advanced transportation networks, including roads, railways, ports and airports and creation of more urban clusters which would drive economic growth. The Governments commitment towards nation building is evident through its allocation of 3.1% of GDP to capital expenditure in the fiscal year 2025-26, with particular focus on the transport and logistics segments.

After the economic slowdown of 2020/21, India witnessed strong economic recovery with an expansion of 9.7% in 2021/22, followed by 7.6% growth in 2022/23 and 9.2% in 2023/24. Growing private consumption and government spending has supported this momentum for further growth of 6.5% in 2024/25. The Services sector has shown robust GVA growth and continues to be the growth driver for the economy, increasing its sectoral contribution from 52.2% of the GVA in 2021/22 to 55% in 2023/24.

Notably, while FDI inflows into India reached a record high of US$84.8 billion in 2021/22, flows continued to remain steady with FDI inflows of US$70.9 billion in 2022/23, US$ 71.3 billion in 2023/24 and US$ 81.1 billion in 2024/25 despite geopolitical disruptions, rapid rise in global interest rates and widespread changes in the global economy over this period. As per the World Bank, India ranks 13th in ‘Protecting Minority Investors and with this momentum for sustained economic reforms and investor-friendly policies, India India continues to remain an attractive destination for FDI flows in 2025/26.

GLOBAL HOSPITALITY INDUSTRY OUTLOOK

Based on JLLs Global Hotel Investment Outlook 2025, in 2024 the global hotel industry demonstrated remarkable resilience despite global economic and political uncertainty, with RevPAR growing by 4% compared to 2023.

According to JLL, though RevPARs have grown across regions, performance remains uneven, with absolute RevPARs in the Asia Pacific (APAC) region still lagging 10% behind 2019 levels whilst the Americas, Europe and the Middle East have all fully recovered, with RevPAR growth ranging from 17% to 26% year on year.

The global outlook continues to look bright, as about 64% of UN Tourism Panel of Experts indicate ‘better or ‘much better prospects for 2025 compared to 2024 with international tourist arrivals are expected to grow 3% to 5% in 2025 compared to 2024.

MANAGEMENT DISCUSSION & ANALYSIS

Although, global resort and leisure-heavy markets, which were generally the first to recover following the pandemic, have started to see some normalization in demand underpinned by slowing consumer spending amid contraction in savings and global economic uncertainty. Conversely, demand for rooms in urban markets has accelerated significantly fuelled by the growth in group, business and international corporate travel.

INDIA HOSPITALITY INDUSTRY OUTLOOK

India particularly is poised for robust growth in its hospitality industry and forecasts anticipate that international tourist arrivals will surpass pre-pandemic levels in 2025, contributing significantly to the nations economy. The Hotel Association of India (HAI) forecasts that the sector will contribute US$ 1 trillion to Indias economy by 2047, highlighting its pivotal role in the countrys economic aspirations and job creation. Strong demand from domestic leisure travellers, a steady recovery in foreign tourist arrivals (FTAs) and a resurgence in corporate travel are expected to keep hotel occupancy levels elevated, thereby supporting sustained growth in average room rates over the medium term. Horwath HTL has projected that demand for chain-affiliated hotel rooms will grow at a CAGR of 10.6% through FY29 over FY24, outpacing the anticipated supply growth of 8.3% over the same period. This supply-demand imbalance is favourable for the industry, as hotel performance in India remains highly sensitive to these dynamics. Additionally, rising land acquisition costs and escalating construction expenses are likely to act as significant barriers to new supply, further strengthening the pricing power and occupancy prospects of established players.

ACCELERATING TOURISM THROUGH POLICY AND INFRASTRUCTURE:

Domestic tourism remains the primary driver, bolstered by initiatives such as ‘Dekho Apna Desh, ‘Swadesh Darshan 2.0 scheme, ‘Chalo India campaign, e-visa policy and a rejuvenation of the ‘Incredible India campaign with the strong focus to improve visitor experience. The Union Budget, 2025 had an announcement of 50 top tourist destinations to be developed in partnership with states through challenge mode, ensuring world-class facilities and connectivity. Additionally, the Ministry of Tourism has sanctioned the development of 116 new tourist destinations across the country under various schemes in partnership with State Governments.

Notably Indias ranking according to the Travel and Tourism Development Index (TTDI) published by the World Economic Forum (WEF) has improved to 39th in 2024 as against 54th in 2021 amongst 119 countries indicating the impact of policy interventions by the Government. The Government of India estimates robust growth in the next five years with the sector expected to outpace the countrys economic growth by 15%. The FHRAI estimates suggest that international arrivals will exceed 17 million in 2025, generating over US$36 billion in foreign exchange earnings vs US$33 billion received in 2024.

LAYING THE GROUNDWORK FOR TOURISM:

The Governments focus on extensive buildout of physical infrastructure has tremendously supported the tourism industry. As per research from Knight Frank, in the decade between 2014 and 2024, Indias national highway network has jumped by ~50% to 146,000 kilometers and the operational subway/metro rail network has jumped by ~3 times to 902 kilometers, significantly boosting urban connectivity. The number of airports has doubled to 148 which has helped support air passenger traffic resulting in a jump of 121% in the latter, over the same period. In 2023, India overtook China as the worlds most populous country with a population of more than 1.4 billion. Yet, with only 2% of Indians traveling out of the country, there remains significant opportunity for growth. As per capita income increases, Indians will prioritize travel experiences especially for international destinations.

JLL forecasts that by 2030, India is expected to be the third-largest outbound travel market globally, with inbound and domestic travel expected to more than quadruple. This should create widespread opportunity for local developers, investors and hotel operators. The Indian Hotel Industrys depth and visibility in the Indian capital market ecosystem has also grown immensely with the market capitalisation of the sector increasing ~10 times from ~ 207 billion in March 2015 to ~ 2 trillion as of March 2025.

RISKS AND CHALLENGES:

While the outlook for the sector appears optimistic, the hospitality industry faces challenges, including:

• Geopolitical tensions in the Indian Subcontinent: The recent tensions India faces with its neighbours have increased the risk to business. As on the date of this Report, the country is in the middle of a war with Pakistan. The Company would take a cautionary view on the near-term to mid-term business scenario based on the longitude of the war and its outcome.

• Economic Sensitivities: Macroeconomic fluctuations, including inflationary pressures, interest rate volatility and instability in global markets, can directly impact corporate travel budgets and discretionary consumer spending. Chalet Hotels Limited (‘CHL) continues to mitigate this through a diversified portfolio mix, dynamic pricing models and a strong presence in both business and leisure segments

• Fears of economic slowdown: Amid rising global uncertainties and geopolitical tensions, concerns over a potential economic slowdown especially in major source markets could temper international travel demand. Continued focus on strengthening domestic demand drivers and expanding into resilient sub-segments like spiritual and wellness tourism provides a buffer.

• Impact of Reciprocal Tariff: The implementation of reciprocal tariffs and trade tensions, particularly with Western nations, may affect inbound international tourism from key markets. CHL remains agile in adapting marketing strategies to target alternative growth markets in Asia and the Middle East while boosting domestic demand.

Chalet Hotels Limited: Performance and Strategic Initiatives

CHL has delivered one of its strongest performance in FY25, driven by a combination of focused business strategy, disciplined execution and proactive growth initiatives.

Strategic acquisitions, thoughtful inventory expansion and a focus on operational efficiency have further enhanced performance and shareholder value. CHLs portfolio of upscale and luxury hotels, located in high-demand urban business hubs, has been uniquely positioned to benefit from the sharp rebound in both domestic and international travel.

Looking ahead, CHL is well-placed to capitalize on sustained growth opportunities, driven by rising occupancy levels, improved average room rates (ARR), and a strong pipeline of projects in key metropolitan markets.

In FY2025, CHL achieved a total income of 17.5 billion, marking a 22% increase compared to 14.4 billion in FY2024. Consequently EBITDA was 7.7 billion with a 28% growth and 44% margins. This performance was led by strong hospitality and leasing performance for the Company.

HOSPITALITY BUSINESS

Hospitality segment gave one of its best performances during the year. The annual revenue crossed the 15 billion milestone for the first time, reaching 15.2 billion led by robust rate growth and recovery in markets of Bengaluru and Hyderabad. EBITDA climbed to an all-time high of 6.8 billion, with EBITDA margins at 44.7%.

City-wise Revenue Contribution for FY2024/25

	Q1FY25	Q2FY25	Q3FY25	Q4FY25	FY25	FY24	YoY
ADR ()	10,446	10,532	12,944	14,345	12,094	10,718	13%
MMR	10,530	10,580	12,972	14,122	12,032	11,121	8%
Others	10,339	10,480	12,912	14,570	12,163	10,188	19%
Occupancy (%)	71%	74%	70%	76%	73%	73%	-
MMR	78%	75%	74%	80%	77%	77%	-
Others	63%	72%	60%	73%	68%	68%	-
RevPAR ( )	7,361	7,756	9,090	10,909	8,781	7,776	13%
MMR	8,210	7,969	9,622	11,265	9,239	8,513	9%
Others	6,488	7,540	8,562	10,581	8,329	6,915	20%

MMR represents Mumbai Metropolitan Region

Strategy driven growth:

During the year, CHL planted flags in two new geographies of Uttarakhand and Goa.

In August 2024, the company completed the acquisition of an 11-acre beachfront land parcel on the white sand beaches of Varca, South Goa for an enterprise value of 1.4 billion. The upper-upscale resort will feature around 190 keys.

In February 2025, the company completed the acquisition of the 141 keys luxury resort - The Westin Resort & Spa, Himalayas for an enterprise value of 5.3 billion. This strategic acquisition strengthens the companys position in the high growth leisure, spiritual and wellness tourism market, unlocking new opportunities for premium experiences and long-term value creation. This asset has been operational for 2 years and is expected to stabilise over the next 12 months on performance.

On the organic capacity addition front, CHL successfully completed the addition of 121 rooms to its flagship Bengaluru Marriott Whitefield property, taking the total inventory to 512 rooms. This represents a substantial 31% increase in room capacity within a single year, reinforcing the propertys position as a key business hospitality hub and enhancing its ability to cater to growing demand in one of Indias fastest-growing urban markets.

COMMERCIAL REAL ESTATE BUSINESS:

The Company currently has 2.4 million sq.ft. of Grade-A Commercial Real Estate Assets in the central business districts of Mumbai and Bengaluru. As of the close of the year, >70% of this space is leased and the business is clocking a monthly run rate of over 210 mn on revenues. For the whole year, the business reported revenue of 2 billion with a growth of 59% and EBIDTA of 1.5 billion with growth of 56% and margins of 78%.

RESIDENTIAL PROJECT:

The Company has one residential real estate project at Koramangala in Bengaluru with 9 residential towers completed and 2 residential towers under construction. The project also includes a 0.15 msf commercial unit for strata sale.

As of FY25	(Msf)	No. of Units	Avg Sale Price ( psf)
Residential (1+2+3)	0.86	321
1 Historical Sales	0.28	83	~7,700
2 New Sales	0.52	211	~19,700
3 Unsold	0.06	27
Commercial	0.15

We are on track to close entire sales much earlier than our original estimates. The Company has collected 8.3 billion from this project and the total receivables stand at 4.1 billion as of end of year FY25.

Projects under pipeline:

The Dukes Retreat, Khandala is undergoing a final stage of upgradation and repositioning with 73 keys currently operational. The resort will have 147 keys upon completion, with all keys expected to be ready within H1 FY26.

Work is progressing well at The Taj at Delhi Airport.

Our luxury beachfront resort at Varca, Goa, remains on track and is scheduled for completion in FY28.

The project at Airoli has experienced an unforeseen delay due to changes in NGT regulations. As a result, all projects located within a 5 km radius of a national park, including ours, are now required to seek clearance from the Central Government. This regulatory shift has impacted several developments across the country

The second commercial tower at The Westin Powai Complex CIGNUS II Powai is progressing on schedule and is expected to be to be completed towards the end of FY27.

CAPITAL STRUCTURE:

The business closed the year with a Net Debt outstanding of 20 billion down from 25 billion at the start of the year. This reduction in net debt has come despite an investment of ~ 10 billion on new acquisitions and deployment towards our pipeline under development. The Company has been striving to balance growth with effective capital structuring. On April 3, 2024, the Company successfully concluded the fund raise of 10 billion through a Qualified Institutions Placement (QIP). The funds have been utilized to support inorganic growth initiatives in the portfolio.

To diversify our debt instruments, during the year company raised 750 million by issue of privately placed Listed Non-Convertible Debentures at a fixed coupon of 8.35%. This is listed under the Wholesale Debt Market Segment (WDM) of BSE Limited.

During the year, the Companys ratings were upgraded by ICRA which moved from A- to A+ and by India Ratings and Research which moved from A- to AA-. In addition, the Company received a new rating from CRISIL at AA-. At the back of it, our cost of borrowing stands at 8.4% a reduction of 47 bps for the year.

In Mn	Mar - 25	Mar - 24	Mar - 23	Mar - 19	Mar - 18
Allocable to operating assets	13,139	11,486	11,768	13,572	23,323
Allocable to under-cunstruction/to be operationalized assets	6,771	~13,600	~12,600	~900	~3,700
Net Debt	19,909	25,086	24,368	14,472	27,023
Strategic investment*	11,409	6,596	5,985	656	1,100
EBITDA	6,804	5,742	5,023	3,668	3,005
Interest Rate (%)	8.4%	8.9%	8.8%	9.4%	8.4%

Note: Net debt does not include preference shares and inter-corporate deposits *Includes capital expenditure and strategic acquisitions

SUSTAINABILITY COMMITMENT:

CHLs dedication to sustainability is evident in its improved Dow Jones Sustainability Index (DJSI) score, which increased by 18% to 67, ranking 6th among global hotels, resorts, and cruise lines and highest in India. Additionally, the count has now reached to six properties for USGBC LEED Gold and Platinum recognitions.

INTERNAL CONTROL SYSTEMS AND ITS ADEQUACY:

Your Company has well-established policies and procedures, for internal control of operations and activities. On a consistent basis, your Company strives to integrate the entire organization from strategic support functions to core operational functions. In line with this, Chalet follows standards that enables robust implementation of internal financial control across the organisation. The findings and recommendations of the statutory and internal auditors are periodically reviewed by the Board, who thereon suggest corrective actions, as and when required. The Audit Committee proactively checks and balances the relevance and reliability of the internal control systems and suggests improvements to strengthen the same.

THREATS & RISKS:

Details of risks have been enumerated in the Integrated Reporting section. For further details, please refer to page no. 80

HUMAN RESOURCES:

Details of human resources have been enumerated in the Human Capital section. For further details, please refer to page no. 50

Results of Operations for the year ended March 31, 2025

The Companys Consolidated financial performance for the year ended March 31, 2025

Particulars	For the year ended
	31-Mar-25	31-Mar-24	Change %
Revenue from Operations	17,178.25	14,172.52	21%
Other Income	362.97	197.86	83%
Total Income	17,541.22	14,370.38	22%
Total Expenses	9,819.33	8,326.60	18%
EBITDA	7,721.89	6,043.78	28%
Depreciation and amortization expenses	1,787.96	1,383.70	29%
Finance costs	1,590.82	1,966.55	-19%
Profit before tax	4,343.11	2,693.53	61%
Tax Expense	2,918.17	(88.28)
Profit for the year	1,424.94	2,781.81	-49%

 

Particulars	Q4FY25	Q3FY25	Q2FY25	Q1FY25
Revenue from Operations	5,219.74	4,577.91	3,770.54	3,610.06
Other Income	154.01	66.64	61.30	81.02
Total Income	5,373.75	4,644.55	3,831.84	3,691.08
Total Expenses	2,805.26	2,531.00	2,275.38	2,207.69
EBITDA	2,568.49	2,113.55	1,556.46	1,483.39
Depreciation and amortisation expenses	497.82	477.08	423.73	389.33
Finance costs	482.47	452.97	338.54	316.84
Profit/(Loss) before exceptional items and tax	1,588.20	1,183.50	794.19	777.22
Tax Expense	349.85	218.27	2,179.30	170.75
Profit/(Loss) for the period	1,238.35	965.23	(1,385.11)	606.47

Revenue Break–up

Particulars		For the year ended
	31-Mar-25	31-Mar-24	Change %
Hospitality	15,208.47	12,931.76	18%
Room Revenue	9,626.17	7,996.73	20%
Food & Beverage Revenue	4,545.60	4,008.13	13%
Other Revenue	1,036.70	926.90	12%
Rental & Annuity	1,969.78	1,240.76	59%
Lease Rent	1675.26	1089.96	54%
Maintenance and other recoveries	276.81	134.14	106%
Revenue from other services	17.71	16.66	6%
Other Income	362.97	197.86	83%
Total Income	17,541.22	14,370.38	22%

Hospitality FY25 performance:

Hospitality revenue increased by 18% compared to the previous year, comprising 87% of the consolidated revenues

Room revenue increased by 20% against the previous year, and 13% increase in Average Daily Rates (ADR) for the year.

Food and Beverages revenue increased by 13% to 4,545.60 million

Other Revenue increased by 12% over the previous year.

Hospitality KPI

Particulars		For the year ended
	31-Mar-25	31-Mar-24	Change %
ADR ()
MMR*	12,032	11,121	8%
Other Cities	12,163	10,188	19%
Combined	12,094	10,718	13%
Occupancy %
MMR	77%	77%	0%
Other Cities	68%	68%	1%
Combined	73%	73%	0%
RevPAR
MMR	9,239	8,513	9%
Other Cities	8,329	6,915	20%
Combined	8,781	7,776	13%

*MMR represents Mumbai Metropolitan Region

Rental and Annuity:

Revenue from Rental and Annuity grew by 59% at 1,969.78 million against 1,240.76 million in previous year led primarily by the leasing of new commercial spaces in Mumbai and Bengaluru.

Real Estate:

During the year, the Company recorded sales of 90 units in its Residential project at Koramangala, Bengaluru and the total sales till date stands at 294 units. Revenue will be recognized upon the handover of flats, expected in FY26.

Operating Expenses:

Operating expenses for the year increased by 18% compared to the previous year, corresponding with the rise in revenues.

Particulars		For the year ended
	31-Mar-25	31-Mar-24	Change %
Real estate development cost	84.82	85.06	0%
Food and beverages consumed	1,168.09	1,055.83	11%
Operating supplies consumed	425.09	397.36	7%
Employee benefits expense	2,344.78	1,945.64	21%
Power and fuel	840.53	720.24	17%
Other expenses	4,956.02	4,122.47	20%
Total Expenses	9,819.33	8,326.60	18%

Note:

Real Estate development cost pertaining to the residential project in Bengaluru was 84.82 million similar to last year.

Food and Beverages consumed for the period were higher by 11% aligning with the growth in Food and Beverage revenue.

Operating Supplies consumed increased by 7% and other expenses rose by 20% due to business growth.

Employee benefit expenses increased by 21% over last year. Employee cost constituted 14% of revenue from operations for the year, consistent with the previous year.

Additional details of the cost control initiatives are provided in page no. 70 and on HLP is provided in page no. 40

EBITDA

Due to various cost control measures, EBITDA increased by 28% to 7,721.89 million from 6,043.78 million last year. The higher EBITDA margin of 44% compared to 42% indicates a healthy flowthrough in the business.

Depreciation and amortization expenses was 1,787.96 million for the year as compared to 1,383.70 million.

Finance costs amounted to 1,590.82 million, which represents a decrease of 375.73 million from the previous year. Despite increased investments in assets and land acquisitions for the year, the interest remained low due to an increase in operating cash flow and QIP proceeds. The average cost of Rupee loans for the year was 8.40%, compared to 8.87% in the previous year. Profit for the year was 1,424.94 million compared to 2,781.81 million in the previous year. This change was due to a one-time impact on deferred tax reversal following the withdrawal of indexation benefits under the Finance (No. 2) Act, 2024. The Holding Company reversed deferred tax assets of 2,021.72 million in Q2 FY25.

Equity & Debt

Particulars	For the year ended
	31-Mar-25	31-Mar-24
Equity share capital	2,184.55	2,054.74
Other equity	28,277.92	16,458.68
Non - Controlling interests	-5.45	-4.74
Total equity	30,457.02	18,508.68
Gross Debt (Excl Pref Capital & ICD from Promoters)	23,573.93	26,854.87
Debt / Equity	0.77	1.45

The capital expenditure for FY25 was 6,109.00 million towards ongoing projects. This excludes the acquisition cost of The Westin Resort & Spa, Himalayas, at an enterprise value of 5,300 million.

Equity

Total Equity increased by 11,948.34 million. At the start of the financial year, the Company raised 10,000 million through a Qualified Institutions Placement (QIP).

Working Capital movement

Particulars	For the year ended
	31-Mar-25	31-Mar-24	Change %
Debtors Turnover1	25.76	24.84	4%
Inventory Turnover2	8.04	8.88	9%
Current Ratio3	0.53	0.46	15%
Interest Coverage Ratio4	4.85	3.07	58%

1: Revenue from operations/ Average Trade Receivable

2: Cost of goods sold (Excluding Residential Segment) / Average Inventory of Hotel Units

3: Current Assets/ Current Liabilities

4: Earnings before interest, depreciation, amortization, and tax (EBITDA)/ Interest Cost of the period

Cashflow:

Particulars	For the year ended
	31-Mar-25	31-Mar-24
Net Cash from Operating Activities	9,503.85	6,894.37
Net Cash Used in Investing Activities	-13,853.78	-6,348.55
Net Cash from/ (Used in) Financing Activities	4,955.91	-1,077.96
Net Change in Cash and Cash Equivalent	605.98	-532.14

Standalone Financials

Revenue from operations comprise 96% of the Companys Total Income on a Standalone basis.

Particulars	For the year ended
	31-Mar-25	31-Mar-24	Change %
Revenue from Operations	16,265.65	13,915.56	17%
Other Income	551.51	271.07	103%
Total Income	16,817.16	14,186.63	19%
Total Expenses	9,174.68	8,211.03	12%
EBITDA	7,642.48	5,975.60	28%
Depreciation and amortisation expenses	1,571.46	1,358.12	16%
Finance costs	1,371.23	1,932.67	-29%
Profit before income tax	4,699.79	2,684.81	75%
Tax Expense	2,984.08	-98.01
Profit/(Loss) for the year	1,715.71	2,782.82

The standalone Revenue from Operations for the year increased by 17% to 16,265.65 million compared to the previous year, driven by a 13% growth in the Hospitality segment and a 59% increase in the Rental & Annuity segment. EBITDA reached 7,642.48 million with a 45% margin this year, up from 5,975.60 million and a 42% margin last year. The annual profit was 1,715.71 million, down from 2,782.82 million the previous year. This decline was due to a one-time deferred tax reversal impact after indexation benefits were withdrawn under the Finance Act, 2024. The Company reversed deferred tax assets of 2,021.72 million in Q2 FY25.

Exhibit 1:

Key Ratios (basis Consolidated Financial Statements)

Particulars	For the year ended
	31-Mar-25	31-Mar-24	Change %
Operating Profit Margin (%)1	34%	32%	2 pp
Net profit Margin (%)2	8%	19%	-11 pp
Return on Net Worth (%)3	5%	15%	-10 pp

Note: pp: percentage points

1: Operating Margin (%) = Earnings Before Interest & Taxes/Total Income 2: Net Profit Margin (%) = Net Profit/Total Income 3: Return on Net Worth (%) = Profit after Tax/Net Worth