Chalet Hotels Ltd Management Discussions.

"Strength does not come from physical capacity. It comes from an indomitable will."

– Mahatma Gandhi

Over the past fifteen months we have been battling the biggest known pandemic of the century which has united the world in many ways. However, even the united world has struggled to fix the problem in a permanent way. It is the sheer INDOMINABLE WILL that has allowed the fittest to survive the storm.


As per World Banks GEP (Global Economic Prospects) Report of January 2021, the COVID-19 pandemic that has caused major disruptions in the global economy is expected to leave long-lasting adverse effects on global economic activity and per capita incomes. A comprehensive policy effort is needed to rekindle robust, sustainable and equitable growth.

IMF in its World Economic Outlook report April 2021 states ‘Global prospects remain highly uncertain one year into the pandemic. New virus mutations and the accumulating human toll raise concerns, even as growing vaccine coverage lifts sentiment. Economic recoveries are diverging across countries and sectors, reflecting variation in pandemic-induced disruptions and the extent of policy support. The report further states, ‘Global growth is projected at 6 % in 2021, moderating to 4.4 % in 2022.


As per the International Monetary Fund and the Reserve Bank of India, Indias GDP witnessed a de-growth of 7.7% for Financial Year 2020-21. The Consumer Price Index was also at an all time low of 3.7. As per a World Banks GEP January 2021, Indias economy is estimated to contract by 9.6% in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4% in 2021. Various measures by the government to aid the industry and the economy have helped in tiding the crisis, but the aftermath of the pandemic is expected to stay in the near to medium term.


As per the Indian Hospitality – The Stats & Pulse Report FY21 by Hotelivate RevPar in the Asia Pacific region witnessed a decline of 71% in 2021 over 2020.


The performance of the hospitality sector for FY21 will remain etched in history. As per Hotelivates Report the year would have closed with a nationwide Occupancy of 33.8% and an Average Room Rate of 4,013 which represents close to 50% decline in occupancy and a 33% decline in ADR over FY20. It is noteworthy that over 5,000 new rooms opened across the nation in this fiscal, despite the grim situation of the industry. Further, some segments of the industry such as leisure hotels continued to maintain levels at nearly pre-COVID rates, for the period from October 2020 to February 2021.

In the mid to long term, the report states forecasted occupancy in India to be 52.7% in FY22 and 64.9% in FY23 driven by post pandemic resurgence and muted growth on the supply side. Indias recovery from the pandemic was envious until the second wave, which witnessed a rapid spurt in cases beginning in March 2021. The vaccination drive and various initiatives across the country give a ray of hope.

Evolving Market Conditions in India

The Financial Year 2021 began amongst the restrictions laid down by the Central and various State Governments. The Indian economy started opening up in the first quarter as the governments cautiously began removing restrictions and we experienced positive indications with businesses slowly gaining momentum. The Indian hospitality industry too saw new guidelines allowing the opening of economic activities. Hotels could open their doors to regular guests in all the four cities that our portfolio hotels are located in. Globally accepted safety and hygiene protocols and SOPs became the norm at our hotels. Digital solutions, such as e-menus, contactless payment options and digital room keys enabled through smartphones started getting incorporated at our hotels. 2021 started with hope amidst news of several vaccines on the brink of roll-out. Indias vaccine drive started earlier than expected in January 2021, with priority being given to high risk categories. Number of cases dropped significantly in February 2021 boosting the public sentiment across the country. Businesses picked-up and travel started picking pace.

However, India saw the emergence of a massive second wave of COVID in March. The average daily count of new cases went up from ~10,000 in March to ~4,00,000 by the end of April. Major cities Mumbai, Delhi, Bangalore, Pune were all hit badly by this wave and lockdowns/re-imposing of restrictions by the government returned to contain the virus spread.

On the positive side, Indias vaccination drive is slowly but steadily picking pace. As on May 14, 2021 India has vaccinated ~140 mn people with the first dose and ~ 40 mn people with the second dose which is third highest in the world at 13% of all the first doses administered. The expansion of vaccine manufacturing facilities is currently underway and is expected to take care of the current shortfall. Further, the Government of India has extended financial support to vaccine manufacturers to augment production. The State Governments are also focusing on expediting the vaccination drive.

With the progress on the vaccines and stable policy environment the mid to long term recovery for the economy and Hospitality industry remains unaffected. IMF in the past few days has raised Indias GDP forecast to 12.5% for 2021 while the RBI is expecting a recovery of 10.5% for the fiscal year ending March 2022. According to a recent Bloomberg survey in March 2021, economists had raised Indias 2021 GDP forecast by an average of ~100 bps as compared to February 2021 which is the highest movement across Asia.

Domestic air traffic is constantly growing. As per data published by DGCA for the quarter October to December 2020 domestic air traffic grew by 113% as against from July to September 2020 and has continued to witness a steady increase in the first 3 months of the year 2021 the monthly number was further up by 23% as compared to the preceding quarter. However, with the onslaught of the second wave of COVID from early April 2021, there has been a short-term dip in domestic air traffic. As per a report by Hotelivate, while over two thirds of the decline in air passenger traffic is expected to be reversed in FY22, it is expected that the number of passengers will reach pre-COVID levels only by the close of FY23 or mid FY24.

The Government of Maharashtra has rolled out several initiatives to alleviate the pains of the hospitality industry. The tourism ministry regularly engaged with the industry bodies (HAI & HRAWI) to understand the needs of the industry and after several meaningful interactions with the industry representatives, the Government of Maharashtra announced the following:

• waiver of property tax in respect of rooms that housed doctors

• 6-month waiver on liquor license excise fee and industry rate benefits for electricity, water and property tax, extended to Hotels.

With Maharashtra as the benchmark, similar initiatives were being worked upon in Karnataka and Telangana and in the month of February 2021, the Government of Karnataka also awarded industry status to the hospitality industry with similar benefits.

Our Resolute Response

We started the year with a 2-pronged approach on protecting cash-flows and sustaining the business:

Phase 1: Surviving COVID Crisis

The strategy was developed at the onset of the pandemic and Phase I was in action from March to June 2020. During this phase, the Company focused on conserving cashflows, by clamping hard on expenses, halting all ongoing projects, besides strict implementation of COVID protocols and SOPs for the safety of guests and associates. New revenue streams such as Special Purpose Groups, quarantine for Vande Bharat passengers, medical and front-line workers, seafarers were targeted to drive occupancy in hotels. The Company extended support to authorities fighting COVID by supplying PPE Kits and meal packets to frontline and healthcare workers. Our Hotels offered rooms to MCGMs medical teams engaged in fighting the pandemic from April till November 2020.

Phase 2: Post-COVID strategy

In this phase, focus moved to boosting revenues and stabilising costs. New revenue streams were identified such as Drive-in Breakfast, Staycation, Workcation, food delivery & takeaways, etc., all while not taking eyes o_ continuous cost saving initiatives. During the year under review, the Company recorded a reduction of ~70% in Variable Costs and ~50% in Fixed Costs. Repurposing unutilised or underutilised spaces at the properties, also added to revenue during the year under review.

Our city-wise performance for FY 2020-21

FY21 FY20 Y-o-Y %
ADR ()
MMR 4,056 8,309 -51%
Bengaluru 4,611 9,093 -49%
Hyderabad 4,161 8,688 -52%
Pune 2,871 5,255 -45%
Combined 4,040 8,482 -52%
Occupancy %
MMR 35% 72% -3700 bps
Bengaluru 24% 73% -4900 bps
Hyderabad 19% 70% -5100 bps
Pune 28% 41% -1200 bps
Combined 30% 71% -4100 bps
RevPAR ()
MMR 1,415 5,942 -76%
Bengaluru 1,127 6,593 -83%
Hyderabad 794 6,115 -87%
Pune 805 2,130 -62%
Combined 1,214 6,022 -80%

MMR: Mumbai Metropolitan Region

Novotel Pune was acquired in February 2020 and hence only included for 2 months in the previous year


Hospitality Operations

The Average Daily Rate or ADR for the hospitality portfolio of Chalet, was 4,040 for the year under review, whilst the overall occupancy levels were at 30% for the financial year ended March 31, 2021.

Overall, the entire year has borne the brunt of the pandemic and all the key metrices of the Company such as ADR, Occupancy and RevPar reflect the same.

EBITDA deficit margins were reduced by optimising fixed and variable costs.

Some of the measures taken for reducing costs include:

1. Reviewed & lowered fixed costs:

a. Renegotiated AMCs revising scope and lowering annual contract rates

b. Shutdown in-house laundry at the Hotels at Powai and Sahar in Mumbai. Complete laundry operations are now outsourced to a third-party and laundry costs have been brought down

c. Reduced Minimum Demand for electricity load at all locations thereby reducing fixed charges

d. Renegotiated service contracts like Hi-speed internet access, Satellite TV, transport services to revise scope and lower costs

e. Improved employee productivity

f. Finance function centralised for hotels managed by Marriott Group; Central Finance Hub created in Mumbai

2. Reviewed & lowered variable costs:

a. Renegotiated with vendors to extend previous years or lower rates wherever possible

Commercial Operations

The two commercial towers of the Company at Sahar, Mumbai and Whitefield, Bengaluru continue to contribute to steady revenue and cash flows. The retail portfolio witnessed closure of various units both at Sahar and Bengaluru. Repurposing of the Retail operations at Sahar, Mumbai into largely commercial office space and retaining a few F&B outlets to support the commercial set up has been approved by the Board and necessary steps are being taken in this direction. The retail operations at Whitefield, Bengaluru will continue to be closely monitored taking into consideration the demand drivers.


An overview of the updated portfolio of the Company has been provided on Page 06 of this report.


The projects pertaining to development of new hotels, expansion and product improvement plans excluding the renovation at Renaissance Mumbai Convention Centre Hotel, Powai (Renaissance, Powai) have been kept on hold and will be paced appropriately after assessment of the impact of COVID-19 on the business, demand and consumer behaviour. On the commercial side, the construction of nearly 1.2 Million square feet is underway at two locations, i.e. at Powai at Mumbai and at Whitefield in Bengaluru. The commercial projects have been restarted after being suspended temporarily due to imposition of lockdown across the country during the year under review. Improvements are also being carried out with a view to repurpose the unutilised portion of the retail complex at Sahar as Office/ Commercial space.

Re-Branding Hotels

Your Company had entered into an agreement with Marriott and its affiliates for rebranding of the existing hotel viz. Renaissance Mumbai Convention Centre and Hotel, Powai, as ‘Westin Mumbai Powai Lake.

The requisite upgrade of the asset for the same is expected to be completed in two phases, in the FY22 and FY23.

Residential Project – Koramangala, Bengaluru

Completion of the residential project at Bengaluru, is now being proposed, after being on hold since FY14 due to ongoing litigation. The Company has initiated the process for renewing / applying for permissions and discussions with the flat purchasers are underway. Work on the project is expected to commence in the second quarter of FY22.


We are a people-led organisation. We strive to be an employer of choice by encouraging our employees to reach their highest potential in an engaging, professional work environment. Read more on Page 34


We have an integrated risk management framework ensuring effective governance of operational and strategic risks.

Read more on Page 44


The Internal Financial Control Systems including inter-alia the Internal Audit and Internal Controls are commensurate with the size and scale of your Companys operational and commercial activities.

The internal control systems provide assurance regarding the effectiveness and e_ciency of operations, safeguarding of assets, reliability on financial control and compliance with applicable laws. The operations of the hotel are largely managed through globally reputed hospitality companies which have their respective internal control systems in place.


Results of Operations for the year ended March 31, 2021

The Companys Consolidated financial performance for the year ended March 31, 2021

(Rs. in million)
For the year ended
Particulars March 31, 2021 March 31, 2020 Change %
Revenue from Operations 2,943.87 9,808.49 -70%
Other Income 223.38 278.97 -20%
Total Income 3,167.25 10,087.46 -69%
Total Expenses 2,873.35 6,379.52 -55%
EBITDA from Continuing operations 293.90 3,707.94 -92%
EBITDA from discontinued Operations (40.62) (62.82)
EBITDA 253.28 3,645.12
Depreciation and amortisation expenses 1,174.62 1,133.17 4%
Finance costs 1,519.78 1,461.76 4%
(Loss)/Profit before Exceptional items and Tax (2,441.12) 1,050.19
Exceptional items (41.71) (41.71) 0%
(Loss)/Profit before income tax (2,482.83) 1,008.48
Tax Expense (1,091.55) 12.22
(Loss)/Profit for the year (1,391.28) 996.26
(Rs. in million)
Particulars Q4FY21 Q3FY21 Q2FY21 Q1FY21
Revenue from Operations 978.27 850.77 588.77 526.20
Other Income 42.55 65.26 52.37 63.20
Total Income 1,020.82 916.03 641.14 589.40
Total Expenses 956.63 746.63 611.41 586.43
EBITDA from Continuing operations 64.19 169.40 29.73 2.97
EBITDA from discontinued Operations (13.01)
EBITDA 51.18 169.40 29.73 2.97
Depreciation and amortisation expenses 286.74 294.61 297.09 296.18
Finance costs 351.93 374.00 393.07 400.78
(Loss) / Profit before Exceptional items and Tax -587.49 -499.21 -660.43 -693.99
Exceptional items -10.16 -10.59 -10.58 -10.38
(Loss)/Profit before income tax -597.65 -509.80 -671.01 -704.37
Tax Expense -337.81 -199.52 -243.53 -310.69
(Loss) / Profit for the year -259.84 -310.28 -427.48 -393.68

The worst pandemic of the century which started at the end of December 2019 in China and came to India in early 2020 has kept business uncertainty high across the globe for over a year now. The Company saw business impact from March 2020 onwards, as detailed in the business update.

In addition to the annual performance, an analysis of the sequential quarterly performance for the 4 quarters in FY21 has also been made available in this document.

The Company saw a gradual pick-up in business performance quarter on quarter in FY21 as the Central, State and local Governments systematically eased restrictions and public confidence grew.

• Revenue increased from 589 million in Q1FY21 to 1,021 million in Q4FY21.

• The company reported positive EBITDA through the period which moved up from 3 million in Q1FY21 to 169 million in Q3FY21 and dropped to 64 million in Q4FY21 due to the severe second wave.

Revenue Break-up

(Rs. in million)
For the year ended
Particulars March 31, 2021 March 31, 2020 Change %
Hospitality 2,017.95 8755.01 -77%
Room Revenue 1,131.66 5,218.77 -78%
Food & Beverage Revenue 683.77 2,798.21 -76%
Other Revenue 202.52 738.03 -73%
Retail & Commercial 925.92 1000.54 -7%
Lease Rent 827.54 810.51 2%
Maintenance and other recoveries 80.73 122.53 -34%
Revenue from other services 17.65 67.50 -74%
Real Estate
Sale of residential flats 0.00 52.94 -100%
Other Income 223.38 278.97 -20%
Total Income 3167.25 10087.46 -69%
Hospitality FY21 performance:

• Hospitality revenue declined by 77% against previous year and formed 64% of the consolidated revenues

• Room revenue declined by 78% against the previous year, driven by 52% decline in Average Daily Rates (ADR) for the year while the Occupancy contracted by 4100 Bps to 30% for the same period

• Food and Beverages revenue dropped by 76% to 684 million

• Other Revenue declined by 73% over the previous year led by limited services at the hotels

(Rs. in million)
Particulars Q4FY21 Q3FY21 Q2FY21 Q1FY21
Hospitality 723.77 624.75 359.39 313.37
Room Revenue 369.71 310.19 236.62 215.14
Food & Beverage Revenue 272.91 261.16 93.02 56.68
Other Revenue 81.14 53.41 29.75 41.55
Retail & Commercial 257.70 226.01 229.38 212.83
Other Income 38.71 65.26 52.37 63.20
Total Income 1,021.12 916.02 641.14 589.40

Hospitality performance

(Rs. in million)
Particulars March 31, 2021 March 31, 2020 Change % Q4FY21 Q3FY21 Q2FY21 Q1FY21
Consolidated ADR () 4,040 8,482 -52% 4,173 4,023 4,030 3,860
MMR* 4,056 8,309 -51% 4,562 4,110 3,812 3,616
Bengaluru 4,611 9,093 -49% 3,900 4,520 5,337 5,245
Hyderabad 4,161 8,688 -52% 4,067 4,196 4,726 3,958
Pune** 2,871 5,255 -45% 2,888 2,835 2,930 -
Consolidated Occupancy % 30% 71% -4,100 bps 39% 33% 25% 24%
MMR* 35% 72% -3,700 bps 39% 37% 33% 30%
Bengaluru 24% 73% -4,800 bps 35% 24% 20% 19%
Hyderabad 19% 70% -5,100 bps 27% 22% 9% 18%
Pune** 28% 41% -1,200 bps 63% 42% 7% -
Consolidated RevPAR 1,214 6,022 -80% 1,610 1,318 1,007 926
MMR* 1,415 5,942 -76% 1,788 1,506 1,272 1,099
Bengaluru 1,127 6,593 -83% 1,360 1,087 1,050 1,016
Hyderabad 794 6,115 -87% 1,095 934 442 711
Pune** 805 2,130 -62% 1,831 1,188 214 -

*MMR represents Mumbai Metropolitan Region

**Novotel Pune was acquired in February 2020 and hence only included for 2 months in the previous year

Quarterly performance:

• Hospitality revenues grew from 313 million in Q1FY21 to 724 million in Q4FY21

• Room revenues grew from 215 million to 370 million from Q1 to Q4 of FY21 led by occupancy expansion of 1,500 bps to 39% during the same period

• ADR during the year improved from 3,860 to 4,173 from Q1FY21 to Q4FY21

• With easing in restrictions on dining out and banqueting events, curation of innovative streams of revenue, Food and Beverages revenue grew from 57 million in Q1FY21 to 273 million forming 38% of Q4FY21 revenues

• Food & Beverage revenues declined by 76% for the year, in line with the weak consumer demand environment

• Novotel Pune Nagar Road Hotel and Four Points by Sheraton Vashi were closed during Q1FY21 to consolidate business during the first phase of the lockdown and to optimise spends

Retail and Commercial:

• Steady rentals from commercial helped us keep our head above water

• Segment Revenues declined by 8% against the previous year. Rental revenues from commercial segment remained steady. Due to lockdown restrictions the retail business were primarily closed during the first 2 months of the year while we saw gradual pick-up in footfalls during the remaining months as public sentiment gradually improved

Real Estate:

• The Segment saw no income or sale as there were no ongoing residential projects during the year. The previous year revenue was at 53 million led by sale of the last 3 residential flats at the Hyderabad project which concluded the project in the same period

Other Income for the period decreased to 223 million against 279 million for the previous year due to lower export benefit and entitlement income in the current year and a gain on mark to market of derivative contracts in the previous year.

Operating Expenses:

Operating expenses for the period were lower by 55% against the previous year in line with business contraction on account of the pandemic.

(Rs. in million)
For the year ended
Particulars March 31, 2021 March 31, 2020 Change %
Real estate development cost 95.06 228.9 -58%
Food and beverages consumed 242.87 828.39 -71%
Operating supplies consumed 123.35 306.71 -60%
Employee benefits expense 906.57 1516.67 -40%
Other expenses 1505.50 3498.85 -57%
Total Expenses 2873.35 6379.52 -55%

• Real Estate development cost was at 95 million against 229 million in the previous year

• Food and Beverages consumed for the period was lower by 71% and in-line with the decline in our Food and Beverage Revenue and cost control initiatives by the company

• Operating Supplies consumed declined by 60% and other expenses declined by 57% due to lower operations during the period and cost control initiatives

• Employee benefit expenses were lower by 40% led by initiatives to increase employee productivity and efficiency. Employee cost was 37% of revenue for the year

• Additional details on cost control initiatives are provided in the Business Section, while you may read further on energy initiatives on Page 31.


Earnings before interest, depreciation, amortisation and tax (EBITDA) before exceptional items was at 253 million as compared to the previous year of 3,645 million. EBITDA margin for the period was at 8% against steady state 36.1% for the previous year. In the current financial year, the Company has discontinued its retail operations at Sahar, Mumbai and will rejig a large part of the property for commercial purposes continuing with couple of F&B/retail outlets. The Income and EBITDA of retail operations at Sahar, Mumbai has been disclosed separately as income and EBITDA from discontinued business operations. The discontinued business costs include all direct and indirect costs of retail operations at Sahar, Mumbai.

Excluding this, EBIDTA from Continuing operations was at 294 million as against 3,708 million during the previous year.

Depreciation and amortisation expenses were steady at 1,175 million for the year as compared to 1,133 million.

Finance costs were at 1,520 million which was higher by 58 million from the previous year. The average cost of Rupee loans for the year was at 8.04% as compared to 9.20% for the previous year.

Exceptional Items

Particulars For the year ended
March 31, 2021 March 31, 2020
Provision for estimated cost in relation to potential cancellation 41.71 41.71

The Company had commenced a residential project at Bengaluru after obtaining requisite approvals. During the year 2013-14, Hindustan Aeronautics Limited (HAL) had raised an objection with regard to the permissible height of the buildings. Pursuant to an interim order passed by the Karnataka High Court, in the writ petition filed by the Company, the Company had suspended construction activity at the Project and sale of flats. Provision for interest in relation to potential cancellations of 41.71 million for the year ended March 31, 2021 (March 31, 2020: 41.71 million) is reflected as an exceptional item. By judgement dated May 29, 2020 the Honorable High Court of Karnataka has allowed the writ petition in part, quashing the cancellation of the NOC and remanding back the matter to HAL for re-survey in a time bound manner and thereafter to proceed in accordance with law. The Company has filed an appeal in November 2020 against the said Order. Management is of the view that no changes are required on this account in the financial statements as at and for the year ended March 31, 2021.

Profit/(Loss) for the year

Loss for the year with discontinued operations was at 1,391 million against a profit of 996 million in the previous year. The cash burn from operations (EBITDA less Finance Cost) for the Company was at 1,267 million as against a cash gain of 2,183 million in the previous year.

Equity & Debt
(Rs. in million)
For the year ended
March 31, 2021 March 31, 2020
Equity share capital 2,050.24 2,050.24
Other equity 12,110.38 13,495.27
Non-Controlling interests (3.22) (2.70)
Total equity 14,157.40 15,542.81
Non-cumulative redeemable preference shares 1,194.61 1,107.99
Gross Debt (excluding Preference Share Capital) 19,388.63 17,907.49
Debt / Equity 1.37 1.15

• For the year ending March 31, 2021 the ECB exposure was at USD 20.80 million at the end of the year as compared to USD 26.24 million at the beginning of the year.

• The capital expenditure for FY21 was at 1,159 million towards ongoing projects


Total equity was lower by 1,385 million accounting for losses for the year.

Working Capital movement
(Rs. in million)
For the year ended
Particulars March 31, 2021 March 31, 2020 Change %
Debtors Turnover1 14.64 24.21 (40%)
Inventory Turnover2 0.81 2.57 (69%)
Current Ratio3 0.73 0.90 (19%)
Interest Coverage Ratio (Continuing operations)4 0.17 2.54 (92%)

1: Total Income/ Trade receivable

2: Total Income / Inventories

3: Current assets/ Current liabilities

4: Earnings before interest, depreciation, amortisation, exceptional items and tax (EBITDA)/ Finance Costs

Debtors and inventory turnover were lower due to conscious efforts from the Company towards cash management. Interest coverage ratio was lower due to lower EBIDTA on account of business impact from the pandemic.

(Rs. in million)
For the year ended
March 31, 2021 March 31, 2020
Net Cash from Operating Activities 601.71 2,524.41
Net Cash from Investing Activities (499.22) (3,937.24)
Net Cash from Financing Activities (340.89) 1,327.86
Net Change in Cash and Cash Equivalent (238.40) (84.97)

Standalone Financials

The Total Income as per the Companys Standalone Financials accounts for 96.3% of the Total Income as per the Companys Consolidated Financial results.

(Rs. in million)
For the year ended
Particulars March 31, 2021 March 31, 2020 Change %
Revenue from Operations 2,843.17 9,762.45 -71%
Other Income 207.10 272.44 -24%
Total Income 3,050.27 10,034.89 -70%
Total Expenses 2,702.77 6,542.16 -59%
EBITDA from Continuing operations 347.50 3,492.73 -90%
EBITDA from discontinued Operations 40.62 62.82
EBITDA 306.88 3,429.91
Depreciation and amortisation expenses 1,076.34 1,113.66 -3%
Finance costs 1,450.08 1,446.13 0%
(Loss)/Profit before Exceptional items and Tax (2,219.54) 870.12
Exceptional items (41.71) (41.71)
(Loss)/Profit before income tax (2,261.25) 828.41
Tax Expense (1,093.21) 12.27
(Loss)/Profit for the year (1,168.04) 816.14

Standalone Revenue of the year de-grew by 70% to 3,050 million against previous year led by 77% decline in Hospitality segment while Retail and Commercial segment declined by 7% led by pandemic led events.

Earnings before interest, depreciation, amortisation and tax (EBITDA) including discontinued operations was at 307 million with margin of 10.1% for the year as compared to 3,430 million with a margin of 34.2% in the previous year.

Loss for the year was at 1,168 million as compared to profit of 816 million in the previous year.