Royal Orchid Hotels Ltd Management Discussions

Economic Outlook

The IMFs April 2025 World Economic Outlook highlights a significant deceleration in global growth projections due to unprecedented tariff escalations by the United States and retaliatory measures from major economies. These developments have pushed global tariff rates to century highs, disrupting integrated supply chains and raising uncertainty across markets. As a result, global trade growth has been revised down by 1.5 percentage points for 2025, with wider effects anticipated across emerging markets, including India. The combined impact of rising production costs, weakened demand, and tightened financial conditions is likely to slow investment and economic activity in the near term.

Amidst these global headwinds, the report urges economies to prioritize monetary policy stability, structural reforms, and targeted fiscal discipline to weather shocks. It emphasizes the importance of leveraging healthy aging and migration integration to strengthen labor supply and long-term productivity. The IMF also stresses the need for predictable trade frameworks, innovation through AI adoption, and digital infrastructure development. For the hospitality sector, including Royal Orchid Hotels, these macroeconomic shifts underline the need to stay agile, manage costs efficiently, and tap into emerging domestic demand segments amid global uncertainty.

GDP Growth

Indias economy continues to grow at a steady and confident pace, standing out as the fastest growing major economy in the world. Gross Domestic Product (GDP) is a measure of size and health of the economy. It is the total value of all the goods and services produced within a country. In 2024 25, real GDP growth was estimated at 6.5 per cent. The Reserve Bank of India expects the same rate to continue in 2025 26. This performance comes at a time when the global economy faces uncertainty, making Indias steady momentum all the more significant.

Supported by strong domestic demand, easing inflation, robust capital markets and rising exports, the broader economic picture is one of resilience and balance. Key indicators such as record foreign exchange reserves, a manageable current account deficit, and increasing foreign investment reflect growing global trust in Indias long-term prospects. Together, these trends show an economy that is not only expanding but doing so with strength across sectors.

Indias growth story continues to draw global attention, backed by strong fundamentals and consistent performance. Real GDP, which measures the economys output after removing the effects of inflation, expanded by 6.5 per cent in 2024 25. The Reserve Bank of India expects this pace to continue into 2025 26. Other projections echo this optimism, with the United Nations forecasting growth of 6.3 per cent this year and 6.4 per cent next year, while the Confederation of Indian Industry places its estimate slightly higher at 6.40 to 6.70 per cent.

Global Tourism

Revised data shows that total export revenues from Global tourism (receipts and passenger transport) grew by 11% (real terms) to reach a record USD 2.0 trillion in 2024, about 15% above pre-pandemic levels. This represents about 6% of the worlds total exports of goods and services and 23% of global trade in services.

Global tourism receipts, the main component of tourism service exports, grew 11% to USD 1.7 trillion, also in real terms (adjusted for inflation and exchange rate fluctuations). Average spending remained at USD 1,170 per international trip in 2024, above the pre-pandemic average of USD 1,000 (both in constant dollars).

Growth in earnings from global tourism in 2024 was fueled by strong spending from large source markets such as the United Kingdom (+16% from 2023), Canada (+13%), the United States (+12%), Australia (+8%) and France (+7%). China, the worlds top tourism spender saw outbound expenditure climb 30% to USD 251 billion, about 3% above pre-pandemic levels.

Other major markets reporting strong growth in spending last year include Saudi Arabia (+17%) which already saw remarkable growth in 2023, Spain (+14%), Belgium (+14%), Netherlands (+13%) and Austria (+11%). ( )

FDI inflows in the Tourism & Hospitality

The Government has put in place an investor-friendly Foreign Direct Investment (FDI) policy, under which most sectors are open for 100% FDI through the automatic route. This policy is reviewed on an ongoing basis to ensure that India remains an attractive and competitive investment destination. As a result, FDI inflows have seen a steady rise from USD 36.05 billion in FY 2013 14 to USD 81.04 billion (provisional) in FY 2024 25, marking a 14% increase from USD 71.28 billion in FY 2023 24.

The services sector emerged as the top recipient of FDI equity in FY 2024 25, attracting 19% of total inflows, followed by computer software and hardware (16%) and trading (8%). FDI into the services sector rose by 40.77% to USD 9.35 billion from USD 6.64 billion in the previous year.

India is also becoming a hub for manufacturing FDI, which grew by 18% in FY 2024 25, reaching USD 19.04 billion compared to USD 16.12 billion in FY 2023 24.

Maharashtra accounted for the highest share (39%) of total FDI equity inflows in FY 2024 25, followed by Karnataka (13%) and Delhi (12%). Among source countries, Singapore led with 30% share, followed by Mauritius (17%) and the United States (11%).

Over the last eleven financial years (2014 25), India attracted FDI worth USD 748.78 billion, reflecting a 143% increase over the previous eleven years (2003 14), which saw USD 308.38 billion in inflows. This constitutes nearly 70% of the total USD 1,072.36 billion in FDI received over the past 25 years.

Additionally, the number of source countries for FDI increased from 89 in FY 2013 14 to 112 in FY 2024 25, underscoring Indias growing global appeal as an investment destination.

In the regulatory domain, the Government has undertaken transformative reforms across multiple sectors to liberalize FDI norms. Between 2014 and 2019, significant reforms included increased FDI caps in Defence, Insurance, and Pension sectors, and liberalized policies for Construction, Civil Aviation, and Single Brand Retail Trading.

From 2019 to 2024, notable measures included allowing 100% FDI under the automatic route in coal mining, contract manufacturing, and insurance intermediaries. In 2025, the Union Budget proposed increasing the FDI limit from 74% to 100% for companies investing their entire premium within India.

These trends reaffirm Indias position as a preferred global investment hub, enabled by a proactive policy framework, an evolving business ecosystem, and rising international confidence in Indias economic resilience.

(Source: PIB)

World Tourism Economy Trends

Against a backdrop of economic uncertainty, the World Travel & Tourism Councils (WTTC) latest research shows that global

Travel & Tourism will grow strongly this year, reaffirming its role as a cornerstone of major world economies.

According to WTTCs 2025 Economic Impact Research (EIR), international visitor spending is forecast to reach a historic USD2.1 trillion in 2025, surpassing the previous high of USD1.9 trillion in 2019 by USD164 billion.

This year, Travel & Tourism is expected to contribute an all-time high of USD11.7 trillion to the global economy, accounting for 10.3% of global GDP.

WTTC President & CEO Julia Simpson said: “People are continuing to prioritise travel. Thats a powerful vote of confidence in our sector and a sign of its enduring strength. But while the global picture in Travel & Tourism is strong, the recovery remains uneven. Some countries and regions are producing record-breaking numbers, and other large economies are plateauing.”

India Tourism

Government initiatives, such as the @2047 Vision, aim to attract 100 million inbound tourists by 2047. The World Travel & Tourism Council (WTTC) forecasts that the sectors contribution to GDP will reach Rs. 21,15,000 crore (US$ 250.2 billion) in CY24 and could potentially grow to Rs. 43.25 crore (US$ 511.5 billion) by CY34, supporting approximately 63 million jobs.

Domestic air traffic rose to 14.0 million passengers in February 2025, surpassing February 2024 which stood at 12.6 million, DGCA data showed.

The Indian hospitality sector is expected to see a 7-9% revenue growth in FY25 and 6-8% in FY26, with pan-India premium hotel occupancy improving from 70-72% in FY25 to 72-74% in FY26. This growth is driven by strong domestic demand, including leisure, Meetings, Incentives, Conferences, and Exhibitions (MICE), and business travel (ICRA report).

The luxury travel market in India is expected to grow at rate of 9.8% during 2024-30, reaching Rs. 10,73,785 crore (US$ 123.7 billion) by CY30. Indian airlines and hotels are progressively accommodating pet owners, experiencing a notable surge in flight and accommodation bookings, which have risen by double digits in FY25. Industry data indicates that pet-related bookings for flights and hotels have increased year-over-year by between 26% and 43%.

FTAs during CY24 were 9.70 million as compared to 9.20 million in CY23. FEE during the period January- February 2025 were Rs. 27,736 crore (US$ 3.28 billion).

The percentage share of foreign tourist arrivals in India during October 2024 among the top five source countries was highest from USA (19.2%), followed by UK (13.8%), Canada (7.6%), Australia (4.6%) and Malaysia (3.7%).

Indias wellness tourism industry is experiencing significant growth, valued at Rs. 1,64,027 crore (US$ 19.4 billion) and projected to reach Rs. 2,51,959 crore (US$ 29.8 billion) by 2031, with a CAGR of 6.5%.

In February 2024, domestic air traffic surged to 1.40 crore passengers, marking a 11.2% increase from the corresponding period last year when it stood at 1.26 crore.

The Indian travel and tourism industry is expected to record an annual growth at 7.1% per annum. In WTTCs Economic Impact 2023 report, Indias Travel and Tourism GDP contribution grew by 5.9%.

The travel market in India is projected to reach US$ 125 billion by FY27 from an estimated US$ 75 billion in FY20. The Indian airline travel market was estimated at ~US$ 20 billion and is projected to double in size by FY27 due to improving airport infrastructure and growing access to passports. The Indian hotel market including domestic, inbound, and outbound was estimated at ~US$ 32 billion in FY20 and is expected to reach ~US$ 52 billion by FY27, driven by the surging demand from travellers and sustained efforts of travel agents to boost the market.

By 2028, international tourist arrivals are expected to reach 30.5 billion and generate revenue of over US$ 59 billion. However, domestic tourists are expected to drive the growth, post-pandemic. International hotel chains are increasing their presence in the country, and they will account for around 47% share of the tourism and hospitality sector of India by 2020 and 50% by 2022.

Trend of Tourism in 2025

Our 2024 travel outlook takes a closer look at trends expected to shape the industry this year:

? Resilient Revival and Growth: Q1 2025 saw an 18% year-on-year growth in tourist arrivals, with domestic travel leading the rebound. The tourism market is projected to reach $488 billion by 2030, driven by government initiatives like "Dekho Apna Desh 2.0".

? Experiential Travel: Travelers are increasingly seeking unique and immersive experiences, including cultural immersion, wellness retreats, and adventure activities.

? Digital Transformation: AI-powered platforms, virtual reality, and mobile apps are being used to personalize travel planning, enhance customer service, and streamline operations.

? Sustainability Focus: Theres a growing emphasis on sustainable travel practices, with travellers opting for eco-friendly accommodations, responsible tourism, and supporting local businesses.

? Rise in MICE Travel: India is becoming a global hub for Meetings, Incentives, Conferences, and Exhibitions (MICE) travel, with corporate incentive travel contributing significantly to the sectors growth.

? Increased Travel Spending: Many Indians are planning to increase their holiday frequency and spending, with a notable rise in the duration of trips and a 20% increase in spending.

? Focus on Wellness and Spirituality: Spiritual tourism, particularly for younger demographics, is on the rise, with travellers combining religious visits with local adventures and food trails.

? Technological Integration: AI-driven platforms, virtual reality, and mobile apps are transforming the travel experience, offering personalized recommendations, real-time updates, and streamlined booking processes.

Opportunities and Threats to the Indian Hospitality.

Opportunities:

? Domestic Tourism Boom: With international travel still recovering, domestic tourism is expected to be a major growth driver.

? Tier II and Tier III City Expansion: The focus is shifting to smaller cities, offering new opportunities for hotels and resorts.

? Digital Transformation: Embracing technology for enhanced guest experiences and operational efficiency is crucial. ? Wellness Tourism: Growing interest in health and wellness is creating opportunities for hotels to offer specialized programs.

? Experiential Travel: Boutique hotels and unique culinary experiences are gaining popularity, catering to the demand for personalized and memorable stays.

? Increased Government Support: Government initiatives and infrastructure development, like new airports and improved road networks, are creating a more robust business environment.

? Focus on Sustainability: Growing consumer awareness about sustainability is driving demand for eco-friendly hotels and practices.

Threats:

? Rising Costs: Increased operational expenses, particularly energy costs, pose a challenge for profitability. ? Cybersecurity Threats: Hotels are vulnerable to data breaches and cyberattacks, requiring robust security measures.

? Changing Consumer Preferences: Hotels need to adapt to evolving travel trends, including the demand for personalized experiences and sustainable practices.

? Competition from Online Travel Agencies (OTAs): OTAs can exert pressure on pricing and margins. ? Economic Fluctuations: Global and domestic economic downturns can impact travel demand. ? Labor Shortages: Attracting and retaining skilled staff can be a challenge in a competitive job market.

Sustainability at the core

As the world shifts toward responsible travel, Indian travellers are leading the charge in creating a more sustainable future for the tourism industry. In line with this years World Environment Day theme, “Ending Global Plastic Pollution,” Booking.coms

10th Travel & Sustainability Report 2025 highlights how Indians are making mindful travel choices from cutting waste to choosing greener transport helping shape a cleaner, greener tomorrow. Drawing insights from over 32,000 travellers across 34 countries, including India, the report shows a clear rise in eco-conscious travel habits that benefit both people and the planet.

Small Actions, Big Impact: Greener Habits on the Go

An impressive 87% of Indian travellers plan to travel more sustainably in the year ahead. Their efforts go beyond simple gestures many are ready to make meaningful lifestyle shifts while on the move:

? 52% plan to use greener modes of transport ? 51% aim to reduce waste ? 50% will focus on energy conservation

? 45% are committed to reducing water usage during their trips

?

But sustainable travel doesnt end with just operational changes. Conscious choices around wildlife, food, and accommodations are gaining significant traction among Indian travellers. Nearly 48% intend to avoid wildlife-harming activities, while 49% prioritise staying in sustainable accommodations. Additionally, 49% are willing to make more mindful food choices, reflecting a growing commitment to holistic and responsible travel experiences.

Together, these habits reflect a holistic, values-driven approach to tourism that supports ecological balance and ethical consumption.

Travellers are increasingly seeking transparency and control when making sustainable travel decisions. With sustainability becoming a key factor in bookings, platforms like Booking.com are playing an essential role in providing clear labelling and easy filtering of eco-friendly options.

Heres what Indian travellers expect and prefer:

? 75% want to filter tours and activities based on sustainability ? 74% look for greener accommodation options ? 72% seek low-emission rental cars ? 69% prefer flights with a lower carbon footprint

Moreover, 71% believe all travel platforms should adopt consistent sustainability labels, and 72% say theyd feel better flying if their flight had lower emissions.

While 61% of Indian travellers perceive that certified sustainable options might come with a higher price tag, there is a clear readiness to opt for greener alternatives when they are easily accessible. When presented with sustainable choices on travel websites, 29% are most likely to select more eco-friendly accommodation, followed by 26% who prefer sustainable tours and activities.

Additionally, 15% show interest in booking electric or hybrid rental cars, while 14% each are inclined to choose lower-emission flights and electric or hybrid taxis.

(Source- Moneycontrol.com)

Leveraging technology

Following technology which are implemented in our properties PAN India:

? Sales Force - Simplify the workflows of our sales, empower our team to be more productive

? Quality Management System - Stay one step ahead of the competition by addressing concern areas and highlighting opportunities ? Cloud technology connecting hotels. ? Contactless payment (All upi payment and smart pay options) ? Digital Loyalty Program(Regenta Rewards) ? Contactless Menu for MICE & Weeding (Book banquet) ? Virtual Events ? Metaverse ? Suitability EV Station across the group ? E-procurement ? Go Better- Human Resource Information System.

Wedding Market

Indias retail sector is bracing for an extraordinary surge in economic activity with the upcoming wedding season, starting from November 12, 2024. A study by the Confederation of All India Traders (CAIT) projects an astounding Rs 5.9 trillion in business during this period, fuelled by an estimated 4.8 million weddings across the country.

This marks a significant jump from the previous years Rs 4.25 trillion, driven by 3.5 million weddings. With a notable increase in auspicious wedding dates 18 this year compared to 11 last year the potential for economic growth is unprecedented. Delhi alone is expected to see around 450,000 weddings, contributing Rs 1.5 trillion to the overall business.

(Source: Business Standard)

Details of Owned Hotels Website: Revenue & Room Nights

The Details of Owned hotels website business Revenue & Room Nights are available at the website of the company www.royalorchidhotels.com/investors

Competition Report

The Details of the Competition Report are available at the website of the company www.royalorchidhotels.com/investors

Company Strategy towards performance

With a growing portfolio of 117+ properties across India, Nepal, and Sri Lanka, Royal Orchid & Regenta Hotels offers a diverse range of destinations: Wildlife (2), Religious (13+), Beach (10+), Heritage & Historical (10+), Hill Stations (25+), Leisure (20+), Wedding (22+), and Business (50+).

(Source: HVS)

During FY 2024 25, the Royal Orchid Group continued to strengthen its position as one of Indias leading hospitality brands, with notable expansion across the country and a growing presence in the share market. Our strategy evolved to become more sharply focused and regionally tailored, targeting specific guest segments with precision. We placed strong emphasis on promoting drivable destinations within a 300 400 km radius of major urban centres, launching curated packages and campaigns around heritage getaways, wildlife escapes, hill station retreats, beach holidays, staycations, day cations, and road trip-friendly experiences.

Company Performance and other details:

1. The details of the Financial Performance of Company are given in Directors report and the details of all the hotels and Management team are given in the Preface of the Annual Report. The Details are also available at the website of the Company at www.royalorchidhotels.com/investors.

2. The details of product-wise performance are given in Note no. 35 of Notes to Standalone Financial Statements and the details of segment-wise performance is given in Note no. 46 and 55 of Notes to Standalone Financial Statements.

3. The details of Risks and Concerns have been given in detail in Note no. 53 of the Notes to Consolidated Financial Statements.

4. The details of the Internal Control System are given in the Directors Report.

5. Details under the HR section is given in Annexure III to Directors Report.

6. Ratio analysis: The details of all applicable ratios are given in note no 57 of Standalone Financial Statements.

7. The Net worth of the company as on 31st March, 2025 as per standalone is 250.10 crores. The details of change in Return on Net Worth (i.e. the amount of profit or earnings a Company generates on the sheer strength of its shareholders equity) are available in Note no. 43 of the Notes to the Standalone Financial Statements.

Human Resource:

Employees are our most valuable assets. Their strong commitment to giving their best and working in the interest of the organization is what truly defines our success. What matters is not the length of time they stay whether 2 or 3 years but the passion and intensity with which they contribute during their tenure with us.

The Details of the Human Resource of (FY 21-22, FY 22-23 & FY 23-24) which includes Total Head Count Employees, Employees, Average age, Employees by gender, Male, Female, Employees by age group, Profile of employees as per education, Person-hours spent towards training, Employee cost as a percentage of total revenue, Employees by tenure, Room to Manpower Ratio are available at the website of the company www.royalorchidhotels.com/investors

Outlook

We are excited to present our outlook for the financial year 2024 25, building on the strong performance and resilience demonstrated in the previous year. The Indian hospitality sector continues to show robust growth, driven by rising domestic tourism, increasing disposable incomes, and renewed corporate travel.

FY 2023 24 was marked by healthy recovery, with sustained demand across leisure, business, weddings, and MICE segments. This momentum, combined with favourable market dynamics, positions us well to accelerate growth in the coming year.

In FY 2024 25, our focus will remain on enhancing guest experiences through innovation, technology integration, and personalized services. We will continue investing in digital solutions to streamline operations, strengthen customer engagement, and create seamless booking and loyalty experiences. Sustainability and responsible hospitality will remain central to our strategy, in line with evolving global trends and guest expectations.

Our expansion pipeline is strong, with new hotel openings planned across high-potential destinations in both metro and emerging markets. These additions will not only increase our key count but also strengthen our presence in diverse micro-markets, making us more accessible to a wider audience.

We also foresee continued opportunities in the weddings and events segment, where our properties across India are well-positioned to capture growing demand. Strategic collaborations and curated experiences with local partners will further enhance our offerings, ensuring guests enjoy value, variety, and convenience.

At Royal Orchid and Regenta Hotels, adaptability remains at the core of our approach. By staying agile and innovative, we are confident of delivering sustained growth, improved profitability, and greater value to all stakeholders in FY 2024 25As we embark on this new financial year, we are confident in our ability to achieve bigger goals and deliver exceptional value to our stakeholders. Our commitment to excellence, combined with our strategic vision and operational expertise, positions us for a year of robust growth and continued success.

Key Risks and Concerns:

? Evolving Guest Expectations: Guests desire personalized experiences, quick service, and seamless integration of new technologies, requiring businesses to constantly adapt.

? Staffing Shortages: Finding and retaining qualified staff remains a major hurdle, exacerbated by competition from other industries and the lingering effects of the pandemic.

? Rising Operational Costs: Inflation is impacting food and beverage costs, labor expenses, and the cost of supplies, putting pressure on profitability.

? Data Security Risks: The industry handles vast amounts of sensitive guest data, making it a prime target for cyberattacks, particularly with the increasing use of AI-powered tools by cybercriminals.

? Environmental Responsibility: Consumers increasingly expect businesses to demonstrate environmental consciousness, requiring the industry to adopt sustainable practices.

? Cybersecurity Threats: The hospitality industry faces increasing threats from cybercriminals, who are using sophisticated AI tools to launch phishing attacks and automate attacks on a larger scale.

Independent Auditors Report

To the Members of Royal Orchid Hotels Limited

Report on the Audit of the Standalone Financial Statements

Qualified Opinion

1. We have audited the accompanying standalone financial statements of Royal Orchid Hotels Limited (‘the Company), which comprise the Standalone Balance Sheet as at 31 March 2025, the Standalone Statement of

Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Cash Flow, the Standalone Statement of Changes in Equity for the year then ended and notes to the standalone financial statements, including material accounting policy information and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us,except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (‘the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2025, its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Qualified Opinion

3. As described in Note 60 to the Standalone Financial Statements, certain shareholders of Ksheer Sagar Developers Private Limited (‘KSDPL), an associate of the Company, together holding 50% of voting power in such investee company, had filed a petition before the Honble National Company Law Tribunal (‘NCLT) under Sections 241 and 242 of the Act during the previous year with respect to certain allegations against the Company as detailed in the said note. Further, as described in the said note, Management in its response to NCLT had considered KSDPL as a ‘private company, instead of considering it as a “deemed public company” for assessing applicability of the compliance requirements under the Act.

Considering the aforesaid ongoing litigation between the shareholders of KSDPL in respect of the allegations raised in the said petition, the outcome of which is presently unascertainable, and inconsistent legal assessment with respect to status of KSDPL under the Act, we are unable to comment upon the legal compliance by KSDPL with respect to applicable provisions of the Act.

4. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company 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 standalone financial statements 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 Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matter- Interim order cum show cause notice issued by SEBI

5. We draw attention to Note 59 to the standalone financial statements, which describes that an ‘interim order cum show cause notice dated 31 March 2023 was issued by the Securities and Exchange Board of India (‘SEBI) to the Company, its Managing Director, Director and Chief Financial Officer regarding alleged incorrect accounting of ‘loss of control with respect to an erstwhile subsidiary of the Company, Ksheer Sagar Developers Private Limited (‘KSDPL), in the year ended 31 March 2022. The Company had filed an appeal before the Securities Appellate Tribunal (‘SAT) against the interim order which was stayed by the SAT on 17 August 2023.

SEBI on 11 October 2024 issued the final order on this matter against which the Company has filed an appeal before the SAT. The SAT on 5 November 2024 has stayed the final order issued by SEBI in respect of the aforesaid matter.

As further described in aforementioned note, the Management is of the view that evaluation of ‘loss of control and classification of KSDPL as an associate during the year ended 31 March 2022 is appropriate in accordance with the ‘control assessment principles enunciated under Ind AS 110, Consolidated Financial Statements and accordingly, no adjustments are required to be made in respect of this matter in the standalone financial statements. Our opinion is not modified in respect of this matter.