Good morning, ladies and gentlemen, and thank you for attending this virtual meeting. I'm pleased to welcome you on behalf of EIH Limited and SKP Securities to EIH Limited's Q4 FY 2025 and full year FY 2025 earnings webinar. We have with us Mr. Vikram Oberoi, Managing Director and Chief Executive Officer, and Mr. Vineet Kapoor, Chief Financial Officer. Friends, this virtual meeting is being recorded for compliance reasons, and during the discussion, there may be certain forward-looking statements which must be viewed in conjunction with the risks that the company faces. We'll have the opening remarks and a presentation by the management, followed by a Q&A session. Thank you, and over to you, Vikram.
Thank you so much, Naveen. Ladies and gentlemen, good morning to all of you, and I apologize that we've kept you waiting for well over five minutes, I think. There was a minor correction we needed to make on the presentation. It was really quite minor, but any data that we present, we need to ensure it's accurate. So my very sincere apologies for that. What I really wanted to touch upon before Vineet makes his presentation is the strong financial results we had financially at 2024-2025, and this was despite the Grand being closed for a good part of the year. Our objective, I've mentioned this a number of times, is to drive our rates higher, and we've done that during the financial year, and we'll continue to do that going forward.
I think with strong demand, there's the ability for us, and I presume for the entire industry, to drive rates. I still believe for the quality of hotels that are available in India, both with our hotels and others, we are significantly underpriced, particularly in our city destinations like Delhi, Bombay, Bangalore, etc. There's an opportunity certainly for us to drive rates higher, given that we have strong demand. I feel that that is likely to continue, given the significant changes that are taking place in the Indian economy, wealth and affluence increasing, and a desire for quality accommodation, quality hotels that provide exceptional services and experiences to our guests. The last thing I wanted to talk about before I hand over to Vineet was growth, and we, in our last investor call, shared details of the hotels that are under development.
This continues to be a strong area of focus for us, and I'm hoping in the coming year we will have more positive information and details to share with you on driving growth for EIH through owned and managed hotels, including JVs and partnerships. With that, I'll hand over to Vineet for the presentation. Ladies and gentlemen, thank you, and again, I apologize we kept you waiting.
Hi, good morning, everybody. Navin, will you be putting the presentation?
Yeah, you need to keep it open in the background and then share your screen.
Okay.
There's a green square box at the bottom of your screen which says Share. First, you open the presentation.
Sorry, Navin, we use Teams, so we're not as familiar with Zoom as we are with Teams.
Can you see my screen now?
Perfect. If you can just make it full screen and the presentation mode.
I've just done that. It's looking now.
I guess you can just go ahead. Yeah.
What we are going to start with is how the hotel sector is, how the outlook for the hotel sector is. We are seeing significant expansion across the hotel sector.
Can I just interrupt? It's still on the slide. It hasn't moved to slide two for some reason.
I'm showing the whole thing there. My screen full.
Let me share the screen.
Is it fine now?
No, Vineet, we can't see the presentation. You need to share the screen.
Navin, why don't you go and present? I'll be taking.
Do you have it, Navin? Is it possible for you to put it on screen?
Yes. Vineet, you'll need to make me the host again. Click on the participants.
Yeah.
You need to make me the host. Friends, my apologies for this. Just bear with us for a minute, please.
I've done that.
Okay. Vineet, can you see the screen?
Yes, we can. Yeah, perfect.
Just talking about the Indian hotel sector, we continue to see.
Vineet, you're going on mute.
Oh, I think I've got it. Sorry. You need to put yours back on mute.
Is there anything we can help?
Yes, Vineet, please go ahead.
Yeah. Okay. So we are looking at the Indian hotel sector, which continues to grow and is seeing significant expansion or growth driven by.
Yeah, now you'll be fine.
Okay. The sector is poised for a significant expansion. We are seeing the key growth drivers are both special tourism. We are seeing good experiential travel. I think what also is driving the growth is the demand for high-end leisure, which continues to rise and which is supported by very good growth in India's high-net-worth individuals' population. We will continue to see the increase coming on across the segment, the middle class and upper middle class going on the higher side, and their demand for leisure would be growing. We also see, as per the government of India's forecast, the inbound tourism is forecasted to grow by roughly 15% next year, driven by, of course, global connectivity and India's profile, which is bound to improve in the country. Looking at the Q4 market, we saw a healthy increase in air traffic.
The air traffic in Q4 grew by roughly 9%, which ultimately helped the overall sector. We also saw a good healthy occupancy of 68%-70% in Q4, which was higher than last year, roughly around one to three basis points. We also saw a good increase in ARR, which saw a healthy increase of 11%-13% versus FY 2024, which also resulted in a good RevPAR increase of 14%-16% for us. Overall, good increase in RevPAR growth continues, though we foresee the growth to stabilize, but we saw a good growth happening in Q4. From a management perspective, we are going to add roughly 21 new hotels in the coming three to four years, which will help us grow the business as well as meet the needs of the travelers, which is bound to increase.
Looking at the operational performance, if you compare the EIH versus the competition, the EIH is maintaining leadership over the comp set in all the three parameters, both in MPI, API, ARI, and RGI. Good to see a good increase versus last, if you look at compared from December 2021, we went from 128% to 131% in RGI, led by both occupancy as well as ARR improvement. The same trend continues for the red bar. Starting from FY 2022, we have seen continuous rise of red bar, and we ended up again at a higher level for Q4 in FY 2025. We saw the seasonality impact up and down, but when we look at the base over last year, we have done a very healthy growth in red bar for both EIH-owned hotels as well as our managed hotels across the segment.
If you look at the RevPAR growth as compared to the competition, overall industry grew at a rate of 16%, while we grew both overall and managed hotels. The RevPAR grew by 22%, held by overall hotels, which grew up roughly 24%, and Trident was in the same range as our total hotel growth, which was at 22%. Looking at the year-over-year growth, the industry showed a healthy growth of 12% on RevPAR. We saw a little higher increase versus the industry, both for owned and managed hotels. We saw a 13% increase in line, a little higher than the industry, but in line. Overall, hotels grew a little higher at 14%, and the same for Trident. We grew at 16% on RevPAR.
When we look at the Q4 occupancy, both occupancy as well as ARR were higher than last year, with the occupancy going from 81% to 84% for Q4 as a whole. Same thing was the trend for occupancy trends for ARR. We grew both in occupancy as well as ARR for Q4 on a quarterly basis. If I look at RevPAR growth for Q4 by city, there was a healthy growth all across, led by Delhi and SEA region, good growth in city hotels, Mumbai, as well as Bangalore. Except for Bhubaneswar, we maybe saw a little slide downwards due to certain sports events which had happened last year and some events which took place in Bhubaneswar. Overall, on the international side, we also again saw a very healthy growth, which was roughly around 20% for the quarter. Strong revenue tailwinds.
We have seen good tailwinds across most of the segments. All the segments are growing, and of course, led by the biggest churn coming from the direct segment. Corporate segment also has picked up over the last two to three years, continued with the buoyancy in the corporate world, with the business and the GDP growth of India. Same trends, we are seeing leisure, of course, very seasonal, going up and down, but still ending up on the higher side towards the end of the year for FY 2025. If I look at the financials, we had the strongest highest-ever performance in terms of both revenue and PAT. The revenue grew by 9% year- over- year. We had a growth of 10% on EBITDA, and we had a 44% growth in standalone books, driven by one-timer impact of Mashobra.
Overall, a very good healthy growth for the company on a standalone basis. The same continued at a consolidated level. We ended up for the year with the highest-ever performance, both for EBITDA as well as PAT at a company level. Considering the good performance we have seen over the last couple of years, our cash surplus fund has become more strong. From negative years in the COVID years, the funds which we have added to our kitty have been pretty strong. We had roughly INR 1,000 crore of surplus funds at the end of March 31, 2025, which gives us a good position for future growth and expansion, which we are looking across the hotel segments. Coming into the financials in detail, if you look at on the consolidated side, our revenue grew by 11%. EBITDA grew by 13% year- over- year.
The PAT at a consolidated level only grew by 6%, where we had some exceptional items in the current year due to impacts taken for grant as well as therapy. We had a few negative impacts for the current year, which resulted in PAT growth of 6% year- over- year. The same thing, if you look at on a consolidated basis for the year, we grew at 10% on a revenue basis. Expenditure grew, or I would say EBITDA grew by 11%, healthy drop to the bottom line. Looking at the profit and loss, the PAT, we grew at 14%. Again, small impact because of exceptional items which came in. Even with those exceptional items, we ended the year with a PAT growth of 14% for the year. On a standalone basis, Q4, the growth was roughly 9%.
Good drop through in EBITDA, resulting in an increase of 12% year- over- year. We had one bigger exceptional item. This was on account of Mashobra impact, where we deconsolidated the Mashobra books. We have given the control back to the government. Due to that, we had a one-time impact, exceptional gain of INR 115 crores, which came in the books for quarter four, resulting in a 109% increase over last year in PAT. The same thing, I would look at standalone basis on 12 months, overall revenue increase of 9%, with a drop through in EBITDA at roughly growth of 10% for the year. PAT grew at 44%, again, because of the one exceptional gain because of Mashobra deconsolidation, which we had in our books for the current year.
Looking at the awards, Oberoi Group keeps on getting good awards and accolades all across because of the exceptional customer service it provides to all its customers. The notable ones are listed here, where we got awards from Travel + Leisure USA as well as Spontaneous Traveler, where they rated most of our hotels as one of the best in the categories. Coming on the expansion plans, we have a very healthy pipeline of growth coming across various segments. We have 21 properties with almost 1,500 keys going to be added in the next two to three years. Out of this domestic, we are going to add roughly 12 hotels. In international, there will be a growth, and there will be an addition of nine hotels all across our globe. There is the business footprint.
We are at 3,700 keys in India total, with almost 500 keys across in different international geographies, totaling to roughly 4,200 keys, with roughly 1,400-1,500 keys coming in the next three to four years, which will be added to the group total of number of keys. That's it from us. Thank you. You're open for questions.
Thanks a lot, Vineet. Friends, we now open the floor for the Q&A session. Anyone wishing to ask a question, request you to raise your hand, and we'll take it up. We'll take the first question from Priyanka Barma. Priyanka, please go ahead. Priyanka, please go ahead. Yes, there's some audio issue. We'll come back to Priyanka. We'll take the question from Amit Agarwal. Amit, please go ahead. Amit, please unmute yourself and go ahead. Amit, you're not audible. Please go ahead. Take the next question from Saket Mehrotra. Saket?
Yeah.
Am I audible?
Yes, you are. Please go ahead.
Yeah. Couple of questions. First, could you tell us how your international business was for the full year? And in terms of what was the contribution of your holdco into the total consolidated earnings for the company?
If I look at the international category, roughly on revenue sides, we had a contribution to the revenue around INR 131 crores and with an EBITDA contribution of INR 36 crores, INR 36 crores in EBITDA. The growth we had, roughly 10% growth in terms of revenue and similar growth in EBITDA from our international category. This was part of what constitutes part of our consolidated numbers. We also had impacts coming, good benefit coming from our non-consolidated entities. Marrakesh had a good number for the year, as well as we had good set of numbers coming from our operations and mortgages.
Okay.
If I look at EIH International as an entity, I believe the contribution of this entity to your PAT last year was roughly around INR 88 crores, as you mentioned in the annual report. Could you quantify that number for this year?
On PAT, the numbers I have are different, so maybe I need to come back to your notes. Okay. Couple of housekeeping questions from your notes. I mean, if I go to note seven, where you mentioned about Mashobra's de-recognition and recognition. If I understand correctly, we expect to recover around INR 136 crores. Is that the correct understanding? Or is it going to be INR 136 crore plus the INR 290 crore, which we've classified as held for sale? I just wanted some clarity on this.
INR 136 crores is the advance against equity which was put in Mashobra that we forced it to recover.
On top of that, the value of Mashobra book value, which was roughly INR 141 crores, is what we consider as recoverable based on the outcome of the current litigation, which will be decided in the coming months.
Okay. If I look at the net asset value, which is about INR 290 crore, that is something which will get realized? I mean, how does this work out? Does the INR 140 crore included in this INR 290 crore, like your INR 320 crore net assets and your INR 31 crore of liabilities?
This is the book value what we have taken for Mashobra, is roughly around INR 141 crores. There are a couple of other things which will be part of that number what you're mentioning. We force it to recover the book value based on the court proceedings.
What would be the quantum of, let's say, the legal cost savings?
Because now, I guess, would that still continue or will this be something that will get saved as we move forward from subsequent years?
I would say till the time the court proceedings are going on, till the time that legal expenses will continue to occur. As soon as the hearing is decided and a judgment is made, we'll see the cost on that count later on.
Okay. Just one final question. The investment in the London subsidiary, which is about INR 240 crores, has this been committed or do we still have more funds that are going to get infused into this business?
There will be some additional requirement which will come through, but most of the investment, at least for current year, this year is done. There will be some few additions which will be made towards the end of this year, but not a sizable one.
Okay.
Strategically, as a company, how are we looking at this international business? If you could throw some light on that for this year. I mean, we're already second month into this financial year. If you could tell us how the offtake has been and what is your outlook for this year, that'll be great.
I'll maybe ask you can leave me. Considering the current performance and what we are seeing over last year, our international performance, especially in the Middle East, got impacted by the conflict in Israel, Palestine, which is sort of stable now. We are seeing good progress happening across the hotels we have in the Middle East. We are seeing some good trends. I would say that hopefully that will be helpful for the current year.
Yeah.
I think for the current year, we've seen growth over last year internationally as well. I think demand just continues to be strong. That's reflected both in Marrakesh and Mauritius.
I believe on the domestic front, Mr. Oberoi, we are quite comfortable, I believe, and given what we've achieved in Q4. I believe this trend is something that you foresee continuing. Do you see any headwinds in this?
Let me just come back to a couple of other things, and then I'll answer that part of your question as well. In London, our long-term objective is to get a partner at 49%. Obviously, the closer we do that till the hotel opening, the lower the risk, and therefore the better the contribution from our partner to that 49%. I just wanted to mention that to you. That is our endeavor.
Talking about India, we continue to see strong demand this financial year as well. There was some impact because of the conflict between India and Pakistan, but that has since stabilized. We have seen a strong pace returning. There was roughly a 10% impact for the last month, for the month of May. In June, we are seeing a bounce back and positive pace of reservations over the same time last year. I think that has been hopefully addressed and nullified.
Thank you so much, Mr. Oberoi.
Thank you. Sakith, please, Vikram. I would be much happier if you address me as Vikram, but whatever you are comfortable with.
Thank you so much. Thank you.
Thanks, Sakith. We will take the next question from Amit Agarwal. Amit, please go ahead. Amit, we still cannot hear you.
Is that okay now?
Yes, you are audible. Please go ahead.
Good morning, everyone.
Hello, Amit. How are you? I'm well, thank you.
My question is regarding Wildflower. I imagine that we are managing this hotel for the next three months.
Actually, it's next six months or till. Yeah, or till the bidding process is concluded.
Are we eligible for bidding for the hotel? And how keen we are for bidding for that particular hotel?
We absolutely are keen, yes.
How much revenue are we going to lose because of the total business going out of our total turnover this year?
Could you give the exact number? Is it okay to disclose that number?
Current year, just to add, we had a revenue of INR 78 crores on account of Mashobra.
For the year?
For last year, for 2025, we roughly did INR 78 crores revenue.
Okay. My last question is regarding flight catering business.
What is the turnover we are getting for the flight catering business? And how much is Bombay Airport Lounge contributing? And is there any progress on the renewal of the lounge business?
Amit, no, the lounge business has been concluded. That concluded at the end of the financial year. The lounge business is no longer there. In fact, it was supposed to end sooner. It was supposed to end halfway through last financial year. There was an extension, which was received for two consecutive quarters. As of 31st March, that business has been concluded. The numbers Vaneet will just give you.
Is there any chance of renewal of that business? And how much revenue have we lost?
No, there is no chance of renewal of that business.
I think if you just look at what's happening with Bombay Airport, it's all being consolidated with the hotel operator. That's part of their overall strategy. I don't want to comment on that. No, to answer your question, that business will not be concluding. We see strong demand for the airline business, for the airline catering business. I hope we can offset most of that in this financial year. That's going to be our endeavor to compensate for the loss of lounge business through buoyancy and increased business for the flight catering business.
Can you throw some numbers? How much are we going to lose and how much is the flight catering business right now?
Sure. The total amount of the business we did last year was around INR 122 crores.
Without giving further breakdown, total OFS business for us was roughly INR 490 .
Sorry, come again?
INR 490.
INR 490 .
Do you intend to stay in airport lounge business or that was just one-off?
That was a one-off.
Can you give the breakup of domestic flight business compared to international?
Amit, I do not have those details with me. I unfortunately cannot give you that breakup right now.
I am worried that if Turkey flights go out of the picture, then we might lose that business also.
I think may I just comment on an overall? Amit, I just want to repeat what I said. We see strong demand for our airline business. We have been able to, or we continue to add flights to the business, both domestic and international. We will do our uttermost to compensate for the loss of the airport services business.
Okay. Thank you.
That's it. Thank you.
Thanks so much. Thank you very much, Amit. Thank you.
Yeah, Amit. We'll take the next question from Deepak Varma. Deepak, please go ahead. Deepak, please go ahead with your question. Let's just take the next question while you fix this one. We'll take the next question from Rajiv Bharti. Rajiv, please go ahead.
Yeah. Good morning, sir. Thanks for the opportunity. Good morning, sir.
Good morning.
With regard to, I thought that the lounge was, you know, the contract was supposed to end by Q3 end. You're saying that for the entire year we ran the lounge?
That's correct. That's correct.
Okay. Okay. On the Kolkata business, what is the impact for the quarter? I understand that INR 110 crores is the revenue last year. What is the impact here?
For the year, the impact is roughly, and Vineet can give you the exact number, but it's roughly INR 700 crore on revenue and INR 430 crore on EBITDA.
Perfect. On the F&B side, if you can, for the quarter and for the year, how has there been the F&B growth?
We don't disclose those figures.
Lastly, on the CapEx side, I can see that INR 480 crores on the consolidated and INR 270 crore on standalone. Can you break that up then? Where is this CapEx essentially going?
That amount also includes the investments made in Oberoi London. We have spent CapEx on our Rajgir property, which is going to come up very soon. We also had invested a quite significant amount in renovation in Trident Nariman Point, which was four floors renovation.
Also, we had done long-stay apartments in Oberoi Mumbai, which impacted, which was part of that CapEx what we did last year, including some amounts on Oberoi Boa, which is already being done, and also on Oberoi Grand, which is closed for major renovation.
J u st one follow-up on the Bombay asset. What is the room count which we have, like for like edition was there in Q4?
So the total number of keys at Trident Nariman Point are 585. And the total number of keys at the Oberoi Mumbai are 237.
Sure. Thanks, sir.
Thank you, Rajiv.
Thank you, Rajiv.
Thanks, Rajiv. We'll take the next question from Deepak. Deepak, please go ahead. We'll take the next question from Weber Bulle. Weber, please go ahead. Weber, please unmute yourself and go ahead.
Hi, Navin. Can you hear me?
Yes, I can. Please go ahead.
Okay, perfect. Hi, Vikram.
Congratulations on a strong set of numbers. I had a few questions on your pipeline. You mentioned that most of your own hotel portfolio will be coming online in FY 2028 and FY 2029. Till then, your major dependency will be on growth via increasing room rates and occupancy. Any plans of exploring any inorganic acquisition opportunities to protect yourself in case of muted growth in room rates over the next two years?
Weber, let me answer the question in two parts. The first part is on, I'll take the second part first, which is that if demand continues to be as it is today, our endeavor will be to drive rates up to the largest extent possible. Even if that is at the cost of occupancy, as long as our RevPAR sees strong growth.
I do not see any reason why that will change, all things that we know today. That was the second part of your question. If I may now answer the first part, we are absolutely open to looking at all options for growth, which will include brownfield or acquisition.
All right, sir. Thank you so much for answering the question.
My pleasure. Thank you so much.
Thank you. We'll take the next question from Jayaprakash Toshniwal. Jayaprakash, please unmute yourself and go ahead.
Hi. Thank you. Good morning, sir.
Good morning, sir.
One question. When we are saying there are a few drags because of the recent businesses which we have either discontinued or we did not continue, we are also hitting occupancy almost 84%-85%, and RevPAR growth of, let's say, lower double-digit numbers.
In that context, how do you see the growth, at least for the next year? Because we're also not getting much of the room addition, at least in the current calendar year. Just your comment on this, please.
No, I think, Jayaprakash, I think I've covered this before. This is my firm belief, and you can go online and see top hotels around the world in key cities. We're still really, really underpriced, in my view. That's my view. You may or may not share that view. To get a hotel in a major city today, a good hotel can cost $1,000 upwards per night. I think we are significantly below that threshold. If I then combine that with the quality of hotels we have in India, in our key cities, I think there's tremendous opportunity for upside in ARR.
Today, I'm of the firm view that we are significantly underpriced when you look at how we perform on rates globally.
Okay. And while you mentioned, I mean, you're mentioning on the pricing point on various platforms, sir. Just to continue, in which brand do you see the gap really reducing faster, in the Oberoi brand hotels or Trident hotels?
My personal opinion is that we will have more opportunity to drive ARR growth within Oberoi. If you saw the figures in the investor call, actually, Trident did slightly better on RevPAR growth. My belief is that with strong demand, with everything that's happening in India, over the medium to long term, we'll be able to drive greater premiums in Oberoi.
Okay. Thank you, sir. All the best.
Thank you so much.
Thank you, Jayaprakash. We'll take the next question from Sanjay Koli.
Sanjay, please go ahead.
Yeah. Hi. Good morning to all. Mr. Oberoi, I had two questions. One is on spiritual destinations. We've seen quite a bit of robust pricing over there. How do you view the sustainability in these spiritual destinations? And my second question is, this is on the F&B side. Do we see an opportunity in leveraging our restaurant spaces within the properties to drive F&B growth, including the possibility to outsource to focus brands?
Sure, actually. So Sanjay, I'll take your first question on sustainability. I'd like to believe it's not only EIH or Oberoi and Trident, but I'd like to believe that all the well-known brands in India, whether I take Taj or Leela, have a, or us for that matter, with Oberoi and Trident, have a strong focus on sustainability. This is disclosed in our annual reports.
I believe that will now also be available with Leela and with ITC. I think as organizations, we want to be responsible organizations and do the right thing. Certainly at EIH, we're committed to doing that.
Mr. Oberoi, can I interrupt?
Oh, please.
What I meant was sustainable prices. Oh, okay. Prices sustainable in the spiritual destinations.
Okay. Sorry. I thought you were talking about sustainability as in CSR. I beg your pardon. Sanjay, prices are a function of supply and demand. With religious tourism being so embedded in our culture as Indians, I think there will always be strong demand. Therefore, I think prices will remain buoyant in those destinations. Through one of our JV companies, Mumtaz are doing a hotel in Tirupati. Our projections for that are also strong in terms of ARR and occupancy, and therefore RevPAR and profitability.
For the time being, it's just going to be the one in Tirupati for the next couple of years?
Let me rephrase that question, or let me re-answer that question. For the time being, as of now, it's just Tirupati, yes.
Right.
Your question on food and beverage, we partner with celebrity chefs, whether that's our Chinese restaurant at the Oberoi New Delhi, or it's our Indian restaurants across multiple locations. We partner with well-known chefs for our cuisine in restaurants, and we will continue to do that.
Right. Right. Thanks. Thanks very much.
Thank you so much, Sanjay.
Thank you, Sanjay. We'll take the next question from Deepak Varma. Deepak, please unmute yourself and go ahead. I guess Deepak's having some issue with his audio. He sent a question on the Q&A board. Vikram, may I take this?
Yeah, sure.
If you could just, I can't see it, Navin, so. Y eah.
Can we please have a short narrative on the Wildflower Hall case? Also, what financial impact is expected, both on capital assets and income statement in FY 2025, FY 2026, and FY 2027? Can I repeat it?
No, no, that's fine. I mean, what I would, the way I'd like to answer, and perhaps Vaneet may want to add to it, but we've made all our disclosures on Wildflower Hall, and that is available in the public domain. I'd encourage you to read that.
At least from a financial perspective, we have taken the hotel on operational management basis for six months. There will be some income out of that, which will be coming through. Other than that, on major financial impact, that will be based on the court proceedings and the judge.
Deepak, I hope your question has been answered. Okay. There's another question on the Q&A board from an anonymous attendee. May I?
Yeah, please, Navin.
Revenue growth lower than RevPAR, mainly due to Kolkata Oberoi closure. When is it reopening? Second, how are the bookings from foreign tourists in FY 2025 versus pre-COVID, a ballpark number? Have they started coming back or still preferring other locations?
I'll take the second part first. We closed last financial year where we still hadn't reached across all our owned and managed hotels pre-pandemic levels for foreign business. I hope this year, all going well, we will meet, if not exceed, that number. That's as far as foreign business returning to levels of pre-pandemic portions. As far as the Oberoi Grand is concerned, the plan is to, the renovation was for 18 months.
We're already six months through that, so we'll open in about 12 months from now. That'll be a partial opening. It's a two-phased renovation.
Rajiv, do you have a follow-up question? Your hand is raised.
No, sorry, sorry. I forgot.
Okay, no worries. Amit, do you have a follow-up question? Amit Agarwal? Yes, not. Sanjay Koli, your hand is raised too. In case you do have a follow-up question. Friends, anyone else with a question request you to please raise your hand and we'll take it up. Okay, there's a question from Dheeraj Manwani. Dheeraj, please go ahead.
Yeah, hello. I just wanted to understand our major expand, what we are expanding the new hotels are coming among around 2021, nine are in international destinations. Are we looking toward more towards international destinat ions?
Dheeraj, actually, no.
I'd say our focus should and will be towards India and the Indian subcontinent.
Okay, thanks.
Thank you.
Friends, anyone with a question, please raise your hand and we'll take it up. As there are no further questions, I'd like to hand over the webinar back to Vikram for his closing remarks.
No, thank you, Navin. Ladies and gentlemen, thank you once again. I really apologize for the people waiting this morning. I know some of you had questions. I hope you were, we had trouble listening to some people. The voice was not coming through. I hope we were able to answer your questions. We thank you for your support. We remain committed to providing the highest levels of service to our guests. We're extremely grateful to our colleagues who do so much every day to look after our guests.
With that and a strong foundation in India, we see the hotel's performance to be strong. Also, as far as the airline business, we see tremendous opportunity there as well with increased flights taking place and increased travel. We remain optimistic about the future for the tourism sector and for Oberoi and Trident Hotels more specifically.
Thank you, Vikram. Friends, I have shared my email ID on the invite. In case there are any follow-up questions or there is something else, please write to me and we will take it up with the management. On behalf of all of us at SKP Securities, thank you, Mr. Oberoi. Thank you, Mr. Kapoor, for taking time out to interact with the investors. We look forward to hosting you again for the next quarterly webinar.
Navin, Thank you so much. Really appreciate it. Thank you.
My pleasure.
Thank you, bye-bye, and have a lovely day.
Bye.
Thank you.