Ventive Hospitality Limited has informed the Exchange about Investor Presentation
Date: July 8, 2025
To,
To,
BSE Limited
National Stock Exchange of India
Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda bldg., P.J. Towers, Dalal Street, Mumbai- 400001 Scrip Code: 544321
Corporate Service Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai -400051 NSE Symbol: VENTIVE
Subject: Intimation under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirement) Regulations 2015 for Investor / Analyst Presentation
Dear Sir/Madam,
Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we are enclosing herewith a copy of the Investor presentation.
We request you to take the above information on record.
Thanking You. For Ventive Hospitality Limited
Pradip Bhatambrekar Company Secretary & Compliance Officer Membership No: A25111
1
Investor Presentation
July 2025
Ocean Pool House Deck, Anantara - Naladhu
11
Disclaimer
All subsidiaries were acquired in August 2024; therefore, the numbers presented in this presentation are based on pro-forma financial statements for FY25 and FY24 unless otherwise specified.
Certain statements in this release concerning our future prospects are forward-looking statements. Forward-looking statements by their nature involve a number of risks and uncertainties that could cause actual results to differ materially from market expectations.
These risks and uncertainties include, but are not limited to macroeconomic factors, geopolitical events affecting tourism and business travel, regulatory environment, our ability to manage growth, competition within the industry, various factors which may affect our profitability, such as, our ability to attract and retain highly skilled professionals, reduced demand for office space, our ability to successfully complete and integrate potential acquisitions, political instability, legal restrictions on raising capital, cyclicality and operating risks associated with the hospitality sector.
Ventive Hospitality Limited (“VHL”) may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. These forward-looking statements represent only the Company’s current intentions, beliefs or expectations, and any forward-looking statement speaks only as of the date on which it was made. The Company assumes no obligation to revise or update any forward-looking statements.
22
India’s Largest Luxury Focused Hospitality Platform
80%
LUXURY FOCUS (1)
11
HOTELS
2000+
KEYS
2
COUNTRIES
₹16,531 / $890 Q4 FY25 TREVPAR IN INDIA / MALDIVES
3.4 Msf | 98% ANNUITY AREA & Q4 COMMITTED OCCUPANCY
(1) 80% of Company’s revenue is contributed by 5 luxury properties
33
Strategic Alliances With Top Tier Brands
Strong Sales & Distribution
DIGITAL STRATEGIES FOR DEEPER CUSTOMER RELATIONSHIPS
High Repeat Business
Operational Excellence
LOYALTY PLATFORMS POWERED BY CUTTING EDGE TECHNOLOGY
ENHANCED PRODUCTIVITY THROUGH STREAMLINED PROCESSES
•Global, regional and property-based selling
•Bonvoy: 200+ Mn members
•Digital assets: Industry leading websites and apps
•Hilton Honors: 160 Mn members
•Multilingual call centres offering 24/7 guest support
•Global Hotel Alliance: 24 MN members
•Best-in-class pricing strategies, inventory management and demand forecasting
•Shared services for higher efficiency
•Lean processes featuring global best practices
•Full integration with OTA platforms
44
Portfolio structured to deliver holistic growth
Well-Ringfenced, Geographically Diversified
ASSETS IN INDIA AND MALDIVES
Caters to Leisure as well as Business Travelers
HOTELS
• JW Marriott, Shivajinagar, Pune • The Ritz-Carlton, Yerwada, Pune • Marriott Suites, Koregaon Park, Pune • DoubleTree by Hilton, Chinchwad, Pune • Oakwood Residences, Naylor Road, Pune • Marriott Aloft ORR, Outer Ring Road, Bangalore • Courtyard by Marriott, Hinjewadi IT Park, Pune • Marriott Aloft Whitefield, Whitefield, Bangalore
Total Keys: India Hospitality
• Anantara, Dhigu, Veli and Naladhu Maldives • Conrad, Rangali, Maldives • Raaya by Atmosphere, Raaya, Maldives
Total Keys: Maldives Hospitality Total Keys
KEYS
415 198 200 115 83 191 153 166 1,521 197 151 167 515 2,036
Integrated Commercial & Retail Assets Feed the Hotel Business and Generate Steady Annuity Income
ANNUITY
• Business Bay, Yerwada, Pune • ICC Offices, Shivajinagar, Pune • Panchshil Tech Park, Hinjewadi IT Park, Pune • ICC Pavilion (Retail space), Shivajinagar, Pune
MSF
1.80 0.93 0.22 0.44
Total Annuity Assets
3.40 msf / 98% committed occupancy
55
Curating differentiated guest experiences
Highlights of our F&B Portfolio
• Multiple award-winning restaurants across the portfolio
• 6 of our restaurants feature in the list of Pune’s Top 10
restaurants
• Proactive refurbishments and repurposing initiatives
enhancing customer experience
• Largest ballroom in Western India among luxury hotels, at JW
Marriott Pune
• Demonstrated turnaround capabilities (developed unutilized
terrace / repurposed restaurant)
Ukiyo – Best Japanese Restaurant, Ritz Carlton
Paasha – Best Rooftop Restaurant, JW Marriott
70+ Market
Leading F&B Offerings
Ithaa, Conrad – World’s first undersea restaurant
Dhoni Bar, Anantara
Spice Kitchen – Best Buffet Restaurant
66
Longer Term Growth Strategy
Ithaa Undersea Restaurant, Conrad - Rangali
77
Development + Acquisition strategy has driven 2X growth over last 5 years
S Y E K F O
.
O N
83
2007
167
2,036
166
191
546
200
415
115
153
2009
2010
2013
2016
2019
2021
2023
2024
Completed Keys
Acquisitions
New Developments
88
Key enablers of long-term growth
1
Increasing Demand
• Rising inbound as well as outbound tourism
• Increased demand for hotel rooms in Pune and Bengaluru due to new
• Improved access and greater business activity due to
airport upgrades in Pune / Male; Navi Mumbai airport and better road connectivity
GCC / industrial set ups
• Ventive’s luxury and upscale portfolio best positioned to benefit from
growth in high-end travel
• Higher business travel from GCC + high tech industrial
• Spare capacity enables better participation in the growth opportunity
growth
2
Constrained Supply
• Muted supply in India in luxury / upscale segments; no luxury
supply in Pune for next 5 years
• Supply-demand gap supports ARR growth
• High entry barriers in Maldives
3 New Developments and
Acquisitions
• Expansion into newer markets and segments
• Productive use of cash to drive growth
99
Rising foreign and domestic travel is set to drive growth in Indian hospitality
Foreign Tourist Arrivals to Grow 9% FTAs (in millions)
30.4
9% CAGR
9.2
7% CAGR
10.9
8.8
+48%
6.2
Growing Domestic Air Traffic Domestic Air Passengers (in millions)
+7%
152
163
144
13% CAGR
100
2016
2019
2022
2023
2037E
2016
2019
2023
2024
Air infrastructure Upgrades Near Pune
Pune’s new Airport Terminal
Improved capacity 12M passengers p.a. (vs 7.1M previously)
Navi Mumbai International Airport
Full operational capacity of 90M passengers p.a. (90min from Pune)
1010
India underpenetration; Muted supply in Ventive markets
Existing stock of India, especially in Ventive markets(1) is significantly low No near-term luxury supply expected in Pune however office absorption is strong (6.9M sf in CY24, +23% YoY)
Low Penetration in India Hotel Keys Per Msf Of Office Space
Low supply in Ventive Markets Hotel Inventory (‘000 KEYS)
1,241
897
573
637
486
London San Francisco Singapore Hong Kong
Tokyo
in 000’s
150
56
77
78
162
118
India
94
India – Luxury and upper upscale
Ventive Markets(1)– Luxury and upper upscale supply
8% CAGR
83
66
3% CAGR
11
10
FY24
FY27
FY24
FY27
1111
Maldives - Growing Travel & Tourism
Growing Foreign Tourist Arrivals (In millions)
Diversified Customer Base (% Share In Arrivals in CY24)1
+8.9%
+2.8% CAGR
1.9
2.0
+9.8% CAGR
1.7
1.3
CY16
CY19
CY23
CY24
OTHERS 18%
UNITED KINGDOM 9%
U.S.A. 4%
INDIA 6%
CHINA 13%
ITALY 7%
RUSSIA 11%
GERMANY 8%
REST OF EUROPE 24%
1212
Maldives - Growing Travel & Tourism
New Supply Growing Much Slower (Keys 000s)
Barriers to Entry
5.5% CAGR
17
15
9.3% CAGR
7
2015
2023
2026
1
2
3
Longer Gestation Period
• 5-8 years to complete new resorts
• 3+ years for stabilization
Higher Construction Cost
• 4-6x the construction cost in India
Limited Debt Availability • Funding limited to a few banks
• Onerous terms
1313
Development pipeline
Eight Hotels | 1,581 Keys | India and Sri Lanka
Assets being developed by Ventive Hospitality
SRI LANKA
VARANASI
BENGALURU
MUNDRA
Pottuvil, a Ritz-Carlton Reserve
Varanasi Marriott Hotel
Render
Render
AC by Marriott
Render
Courtyard by Marriott Mundra
Render
Greenfield development with 73 keys and 80 branded residences
161-key brownfield development strategically located near airport
Rebranding and expansion from 167 to 200 keys
200-key greenfield development near Mundra port
Additionally, the Company is scouting for land parcels to develop luxury leisure resorts with branded residences
ROFO Assets being developed by Promoter Group
JW Marriott Navi Mumbai
Moxy Navi Mumbai
Moxy Pune Wakad
Moxy Pune Kharadi
450-key development near Navi Mumbai International Airport
200-key development adjacent to JW Marriott Navi Mumbai
264-key hotel part of a mixed-use development
200-key hotel for new age business travelers
1414
Inorganic growth Opportunities
Capacity
Pipeline
• Robust free cashflow generation
Strong balance sheet
• Cash and cash equivalents of Rs 5,604 Mn • Debt paydown after IPO >> Headroom for
Leverage
• India portfolio debt can be attributed to
annuity assets
o Multiple acquisition opportunities under
evaluation
Multiple Acquisition Opportunities under Review
Vision to Develop 2000 Keys over Next 5 years: 1,581 in Pipeline + New Projects + Acquisitions
1515
Q4 FY 2025 Financial Highlights
1616
JW Marriott, Pune
Q4 FY25 Financial Highlights Strong Performance Across Segments Consolidated EBITDA Margin at 52% – Leading in the Hospitality Industry
Consolidated(1)
Hospitality
Annuity
India
International(3)
Revenue
INR 7,172 Mn
↑20%
INR 2,265 Mn
↑25%
INR 3,572 Mn
↑27%
INR 1,246 Mn
↑5%
EBITDA
INR 3,709 Mn
↑23%
INR 1,039 Mn
↑76%
INR 1,663 Mn
↑33%
INR 1,111 Mn
↑5%
(2)
EBITDA Margin
52%
↑1pp
YOY GROWTH
46%
↑13pp
47%
↑2pp
89%
↑1pp
YOY GROWTH
YOY GROWTH
YOY GROWTH
PAT
INR 1,511 Mn
Hospitality Revenue Breakup (INR Mn)
Room
F&B
Others
285
13%
315
9%
748
33%
1,128
31%
1,232
54%
2,129
60%
Breakup %
Breakup %
India
International
(1) Consolidated revenue includes other income; Consolidated EBITDA is after netting off corporate office overheads (2) 33% yoy growth in Q4 EBITDA, adjusted for a one-off expense of Rs 110 Mn in Q4 FY24 and a one-off income of Rs 105 Mn in Q4 FY25. (3) Includes Raaya by Atmosphere, Maldives consolidated from 1st January 2025
17 1717
Q4 FY25 Consolidated Hospitality KPIs Powering Ahead : Double-Digit RevPAR & Higher TRevPAR Growth Reflect Strong Demand
ADR (INR)
Occupancy (%)
RevPAR (INR)
TRevPAR (INR)
26,963
25,608
+5%
71.4
67.8
+5%
19,249
17,362
+11%
31,837
27,504
+16%
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
TRevPAR - Total Revenue per Available Room All KPIs exclude Raaya by Atmosphere, except TRevPar
1818
Q4 FY25 India Hospitality KPIs Premium Positioning : Driving Double-Digit RevPar and TRevPar Growth
ADR (INR)
Occupancy (%)
RevPAR (INR)
TRevPAR (INR)
12,571
10,804
+16%
71.1
66.9
+6%
8,940
16,531
7,228
+24%
13,199
+25%
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
1919
Q4 FY25 International Hospitality KPIs Continued Momentum : Driven by Strong Brand Equity and Customer Trust
Occupancy (%)
TRevPAR (INR)
71.5
72.6
71.9
+2%
89,985
94,856
+5%
77,076(1)
FY 2024
FY 2025 Same Store
FY 2025 Incl. Raaya
Q4 FY24 Q4 FY25 Q4 FY25
Same Store
Incl. Raaya
(1) Effective January 1, 2025, the company acquired control of KIRPL, which owns Raaya by Atmosphere. Previously accounted for as a joint venture, Raaya by Atmosphere operates under an all-inclusive concept at a lower price point than our ultra-luxury resorts.
2020
Q4 FY25 Annuity KPIs Reliable Returns : High Committed Occupancy and Stable Rental Income
Rent (INR psf/m)
112
115
+2%
Committed Occupancy (%)
97
98
+1%
Q4 FY24
Q4 FY25
Q4 FY24
Q4 FY25
2121
FY 2025 Financial Highlights
22
Beach Pool Residence, Anantara - Naladhu
2222
FY 2025 Financial Highlights(1) Milestones Achieved: ₹20,000 Mn+ Revenue & ₹10,000 Mn+ EBITDA: Now Among the Top 4 Listed Indian Hospitality Companies
Consolidated(2)
Hospitality
Annuity
India
International(3)
Revenue
INR 21,595 Mn
↑13%
INR 7,416 Mn
↑15%
INR 8,619 Mn
↑18%
INR 4,834 Mn
↑3%
EBITDA
INR 10,124 Mn
↑16%
INR 2,728 Mn
↑31%
INR 2,798 Mn
↑38%
INR 4,370 Mn
↑6%
EBITDA Margin
47%
↑1 pp
37%
↑5 pp
32%
↑5 pp
90%
↑2 pp
YOY GROWTH
YOY GROWTH
YOY GROWTH
YOY GROWTH
(1) The above figures are presented on a pro forma basis, as acquisition transactions were undertaken in August 2024 (2) Consolidated revenue includes other income; Consolidated EBITDA is after netting off corporate office overheads (3) Includes Raaya by Atmosphere, Maldives consolidated from 1st January 2025
Hospitality Revenue Breakup (INR Mn)
Room
F&B
Others
705
9%
890
10%
2,668
36%
2,822
33%
4,043
55%
4,907
57%
Breakup %
Breakup %
India
International
23 2323
FY 2025 Consolidated Hospitality KPIs Growth Delivered : Stable ARR Growth and Occupancy Ramp-Up Drive Double-Digit RevPAR and TRevPAR Growth
ADR (INR)
Occupancy (%)
RevPAR (INR)
TRevPAR (INR)
19,976
20,769
+4%
64.0
59.5
+8%
13,293
11,886
+12%
22,981
20,157
+14%
FY 2024
FY 2025
FY 2024
FY 2025
FY 2024
FY 2025
FY 2024
FY 2025
All KPIs exclude Raaya by Atmosphere, except TRevPar
2424
FY 2025 India Hospitality KPIs Scaling New Highs : Backed by strong pricing power
ADR (INR)
Occupancy (%)
RevPAR (INR)
TRevPAR (INR)
11,076
10,060
+10%
61.3
65.5
+7%
7,256
6,167
+18%
13,347
11,631
+15%
FY 2024
FY 2025
FY 2024
FY 2025
FY 2024
FY 2025
FY 2024
FY 2025
2525
FY 2025 International Hospitality KPIs Volume-Led Upside : Occupancy Growth Drives Strong TRevPAR Uplift
Occupancy (%)
TRevPAR (INR)
57.4
58.8
51.3
+12%
63,118
60,654(1)
57,422
+10%
FY 2024
FY 2025
FY 2025
Same Store
Incl. Raaya
FY 2024
FY 2025
FY 2025
Same Store
Incl. Raaya
Effective January 1, 2025, the company acquired control of KIRPL, which owns Raaya by Atmosphere. Previously accounted for as a joint venture, Raaya by Atmosphere operates under an all-inclusive concept which operates at a lower price point compared to our ultra-luxury resorts.
2626
Debt Position
Consolidated Gross Debt
Cash & Cash Equivalent
Consolidated Net Debt
Net Debt to Equity Ratio
Net Debt to EBITDA Ratio
MARCH 31, 2025
MARCH 31, 2024*
INR Mn
23,055
5,604
17,451
0.4x
1.7x
36,821
2,750
34,071
1.2x
3.6x
Total Gross Debt (INR Mn)
35,727
-35%
23,055
2,995
Pre-IPO
31st March 2025
Raaya Debt
INR Debt (INR Mn)
USD Debt ( INR Mn)
21,089
13,401
$171M
14,638
$113M
9,654
2,995
The company received AA rating (Stable) from CRISIL and PCPPL, a material subsidiary received an AA+ rating (Stable)
Pre-IPO
31st March 2025
Pre-IPO
31st March 2025
Raaya Debt
Cost of debt % p.a
8.3
8.2
9.5
7.7
*Proforma figures excluding Raaya
27 2727
Consolidated Profit & Loss Statement
INR Mn
Q4 FY25
Q4 FY24
(1)
CHANGE YOY%
FY 2025
FY 2024
CHANGE YOY%
Revenue from Operations
Other Income
Total Income
Total Expenditure
EBITDA
EBITDA margin
Depreciation & Amortization
EBIT
EBIT margin
Financing Cost
Tax expense
Profit After Tax
6,979
193
7,172
3,463
3,709
52%
1,031
2,677
37%
746
420
1,511
5,813
168
5,981
2,974
3,007
50%
NA
NA
NA
NA
NA
NA
20%
15%
20%
16%
23%
4%
-
-
-
-
-
-
20,784
811
21,595
11,473
10,124
47%
3,636
6,486
30%
4,013
1,496
18,421
653
19,074
10,376
8,698
46%
3,541
5,157
27%
4,285
836
(2)
483
(3)
(667)
13%
24%
13%
11%
16%
2%
3%
26%
11%
-6%
79%
-
(1) Depreciation, finance cost and tax expense are not determined for Q4 FY24 on proforma basis (2) Includes exceptional expense of INR 61 Mn and share of JV loss of 435 Mn (3) Includes JV loss of INR 703 Mn
2828
ESG & Notes
Paasha Rooftop Restaurant, JW Marriott, Pune
2929
Environmental & Social Initiatives
1
Energy Initiatives
• 70%+ green energy (1) (incl installed solar panels &
windmill)
• EV-charging stations at all Indian hotels. •
JW Marriott Pune certified by IGBC under LEED India for achieving Green Building Standards.
Waste Management
2 • Plastic waste reduction - supply reusable glass water bottles in
our guestrooms and F&B outlets.
• Anantara’ Biogas digester processes 1,000 kg of food waste
daily, cutting CO₂ emissions by 1,748 tonnes annually. • Conrad Maldives' Hydroponic garden produces 1,200 kg of
fresh lettuce annually, reducing reliance on external sourcing.
Solar installation, Maldives
Coral planting at Conrad
3
People Initiatives
4
Preserving Environment
• Project Pranita by Ritz-Carlton & JW Pune provide Hospitality training for underprivileged women • Ritz-Carlton & JW Pune collaboration with Sparsh
Balgram NGO to support for HIV+ Children. • Around 45% of the workforce across Maldives
resorts comprises of local Maldivians.
• Coral Regeneration Program at Maldives resorts e.g.
Anantara’s HARP(3) Project cultivates 2,000+ corals every year. • Conrad and Anantara ‘Adopt-a-coral’ program allowing guests
to plant their own coral garden and receiving bi-annual updates.
• Maldives resorts partner with local fishermen to source
• Conrad offers six-month internships with 66%
seafood
opportunities reserved for locals.
• Anantara has successfully protected critically endangered sea turtle species via collaboration with Olive Ridley Project and local authorities.
Captive Windmill, India
Plastic Free Hotels (2)
(1) In JW Marriott, Pune, Courtyard by Marriott, Pune, Marriott Suites, Pune and The Ritz-Carlton, Pune for FY25 (2) Supply of reusable glass water bottles in the guestrooms and F&B outlets with the aim of reducing the usage of single use plastic. The resorts in Maldives also adhere to strict plastic free environment guidelines (3) HARP: Holistic Approach to Reef Protection
30 3030
Board of Directors
Atul I. Chordia
Tuhin Parikh
Nipun Sahni
•
•
Founder of Panchshil Realty
• Head of Blackstone Real Estate India
Awarded the Hoteliers Award – Developer of the Year, Asia One-World’s Greatest Leaders
•
Director, Nexus Select Mall Management Private Limited
•
•
Advisor at Apollo Global Management & Founder of Rezone Investments
Previously at: Apollo Global Management, DSP Merrill Lynch Capital Ltd, GE Capital Services India and IVCA
Bharat Khanna
INDEPENDENT DIRECTOR
• Managing Director and Head of India
at BGO
•
Previously at: Och-Ziff Asia Real Estate,
Morgan Stanley Real Estate Investing
Punita Kumar Sinha
Thilan Manjith Wijesinghe
INDEPENDENT DIRECTOR
INDEPENDENT DIRECTOR
•
•
Director at Lupin Limited, Tata Asset Management Private Limited &
Embassy REIT
Previously at: Blackstone Asia Advisors,
Infosys Limited and JSW Steel Limited
•
•
Founder and Chairman of TWCorp Pvt Ltd and Director at MJF Leisure
Ex Chairman of Board of Investment
Sri Lanka
3131
Notes & Definitions
TERM
DEFINITION
4Q/Q4/Three Months ended
Quarter ending March 2025
Mn / M
M sf
Millions
Million square feet
• All figures in this presentation are as of Mar 31, 2025, unless otherwise specified
• All subsidiaries were acquired in August 2024; therefore, the numbers presented in this presentation
are based on pro-forma financial statements for FY25 and FY24 unless otherwise specified
• All figures corresponding to year denoted with “FY” are as of or for the one-year period ending (as may
be relevant) March 31st of the respective year.
• Some of the figures in this Presentation have been rounded off to the nearest decimal for the ease of
presentation
• All details included in the presentation consider 100% stake in Ritz Carlton, Pune and Raaya by
Atmosphere. Our Company owns 50%+ economic interest in Panchshil Corporate Park Pvt Ltd (PCPPL) and Kudakurathu Island Resorts Private Limited (KIRPL).
• All operational and financial data presented in this Presentation includes data relating to Raaya by
Atmosphere, Maldives, which was launched in July 2024 and consolidated from 1st January 2025. Our Company owns a 50.28% equity interest in Kudakurathu Island Resort Private Limited (which owns Raaya by Atmosphere, Maldives)
Average Room Rate or ARR or ADR
Average room rate, being room revenues (plus service charges with respect to our Maldives hospitality assets) during a given year divided by total number of room nights sold in that year
Occupancy
For hospitality assets, total room nights sold during a relevant year divided by the total available room nights during the same year
GCP
General corporate purposes as defined in our prospectus
Revenue per Available Room or RevPAR
Revenue per available room, calculated by multiplying ARR charged and Occupancy. RevPAR does not include other ancillary, non-room revenues, such as revenue from the sale of food and beverages and other hotel services including banquet income and membership fees generated by a hospitality asset
Total Revenue per Available Room or TrevPAR
Total revenue per available room, calculated by dividing the revenue from operations for the relevant hospitality asset(s) by the total number of room nights available in that year. TrevPAR includes other ancillary, non-room revenues, such as revenue from the sale of food and beverages and other hotel services including banquet income and membership fees generated by a hospitality asset
F&B
KPI or KPI's
QoQ
Food and beverage
Key performance indicators
Quarter on quarter
Committed Occupancy
For offices and retail spaces, the sum of the Occupied Area and committed area under letters of intent with tenants, divided by the Completed Area, as at a specified date.
• Q4 FY25 EBITDA growth reflects adjustments made to prior year proforma numbers
pp
Percentage points
USD to INR
The average rate for Q4 FY25 is taken 86.6, while the overall FY25 average is 84.6
3232