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Indian Hotels Co Results: Latest Quarterly Results & Analysis

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Indian Hotels Company Ltd. 04 Nov 2025 17:23 PM
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Q2FY26 Quarterly Result Announced for Indian Hotels Company Ltd.

Hotels company Indian Hotels Company announced Q2FY26 results

  • Revenue: Rs 2,124 crore for Q2FY26, change 12% YoY.
  • EBITDA: Rs 653 crore for Q2FY26, change 16% YoY.
  • PAT: Rs 285 crore for Q2FY26, change 15% YoY.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “Q2FY26 marks IHCL’s fourteenth consecutive quarter of record financial performance with a revenue of Rs 2,124 crore, a 12% growth over the previous year and a strong EBITDA margin of 30.8%, an expansion of 90 basis points. The revenue performance in the first half of the year was enabled by a 9% RevPAR growth, 22% growth in New Businesses and 21% growth in management fee income.”

“IHCL continued its accelerated growth momentum in the first half of FY26 with 46 signings to reach a portfolio of 570 hotels and opened 26 hotels crossing a milestone of 250 operating hotels in India with over 25,000 rooms. Under our strategic partnership with Clarks group, 14 hotels have been successfully onboarded on our sales & distribution network, the remaining portfolio is set to migrate to IHCL’s brandscape in the coming months. In line with our guidance, Taj Bandstand, an iconic development for Mumbai skyline has commenced construction post securing necessary approvals. On the back of strong industry fundamentals, outlook for the second half of the fiscal remains strong with a rebound in corporate travel, seasonal surge in social events and global conventions & trade fairs.”

Ankur Dalwani, Executive Vice President & Chief Financial Officer, IHCL said:“For Q2FY26, IHCL Standalone reported a revenue of Rs 1,166 crore, clocking an EBITDA margin of 40.8%, an expansion of 220 basis points and a PAT margin of 24.8%. Planned renovations have been completed in the first seven months of this fiscal across key assets like Taj Fort Aguada Resort & Spa, Goa, Taj Palace, New Delhi and The Taj Mahal Palace, Mumbai.”

“IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of Rs 2,847 crore as on 30th September 2025.”

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Hotels company Indian Hotels Company announced Q1FY26 results

  • Revenue: Rs 2,102 crore compared to Rs 1,596 crore during Q1FY25, change 32% YoY.
  • EBITDA: Rs 637 crore compared to Rs 496 crore dueing Q1FY25, change 29% YoY.
  • EBITDA margin: 30.3 % for Q1FY26.
  • PAT: Rs 296 crore compared to Rs 248 crore during Q1FY25, change 19% YoY.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “Q1FY26 marks the thirteenth consecutive quarter of record performance. In line with our guidance, the company reported a double-digit growth in consolidated revenue. The hotel segment’s revenue at Rs 1,814 crore grew by 14% leading to a strong EBITDA margin of 31.4%. This performance was enabled by diversification of our top line across same store hotels, not like for like growth and New Businesses consolidated revenue growing by 27% over the previous year. The hospitality sector, despite geopolitical headwinds continues to show resilience and sustained growth.”

“IHCL continued its growth momentum with 12 signings taking the portfolio to 390 hotels and opened 6 new hotelsin the quarter. Maintaining its leadership, Taj continues to be an icon in the global hospitality landscape with the brand being recently ranked by Brand Finance-UK as the World’s Strongest Hotel Brand 2025 for the fourth time and India’s Strongest Brand across sectors for the fifth time."

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said: “On the back of strong domestic demand, IHCL Standalone reported a revenue of Rs 1,099 crore, an increase of 13% over the previous year, clocking an EBITDA margin of 38.0% and a 17% growth in PAT at Rs 245 crore. IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of Rs 3,073 crore as on 30th June 2025.”

Result PDF

Hotels company Indian Hotels Company announced Q4FY25 results

Q4FY25 FInancial Highlights:

  • Revenue: Rs 2,487 crore, change 27% YoY.
  • EBITDA: Rs 918 crore, change 30% YoY.
  • PAT: Rs 522 crore, change 25% YoY.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “Q4 marks twelve consecutive quarters of record performance with consolidated hotel segment revenue reporting a strong growth of 13%, resulting in an EBITDA margin of 38.5%. Enterprise revenue for the full year stood at Rs 14,836 crore, 1.6x of consolidated revenue, in line with our strategy of a balanced capital-light and capital-heavy portfolio. The consolidated double-digit revenue growth for the year was driven by strong same-store performance, a 40% increase in New Businesses and not like-for-like growth. IHCL set a new benchmark with 74 signings and 26 openings this fiscal, and over 95% of these signings were capital light.”

“In line with Accelerate 2030, customer centricity and operational excellence will remain at the core of our business. In FY26, IHCL will invest over Rs 1,200 crore towards the continued comprehensive asset management & upgradation program and greenfield projects with the focus on the iconic brand Taj and digital capabilities. Looking ahead at FY26, IHCL is poised to continue double-digit revenue growth, driven by strong same-store performance, sustained momentum in New Businesses and 30 new hotel openings. The sector outlook remains strong, with demand outpacing supply, a recovery of foreign tourist arrivals and steady momentum across leisure, social and MICE segments."

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said: “With continued demand buoyancy in the domestic market IHCL Standalone reported a full year revenue of Rs 5,145 crore, an increase of 12% over the previous year, EBITDA margin of 43.9%, expansion of 260 basis points and a 29% growth in PAT at Rs 1,413 crore. In FY25, on a consolidated basis, IHCL reported revenue of Rs 8,565 crore, EBITDA of Rs 3,000 crore, clocking a new high EBITDA margin of 35%, an expansion of 140 bps and a PAT before exceptional items of Rs 1,603 crore resulting in a strong gross cash position as on 31st March of Rs 3,073 crore. Reflective of the company’s sustained financial performance, a dividend of 20% of Consolidated PAT amounting to Rs 2.25 per share is proposed, subject to shareholders’ approval.”

“IHCL has been on a journey of transformation and has demonstrated record financial performance across five fiscal years(excluding two years of the pandemic), enabled by a growth strategy of balancing capital light and capital heavy, resulting in a healthy balance sheet with nil net debt and strong free cash flows.”

Result PDF

Hotels company Indian Hotels Company announced Q3FY25 results

  • 29% Revenue growth at Rs 2,592 crore, 32% EBITDA growth at Rs 1,020 crore.
  • EBITDA margin of 39.4%, an expansion of 80 bps.
  • PAT at Rs 582 crore, growth of 29% YoY.
  • Sets new growth benchmark in 2024.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “Q3 marks eleven consecutive quarters of record performance with the hotel segment reporting a strong revenue growth of 16% resulting in EBITDA margin of 40.9%. The revenue performance was driven by 40% increase in New Businesses, not like for like growth and double-digit growth in same store hotels led by 20% growth in the US portfolio. With the consolidation of air and institutional catering business, Revenue and PAT grew by 29% at Rs 2,592 crore and Rs 582 crore respectively. In Q4 and the subsequent quarters of the next financial year, the sector will continue to witness demand buoyancy on account of large-scale regional events, weddings and sustained transient travel.”

“In line with Accelerate 2030, IHCL sets a new growth benchmark with 55 signings and 20 openings till date this fiscal and 85% of these signings are capital light. With a portfolio of 360 hotels and an industry leading pipeline of 123 hotels, IHCL at this pace of growth is well poised to reach 700 hotels by 2030.”

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said: “With continued demand buoyancy in the domestic market IHCL Standalone reported a revenue of Rs 1,517 crore, an increase of 15% over the previous year, EBITDA margin 47.8%, an expansion 240 basis points and a 23% growth in PAT at Rs 469 crore. Led by a broad-based business performance, IHCL Consolidated reported EBITDA margin of 39.4% an expansion of 80 bps resulting in a strong gross cash position as on 31st December of Rs 2,823 crore.”

“The company in January has acquired 55% shareholding in Rajscape Hotels, the brand holding company of Tree of Life and will form a part of IHCL Consolidated from Q4.”

Result PDF

Hotels company Indian Hotels Company announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue: Rs 1,890 crore, up by 28% YoY.
  • EBITDA: Rs 565 crore, up by 40% YoY.
  • EBITDA margin: 29.9% for Q2FY25.
  • PAT: Rs 555 crore, up by 232% YoY.

H1FY25 Financial Highlights:

  • Revenue: Rs 3,486 crore, up by 16%, YoY.
  • EBITDA: Rs 1,061 crore, up by 23% YoY.
  • EBITDA margin: 30.4% for Q2FY25.
  • PAT: Rs 803 crore, up by 106% YoY.

Puneet Chhatwal, Managing Director & CEO, IHCL, said: “The second quarter witnessed a strong revival of demand resulting in overall revenue growth of 28% and 16% growth for the hotel segment, marking the best ever Q2 Consolidated EBITDA margin at 29.9%.

For FY2025, we continue to maintain a guidance of double-digit revenue growth led by the sustained growth in New Businesses, not like for like growth and healthy same store performance. This is reflected in a strong 16.5% growth in consolidated hotel segment revenue in October which is set to accelerate in the remaining months of Q3.”

“IHCL has achieved a record signing of 42 hotels resulting in an industry leading portfolio of 350 hotels and met its market guidance of opening two hotels a month with 14 new hotel openings till date. IHCL will take over the management of landmark hotel The Claridges, New Delhi in April 2025 under a hotel operating agreement. In addition, IHCL has entered into definitive agreements to acquire majority shareholding in Tree of Life brand holding company, expanding its brandscape with a boutique leisure offering.”

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said: “In Q2, IHCL Consolidated for hotel segment reported a strong EBITDA margin of 30.5%, a 330-basis points expansion, led by doubledigit revenue growth and sustained operational leverage. IHCL Standalone reported an all-time high Revenue of Rs 1,125 crore, a year on year growth of 19% and an EBITDA margin of 38.6%, an expansion of 390 basis points. Reflective of a strong balance sheet, the gross cash position for IHCL Consolidated as on 30th September 2024 stood at Rs 2,460 crore.

“In line with our strategy of simplifying the holding structure, TajSATS is fully consolidated in IHCL, for 2 months in Q2. IHCL Consolidated PAT grew 48% on year-on-year basis to Rs 247 crore, excluding an exceptional item of Rs 307 crore on account of this consolidation.”

Result PDF

Indian Hotels Company announced Q1FY25 results:

Financial Highlights:

  • Revenue: Rs 1,596 crore, up by 5% YoY
  • EBITDA: Rs 496 crore, up by 8% YoY
  • EBITDA%: 31.0%, up by 0.7 percentage points
  • PAT: 248 crore, up by 12%

Performance highlights:

  • Outperformed the industry on domestic same store RevPAR with a premium of 60% vs competition.
  • New Businesses vertical comprising of Ginger, Qmin, and amã Stays & Trails reported a revenue of Rs 162 crore, a growth of 37% over the previous year.
  • The Reimagined Businesses of TajSATS and The Chambers (membership fee) reported a revenue of Rs 274 crore, a growth of 17% over the previous year.
  • Management Fee income stood at Rs 114 crore, 17% over the previous year, in line with capital light growth strategy
  • IHCL continues to demonstrate industry leading growth with 16 hotels signed and 6 hotels opened.
  • The recent signings are well represented across all brands with 6 Taj, 2 each of SeleQtions, Tree of Life and Ginger, 1 Vivanta and 3 under the reimagined Gateway brand.
  • In Q1, IHCL opened 6 hotels with a SeleQtions hotel in Mahabaleshwar, Vivanta in Jamshedpur, a Ginger in Nagpur and Jamshedpur and Tree of Life resorts in Gangtok and Srinagar

Commenting on the quarter’s performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL consolidated reported a strong financial performance for the first quarter with an all -time high revenue of Rs 1,596 crore and a healthy EBITDA margin of 31%. Our performance was enabled by a diversified top line, with new businesses growing at 37% over the previous year and incremental revenues from the not like for like growth. Continuing the growth momentum our portfolio is now over 325 hotels with 16 signings and 6 openings in the quarter.”

He added, “With demand continuing to outpace supply and favourable structural tailwinds, the sector is set to clock strong revenue growth in the quarters ahead.”

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said, “IHCL Consolidated grew operating revenue by 6% and RevPAR outperformed the industry with 60% premium on a same store basis for domestic hotels. On the back of strong cost focus, IHCL’s operating EBITDA margins expanded by 210 and 100 basis points on Standalone and Consolidated basis respectively leading to a Consolidated PAT growth of 12%. IHCL’s healthy operating cash flows, resulted in a gross consolidated cash balance of Rs 2,091 crore as on 30th June 2024 with free cash flows generated in the quarter at 3x of Q1FY24.”

He added, “In line with our strategy of simplification, IHCL has secured approval to execute an amendment to its Shareholder Agreement with our partner, SATS Singapore, enabling a consolidation of Taj SATS results on a line-by-line basis as a subsidiary as opposed to equity accounting consolidation.”

Result PDF

Indian Hotels Company announced Q4FY24 & FY24 results:

Financial Highlights:

  • Revenue: IHCL reported an 18% YoY growth in Q4 revenue at Rs 1,951 crore, with an impressive 17% increase in full year revenue, amounting to Rs 6,952 crore.
  • EBITDA: The EBITDA for the company surged by 20% for the full year, reaching a total of Rs 2,340 crore.
  • Profit After Tax (PAT): PAT for Q4 grew by 27% at Rs 418 crore, while the full year saw a 26% rise, totaling Rs 1,259 crore.
  • EBITDA Margin: The EBITDA margin for Q4 improved by 2.0 percentage points; a full year consolidated EBITDA margin stands strong at 33.7%.
  • Full Year Consolidated Turnover: Attained an all-time high of Rs 6,952 crore, a 17% growth rate YoY.
  • Standalone Revenue Growth: A 20% surge resulted, with IHCL’s standalone revenue at Rs 4,590 crore.
  • Standalone PAT: Record Profit After Tax at Rs 1,095 crore was noted for the standalone entity.
  • Portfolio Expansion:
    • Hotel Portfolio: At the end of the fiscal year, IHCL achieved a sizable portfolio of 310 hotels.
    • Brand Signings and Openings: IHCL has signed 53 new hotels and opened 34 in the fiscal year 2023-24.

Commenting on the full year performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL achieves its key goals under Ahvaan 2025 well ahead of time with a full year consolidated EBITDA margin of 33.7%, a portfolio of 300 hotels and a cash position of Rs 2,206 crore. Q4FY24 marked eight consecutive quarters of record financial performance driven by double-digit revenue growth in same store hotels, incremental revenue from not like for like hotels and scaling of new businesses. With 53 signings in FY2024 IHCL achieved a portfolio of 310 hotels, enabled by attaining scale in each of our brands and forming strategic alliances in new market segments.

He added, “Looking ahead at FY2025, IHCL will continue to deliver double digit revenue growth with new businesses at 30%, and opening of 25 hotels. IHCL will also introduce the re-imagined Gateway, a full-service hotel offering in the upscale segment, an ideal fit to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. The brand roll-out starting with 15 hotels will commence with launches in Bekal and Nashik this quarter followed by destinations like Bengaluru, Thane and Jaipur. The brand will scale to a 100 hotels portfolio by 2030.

“Investing in our competitive advantage of optimising the balance between operating leverage and fee-based business, IHCL has commenced a five-year capital deployment plan from FY2023 to FY2027 totalling Rs 3,500 crore towards key asset upgradation, building capabilities and select new projects. This includes strengthening of our digital capabilities with new brand website launches starting May 2024, implementation of a new ERP system and Data Lake for advanced analytics with AI/ML capabilities.”

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “The resilience of our business model over eight consecutive quarters is reflective of robust fundamentals of a diversified topline, a balanced portfolio, prudent capital allocation and a sharp focus on driving operating flow thorough. This sustained performance has led to an all-time high IHCL Consolidated turnover of Rs 6,952 crore, a 17% growth YoY and a 100-basis point expansion in EBITDA margin at 33.7%.”

He added, “The buoyancy of domestic demand drove a 20% growth in IHCL’s standalone revenue at Rs 4,590 crore, EBITDA margin of 41.3% an expansion of 200 basis points leading to a record PAT of Rs 1,095 crore.


     

Result PDF

Indian Hotels Company announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:

  • Revenue: Rs 2,004 crore, a 15% increase year-over-year (YoY).
  • EBITDA: Rs 772 crore, up by 18% YoY; boasting an EBITDA margin of 38.5%.
  • Profit After Tax (PAT): Rs 452 crore, marking an 18% growth YoY.

Consolidated 9MFY24:

  • Revenue: Rs 5,000 crore, displaying a 16% rise YoY.
  • EBITDA Margin Increase: Improved by 1.0 percentage point (pp) to 32.7%.
  • Profit After Tax: Achieved Rs 841 crore, witnessing a 25% augmentation YoY.

Operational Highlights:

  • Room Revenue Growth: 21% increase, propelled by heightened Room Revenue.
  • RevPAR Dominance: Secured a 70% RevPAR premium versus competition.
  • Occupancy Rate: International portfolio occupancy stood at 70%, leading to a 9% RevPAR increase YoY.

Expansion and Growth:

  • New Hotels Signed: 28 hotels added to the signing docket.
  • Hotel Openings: Successfully opened 16 hotels during the fiscal year.
  • Milestone Achievement: Celebrated the operation of IHCL's 200th hotel.
  • New and Existing Markets: Forayed into new regions and strengthened presence in existing ones, expanding to over 130 locations.

New Business Verticals and Management Fees:

  • Revenue Generation: New Business vertical brought in Rs 420 crore in revenue.
  • Growth Metrics: Observed a 33% revenue growth, which is double compared to IHCL's overall growth of 17%.
  • Contribution to Enterprise Revenue: New Business now constitutes 11.1% of IHCL's total revenue, up by 130 basis points.
  • Management Fee Income: Grew by 13% year-over-year, reaching Rs 134 crore.

Awards and Recognitions:

  • World's Finest Luxury Grand Palaces: Taj won at '101 Executive Summit', Germany.
  • Golden Peacock Awards: Received the HR Excellence Award for 2023 and the Award for Risk Management 2023.
  • TripAdvisor Travelers' Choice: Rambagh Palace, Jaipur, ranked as the World's No. 1 Hotel.

Commenting on the Q3FY24 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL reported an all-time high consolidated Q3 EBITDA margin of 38.5% and PAT margin of 22.6%, marking seven consecutive quarters of record financial performance. This robust performance was enabled by same-store hotels clocking RevPAR premium across markets and segments, the strong performance of not like-for-like growth, and the scaling of new businesses.”

He added, “IHCL continues to demonstrate industry-leading growth with 28 hotels signed and 16 hotels opened this fiscal with a portfolio of 285 hotels including a pipeline of 85 hotels. This year marks the momentous occasion of reaching the 200th operating hotel milestone and the successful launch of 371 keys flagship Ginger at Mumbai Airport, presenting a vast potential to scale the Ginger brand. IHCL with its well-established brands, vast footprint across 130 locations, and a healthy balance sheet, is well placed to leverage this sustained demand upcycle the sector is witnessing.”

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Q3 saw a stellar performance led by the domestic market as seen in IHCL’s standalone revenue of Rs 1,323 crore, a growth of 22% over the previous year and EBITDA margin of 45.4% which is a 290-basis points expansion. IHCL’s consolidated results also demonstrated a strong performance with an Operating EBITDA margin of 37.3%, an expansion of 190 basis points, reflective of high revenue flow through.”

He added, “On a year to date basis IHCL consolidated reported an all-time high revenue of Rs 5,000 crore, an EBITDA margin of 32.7% in line with the guidance of Ahvaan 2025, and maintained healthy cash and cash equivalents of Rs 1,810 crore as on 31st December 2023.”

 

 

 

Result PDF

Indian Hotels Company announced Q2FY24 results:


1. Revenue Growth:
- IHCL reported a revenue of Rs 1,481 crore, marking an 18% YoY growth.
- The company generated a system-wide revenue of Rs 2,687 crore, reflecting the successful execution of its strategy.

2. EBITDA Performance:
- EBITDA stood at Rs 402 crore, showing a growth of 26% compared to the previous year.
- IHCL achieved an EBITDA margin expansion of 180 basis points.

3. Profitability:
- Profit after tax (PAT) reached Rs 167 crore, representing a 37% YoY growth.

4. Industry Outlook:
- IHCL's performance was driven by India's economic momentum and higher consumer spending.
- The company remains well-positioned for a strong second half of the financial year.

5. Expansion and Development:
- IHCL opened 8 hotels and signed 17 more in H1FY24, maintaining an industry-leading pipeline of 82 hotels.
- The brand portfolio spans across 125 locations.

6. Recognition and Awards:
- IHCL was honored with the 2023 International Centre for Responsible Tourism (ICRT), India Foundation Responsible Tourism Award for "Best for Tackling Plastic Waste."
- The company also received the prestigious Golden Peacock Award for Risk Management 2023.

Commenting on the Q2FY24 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “Driven by consistent double-digit growth, IHCL generated a system-wide revenue of Rs 2,687 crore – 1.8X of our consolidated revenue. This reflects the successful execution of our strategy to build a balance between owned/leased and managed hotels and leverage the diversified brand portfolio across 125 locations.”

He added, “We opened 8 hotels and signed 17 more in the first half of the fiscal thereby maintaining an industry-leading pipeline of 82 hotels. India’s economic momentum coupled with higher consumer spends augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year.”

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Q2 performance was significantly enabled by the domestic market as seen in IHCL’s standalone revenue of Rs 949 crore, a growth of 23% over the previous year and a healthy EBITDA margin of 34.7%.”

He added, “Despite ongoing product upgrades, we expanded margins at the standalone and consolidated levels by 410 and 180 basis points respectively. This was the result of a continuous focus on optimizing cost and revenue flow-throughs. IHCL consolidated recorded healthy cash and cash equivalents of Rs 1,395 crore as of September 30, 2023.”

 

Result PDF

Indian Hotels Company announced Q1FY24 results:

  • Revenue of Rs 1,516 crore in Q1FY24 compared to Rs 1,293 crore in Q1FY23, up 17% YoY
  • EBITDA of Rs 459 crore in Q1FY24 compared to Rs 405 crore in Q1FY23, up 13% YoY
  • PAT of Rs 222 crore in Q1FY24 compared to Rs 170 crore in Q1FY23, up 31% YoY

Commenting on the Q1 FY24 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL ended the first quarter with a strong performance led by a double-digit revenue growth. Turnover crossed the Rs 1,500 crore mark, making it a historical Q1.”

He added, “Maintaining our industry-leading portfolio, IHCL signed 11 and opened 5 new hotels across all its brands. With our vast footprint across 125 locations, we will leverage the buoyancy in India’s travel and tourism sector. The outlook for the upcoming quarters remains strong with the pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals.”

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “A strong focus on profitability and cash flow resulted in IHCL Consolidated reporting a steady EBITDA margin of 30.3% and net cash of Rs 889 crore as on 30th June 2023. In Q1, we have commenced capital investments towards renovation and upgradation of select hotels in our portfolio.”

 

Result PDF

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