While in FY19, the company's flight catering business faced a setback with the grounding of Jet Airways, FY21 has brought in new challenges to operate in the pandemic environment. During the first full quarter of lockdown, most of EIH's property remained closed with 85-88% dip in the business during April-May. With almost 60-70% of cost being fixed in nature, we expect a sharp fall in EBITDA for FY21E. To cope with these challenges, EIH has entered the food delivery segment, with salary cuts being taken by top executives and directors. The company has launched The Oberoi...