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Annual Report 2019-2020 Our Endeavour Is to Create Memories for Our Guests That Last a Lifetime

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Annual Report 2019-2020 Our Endeavour Is to Create Memories for Our Guests That Last a Lifetime Annual Report 2019-2020 Our endeavour is to create memories for our guests that last a lifetime. We are unrelenting in our quest for perfection in everything we do - from hotel design and décor to creating an environment for our team that encourages them to provide our guests with warm and intuitive service. Our commitment to excellence, attention to detail and personalised service has once again been appreciated and recognised by our guests. In 2019, Oberoi Hotels & Resorts was voted the Best Hotel Group by The Telegraph Travel Awards, UK for the third consecutive year. The Oberoi Group has also been recognized as one of the Best Employers in the ‘Aon Best Employers India – 2019’ survey. The recognition that we continue to receive is a testament to the vision of our founder, Rai Bahadur M. S. Oberoi. Taking his legacy forward, our Executive Chairman, Mr. P. R. S. Oberoi continues to inspire our employees to set global benchmarks in service excellence. Oberoi Hotels & Resorts has been voted the Best Hotel Group for the third consecutive year by Telegraph Travel Awards, UK – 2019, 2018 and 2017. Oberoi Hotels & Resorts was voted Best Indian Hotel Group in the Travel + Leisure, India & South Asia India’s Best Awards, 2019. Oberoi Hotels & Resorts was voted the Best Luxury Hotel Brand by Business Traveller UK Awards, 2019. Oberoi Hotels & Resorts was ranked second amongst the Best Hotel Brand in the World by Travel + Leisure, US, World’s Best Awards, 2019. Our endeavour is to create memories for our guests that last a lifetime. We are unrelenting in our quest for perfection in everything we do - from hotel design and décor to creating an environment for our team that encourages them to provide our guests with warm and intuitive service. Our commitment to excellence, attention to detail and personalised service has once again been appreciated and recognised by our guests. In 2019, Oberoi Hotels & Resorts was voted the Best Hotel Group by The Telegraph Travel Awards, UK for the third consecutive year. The Oberoi Group has also been recognized as one of the Best Employers in the ‘Aon Best Employers India – 2019’ survey. The recognition that we continue to receive is a testament to the vision of our founder, Rai Bahadur M. S. Oberoi. Taking his legacy forward, our Executive Chairman, Mr. P. R. S. Oberoi continues to inspire our employees to set global benchmarks in service excellence. Oberoi Hotels & Resorts has been voted the Best Hotel Group for the third consecutive year by Telegraph Travel Awards, UK – 2019, 2018 and 2017. Oberoi Hotels & Resorts was voted Best Indian Hotel Group in the Travel + Leisure, India & South Asia India’s Best Awards, 2019. Oberoi Hotels & Resorts was voted the Best Luxury Hotel Brand by Business Traveller UK Awards, 2019. Oberoi Hotels & Resorts was ranked second amongst the Best Hotel Brand in the World by Travel + Leisure, US, World’s Best Awards, 2019. CONTENTS The Board of Directors 8 The Oberoi Dharma 10 The Oberoi Group Mission 11 Highlights 12 Executive Chairman’s Review 15 Directors’ Report 17 Management Discussion and Analysis 44 Business Responsibility Report 55 Report on Corporate Governance 67 Certificate on Compliance of Conditions of Corporate Governance 91 Secretarial Audit Reports 92 Certificate of Non-disqualification of Directors 106 Independent Auditor’s Report 107 Balance Sheet 119 Statement of Profit and Loss 120 Cash Flow Statement 121 Statement of Changes in Equity 123 Notes to Accounts 124 Consolidated Financial Statements 174 The Late Rai Bahadur M.S. Oberoi Founder of The Oberoi Group 1898-2002 BOARD OF DIRECTORS BOARD OF DIRECTORS Mr. P.R.S. Oberoi Executive Chairman Mr. Prithvi Raj Singh Oberoi Executive Chairman Mr. S.S. Mukherji Executive Vice Chairman Mr. Shib Sanker Mukherji Executive Vice Chairman Mr. Vikram Oberoi Managing Director & Chief Executive Officer Mr. Vikramjit Singh Oberoi Mr. Arjun Oberoi Managing Director & Chief Executive Officer Managing Director – Development Mr. Arjun Singh Oberoi Mrs. Nita M. Ambani Managing Director – Development Director Mrs. Nita Mukesh Ambani Mr. Manoj Harjivandas Modi Director Director Mr. Manoj Harjivandas Modi Mr. Anil Nehru Director Independent Director Mr. Anil Kumar Nehru Mr. L. Ganesh Independent Director Independent Director Mr. Lakshminarayan Ganesh Mr. S.K. Dasgupta Independent Director Independent Director - (upto 28th March 2019) Mr. Sudipto Sarkar Mr. Sudipto Sarkar Independent Director Independent Director Mr. Rajeev Gupta Mr. Rajeev Gupta Independent Director Independent Director Dr. Chhavi Rajawat Dr. Chhavi Rajawat Independent Director Independent Director Mr. Sanjay Gopal Bhatnagar (w.e.f. 27th August 2019) CHIEF FINANCIAL OFFICER Independent Director Mr. Kallol Kundu CHIEF FINANCIAL OFFICER COMPANY SECRETARY & COMPLIANCE OFFICER Mr. Kallol Kundu Mr. S.N. Sridhar COMPANY SECRETARY & COMPLIANCE OFFICER Mr. S.N. Sridhar AUDITORS Deloitte Haskins & Sells LLP, Chartered Accountants AUDITORS 7th Floor, Building 10, Tower B Deloitte Haskins & Sells LLP, Chartered Accountants DLF Cyber City Complex 7th Floor, Building 10, Tower B DLF City, Phase-II DLF Cyber City Complex Gurugram-122002 DLF City, Phase – II Haryana Gurugram - 122002 Haryana REGISTERED OFFICE REGISTERED OFFICE 4, Mangoe Lane 4, Mangoe Lane Kolkata-700001 Kolkata - 700001 CORPORATE OFFICE CORPORATE OFFICE 7, Shamnath Marg 7, Shamnath Marg Delhi - 110054 Delhi-110054 P.R.S. Oberoi, Executive Chairman The Oberoi Dharma We, as members of The Oberoi Group are committed to display through our behaviour and actions the following conduct, which applies to all aspects of our business : • Conduct which is of the highest ethical standards - intellectual, financial and moral and reflects the highest levels of courtesy and consideration to others. • Conduct which builds and maintains team work, with mutual trust as the basis of all working relationships. • Conduct which puts the customer first, the Company second and the self last. • Conduct which exemplifies care for the customer through anticipation of need, attention to detail, excellence, aesthetics and style and respect for privacy along with warmth and concern. • Conduct which demonstrates two-way communication, accepting constructive debate and dissent whilst acting fearlessly with conviction. • Conduct which demonstrates that people are our key asset, through respect for every employee, and leading from the front regarding performance achievement as well as individual development. • Conduct which at all times safeguards the safety, security, health and environment of guests, employees and the assets of the company. • Conduct which eschews the short-term quick-fix for the long-term establishment of healthy precedent. The Oberoi Group Mission Our Guests We are committed to meeting and exceeding the expectations of our guests through our unremitting dedication to every aspect of service. Our People We are committed to the growth, development and welfare of our people upon whom we rely to make this happen. Our Distinctiveness Together, we shall continue the Oberoi tradition of pioneering in the hospitality industry, striving for unsurpassed excellence in high-potential locations all the way from the Middle East to the Asia-Pacific. Our Shareholders As a result, we will create extraordinary value for our shareholders. 12 13 14 HIGHLIGHTS Figures in Million except (Conversion Rate : INR 100 = US $1.30) Serial nos. 14, 15, & 16 2010 - 2011 2011 - 2012 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 ` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $ FOR THE YEAR 1. GROSS REVENUE 11429 149 11622 151 11770 153 12789 166 13730 178 14696 191 13768 179 14340 186 16273 212 14343 186 2. PROFIT BEFORE TAX 855 11 1550 20 718 9 1448 19 1512 20 1649 21 1279 17 1739 23 1637 21 1091 14 3. PROFIT AFTER TAX 645 8 1224 16 510 7 950 12 966 13 1090 14 965 13 1123 15 1133 15 1245 16 4. TOTAL COMPREHENSIVE 1025 13 884 11 1051 14 1125 15 1221 16 INCOME FOR THE YEAR 5. DIVIDEND 514 7 629 8 514 7 629 8 629 8 629 8 514 7 514 7 514 7 - - 6. RETAINED EARNINGS 934 12 1435 19 935 12 1248 16 1492 19 1507 20 1496 19 1592 21 1777 23 2587 34 7. FOREIGN EXCHANGE 4795 62 4630 60 4825 63 5765 75 5148 67 5625 73 4255 55 4355 57 5145 67 4685 61 EARNINGS AT YEAR END 8. GROSS FIXED ASSETS 27255 354 28059 365 28658 373 29101 378 29334 381 18993 247 20990 273 24637 320 25243 328 29792 387 9. SHARE CAPITAL 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 10. RESERVES AND SURPLUS 24735 322 25208 328 25106 326 25333 329 25430 331 25735 335 26538 345 27016 351 27408 356 28049 365 11. NET WORTH 25878 336 26352 343 26249 341 26476 344 26573 345 26878 349 27682 360 28159 366 28551 371 29192 380 12. BORROWINGS 8240 107 2601 34 3754 49 2764 36 2039 27 2449 32 2860 37 4293 56 4711 61 4151 54 13. CAPITAL EMPLOYED 28868 375 28852 375 29249 380 28326 368 28023 364 27828 362 29382 382 31052 404 31015 403 32198 419 PER SHARE (`) 14. NET WORTH PER EQUITY 45.28 * 0.59 46.10 * 0.60 45.92 * 0.60 46.32 * 0.60 46.49 * 0.60 47.03 * 0.61 48.43 * 0.63 49.27 * 0.64 49.95 * 0.65 51.07* 0.66 SHARE 15. EARNINGS PER EQUITY 1.63 * 0.02 2.14 * 0.03 0.89 * 0.01 1.66 * 0.02 1.69 * 0.02 1.91 * 0.02 1.69 * 0.02 1.96 * 0.03 1.98 * 0.03 2.18* 0.03 SHARE 16. DIVIDEND PER EQUITY 0.90 * 0.01 1.10 * 0.01 0.90 * 0.01 1.10 * 0.01 1.10 * 0.01 1.10 * 0.01 0.90 * 0.01 0.90 * 0.01 0.90 * 0.01 - - SHARE RATIO 17.
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