Dare to Dream
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Dare to dream EIH Limited Integrated Annual Report 2020-21 Contents Introduction Governance 04 48 Approach to Reporting Board of Directors 06 49 Capital-wise Highlights Risk Management Who we are Measuring our Impact 10 52 EIH at a Glance People 14 56 Our Hotels CSR 16 58 Our Presence Environment 18 60 History Awards Year in Review Statutory Reports 22 62 Operational Highlights The Oberoi, New Delhi Directors’ Report 24 73 Financial Highlights Management Discussion and Analysis 26 83 Executive Chairman’s Statement Business Responsibility Report FY21 Highlights* 28 90 MD and CEO's Message Report on Corporate Governance 30 Strong Asset Base People 105 COVID-19 Response Certificate on Compliance of Conditions 32 of Corporate Governance ₹ 34,251 million 8,086 Gross block No. of employees Redefining the F&B Experience 106 34 Secretarial Audit Reports Leveraging Digital 110 Sustainable Net Worth Operational Strength 36 Certificate of Non-disqualification Bespoke Experiences of Directors ₹ 31,988 million 30 Net Worth Hotels Our Approach to Value Creation Financial Statements 40 117 Business Model Optimally leveraged Standalone 4,567 42 Rooms 181 Stakeholder Engagement Consolidated 0.1:1.0 44 Debt equity ratio Strategic Priorities Strong Recovery Highest Rating Safety Standards ₹ 5,550 million Platinum in Bureau Revenue Veritas *Numbers are consolidated Dare to dream Our business is just as much about enabling more people and For us, sustainable value creation is paramount. We believe it provides us with a solid foundation to reach for new pinnacles of success. At EIH, we move closer to the community to dream bigger, as it is about our expanding this soaring vision through discipline, practice and a sense of purpose that everyone ambitions of delivering world-class hospitality services to a in the company holds dear. We are always proactively finding ways to redefine excellence in hospitality and help create lifelong memories for our guests. We are wide domestic and international customer base. Our resilience constantly evolving in anticipation of new customer demands; setting our standards and our values have seen us through every business cycle and to exceed expectations every time. changing times. They lend us the courage to keep going, always Through a very challenging time, our proudest achievement was to never lose improve and outdo ourselves even when times are uncertain. hope, to come together stronger than ever as a team, and to do our best in the face of adverse conditions. It is in knowing that we dare to dream of better, more In short, to continue to dream big. prosperous times and that we inspire a wide spectrum of people to do the same, that we believe to have truly emerged out of the crisis, victorious. Wildflower Hall, An Oberoi Resort Integrated Statutory Financial Report Reports Statements Approach to Reporting About this Report This is EIH Limited’s first IntegratedOur capitals Annual Report, prepared to share a concise, complete and transparent assessment of Our relevance in the hospitality industry today and in the future, and our ability to create long-term value our ability to create long-standing value for are interrelated and fundamentally dependent on the our stakeholders. It provides an in-depth forms of capital available to us (inputs), how we use view of the company’s holistic approach to them (value adding activities), our impact on them and the multi-dimensional value creation, covering value we deliver (outputs and outcomes). both tangible and intangible, financial and non-financial aspects of the business. Financial Capital Basis of preparation Manufactured Capital The non-statutory section of this report is based on the principles contained in the International Integrated Reporting Framework (the International <IR> Framework) published by the International Integrated Reporting Intellectual Capital Council (IIRC). This report seeks to provide a balanced and transparent assessment of how we create value, considering both qualitative and quantitative matters that are material to our operations and strategic objectives, Human Capital which may influence our stakeholders’ decision-making. Other statutory reports, including the Directors’ Report, its annexures, the Management Discussion and Analysis Social & Relationship Capital (MDA), and the Corporate Governance Report, are as per the Companies Act, 2013 (including the Rules framed thereunder), Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Natural Capital Regulations, 2015 and the revised Secretarial Standards issued by The Institute of Company Secretaries of India. The financial statements are in accordance with the Indian Accounting Standards. Reporting period Feedback The EIH Integrated Report provides material information We will request our stakeholders to review this report relating to our strategy and business model, operating and provide feedback by [email protected] context, risks, performance, prospects and governance, covering the financial year between April 1, 2020 and March 31, 2021. The Oberoi, Marrakech EIH Limited | Integrated Annual Report 2020-21 5 Integrated Report Capital-wise Highlights Facets that our business depends on A business runs on various forms of enablers that give it the courage to spread its wings and achieve greater ambitions. We understand that sustainable businesses with long-term viability must use the six capitals to their disposal to generate and sustain value for our stakeholders. The Oberoi, Mumbai Financial Capital Manufactured Capital Intellectual Capital Human Capital Social & Relationship Natural Capital Capital Our key financial resources include The hotels and properties we own Our collective capabilities are our We have embraced a culture of Our operations rely on natural equity, internal accruals and debt. or manage, as well as our offices, inherent strength which differentiates excellence to nurture our people, We conduct our business in a resources, and we recognise Our strong Balance Sheet is the represent the physical assets. We us as an organisation to craft unique who are integral to our success. We responsible manner and engage with the impact of our business on foundation on which we dare to continue to invest in our existing experiences for our guests. Our believe in selecting the right talent, all stakeholders, including customers, ecosystems. We believe in dream of realising our mission of assets sustainably to ensure their signature services, brands, standard training them and instilling them regulators, governments, suppliers conserving natural resources creating exceptional value for our longevity, on which our ability operating procedures, OCLD (Oberoi with the spirit of entrepreneurship. and contractors, communities, and and focus on utilising them in an stakeholders. to generate future profitableCentre of Learning and Development), the society at large. We create long optimal manner. From embracing returns rest. TOCE (The Oberoi Centre of Excellence), term value for all our stakeholders. renewable energy to reducing OCC (Oberoi Contact Centre) and our waste, we adopt a 360-degree trademarks represent our intellectual approach to improve our ecological assets. We continue to enrich these footprint. intellectual assets to sustain and enhance our competitive advantage. ₹ 35,401 million 39 38 8,086 1,24,842 34% Capital Employed No. of operating units Trademarks registered Employees No. of new guests Reduction in total energy (Consolidated) (Owned + Managed) consumption over FY20 Our unique intellectual 0.11:1 ₹ 34,251 million properties in OCLD, TOCE 61,140 ₹ 40.14 million 39% Debt to Equity Ratio Total Gross Asset Base and OCC No. of training days CSR expenditure Co2 emission reduction (Consolidated) (Consolidated) (Consolidated) Page 24 Page 16 Page 34 Page 52 Page 56 Page 58 6 EIH Limited | Integrated Annual Report 2020-21 7 World-class hospitality standards. Seeded through one single dream. Who we are • EIH at a Glance 10 • Our Hotels 14 • Our Footprint 16 • History 18 The Oberoi Beach Resort, Al Zorah Integrated Statutory Financial Report Reports Statements EIH at a Glance Leaders in luxury Operating under the aegis of The Oberoi Group, EIH Limited is the realisation of an earnest and hard-working visionary, hospitality The late Rai Bahadur M.S. Oberoi. The Oberoi Group The late Rai Bahadur M.S. Oberoi founded The Oberoi Group in 1934. Since then, the group has come a long way and today owns and manages 20 extraordinary hotels under the luxury Oberoi Hotels & Resorts brand and 10 five-star properties under the Trident Hotels brand. The group also owns and manages Clarkes Hotel, Shimla and Maidens Hotel, New Delhi. It owns and/or operates a luxury motor vessel in Kerala and two luxury River Nile cruisers in Egypt. The group employs the best environmental and ecological practices in technology, equipment and operational processes, with a keen focus on the conservation of nature and cultural heritage, whilst also supporting philanthropic activities. Our services also extend to flight catering, airport lounges, travel and tours, car rentals, project management services and corporate air charters. Our unwavering focus on excellence, attention to detail and personalised services have always been our biggest differentiation in the line of business. We are proud to carry forward our founder’s glorious legacy of leadership and entrepreneurship, and always strive to bring novelty to hospitality. Our unyielding commitment to excellence has won