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117TH ANNUAL REPORT 2017-18 “At IHCL, we have always set benchmarks in service quality and our global portfolio demands that we continuously reinvent ourselves for the future to check in. We are driving this transformation with a five-year growth map – Aspiration 2022 – that provides a template for us to grow profitably and sustainably.” Puneet Chhatwal Managing Director & Chief Executive Officer Read more on Page 24 INDEX Corporate Overview Statutory Reports Financial Statements 02 Introduction 50 Board's Report Standalone 04 IHCL at a Glance 80 Management Discussion and 122 Independent Auditor's Report 06 Our Values Analysis 128 Balance Sheet 08 Our Presence 96 Report on Corporate Governance 129 Statement of Profit and Loss 10 Timeline 112 Business Responsibility Report 130 Statement of Changes in Equity 12 The IHCL Portfolio 131 Statement of Cash Flows 16 Highlights of FY 2017-18 133 Notes to Financial Statements 18 Key Performance Indicators 191 Financial Statistics 20 Board of Directors 22 Senior Management Consolidated 24 MD and CEO's Message 193 Independent Auditor’s Report 26 Aspiration 2022 198 Consolidated Balance Sheet 28 3R Strategy for Aspiration 2022 199 Consolidated Statement of Profit 30 Drivers of Aspiration 2022 and Loss 36 Re-imagining Our Future 200 Consolidated Statement of Changes in Equity 38 Business Enablers 201 Consolidated Statement of Cash 40 Our Digital Initiatives Flows 42 Our People 203 Notes to Consolidated Financial 44 CSR and Sustainability Initiatives Statements 46 One IHCL. One Tata. 48 Awards 269 Notice 49 Financial Highlights Read the Report Online www.tajhotels.com Introduction The future checks in at IHCL In a renewed spirit of purpose and Over the past few years, the hospitality industry has evolved discovery, we have unveiled Aspiration remarkably due to digitisation and various acquisitions 2022, a comprehensive business strategy and mergers. Today, the industry’s focus is on fulfilling the increasing demands of its customers. Whether it be a business that focusses on maximising stakeholder or a leisure traveller, the expectations go way beyond just value over the next five years. The strategy a comfortable stay. They are looking for an unforgettable experience. At The Indian Hotels Company Limited (IHCL), we aims to build on our legacy and further are very excited about our prospects as we consolidate our strengthen our position by operating the position to welcome the traveller of tomorrow. best-in-class portfolio of brands in India With the spirit of Tajness, which stands on the values of Trust, and select overseas destinations. Based on Awareness and Joy (TAJ), we continue to create an intuitive a three-pronged approach — Re-structure, connect with all our stakeholders. It is the soul and guiding force for all our actions and performances. It steers our Re-engineer and Re-imagine — the focus culture, thinking and leadership and is the foundation of our will be on deepening guest experience, vision, mission and values. strengthening market leadership and achieving transformative growth, leading to greater profitability and market leadership in each of our segments. Corporate Overview 01-49 Statutory Reports 50-121 Financial Statements 122-268 IHCL at a Glance Indian hospitality at its global best IHCL is South Asia’s largest and finest Indian hospitality companies founded by the legendary Jamsetji Tata in 1899. It opened its first property – now called The Taj Mahal Palace – in Mumbai in 1903. The Company and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. 115 With a legacy of over 115 years, IHCL has built a reputation YEARS LEGACY of unrivalled leadership in the Indian hospitality industry. The Company has been a pioneer in transforming cities and towns into holiday destinations and has created history by putting Goa, Kerala, Rajasthan and the Andamans as leisure hotspots on the world map. 165+ 20,000+ 380 74 HOTELS* ROOMS* RESTAURANTS SPAS IHCL operates with the distinct advantage of having the largest AND BARS system-wide revenue. It is one of the leading networks of properties that span classic landmark hotels, historic palaces and the highest number of leisure hotels. The Company also has a strong portfolio of resorts and safaris, along with other business offerings catering to various customer and business 4 12 80 segments across four continents and 12 countries. CONTINENTS COUNTRIES LOCATIONS OUR PURPOSE th To create value by operating 32,242 67 7 EMPLOYEES HOTELS AWARDED CONSECUTIVE the best-in-class portfolio WITH GOLD GALLUP GREAT CERTIFICATION BY WORKPLACE AWARD of hospitality brands in EARTHCHECK India and select overseas destinations *INCLUDES HOTELS UNDER DEVELOPMENT 4 Annual Report 2017-18 5 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268 Our Values What defines our thinking, actions and relationships Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268 Our Presence Welcoming guests around the world > India “For TCI, IHCL is the biggest global partner because of > Sri Lanka its unique geographical > Nepal footprint, combined with predictable, high-quality > Malaysia service. The Taj epitomises > Bhutan Indian hospitality through its excellent service. We’re > Andamans glad to partner with an > Maldives Indian industry major who virtually sets the standard > South Africa for service excellence in the international hospitality > Zambia industry today.” > UAE > United Kingdom Dipak Deva Managing Director, > USA Travel Corporation India ROBUST EXPANSION DURING FY 2017-18 HIGH CUSTOMER-CENTRICITY 10 1020 30% 40% 64% 30.56 Lakhs 5,530 8,634 NEW HOTELS NEW HOTELS IN CONTRACTS SIGNED CONSUMER LOYALTY MEMBER BASE AVERAGE TOTAL GUESTS WELCOMED REVENUE PER AVERAGE ROOM OPENED THE PIPELINE IN THE 12 MONTHS TILL REVENUE (%) OCCUPANCY* DURING THE YEAR* AVAILABLE ROOM* RATE* (IN J) MAY 31, 2018 (IN J) Note: Map not to scale *DATA FOR TAJ AND GINGER BRANDS ONLY 8 Annual Report 2017-18 9 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268 Timeline 2018 A history of milestones UNVEILS ‘ASPIRATION 2022’ TAJ EXOTICA RESORT & SPA, ANDAMANS, A LUXURY RESORT OFFERING, COMMENCES 1899 OPERATIONS IN FEBRUARY THE INDIAN HOTELS COMPANY LIMITED (IHCL) IS INCORPORATED 2017 IHCL RESTRUCTURES IT'S BRAND ARCHITECTURE 1903 LAUNCHES THE TAJ MAHAL PALACE IN MUMBAI, INDIA 2015 REDESIGNS THE AWARD-WINNING PROGRAMME, 1970 TAJ INNERCIRCLE ANNOUNCES THE OPENING OF TAJ DUBAI, TAKES OVER MANAGEMENT UNVEILS ‘TAJNESS’ OF TAJ LAKE PALACE, UDAIPUR AND RAMBAGH PALACE, JAIPUR 2000 2005 2010 2012 ESTABLISHES TAJ GVK FORAYS INTO NEW YORK, LAUNCHES A NEW BRAND, LAUNCHES A FREE TWO- 1974 1998 HOTELS AND RESORTS US, WITH A MANAGEMENT VIVANTA BY TAJ YEAR HOSPITALITY TRADE LIMITED IN HYDERABAD CONTRACT TO OPERATE THE TRAINING PROGRAMME LAUNCHES FORT AGUADA, OPENS TAJ EXOTICA IN CELEBRATES THE REOPENING PIERRE FOR YOUTH FROM BELOW THE FIRST FIVE-STAR BENTOTA, SRI LANKA OF THE TAJ MAHAL PALACE IN POVERTY LINE (BPL) DELUXE BEACH RESORT RESTORES UMAID BHAWAN MUMBAI AFTER THE TERRORIST FAMILIES IN GOA 2001 PALACE IN JODHPUR ATTACKS OF 2008 LAUNCHES TAJ COROMANDEL IN CHENNAI LAUNCHES TAJ EXOTICA RESORT AND SPA IN 1982 MALDIVES 2007 2008 2014 1979 ACQUIRES THE ST. JAMES’ ACQUIRES RITZ-CARLTON LAUNCHES THE GATEWAY REBRANDS AND REPOSITIONS COURT IN LONDON 2004 IN BOSTON, US, LATER HOTELS AND RESORTS TAJ 51 BUCKINGHAM GATE FORAYS INTO AFRICA RENAMED THE TAJ BOSTON SUITES & RESIDENCES AND SOUTH-WEST COASTAL WITH TAJ PAMODZI, THE TAJ PALACE, NEW DELHI, LAUNCHES TAJ ST. JAMES’ COURT, A TAJ LAUNCHES TAJ CAMPTON INDIAN RESTAURANT QUILON LUSAKA, ZAMBIA IS OPENED FOR THE ASIAN WELLINGTON MEWS LUXURY HOTEL, LONDON UNDER THE PLACE IN SAN FRANCISCO IN LONDON RECEIVES A GAMES RESIDENCES, MUMBAI LUXURY BRAND MICHELIN-STAR 10 Annual Report 2017-18 11 Corporate Overview 01-49 Statutory Reports 50-120 Financial Statements 121-268 The IHCL Portfolio “TajSATS, our joint venture with IHCL, has grown to become the market leader in Indian airline catering because both companies share the same values of integrity, care for employees and customer focus. SATS will continue to invest in India to A bouquet of brands that deliver position TajSATS as an undisputed market leader in Indian catering.” memorable experiences Alex Hungate President and CEO, SATS HOTELS B2B Hotels | Palaces | Resorts | Safaris Hotels | Resorts Hotels | Resorts Hotels Air catering Number of hotels Number of hotels Number of hotels Number of hotels Number of units Non-airline services > Institutional catering 46 27 27 42 6 > Outdoor catering Number of rooms Number of rooms Number of rooms Number of rooms Services offered > Corporate gifting > In-flight catering 6,945 4,041 2,396 3,763 > Airline lounge management Brand style Locations Locations Locations Locations > Laundry Efficiency and Scale Cities and resort destinations, safari Cities and resort destinations Cities and resort destinations Cities across India > Airline bonds locations and authentic palaces Target audience Brand style Brand style Brand style Locations Institutions Brand style Bon Vivant Warm and Welcoming Smart Cities across India Iconic Target audience Target audience Target audience Nature of arrangements Target audience Cosmopolitan traveller Business and leisure traveller Millennial/City hopper Joint venture Luxury world traveller Nature of arrangements Nature of arrangements Nature of arrangements Nature of arrangements Owned, leased and management
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