EIH Ltd Management Discussions.

ECONOMIC OVERVIEW

Global Economy

The year 2020 witnessed an unprecedented global crisis, with COVID-19 disrupting economies, governments and societies. Economic activities came to a grinding halt during the second quarter of 2020. The global economy contracted by 3.5% in 2020.

Growth in advanced economies contracted by 4.9% in 2020 and is projected to grow by 4.3% in 2021. Though the contraction was less severe than initially anticipated, a resurgence of COVID-19 dampened recovery. Central bank frameworks across the world are being reassessed as additional monetary policy support is limited. Fiscal policy is focused on stabilising the macro economy. In the US, recovery was initially supported by substantial fiscal support to household incomes, but it remained muted due to surge in COVID cases. The situation was similar in Europe and Japan, where strict lockdown measures were imposed to contain the second surge of the pandemic. Tourism has been severely impacted, while manufacturing has continued to recover due to the strengthening of foreign demand.

For emerging market and developing economies, the International Monetary Fund (IMF) had projected a contraction of 2.4% in 2020 and a recovery of 6.3% in 2021. The drastically falling per capita income (90%) has pushed millions into poverty in emerging markets and developing economies.

There is a giant surge in the debt levels – both of the government and the private sector. Slow cross-border tourism and subdued outlook for oil prices impacted economies dependent on oil and tourism. In China, the economic recovery had been rapid albeit sporadic with consumer services trailing industrial production. However, effective containment measures, forceful public investment response and liquidity support from the central bank have resulted in a growth rate of 2.3% in 2020 for the country.

In low-income countries, growth shrank by 0.8% – the steepest decline in three decades. Weak state capacity and limited fiscal space have made it difficult for authorities to respond decisively to the pandemic. Government indebtedness increased with expanded government spending to address the health crisis and to mitigate the adverse economic impact.

The uncertainty across the globe was further exacerbated by risks to financial stability – trade tensions, prolonged loose monetary conditions, rapid credit growth in some emerging economies and high debt levels.

Outlook

Global growth was projected at 5.5% for 2021 and 4.2% for 2022. Economic activity is expected to strengthen post the roll-out of vaccines against the virus and pursuant to additional policy support in a few large economies.

Advanced economies are projected to recover, with growth reaching 4.3% and 3.1% in 2021 and 2022, respectively. The recovery will be aided by widespread vaccination and sustained monetary policy, which is expected to offset the partial unwinding of fiscal support. For Emerging Markets and Developing Economies, excluding China, growth is expected to be 6.3% in 2021 as the lingering effects of the pandemic continue to affect consumption and investment. Furthermore, the drastically falling per capita income (90%) has pushed millions into poverty in the Emerging Markets and Developing Economies. Growth is forecast to resume at a moderate pace in low-income countries as the vaccine rollout is expected to be slow.

(Source: World Economic Outlook)

_.Y. Indian Economy

India’s economy was witnessing a slowdown much before the COVID-19 pandemic. Private consumption was sluggish and investment sentiments were weak. Industrial output contracted and tax revenues declined, with growth slowing to a six-year low at the end of 2020-21.

Economic activities came to a halt as the Government of India imposed a nationwide lockdown to contain the virus spreading on March 24, 2020. The lockdown measures were eased June 2020 onwards and economic activities resumed. However, it was not enough to overcome the losses of the first two months. Barring agriculture, all sectors recorded de-growth due to severe restrictions. The agriculture sector grew by 3.4% due to a good rabi harvest, kharif sowing and the monsoon.

As activities started normalising in second quarter of 2020, pent-up demand started to play out. Despite staging a sharp recovery, India entered into a technical recession with two successive quarters of contraction. With festive demand beginning to gather steam, third quarter of 2020 witnessed the return to positive growth.

The Government of India, along with the Reserve Bank of India (RBI), announced a series of measures to provide immediate relief to the vulnerable sections, stabilise the economy, boost liquidity and credit flow. The cumulative stimulus amounted to Rs. 29.7 Lakh Crore (equivalent to 15% of GDP), with a focus on boosting domestic manufacturing and strengthening supply chains.

E – Estimate; P - Projection (Source: IMF, WEO)

_.Y._. Outlook

According to the IMF, the economy is expected to grow by 11.5% in FY 22. The recovery will be aided by the vaccination drive. The industrial sector is expected to witness buoyancy with mining, manufacturing and construction registering double-digit growth rates. Increase in commodity prices and a revival of domestic demand, and improved Goods and Services Tax (GST) collections indicate a sharper-than-expected recovery. Proactive policy measures by regulators and the government are expected to ensure smooth functioning of businesses, domestic markets and financial institutions. However, risks to the forecast remain, due to renewed fears of localised lockdowns or restrictions on mobility following the second wave of the pandemic.

Y. OVERVIEW OF THE TRAVEL AND HOSPITALITY INDUSTRY

Y._. Global Scenario

In 2019, the global travel and tourism industry contributed ~US$ 8.9 Trillion to the world GDP. This was prior to the

COVID-19 pandemic. When the pandemic reared its head, borders were shut, holidays and business trips cancelled, and the number of flights reduced, thus dealing a devastating impact to the industry. In the first 10 months of 2020, the industry lost US$ 935 Billion of revenue worldwide (Source: Forbes).

International tourist travels dropped by 87% between January and October 2020 due to COVID restrictions across the world. During the same period, Asia-Pacific witnessed an 96% decrease in arrivals, the Middle East 84%, Africa and Europe 85%, and the Americas recorded a 77% decline (Source: UN World Tourism Organisation). The pause of travel also caused an unprecedented number of job losses within the global tourism sector.

Travel and tourism is one of the primary drivers of the hospitality industry. Hotels found themselves empty and had to reduce room tariffs due to meagre demand. However, on the upside, several hotels provided their premises to house medical staff, first responders, or hospital patients suffering from the virus.

As restrictions were eased towards the end of 2020, hotels world over began gradually reopening for dine-in with reduced capacity and social distancing.

Y._._. Outlook

The UN World Tourism Organisation has predicted a rebound in the internal tourism industry in the coming years based on some assumptions – roll out of the vaccine, successful inoculation worldwide, significant improvement in traveller confidence and lifting of travel restrictions. Travel rebound is expected by September 2021, leading to a 22% increase in arrivals compared to last year. However, this would still be 67% below the levels of 2019.

Y.Y. Indian Scenario

The rich and varied culture of India makes it a major travel destination for many international tourists. However, 2020 turned out to be one of the worst years for the country’s travel and hospitality sector as a result of the pandemic. Travel restrictions imposed by the Indian government and fears associated with COVID-19 compelled travellers to cancel their business trips, conferences and leisure travels both domestic and international. Summer holiday bookings to destinations within India were cancelled. Most international and domestic flights remained suspended during the two-month lockdown from April to May 2020. The latter half of 2020 saw the resumption of domestic leisure travel to many popular leisure destinations and to staycations in primary cities. Despite these positive trends, the Indian hotel industry was staring at a loss of Rs. 90,000 Crore in revenue by December 2020 due to the continued curb on travel. The occupancy rate fell to 18%-20% while Revenue Per Available Room (RevPAR) was down by 80%.

Y.Y._. Outlook

To boost the sector, the travel and hospitality industry has come up with new policies and concepts that prioritise health and hygiene. ‘Digital’ is the way forward for the industry as many hotels are adopting contactless methods for check-ins, check-outs and payments. The ‘Dekho Apna Desh’ campaign launched by the Union Ministry of Tourism last year to promote travel to destinations in India is expected to gather steam in the coming years as the pandemic is brought under control. This is expected to aid hotel recovery in the coming years.

According to ICRA, in FY 22, the hospitality industry will witness over 120% growth in revenues and 13-15% in operating margins supported by a pick-up in revenues and some continued benefits of the large-scale cost rationalisation measures undertaken during the pandemic, particularly in staffing. With closed international borders, domestic tourism is expected to recover faster. However, it is going to be a long journey for the industry to reach pre-COVID levels.

J. INDUSTRY TRENDS POST PANDEMIC

• According to the International Air Transport Association, the X and Y generation of travellers (between 34-54 years) hold the most weight and resilience when it comes to air travel in the near-term (20.4% of travellers). They are expected to travel soon as the presence of higher safety standards will put their minds at ease.

• Visiting friends and relatives is a niche market that is expected to gain momentum as international and domestic travel returns. This type of travel is seen to be safer as tourists can reduce their interactions with others and stay with family or friends.

• Artificial Intelligence (AI) is continually evolving to allow the tourism businesses to improve the digital experiences they provide their customers.

• Building on the idea of contactless interactions from voice assistant technology, payment methods and check-in and check-out functions, touchpoints will become increasinglyautomatedanddigitisedtoreducethespreadof COVID-19.

• As per Booking.com, ~72% of global travellers see sustainable tourism choices as a priority. Sustainable transport options such as walking, biking and hiking are considered a great option by 52% of these people.

_. FINANCIAL AND OPERATING PERFORMANCE

The revenue and profitability of EIH Limited have been severely impacted due to the pandemic, which hit the tourism and hospitality sector the hardest. [More information on the impact of Covid-19 on the Company’s operations is given in Note No. 58 of the Notes to the Accounts.]

The Company recorded a revenue of Rs. 4,736 Million in FY 21, a decrease of 67% year-on-year from Rs. 14,343 Million in FY 20. EBITDA was at Rs. (2,337) Million, down 176% year-on-year from Rs. 3,094 Million. The Company incurred a loss of

Rs. 4,431 Million compared to a Profit Before Tax (PBT) Rs. 1,091 Million in the previous year. Overall, the net loss for the year was Rs. 3,431 Million compared to the net profit Rs.1,245 Million in the previous year. The comprehensive income was Rs. (3,400) Million as against Rs. 1,221 Million in FY 20.

The Company and its hotels have taken various initiatives to protect the health and safety of guests and employees. They have been implementing and are adhering to all precautions and guidelines issued by the World Health Organisation (WHO). The exhaustive measures that have been introduced at the hotels are available on their websites Oberoi Hotels & Resorts and Trident Hotels.

. INTERNAL CONTROL MECHANISM AND ADEQUACY

The organisation’s commitment to the internal control mechanism flows from The Oberoi Dharma, which states that "We, as members of The Oberoi Group, are committed to a conduct which is of the highest standards – ethical, intellectual, financial and moral". Adequate internal control processes have been laid down at the entity level as well as at the process level to provide an assurance on the orderly and efficient conduct of operations, safeguarding of assets, prevention and detection of fraud and errors, accurate and timely completion of accounting records, timely preparation of reliable financial information and compliance towards laws and regulations.

Appropriate checks and balances have been built in the internal control mechanisms to reflect its necessary concomitance to the principle of governance without affecting the ease of operations and management.

._. Internal Financial Controls (IFC)

The Directors have devised a framework for IFC to be followed by the Company that conforms to the requirements of Section 134(5) (e) of the Companies Act, 2013 and incorporates measures that ensure the adequacy and continuing operating effectiveness of such IFC. Furthermore, in accordance with Section 149(8), read with the Code for Independent Directors laid down under Schedule IV, Clause II (4) of the Companies Act, 2013, the Independent Directors have satisfied themselves on the integrity of financial information and ensured that financial controls and systems of risk management are robust and defensible.

To enable the Directors to meet these responsibilities, the Board has devised the necessary systems, frameworks and mechanisms within the Company and has empowered the Audit Committee to periodically review and confirm that the mechanism remains effective and fit for purpose.

In line with global best practices applicable to organisations of a similar size, nature and complexity, the Company’s internal control framework has been designed through structured control risk assessments by way of Standard Operating Procedures (SOPs), Risk and Control Matrices (RACM), Information Technology (IT) policies, ERP-based information systems including MIS and automated system controls inbuilt within the ERP and other IT systems. Periodic testing of_the RACM is conducted by the internal audit team as part of management testing, which is automated through a data analytics tool.

With increased instances of information security breaches and data leakages being reported from across the globe, the Company has a policy of reviewing its IT security infrastructure. Commensurate actions are taken to scale up infrastructure, wherever required.

As part of continuous audit monitoring, a data analytics tool has been implemented by the internal audit team to observe the deviations from the standard. The exceptions are then reported back to the functional/unit heads with the responsibility of rectifying such exceptions within a definitive time frame.

The audit team has been entrusted with the responsibility of devising adequate monitoring mechanisms and procedures to ensure prevention and detection of failures and faults in processes and reporting their observations along with mitigating actions within defined target dates to the Audit Committee of the Board of Directors every quarter.

.Y. Internal Audit Mechanism and Review Systems

The internal audit department is headed by the Chief Internal Auditor and comprises a strong internal workforce of ERP-trained Chartered Accountants with specialised skillsets in the areas of information security, financial, business, legal, statutory, projects and process audits. The audit team regularly works with reputed co-sourced firms for audits and specialised tasks undertaken by the audit team. This ensures best practices, followed by the industry.

The department works on matured Computer Assisted Audit Techniques (CAATs) and deploys online monitoring mechanisms across the IT systems of all functions and units of the Company. Focus areas for specific audits are determined based on structured assessment of risk and a yearly internal audit plan approved by the Audit Committee. All reported observations of audits are maintained in online databases for comprehensiveness, ease of accessibility and structured follow-ups.

Periodically, IT security audits are conducted by the joint teams of internal audit and the IT department. Audits for vulnerability assessment and penetration testing are also done by specialised external agencies.

The Company has a structured follow-up team of senior executives who meet periodically under the aegis of the Managing Director and Chief Executive Officer to address and resolve pending audit issues. The Chief Internal Auditor is responsible for and presents the findings to the Audit Committee every quarter, in the order of the impact of risks involved and probabilities of their occurrence, and the pendency of issues in various units, together with the periodicity and status thereof.

The Audit Committee takes cognisance of the presentation and provides its directions and guidance for further action.

Besides, the Chief Internal Auditor has also been entrusted with the responsibility of reporting to the Audit Committee on the adequacy of IFC in accordance with Section 177 (4) (vii) of the Companies Act, 2013.

During FY 21, separate presentations on internal audit findings on four occasions and IFC controls on one occasion were shared with the Audit Committee in its meetings. The Audit Committee was satisfied with the adequacy of the internal control systems and procedures of the Company and the performance of the internal audit department in respect of monitoring of such systems.

?. MANAGING RISKS

The Risk Management Committee (RMC) of the Company comprises Board Members and Senior Executives of the Company, with the majority of members belong to the Board:

Name Designation
Mr. Anil Kumar Nehru Independent Director and Chairperson
Mr. Lakshminarayan Ganesh Independent Director
Mr. Vikramjit Singh Oberoi Managing Director and Chief Executive Officer
Mr. Arjun Singh Oberoi Managing Director, Development
Mr. Kallol Kundu Chief Financial Officer
Mr. Sameer Nayar Executive Vice President, Strategic Development

During the year, RMC met on September 02, 2020 and on March 24, 2021. The RMC has formulated a risk charter and laid down a risk management framework to safeguard the Company against actual and potential risks by implementing appropriate mitigating measures on an ongoing basis.

?._. Risk Charter

The RMC relies on reviews and reports to periodically assess risks while effectively executing business strategy and reviewing key leading indicators. It reviews with the management, the Company’s risk appetite and strategy relating to key risks, as well as the guidelines, policies and processes for monitoring and mitigating such risks. The key areas of risks addressed are those relating to credit, liquidity and funding, market, product, reputation and all short- and long-term outcomes that could significantly affect the operations of the Company.

Key Responsibilities of the RMC

• Annual review and approval of the risk management framework of the Company

• Periodic review of the risk management processes and practices of the Company to ensure that appropriate measures are taken to achieve a prudent balance between risk and reward in both ongoing and new business activities

• Evaluation of significant risk exposures of the Company and assessment of the management’s actions to mitigate the exposures in a timely manner

• Reporting to the Board its evaluations, actions and recommendations

?.Y. Risk Management Framework

The risk management framework of the Company includes the guidelines, policies and processes for risk assessment and risk management. The RMC has identified the following 12 key risks that could potentially impact the business.

• Risk of revenue contraction

• Risk of low or negative returns

• Risk of inadequate growth

• Risk of deterioration of financial health

• Risk of business interruption

• Risk of impact on environment

• Risk of impact on reputation

• Safety, health, and security risk

• Cyber risk

• Risk of inadequate compliance

• Fraud risk

• Risk related to talent management

The RMC has also constituted a Functional Risk Management Sub-Committee (FRMS-C) comprising Mr. Arjun Singh Oberoi as Chairperson and Mr. Vikramjit Singh Oberoi as Co-Chairperson.

The Committee shall closely monitor the risks listed above and report its findings regularly to the Board.

A detailed review of how we manage risks and safeguard our business is presented on page 51 of our Annual Report FY 21.

_. THE OBEROI CENTRE OF EXCELLENCE

The Oberoi Centre of Excellence (TOCE) commenced operations on October 01, 2019, with the broad objective of introducing contemporary IT-enabled processes, modifying various processes across the organisation to enhance efficiency, eliminating manpower redundancy, promoting scalability and achieving economies of scale. The centre helps in channelising collective resources, ensuring smart and efficient delivery of transactional services and driving expertise in finance, procurement, master data management, taxation, business transformation and budgeting. This results in realisation of benefits from scale, standardisation, collective experience, high-end technology, R&D and mitigation of attrition risk.

Benefits of TOCE

• Optimise manpower in various functions such as Finance, Procurement and IT, simplifying the approval system

• Better delegation of authority-based workflow

• Improved compliance and optimised controls with reduced manual intervention

• Better vendor management

• Robust budget control system

• Financial planning and analysis

• BOT-based accounting and reconciliations, reducing human intervention The services are provided to all Business Units in the Group to streamline and better control functional and operational processes.

Objectives of TOCE

Consistent brand experience: Standardised, SLA-bound processes with defined accountability of the end-to-end process chain and a service-driven culture ensuring greater consistency of customer, employee and supplier experience.

Business focus: Consolidation of transactional processes and focus on expertise-driven, value-added services to the business, providing more time and resources to focus on running the business.

Digital COE: Leveraging best-in-class technology, thus reducing paper flow, tool-based and mobile-enabled approvals and optimised manual controls.

Cost efficiency: Improved visibility over cost consumption and behaviour, improved employee productivity and efficiency.

Analytics: Timely visibility on business insights and key performance indicators to aid faster decision-making.

Innovation: Creative and innovative methods of achieving business value, leveraging continuous process improvement practices and evolving technology, thus offering differentiated value to our existing and new units/businesses.

Scalability: Quick onboarding of new hotels/businesses, leveraging the combined experience of existing teams to support new units.

Know more about TOCE on page 35 of our Annual Report FY 21.

A. STRATEGIC ALLIANCE BETWEEN THE COMPANY AND MANDARIN ORIENTAL HOTEL GROUP

During the year, the Company entered into a strategic alliance with Mandarin Oriental Hotel Group for Oberoi Hotels & Resorts. The alliance does not involve any cost, fee or revenue share. The two groups will collaborate in the areas of marketing, sales, food and beverages, human resources, spa and sustainability.

The objective of the alliance is to:

• Bring both brands – Oberoi and Mandarin Oriental – together as equal partners on a global stage

• Offer something unique in the global luxury hospitality market

• Create exceptional experiences for Oberoi and Mandarin Oriental guests

• Get an opportunity to collaborate and learn from each other

• Grow the Oberoi and Mandarin Oriental brands reach beyond their current base by leveraging both brands’ strong recall and loyalty in their respective markets

Benefits to the Company from this Alliance

It is a matter of prestige for the Company to be associated with a globally recognised brand such as the Mandarin Oriental, and the Company expects to leverage Mandarin Oriental’s wider hotels and sales network in key geographies, with access to a larger audience of luxury hotel users globally.

_. BUSINESS CONSOLIDATION AND EXPANSION

Hotels and Resorts under Planning and Development

• Construction of The Oberoi Doha is currently underway. This luxury hotel will consist of 237 rooms and suites. In addition, forty-five service apartments are being built within the development. The hotel is likely to open in the fourth quarter of 2022. The property will be managed by a wholly owned subsidiary of the Company

• Work on The Oberoi_ Rajgarh_ Palace located near_Khajuraho, Madhya Pradesh is in progress. The resort will provide luxury accommodation on a 62-acre site next to the_Panna_forest reserve

• Land use consent for the Company’s 55-acre beach-front site at Goa has been obtained. Further approvals will be sought once planning of the resort has been completed

• Planning of the Oberoi Hotel as part of a mixed-use development in Bengaluru is in progress

• The Oberoi Wildlife Resort_Bandhavgarh is located on a 22-acre site, five kilometers_from_Bandhavgarh_National Park in Madhya Pradesh. The jungle resort will consist of luxury_tents, a restaurant and a spa. The construction of the resort is underway and is likely to open in Q3 FY22. This resort will be managed by EIH Limited

• An overseas subsidiary of the Company will operate two resorts, i.e. The Oberoi and Trident, on the island of_ KohTan located five kilometres south-west of_Koh_Samui, Thailand. The lush green 100-acre site overlooks a two-kilometre pristine beach. The plan incorporates an Oberoi Resort and a Trident Resort with several restaurants, meeting and recreation facilities, spas and wellness centres. Planning of both hotels is in progress_

• The Oberoi Kathmandu will be developed on a_greenfield site_ measuring six acres. The proposed luxury hotel will be near important tourist attractions of the Royal Palace,_Thamel_and other important business locations. The hotel will incorporate 80 keys and shall be developed as a low-rise garden hotel with multiple restaurants, meeting facilities, spa and wellness_ centre_ and recreational facilities. The hotel will be managed by a wholly owned subsidiary of the Company._

• The Oberoi Wi ld l i fe Resor t located nex t to_ Bardia_ National Park Nepal will be developed on a_greenfield_site measuring ~30 acres. The resort will comprise 20_ luxury tents, a restaurant, a spa and a wellness centre. The hotel will be managed by a wholly owned subsidiary of the Company.

_c. AWARDS

Oberoi Hotels & Resorts was voted the Editor’s Choice Award for the best safety and hygiene protocols as one of the best in the industry and must experience in 2021 by Travel & Leisure, India best awards, 2021.

Oberoi Hotels & Resorts was voted the Best Hotel Group for the third consecutive year by Telegraph Travel Awards, UK – 2019, 2018 and 2017.

Oberoi Hotels & Resorts was voted the 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.

HOTEL AWARD AWARDED BY
The Oberoi, Mumbai, India Top 15 Asia City Hotels (Ranked 1st) Best B Leisure Hotel 10 Best City Hotels in Asia (Ranked 2nd) Travel+Leisure, US World’s Best Awards 2020 Travel+Leisure, India’s Best Awards 2020 Travel+Leisure World’s Best Awards 2019
The Oberoi Rajvilas, Jaipur, Rajasthan, India Top 25 Hotels – India (Ranked 1st) Top 25 Luxury Hotels – Asia (Ranked 2nd) Top 25 Luxury Hotels – India (Ranked 1st) Top 25 Hotels for Service – India (Ranked 1st) Trip Advisor Travellers’ Choice Awards 2019 Trip Advisor Travellers’ Choice Awards 2019 Trip Advisor Travellers’ Choice Awards 2019 Trip Advisor Travellers’ Choice Awards 2019
The Oberoi Amarvilas, Agra, Uttar Pradesh, India Top 10 Hotels for Romance – India (Ranked 1st) 5 Best Resort Hotels in India (Ranked 1st) Trip Advisor Travellers’ Choice Awards 2019 Travel+Leisure, USA World’s Best Awards, Readers’ Survey 2018
The Oberoi Vanyavilas, Wildlife Resort, Ranthambhore, Favourite Safari Lodge in India, Runner Up Conde Nast Traveller, India Readers’ Travel Awards 2020
Rajasthan, India The Oberoi Udaivilas, Udaipur, Rajasthan, Top 25 Small Hotels – India (Ranked 1st) Favourite Indian Hotel for design TripAdvisor Travelers’ Choice Awards 2019 Conde Nast Traveller, India Readers’ Travel Awards 2020
India Most prestigious venue for weddings Travel+Leisure, India’s Best Awards 2020
Gold List, 2020 Cond Nast Traveller, USA & UK
Gold List, 2019 Cond Nast Traveller, USA
Gold List, 2019 Cond Nast Traveller, UK
Gold List, 2019 Cond Nast Traveller, Middle East
The Oberoi Sukhvilas Best destination Spa for International Travellers Travel + Leisure, India & South Asia India’s Best
Spa Resort, New Awards 2019
Chandigarh, India
Best Wellness Cuisine GeoSpa GlobalSpa Awards 2019
Best Destination Spa GeoSpa GlobalSpa Awards 2019
The Oberoi Beach Resort, Sahl Hasheesh, Red Sea, Egypt Top 10 Luxury Hotels – Egypt (Ranked 2nd) Trip Advisor Travelers’ Choice Awards 2019
The Oberoi Beach Resort, Mauritius 2020 Star Award Winners Top 10 Luxury Hotels – Mauritius (Ranked 2nd) Top 10 Hotels for Romance – Mauritius (Ranked 2nd) Forbes Travel Guide, USA Trip Advisor Travelers’ Choice Awards 2019 Trip Advisor Travellers’ Choice Awards 2019
The Oberoi, New Delhi, India Favourite Business Hotel in India Conde Nast Traveller, India Readers’ Travel Awards 2020
The 2020 Gold List Hotel of the year Favourite Business Hotel in India IT List 2019 The World’s Best Hotels and Resorts for families 2019 Cond Nast Traveller, USA and UK Travel + Leisure, India & South Asia India’s Best Awards 2019 Cond Nast Traveller Readers’ Travel Awards 2019 Travel+Leisure, USA Travel+Leisure, USA

 

HOTEL AWARD AWARDED BY
The Oberoi, Dubai United Arab Emirates Best Business Hotel - International Top 25 Hotels for Service – UAE (Ranked 2nd) Travel+Leisure, India & South Asia India’s Best Awards 2019 Trip Advisor Travellers’ Choice Awards 2019
The Oberoi Beach Resort, Al Zorah, Ajman, UAE Best Luxury Resort International Ajman’s Leading Luxury Resort Travel+Leisure, India & South Asia India’s Best Awards 2019 World Travel Awards Middle East 2019
The Oberoi, Bengaluru, India Top 25 Hotels – India (Ranked 13th) Trip Advisor Travellers’ Choice Awards 2019
Top 25 Luxury Hotels – India (Ranked 13th) Trip Advisor Travellers’ Choice Awards 2019
Top 25 Hotels for Service – India (Ranked 12th) Trip Advisor Travellers’ Choice Awards 2019
The Oberoi Cecil, Shimla, India Favourite Heritage Hotel in India, Runner Up Conde Nast Traveller, India Readers’ Travel Awards, 2020
Top 25 Hotels – India (Ranked 11th) Trip Advisor 2019 Travellers’ Choice Awards
Top 25 Luxury Hotels – Asia - (Ranked 21st) Trip Advisor 2019 Travellers’ Choice Awards
Top 25 Luxury Hotels – India - (Ranked 5th) Trip Advisor 2019 Travellers’ Choice Awards
Top 25 Hotels for Service – India – (Ranked 8th) Trip Advisor 2019 Travellers’ Choice Awards
The Oberoi, Madina, Saudi Arabia Top 25 Hotels – Saudi Arabia (Ranked 1st) Trip Advisor Travellers’ Choice Awards 2019
Top 25 Luxury Hotels – Middle East Trip Advisor Travellers’ Choice Awards 2019
Top 25 Luxury Hotels – Saudi Arabia (Ranked 1st) Trip Advisor Travellers’ Choice Awards 2019
Top 25 Hotels for Service – Saudi Arabia Trip Advisor Travellers’ Choice Awards 2019
(Ranked 2nd)
The Oberoi, Marrakesh, Morocco Best New Hotel openings in Major Cities Honouree in the departures,USA 2020 Legend awards
Best New Hotel openings in the World Travel + Leisure, US, IT List 2020
Best Hotel Exterior (Africa and West Asia) Prix Versailles- World Architecture and Design Awards,2000
Best New Hotel openings in the World Conde Nast Traveller USA 2020 Hot List
Best New Hotel openings in the World Conde Nast Traveller UK 2020 Hot List
Best New Hotel openings in the World Conde Nast Traveller Middle East 2020 Hot List
Best New Hotel openings in the World Conde Nast Traveller India 2020 Hot List
The Most over the top luxurious suites of the year Departures, USA Legend Awards
The most stunning hotel pools of the year Departures, USA Legend Awards
Best Hotel for landscaping and outdoor spaces AHEAD Middle East and Africa 2020
Best Resort Hotel AHEAD Middle East and Africa 2020
Hotel of the year The Gallivanter’s Guide, UK Editor’s choice Awards 2019
World’s best new luxury hotels LTI World’s Best 2019

. HUMAN RESOURCES

The Oberoi Group continues to place a great deal of importance in creating the best teams possible who are aligned with the Company’s values and The Oberoi Dharma. Our values guide and inspire us to do what is the right and not what is the easiest by placing the guest first, the Company second and self, last. We continuously review and realign our people practices and policies with an aim to provide our employees with the best working environment.

It is these values that have led The Oberoi Group to be recognised once again as one of the best employers in the ‘Kincentric Best Employers India’ 2020 survey.

Our people philosophy has always guided us to continuously review and realign our people practices, which have been instrumental in making the Oberoi Group an employer of choice:

1. Diversity and inclusion: One of our key focus areas for FY 21 was to continue to maintain gender diversity. Our endeavour was to provide the best working environment and be an employer of choice for women. We achieved our goals, despite the challenges posed by pandemic and were able to maintain a healthy diversity in our Hotels.

2. Performance management: Focus on performance management continued with adherence to the bell curve across all Group hotels and business units. Review of balance scorecards for each level and creation of uniform formats of balanced scorecards for all levels were the highlights this year.

3. Employee welfare and well-being: One of the important aspects of employee welfare this year was to provide physical and emotional support to employees and their families when needed. We also engaged with a team of psychologists to support the emotional and mental well-being of employees. Multiple online workshops were held which covered topics such as physical well-being, financial planning and ways to boost immunity.

Work from home was implemented to support colleagues who could not travel during the pandemic.

4. Organisational agility: Various innovative measures were proactively implemented to adapt to the new normal posed by the pandemic.

5. Industrial relations: They remained stable throughout the year.

Learning and Development

Despite major disruptions due to the COVID-19 pandemic, The Oberoi Group, along with The Oberoi Centre of Learning and Development (OCLD), stayed committed to ensuring the learning and development of its people.

The Oberoi Centre of Learning and Development (OCLD) continued to be focused on its core programmes – Postgraduate Management Programmes in Guest Service, Housekeeping, Kitchen and Sales Management and the three-year undergraduate Systematic Training and Education Program (STEP). The curriculum moved to a virtual platform for part of the year and the structure was adapted to the dynamic changes brought about by the pandemic.

OCLD introduced significant pedagogical innovations to the curriculum and assessments. Student-based learning and a problem/solution-centred approach was implemented.

As part of the corporate learning and development initiatives, in-house virtual programmes were run for executives during the year. Competencies covered included leadership, coaching and productivity.

The overall training man-days for executives of the group was 7,465 with an average of 9.41 man-days per executive. The overall training man-days for staff of the group was 84,634 with an average of 16.65 man-days per staff member.

Some of the sessions conducted were:

• Workshops on productivity, leadership and coaching

• Sessions on new finance software and processes

• Certified departmental trainer workshops and qualifications

• Beverage and culinary sessions

• Wellness sessions on meditation, yoga, fitness and personal finances during the lockdown

• Online courses on Typsy.com

Workshops were conducted to enhance the capabilities of the Human Resources and Training managers within the organisation. These included:

• Training modules on hygiene practices and train-the-trainer sessions

• Under our Gurukul programme, training sessions were conducted for teams on upselling, profit awareness, guest interaction and managing biases and a train-the-trainer workshop was conducted for training managers

• The Human Resources Strategy Meet 2020-21 focused on bringing agility to human resource practices and establishing priorities for the year

• A two-day train-the-trainer workshop for HR managers focused on behaviour-based interviewing techniques to evaluate executive leadership competencies

• Virtual webinars and online training resources were also shared with colleagues There was continued focus to identify, nurture and retain our top talent. High-potential executives were identified in collaboration with general managers and function heads. Individual development plans were made for 39 executives. Thirteen managers had cross-exposure in departments identified for their development.

The Oberoi Group Coaching and Mentorship Programmes were expanded.

The Oberoi Group Coaching programme started in September 2019 to facilitate the transition of new department heads into their roles. It completed one successful year with positive reviews from all participants. From October 2020, the programme was expanded to include 13 more young department heads, in addition to the six existing ones. Coaches are experienced department heads with domain expertise and experience in managing teams.

The programme has a defined structure for the one-year engagement between a coach and the coached with goals based on individual needs. Sessions were held with the coaches and those being coached to introduce them to the programme.

The Oberoi Group Mentorship programme started in November 2019 to facilitate the transition of new general managers into their roles. It completed one successful year with positive reviews. From November 2020, the programme was revised and expanded to 12 young leaders. Mentors are experienced senior leaders with a long tenure and aligned with the culture of the organisation. The programme has a defined structure for the one-year engagement between a mentor and mentee with goals based on individual needs. As on March 31, 2021, the number of people employed by the Group was 8,086.

The Board takes this opportunity to thank all employees for their unwavering commitment to guests and the organisation and for their dedication and co-operation.

For and on behalf of the Board
Arjun Singh Oberoi Vikramjit Singh Oberoi
Managing Director- Managing Director and
Development Chief Executive Officer

Delhi

Dated May 07, 2021