For the Financial Year ended 31st March, 2025
MACRO-ECONOMIC ENVIRONMENT
• Global Economy
Global economic growth remained muted at 3.3%1 in 2024 - 20 bps below 2023 and 40 bps below long-term trend rates2. Advanced economies recorded a growth of 1.8% (vs. 1.7% in 2023) while Emerging Markets & Developing Economies witnessed deceleration in growth to 4.3% (vs. 4.7% in 2023). The services sector grew ahead of manufacturing, particularly in Europe and Asia.
As per IMFs World Economic Outlook of April 25, the global economy is expected to grow at a slower pace of 2.8% in 2025. Advanced Economies are now projected to grow at a lower rate of 1.4% and Emerging Markets and Developing Economies are estimated to grow at 3.7% in 2025. Global headline inflation is expected to decline to 4.3% in 2025 from 5.7% in 2024.
Rising geopolitical tensions, geoeconomic developments and extreme weather events have resulted in heightened uncertainty and volatility in the operating environment. Timely conclusion of trade agreements between the US and its key trading partners, monetary policy stance of central banks and evolving geopolitical dynamics remain some of the key monitorables in the near term.
• Indian Economy
The Indian economy remains a bright spot amidst global slowdown and is expected to sustain its position as the fastest growing large economy. As per the provisional estimates released by Ministry of Statistics and Programme Implementation (MoSPI), Indias real GDP is projected to have grown by 6.5% in FY 2024-25. Going forward, while real GDP is expected to grow at a similar pace in FY 2025-26, Private Consumption Expenditure is expected to pick up a result of disposable incomes accruing from easing of inflation, interest rate cuts, liquidity support from RBI and tax cuts announced in the recent Union Budget.
Fundamentals of the Indian economy continue to remain healthy across sectors. The positive outlook is anchored on rising urbanisation, favourable demographics and sustained growth of the services sector, which are all expected to continue driving expansion of the economy.
IMF WEO April 25
2
Average Global Real GDP growth from 2010 to 2019As per IMF, over the next 5 years, Indias per capita nominal GDP is expected to grow at a CAGR of 9.2%. Sustenance of economic growth momentum amidst global slowdown and heightened uncertainty caused by geopolitical events and broad-based increase in infrastructural capex are some of the key monitorables going forward.
INDUSTRY INSIGHTS
• Global Tourism & Hospitality Industry
The Global Travel & Tourism industry remains well poised for expansion following remarkable recovery from the Covid-19 pandemic. During the year, the industry continued to witness resurgence in both leisure and business travel. As per UN Tourism, tourist arrivals worldwide grew by 11 % in 2024 over the previous year, registering a 99% recovery from pre-pandemic levels. Most destinations exceeded their 2019 levels; however, arrival of tourists in Americas and Asia Pacific remained slightly behind their pre-pandemic levels.
The year 2024 saw robust growth in tourism earnings. As per UN Tourism, the total international tourism receipts in real terms reached $1.6 trillion growing by 3% over the previous year and 4% over 2019. As per World Travel and Tourism Council (WTTC), the Travel & Tourism sector accounted for 10.0% (US$ 10.9 trillion) of the global GDP and 10.6% (356.6 million jobs) of total jobs in 2024. Strong demand for travel & tourism, robust performance in large source markets, increased air connectivity and enhanced visa facilitation have contributed to the impressive recovery in global travel & hospitality industry.
• Indian Hospitality Industry
In FY 2024-25, Indian Hospitality industry sustained its strong growth momentum, establishing new benchmarks. Growth continued to be driven by economic stability, favorable demographics, robust domestic demand outpacing supply and the governments thrust on improving infrastructure and connectivity in the country.
Indias tourism sector, rich in heritage, culture, and diversity, is emerging as a key driver of economic growth playing a vital role in the Indian economy. As per WTTC, the direct economic contribution of the Travel & Tourism sector to the Indian GDP in 2024 was ? 20.9 trillion (growth of 19.9% over 2019), contributing 6.6% to the overall GDP of the country. Additionally, the sector has contributed appx. 9.1% (46.3 million jobs) of total jobs in 2024, exhibiting a healthy 16.3% growth over 2019.
had 0.27 hotel keys per thousand people, which was considerably lower than the then global average of 2.2 hotel keys per thousand people. Indias favorable demographic profile also presents a unique opportunity for the hospitality sector going forward. Indias urban population, second largest in the world, comprised of 35-37% of its total population in 2024, significantly below the global average of 57%. The number of cities with more than 1 million population, is expected to increase from 52 in 2011 to appx. 75 in 2024. Increasing urbanisation is leading to emergence of new Tier 2 & Tier 3 cities in India with huge potential for economic activity thereby creating new jobs, attracting favorable investmentsanddevelopmentofmultiplebusiness sectors including hospitality. The luxury segment of the hospitality sector, in particular, is experiencing substantial growth, fueled by rise in disposable incomes and a large, expanding base of travelers willing to invest in high-end travel experiences.
During the year, the sector witnessed robust growth, with domestic air passenger traffic exceeding 2019 (pre-pandemic) levels by 12%. Foreign tourist arrivals, while growing over the previous year by 1.5%, remained below pre-pandemic levels by 12%, indicating significant headroom forgrowth. The Government of India reinforced its strong commitment in positioning India as a global leader in tourism by enhancing its thrust on infrastructure creation, boosting employment and promoting diverse tourism segments, including spiritual, medical and heritage tourism. Tourism sectors large economic multiplier effect is expected to contribute towards Indias transition into one of the worlds leading developed nations by 2047.
During 2024, the industry continued witness strong growth in supply as well as demand of hotel rooms. Branded hotels inventory in India grew at a robust 8% over the previous year (i.e., -14,400 additional new rooms) and 32% over 2019 (i.e., -50,000 additional new rooms). More than 2/3rd of this new supply was outside the top 10 cities of India. On the other hand, demand also witnessed a robust growth of 11 % over last year (-11,000 additional rooms sold per day) and 30% over 2019 (-29,000 additional rooms sold per day). During the year, the industry Average Daily Rate (ADR) stood at ? 7,951 - up 40% over 2019 levels. Revenue per Available Room (RevPAR) also recorded strong growth of 39% over 2019 levels to touch T 5,078 in 2024. Occupancy rates were sustained in spite of robust growth in ADRs. While ADR and RevPAR levels continue to rise, the ADRs in USD terms still remain lower than the peak levels achieved in FY 2007-08, hence providing considerable headroom for further growth.
With over 2 lakh keys across segments, India still remains significantly underpenetrated in comparison to the global hospitality industry. As of 2023, India
BUSINESS OF THE COMPANY
Your Companys first premium hotel was launched in 1975 and the business today is established as one of Indias preeminent hospitality chains, embodying the essence of Indian hospitality and sustainability. Rooted in Indian ethos, your Company is redefining the luxury hospitality experience and is focused towards enabling authentic indigenous experiences for the guests. From iconic luxury to intimate retreats, your Companys hotels provide diverse offerings — each deeply rooted in Indias cultural fabric with an unwavering commitment of service excellence. Your Company today is renowned for its culinary excellence, with several awardwinning restaurant brands and iconic food and beverage cuisines, which come together to serve indigenous dining experiences. Your Company, a global exemplar in sustainable hospitality, embodies the ethos of ‘Responsible Luxury by seamlessly integrating luxury with environmental and social responsibility.
Your Company was incorporated as a wholly-owned subsidiary of ITC Ltd. in July, 2023. The Board of Directors of ITC Ltd. and your Company, had on 14th August, 2023 approved, subject to necessary statutory and regulatory approvals, the Scheme of Arrangement amongst ITC Ltd. and your Company and their respective shareholders and creditors (‘Scheme) for demerger of the Hotels Business (as defined in the Scheme) of ITC Ltd. on a going concern basis. The Scheme was approved by the Honble National Company Law Tribunal, Kolkata Bench vide its order dated 4th October, 2024. The Scheme became effective on 1st January, 2025 i.e., the first day of the following month after filing of certified copy of the aforesaid NCLT Order with the Registrar of Companies, West Bengal, and fulfilling other conditions & matters referred to in the Scheme. The Appointed Date of the Scheme was the same date as the Effective Date i.e., 1st January, 2025.
Your Company is amongst the fastest growing hospitality chains in the country with 140+ properties and over 13,300 rooms under six distinctive brands - ‘ITC Hotels in the Luxury segment, ‘Mementos in the Luxury Lifestyle segment, ‘Welcomhotel in the Upper Upscale segment, ‘Storii in the Boutique Premium segment, ‘Fortune in the Mid-market to Upscale segment and ‘WelcomHeritage in the Leisure & Heritage segment.
Your Company continues to build on its strong legacy of excellence in the hospitality sector, anchored on its unparalleled service and commitment to sustainability. Your Company offers a host of curated propositions across accommodation, dining and banqueting services to augment revenues across properties.
PERFORMANCE HIGHLIGHTS 2024-25
Your Company became the first Indian hotel chain to receive the prestigious USGBC Leadership Award for Organizational Excellence 2024, in recognition of its commitment to sustainability and environment responsibility for over 2 decades. During the year, your Company received AAA/ Stable and A1+ rating from CRISIL, reflecting its strong financial position and creditworthiness. Your Company was
recognised as the ‘Best Luxury Hotel Chain (Domestic) for the 8th consecutive year at Travel + Leisure Indias Best Awards 2024.
ITC Ratnadipa, Colombo, commenced operations in April 2024. The hotel, developed by WelcomHotels Lanka (Private) Ltd., a wholly owned subsidiary of your Company, is the latest addition to the ‘ITC Hotels portfolio of iconic properties comprising 352 luxurious guest rooms, suites and service apartments, each adorned with private balconies. This landmark property has established itself as a jewel in Colombos skyline within a short span of time. Complementing its exquisite accommodations the hotel offers nine signature dining destinations that offer a repertoire of local, national and global cuisine, including marquee offerings from your Companys award-winning culinary brands. Located adjacent to ITC Ratnadipa are the magnificent Sapphire Residencies offering best-in-class luxury residencies and penthouses, in the citys most scenic oceanfront location with uninterrupted 180-degree panoramic views of the Indian Ocean. During the year, ITC Ratnadipa and Sapphire Residences were awarded the LEED Platinum? Certification from the USGBC. In addition, ITC Ratnadipa was recognised with several accolades including ‘Outstanding Hotel Development in the Luxury Hotel Segment at the Hotel Investment Conference South Asia 2025, ‘Best New Hotel (International) at the Travel + Leisure Indias Best Awards 2024 and ‘Luxury Icon of Sri Lanka at Todays Traveller Award 2024.
• Brand Landscape
Every ‘ITC Hotel is an archetype of the culture and ethos of each destination offering authentic, indigenous luxury experiences which are in harmony with the environment and society. ‘Mementos hotels curate bespoke luxury in unique destinations, blending architectural elegance with personalised service. ‘Welcomhotel properties offer enriching experiences, infused with the warmth of Indian hospitality, perfect for the modern traveller. ‘Storii boutique hotels offer intimate, experience-led stays, while ‘Fortune hotels cater to the discerning business and leisure traveller with efficient, full-service proprieties
HOTELS THAT DEFINE THE DESTINATIONS
across key locations. ‘WelcomHeritage is a curated collection of palaces, forts, and havelis, preserving Indias rich heritage with timeless charm.
The properties under the recently launched ‘Mementos and ‘Storii brands have received excellent response from guests. Mementos Jaipur, the second ‘Mementos property of your Company (after Mementos Ekaaya Udaipur), commenced operations during the year with a unique positioning of ‘A Private Jaipur nestled at the foot of the Aravali hills. The hotel was awarded as the ‘Best Celebration Hotel/Resort (Domestic) at Travel + Leisure Indias Best Awards 2024. Further, Mementos Ekaaya Udaipur was featured in ‘The Hot List 2024 by Conde Nast Traveller. Your Companys latest addition in Kolkata, Storii Devasom Resort & Spa was awarded as the ‘Best Boutique Spa Resort in Kolkata, and Storii Amoha Retreat, Dharamshala was awarded as the ‘Best Hill Resort in Dharamshala at Todays Traveller Awards 2024. With a portfolio of 22 hotels, 9 operational and 13 in the making - the two brands are well positioned to scale up their footprint rapidly across key leisure destinations in the near term.
Your Companys hotels continue to be distinguished for their award-winning culinary excellence and signature dining experiences. From bringing alive local flavors, cultures and age-old traditions to gourmet contemporary cuisine, your Company has always been at the forefront of presenting gastronomical delights to food connoisseurs for decades.
During the year, ‘Avartana at ITC Grand Chola was recognised as Indias No. 1 Restaurant by the Conde Nast Traveller Top Restaurant Awards 2024. The restaurant was ranked amongst Asias 50 Best Restaurants in 2024, featured in Tatler Best 100 Asia 2024 and secured #1 spot in the Fine Dine category for India at the Tripadvisor Best of the Best Restaurants 2024. During the year, the fourth and fifth ‘Avartana restaurants commenced
operations at ITC Ratnadipa, Colombo and ITC Maurya, New Delhi respectively. Post these openings, Avartana now features at all key metro locations in India (Chennai, Kolkata, Mumbai and Delhi) and in Colombo, Sri Lanka.
ITC Mauryas iconic restaurant ‘Bukhara has now completed 45 years of service, delivering delicious North-West Frontier cuisine and was awarded the Favourite Restaurant in an Indian Hotel by Conde Nast Travellers Readers Travel Awards 2024 and ‘Best Family Dining Restaurant at Travel + Leisure Indias Delicious Dining Awards 2024. Your Company is proud to continue the tradition of delivering exceptional catering services at prestigious events across India, including the ICC Cricket World Cup, the Indian Premier League and honoured to be designated as the official catering service provider for the G20 summit held in India. During the year, your Company was re-appointed as the official catering service provider at the Bharat Mandapam Convention Centre in New Delhi.
Your Company continued to focus on refreshing its restaurants portfolio by introducing new restaurant concepts at its hotels. A new progressive Western food brand ‘Cajsa was launched at ITC Gardenia. Translated as ‘Pure, Cajsa redefines global flavors by taking diners on a culinary journey around the world. ‘Islander, a Sri Lankan specialty sea food centric restaurant was launched at ITC Ratnadipa. This new seafood restaurant presents a dining experience inspired by a bounty of treasures from the countrys extensive coastline and the high seas. Your Companys awardwinning restaurant, ‘Royal Afghan commenced operations during the year at ITC Grand Bharat, Delhi NCR. The world-class ambience of your Companys luxury hotels continues to be leveraged to scale up the ‘Fabelle chocolate boutiques, present at select ITC Hotels
and Welcomhotels, The Fabelle Chocolate Boutique at ITC Maurya underwent significant refurbishment and upgradation during the year. All new and refurbished restaurants of your Company have been very well received by food connoisseurs and consumers.
A leading destination for holistic health and wellness, your Companys hotels offer a range of comprehensive services that enhance every aspect of the stay. Your Companys highly acclaimed spa brand ‘Kaya Kalp - The Royal Spa, and ‘K by Kaya Kalp present across owned and select managed hotels, are home to Indias rich therapeutic legacies and offer bespoke treatments inspired by ancient Indian therapies and global wellness practices. Your Company operates luxurious and premium spas under the abovementioned two brands in India and Sri Lanka. During the year, Kaya Kalp - The Royal Spa at ITC Grand Bharat won the Best Destination Spa Award at GlobalSpa Awards 2024.
During the year, your Company continued to scale up the newer initiatives towards augmenting its revenue streams. Your Companys signature brand "Sleeep By ITC Hotels", which offers a wide range of luxury sleep merchandise with both online and offline retail options, continued to gain traction. To further enrich the product portfolio and offerings, the brand introduced coloured bed linen and silk products during the year and also launched gifting as a new product category, creating new avenues for customers to share the gift of quality sleep. ‘Sleeep By ITC Hotels products are also available on ITC Hotels app providing greater ease and convenience to guests.
Your Companys loyalty program ‘Club ITC continues to be a vital pillar in building enduring guest relationships
and driving sustained growth. Over the years, the programme has consistently grown in both scale and significance, backed by thoughtful investments in digital infrastructure, strategic alliances, and curated member experiences. The programme continues to witness strong interest with memberships increasing by appx. 3x over the last 5 years. The program offers a unique value proposition with a simple and rewarding structure—where 1 Green Point is equivalent to 1 Rupee. Members enjoy a seamless and intuitive experience that includes instant redemptions and reward nights. Strategic partnerships with premium partners across multiple industries such as Travel & Tourism, financial institutions and lifestyle platforms have further enriched the programs ecosystem, enabling members to derive value across multiple facets of their lives. This integrated approach to loyalty, where guests are both rewarded and recognised across stays, dining, and partner interactions, has cemented the programs role as a key differentiator in a competitive landscape. As your Company continues to deepen its investment in digital-first experiences and hyper-personalisation, the loyalty program stands poised to play an even more central role in driving customer retention, brand preference, and long-term growth.
Your Companys luxury dining program, ‘Club ITC Culinaire offers multiple benefits to members such as savings on dining, access to curated gourmet events, personalised gastronomic journeys, etc. The program endeavors to transform meals into cherished memories, connecting through the universal language of food.
‘ITC Club Prive, a members-only business club located at 6 of your Companys iconic hotels, offers a bespoke experience matching meticulous service with
unconditional privacy. Members enjoy unrestricted access to the state-of-the-art board rooms, business centres and lounges with exquisite menus that offer unparalleled cuisine experiences and members can also avail other hotel services, priority room and restaurant reservations, discounts etc.
Your Company has the exclusive license in India for ‘The Luxury Collection brand pursuant to license agreements with various affiliates of Marriott International Inc., USA ("Marriott")—a relationship that was initially established in 1979 (with the Sheraton brand). Your Companys hotels operate in the Luxury and Upper-Upscale segment under various license agreements with Marriott—with 16 hotels operating under ‘The Luxury Collection brand (15 in India and 1 in Sri Lanka) and 1 hotel under the ‘Sheraton brand. The alliance with Marriott provides us access to their strong global distribution network and international loyalty & rewards programme - Marriott Bonvoy.
• Asset-Right Growth
Having achieved considerable scale and market standing, in 2018 the business pivoted to an ‘asset right strategy to drive growth while reducing capital intensity of operations by focusing on strong partnerships with asset owners, leveraging brand credentials and providing operational expertise. This strategy envisages inter- alia, a substantial part of incremental room additions through management and franchising contracts. It has enabled expansion of your Companys presence to Tier 2 and 3 cities where demand for premium hospitality is rapidly increasing. Your Company aims to expand its portfolio to over 220 operating hotels with 20000+ keys by 2030, with appx. 70% share of keys operating under management contracts (including franchising). Your Company has strong strategic levers in place
to accelerate its growth through management and franchise arrangements. The Business five decades of unparalleled experience in hospitality, bouquet of brands across segments catering to relevant need spaces, food & beverage supremacy in the industry, strong loyalty & sales/distribution provides it with a well- established base to amplify the hotels footprint in India and neighboring countries.
In the last 24 months, 30 hotels have been launched under your Companys brand portfolio, out of which
29 are managed and franchised properties in India and Nepal. Building on a healthy pipeline of hotels for the future, your Company signed 54 management and franchise contracts in the last 24 months out of which
30 contracts were signed in the last year.
Your Company is also progressing investments towards scaling up its portfolio of owned hotel rooms. A greenfield project is underway at Puri, Odisha and a new hotel block is under construction at the existing Welcomhotel in Bhubaneshwar. Further, your Company also plans to leverage its strategic land bank to enhance its portfolio of owned hotels.
As on 31 st March 2025, your Company has a robust pipeline of hotels with high salience of brownfield assets likely to open in next 4 years. During the year, your Company has expanded its footprint in the Luxury, Upper Upscale and Mid-market to Upscale segments of the Indian hospitality industry and expanded its operations beyond India by opening hotels in Sri Lanka and Nepal as well.
Your Companys ‘Welcomhotel brand increased its presence with hotels opening at Delhi, Jabalpur and Belagavi. As on 31st March 2025, the brand ‘Welcomhotel consists of 28 operational properties with another 12 in the pipeline.
The ‘Fortune brand continues to maintain its preeminent position in the Mid-market to Upscale segment, with positioning of ‘First-class, full-service hotels, having a portfolio of 78 hotels comprising of 56 operating properties with 4,133 rooms and another 22 hotels currently in the pipeline. During the year, the brand expanded operations to Nepal with its first international property at Bhaktapur, Nepal. The ‘WelcomHeritage brand continues to create best-in-class authentic experiences with an operational inventory of 34 hotels comprising appx. 1,000 rooms.
Responsible Luxury
as a winner under the Best Energy Efficient Commercial Buildings/Hotels category and ITC Gardenia won for Best application & use of renewable energy (SME Sector) at the Cll 8th National Energy Efficiency Circle Competition 2024.
Your Company continues to efficiently manage and enhance its renewable energy portfolio. The overall owned renewable energy portfolio now stands at 47.9 MW, with the commissioning of a 6.3 MW Solar project at Karnataka during the year. Currently, more than half of your Companys electricity consumption is from renewable sources. Your Company has also installed Carbon Neutral EV charging stations across its properties, contributing to sustainable transportation. Your Company continues to evaluate avenues to further enhance the share of renewable energy in its portfolio, increase the number of LEED? Zero Carbon, LEED? Zero Water Certifications and reduce carbon emission levels.
Your Company has undertaken several initiatives towards mitigating plastic waste and pollution in its areas of operations, and continues to take industry leading initiatives with Global Tourism Plastics Initiative (GTPI) led by UNEP (United Nations Environment Programme) and UN Tourism.
Your Company has LEED Platinum? certification for 23 of its premium and luxury hotels, (the highest rating awarded by USGBC). Furthering your Companys Responsible Luxury ethos, 12 of its iconic hotels have been accorded LEED? Zero Carbon Certification, the first hotel chain in the world to achieve this feat. During the year, 4 properties namely, Sheraton New Delhi,
ITC Grand Chola, ITC Maratha and ITC Kohenur were * also certified as LEED? Zero Water Hotels, thereby distinguishing your Company as the first hotel chain globally to have 8 LEED? Zero Water Certified Hotels in the world. Your Company has surpassed the ‘2030 sectoral emission targets for the fifth consecutive year and has also sustained 2050 emission level targets in line with COP 21 for 12 of its hotels.
Your Company received several sustainability accolades in FY 2024-25. ITC Maurya, New Delhi was recognised as the ‘Sustainable & Environment Conscious Hotel of the Year- Northern Region at the Hotelier Indias The GM Summit & ESG Excellence Awards. ITC Grand Chola, Chennai was conferred with the Excellent Energy Efficient Unit at the Cl 125th National Award for Excellence in Energy Management 2024. ITC Maratha, Mumbai and ITC Grand Chola, Chennai won the ‘Best Performing Wind farm in the Western and Southern Regions respectively, at the Indian Wind Power Association (IWPA) AGM. ITC Maratha, Mumbai received another accolade for being the ‘Favorite Hotel for Sustainable Practices in India by Conde Nast Travellers Readers Travel Awards 2024. ITC Royal Bengal was recognised
With a robust skill development and vocational training programme in place, your Company continues to mindfully invest in empowering students through its Culinary Training Centre in Chhindwara, Apprenticeship Training Programme, and WelcomGroup Graduate School of Hotel Administration, Manipal.
Digital First Initiatives
Your Companys customer centric digital transformation is driven by a strong strategic intent to adopt best- in-class digital technologies. The modern application stack and robust infrastructure ensures the highest standards of guest experience, complementing superior hospitality standards. Innovative digital interventions are geared to deliver exceptional customer experience, drive productivity & operational efficiency and enhance competitiveness while maintaining high standards of security and data privacy.
Your Companys continued investment in robust technology platforms serves as a digital foundation for future growth. Standalone property-specific systems are swiftly being transitioned to a unified platform comprising interoperable digital modules. These modules covering guest engagement, staff enablement, operations, and analytics are designed to be activated as needed . This ensures enhanced flexibility, improved speed-to-market for new initiatives, and reduced upfront investments for technology enablement across properties.
The ITC Hotels best-in-class Mobile Application, continues to evolve as a central interface for guests, enabling room bookings, loyalty benefits, gourmet dining services, wellness offerings, and smart room controls. The refreshed ITC Hotels website offers a seamless reservation journeys, enhanced security, and integrated dining and event planning features. These combined interventions have contributed to improved traffic, conversion rates, and higher engagement from loyalty members during the year.
During the year, your Company deployed a modern, enterprise-grade customer relationship management (CRM) platform. The platform includes an intelligent, omnichannel marketing engine to support campaign segmentation across channels and guest journey stages. Further, the introduction of Robotic Process Automation (RPA) for administrative functions such as vendor onboarding and document processing has reduced manual processes and improved accuracy.
In alignment with global best practices, your Company has transitioned to a software-defined network infrastructure governed by a Zero Trust security framework. The newly established Security Operations Centre (SOC) operates on a 24/7 basis, enabling real-time monitoring, threat detection, and incident response. Enhanced security protocols—including advanced email filtering and anti-phishing layers—have been implemented to safeguard users and information.
Your Company uses advanced marketing tools and analytics at the marketing command centre to reach out to customers with the right proposition. Cutting edge technologies such as Al, loT, and data analytics are being increasingly deployed to identify trends, anticipate needs, personalise interactions and deliver tailored services to customers. All frontline systems are fully integrated with the modern Sabre SynXis Central Reservation System, allowing seamless distribution of entire brand portfolio room inventory across all booking channels. Your Companys own code establishes a strong brand identity across all Global Distribution systems. These platforms enable direct reservations through Website, Mobile app and the Guest Contact Centre. The modern, intuitive design powers a seamless & real-time booking experience along with a deeply integrated loyalty platform. This unified brand access drives conversions across the portfolio of owned/ licensed and managed/ franchised properties.
Your Companys digital strategy roadmap envisions a modular, enterprise-grade hospitality platform that enables every hotel property to activate capabilities as needed, integrate with minimal effort, and operate with consistency across locations. This architecture is being built for scale, resilience, and continuous innovation.
Active Asset Management
Your Company continuously undertakes smart renovations at its hotels and introduces new concepts and restaurants in its food and beverage portfolio.
Your Companys first hotel - Welcomhotel Chennai - was taken up for a comprehensive renovation in 2023 and was re-opened in 2024. The hotel thereafter registered over 2x increase in RevPAR during the year (over 2019 levels). The iconic legacy hotel, in its new avatar, has 90 well-appointed rooms, grander banquets, signature dining experiences and a wellness centre and is an embodiment of contemporary design and smart facilities. The property is certified as a LEED Platinum? and LEED? Zero Carbon hotel.
During the year, your Company successfully completed renovation of about 5% of owned room inventory and 4 F&B outlets. Your Companys luxury hotels in Bengaluru, Delhi, Jaipur & Hyderabad underwent extensive renovation during the year. With these renovations, the properties are able to reposition themselves and command superior ADRs and uplift guest experiences going forward.
As mentioned above, your Company continued its focus in refreshing its restaurants portfolio. Your Companys latest additions to the portfolio, ‘Avartana at ITC Maurya offers progressive south Indian delicacies while ‘Cajsa at ITC Gardenia presents flavors from different regions of the world and ‘Royal Afghan restaurant at ITC Grand Bharat offers unique cuisine from the North West frontier.
These regular refurbishments of product and service portfolio have ensured that the assets remain contemporary and address the evolving needs of the guests. Renovations are planned in a phased manner during lean seasons in order to minimise the impact of unavailable inventory during renovations and at the same time, improve business performance going forward.
FINANCIAL PERFORMANCE
Results of operations for the year ended 31st March, 2025 Standalone Financial Results
Your Company delivered a strong performance during FY 2024-25, anchored on its commitment to guest service and operational excellence. Average Daily Rates (ADRs) and occupancy saw healthy year-on-year growth, supported by sustained demand across key markets and smart revenue management. The food & beverages segment also delivered a strong performance contributing significantly to the overall revenue growth of your Company. This was driven by a combination of innovative culinary offerings and strategic refresh of some of the restaurants. Additionally, the stellar performance in banqueting and event catering, especially in wedding and institutional segments, reinforced food & beverage as a key pillar of your Companys business. Your Companys investments in digital innovation and talent development further strengthened its competitive position, resulting in improved guest experiences and stakeholder value.
The Financial Results have been prepared in accordance with the prescribed Accounting Standards (Ind AS) including accounting for the demerger. Hence, figures for the comparative period ending 31st March, 2024, have been restated as if the Scheme had occurred from the date of incorporation of the Company i.e., 28th July, 2023. Accordingly, figures for the period ended 31st March, 2024 and year ended 31st March, 2025 include the results of the Company and the Demerged Undertaking transferred under the Scheme.
The following table sets forth financial information for your Company for the year ended 31st March, 2025.
T in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
I Revenue From Operations |
3279.27 | 2124.24 |
II Other Income |
53.72 | 9.12 |
III Total Income (l+ll) |
3332.99 | 2133.36 |
IV EXPENSES |
||
Consumption of food, beverage, etc. |
318.76 | 202.38 |
Employee benefits expense |
604.20 | 390.47 |
Finance costs |
11.32 | 7.57 |
Depreciation and amortization expense |
297.30 | 195.96 |
Other expenses |
1167.48 | 797.60 |
Total expenses (IV) |
2399.06 | 1593.98 |
V Profit before exceptional items and tax (lll-IV) |
933.93 | 539.38 |
VI Exceptional Items |
- | - |
VII Profit before tax (V+VI) |
933.93 | 539.38 |
VIII Tax expense: |
||
Current Tax |
212.47 | 119.02 |
Deferred Tax |
23.05 | 16.37 |
IX Profit for the period (VII-VIII) |
698.41 | 403.99 |
Major head wise analysis of income and expenses is as below:
Income
Total Income for FY 2024-25 was T 3332.99 crores. The summary of total income is provided in the table below:
T in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Rooms |
1706.97 | 1126.13 |
Food & beverages |
1317.97 | 831.24 |
Management & operating fees etc. |
90.52 | 42.19 |
Others (including membership fees etc.) |
130.52 | 106.27 |
Gross Revenue from sale of products and services |
3245.98 | 2105.83 |
Other Operating Income |
33.29 | 18.41 |
Revenue From Operations |
3279.27 | 2124.24 |
Other Income |
53.72 | 9.12 |
Total Income |
3332.99 | 2133.36 |
(i) Room Revenue for the year stood at T 1706.97 crores with an ADR of T 12568, occupancy at 73% driven by robust performance across all segments like Retail, Contracted, Weddings and Crew.
(ii) Food & Beverages Revenue for the year stood at ? 1317.97 crores backed by strong performance in banquets, restaurants, outdoor catering, in-room dining and takeaway verticals.
(iii) Management & Operating Fees etc. (including reimbursements) for the year stood at T 90.52 crores which is attributable to stabilisation of managed properties opened in the previous year and opening of new managed properties across key business and leisure locations such as Delhi, Kolkata, Jaipur, Jabalpur, Belagavi, Jaisalmer etc. during the year, besides ITC Ratnadipa which commenced operations during the year and ITC Grand Central.
(iv) Others (including membership fees etc.) and Other Operating Income for the year stood at T 130.52 crores and T 33.29 crores respectively. These include income from spa, laundry, health club, membership income, internet revenue, retail spaces, and revenue earned from other ancillary services.
(v) Other Income of T 53.72 crores represent income from investments and bank deposits, along with dividend income from Group companies and other non-operating gains and losses.
Expenses
Total Expenses for the year stood at T 2399.06 crores. The
summary of major expenses is provided in the section below:
(i) Consumption of food, beverage, etc.
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to | |
| 31st March, 2024 | ||
Consumption of food, beverage, etc. |
318.76 | 202.38 |
% of Food & beverages revenue |
24% | 24% |
Consumption of food, beverage etc. as a % of Food & beverages revenue remained broadly in line with the previous year; supported by efficiency in procurement and operations, despite increase in input costs.
(ii) Employee benefit expenses
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Employee benefit expenses |
604.20 | 390.47 |
% of Revenue From |
18% |
18% |
Operations |
Employee benefit expenses (excluding payment to contractors) as a percentage of Revenue From Operations remained at 18% despite increase in cost attributable to increments during the year.
(iii) Finance Costs
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Finance Costs |
11.32 | 7.57 |
Finance Costs primarily include interest expenses on lease liabilities arising from hotel license arrangements.
(iv) Depreciation and amortization expense
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Depreciation and amortization |
297.30 | 195.96 |
Expense |
Depreciation and amortization expense for the year comprises of depreciation on existing assets, renovations and routine capital expenditures undertaken during the year at various owned hotels.
(v) Other expenses
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to | |
| 31st March, 2024 | ||
Other expenses |
1167.48 | 797.60 |
% of Revenue From Operations |
36% | 38% |
Other expenses include expenses such as power and fuel, repair and refurbishments, sales promotion, information technology services, etc. Power and fuel as a % of Revenue From Operations remained consistent on account of various energy saving initiatives implemented and leveraging renewable energy assets during the year. It also includes variable expenses such as consumption of stores & spares, hotel reservation and marketing expenses, bank and credit card charges, commissions etc. which are in line with increase in business activity.
Profit for the period
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Profit for the period |
698.41 | 403.99 |
% of Total Income |
21% | 19% |
During the year, your Company generated Profit After Tax of ? 698.41 crores. This was primarily driven by significant improvement in the ADRs and occupancy levels across properties, robust performance in food & beverage, management & operating fees and enhanced operating efficiency.
PROFITS AND RETAINED EARNINGS
? in crores
| For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 | |
Profit before exceptional items and tax |
933.93 | 539.38 |
Exceptional Items |
- | - |
Profit before tax |
933.93 | 539.38 |
Tax expense: |
||
Current Tax |
212.47 | 119.02 |
Deferred Tax |
23.05 | 16.37 |
Profit for the period |
698.41 | 403.99 |
Other Comprehensive Income |
0.93 | (2.18) |
Total Comprehensive Income for the period |
699.34 | 401.81 |
STATEMENT OF RETAINED EARNINGS* |
For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 |
At the beginning of the year |
1.10 | - |
Add: Profit for the year |
266.11 | 1.10 |
Add: Other Comprehensive Income |
0.95 | - |
Add: Transfers from Share Options Outstanding Account on options lapsed* |
... | - |
At the end of the year |
268.16 | 1.10 |
*Since the Appointed Date under the Scheme was 1st January 2025, profit of the Demerged Undertaking up to 31st December 2024 has not been considered under Retained Earnings.
*Figures presented as .. " are below the rounding off norm adopted by the Company.
CONSOLIDATED FINANCIAL RESULTS
The Consolidated Financial Statements comprise your Company and its subsidiaries (referred collectively as the ‘Group) and the Groups interest in associates and joint venture prepared in accordance with Ind AS, as applicable to your Company. The Consolidated Financial Statements are prepared based on a line by line consolidation of the financial statements of the subsidiaries and by applying the equity method of accounting for joint venture and associates.
The Financial Results have been prepared in accordance with the prescribed Accounting Standards (Ind AS) including accounting for the demerger. Hence, figures for the comparative period ending 31st March, 2024, have been restated as if the Scheme had occurred from the date of incorporation of the Company i.e., 28th July, 2023. Accordingly, figures for the period ended 31st March, 2024 and year ended 31st March, 2025 include the results of the Company and the Demerged Undertaking transferred under the Scheme.
The following table sets forth consolidated financial information for your Company for the year ended March 31,2025.
? in crores
I Revenue From Operations |
For the year ended 31st March, 2025 | For the period from 28th July, 2023 to 31st March, 2024 |
| 3559.81 | 2224.40 | |
II Other Income |
66.30 | 12.38 |
III Total Income (l+ll) |
3626.11 | 2236.78 |
IV EXPENSES |
||
Consumption of food, beverage, etc. |
363.15 | 209.39 |
| 692.51 | 423.71 | |
Finance costs |
6.64 | 4.64 |
Depreciation and amortization expense |
402.35 | 201.39 |
Other expenses |
1,293.27 | 841.63 |
Total expenses (IV) |
2757.92 | 1680.76 |
V Share of profit / (loss) of Associates and Joint Venture |
15.87 | 8.70 |
VI Profit before exceptional items and tax (III- IV+V) |
884.06 | 564.72 |
VII Exceptional Items |
- | - |
VIII Profit before tax (VI+VII) |
884.06 | 564.72 |
IX Tax expense: |
||
Current Tax |
220.79 | 120.69 |
Deferred Tax |
25.63 | 20.16 |
X Profit for the period (VIII-IX) |
637.64 | 423.87 |
NOTES ON SUBSIDIARIES
WelcomHotels Lanka (Private) Limited
WelcomHotels Lanka (Private) Limited, a wholly-owned subsidiary of your Company, was incorporated in Sri Lanka in April 2012 with the objective of developing a mixed-use development project (‘Project) comprising of a 352 key luxury hotel (ITC Ratnadipa) and a super-premium residential apartment complex (Sapphire Residences) on 5.86 acres of prime sea-facing land in Colombo.
Sri Lanka witnessed improvement in the macro-economic fundamentals and return of political stability. During the year, restructuring of Sri Lankas international debt was concluded successfully, inflation moderated significantly, and healthy growths were recorded in remittances & forex reserves. The Sri Lankan Rupee also continued to be relatively stable vis-a-vis the United States Dollar. In addition, tourist arrivals recorded a marked upsurge, with India continuing to be the largest source market.
Within less than a year of its opening, ITC Ratnadipa has established itself as the leading luxury hotel in Colombo and
garnered widespread appreciation from guests. The hotel has achieved cash breakeven in the second half of FY 2024-25.
Muted recovery of the luxury real estate sector in Sri Lanka continued to impact the sales velocity of ‘Sapphire Residences luxury apartments. The impending completion of Sapphire Residences and its unique positioning and superior value proposition are expected to positively impact their sales velocity going forward.
During the year ended 31st March, 2025, the company recorded a Total Income of LKR 455.07 crores (previous year LKR 3.08 crores) and Total Comprehensive Loss of LKR 419.62 crores (previous year Total Comprehensive Income LKR 6.25 crores).
Your Companys investment in WelcomHotels Lanka (Private) Limited stood at T 3815 crores as at 31st March, 2025.
Landbase India Limited
The company owns and operates the Classic Golf & Country Club, a 27-hole Jack Nicklaus Signature Golf Course - which continues to enjoy strong brand equity with its members, guests and the golfing fraternity.
During the year, in addition to offering world class golfing experience to all its members, the Club hosted several prestigious tournaments & events. The Club also secured the European Challenge Tour Event, for the second year in a row, drawing participation from over 100 international players. The Club has strengthened its position as one of the leading golf courses in India and Asia.
The Club continues to make efforts to promote Junior Golf and in addition to the partnership with US Kids Golf, it entered into a partnership with JAGA (Junior Asian Golf Academy), which opened its first training academy in India during the year. JAGA offers an internationally accredited hybrid learning environment where students are taught by qualified international and local teachers, combined with practicing and competing at the highest level of golf, administered & monitored by professional staff. The club achieved a milestone of 50,000 golf rounds, for the second consecutive year in a row, which stands as a testament to the operational excellence at the course and its standing as the go-to destination for golf in NCR & beyond.
The company also owns ITC Grand Bharat - a 104 keys allsuite luxury retreat at Gurugram, which has been licensed to your Company. The retreat, an oasis of unhurried luxury, is co-located with the Classic Golf & Country Club. The retreat over the years, has established itself as a preferred venue for senior leadership meetings and large-format corporate events, and continues to reinforce its position as a premier residential wedding destination in the country. To capitalise on the growing demand from non-residential clientele in Delhi NCR, the retreat recently introduced the iconic The Royal Afghan - Poolside Barbecue, ITC Hotels signature North-West Frontier cuisine restaurant, which has garnered excellent reviews and is gaining increasing traction.
During the year ended 31st March, 2025, the company recorded Total Income of T 47.49 crores (previous year T 44.01 crores) and Net Profit of T 14.44 crores (previous year T10.00 crores). Total Comprehensive Income for the year stood at T 14.42 crores (previous year T 10.00 crores).
Srinivasa Resorts Limited
The company owns ITC Kakatiya - a 188 keys luxury hotel located in Hyderabad, which is operated and marketed by your Company. ITC Kakatiya has received several accolades, establishing itself as one of the finest luxury hotels and F&B destination in the city. The ‘Dakshin restaurant was adjudged the ‘Best South Indian Fine Dining Restaurant at the Times Food Guide Nightlife Awards 2025.
The hotel underwent comprehensive renovation during the year with the renovation of 80 keys and expansion of the existing banquet space to cater to increasing MICE & wedding demand in the city.
During the year, the hotel witnessed a resurgence in demand, which led to robust increase in ADRs and occupancy levels. The company invested in enhancing digitalised guest experiences by upgrading its rooms to best-in-class luxury levels. The hotel also continued to focus on enhancing its operating efficiencies and continued to make focused energy
& water conservation efforts throughout the year. Several energy saving equipment were also installed during the year.
During the year ended 31st March, 2025, the company recorded Total Income of T 80.94 crores (previous year T 74.72 crores) and Net Profit of T 9.59 crores (previous year T 8.10 crores). Total Comprehensive Income for the year stood at T 9.45 crores (previous year T 8.15 crores).
Fortune Park Hotels Limited
The company caters to the Upscale to Midmarket segment and continues to forge new alliances and expand its footprints. During the year, seven hotels with 526 keys were launched, namely Fortune Resort & Wellness Spa, Bhaktapur, Nepal (66 keys), Fortune Statue of Unity, Ekta Nagar (144 keys), Fortune Park, Palampur (43 keys), Fortune Select Candolim, Goa (103 keys), Fortune Beach Resort ECR, Chennai (40 keys), Fortune Beachfront, Puri (63 keys) and Fortune Pahalgam (67 keys). These properties are a mix of business and leisure hotels and are scaling up operations as envisaged. The company has also signed 14 new alliances during the year and as on 31st March, 2025, it has 78 alliances with appx. 5900 keys across 65 cities of India. Of these, 56 hotels (4133 keys) are in operation while the remaining 22 hotels are in various stages of development, and are slated to be commissioned over the next 4 years.
The company has been awarded with several recognitions during the year: SATTE Awards 2024 for ‘Hotel Chain of the Year in Mid-Market Segment, Todays Traveller Award 2024 for ‘Best Upscale Hotel Chain, India Travel Award West and South 2024 for ‘Best Upscale Hotel Chain, and VETA 2025 for ‘Best Premier Business & Leisure Hotel Chain in India.
During the year ended 31st March, 2025, the company recorded a Total Income of T 65.62 crores (previous year: T 54.92 crores) and Net Profit of T 17.30 crores (previous year profit: T 11.22 crores). Total Comprehensive Income for the year stood at T 17.23 crores (previous year: T 11.09 crores).
The Board of Directors of the company has recommended a dividend of T 20 per Equity Share of T 10 each for the year ended 31st March, 2025 (previous year T 15 per Equity Share).
Bay Islands Hotels Limited
The company owns a 46 keys hotel, Welcomhotel Bay Island in Port Blair which is licensed to your Company. The hotel continues to offer a unique gateway to the Andamans with its strategic location, excellent architectural design and superior product & service quality.
During the year ended 31st March, 2025, the company recorded a Total Income of T 4.36 crores (previous year T 3.79 crores) and Net Profit and Total Comprehensive Income of T 3.30 crores (previous year T 2.70 crores).
The Board of Directors of the company has recommended a dividend of T 200 per Equity Share of T 100 each for the year ended 31st March, 2025 (previous year T 100 per Equity Share).
NOTE ON JOINT VENTURE
Maharaja Heritage Resorts Limited
Maharaja Heritage Resorts Limited, a joint venture of your Company with Jodhana Heritage Resorts Private Limited, currently operates 34 properties with appx. 1000 keys under the ‘WelcomHeritage brand.
The companys portfolio consists of palaces, forts and resorts in popular historical, nature and wildlife destinations, providing guests with distinct and differentiated experiences.
During the year ended 31st March, 2025, the company recorded a Total Income of =? 8.04 crores (previous year T 8.12 crores) and Net Profit of T 0.94 crore (previous year T 0.93 crore). Total Comprehensive Income for the year stood at T 0.92 crore (previous year ? 0.90 crore).
NOTES ON ASSOCIATES
International Travel House Limited
The company provides complete travel and mobility solutions to corporates and individuals with the objective of enabling a seamless experience, helping achieve more from each trip. The companys focus on quality and safety along with superior customer service has enabled consistent growth in business volume and revenue. Further, structural cost interventions over the years have enabled improvement in margins. Digital interventions remain a key focus area to enhance efficiency, productivity and improve customer experience.
The company has inducted additional 65 Electric Vehicles in its fleet during the year. The company earned the ‘EcoVadis Committed Badge, reinforcing its commitment to sustainability.
The Board of Directors of the company has recommended a dividend of T 5.50 per Equity Share of T 10 each for the year ended 31st March, 2025 (previous year T 5.00 per equity Share).
Gujarat Hotels Limited
The company owns a 133 keys hotel, Welcomhotel Vadodara, which is operated by your Company under an Operating License Agreement.
The Board of Directors of the company has recommended a dividend of T 3.00 per Equity Share of T 10/- each for the year ended 31st March, 2025 (previous year T 2.50 per Equity Share).
INTERNAL FINANCIAL CONTROLS
The Corporate Governance Policy guides the conduct of affairs of your Company and clearly delineates the roles, responsibilities and authorities at both levels of its two- tiered governance structure and key functionaries involved in governance. The Code of Conduct guides Directors and
employees towards good corporate governance, good corporate citizenship and exemplary personal conduct in relation to the Companys business and reputation. The Corporate Governance Policy and the Code of Conduct stand widely communicated across the enterprise at all times and together with the Planning & Review Processes and the Risk Management Framework provide the foundation for Internal Financial Controls with reference to your Companys Financial Statements.
Such Financial Statements are prepared on the basis of the Material Accounting Policies that are carefully selected by management and approved by the Audit Committee and the Board. The Accounting Policies are reviewed and updated from time to time. These, in turn, are supported by a set of Policies and Standard Operating Procedures (SOPs). Your Company uses Enterprise Resource Planning (ERP) systems as a business enabler and also to maintain its books of accounts.
The SOPs, in tandem with transactional controls built into the ERP systems, ensure appropriate segregation of duties, tiered approval mechanisms and maintenance of supporting records. The Information and Digital Management Policy reinforces the control environment. The systems, SOPs and controls are reviewed by Management and adherence to the policies and procedures is audited by Internal Audit, whose findings and recommendations are reviewed by the Audit Committee and tracked through till implementation.
Your Company has in place adequate internal financial controls with reference to the Financial Statements. These have been designed to provide reasonable assurance with regard to recording and providing reliablefinancial information; complying with applicable statutes; safeguarding assets from unauthorised use; ensuring that transactions are carried out with adequate authorisation and complying with defined Policies and Procedures. Such controls have been assessed during the year, after taking into consideration the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants of India. Based on the results of such assessment carried out by the management, no reportable material weakness or significant deficiency in the design or operation of internal financial controls was observed. Nonetheless, your Company recognises that any internal control frame work, no matter how well designed, has inherent limitations and accordingly, regular audit and review processes ensure that such systems are reinforced on an ongoing basis.
RISK MANAGEMENT
The Board of Directors of your Company has constituted the Risk Management Committee effective 14th December, 2024 in line with the requirements of Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board, on the recommendation of
the Risk Management Committee has approved the Risk Management Policy & Framework of your Company.
Your Company continues to focus on a system-based approach to business risk management. The key elements of your Companys Risk Management Framework are outlined below:
The Corporate Governance Policy, approved by the Board, clearly lays down the roles and responsibilities of the various entities in relation to risk management covering a range of responsibilities, from the strategic to the operational.
Centrally issued policies and procedures bring robustness to the process of ensuring that business risks are effectively addressed.
Appropriate structures are in place to proactively monitor and manage the inherent risks at a property level as well as across corporate functions.
A strong and independent Internal Audit function conducts risk focused audits across all Hotel properties and continuously verifies compliance with laid down policies and procedures, enabling identification of areas where risk management processes may need to be strengthened and assists operating management in formulation of control procedures.
The annual planning exercise of your Company requires the Strategic and Executive Management Committee (‘SEMC) to clearly identify the top risks and establish mitigation strategies and action plans along with agreed timelines and accountabilities. The SEMC regularly monitors and reviews action plans for execution of these mitigation strategies. Quarterly status updates on compliance with the risk management policies and systems are provided to the Corporate Risk Management Cell.
The Corporate Risk Management Cell led by the Head of Risk supports the hotel properties as well as Corporate functions in assessing mitigation strategies for the prioritised risks and in developing processes for monitoring and mitigation of such risks. This includes focused interactions with managers at the Hotel properties / Corporate functions in respect of key identified risks and corresponding mitigation plans, along with review of progress against the agreed timelines for putting in place the mitigation measures.
In line with your Companys Risk Management Policy, individual hotel properties continue to manage risks, including testing of business continuity plans, for their respective units. The Corporate functions have drawn up policies and standards for risk management as relevant for their respective domains; this includes creation and testing of business continuity plans, communication of the plans within the function as well as to the Hotel properties, and monitoring compliance thereof.
Your Company has adopted the ISO 31000 Risk Management Standard and accordingly, the Risk Management systems and processes prevalent in the Business operations have been independently assessed to be compliant with the said global Standard.
Digital transformation is a key driver for future growth. Your Company is committed to evolving into a dynamic, technology-driven enterprise by leveraging advanced digital technologies and infrastructure. This initiative enhances digital marketing, commerce, and operations. Your Company has implemented strategic initiatives to improve customer experience, modernise business models, and enrich the employee experience. Technologies such as loT, cloud computing, data analytics, Al, ML, augmented/virtual reality, RPA, and mobile platforms are being integrated across business functions. While these technologies add value, they also increase exposure to cyber risks, making cybersecurity a critical priority.
To address cyber risks, a Cyber Security Committee, led by the Chief Digital and Information Officer, has been established, with a mandate to focus on cybersecurity issues, monitor emerging threats & technologies, and provide actionable recommendations to strengthen IT infrastructure & data protection.
Your Company has deployed a multi-layered cybersecurity architecture featuring firewalls, antivirus and anti-malware systems to detect, prevent, and respond to threats across all digital touchpoints. Security protocols are aligned with global standards such as the NIST Cybersecurity Framework and ISO 27001. A key pillar of your Companys security posture is the emphasis on user awareness and secure practices.
During the year, a maturity assessment of the cybersecurity framework was conducted by an independent global cybersecurity firm. The results of the maturity assessment have confirmed that your Companys systems are aligned with global best practices and continue to remain ahead of the industry average.
To enhance your Companys detection and response capabilities, additional initiatives are being rolled out, leveraging advanced technologies and the expertise of a NextGen Cyber Security Operations Centre (SOC). As mission-critical data and transaction workloads are progressively migrated to the Cloud, your Companys network infrastructure is being modernised using state-of- the-art network and security solutions. This transformation supports a Digital-Ready, Cloud-Secure wide area network, ensuring authorised users have fast, secure, and reliable access from any device, anytime, and anywhere.
A key area of focus is enhancing the security of Operational Technology (OT) systems, including Building Management Systems (BMS), Closed-Circuit Television (CCTV), and others. To maintain strong cyber resilience, a comprehensive Risk Assessment was conducted during the year and additional protective measures viz. Vulnerability Assessments (VA)
and Penetration Testing (PT), were implemented basis the findings of the assessment.
The integration of Artificial Intelligence (Al) across your Companys business functions is being accelerated. As Al technology and its applications continue to evolve, robust governance frameworks are being established to ensure secure deployment and compliance with emerging safety, privacy, and regulatory requirements.
India ranks amongst the most vulnerable countries in the world in terms of climate change impact. Accordingly, to mitigate the impact of climate change on the operations of your Company, as part of its Sustainability vision, your Company is pursuing a multi-pronged climate strategy that entails extensive decarbonisation and building resilience against climate risk across the Hotels.
Your Companys low carbon growth approach focuses on increasing the share of renewable energy, improving energy productivity, construction of green buildings thus enabling transition to a net zero carbon economy. At the same time, your Company is actively working towards climate proofing its operations and developing site-specific adaptation strategies.
Continuing its efforts in conservation of water, rain harvesting structures/rainwater recharge structures are built in ITC Hotels. Your Company is striving to achieve Net Zero Water certification by U.S. Green Building Council (USGBC) for all its properties (eight of its properties are certified "LEED? Zero water" by USGBC).
The Risk Management Committee was updated on the status of implementation of the risk management plans. The Audit Committee was also updated on the effectiveness of your Companys Risk Management systems and policies.
Your Companys Risk Management practices are also periodically benchmarked with best practices through interaction with industry peers. In the overall context, Risk Management practices, as reviewed through the Risk Management Cell and Internal Audit processes, have been found to be relevant and commensurate with the scale and complexity of your Companys operations.
AUDIT AND SYSTEMS
Your Company has a well-established internal control system that is commensurate with the scale and complexity of its operations. The governance framework, with its inbuilt checks and balances, is committed to ensuring an effective internal control environment.
Your Companys internal control policies and procedures are designed to enable orderly and efficient conduct of operations, secure assets, prevent and detect frauds/errors, ensure the accuracy and completeness of financial reporting, and comply with statutory requirements. Additionally, the
segregation of duties, along with a team of well-trained employees, further enhances the effectiveness of your Companys internal control systems.
Your Companys independent and robust internal audit processes provide assurance on the existence, adequacy, and effectiveness of internal controls and compliance with policies, procedures and regulatory requirements. The primary aim of the Internal Audit function is to enhance and protect organisational value by providing risk-based assurance, advice, and insights, while driving continuous improvement of your Companys internal control systems.
The Internal Audit function comprises a contemporary team that delivers audit assurances at the highest levels. Processes in the Internal Audit function continue to be strengthened for enhanced effectiveness and productivity by leveraging best-in-class audit tools. Internal Audit function also engages subject matter experts to provide assurance in specialised areas such as project and IT audits.
Internal Audit also continues to focus on information risks, data privacy, cybersecurity and controls on digital assets in the context of your Companys IT environment. This includes assessing controls on confidentiality, integrity and availability of business information and systems. Before deployment in the operating environment, critical Information Technology systems undergo pre-implementation audits to provide assurance on implementation rigour and operational readiness.
Your Companys Internal Audit processes are in accordance with the Standards on Internal Audit (SIA) issued by The Institute of Chartered Accountants of India.
In accordance with the provisions of Section 177 of the Companies Act, 2013 (‘the Act) and the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board of Directors constituted the Audit Committee during the year. The Terms of Reference of the Audit Committee, as approved by the Board of Directors of your Company include reviewing the effectiveness of the internal control environment, evaluating your Companys internal financial controls and risk management systems, monitoring the implementation of the action plans arising from Internal Audit findings including those relating to strengthening of your Companys risk management systems and fulfilling of statutory mandates. Material observations are reviewed at the highest level by the Audit Compliance and Review Committee (ACRC) and Audit Committee. The Audit Committee met three times during the year.
HUMAN RESOURCES DEVELOPMENT
Your Companys Human Resources (HR) strategy is anchored on its core values and a people-first philosophy, driving a high-performance culture for sustainable growth. During the year, your Company continued to invest in its talent through comprehensive initiatives spanning culture building, employee development, well-being and engagement. Your Company views its associates as critical assets, and HR programs, policies, and metrics, are benchmarked with
industry best practices to ensure that it remains an employer of choice in the hospitality sector.
WHISTLE BLOWER POLICY
Your Companys Whistleblower Policy, approved by the Board, encourages stakeholders including Directors and employees, to promptly bring to the Companys attention, instances of illegal or unethical conduct, actual or suspected incidents of fraud, actions that affect the financial integrity of your Company, or actual or suspected instances of leak of unpublished price sensitive information, that could adversely impact the Companys operations, business performance and / or reputation. The Policy requires the Company to investigate such incidents, when reported, in an impartial manner and take appropriate action to ensure that the requisite standards of professional and ethical conduct are always upheld. Anonymous complaints are also entertained if the same are backed by specific allegations & verifiable facts and are accompanied with supporting evidence. It is your Companys Policy to ensure that no complainant is victimised or harassed for bringing such incidents to the attention of the Company, and to keep the information disclosed during the course of the investigation as confidential. The practice of the Whistleblower Policy is overseen by the Audit Committee and no employee was denied access to the Committee during the year. The Whistleblower Policy is available on the Companys website at https://www.itchotels.com/Whistleblower-Policy.pdf.
During the year, your Company did not receive any complaint under the Whistleblower Policy.
QUALITY
Quality in the service industry is critical as it directly impacts customer satisfaction, loyalty, and business success. Unlike tangible products, services are intangible, often delivered in real-time, and heavily reliant on human interaction, making consistent quality challenging but essential. Your Companys robust operational performance is reflective in its industry leading Net Promoter Score (‘NPS) score of 80 for FY25 {Source: Revinate for ‘ITC Hotels and ‘Welcomhotels), showcasing a high customer satisfaction index. Further, your Company has achieved a response rate of 98%, highlighting exceptional responsiveness & deep engagement with our esteemed guests.
TREASURY OPERATIONS
Your Companys treasury operations are focused on deployment of surplus liquidity and management of foreign exchange exposures within a well-defined risk management framework. Investment decisions relating to deployment of surplus liquidity are guided by the tenets of safety, liquidity and return.
Commensurate with the size of the temporary surplus liquidity under management, treasury operations are supported by appropriate internal control systems.
DEPOSITS
Your Company has not accepted any deposit under
Section 73 of the Act read with the Companies
(Acceptance of Deposits) Rules, 2014 during the year.
DIRECTORS
• Changes in Directors
During the year, Mr. Mukesh Gupta and Ms. Vrinda Sarup were appointed, with your approval, as
Independent Directors of the Company for a period of five years with effect from 26th November, 2024. Mr. Kamal Bali and Dr. Indu Bhushan were also appointed, with your approval, as Independent Directors of the Company for a period of five years with effect from 14th December, 2024. Further, Mr. Prathivadibhayankara Rajagopalan Ramesh was appointed, with your approval, as a Non-Executive Director of the Company with effect from 30th April, 2024, and later as an Independent Director of the Company for a period of five years with effect from 26th November, 2024. In the opinion of the Board, Messrs. Gupta, Bali, Bhushan, Ramesh and Ms. Sarup possess the required integrity, expertise and experience for appointment as Independent Directors of the Company.
Mr. Sanjiv Puri was appointed, with your approval, as the Chairperson & Non-Executive Director of the Company with effect from 24th April, 2024. Further, with your approval, Messrs. Supratim Dutta
and Rajendra Kumar Singhi were appointed as Non-Executive Directors of the Company
with effect from 24th April, 2024, and Mr. Tablesh Pandey was appointed as a Non-Executive Director of the Company with effect from 14th December, 2024.
With your approval, Mr. Anil Chadha was appointed as a Non-Executive Director of the Company with effect from 24th April, 2024 and later as the Managing Director of the Company with effect from 1st January, 2025.
Messrs. Karthik Bhanu, Mayur Dogra, Rajesh Poddar and Ms. Ushasi Das stepped down from the Board with effect from close of work on 24th April, 2024. Your Directors place on record their appreciation for the contribution made by Messrs. Bhanu, Dogra, Poddar and Ms. Das during their tenure with the Company.
• Retirement by Rotation
In accordance with the provisions of Section 152 of the Act read with Article 49 of the Articles of Association of your Company, Mr. Supratim Dutta will retire by rotation at the ensuing Annual General Meeting (‘AGM) and being eligible, offers himself for re-election. The Board of Directors of your Company (‘the Board) have recommended his re-election.
• Number of Board Meetings
Nine meetings of the Board were held during the year under review.
• Attributes, Qualifications & Independence of Directors and their Appointment
The Corporate Governance Policy of your Company requires that the Non-Executive Directors be drawn from amongst eminent professionals, with experience in business / finance / law / public administration and enterprises. The Nomination and Remuneration Committee (‘the Committee) has laid down the criteria for determining qualifications, positive attributes and independence of Directors (including independent Directors). In case of appointment of Independent Directors, the Committee evaluates the balance of skills, knowledge and experience on the Board, and also the role and capabilities of the concerned individual.
Further, in terms of the Policy on Board Diversity, the Board is required to have balance of skills, competencies, experience and diversity of perspectives appropriate to the Company. Diversity for this purpose is considered from a number of aspects including, but not limited to, educational background, nature of professional, administrative & industry experience, skills, knowledge, and gender representation. The skills, expertise and competencies of the Directors as identified by the Board, along with those available in the present mix of the Directors of your Company, are provided in the ‘Report on Corporate Governance, forming part of the Report and Accounts.
In terms of the applicable regulatory requirements read with the Articles of Association of your Company, the strength of the Board shall not be fewer than six nor more than fifteen. Directors are appointed / re-appointed with the approval of the Members for a period of three to five years or a shorter duration, as may be determined by the Board from time to time. All Directors, other than Independent Directors, are liable to retire by rotation, unless otherwise approved by the Members. One-third of the Directors who are liable to retire by rotation, retire every year and are eligible for re-election.
The Independent Directors of your Company have confirmed that (a) they meet the criteria of independence prescribed under Section 149 of the Act and Regulation 16 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations), (b) they are independent of the management of the Company, and (c) they are not aware of any circumstance or situation which could impair or impact their ability to discharge
duties with an objective independent judgement and without any external influence.
In the opinion of the Board, the Independent Directors fulfil the conditions prescribed under the Act and the Listing Regulations, and are independent of the management of the Company.
• Evaluation of Board, Board Committees and individual Directors
Your Company has formulated the Policy on Board evaluation for evaluation of the Board, Board Committees and individual Directors, with the approval of the Nomination and Remuneration Committee.
In keeping with your Companys belief that it is the collective effectiveness of the Board that impacts the Companys performance, the primary evaluation platform is that of collective performance of the Board as a whole. Evaluation of functioning of Board Committees is based on discussions amongst Committee members and shared by the Chairperson of the respective Committee with the Board. Individual Directors are evaluated in the context of the role played by each Director as a member of the Board at its meetings, in assisting the Board in realising its role of strategic supervision of the functioning of your Company in pursuit of its purpose and goals. The peer group ratings of the individual Directors are collated by the Chairperson of the Nomination and Remuneration Committee and made available to the Chairperson of the Company.
While the Board evaluated its performance against the parameters laid down by the Committee, the evaluation of individual Directors was carried out against the laid down parameters in order to ensure objectivity. The Independent Directors Committee also reviewed the performance of the Chairperson, other non-independent Directors and the Board, pursuant to Schedule IV to the Act and Regulation 25 of the Listing Regulations.
REMUNERATION POLICY
Details of your Companys Policy on remuneration of Directors, Key Managerial Personnel and other employees are provided in the Report on Corporate Governance, forming part of the Report and Accounts.
KEY MANAGERIAL PERSONNEL
During the year, Mr. Anil Chadha was appointed as the Managing Director of your Company with effect from 1st January, 2025.
Mr. Chandan Saboo ceased to be the Chief Financial Officer (‘CFO) of your Company with effect from close of work on 13th December, 2024 and Mr. Ashish Thakar was appointed as the CFO with effect from 14th December, 2024.
Further, Mr. Diwaker Dinesh, who was appointed as the Manager and Company Secretary of your Company with effect from 11 th September, 2023, ceased to be the Manager with effect from close of work on 3f st December 2024; he continues to be the Company Secretary of your Company.
AUDIT COMMITTEE & AUDITORS
The composition of the Audit Committee is provided under the section ‘Board of Directors and Committees in the Report and Accounts.
• Statutory Auditors
Messrs. S. R. Batliboi & Co. LLP, Chartered Accountants (‘SRBC), were appointed, with your approval, as the Auditors of your Company for a period of four years till the conclusion of 5th AGM. The Board, on the recommendation of the Audit Committee, has recommended for the approval of the Members, the remuneration of SRBC for FY 2025 26. Appropriate resolution seeking your approval to the remuneration of SRBC is appearing in the Notice convening the 2nd AGM of your Company.
• Secretarial Auditors
Messrs. S. M. Gupta & Co., Company Secretaries, were appointed by the Board as the Secretarial Auditors of your Company to conduct secretarial audit for the financial year ended 31st March, 2025.
The Report of the Secretarial Auditors, pursuant to Section 204 of the Act, is provided in the Annexure forming part of this Report. The Secretarial Auditors have confirmed that the Company has complied with the applicable laws and that there are adequate systems and processes in the Company commensurate with its size and scale of operations to monitor and ensure compliance with the applicable laws.
The Board has approved, on the recommendation of the Audit Committee and subject to the approval of the Members, appointment of Messrs. S. N. Ananthasubramanian & Co., Company Secretaries (‘SNA), as the Secretarial Auditors of the Company to conduct secretarial audit for a period of five consecutive financial years commencing from FY 2025-26. Appropriate resolution seeking your approval to the appointment of SNA is appearing in the Notice convening the 2nd AGM of the Company.
• Cost Auditors
Considering the nature of business, the Company is neither required to maintain cost records nor appoint
Cost Auditors in terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014.
CHANGES IN SHARE CAPITAL AND LISTING OF SHARES
During the year and in accordance with the Scheme of Arrangement, 125,11,71,040 Equity Shares of 7 1/- each, fully paid-up, were allotted to the shareholders of ITC Limited. Consequently, the Issued, Subscribed and Paid-up Share Capital of your Company, as on 31st March, 2025, stands at 7 208,11,71,040/- divided into 208,11,71,040 Equity Shares of 7 1/- each. The Equity Shares issued during the year rank pari passu with the existing Equity Shares of your Company.
The Equity Shares of your Company were listed on BSE Limited and the National Stock Exchange of India Limited with effect from 29th January, 2025.
EMPLOYEE STOCK OPTION SCHEME
In accordance with the Scheme of Arrangement, your Company has formulated a Special Purpose Employee Stock Option Scheme viz., ‘ IT C Hotels-Special Purpose EmployeeStockOption Scheme to grant Stock Options to the eligible employees holding stock options of ITC Limited.
Disclosures with respect to Stock Options, as required under Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘the Regulations), are available in the Notes to the Financial Statements of the Company. The said disclosures forming part of the Financial Statements can also be accessed on your Companys website www.itchotels.com under the section ‘Investor Relations.
The Secretarial Auditors have certified that the aforesaid Employee Stock Option Scheme has been implemented in accordance with the Regulations and the Scheme of Arrangement.
INVESTOR RELATIONS
Messrs. KFin Technologies Limited are the Registrar and Share Transfer Agent (‘RTA) of your Company. The details of the RTA and their grievance redressal system are provided in the ‘Shareholders Information section of the Report and Accounts.
The ‘Investor Relations section on your Companys website www.itchotels.com serves as a user-friendly reference providing up-to-date information and guidance on share-related matters.
RELATED PARTY TRANSACTIONS
All contracts or arrangements entered into by your Company with its related parties during the financial year were on arms length basis and in accordance with the provisions of the Act and the Listing Regulations.
All such contracts or arrangements were approved by the Audit Committee. Further, material contracts or arrangements with related parties within the purview of the Listing Regulations entered into during the year under review were also approved by the Shareholders.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 134 of the Act, your Directors confirm having:
a) followed in the preparation of the Annual Accounts, the applicable Accounting Standards with proper explanation relating to material departures, if any;
b) selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the profit of your Company for that period;
c) taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
d) prepared the Annual Accounts on a going concern basis;
e) laid down internal financial controls to be followed by your Company and that such internal financial controls were adequate and were operating effectively; and
f) devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
CONSOLIDATED FINANCIAL STATEMENTS
Your Companys Board of Directors is responsible for the preparation of the consolidated financial statements of your Company and its Subsidiaries (‘the Group), Associates and Joint Venture, in terms of the requirements of the Act and in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act.
The respective Boards of Directors of the companies included in the Group and of the Associates and Joint Venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of each company and for preventing and detecting
frauds and other irregularities; the selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Such financial statements have been used for the purpose of preparation of the consolidated financial statements by the Board of Directors of your Company, as aforestated.
OTHER INFORMATION
• Compliance with the conditions of Corporate Governance
The certi icate from Messrs. S. M. Gupta & Co., Company Secretaries, Secretarial Auditors of the Company, con irming compliance with the conditions of Corporate Governance as stipulated under the Listing Regulations, is annexed.
• Going Concern Status
There was no signi icant or material order passed during the year by any regulator, court or tribunal impacting the going concern status of your Company or its future operations.
• Annual Return
The Annual Return of your Company is available on its website at https://www.itchotels.com/in/en/ corporate/investor-relations/annual-returns.
• Particulars of loans, guarantees or investments
Details of loans and investments covered under the provisions of Section 186 of the Act are provided in Notes 5, 6, and 11 to the Financial Statements. No guarantees were outstanding as at end of the year.
• Particulars relating to Conservation of Energy and Technology Absorption
Particulars as required under Section 134 of the Act relating to Conservation of Energy and Technology Absorption are provided in the Annexure to this Report.
• Compliance with Secretarial Standards
Your Company is in compliance with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Act.
• Employees
The total number of employees as on 31 st March, 2025 stood at 3,177.
The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure forming part of this Report.
The statement containing particulars of employees as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forming part of this Report, may be accessed on the Companys website www.itchotels.com .
• Dividend Distribution Policy
The Dividend Distribution Policy of your Company may be accessed on its website at
httpsy/www.itchotels.com/DividendDistributionPolicy.pdf.
• Key Financial Ratios
Key Financial Ratios for the financial year ended 31st March, 2025 are provided in the Annexure forming part of this Report.
FORWARD-LOOKING STATEMENTS
This Report contains forward-looking statements that involve risks and uncertainties. When used in this Report, the words ‘anticipate, ‘believe, ‘estimate, ‘expect, ‘intend, ‘will and other similar expressions as they relate to your Company are intended to identity such forward-looking statements. Your Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates. This Report should be read in conjunction with the financial statements included herein and the notes thereto.
CONCLUSION
The Travel & Tourism sector plays a vital role in the Indian economy and holds immense potential for growth. The extensive tourism value chain spanning hotels, travel agents, airlines, tour operators, restaurants, tourist transporters and guides, etc. results in a huge economic multiplier impact, ranking it amongst the highest across industries on this count. With growing per capita income, rapid urbanisation, increasing societal aspirations and low room supply penetration levels, the sector is poised to witness a long runway of growth. The Governments thrust on infrastructure and tourism including, inter alia, development of airports, upgradation of urban infrastructure, promotion of integrated tourist destinations, world-class convention facilities etc. augers well for the sectors accelerated growth potential.
Your Company, with its ‘asset-right strategy of achieving scalable growth while optimising capital intensity, is poised to sustain its leadership status in the Indian Hospitality industry. With its portfolio of world-class properties, strong market standing, iconic bouquet of brands and renowned cuisine expertise, your Company remains committed to providing best-in-class levels of service to its guests. The Companys leadership in quality and sustainability, as evident
from superior NPS scores along with global leadership in sustainability, provides a unique value proposition to all stakeholders. The continuous investments in enhancing and upgrading of the digital infrastructure and adopting best- in-class technologies has ensured delivery of the highest standards of guest experiences by offering industry leading features. Your Company continues to sustain its position as an ‘Employer of Choice by attracting, developing and retaining talent and creating a culture across the organisation where people are inspired, engaged and aligned to your Companys vision and strategic pillars. By remaining at the forefront of Responsible Luxury hospitality, your Company has established itself as a global exemplar amongst leading hospitality chains in the world.
Your Company is well positioned to accelerate its growth trajectory and enable sustained value creation for stakeholders by leveraging its sound financial position, comprising of a zero-debt balance sheet, significant strategic reserves and robust operational cashflows.
India continues to maintain its position as the fastest growing major economy in the world. With structural drivers of growth firmly in place, India is poised to play a larger role on the global stage in the years to come. Your Company is well placed to craft its next horizon of growth as a pure- play hospitality entity, aligned with strong prospects of the Hospitality industry going forward.
ITC Florets I imited Report and Accounts 2025
105
On behalf of the Board |
||
Place: New Delhi |
S. PURI | A. CHADHA |
Date: 15th May, 2025 |
Chairperson
(DIN:00280529) |
Managing Director (DIN:08073567) |
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