EIH Management Discussions


EIH Limited, founded in 1949, is renowned for its luxury hotels and heart felt hospitality. The Company currently operates 30 exceptional hotels globally. In 2022, EIH Limited received the prestigious accolade of ‘Best Hotel Brand in the World at the Travel + Leisure Worlds Best Awards. The Company is distinguished by its dedication to environmental sustainability and the preservation of cultural heritage, which contributes to its success in the industry.


Global economy

Despite geopolitical tensions, the year 2022 commenced with a mixed outlook. While there were concerns of potential flat growth, the global economy faced unforeseen challenges such as supply chain disruptions, monetary tightening, inflation and recessionary fears.

China experienced a temporary decline in growth during the fourth quarter of 2022 due to a surge in COVID-19 cases following the relaxation of restrictions. Additionally, the global inflation rate reached 8.7% in 2022, largely driven supply chain disruptions caused by the ongoing pandemic and the Russia-Ukraine conflict.

The effects of the Russia-Ukraine conflict also had spillover effects on Europe, with the region grappling with acute energy shortages. This, coupled with the implementation of Brexit, impacted various aspects of Europe, including immigration, trade and tourism. The UK economy experienced a slowing growth rate as a direct consequence of these factors.

The global economic landscape in 2022 was marked by a combination of both optimistic and challenging factors, requiring careful analysis and evaluation.

According to the International Monetary Fund (IMF), the global economy experienced a GDP growth rate of 3.4% in 2022, which was lower compared to the previous years growth rate of 6.1%. Despite this moderation, there were notable developments in the tourism sector, with international tourist arrivals rebounding to reach 63% of pre-pandemic levels. Particularly, the Middle East and

Europe exhibited robust recovery in this aspect, reflecting positive trends in the tourism industry.


The International Monetary Fund (IMF) has projected a growth rate of 2.8% for the year 2023. The inflation outlook appears promising, with an anticipated decrease from 8.4% in 2022 to 7.0% in 2023. While the inter-country trade is a significant driver of global economic growth, certain geopolitical factors, such as trade tensions between the United States and China, as well as the ongoing Russia-Ukraine conflict, may contribute to a slower expansion in inter-country trade. However, despite these challenges, there are still opportunities for economic progress and cooperation among nations. By working collectively, these obstacles can be addressed, leading to sustained growth in the global economy.[1]

Indian economy

The Indian economy exhibited resilience and stability amidst the global economic downturn, experiencing minimal disruptions. Notably, India emerged as the fastest-growing major economy worldwide, propelled by robust growth in the infrastructure sector and sustained private consumption driven by pent-up demand. According to projections by the National Statistical Office (NSO), Indias

GDP for FY23 expanded by 7.0%, showcasing commendable growth despite a slight decline from the previous fiscal years growth of 8.7% in the aftermath of the COVID-19 pandemic. The successful implementation of various projects valued at US$ 1.3 trillion under the National Infrastructure Pipeline (NIP) and substantial government spending in other areas contributed to positive momentum in the economy.

However, it is important to acknowledge that global factors, rising input costs and disparities in the distribution of disposable income have resulted in uneven growth across sectors. Additionally, inflationary concerns prompted the Reserve Bank of India (RBI) to raise the repo rate by 250 basis points since May 2022, indicating proactive measures to address inflation. As a consequence, the cost of capital and interest rates have increased, leading to some moderation in consumer sentiment. Nonetheless, the overall trajectory of the economy remained positive, reflecting the resilience and adaptability of the Indian economy.

The formalisation of Indias economy has yielded transformative outcomes, promoting transparency and generating favourable conditions for businesses. Indias potential as a manufacturing hub has gained significant attention as nations and corporations seek to diversify their manufacturing bases and shift production away from China. Capitalising on this opportunity, the Indian government has implemented initiatives such as ‘Aatmanirbhar Bharat and ‘Make in India to fortify the manufacturing sector. Moreover, the establishment of the Infrastructure Finance Secretariat has fostered a conducive ecosystem for private investment in infrastructure, positioning the private sector as a vital and proactive contributor to the countrys development trajectory.

Significant strides is seen in various sectors, including creation of an agricultural startup ecosystem, ensuring sustained growth in the medium to long-term. The 2023-24 budget increases the capital investment outlay for infrastructure by 33% to US$ 122 billion, highlighting the governments commitment to bolstering infrastructure growth. This support is expected to transform goods movement and exports, enabling efficient and cost-effective freight delivery. India is poised to become a formidable force in consumer spending, projected to reach US$ 6 trillion by 2030, positioning it as the worlds third-largest consumer spender, after the United States and China.[2] Sectors such as travel and hospitality have experienced a significant rebound, benefiting from the resurgence in demand following the easing of pandemic-related restrictions. Several factors have contributed to this positive trend, including the gradual resumption of business and leisure travel, higher disposable incomes among affluent individuals, increased government focus on enhancing transport and tourism infrastructure and a diverse range of offerings in the hospitality sector. As a result of this upturn in demand, new supply announcements have been made and deferred projects have been initiated during the reviewed period. However, it is important to note that the growth rate of the hotel supply pipeline is projected to remain modest, at around 3.5-4%. Consequently, the supply of hotel rooms is expected to continue lagging behind demand.

The ongoing economic recovery is expected to have a favourable impact on employment levels, leading to a rise in disposable income and subsequently driving domestic expenditure. Consequently, projections indicate that consumer spending will witness a year-on-year growth of 7.1% in 2023.

Furthermore, the full resumption of international flights at their maximum capacity in March 2022 has instilled confidence in a strong recovery in both outbound and inbound tourism. The Airports Authority of India (AAI) has unveiled ambitious strategies for the expansion and modernisation of the aviation sector, allocating a targeted capital outlay of US$ 11.8 billion over the next five years.

These initiatives are poised to foster additional growth and advancement in the years ahead.[3]


According to the projections by the Reserve Bank of India (RBI), Indias GDP is expected to grow by 6.5% in FY24, indicating a favourable outlook for the countrys economic performance. Despite challenges posed by global trade trends and inflation, Indias strong emphasis on infrastructure development and robust private consumption is anticipated to contribute to a consistent growth trajectory, highlighting its resilience against external factors. The prioritisation of enhancing public digital infrastructure will create abundant prospects for individuals and businesses, bolstering economic strength and fostering sustainable growth.

Industry review

Resilience and Growth: The Promising Trajectory of the Travel and Hospitality Industry

The World Travel & Tourism Council (WTTC) reported a substantial growth of 22% in the travel and hospitality industry, reaching an impressive value of US$ 7.7 trillion in 2022. This notable achievement signifies yet another exceptional year for the industry although it is yet to reach pre COVID-19 levels.

The travel and tourism sector continues to thrive with the ongoing advancements in transportation infrastructure, facilitating easier and more affordable travel experiences for consumers. This, coupled with increasing affluence worldwide, has resulted in higher disposable incomes allocated to travel and tourism. As a result, the World Travel & Tourism Council (WTTC) estimates the sector to achieve a value of US$ 9.5 trillion by the end of 2023 and a remarkable US$ 15.5 trillion by 2033, making a substantial contribution of 11.6% to the global economy.

While the United States has witnessed a robust domestic traveller market, the slower return of international traveller spending has posed challenges for the overall economic recovery of many city destinations. Nevertheless, major city destinations are gradually regaining employment in the travel and tourism sector, recovering from the job losses experienced in 2020. The sector has demonstrated resilience and determination in overcoming significant hurdles, positioning itself for a strong resurgence in 2023. The future holds promising prospects for the travel and tourism industry to once again shine brightly and make significant contributions to global economic growth.

[4] In 2022, the Asia-Pacific region experienced a remarkable rebound in international arrivals, reaching a total of 10.4 million visitors in December 2022. The reopening of borders in major tourist destinations such as mainland China, Japan and Hong Kong has contributed to the positive outlook for the Asia-Pacific hotel industry.

[4] World Travel and Tourism Council

Notably, markets like Australia, Korea, India and Southeast Asia, which resumed travel earlier in 2022, have already surpassed the hotel performance metrics observed in 2019. As international travel across the region gradually normalises, modest growth is anticipated for the Asia-

Pacific hotel market in 2023, with a return to pre-pandemic levels expected by early 2024.

This optimistic outlook reflects the ongoing recovery and increasing confidence in the travel and tourism sector.

The encouraging trajectory in hotel performance signals a hopeful future for the Asia-Pacific region, offering opportunities for sustained growth and a revival of travel and hospitality to pre-pandemic levels.[5]

Resurgence of the Indian Hospitality and Tourism Sector

Indias hospitality and tourism sector experienced a notable resurgence in 2022, marking its strongest performance since the pandemic began. Known for its rich cultural heritage, India remained a popular destination for global travellers, leading to a thriving tourism and hospitality industry. The demand for accommodations saw a significant increase, driven by domestic leisure travel, weddings, social events, conferences and business trips. The Indian governments permission for 100% Foreign Direct Investment (FDI) in the hotel and tourism industry attracted substantial investments, reflecting its significance in the economy. From April 2000 to September 2022, the hospitality sector accounted for 2.6% of total investments in India, highlighting its contribution. The sectors growth has been fuelled by rising investor interest and active participation from domestic companies, driving expansion and investment activities.

Furthermore, international recognition and acceptance of Indian hotel chains have enhanced their reputation and visibility, enabling them to meet if not exceed global expectations with elevated service standards. This has further strengthened the sectors performance, positioning Indian hotel chains as dependable choices for discerning travellers worldwide.

Overall, the rejuvenation of Indias hospitality and tourism sector demonstrates its resilience and adaptability. With a positive outlook and ongoing investments, the industry is poised for sustained growth and continued success in the future.

Despite encountering initial challenges at the beginning of the year due to the emergence of the third wave of

COVID-19, the hospitality sector experienced a significant recovery starting from the second quarter of 2022, demonstrating a consistent upward growth trend.


[5] CBRE

Growth in RevPar
Year Growth (%)
2022 vs 2020 134%
2022 vs 2021 94%
(Source: CBRE)
Growth in ADR
Year Growth (%)
2022 vs 2020 42%
2022 vs 2021 43%
(Source: CBRE)
Growth in occupancy rate
Year Growth (%)
2022 vs 2020 83%
2022 vs 2021 40%
(Source: CBRE)

Bright Horizons: Indias Tourism Sector Poised for Growth

The Ministry of Tourism has been allocated a budget of

US$ 2.1 billion in the 2023-24 fiscal year, with a substantial portion dedicated to enhancing the tourism industry and infrastructure in India. The countrys tourism sector is expected to witness steady growth in 2023, fuelled by increasing domestic demand and a resurgence in international travel. Investor interest in the Indian hospitality space is also on the rise, with projected investments exceeding US$ 2.3 billion over the next five years, further bolstering the positive outlook of the industry.

Prior to the pandemic, Indian leisure travellers ranked second across 31 countries, highlighting a significant opportunity for the hospitality industry to strategically enhance its offerings to attract and retain leisure travellers.

The rapid growth of homestays and villa rentals in India has also contributed to the industrys positive trajectory. Overall, the hospitality sector is expected to maintain a consistent growth trajectory in the coming years, with domestic demand playing a pivotal role in driving this expansion. [6]


Marquee events such as the G20 meetings and summit across 2023 and the ICC Cricket World Cup later in the year, are expected to drive demand and keep consumer sentiment high, along with record occupancies.

Industry trends[8]

Renewed focus on domestic tourism

The pandemic prompted a shift among domestic travellers, who began exploring local destinations and uncovering new tourist spots. Recognising this trend, the Government of India has implemented infrastructure initiatives, such as the introduction of the Vande Bharat Express. With the planned introduction of 475 semi-high-speed trains by 2027, the government aims to foster domestic tourism and facilitate the exploration of Indias diverse and captivating destinations. These measures contribute to sustaining the positive momentum and promoting the countrys tourism sector.[9]

Growing popularity of ‘bleisure travel

The business travel market in India is projected to experience a significant growth rate of 8.1% over the period of 2022 to 2027, reaching a market value of US$ 55.2 billion. The introduction of flexible work arrangements and remote work options has led to the emergence of trends like ‘bleisure travel or ‘workcations.

Changing face of religious tourism

Traditionally, India has seen a significant inflow of tourists visiting religious sites, surpassing conventional tourist destinations. In 2022, the number of domestic tourists visiting pilgrimage sites exceeded 1.4 billion. However, there has been a noticeable shift in the preferences of these tourists, who now prioritise clean, hygienic and family-friendly accommodations. Acknowledging this evolving demand, hotel chains are actively embracing these changing aspirations and capitalising on the opportunities within this segment.

A preferred destination for medical tourism

Indias standing as a leading medical tourism destination continues to flourish, projected to yield a revenue of US$ 13 billion in this sector by 2026. The countrys advanced medical facilities, well-regarded healthcare experts and cost-effectiveness of treatments attract patients globally.


The outstanding performance of the Company is a testimony to our unwavering commitment to quality, our premium positioning and our meticulous attention to detail, principles which are consistently prioritised in all aspects of our business, ensuring an exceptional experience for our valued guests. The reopening of global economies has provided a significant boost to our business, allowing us to capitalise on the increased demand for travel and hospitality services. Notably, domestic travellers have played a crucial role in driving growth across all our business segments, underscoring their importance in our continued success.

In the fiscal year 2022-23, the Company achieved a revenue of INR 18,358 million, a 101% increase compared to the previous years INR 9,108 million. The EBITDA reached INR

6,256 million, reflecting a substantial year-on-year growth of 1,993% from INR 299 million. The Company recorded a profit before tax of INR 4,366 million, a significant improvement from the previous years loss before tax of

INR 1,329 million. The net profit for the year amounted to

INR 3,202 million, marking a notable turnaround from the net loss of INR 1,182 million in the previous year.

Key Financial Ratios for Standalone Financials

Key financial ratios are given below:

Sr. Particulars No. Year ended March 31, 2023 Year ended March 31, 2022 Particulars
1. Debtor turnover ratio (in Times) 10.65 8.88
2. Debt – Equity ratio (in times) 0.07 0.16 The decrease is mainly on account of repayment of borrowings by the Company during the current year.
3. Debt service coverage ratio (in times) 1.55 0.62 Increase is due to increase in the Companys earnings available for debt service on account of improved business conditions and improved revenue from operations in the current year and decrease in finance cost during the current year as compared to the previous year.
4. Interest Service Coverage Ratio (in times) 16.40 1.73 Increase is due to increase in the Companys earnings available for debt service on account of improved business conditions and improved revenue from operations in the current year and decrease in finance cost during the current year as compared to the previous year.
5. Current ratio (in times) 1.30 0.67 The increase is due to an increase in current assets and decrease in current liabilities as at the current year end as compared to the previous year end.
6. Net capital turnover ratio (in times) 15.20 (5.18) The increase is due to an increase in current assets and decrease in current liabilities as at the current year end as compared to the previous year end.
7. Trade receivables turnover ratio (in days) 34.27 41.08
8. Inventory turnover ratio 9.13 7.26 Increase is mainly due to increase in consumption of provisions, wines and others and increase in revenue on account of improved business conditions during the current year as compared to the previous year.
9. Operating profit margin (in %) 31.76% (2.32%) Increase is mainly due to increase in operating in the current year on account of improved business conditions as compared to net loss in the previous year.
10. Net profit margin (in %) 17.44% (12.98%) Increase is mainly due to increase in net profit after taxes in the current year on account of improved business conditions as compared to net loss in the previous year.
11. Return on capital employed (in %) 13.51% (3.04%) Increase is mainly due to increase in earning before interest and taxes on account of improved business conditions.
12. Return on equity (in %) 10.80% (4.12%) The increase is due to an increase in current assets and decrease in current liabilities as at the current year end as compared to the previous year end.

To ensure the well-being and security of guests and employees, the Company and its hotels have implemented comprehensive measures in accordance with the guidelines provided by the World Health Organisation (WHO). Further details about these measures can be found on the official websites of Oberoi Hotels & Resorts and Trident Hotels.


The Company has established a dedicated Risk Management Committee (RMC) consisting of Board members and senior management personnel. The RMC plays a crucial role in periodically evaluating risks, ensuring the effective execution of business strategies and reviewing key leading indicators. It collaborates with management to define the

Companys risk appetite and strategy concerning key risks, as well as establish guidelines, policies and processes for monitoring and mitigating these risks.

The RMCs key responsibilities include:

1. Approving the Companys risk management framework and conducting periodic reviews thereof.

2. Regularly reviewing risk management practices and processes to maintain a prudent balance between risk and reward in all business activities, including ongoing and new ventures.

3. Assessing significant risk exposures and evaluating managements actions to mitigate them in a timely manner.

4. Repor ting its evaluations, actions and recommendations to the Board for their awareness and consideration.

The Companys risk management framework encompasses guidelines, policies and processes for assessing and managing risks. The RMC has identified twelve key risks that could potentially impact the business. These include risks of business slowdown, low or negative returns, deterioration of financial health, business interruption, environmental impact, reputation risk, safety, health and security risk, cyber risk, inadequate compliance, fraud risk, inadequate growth and talent retention risk.

To support its risk management efforts, the RMC has established a Risk Management Sub-Committee chaired by Mr. Arjun Singh Oberoi and co-chaired by Mr. Vikramjit

Singh Oberoi. Mr. Kallol Kundu, the Chief Financial Officer, has been appointed as the Chief Risk Officer. This committee diligently monitors the identified risks and regularly reports its findings to the Board, ensuring a proactive and comprehensive approach to risk management within the Company.


The Company has successfully integrated its “operations extraordinaire” with high-efficiency technological systems and processes, driven by the establishment of The Oberoi Centre of Excellence (TOCE). TOCE encompasses various functions and aims to transform the role of Finance and related functions. Through automation and process improvements, the Company has addressed challenges such as manual processes, decentralised systems and time-consuming tasks.

Implementing automation and advanced technologies has led to improved agility, standardised processes and cost-effectiveness. Key areas targeted for automation include accounts payable, accounts receivable, finance closing, banking, procurement, FP&A, MDM, user management and analytics. These improvements have increasedoperationalefficiency, productivity and scalability, allowing seamless integration of new ventures. The Companys focus on process improvement and automation has enhanced decision-making, reduced errors and improved guest experiences. Through digitisation and streamlined processes, the Company has achieved paperless operations, proactive budget control and real-time data insights. The result is increased trust, customer satisfaction and positive word-of-mouth recommendations. The ongoing commitment to operational efficiency and effectiveness positions the Company for sustained growth and success.


The Company recently entered into a strategic alliance with the prestigious Mandarin Oriental Hotel Group. This partnership aims to leverage the strengths and expertise of both entities to enhance various aspects of their operations. The collaboration extends across multiple domains, including marketing, sales, customer loyalty, belvedere, food and beverage, human resources, spa and sustainability.

By joining forces, the Company and Mandarin Oriental Hotel Group seek to maximise their market reach and create mutually beneficial synergies. The alliance enables them to collaborate on joint marketing campaigns, promotional activities and sales initiatives, thereby expanding their customer base and driving revenue growth. Through combined efforts in customer loyalty programmes, they aim to enhance guest experiences, foster customer loyalty and increase repeat business.

The partnership also allows for knowledge sharing and best practice exchanges in key areas such food and beverage offerings, human resources management, spa operations and sustainable practices. By capitalising on the expertise and experience of both organisations, they can implement innovative strategies, enhance service quality and ensure sustainable operations.

Overall, this strategic alliance between the Company and

Mandarin Oriental Hotel Group signifies a commitment to collaboration, excellence and innovation in the hospitality industry. It enables them to tap into each others strengths, create value for their guests and achieve sustainable growth in a highly competitive market.


Bay Club, Mumbai – Opened November 2022

The Bay Club is Mumbais most exclusive members private club, managed by the Oberoi Group.

The Bay Club, managed by the Oberoi Group, is an exclusive, by-invitation-only private members club situated in the vibrant Bandra-Kurla Complex in Mumbai. Meticulously designed by renowned architects and designers from around the world, it offers a range of exceptional facilities and amenities tailored to families, sports enthusiasts, corporate professionals and individuals seeking a luxurious lifestyle experience.

With a strong focus on family engagement, the club provides a variety of venues and activities for members to enjoy quality time together. Among its notable features is ‘Neverland, a dedicated childrens Activity Club catering to all age groups. The clubs sports and recreation facilities have been thoughtfully designed and curated by professionals, encompassing a 25-meter swimming pool, tennis courts, basketball, golf simulators, squash, badminton and a well-equipped strength and conditioning centre.

Culinary delights await members at the clubs seven exquisite restaurants and bars, offering a diverse and indulgent culinary journey. Additionally, the Bay Club boasts a corporate club spanning 800 square meters, which includes sophisticated meeting and workspace areas ideal for networking and business meetings.

Beyond its exceptional amenities, the Bay Club goes above and beyond by curating a wide array of unique experiences. These encompass various realms such as music, art, photography, literature, theatre, comedy, food and beverage, sports and wellness, business and fashion.

By offering such a comprehensive range of experiences, the club aims to cater to the diverse interests and preferences of its esteemed members.

Overall, the Bay Club stands as a premier destination for those seeking a private, exclusive and opulent lifestyle experience in the heart of Mumbais bustling financial, arts and entertainment district. With its world-class facilities, curated experiences and unwavering commitment to excellence, the club sets a new standard for luxury and leisure in the city.

Hotels and resorts under planning and development

• The Oberoi Group is currently engaged in the development of The Oberoi Rajgarh Palace, a luxury accommodation project situated near Khajuraho, Madhya Pradesh. This resort will provide upscale lodging on a 62-acre site adjacent to the Panna forest reserve.

• The Company has successfully obtained land use consent for its 55-acre beach-front property in Goa. Further approvals will be sought after the completion of the resorts planning phase.

• The planning process is underway for the Oberoi Hotel, which forms a part of a mixed-use development in Bengaluru.

• Construction is in progress for The Oberoi Wildlife

Resort Bandhavgarh, located on a 22-acre site just five kilometres away from Bandhavgarh National Park in Madhya Pradesh. This jungle resort will feature luxury tents, a restaurant and a spa. The anticipated opening is scheduled for the third quarter of 2023.

• An overseas subsidiary of the Company will operate two resorts, The Oberoi and Trident, on KohTan Island, located southwest of Koh Samui, Thailand. This expansive 100-acre site offers breathtaking views of a two-kilometre pristine beach. The project includes multiple restaurants, meeting and recreation facilities, as well as spas and wellness centres. Regulatory approvals are currently being sought.

• The Oberoi Kathmandu is being developed on a greenfield site measuring five acres. This luxury hotel will be conveniently situated near major tourist attractions such as the Royal Palace and Thamel, as well as important business locations. The hotel will feature 80 keys within a low-rise garden setting, along with multiple restaurants, meeting facilities, a spa and recreational amenities. The management of the hotel will be overseen by the Company.

• The Oberoi Wildlife Resort, located near Bardia National

Park in Nepal, will be developed on a greenfield site covering approximately 30 acres. This nature-inspired resort will comprise 20 luxury tents, a restaurant, a spa and a wellness centre. The management of the resort will be handled by the Company.

• A management agreement has been signed between the Companys overseas subsidiary and One and Only

Nile Company LLP, Egypt, for two traditional luxury

Cruise Boats. These boats, featuring seven cabins each, will cruise the Nile between Luxor and Aswan. The planning and design phase of the project is currently underway, with an expected operational launch in the last quarter of 2024.

• Another management agreement has been signed between the Companys overseas subsidiary, Mr. Zohair

Garranah and One and Only Nile Company LLP, Egypt, for a luxury Nile Cruiser. This cruise ship will consist of

25 cabins and sail along the Nile between Luxor and

Aswan. The planning and design phase is in progress, with an anticipated operational commencement in the last quarter of September 2025.

• A Deed of Variation for a 174-key hotel has been signed between the Companys overseas subsidiary (EIH

Holdings Ltd.) and Al Zorah Development. This deed enables the Company to operate the hotel alongside the existing The Oberoi Al Zorah under a long-term management contract. Planning and development works are currently underway, with the new hotel expected to open by September 2026.

• The planning phase has commenced for the Trident resort in Tirupati Andhra Pradesh. This upcoming 100-key resort, developed by the Companys subsidiary

Mumtaz Hotels Ltd., will be managed by the Company. The resort is projected to be operational in the first quarter of 2027.


Oberoi Hotels & Resorts ranked the Worlds Best Hotel Brand by Travel + Leisure, USA, Worlds Best Awards, 2022.

Oberoi Hotels & Resorts ranked the Worlds Best Hotel Brand for Service Excellence by Travel + Leisure, India & South Asia, Indias Best Awards, 2022.

Integrated Annual Report 2022-23 EIH LIMITED 85

Trident Hotels ranked the Best Five Star Hotel Group in India by Travel + Leisure, India & South Asia, Indias Best Awards, 2022.

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

**Due to the pandemic, The Telegraph Travel Awards did not take place in 2020, 2021 and 2022.

The Oberoi, New Delhi Top 15 City Hotels in Asia (Ranked 1st) Travel + Leisure, USA Worlds Best Awards, 2022
Top 5 City Hotels in India (Ranked 1st) Travel + Leisure, USA Worlds Best Awards, 2022
Favourite Indian Hotel for Service Conde Nast Traveller, India Readers Travel
Awards 2022
The Oberoi, Mumbai Editors Choice for Best Bleisure Hotel (Domestic) Travel + Leisure, India & South Asia, Indias Best Awards, 2022
The Oberoi, Gurgaon Top 25 Hotels – India (Ranked 1st) TripAdvisor 2022 Travellers Choice Awards
The Oberoi Beach Resort, Al Zorah Favourite Beach Hotel in MENA Cond Nast Traveller, Middle East, Readers Choice Awards, 2022
Middle Easts Leading Luxury Beach Resort World Travel Awards, 2022
Ajmans Leading Luxury Resort World Travel Awards, 2022
Ajmans Leading Luxury Suite Kohinoor Suite World Travel Awards, 2022
Best Bleisure Hotel in UAE Business Traveller Middle East, Readers Choice
Awards 2022
The Oberoi Amarvil s, Agra Top 5 Resorts in India ( Ranked 3rd ) Travel + Leisure, USA Worlds Best Awards, 2022
The Oberoi Vanyavil s, Wildlife Resort, Favourite Safari Lodge in India Conde Nast Traveller, India Readers Travel Awards, 2022
Ranthambhore Top 5 Resorts in India ( Ranked 2nd) Travel + Leisure, USA Worlds Best Awards, 2022
The Oberoi Udaivil s, Udaipur Top 5 Resorts in India (Ranked 1st) Gold List 2023 Travel + Leisure, USA Worlds Best Awards, 2022 Conde Nast Traveller, USA & UK
The Oberoi Sukhvil s, Spa Resort, New Chandigarh Editors Choice Award for Best Wellness Retreat in India Travel + Leisure, India & South Asia Indias Best Awards, 2021
Best Destination Spa for International Travellers Travel + Leisure, India & South Asia Indias Best Awards, 2021
The Oberoi Beach Resort, Mauritius Top 25 Hotels – Africa (Ranked 2nd) TripAdvisor 2022 Travellers Choice Awards
The Oberoi, Marrakech Best Resort in North Africa and the Middle East Travel + Leisure, USA Worlds Best Awards, 2022
Moroccos Leading Hotel World Travel Awards, 2022
Moroccos Leading Hotel Suite-Royal Suite World Travel Awards, 2022
Best New Hotel in the World Town & Country, USA, 2023
Editors Pick for “Best International Hotel for Room Service” Food & Wine Global Tastemakers Awards, USA, 2023
Best Hotel in Africa ( Ranked 2nd) Conde Nast Traveller, USA & UK Readers Choice Awards 2022


At The Oberoi Group, we regard our guests and colleagues as paramount, underpinning our operations with our foundational culture and values. These principles are set forth in The Oberoi Dharma, inspiring us to act ethically and rightly. We are committed to providing the best working environment for our employees through regular reviews and realignments of our Human Resource practices and policies.

The following key initiatives have been undertaken to develop our human resources:

1. Talent Acquisition and Retention: We recognise that hiring the right talent significantly influences the success of our business. We have introduced initiatives to maintain our talent pipeline, such as partnering with skill institutes to train non-hospitality talent and employing them in our hotels. Additionally, weve implemented several initiatives aimed at employee retention and motivation. For instance, weve conducted multiple Executive Development Programmes and Supervisory Development Programmes and have provided career growth opportunities in addition to extra manpower to hotels as needed.

2. Employee Engagement: We believe that engaged employees make happy guests. We achieved an employee engagement score of 83% in Financial Year 2022-23, matching the Best Employers India Score. We aim to improve our engagement score through action plans based on employee feedback.

3. Gender Diversity: We value the distinct skills, perspectives and innovative ideas women bring to our organisation. We support ladies with flexi timings, extended maternity leave, workplace facilities for mothers with young children and opportunities for changing roles to suite personal and professional aspirations. Currently, ladies comprise 24.9% of our workforce and we aim to increase this percentage to 26%.

4. Performance Management: We operate as a performance-driven organisation with clearly defined appraisal formats to meet strategic objectives. Our Performance Management System includes evaluation based on Balanced Score Cards and a competency framework, making the appraisal process more objective.

5. Compensation Benchmarking: We strive to provide compensation above the 75th percentile across all levels when compared to the market. This helps us make data driven decisions and ensures fair and competitive compensation.

6. Employee Welfare: We prioritise the safety and health of our employees. All our staff have received two doses of the COVID-19 vaccine. Our commitment is to provide a secure and healthy environment for our guests and employees alike.

Learning & Development

The Oberoi Centre of Learning and Development (OCLD) consistently offers expansive learning opportunities to every employee. Its primary function is to facilitate the professional growth of employees by aligning their development with the Companys expansion.

OCLD has been instrumental in executing The Oberoi

Groups philosophy, which emphasises continuous learning and skill enhancement. It sets the industry standard for training and people development practices in the hospitality sector.

OCLD conducts the following core training programmes:

1. Post Graduate Management Programmes in Guest Services, Housekeeping, Kitchen and Sales.

2. Systematic Training and Education Programme (STEP) in Hotel and Kitchen Operations.

3. Learning and Development (L&D) Programmes, designed to refine functional and behavioural competencies of employees at all levels.

The Post Graduate Management Programmes, established since 1966, prepare talented individuals for managerial roles. The curriculum is a fusion of classroom-led instruction at OCLD and practical experience in hotels. The relevance of the curriculum is ensured through period benchmarking with leading global hospitality programmes. cross exposure training for faculty, guest lectures and continuous feedback from hotels and associates. These programmes have helped maintain a steady talent pipeline of the finest hospitality professionals for the Company. As a critical element of the Oberoi legacy, these programmes cultivate the potential of the talented associates for Operational Manager roles across the Company. Blending

Instructor Led Training with experiential learning at hotels, the curriculum encourages students to learn actively. Techniques like peer mentoring, problem-based learning, master class sessions from external and internal experts and simulations are integrated into the pedagogy. The current batch strength for the years 2021-2023, 2022-2024 and 2023-2025 comprises a total of 34, 71 and 112 associates respectively.

The Systematic Training and Education Programme (STEP), launched in 2004, transforms high school graduates into proficient hotel professionals. The three-year programme offers trainees hands-on training and comprehensive lesson plans at a host hotels of The Oberoi Group, resulting in them gaining practical exposure to the hospitality industry. Its comprehensive curriculum, structure and rigorous training at 14 host hotels had made it highly regarded in the hospitality industry. Many STEP graduates are subsequently selected for one of the Post

Graduate Management Training Programmes at OCLD.

49 STEP graduates were enrolled in the Post Graduate Management Training Programmes of 2021-2023 and 2022-2024.

The Learning and Development (L&D) Programmes aim to provide job-specific knowledge and skills and behavioural competencies. In the fiscal year 2022-23, L&D focussed essential competencies such as leadership development, effective communication, process improvements others. High potential employees were identified and provided with Individual Development Plans, preparing them for future leadership roles.

Number of training programmes completed in FY23 17,831
Average training hours per employee 12.21

A new e-learning platform, Adobe Learning Manager, was introduced to ensure easy access to training materials and courses, resulting in better recall and retention of information.

The OCLDs impact on business has been recognised by Brandon Hall, a leading analyst firm in Human Capital Management, awarding it with two gold medals.

Besides these, The Oberoi Group initiated a Corporate Effectiveness Survey to assess the adequacy and timeliness of support from the Corporate Office to Hotels and Business Units.

A detailed policy document, The Oberoi Group Code of Conduct, was introduced to guide employees on acceptable behaviour and ethical conduct.

The number of people employed by the Group as of

March 31, 2023, was 10,500 and Industrial Relations remained stable throughout the year.


The Company places great importance on maintaining a strong internal control mechanism, guided by the principles of The Oberoi Dharma. As committed members of the organisation, we adhere to the highest standards of conduct, encompassing ethics, intellect, finance and morality.

To ensure the orderly and efficient conduct of our operations, protection of assets, prevention and detection of fraud and errors, accurate accounting records, timely financial reporting and compliance with laws and regulations, we have implemented robust internal control processes at both the entity and process levels.

Our internal control mechanisms strike a balance between the imperative of governance and the need for smooth operations and management. These mechanisms incorporate appropriate checks and balances to provide assurance while ensuring operational efficiency.

Internal financial controls (IFC)

Regarding internal financial controls, the Directors have established a framework in accordance with Section 134(5) (e) of the Companies Act, 2013, incorporating measures to ensure the adequacy and ongoing effectiveness of such controls. The Independent Directors, as mandated by Section 149(8) and the Code for Independent Directors under Schedule IV, Clause II(4) of the Companies Act,

2013, have verified the integrity of financial information and ensured the robustness and defensibility of financial controls and risk management systems. The Board has implemented systems, frameworks and mechanisms within the Company, empowering the Audit Committee to periodically review and confirm their effectiveness and suitability. The Companys internal control framework aligns with global best practices for organisations of similar size, nature and complexity. It involves structured control risk assessments through Standard Operating Procedures (SOPs), Risk and Control Matrices (RACM), IT policies, ERP-based information systems, including MIS and automated system controls integrated within the ERP and other IT systems. The Internal Audit Team conducts regular testing of the RACM using data analytics tools. The Chief Internal Auditor has made separate presentations on IFC controls to the Audit Committee during the Financial Year 2022-23.

Internal audit mechanism and review systems

The Internal Audit Department, led by the Chief Internal Auditor, operates with a skilled team of ERP-trained Chartered Accountants specialising in various areas such as finance, operations, legal, statutory, projects and process audits. They frequently collaborate with reputable co-sourced firms to conduct audits and handle specialised tasks, ensuring adherence to industry best practices. The department utilises advanced Computer Assisted Audit Techniques (CAATs) and implements online monitoring systems across all IT functions and units of the Company.

Specific audits are focused on areas identified through a structured risk assessment process and an annual internal audit plan approved by the Audit Committee. Audit findings are recorded in an online database for comprehensive documentation, easy accessibility and structured follow-ups. The Internal Audit and IT departments jointly conduct regular IT security audits, while vulnerability assessments and penetration testing are carried out by external agencies with expertise in these areas.

A dedicated team of senior executives convenes periodically under the guidance of the Managing Director and Chief

Executive Officer to address and resolve pending audit issues. The Chief Internal Auditor presents findings to

Audit Committee on a periodic basis, prioritising risks and the likelihood of their occurrence, as well as the status of pending issues in different units. The Internal Audit team is entrusted with the task of developing effective monitoring mechanisms and procedures to prevent and detect process failures and faults. Their observations, along with recommended mitigating actions and target dates, are reported to the Board of Directors Audit Committee on a periodic basis. The Audit Committee reviews the presentation and provides guidance for further actions. The Audit Committee expressed satisfaction with the effectiveness of the Companys internal control systems, procedures and the performance of the Internal Audit Department.


In conclusion, this year has showcased our unwavering determination, adaptability and dedication to upholding excellence. Despite formidable challenges, we have achieved remarkable financial growth, effectively managed risks and embraced innovation to optimise our operations. Our strategic alliances and expansion plans have laid a solid foundation for future prosperity, while our numerous accolades reinforce our unwavering commitment to delivering unparalleled service.

The driving force behind our accomplishments remains our exceptional workforce, whose growth and well-being are of utmost importance to us. We have implemented robust internal control mechanisms that ensure the integrity and efficiency of our operations. Looking forward, we possess full confidence in our ability to continue delivering exceptional value to our stakeholders, guests and employees, while retaining our position as a frontrunner in the global hospitality industry.

For and on behalf of the Board
Arjun Singh Oberoi Vikramjit Singh Oberoi
Place: New Delhi Executive Chairman Managing Director & CEO
Date: May 22, 2023 DIN:00052106 DIN:00052104