EIH : Subsidiary companies annual reports 2022-23

ANNUAL REPORTS

2022-2023

MUMTAZ HOTELS LIMITED

MASHOBRA RESORT LIMITED

OBEROI KERALA HOTELS AND RESORTS LIMITED EIH INTERNATIONAL LTD

EIH HOLDINGS LTD

PT WIDJA PUTRA KARYA

PT WAKA OBEROI INDONESIA

PT ASTINA GRAHA UBUD

MUMTAZ HOTELS LIMITED

BOARD OF DIRECTORS

Mr. Prithviraj Singh Oberoi, Chairperson (upto 13th June 2022)

Mr. Arjun Singh Oberoi, Chairperson, (w.e.f. 25th July 2022)

Mr. Shivy Bhasin, Vice Chairman

Mr. Vikramjit Singh Oberoi

Mr. Tej Kumar Sibal

Mr. Manish Goyal, Managing Director

Mr. Manav Goyal

Mr. Raj Kumar Kataria

Mr. Sandeep Kumar Barasia

Dr. Chhavi Rajawat

KEY MANAGERIAL PERSONNEL

Mr. Kallol Kundu, Chief Financial Officer

Mr. Lalit Kumar Sharma, Company Secretary

AUDITORS

Deloitte Haskins & Sells LLP,

Chartered Accountants

7th Floor, Building 10, Tower B

DLF Cyber City Complex

DLF City Phase - II

Gurugram - 122002

Haryana

REGISTERED OFFICE

4, Mangoe Lane

Kolkata 700 001

West Bengal

CORPORATE OFFICE

7, Sham Nath Marg

Delhi 110 054

Directors' Report

The Members

Mumtaz Hotels Limited

The Board presents its Thirty Third Annual Report together with the Audited Financial Statement and the Auditor's Report in respect of the Financial Year ended 31st March 2023.

Financial Highlights

The Financial Highlights of the year under review as compared to the previous year are given below:

		Rs. in Million
Particulars		2022-23		2021-22
Total Revenue	1,083.50	471.55
Earnings before Interest, Depreciation		471.57		95.34
and Amortization, Taxes and Exceptional
Items (EBIDTA)
Finance Costs		0.09		0.03
Depreciation		45.51		38.13
Profit before Tax		425.97		57.18
Current Tax		77.44		0.61
Deferred Tax		30.40		15.40
Profit/ (loss) after Tax		318.13		41.17
Other Comprehensive Income/(Loss), net		(0.17)		0.98
of tax
Total Comprehensive Income		317.96		42.15
Profit/ (Loss) Brought forward from		863.29		821.14
earlier years
Profit/ Loss Carried Over		1,181.25		863.29

Performance

India's successful vaccination drive resulted in control of Covid-19 infections. This combined with marketing and sales initiatives delivered higher occupancy levels, increased revenue and strong performance by the Company for the Financial Year.

A note on the impact of Covid-19 on the Company's operations is given in Note No. 47 of the Notes to the Accounts.

The Company and the Hotel have taken various initiatives to protect the health and safety of guests and employees. All precautions based on World Health Organization guidelines and directions of the Central and State Governments were implemented and strictly followed.

Renovation of the Hotel

The main High Tension and Low Tension panels of the hotel were successfully replaced in the month of August 2022. The new panels are equipped with better technology and enhanced safety. The Sewage Treatment Plant (STP) was upgraded in November 2022.

Renovation of Team accommodation was completed in March 2023.

The following works will be undertaken in the summer of

2023 and will be completed by 30th September 2023:

• New heat pumps for space heating and hot water
• Stone rectification work in the north wing of guest room corridors
• Spa and gymnasium renovation

Tirupati Project

The Land Lease Agreement with favorable terms has been signed with the Andhra Pradesh Tourism Development Corporation (wholly owned Corporation of Government of Andhra Pradesh) for setting up of Trident Brand Hotel. The first phase of the project comprising 100 keys will take approximately 42 months and will be completed by the fourth quarter of 2026. The second phase of 25 keys will be completed by 2030.

Dividend

The Board of Directors has recommended a dividend of Rs. 7.5/- (75%) to the shareholders for the Financial Year 2022-23.

Directors' Responsibility Statement

In accordance with the provisions of Section 134 (5) of the Companies Act, 2013 ("the Act"), and based on representations from Management, the Board states that:

1. in preparing the annual accounts, applicable Accounting Standards have been followed and there are no material departures;
2. the directors have selected accounting policies, 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 the Company at the end of the Financial Year and of the profit of the Company for that period;
3. the directors, to the best of their knowledge and ability, have taken proper and sufficient care in maintaining adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
4. the directors have prepared the Annual Accounts of the Company on a "going concern" basis; and
5. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

Directors

Due to deteriorating health, Mr. Prithviraj Singh Oberoi didn't seek re-appointment and ceased to be Chairman and Director of the Company from the date of the 32nd Annual General Meeting held in the year 2022. Mr. Arjun Singh Oberoi, Director of the Company was appointed as Chairman of the Board by the Board of Directors in their meeting held on 25th July 2022.

Mumtaz Hotels Limited | Annual Report 2022-23

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