EIH : Annual Report 2023-24

Integrated Annual Report 2023-24

What's ínside

FY 2023-24 at a glance	01
Rai Bahadur M.S. Oberoi	02
Mr. Prithvi Raj Singh Oberoi	04
Theme introduction	06
About the report	08
Capital	10

Corporate overview

About EIH Limited	14
Brand portfolio	16
New signings and openings	18
Presence	20
Awards	22

Year in review

Executive Chairman's message	26
Managing Director and
Chief Executive Officer's message	28
Financial highlights	30
Personalised hospitality	32
Food & beverage experience	34

Value creation

Operating context	38
Business model	40
Stakeholder engagement	42
Material issues	44
Risk management	46

Our focus on sustainability

EnvironmentSocial

ESG

Environment	52
Social	58
Governance	64

Statutory Reports

Directors' Report	68
Management Discussion and Analysis	78
Business Responsibility and Sustainability Report	90
Report on Corporate Governance	146

Financial Statements

Standalone
Independent Auditor's Report	170
Balance Sheet	192
Statement of Profit and Loss	193
Statement of Cash Flow	194
Statement of Changes in Equity	196
Notes	197
Consolidated
Independent Auditor's Report	282
Balance Sheet	292
Statement of Profit and Loss	293
Statement of Cash Flow	294
Statement of Changes in Equity	296
Notes	297

Governance

FY 2023-24 at a glance

FINANCIAL*
R23,168 million	R9,109 million	R6,920 million
Revenue	EBITDA	Profit Before Tax
26.20% YoY growth	45.59% YoY growth	58.53% YoY growth
R5,209 million	R750 million	R35,686 million
Profit After Tax	Proposed dividend	Net Worth
62.73% YoY growth	9.09% YoY growth	14.45% YoY growth
OPERATIONAL
29	4,269
Hotels and 1 cruise	Keys
(Owned and Managed)	(Owned and Managed)
* Standalone figures

Read more about how we impact the	Read more about how we improve our	Read more on our governance on
environment on page 52.	relations with our customers, employees	page 64.
	and communities on page 58.

To view our Integrated Annual Report online, log on to eihltd.com/investors/annual-reports/

Corporate Overview

Statutory Reports

Financial Statements

Rai Bahadur M.S. Oberoi

Founder Chairman

The Oberoi Group's flagship company, EIH Limited,

embodies the visionary leadership of the late Rai Bahadur M.S. Oberoi, a pioneer of luxury hospitality in India.

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Corporate Overview

Statutory Reports

Financial Statements

Mr. Prithvi Raj Singh Oberoi

Celebrating the life of an industry icon

A legendary figure in the hospitality industry, Mr. Prithvi Raj Singh Oberoi's immense impact earned him a lasting legacy. To our Late Chairman Emeritus, Mr. P.R.S. Oberoi, hospitality was about "exceptional guest experiences". This philosophy continues to guide us, shaping our values and defining the way we care for our guests around the world.

Under Mr. P.R.S. Oberoi's visionary leadership, EIH Limited set new standards for luxury and customer service that have stood the test of time.

To Mr. P.R.S. Oberoi, people always came first and he considered the EIH family as an extension of his own. "People are our principal asset and key to our success," he used to say. This guiding belief defined his every decision.

In keeping with this philosophy, Mr. P.R.S. Oberoi established 'The Oberoi Centre of Learning and Development' (OCLD) in 1967. Over the decades, OCLD has produced some of India's finest hoteliers.

Throughout his illustrious career, Mr. P.R.S. Oberoi received prestigious awards for his contributions to the hospitality industry. These honours included the Padma Vibhushan, the Lifetime Achievement Award at ILTM, the 'Corporate Hotelier of the World' Award by HOTELS Magazine in the US, the Lifetime Achievement Award at the 6th International Hotels Investment Forum in Berlin, the Forbes India Leadership Awards and Economic Times Awards for Corporate Excellence amongst others.

As we remember Mr. P.R.S. Oberoi's remarkable life, his spirit of excellence and passion continue to guide us on our journey.

"Luxury is all about having everything exactly the way it should be - whether it's the degree of lighting, the placing of switches, the height of the bathtub or the colour of the curtains."

Mr. P.R.S. Oberoi

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Extraordinary Destinations.

Unforgettable Experiences.

Over the years, we have established ourselves as a leader in luxury hospitality, building upon a heritage of excellence in service and

a portfolio of iconic hotels in stunning locations. Our unrelenting focus on perfection and guest service have led to each hotel being a marvel of design, superior experiences and unparalleled service. Whether situated in the heart of bustling cities or overlooking breathtaking views, our hotels and resorts offer extraordinary destinations that serve as gateways to unforgettable experiences.

Our properties are recognised for excellence in both India and on the world map. We pride ourselves on offering personalised services, with an attention to detail that ensures each guest feels special and valued every minute of their stay. Our guests experience hospitality at its finest, in hotels, resorts and on cruises that blend comfort and luxury in equal measure.

Looking forward, we are committed to refining our vision of luxury travel, guided by innovation and excellence. We will continue to shape the landscape of high-end hospitality, leveraging our iconic hotels and resorts as we build upon our legacy and solidify our position as industry leaders.

Exceptional	Striving for	Nurturing	Towards a
experiences	excellence	our teams	brighter future
Read more on page 12.	Read more on page 24.	Read more on page 36.	Read more on page 50.
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Approach to reporting

About the report

The fourth Integrated Annual Report of EIH Limited provides a concise and thorough evaluation of our ability to generate long-term value for our stakeholders. It details our strategy for creating value across economic and non-economic areas, aligned with our commitment to transparency.

REPORTING PRINCIPLE

The non-statutory section of this Report is based on the principles contained in the International Integrated Reporting Framework (the International Framework) published by the International Integrated Reporting Council (IIRC). This Report seeks to provide a balanced and transparent assessment of how we create value, considering both qualitative and quantitative matters that are material to our operations and strategic objectives, which may influence our stakeholders' decision-making. Other statutory reports, including the Business Responsibility and Sustainability Report (BRSR), the Directors' Report, its annexures, the Management Discussion and Analysis (MDA) and the Corporate Governance Report, are as per the Companies Act, 2013 (including the Rules framed thereunder), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the revised Secretarial Standards issued by the Institute of Company Secretaries of India. The financial statements are in accordance with the Indian Accounting Standards.

REPORTING PERIOD

This Integrated Report of EIH Limited provides material information on our strategy and business model, operating context, risks, performance, prospects and governance, covering the financial year between April 1, 2023 and March 31, 2024.

CAPITAL

Our relevance in the hospitality industry and our ability to create long-term value are interrelated and fundamentally dependent on the forms of capital available to us (inputs), how we leverage them, our impact on them and the value we deliver (outputs and outcomes).

STAKEHOLDER ENGAGEMENT

 Investors and Shareholders

 Guests

 Employees

 Local communities and NGOs

 Value chain partners

 Government and Regulatory authorities

Read more about how we engage with our stakeholders on page 42.

MATERIALITY

We conduct a comprehensive materiality assessment, gathering insights from our stakeholders to identify and address the most relevant issues.

Read more about how we engage with our stakeholders on page 44.

FEEDBACK

We request our stakeholders to review this Report and welcome feedback via [e-mail]. This Report seeks to provide a balanced and transparent assessment of how we create value, considering both qualitative and quantitative matters that are material to our operations and strategic objectives, which may influence our stakeholders' decision-making.

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EIH LIMITED

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Capital

Corporate Overview

Statutory Reports

Financial Statements

Resources that shape long-term impact

We utilise our capitals efficiently and effectively to create long-term value for our stakeholders. Combining our luxurious and memorable guest experiences with exceptional financial acumen, we continue to advance on our path to sustainable growth and success.

FINANCIAL CAPITAL

We have effectively utilised our financial assets to harness three vital resources: Equity, internal accruals and debt. Through our adept financial management, we maximise the value delivered to our stakeholders. This utilisation of financial resources enables us to optimise operations and drive sustainable growth.

MANUFACTURED CAPITAL

Over the years, our portfolio of physical assets, including hotels and properties, has experienced substantial growth. We have continually refined our investment strategies to ensure promising returns in the future. We have enhanced our approach to investments to maximise profitability and create opportunities for lucrative outcomes, positioning us favourably for continued success.

INTELLECTUAL CAPITAL

Our intellectual assets encompass distinctive services, renowned brands, well-defined procedures, the esteemed Oberoi Centre of Learning and Development (OCLD), The Oberoi Centre of Excellence (TOCE), the Oberoi Contact Centre (OCC) and cherished trademarks. Additionally, we have rolled out several digital initiatives to build stronger relationships with our stakeholders.

15.6%

Return on Equity

1200% points over pre-covid

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Hotels and 1 cruise

HUMAN CAPITAL

Our workforce drives our Company's success. We ensure their growth by creating a culture of excellence among all team members. By empowering employees and valuing their contributions, we help them realise their full potential. We have created an environment that nurtures talent, encourages innovation and instils a strong sense of purpose.

SOCIAL AND RELATIONSHIP CAPITAL

We engage with consumers, suppliers, communities, and the public to enhance well-being. Through collaboration and transparency, we exceed expectations, driving positive change and contributing to the betterment of communities. Together, we build enduring partnerships based on shared values, enriching lives and fostering mutual benefit.

NATURAL CAPITAL

We acknowledge our responsibility to preserve natural resources and work towards minimising our environmental impact. Through sustainable practices, we enhance our resource efficiency while simultaneously reducing our ecological footprint. We embrace renewable energy, optimise waste management, promote recycling, and prioritise reuse.

6,157

Training programmes completed

R14.6 million	9.78%
Voluntarily donated		Renewable energy mix in
during the year		total energy basket

10	Integrated Annual Report 2023-24

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Exceptional experiences

With guests increasingly seeking elevated experiences, the luxury hospitality industry is flourishing, with EIH Limited at the forefront of this trend. The Indian market specifically is witnessing a resurgent demand in inbound tourism, a remarkable growth in the wedding market, the rise of sports and food tourism, and sustainable tourism.

EIH Limited's premium positioning and distinctive hotels across the country offer an unparalleled blend of comfort and indulgence, making us the first choice for those seeking the finest in hospitality. From elegantly designed rooms and restaurants to premium amenities, every touch is thoughtfully curated to ensure immersive indulgence for our guests.

The market's recognition of our value is reflected in our industry-leading performance, and as the premium travel market grows, we are well-positioned to meet the increased demand for customers seeking the finest in hospitality, with a promising opportunity

for expansion.

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Projects scheduled to be operational in FY 2024-25

About EIH Limited

Nine decades of heartfelt hospitality

Corporate Overview

Statutory Reports

Financial Statements

THE OBEROI GROUP MISSION

EIH Limited, the flagship company of The Oberoi Group, is a symbol of luxury and excellence in hospitality in India. Our personalised service, commitment to excellence and innovative spirit have earned us a loyal following and global recognition.

EIH Limited owns and operates 30 exceptional hotels, resorts, and luxury cruisers under 'Oberoi' and 'Trident' brands across 6 countries and 22 cities. Our extensive range of services, including flight catering, airport lounge, travel planning, and more, elevates the experience for our guests. We prioritise sustainability through eco-friendly practices, ensuring a lasting impact on the environment, cultural heritage, and local communities.

Our guests

We are committed to meeting and exceeding the expectations of our guests through our unremitting dedication to perfection to every aspect of service.

Our people	Our distinctiveness	Our shareholders
We realise that our people	Together we shall continue	We believe it is our
are our truest asset. We	the Oberoi tradition	responsibility and duty to
are totally committed to	of pioneering in the	create extraordinary value
their growth, development	hospitality industry, striving	for our shareholders. They
and welfare.	for unsurpassed excellence	have reposed their trust in
	in high potential locations	us and our abilities.
	all the way from the Middle
	East to Asia-Pacific.

THE OBEROI DHARMA

Members of The Oberoi Group apply the Oberoi Dharma to all aspects of the business, from decision-making to organisational and individual behaviour.

We are committed to demonstrating conduct that:

Is of the highest ethical	Builds and maintains	3
standards - intellectual,	teamwork, with mutual
financial and moral - and that	trust as the basis of all
1 reflects the highest levels of	2 working relationships
courtesy and consideration
for others

Puts the customer first, the Company second and the self last

4 Exemplifies care for the customer through anticipation of need - attention to detail, excellence, aesthetics and style - and respect for privacy, along with warmth and concern

7 Safeguards the security, health and environment of the guests, employees and assets of the Company at all times

5 Demonstrates two-way communication, accepting constructive debate and dissent while acting fearlessly with conviction

8 Eschews the short-termquick-fix for the long- term establishment of a healthy precedent

6 Considers people as our key asset, through respect for every employee, and leads from the front regarding performance achievement as well as individual development

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Brand portfolio

Setting the gold standard

As a pioneer in the industry, we have built a legacy of excellence

through our iconic portfolio of hotels. Our admired brands have perfected the art of hospitality, with each hotel being a masterpiece of design, architecture and service.

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Corporate Overview Statutory Reports Financial Statements

OBEROI HOTELS & RESORTS	18	6
Born from the vision of our founder, the late Mr. Rai Bahadur M.S. Oberoi,
who pioneered luxury hospitality in India in 1934, our legacy is built on	Hotels	Countries
the philosophy that guests are everything. This approach, imbibed by all
members of Oberoi Hotels & Resorts, inspires us to treat each guest with	1
reverence and warmth and as one of our own. Our hotels are known for
their elegance, grandeur, and personalised attention, which ensures that our
guests are part of unique experiences that create unforgettable memories.	Cruise
TRIDENT HOTELS	10
Located in India's most significant tourist attractions and business districts,
Trident Hotels stands out for its perfect blend of quality and value. The hotels	Hotels
combine state-of-the-art facilities and exceptional service set in a warm and

welcoming environment, making them the go-to choice for business and	9
leisure travellers alike.
	Cities across India

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