The Indian Hotels Company LTD, August 2023

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COMPANY PROFILE
The Indian Hotels

Company Ltd
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TABLE OF CONTENTS
Tickers ............................................................................................................................. 3
Key Facts ......................................................................................................................... 4
Company Overview ........................................................................................................5
Business Description .....................................................................................................6
Business Segments........................................................................................................7
Corporate Strategy .........................................................................................................8
History ............................................................................................................................. 9
Key Employee Biographies .........................................................................................36
Company View ..............................................................................................................39
Locations And Subsidaries .........................................................................................42
Swot Analysis ...............................................................................................................46
Top Competitors ...........................................................................................................50
Major Products & Services ..........................................................................................51
Financial Ratios - Capital Market Ratios ....................................................................52
Financial Ratios - Annual Ratios .................................................................................53
Financial Ratios - Interim Ratios .................................................................................55

The Indian Hotels Company Ltd
Tickers
TICKERS
Company Name The Indian Hotels Company Ltd

Ticker Symbol 500850
Stock Exchange Bombay Stock Exchange
The Indian Hotels Company Ltd Page 3

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Key Facts
KEY FACTS
Head Office The Indian Hotels Company Ltd

Mumbai
Maharashtra
Mumbai
Maharashtra
India
Phone 91 22 61371710
Fax 91 22 61371717
Web Address www.tajhotels.com
Revenue / turnover (INR Mn) 58,099.1
Revenue (USD Mn) 740.4
Financial Year End March
Employees 16,387
National Stock Exchange of India INDHOTEL
Ticker

Company Overview
COMPANY OVERVIEW
The Indian Hotels Company Ltd (IHCL) is an international leisure and hotel service company. It operates
hotels under the brand names of SeleQtions, Vivanta, Ama, Qmin, Ginger, TajSATS, and Taj. The
company also operates luxury residences at Taj Wellington Mews in Mumbai, India. The hotels are
facilitated with restaurants and lounge bars including Bombay Brasserie, Golden Dragon, Pavilion, and
House of Ming. IHCL also offers holiday packages through Taj Holidays, and wedding planning services
through Taj Wedding Studios. It also offers Loyalty Programs through Taj InnerCircle, Warmer Welcomes,
and Taj Experiences Gift Cards. It has operations in Maldives, India, Bhutan, the UK, Nepal, the US, the
UAE, Sri Lanka, South Africa, and Zambia. IHCL is headquartered in Mumbai, Maharashtra, India.
The company reported revenues of (Rupee) INR58,099.1 million for the fiscal year ended March 2023
(FY2023), an increase of 90.1% over FY2022. The operating profit of the company was INR13,800.5
million in FY2023, compared to an operating profit of INR9.1 million in FY2022. The net profit of the
company was INR10,025.9 million in FY2023, compared to a net loss of INR2,477.2 million in FY2022.
The company reported revenues of INR14,663.7 million for the first quarter ended June 2023, a
decrease of 9.8% over the previous quarter.

Business Description
BUSINESS DESCRIPTION
The Indian Hotels Company Ltd (IHCL) is a provider of leisure and hospitality services. The company
along with its subsidiaries operates as Taj Hotels Resorts and Palaces. IHCL has a presence in more
than 125 locations.
As of March 31, 2023, the company operated 263 hotels that include Pipeline with an inventory of 31,483
rooms in more than 125 locations. It owns and operates hotels and resorts in the luxury, premium, mid-
market, and value divisions. IHCL operates under the brand Taj, SeleQtions, Vivanta, and Ginger Hotels.
The company under the Taj brand operates hotels, palaces, resorts, and safaris in 100 hotels. Its
SeleQtions operates 31 hotels. Under the Vivanta brand, it operates 47 Hotels. Ginger brand operates 85
hotels. IHCL has over 450 bar and restaurants, which offers a multitude of specialty cuisines flavored with
tradition and innovation under its signature brands including Golden Dragon, Bombay Brasserie, Thai
Pavilion, and House of Ming. It also operates JIVA wellness spas and offers in-salon and hair and make-
up services for the bride and wedding party through six Salon Taj ‘niu and nau’ which has three salons.
The company also offers holiday packages to guests through Taj Holidays; wedding planning services
with customized cuisines and ambiance through Taj Wedding Studio. It also offers prepaid cards which
are redeemable against holiday packages, accommodation, and dining through its Taj Experiences Gift
Card.

Business Segments
BUSINESS SEGMENTS
Geography
India
Performance
Reported revenue of INR46,316.4 million for FY2023, which grew 86.3% YoY, and reported a CAGR of
80% during 2021-23. Accounted for 79.7% of the company's revenue in FY2023.
U.S.A.
Performance
Reported revenue of INR6,488.4 million for FY2023, which grew 110.6% YoY, and reported a CAGR of
158.9% during 2021-23. Accounted for 11.2% of the company's revenue in FY2023.
U.K.
Performance
Reported revenue of INR4,674 million for FY2023, which grew 97.6% YoY, and reported a CAGR of
231.9% during 2021-23. Accounted for 8% of the company's revenue in FY2023.
Other Overseas Locations
Performance
Reported revenue of INR620.3 million for FY2023, which grew 142.4% YoY, and reported a CAGR of
229% during 2021-23. Accounted for 1.1% of the company's revenue in FY2023.

Corporate Strategy
CORPORATE STRATEGY
The company relies on its Ahvaan 2025 strategy.
It focuses on re-engineering, re-imagining, and re-structuring key aspects of the business to drive growth,
profitability and service excellence. To sustain revenue growth ,it will optimize margins through cost
management and operational efficiencies. It intends to enhance profitability by strengthening balance
sheet and improving financial performance.
To re-imagine the brandscape, it intends to l scale up the operations and strengthen the brands. It aims to
create synergies across the organization, fostering a unified and cohesive approach under the Umbrella
of one IHCL. It intends to prioritize speed and responsiveness to adapt to changing market dynamics and
meet customer expectations.
To restricting the portfolio, it aims to stimulate growth through strategic acquisitions that complement the
core business. It intends to streamline the portfolio mix in order to focus on high potential assets and
divest non-core assets. It also aims to simplify the holding structure to enhance operational efficiency and
create a leaner organization.

History
HISTORY
Corporate Changes/Expansions
Year: 2023
In January, Devi Ratn added 82 new rooms and recreational facilities including a lobby bar, restaurant,
spa and meeting spaces.
Contracts/Agreements
Year: 2023
In January, Taj Exotica Resort & Spa entered into an agreement with Swimsol to induct a floating solar
park.
Year: 2023
In February, the company announced a partnership with VFS Global for a hospitality-focused academy in
Lucknow, Uttar Pradesh, India.
Year: 2023
In March, the company entered into a partnership with Tata Steel Long Products Ltd to establish a skill
center in Jamshedpur, Jharkhand, India.
Year: 2023
In March, the company and AB InBev announced the opening of Seven Rivers in Goa.
Year: 2023
In April, the company signed an agreement to open a Taj-branded hotel in Chhattisgarh, India.
Plans/Strategy

Year: 2023
In April, the company announced its plans to operate Cochin International Airport Limited's five-star hotel
at the airport premises.
Plans/Strategy
Year: 2023
In April, the company announced its plans to achieve a target of 300 hotels by 2025.
Others
Year: 2023
In April, the company announced to operate a five-star hotel on the premises of the Kochi international
airport in Kerala, India.
Year: 2023
In April, the company announced the signing of two new hotels in Dhaka, Bangladesh.
Plans/Strategy
Year: 2023
In April, the company announced its plans two launch two new hotels in Ayodhya, Uttar Pradesh, India.
Year: 2023
In April, the company entered into a partnership with Cochin International Airport Limited to operate a
112-key Taj hotel near the Cochin International Airport in Kochi, Kerala, India.
Year: 2023
In May, the company signed an agreement with Chalet Airport Hotel to open a Taj-branded hotel at the
Terminal 3 of Indira Gandhi International Airport in New Delhi, India.

Year: 2023
In May, the company signed an agreement with Winway Group to launch a SeleQtions-branded hotel in
Indore, Madhya Pradesh.
Year: 2023
In May, the company announced the opening of Taj Gandhinagar Resort & Spa in Gujarat, India.
Year: 2023
In June, the company announced the signing of a resort in Naukuchiatal, Uttarakhand.
Corporate Awards
Year: 2023
In June, the company ranked No.1 on Brand Finance's coveted 'India 100 2023'.
Plans/Strategy
Year: 2023
In June, the company announced its plans to launch its first hotel in Kumbalgarh, Rajasthan, India.
Year: 2023
In June, the company opened a new Ginger-branded property in Kochi, Kerala.
Year: 2023
In June, the company announced the signing of Taj Ganga Kutir Resort & Spa in Raichak, West Bengal.
Year: 2023
In June, the company and Ambuja Neotia Group signed a deal for Taj Ganga Kutir Resort and Spa in

Raichak, West Bengal, India.
Year: 2023
In June, t opened its first Vivanta brand property in Jammu in the union territory of Jammu and Kashmir.
Year: 2023
In July, the company opened the Crown, Bhubaneswar, an IHCL SeleQtions hotel in Odisha, India.
Year: 2023
In July, the company entered into an agreement with Jeswani Group of Companies to open a hotel under
the Ginger brand in Kolhapur, Maharashtra, India.
Plans/Strategy
Year: 2023
In July, the company announced its plans to acquire Pamodzi Hotels PLC.
Year: 2023
In August, the company signed its first hotel in Jorhat under the Ginger brand.
Year: 2022
In March, the company opened a new hotel in Navi Mumbai, Maharashtra, India.
Year: 2022
In March, the company's Taj brand opened a new luxury beachfront resort at The Palm in Dubai, the
UAE.

Year: 2022
In February, the company announced to sign a new SeleQtions resort in Bekal, Kerala.
Year: 2022
In April, the company opened a new hotel in Rishikesh, Uttarakhand, India.
Year: 2022
In May, the company announced the opening of Taj City Centre New Town hotel in Kolkata, West Bengal.
Plans/Strategy
Year: 2022
In May, the company announced its plans to open a new Vivanta hotel in Maharashtra, India.
Year: 2022
In June, the company opened a new hotel, Vivanta Katra, Vaishno Devi, in Jammu and Kashmir, India.
Year: 2022
In June, the company expanded to Manali, Himachal Pradesh with the signing of a new SeleQtions hotel.
Year: 2022
In June, the company announced to open its seventh Taj property in Bengaluru, India.
Year: 2022

In April, the company announced the signing of another Taj hotel to set up another Taj hotel in Chennai.
Year: 2022
In July, the company announced the opening of a Ginger hotel in Ahmedabad.
Plans/Strategy
Year: 2022
In July, the company announced its plans to open SeleQtions hotel in the Indian city of Kanpur in the
state of Uttar Pradesh, in 2025.
Year: 2022
In August, the company announced to open two hotels near the Statue of Unity in Kevadia, Gujarat, India.
Year: 2022
In August, the company opened first Vivanta hotel in Ahmedabad, India.
Year: 2022
In September, the company signed a new Ginger brand property in Gangtok, Sikkim, India.
Plans/Strategy
Year: 2022
In August, the company announced its plans to launch two new hotels in Kevadia, Gujarat, India.
Year: 2022
In August, the company launched its Taj brand in Ranthambore, Rajasthan, India.

Year: 2022
In August, the company announced the opening of Ginger Goregaon in Mumbai, Maharashtra, India.
Year: 2022
In May, the company announced the signing of a new Ginger in Agra, Uttar Pradesh, India.
Year: 2022
In April, the company announced the signing of a new SeleQtions hotel in Udaipur, Rajasthan, India.
Year: 2022
In August, the company signed its fifth Ginger hotel in Ahmedabad, India.
Year: 2022
In June, the company announced the signing of a Vivanta hotel in Jammu, Jammu and Kashmir.
Year: 2022
In September, the company announced the signing of a Vivanta hotel in Haridwar, Uttarakhand, India.
Year: 2022
In September, the company announced the signing of its second hotel in Dharamshala, Himachal
Pradesh under the Seleqtions brand.
Year: 2022

In October, the company announced the signing of a SeleQtions hotel in Dudhwa, Uttar Pradesh, India.
Year: 2022
In March, the company announced the signing of a Vivanta hotel in Nashik, India.
Year: 2022
In March, the company announced the opening of a Ginger hotel in Kochi, India.
Year: 2022
In January, the company opened a new hotel under its SeleQtions brand in Kolkata, West Bengal, India.
Year: 2022
In January, the company and Ambuja Neotia group joined hands to manage Raajkutir, under SeleQtion
hotel brand.
Year: 2022
In February, the company announced the signing of a new SeleQtions resort in Rishikesh, Uttarakhand,
India.
Year: 2022
In October, the company announced the opening of Sawai Man Mahal in Jaipur, India.
Year: 2022
In October, the company unveiled its first property in Meghalaya, India.

Year: 2022
In October, the company signed a memorandum of understanding with the Assam Government to
establish a hospitality-focused skills training centre in the North East.
Year: 2022
In October, the company launched the Taj Wayanad Resort & Spa in Kerala.
Year: 2022
In October, the company in collaboration with Tata Power installed 224 electric vehicle charging stations
at 92 of its properties.
Year: 2022
In November, the company announced the opening of Ginger Bharuch, its first property in Bharuch,
Gujarat, India.
Year: 2022
In November, the company in partnership with Tata Power established an electric vehicle charging station
in Guwahati, Assam, India.
Plans/Strategy
Year: 2022
In December, the company entered into a partnership with the Diriyah Gate Development Authority to
open a new hotel in Diriyah, Saudi Arabia.
Year: 2022
In December, the company announced the opening of Taj Ame in Jaipur, Rajasthan, the US.

Year: 2022
In December, the company opened hotel in Rajkot, Gujarat.
Year: 2022
In December, the company entered into a partnership with Ambuja Foundation and AU Foundation to
establish the skill center at Jai Mahal Palace, Jaipur.
Year: 2021
In December, the company in collaboration With Confederation Of Indian Industry (CII) And EHL,
Switzerland to impart vocational education to hospitality students.
Stock Listings/IPO
Year: 2021
In July, the company announced its plans to raise IPO of shares for its Ginger brand.
Year: 2021
In September, the company announced the opening of Vivanta Goa, Miramar in Panjim, Goa, India.
Year: 2021
In November, the company announced the opening of the Taal Kutir Convention Centre in Kolkata, West
Bengal, India.
Plans/Strategy
Year: 2021
In August, the company announced its plans raise INR 3,000 crore through rights issue.

Year: 2021
In December, the company collaborated with TATA Projects for the construction of the new Ginger hotel
at Santacruz, Mumbai.
Plans/Strategy
Year: 2021
In October, the company announced its plans to acquire 39.84% stake in Roots Corp .
Year: 2021
In December, the company’s culinary and food delivery platform Qmin announced the opening of 11 new
outlets in Bengaluru, India.
Year: 2021
In December, the company’s brand Ginger opened a new hotel in Mumbai, India.
Acquisitions/Mergers/Takeovers
Year: 2021
In December, the company acquired remaining 14.28% stake in ELEL Hotels and Investment.
Year: 2021
In October, the company announced the signing of Gorbandh Palace in Jaisalmer, Rajasthan, India.
Year: 2021
In November, the company opened Vivanta Sikkim in Pakyong, Sikkim, India.

Year: 2021
In June, the company entered into an agreement with Bengaluru Airport City Ltd to develop a 775-room
hotel at the Kempegowda International Airport.
New Products/Services
Year: 2021
In June, the company’s food delivery platform Qmin launched Qmin Food Truck in Mumbai, Maharashtra,
India.
Year: 2021
In June, the company’s food delivery platform Qmin introduced INNERgise, a range of curated meals
focussed on strengthening immunity.
Corporate Awards
Year: 2021
In June, the company was recognized as India’s No.1 hospitality brand in the India 100, 2021 report by
Brand Finance.
Year: 2021
In May, Qmin launched subscription based-meal service to consumers in in cities including Mumbai, New
Delhi, Pune, Hyderabad, Bengaluru, Chennai, and Kolkata.
Corporate Awards
Year: 2021
In April, the company announced a total of 47 of its hotels achieved EarthCheck Platinum Certification.
Year: 2021
In April, the company announced opening of Vivanta Thiruvananthapuram, Kerala.

Year: 2021
In March, the company signed a management contract with Dhruvdesh Ventures for a Vivanta Resort in
Hampi, Karnataka, India.
Year: 2021
In March, the company announced launch of re-designed and re-imagined The Chambers at the Taj
Mahal, New Deli.
Year: 2021
In March, the company announced launch of Taj Wellington Mews, a luxury residence in Chennai, Tamil
Nadu.
Year: 2021
In February, the company’s brand Ginger signed a contract with Canton Residency Private Limited for
two new hotels in Kochi, Kerala, India.
Corporate Awards
Year: 2021
In February, the company restaurant Quilon received a Michelin star for 14th consecutive year.
Year: 2021
In January, the company’s food delivery platform Qmin introduced a range of comfort food ‘Qmin Comfort’
on its app.
Year: 2021
In January, the company brand Ginger, signed a contract with Aasawa Brothers Group for its second
hotel in Aurangabad, Maharashtra, India.

Year: 2020
In December, the company relaunched its exclusive lifestyle membership program Epicure, with new and
enhanced features.
Year: 2020
In December, the company announced opening of Taj Chia Kutir Resort & Spa in Darjeeling, West
Bengal.
Year: 2020
In December, the company announced opening of its new hotel- the Taj Skyline in Ahmedabad, Gujarat,
India.
Plans/Strategy
Year: 2020
In November, the company premium homestay brand ama Stays and Trails plans to launch new
bungalows in Trivandrum, Kodaikanal, Coonoor, Goa, and Uttarakhand.
Year: 2020
In November, the company announced the opening of The Connaught Hotel in New Delhi, India.
Year: 2020
In October, the company’s food delivery platform Qmin launched Qmin Shop, a gourmet store concept in
the President Hotel in Mumbai, Maharashtra, India.
Year: 2020
In October, the company’s brand Ginger announced opening of a new hotel in Kalinganagar, Odisha.

Corporate Awards
Year: 2020
In October, the company’s Rambagh Palace hotel was recognized as No.1 in the Top Hotels in India and
No.15 in the Best Hotels in the World at the Globe Conde Nast Travellers Readers' Choice Awards 2020.
Year: 2020
In October, the company announced opening of its casual and dining restaurant Machan at Taj West End
hotel, in Bengaluru, Karnataka, India.
Year: 2020
In October, the company announced reopening of Machan, a casual dining restaurant in the Taj Mahal
Hotel, New Delhi, India.
Year: 2020
In October, the company’s brand Ginger signed a contract with Silicon Constructions Pvt Ltd for new hotel
in Zirakpur, Chandigarh, India.
Others
Year: 2020
In September, the company launched a campaign TravelForIndia to rebuild tourism and hospitality
industry.
Year: 2020
In September, the company in partnership with AB InBev, opened 7Rivers Brewpub at the Taj MG Road,
Bengaluru, Karnataka, India.
Year: 2020

In September, the company’s brand Ginger signed a contract with Mr. Deepankar Deka for its second
hotel in Guwahati, Assam, India.
Year: 2020
In August, the company’s brand Ginger signed contract for two new hotels in Chennai, and one in Patna,
India.
Year: 2020
In August, the company signed a solar energy Power Purchase Agreement (PPA) with the Tata Power
Company Limited for its hotels in Mumbai, Maharashtra, India.
Year: 2020
In August, the company signed a contract with Thriving Hotels Private Limited for a SeleQtions Hotel in
Tadoba Andhari Tiger Reserve, Maharashtra, India.
Year: 2020
In August, the company launched I-Zest, a suite of digital solutions to ensure safety of employees and
guests.
Corporate Awards
Year: 2020
In June, the company’s 11 hotels achieved EarthCheck Certified Platinum, 61 hotels achieved Gold and
six hotels achieved Silver.
Year: 2020
In February, IHCL opened Devi Ratn, a SeleQtions Hotel in Jaipur.

Year: 2020
In January, the company’s Ginger brand signed a contract with Last Peak Data Pvt. Ltd. for its first hotel
in Kolkata, West Bengal.
Year: 2020
In July, the company signed a contract with MD Projects Private Limited, a part of the Ladhani Group for
a Vivanta hotel in Lucknow, Uttar Pradesh.
Year: 2020
In February, IHCL signed a management contract with Dhauladhar Resorts Private Ltd for a Vivanta hotel
in Dharamshala, Himachal Pradesh.
Year: 2020
In February, the company signed a management contract with management contract with Kanha Hotels &
Spa Pvt. Ltd. for a Taj hotel in Jaipur.
Year: 2020
In February, IHCL signed an agreement with Ristorante Paper Moon S.R.L, to introduce the globally
acclaimed Italian cuisine restaurant, Paper Moon, at its marquee hotels across key locations.
Year: 2020
In January, IHCL signed a contract with Muralya Hotels & Resorts Pvt. Ltd. for a Vivanta hotel in
Thiruvananthapuram, Kerala.
Year: 2020
In January, the company announced the opening of Taj Fateh Prakash Palace, Udaipur.

Corporate Awards
Year: 2020
In July, the company’s Taj Mahal Palace, Mumbai was rated number one in the World for third year in a
row by Trustyou.
Corporate Awards
Year: 2020
In June, the company's brand Taj ranked number one on the list of the strongest Indian brands by Brand
Finance in the ‘India 100 2020’ report.
Year: 2020
In March, the company signed a contract with Wilshire Hospitality Private Limited, a part of Splendor
Group for its first hotel in Amritsar, Punjab.
Year: 2020
In September, the company announced to open luxury hotel in Maharashtra, India.
Year: 2020
In November, the company partnered with Ambuja Neotia Group to open three Taj hotels in India.
Year: 2019
In February, the company signed an agreement with two hotels in Goa, to expand its Presence in India.
Year: 2019
In October, the company and AB InBev entered into a partnership to launch microbreweries in India.

Year: 2019
In November, Taj opened its new hotel in Tirupati, Andhra Pradesh, India.
Year: 2019
In December, the company along with Tata Group’s hospitality arm has announced opened Taj Jumeirah
Lakes Towers, the group's luxury hotel in Dubai, UAE.
Year: 2018
In September, the company, in partnership with Ithra Dubai for a new hotel in Deira, the historical and
cultural center in Dubai.
Year: 2018
In September, the company in partnership with R&R Hotels and Resorts opened a new Vivanta hotel in
Kathmandu, Nepal.
Year: 2018
In November, the company opened a new Vivanta hotel in Bhubaneswar, Odisha, India.
Year: 2018
In August, the company announced to open and operate Vivanta luxury hotel at Heathrow Airport in
London.
Year: 2018
In September, the company opened Taj Connemara in Chennai, Tamil Nadu, India.

Year: 2018
In August, the company announced to open The Taj Jumeirah Lake Towers Dubai and the Taj Exotica
Resort & Spa in Dubai, the UAE.
Year: 2018
In September, the company opened Ginger hotel in Margao, Goa.
Year: 2018
In July, the company announced to open a new Ginger hotel in Bharuch, Gujarat.\
Year: 2018
In May, the company opened Ginger hotel in Jhansi, Uttar Pradesh.
Year: 2018
In May, the company signed to open a second Ginger hotel in Visakhapatnam.
Year: 2018
In April, the company opened a new hotel in Lonavala.
Year: 2018
In April, the company opened its Taj hotel in Saudi Arabia.
Year: 2018

In February, the company opened a new Vivanta hotel in Bhopal.
Year: 2018
In February, the company opened Taj Exotica Resort & Spa in the Andaman.
Corporate Awards
Year: 2017
In October, the company's Taj Hotels Palaces Resorts Safaris launched Taj Wedding Studio.
Corporate Awards
Year: 2017
In July, the company was honored with the 'Best All India Investor Relations Award 2017' in the category
of large cap companies at IR Awards ceremony in Mumbai.
Corporate Awards
Year: 2017
In June, the company won 'Best Hotel Company' award at the Dun & Bradstreet Corporate Awards 2017
Year: 2016
The company's TajHotels Resorts and Palaces announced the opening of Taj Santacruz hotel in Mumbai,
Maharastra, India.
Corporate Awards
Year: 2016
The company's UmaidBhawan Palace, Jodhpur was recognized by TripAdvisor as the Best Hotel in the
World at the annual Travellers' Choice Awards.
Year: 2015
The company's Taj Hotels Resorts and Palaces opened the Vivanta by Taj hotel in Guwahati, Assam,

India.
Year: 2015
The company's Taj Hotels Resorts and Palaces opened the Taj Bangalore hotel in Bengaluru, Karnataka,
India.
Corporate Awards
Year: 2015
The company's hotel, Vivanta by Taj - Malabar, Cochin won Best Luxury Resort in India for 2014-2015
from Hotel Build Awards.
Year: 2015
The company opened a new hotel, Vivanta by Taj - Dwarka, in New Delhi, India.
Year: 2015
The company entered into an agreement to acquire the remaining 80.1% equity stake in Lands End
Properties Private Limited.
Plans/Strategy
Year: 2015
The company announced to liquidate its 6.9% holding in Belmond Ltd.
Corporate Awards
Year: 2015
The company's Taj Falaknuma Palace, Hyderabad was awarded Number One position in the Best Palace
Hotels under the World 2015 category by TripAdvisor website.
Year: 2015

The company opened the Gateway Hotel in Pune, Maharashtra, India.
Year: 2014
The company launched JIVA Grande in Chennai, India.
Corporate Awards
Year: 2014
The company was awarded the 2014 Gallup Great Workplace Award for the fifth consecutive year.
Corporate Awards
Year: 2014
Taj InnerCircle, the Taj Group’s frequent guest program, won two awards in two categories at the 2014
FlyerTalk Awards ceremony.
Divestiture
Year: 2014
The company's subsidiary, Samsara Properties Limited entered into a share sale deed for the divestment
of 100% of its shareholding in BLUE Sydney, a Taj Hotel, to Australia Hotels & Properties Limited for
AUD32 million.
Year: 2014
The company launched Wi-Fi services in all its hotels.
Year: 2013
The Gateway Hotels & Resorts, part of the Taj Group of Hotels, plans to launch the Gateway Hotel
Lakeside Hubli to expand its presence in North Karnataka.
Corporate Awards
Year: 2013

The company received the Silver Award for Best Luxury Hotel Spa Resort Company at the British Travel
Awards 2012.
Year: 2012
The company opened a new spa resort in northern Kerela under the brand Vivanta by Taj.
Year: 2011
IHCL opened its Vivanta hotel comprising 327 rooms at Yeshwantpur, Bangalore, India.
Year: 2011
The company formed a joint venture with Deccan Charters Ltd. and Business Jets India Private Ltd. to
launch Powerfly, a high-end air charter service through its subsidiary Taj Air.
Year: 2010
Through Taj Hotels Resorts and Palaces, the company opened Taj Cape Town in South Africa, a new
luxury hotel through a joint venture Euro Cape.
Year: 2010
The company launched a new brand Vivanta by Taj for the Upper Upscale division.
Year: 2009
The company signed a land deal with Delhi Metro Rail Corporation to open a five-star hotel with more
than 400 rooms in Dwarka, New Delhi.
Year: 2009

The Gateway Hotels signed a management contract to set up a 125-room hotel on a 16-acre location in
Shirdi, Maharashtra.
Year: 2008
The company purchased a 40% stake in Bjets, a private jet company, for US$25 million.
Year: 2008
Through its subsidiary, Taj International Hong Kong Ltd, IHCL signed a management contract with Cuiting
Hotspring Hotel Management Company Ltd. to operate Temple of Heaven Park property in Beijing and
the Hainan Hotel project.
Year: 2007
IHCL acquired Ritz Carlton Hotel in Boston and renamed it as Taj Boston.
Year: 2004
IHCL opened Wellington Mews, its first luxury serviced apartment in Mumbai.
Year: 2004
IHCL entered into the ‘value-for-money' hotels sector by opening its first budget hotel Ginger in
Bangalore.
Year: 2002
The company opened a premium luxury hotel in the Maldivies, The Taj Exotica Resort & Spa.
Year: 2000

The company formed a joint venture with GVK Reddy Group to set up Taj GVK Hotels and Resorts
Limited in Hyderabad.
Year: 1998
The company opened the Taj Exotica Bentota thereby strengthened the Taj Group's market position in Sri
Lanka.
Year: 1992
The company established Business Hotels in many key cities and towns throughout India under the brand
name Taj Residency Hotels.
Year: 1982
The company expanded its geographic reach with the development of the historic St. James Court Hotel
near Buckingham Palace, London in 1982.
Year: 1978
IHCL established a luxury hotel, Taj Mahal Hotel in Delhi.
Stock Listings/IPO
Year: 1970
The company’s shares were floated on the Bombay Stock Exchange.
Year: 1903
The Taj Mahal Palace Hotel based in Mumbai was established as India's first Luxury hotel.
Incorporation/Establishment
Year: 1902

The Indian Hotels Company Limited was incorporated.

Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Beejal Desai
Board:Senior Management
Job Title: Executive Vice President-Corporate Affairs, Company Secretary
Prabhat Verma
Job Title: Executive Vice President-Operations, South India, International and Expressions
Rohit Khosla
Job Title: Executive Vice President-Operations, North and West India
Suma Venkatesh
Job Title: Executive Vice President-Real Estate and Development
Deepika Rao
Job Title: Executive Vice President-Hotel Openings & Corporate Communications
Urban Denk
Job Title: Senior Vice President-Food & Beverage
Anupam Narayan
Board:Non Executive Board

Job Title: Director
Nasser Munjee

Job Title: Director
Hema Ravichandar


Job Title: Director
Venkataramanan Anantharaman

Job Title: Director
S Y Raman
Job Title: Vice President-Group Internal Audit
Puneet Chhatwal
Board:Executive Board
Job Title: Chief Executive Officer, Managing Director
Since:2017
Mr. Puneet Chhatwal has been the Chief Executive Officer and Managing Director of the company since
2017. Prior to this, he served as the Chief Executive Officer of Steigenberger Hotels AG – Deutsche
Hospitality, Previously, he served as the Chief Development Officer of The Rezidor Hotel Group – Carlson
Hotels Worldwide.
Natarajan Chandrasekaran

Job Title: Chairman
Since:2017
Age:59
Mr. Natarajan Chandrasekaran serves as the Chairman of the company since 2017. He also serves as
the Chairman of Tata Sons, the holding company of all Tata Group companies since 2016, and as
Chairman of several group companies including Tata Steel, Tata Consultancy Services (TCS), Tata
Motors, and Tata Power. He serves as Director of Reserve Bank of India since 2016, and Co-Chair of
India US CEO Forum. Mr. Chandrasekaran also serves on the International Advisory Council of
Singapore’s Economic Development Board, and on the Board of Governors of New York Academy of
Sciences.
Rajendra Misra
Job Title: Executive Vice President, General Counsel
Vinay Deshpande

Job Title: Head-Digital & IT, Senior Vice President
Gaurav Pokhariyal
Job Title: Executive Vice President-Human Resources
Giridhar Sanjeevi
Job Title: Chief Financial Officer, Executive Vice President
Since:2017
Mr. Giridhar Sanjeevi has been the Chief Financial Officer and Executive Vice President of the company
since 2017. Prior to this, he served as the Senior Director of Finance and member of the Board of Merck
& Co.
Parveen Chander Kumar
Job Title: Executive Vice President-Sales and Marketing
Ashish Seth
Job Title: Senior Vice President-Materials and Project Development

Company View
COMPANY VIEW
A statement by Mr. Puneet Chhatwal, the Managing Director and Chief Executive Office of company is
given below. The statement has been taken from the company’s 2023 Annual Report.
India is on a growth path and the services sector including the travel and tourism business is emerging as
a major growth engine for the Indian economy, having successfully put the pandemic behind. People are
once again flying in great numbers, airports are crowded, hotels are well booked, and travellers want to
explore, connect and feel alive through the exhilarating emotion of travel. We are happy to present our
fifth Integrated Annual Report that showcases the remarkable journey that the industry in general and
IHCL in particular have had this year. The Report demonstrates how we are building value for all our
stakeholders through our brands and businesses.
INDIA DESERVEDLY CLAIMING ITS POSITION ON THE WORLD TOURISM STAGE

With India’s Presidency of the G20, we are positioned like never before to showcase our nation's cultural
heritage, our unique and differentiated travel offerings and our safe and tourist friendly destinations.
Tourism will be one of the most important pillars of the nation’s growth with its multiplier effect on
economic prosperity and employment generation. As per World Travel and Tourism Council (WTTC), the
sector is expected to create nearly 126 million new jobs globally within the next decade with at least 20%
from the Indian sub-continent. We believe that Indian travel and tourism is at an important inflection point
today and IHCL is well placed to lead the way.
FOCUS ON VALUE CREATION FOR ALL STAKEHOLDERS

With industry-leading portfolio, footprint, brandscape as well as financial and balance sheet strength,
IHCL is leading the way on all fronts, with value creation being the cornerstone of our strategy. Our
strategic imperatives of Re-structuring our portfolio, Re-engineering margins and Re-imagining
brandscape aim to holistically unlock value for all stakeholders. Our re-imagined brandscape under the
corporate aegis of IHCL positions us well to serve all our guests across segments, thus delivering
industry-leading product and service excellence. IHCL’s growth aspirations combined with focus on
unlocking superior hotel performance aims to create value for our partners. With a 50-50 owned v/s
managed portfolio, IHCL is well placed to maximise operating leverage and drive margins through
management fees and new businesses, thereby creating sustained value for our shareholders. Our
culture of Tajness and core values of Trust, Awareness and Joy keep our employees motivated and
inspired to make magic happen, every day.
IHCL DEMONSTRATES RECORD PERFORMANCE WITH HISTORIC FIRSTS

IHCL achieved a record setting FY 2022-23 with a number of significant accomplishments making it a
historic year. Demonstrating RevPAR leadership across all our brands in key markets. The consecutive
four quarters of sustained high demand resulted in the highest ever full year consolidated revenue of
D5,949 crores and an all-time high EBITDA margin of 32.7% and PAT of D1,003 crores. IHCL turned net
cash positive with a consolidated free cash flow of D1,017 crores in FY 2022-23. The re-imagined Ginger
hotels reported a turnaround in FY 2022-23, led by a 50% Lean Luxe portfolio. The company achieved
Revenue of D307 crores, EBITDA margin of 39% and is one of the fastest growing brands in the IHCL
portfolio. TajSATS, an industry leader in airline catering captured a market share of 58% in FY 2022-23,
clocking a Revenue of D641 crores a 53% growth over pre-Covid, EBITDA margin of 19.7% and a PBT of
D107 crores.

Under the new businesses, Qmin has now grown to 34 outlets with a presence across 24 cities and amã
Stays & Trails has witnessed a 46% growth in portfolio this fiscal reaching 117 bungalows across 50+
locations. It has also been a momentous year for expansion with IHCL having crossed 260+ hotels in our
portfolio. In yet another landmark development the iconic brand Taj reached a milestone of 100 hotels.
Starting our journey in 1903 with our flagship hotel, The Taj Mahal Palace, Mumbai, Taj has more than
doubled the inventory in the last five years. Taj continues to retain the dual honour of World’s Strongest
Hotel Brand and India’s Strongest Brand across all sectors as per Brand Finance Hotels 50 Report 2022
and India 100 Report 2022. Taj being rated as the World’s Strongest Hotel Brand is a testament to the
unwavering trust our guests have consistently placed in us and the warmth and sincere care our
employees have embodied day-after-day.
CUSTOMER CENTRICITY
At IHCL, we have always been consumer-centric, keeping our guests at the heart of our business. We
continue to sharpen our focus on customer experience with the introduction of new products and
enhanced services. We take great pride in our culinary history and in constantly leading and pioneering
innovative dining concepts. With over 450+ restaurants and bars including some of the country’s most
iconic restaurant brands, we have added new dimensions to our food and beverage portfolio. In an
exclusive partnership with the global Italian restaurant brand, Papermoon has opened its first outlet in
Goa with another four in the pipeline. The new Indian-concept restaurant brand, Loya debuted at Taj
Palace, New Delhi, capturing the culinary essence traversing the landscape of North India. This will be
followed by Bengaluru and other cities. We expanded our House of Nomad and Seven Rivers brands to
the city of Goa. Additionally, initiatives like Carecations and Woyage offer travel experiences with greater
purpose.
CONTINUE TO BE GUIDED BY PURPOSE

Today, it has become even more important to chart a new tomorrow - one that is more sustainable and
inclusive. IHCL’s commitment to strengthen our resolve of contributing to the society with an integrated
approach towards creating sustainable growth and positive impact under Paathya is in line with our
founder Jamsetji Tata’s vision of keeping community at the heart of business. Taking ahead IHCL’s over
a century old legacy, Paathya forges a journey focused on Environmental Stewardship, Social
Responsibility, Excellence in Governance, Preserving Heritage, Value Chain Transformation, and
Sustainable Growth. Recently, IHCL’s flagship, The Taj Mahal Palace, Mumbai was announced to be
100% green. In the drive to minimise our environmental impact, IHCL uses 35% renewable energy and
42% recycled water across operating hotels. The company has also achieved EarthCheck Certification for
77 hotels, installed (EV) charging stations at 129 properties and partnered with IFC's TechEmerge
programme for innovative cooling technologies. In addition to introducing bottling plants across 20 hotels
to replace all plastic water bottles with reusable glass bottles, it has switched to biodegradable wrapping
of dry amenities in guest rooms. Additionally, IHCL has partnered for 16 skilling centres across the
country with a presence in Gwalior, Lucknow, Jaipur, Jamshedpur among others. Recognising that
success is not only measured by our financial performance, but also by the positive impact we have on
our stakeholders and the world around us, we will continue to drive positive change and create value for
all and continue to contribute positively to the growth of the nation. A holistic approach to guest delight at
the core of which lies the commitment and dedication of all our colleagues guided by our values of Trust,
Awareness and Joy.


Locations And Subsidaries
LOCATIONS AND SUBSIDARIES
Head Office

Mumbai
Maharashtra
Mumbai
Maharashtra
IND
Phone:91 22 61371710
Fax:91 22 61371717
www.tajhotels.com
Other Locations and Subsidiaries
Apex Hotel Management Services (Australia) Pty. Ltd Apex Hotel Management Services (Pte) Ltd
AUS Ngee Ann City Tower B #25-07
391B Orchard Road
SGP
Phone:65 6732 1789
BAHC 5 Pte Ltd Benares Hotels Ltd
SGP Taj Palace Hotel,, Sardar Patel Marg
New Delhi
Delhi
New Delhi
Delhi
IND
Phone:91 11 66503704
Fax:91 11 26876043
www.benareshotelslimited.com
Bjets Pte Limited Chieftain Corporation NV
IND NLD
ELEL Hotels and Investments, Ltd. Genness Hospitality Private Limited
IND IND
Good Hope Palace Hotels Proprietary Ltd Ideal Ice & Cold Storage Co. Ltd.
ZAF Mumbai
Maharashtra
Mumbai
Maharashtra
IND
IHMS Hotels (SA) Pty Ltd IHOCO BV
ZAF NLD
Inditravel Ltd International Hotel Management Services LLC

IND USA
KTC Hotels Ltd Lands End Properties Private Limited
Taj Residencymarine Drive Mandlik House
Ernakulam Mandlik Road
Kerala Mumbai
Ernakulam Maharashtra
Kerala Mumbai
IND Maharashtra
IND
Phone:91 22 6639 5515
Fax:91 22 2202 7442
www.bseindia.com
Lanka Island Resorts Limited Luthria & Lalchandani Hotel & Properties Pvt. Ltd
IND IND
Northern India Hotels Limited Oriental Hotels Ltd
IND Paramount Plaza -Iii Floor
47, Mahatma Gandhi Road
Chennai
Tamil Nadu
Chennai
Tamil Nadu
IND
Phone:91 44 66172828
Fax:91 44 28278138
orientalhotels.co.in
Piem Hotels Limited PIEM International (H.K.) Ltd.
Taj President90 Cuffe Parade HKG
Mumbai
Maharashtra
Mumbai
Maharashtra
IND
Phone:91 22 22150808
Fax:91 22 66650360
www.tajhotels.com
Qurio Hospitality Private Limited Roots Corporation Ltd
IND Gate no. 8
Godrej and Boyce Complex
Plant No. 13 Office Building, Vikhroli East
Mumbai
Maharashtra
Mumbai
Maharashtra
IND
Phone:1 860 2663333
www.gingerhotels.com

Samsara Properties Ltd Sheena Investments Private Limited

IND IND
Skydeck Properties and Developers Private Limited St. James Court Hotel Ltd.
IND GBR
St. James Court Hotels Limited Taida Trading and Industries Limited
GBR IND
Taj Enterprises Limited Taj Hotels Resorts and Palaces
IND 9th Floor Express Towers
Barrister Rajini Patel Marg Nariman Point
Mumbai
Maharashtra
Mumbai
Maharashtra
IND
Phone:91 22 61371710
www.tajhotels.com
Taj International Hotels (H.K.) Ltd Taj International Hotels (H.K.) Ltd.
Oxford House HKG
15/17 N F Road Apollo Bunder
Mumbai
Mumbai
IND
Phone:91 22 66651000
Fax:91 22 22846680
www.tajhotels.com
Taj International Hotels Ltd Taj Madras Flight Kitchen Ltd
GBR IND
Taj Madurai Limited Taj Trade & Transport Limited
IND IND
Taj Trade and Transport Co Ltd. TAL Lanka Hotels Plc
IND IND
The Indian Hotels Company Ltd The Indian Hotels Company Ltd
Taj Bengal
34 B Belvedere Road
Alipore
Kolkata
West Bengal
Kolkata
West Bengal
IND
Phone:91 33 22233939
Fax:91 33 22231193
The Indian Hotels Company Ltd The Indian Hotels Company Ltd
Taj Hotels Resorts and Palaces Taj Hotels Resorts and Palaces
30 Bideford Road #03-01, Thong Sia Building Taj regional Office, Building 17, Office G-51
Singapore Dubai Internet City, P.O. Box 502249

Singapore Dubai
SGP Dubai
Phone:65 673 21789 Dubai
Fax:65 673 57890 Dubai
ARE
Phone:971 4 3900442
Fax:971 4 3908405
The Indian Hotels Company Ltd TIFCO Holdings Ltd.
Taj Palace Hotel Mandlik House
Sardar Patel Marg Mandlik Road, Colaba
Diplomatic Enclave Mumbai
New Delhi Maharashtra
Delhi Mumbai
New Delhi Maharashtra
Delhi IND
IND
Phone:91 11 26110202
Fax:91 11 26116309
United Hotels Limited United Overseas Holding, Inc.
Delhi USA
Delhi
IND

Swot Analysis
SWOT ANALYSIS
he Indian Hotels Company Ltd (IHCL) is a provider of international leisure and hotel services. Market
presence, hotel formats and services portfolio, and market recognition are the company’s key strengths,
even as its geographic concentration remain areas for concern. Positive outlook for India T&T industry,
Indian Foodservice Industry, and strategic initiatives could provide growth opportunities to the company.
However, risks related to competitive brandjacking, unforeseen circumstances, and changing consumer
preferences could affect the company’s operations.
Strength Weakness
Market Recognition Geographic Concentration

Market Presence
Hotel Formats and Service Portfolio
Opportunity Threat
Strategic Initiatives: Expansions Risks Related to Competitive Brandjacking

Positive Outlook for Travel and Tourism Industry in Online Theft and Hacking
India Unforeseen Circumstances
Indian Foodservice Industry
Strength
Market Recognition
Strong recognition of IHCL opens new growth avenues for the company. IHCL is one of the largest
providers of leisure and hospitality services in India. The company has a robust brand image in its market,
which is reflected through various awards being conferred on it for its strength and quality operations. For
instance, in 2022, IHCL’S Restaurant Taj was recognized as the world’s strongest hotel brand by Brand
Finance; Taj was recognized as India’s strongest brand across sectors by Brand Finance; and IHCL’s
hotels featured in Asia’s travel and leisure top 500 Reader’s Best Awards.
Market Presence
The widespread network enhances brand visibility and customer recognition, positioning the company as
a leading player in the hospitality industry. As of March 31, 2023, the company operates with an extensive
network in more than 125 locations across 12 countries. This reach allows the company to tap into
diverse markets and serve a wide range of customers. The company’s 188 operational hotels and 75
hotels in the pipeline show a robust portfolio of growth potential. This strong presence provides the
company with economies of scale, enabling it to negotiate better deals with suppliers and offer
competitive pricing. IHCL has over 450 bars and restaurants, 85 spas, eight clubs and kitchens, and
seven salons.
Hotel Formats and Service Portfolio

The diverse range of hotel formats and services enhances the competitive advantage, attracts a broader
customer base, and contributes to the overall success of the industry. The company has a diverse
portfolio of hotel formats, ranging from luxury to lean luxe hotels. This wide range allows the company to
serve different market segments and capture a larger share of the hospitality industry. The extensive
spectrum of services includes saloons and spas, air catering, boutiques, business clubs, food, and
beverages, and stays and trails, which sets the company apart from the competitors by offering a
comprehensive and integrated experience to the guests.
Weakness
Geographic Concentration
Geographic concentration is an area for improvement for the company, as it may hamper its financial
position. Although the company has its presence in the USA, UK, and other overseas locations, it
generates 79.7% of its revenues from India, which makes it vulnerable to diverse risks including
macroeconomic factors prevailing in a particular region. As a result, the company’s financial results are
subject to general regulatory, legal, economic, demographic, competitive, and other conditions in the
particular region. Changes in any of these conditions may adversely impact the company’s results of
operations.
Opportunity
Strategic Initiatives: Expansions
IHCL is taking various strategic initiatives to drive its expansion and attract new customers. In June 2023,
the company announced the signing of a resort in Naukuchiatal, Uttarakhand. In May 2023, the company
announced the opening of Taj Gandhinagar Resort & Spa in Gujarat, India. In the same month, the
company signed an agreement with Winway Group to launch a SeleQtions-branded hotel in Indore,
Madhya Pradesh. In April, the company announced the signing of two new hotels in Dhaka, Bangladesh.
Positive Outlook for Travel and Tourism Industry in India
The company is likely to benefit from the positive outlook for the T&T industry in India. According to in-
house research, the total domestic tourism expenditure on categories including transportation (airlines),
accommodation, and travel intermediaries is estimated to reach US$1,71,260.9 million by 2025 (forecast
year), and the expenditure per domestic tourist is expected to reach US$40. In the airlines sector, the
total number of available seats, seats sold, and the load factor are estimated to reach 253.2 million,
214.71 million, and 86.51%, respectively, by the end of the forecast year. The revenue for the airline
industry and revenue per customer are forecasted to reach US$174.8 million and US$75.4, respectively,
by 2025. In the hotel sector, hotel establishments by categories such as budget, midscale, upscale and
luxury are expected to reach 4,913 properties, while the number of hotel rooms within these categories is
forecasted to reach 276,000 by the end of the forecast year. The travel intermediaries’ market value is
estimated to reach US$40,640 million by the end of 2025. The travel agent revenue from domestic and
international tourism combined is expected to reach US$37,869.4 million by the end of the forecast year,

while the tour operator revenue from domestic and international tourism is forecasted to reach
US$2,555.3 million by 2025.
Indian Foodservice Industry
The company could benefit from the growing Indian foodservice industry. According to an in-house
research, the quick service restaurants (QSR) segment’s sales and the number of transactions are
expected to reach INR5,291,632 million and 80,699 million, respectively, in 2026. The sales and number
of transactions of full-service restaurants (FSR) are expected to reach INR2,387,768 million and 8,552
million, respectively, in 2026. The sales and number of transactions of coffee and tea shops segment are
also expected to reach INR651,077 million and 11,334 million, respectively, in 2026. The sales and
number of transactions of the pubs, clubs and bars segment are expected to reach INR4,743,485 million
and 9,549 million, respectively, in FY2026. The growth in each of the segments will likely be due to the
offer of a wide variety of dishes including nutritious food, improved consumer sentiments, and better
quality dine-in services.
Threat
Risks Related to Competitive Brandjacking
Competitive brandjacking could affect the performance of hotel operators such as the company.
Competitive brandjacking includes the illegal use of popular brands by brandjackers to divert traffic to
their sites without the permission of brand owners. The branded hotel industry worldwide incurs
significant losses every year due to brandjacking, related to inflated or unnecessary payments of
commissions and loss of online traffic to competitors. The major hotel brands face considerable risk of
potential diversion of their search traffic with online travel agencies diverting them to competitors’
properties. Suggestions for other hotels in the area or hotels in the similar price range are likely to use the
reputation of the major competitors in the region. The use of AdSense ads may also direct traffic to some
other websites, drawing revenue from the hotel's reputation. Such diversion of search traffic could lead to
loss of customers and revenue to their competitors or unnecessary payment of commissions. The
increase in such practices is likely to pose a major challenge to the company, which affects its revenue
and income.
Online Theft and Hacking
The company uses information technology in its business transactions such as management software,
stock system, accounting software, online booking engines, email, and internet, which are prone to risks
such as online identity theft and hacking. The company’s online portal operations contain diverse security
mechanisms and are vulnerable to unauthorized attacks (break-ins or denial-of-service attacks) and
similar disruptions caused by the use of internet. The extent of internet security at the company’s
premises is dependent on the quality of hardware and software, which may not protect its portal from
unauthorized attacks that result in break-ins and other disruptions leading to system failures. Such
security breaches could threaten the security of the data stored by the company within the scope of its
services and their transmission by these computer systems.
Unforeseen Circumstances

The company’s operations could be affected by unfavorable events. The spread of the coronavirus, Ebola
virus, swine flu, and SARS resulted in a decline in tourist arrivals in the affected countries. Precautionary
measures such as the suspension of flights affected the leisure market. Natural disasters such as
wildfires in Greece and Turkey, Cyclone Tauktae and Yaas in India, earthquake in Haiti, floods in Western
Europe, and heavy snowstorms in Spain in 2021 reduced the revenue of industry operators. Similar
incidents may also lead to people reducing the frequency of their travel to certain countries. The Russia-
Ukraine war, which started in February 2022, and the takeover of Afghanistan by the Taliban in August
2021, raised security concerns across the world.

Top Competitors
TOP COMPETITORS
The following companies are the major competitors of The Indian Hotels Company Ltd
Asian Hotels (North) Limited

Blue Coast Hotels Ltd
EIH Ltd
Hotel Leela Venture Ltd
Royal Orchid Hotels Ltd

Major Products & Services
MAJOR PRODUCTS & SERVICES

IHCL is a leisure and hotel service company. The company’s major services and brands include:
Services:
Hotel Accommodation
Food and Beverage
Banqueting
Spa
Travel Management Solutions
Wedding Planning
Holiday Packages
Brands
SeleQtions
Vivanta
Ginger
TajSATS
Taj
Ama
Qmin

Financial Ratios - Capital Market Ratios
Financial Ratios - Capital Market Ratios

The Indian Hotels Company Ltd, Annual Ratios
Key Ratios 08-Sep-2023

P/E (Price/Earnings) Ratio
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes,
Depreciation and Amortization)
Enterprise Value/Sales
Enterprise Value/Operating Profit
Enterprise Value/Total Assets
Dividend Yield 0.09
Source: Annual Report, Company Website, Primary and Secondary Research GlobalData

Financial Ratios - Annual Ratios
Financial Ratios - Annual Ratios

The Indian Hotels Company Ltd, Annual Ratios
Key Ratios Unit/Currency 2019 2020 2021 2022 2023

Equity Ratios
EPS (Earnings per USD 2.45 1.86 -6.69 -2.15 6.85
Share)
Dividend per Share USD 0.48 0.48 0.39 0.40 1.00
Dividend Cover Absolute 5.05 3.83 -17.24 -5.39 6.85
Book Value per Share USD 35.45 35.52 29.75 49.72 56.20
Cash Value per Share USD 1.54 2.05 0.77 5.52 5.18
Profitability Ratios
Gross Margin % 70.17 73.65 65.27 72.42 74.54
Operating Margin % 10.36 12.62 -41.92 0.03 23.75
Net Profit Margin % 6.36 7.94 -45.72 -8.11 17.26
Profit Markup % 235.22 279.52 187.97 262.64 292.70
PBT Margin (Profit % 8.90 8.86 -53.93 -8.45 22.28
Before Tax)
Return on Equity % 6.60 8.13 -19.74 -3.51 12.56
Return on Capital % 6.24 5.86 -7.71 0.01 11.95
Employed
Return on Assets % 3.03 3.36 -6.25 -2.01 7.49
Return on Fixed Assets % 8.88 9.05 -9.09 0.01 17.96
Return on Working % -50.22 -121.53 36.80 0.13 292.89
Capital
Growth Ratios
Sales Growth % 9.95 -1.08 -64.71 94.03 90.10
Operating Income % 19.13 20.51 -217.21 100.14 1,51,553.85
Growth
EBITDA Growth % 14.66 21.66 -125.90 341.35
Net Income Growth % 184.35 23.57 -303.18 65.60 504.73
EPS Growth % 220.93 -24.18 -460.16 67.77 417.77
Working Capital % 435.15 -50.20 287.09 -139.59 -33.67
Growth
Cost Ratios
Operating Costs (% of % 89.64 87.38 141.92 99.97 76.25
Sales)
Administration Costs % 49.41 49.58 83.56 55.71 41.38
(% of Sales)
Liquidity Ratios
Current Ratio Absolute 0.55 0.76 0.39 1.36 1.22
Quick Ratio Absolute 0.51 0.69 0.35 1.30 1.16

Cash Ratio Absolute 0.09 0.13 0.03 0.40 0.35

Leverage Ratios
Debt to Equity Ratio Absolute 0.54 1.03 1.51 0.55 0.39
Net Debt to Equity Absolute 0.43 0.86 1.35 0.26 0.17
Debt to Capital Ratio Absolute 0.35 0.51 0.60 0.36 0.28
Efficiency Ratios
Asset Turnover Absolute 0.48 0.42 0.14 0.25 0.43
Fixed Asset Turnover Absolute 0.86 0.72 0.22 0.41 0.76
Inventory Turnover Absolute 13.70 10.90 4.74 7.28 11.40
Current Asset Turnover Absolute 3.79 3.44 1.22 1.60 2.21
Capital Employed Absolute 0.60 0.46 0.18 0.27 0.50
Turnover
Working Capital Absolute -4.85 -9.63 -0.88 4.30 12.33
Turnover
Revenue per Employee USD 35,45,438.46
Net Income per USD 6,11,820.35
Employee
Capex to Sales % 10.61 10.92 13.68 10.41 8.10
R&D to Sales %

Financial Ratios - Interim Ratios
Financial Ratios - Interim Ratios

The Indian Hotels Company Ltd, Interim Ratios
Key Ratios Unit/Currency June - 2023 March - December - September - June - 2022
2023 2022 2022
EPS (Earnings per INR 1.57 2.31 2.69 0.86 1.20
Share)
Dividend per Share INR 0.00 1.00 0.00 0.00 0.00
Book Value per Share INR 0.00 56.20 0.00 50.61 0.00
Gross Margin % 92.13 92.28 91.67 91.65 91.79
Operating Margin % 20.54 26.33 29.30 15.55 21.02
Net Profit Margin % 15.17 20.20 22.70 9.86 13.43
Profit Markup % 1170.13 1194.75 1100.11 1097.29 1118.20
PBT Margin (Profit % 20.05 24.61 29.36 13.69 18.24
Before Tax)
Operating Costs (% of % 79.47 73.67 70.70 84.45 78.98
Sales)
Administration Costs % 29.23 25.95 25.18 30.54 28.40
(% of Sales)
Current Ratio Absolute 0.00 1.22 0.00 0.94 0.00
Quick Ratio Absolute 0.00 1.17 0.00 0.89 0.00
Debt to Equity Ratio Absolute 0.00 0.39 0.00 0.38 0.00
Net Debt to Equity Absolute 0.00 0.26 0.00 0.29 0.00
Debt to Capital Ratio Absolute 0.00 0.27 0.00 0.27 0.00

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The Indian Hotels Company LTD, August 2023

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The Indian Hotels Company LTD, August 2023

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LEGAL STATEMENT

The Information contained within the Service is either licensed from

Except as otherwise permitted in the agreement (if any) between

The Indian Hotels

REFERENCE CODE: F9AE9D23-1DAF-4E4E-9008-292BB9CAD1F2

PUBLICATION DATE: 07 Aug 2023

EMISPDF in-eiimj06 from 3.7.165.174 on 2023-10-14 18:46:48 BST. DownloadPDF.

EMISPDF in-eiimj06 from 3.7.165.174 on 2023-10-14 18:46:48 BST. DownloadPDF.

Company Name The Indian Hotels Company Ltd

The Indian Hotels Company Ltd Page 3

Head Office The Indian Hotels Company Ltd

The Indian Hotels Company Ltd Page 4

The Indian Hotels Company Ltd Page 5

The Indian Hotels Company Ltd Page 6

Other Overseas Locations

EMISPDF in-eiimj06 from 3.7.165.174 on 2023-10-14 18:46:48 BST. DownloadPDF.

The Indian Hotels Company Ltd Page 8

The Indian Hotels Company Ltd Page 9

The Indian Hotels Company Ltd Page 10

In June, the company announced the signing of a resort in Naukuchiatal, Uttarakhand.

In June, the company opened a new Ginger-branded property in Kochi, Kerala.

The Indian Hotels Company Ltd Page 11

Raichak, West Bengal, India.

The Indian Hotels Company Ltd Page 12

In April, the company opened a new hotel in Rishikesh, Uttarakhand, India.

The Indian Hotels Company Ltd Page 13

In July, the company announced the opening of a Ginger hotel in Ahmedabad.

In August, the company opened first Vivanta hotel in Ahmedabad, India.

The Indian Hotels Company Ltd Page 14

The Indian Hotels Company Ltd Page 15

In October, the company unveiled its first property in Meghalaya, India.

The Indian Hotels Company Ltd Page 16

The Indian Hotels Company Ltd Page 17

In December, the company opened hotel in Rajkot, Gujarat.

The Indian Hotels Company Ltd Page 18

In November, the company opened Vivanta Sikkim in Pakyong, Sikkim, India.

The Indian Hotels Company Ltd Page 19

In April, the company announced opening of Vivanta Thiruvananthapuram, Kerala.

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The Indian Hotels Company Ltd Page 21

The Indian Hotels Company Ltd Page 22

The Indian Hotels Company Ltd Page 23

In February, IHCL opened Devi Ratn, a SeleQtions Hotel in Jaipur.

The Indian Hotels Company Ltd Page 24

The Indian Hotels Company Ltd Page 25

In September, the company announced to open luxury hotel in Maharashtra, India.

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The Indian Hotels Company Ltd Page 27

In September, the company opened Ginger hotel in Margao, Goa.

In May, the company opened Ginger hotel in Jhansi, Uttar Pradesh.

In May, the company signed to open a second Ginger hotel in Visakhapatnam.

In April, the company opened a new hotel in Lonavala.

In April, the company opened its Taj hotel in Saudi Arabia.

The Indian Hotels Company Ltd Page 28

In February, the company opened a new Vivanta hotel in Bhopal.

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The company announced to liquidate its 6.9% holding in Belmond Ltd.

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The company opened the Gateway Hotel in Pune, Maharashtra, India.

The company launched JIVA Grande in Chennai, India.

The company launched Wi-Fi services in all its hotels.

The Indian Hotels Company Ltd Page 31

The Indian Hotels Company Ltd Page 32