Eih 2020

CIN:L55101WB1949PLC017981
CORPORATE OFFICE: 7 SHAM NATH MARG, DELHI -110054, INDIA / TELEPHONE: +91-11-23890505/ WEBSITE: WWW.EIHLTD.COM
21st July, 2020
The National Stock BSE Limited The Calcutta Stock

Exchange of India Corporate Relationship Exchange Limited
Limited Dept. 7,Lyons Range
Exchange Plaza, 5th Floor 1st Floor,New Trading Ring Kolkata-700001
Plot No..C/1, G Block Rotunda Building
Bandra Kurla Complex Phiroze Jeejeebhoy Towers
Bandra(E) Dalal Street,Fort
Mumbai – 400 051. Mumbai-400001 Code:05
Code: EIHOTEL Code:500840
SUB: SUBMISSION OF ANNUAL REPORT OF THE COMPANY FOR THE

FINANCIAL YEAR 2019-20
Dear Sir / Madam,
Pursuant to provision of Regulation 34 of the Securities and Exchange Board of India

(Listing Obligations and Disclosures Requirements) Regulations, 2015 (Listing
Regulations), please find enclosed herewith the copy of the Annual Report of the
Company for the Financial Year 2019-20. Annual Report is also available on the
website of the Company www.eihltd.com
Kindly take the above in your records and host on your website.
Thank you,
Yours faithfully
For EIH Limited
Tejasvi Dixit
Asst. Company Secretary
Annual Report 2019-2020
Oberoi Hotels & Resorts has been voted the Best Hotel Group for the third consecutive year by
Telegraph Travel Awards, UK – 2019, 2018 and 2017.
Oberoi Hotels & Resorts was voted Best Indian Hotel Group in the Travel + Leisure, India &
South Asia India’s Best Awards, 2019.
Oberoi Hotels & Resorts was voted the Best Luxury Hotel Brand by Business Traveller UK Awards, 2019.
Oberoi Hotels & Resorts was ranked second amongst the Best Hotel Brand in the World by
Travel + Leisure, US, World’s Best Awards, 2019.
Our endeavour is to create memories for our guests that last a lifetime. We are
unrelenting in our quest for perfection in everything we do - from hotel design
and décor to creating an environment for our team that encourages them to
provide our guests with warm and intuitive service.
Our commitment to excellence, attention to detail and personalised service

has once again been appreciated and recognised by our guests. In 2019, Oberoi
Hotels & Resorts was voted the Best Hotel Group by The Telegraph Travel
Awards, UK for the third consecutive year. The Oberoi Group has also been
recognized as one of the Best Employers in the ‘Aon Best Employers India –
2019’ survey.
The recognition that we continue to receive is a testament to the vision of our

founder, Rai Bahadur M. S. Oberoi. Taking his legacy forward, our Executive
Chairman, Mr. P. R. S. Oberoi continues to inspire our employees to set global
benchmarks in service excellence.
CONTENTS
The Board of Directors 8

The Oberoi Dharma 10
The Oberoi Group Mission 11
Highlights 12
Executive Chairman’s Review 15
Directors’ Report 17
Management Discussion and Analysis 44
Business Responsibility Report 55
Report on Corporate Governance 67
Certificate on Compliance of Conditions of
Corporate Governance 91
Secretarial Audit Reports 92
Certificate of Non-disqualification of Directors 106
Independent Auditor’s Report 107
Balance Sheet 119
Statement of Profit and Loss 120
Cash Flow Statement 121
Statement of Changes in Equity 123
Notes to Accounts 124
Consolidated Financial Statements 174
The Late Rai Bahadur M.S. Oberoi
Founder of The Oberoi Group
1898-2002
BOARD OF DIRECTORS
Mr. Prithvi Raj Singh Oberoi

Executive Chairman
Mr. Shib Sanker Mukherji
Executive Vice Chairman
Mr. Vikramjit Singh Oberoi
Managing Director & Chief Executive Officer
Mr. Arjun Singh Oberoi
Managing Director – Development
Mrs. Nita Mukesh Ambani
Director
Mr. Manoj Harjivandas Modi
Director
Mr. Anil Kumar Nehru
Independent Director
Mr. Lakshminarayan Ganesh
Mr. Sudipto Sarkar
Mr. Rajeev Gupta
Dr. Chhavi Rajawat
Mr. Sanjay Gopal Bhatnagar (w.e.f. 27th August 2019)
CHIEF FINANCIAL OFFICER

Mr. Kallol Kundu
COMPANY SECRETARY & COMPLIANCE OFFICER

Mr. S.N. Sridhar
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 - 700001
CORPORATE OFFICE
7, Shamnath Marg
Delhi - 110054
P.R.S. Oberoi, Executive Chairman
The Oberoi Dharma
We, as members of The Oberoi Group are committed to display through our behaviour
and actions the following conduct, which applies to all aspects of our business :
• Conduct which is of the highest ethical standards - intellectual, financial and moral
and reflects the highest levels of courtesy and consideration to others.
• Conduct which builds and maintains team work, with mutual trust as the basis of
all working relationships.
• Conduct which puts the customer first, the Company second and the self last.
• Conduct which 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.
• Conduct which demonstrates two-way communication, accepting constructive debate

and dissent whilst acting fearlessly with conviction.
• Conduct which demonstrates that people are our key asset, through respect for every
employee, and leading from the front regarding performance achievement as well as
individual development.
• Conduct which at all times safeguards the safety, security, health and environment
of guests, employees and the assets of the company.
• Conduct which eschews the short-term quick-fix for the long-term establishment of
healthy precedent.
The Oberoi Group Mission
Our Guests
We are committed to meeting and exceeding the expectations of our guests through
our unremitting dedication to every aspect of service.
Our People
We are committed to the growth, development and welfare of our people upon whom
we rely to make this happen.
Our Distinctiveness
Together, we shall continue the Oberoi tradition of pioneering in the hospitality industry,
striving for unsurpassed excellence in high-potential locations all the way from the
Middle East to the Asia-Pacific.
Our Shareholders
As a result, we will create extraordinary value for our shareholders.
12
13
14
HIGHLIGHTS
Figures in Million except
(Conversion Rate : INR 100 = US $1.30) Serial nos. 14, 15, & 16
2010 - 2011 2011 - 2012 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $ ` $
FOR THE YEAR
1. GROSS REVENUE 11429 149 11622 151 11770 153 12789 166 13730 178 14696 191 13768 179 14340 186 16273 212 14343 186
2. PROFIT BEFORE TAX 855 11 1550 20 718 9 1448 19 1512 20 1649 21 1279 17 1739 23 1637 21 1091 14
3. PROFIT AFTER TAX 645 8 1224 16 510 7 950 12 966 13 1090 14 965 13 1123 15 1133 15 1245 16
4. TOTAL COMPREHENSIVE 1025 13 884 11 1051 14 1125 15 1221 16
INCOME FOR THE YEAR
5. DIVIDEND 514 7 629 8 514 7 629 8 629 8 629 8 514 7 514 7 514 7 - -
6. RETAINED EARNINGS 934 12 1435 19 935 12 1248 16 1492 19 1507 20 1496 19 1592 21 1777 23 2587 34
7. FOREIGN EXCHANGE 4795 62 4630 60 4825 63 5765 75 5148 67 5625 73 4255 55 4355 57 5145 67 4685 61
EARNINGS
AT YEAR END
8. GROSS FIXED ASSETS 27255 354 28059 365 28658 373 29101 378 29334 381 18993 247 20990 273 24637 320 25243 328 29792 387
9. SHARE CAPITAL 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15 1143 15
10. RESERVES AND SURPLUS 24735 322 25208 328 25106 326 25333 329 25430 331 25735 335 26538 345 27016 351 27408 356 28049 365
11. NET WORTH 25878 336 26352 343 26249 341 26476 344 26573 345 26878 349 27682 360 28159 366 28551 371 29192 380
12. BORROWINGS 8240 107 2601 34 3754 49 2764 36 2039 27 2449 32 2860 37 4293 56 4711 61 4151 54
13. CAPITAL EMPLOYED 28868 375 28852 375 29249 380 28326 368 28023 364 27828 362 29382 382 31052 404 31015 403 32198 419
PER SHARE (`)
14. NET WORTH PER EQUITY 45.28* 0.59 46.10* 0.60 45.92* 0.60 46.32* 0.60 46.49* 0.60 47.03* 0.61 48.43* 0.63 49.27* 0.64 49.95* 0.65 51.07* 0.66
SHARE
15. EARNINGS PER EQUITY 1.63* 0.02 2.14* 0.03 0.89* 0.01 1.66* 0.02 1.69* 0.02 1.91* 0.02 1.69* 0.02 1.96* 0.03 1.98* 0.03 2.18* 0.03
SHARE
16. DIVIDEND PER EQUITY 0.90* 0.01 1.10* 0.01 0.90* 0.01 1.10* 0.01 1.10* 0.01 1.10* 0.01 0.90* 0.01 0.90* 0.01 0.90* 0.01 - -
SHARE
RATIO
17. DEBT: EQUITY RATIO 0.32 : 1 0.10 : 1 0.14 : 1 0.10 : 1 0.08 : 1 0.09 : 1 0.10 : 1 0.15 : 1 0.17 : 1 0.14 : 1
* based on the number of Equity Shares subsequent to Rights Issue of Equity shares on 26th March, 2011 increasing the number of Equity shares from 392,953,972 to 571,569,414.
Notes :
a) Serial nos. 8,10,11,13,14 and 17 are inclusive of Revaluation Reserve balance as at year end.
b) Figures have been regrouped/rearranged wherever necessary.
c) Figures pertaining to the years 2015-16, 2016-17, 2017-18, 2018-19 and 2019-20 are in accordance with Ind AS while figures pertaining to the years upto 2014-15 are in accordance with previous GAAP.

EXECUTIVE CHAIRMAN’S REVIEW
Ladies and Gentlemen,
In recent years the world travel and tourism industry was showing robust growth.
The industry was outperforming global economic growth and was poised for
greater contribution to prosperity and employment. However, in the spring of
this year we have had unprecedented disruptions due to the COVID-19 pandemic.
This pandemic is now a major health crisis in India and around the world. The
travel industry was amongst the first to be affected by the pandemic and will, in
all probability, be the last to recover. We have faced several challenges in the past.
I have no doubt that your Company will emerge stronger and more resilient after
this crisis is over.
According to The World Travel and Tourism Council (WTTC), in the year 2019
the Indian travel and tourism industry contributed 6.8% to GDP. The contribution
to employment in India was 8% or approximately 40 million jobs. The travel
and tourism industry has to work tirelessly with our partners and the Tourist
Department, Government of India to increase tourism so that we can increase our
foreign exchange earnings and create more jobs. In 2019 the number of foreign
visitors to India totalled 11 million. Over 2.5 million foreign visitors arrived in
India on the tourist e-visa scheme, a growth of 24% over the previous year. Foreign
visitors from The United States of America contributed 9%, the United Kingdom
contributed 6% and Canada and Australia contributed 2% each. However, this
share of foreign travellers visiting India relative to other Asian countries continues
to disappoint. The Indian travel and tourism industry has to work much harder
to attract more foreign visitors to our country.
Due to the COVID- 19 pandemic, we expect very few foreign travellers to visit India
in the current year and in the next year. The hospitality industry must therefore,
concentrate on domestic travellers. Your company is well positioned to serve the
domestic tourism market.
We have recently taken several steps to streamline our operations. In October 2019,
The Oberoi Centre of Excellence (TOCE) went live. TOCE is a centralized facility
to ensure process excellence for all business units of the Company. We are offering
owned and managed hotels efficient delivery of services in Finance, Procurement,
Data Management, Taxation, Business Transformation and Budgeting. We expect
TOCE to make your Company leaner and more efficient.
The Oberoi Group continues to excel and be recognised worldwide as a pre-eminent

Hospitality Group. In December 2019, the Oberoi Brand was recognized as the Best
Hotel Brand for third consecutive year by the Telegraph Travel Awards, UK in a
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large survey of Telegraph newspaper readers. The Oberoi Brand continues to be
recognized as amongst the best hotel brands worldwide. In July 2020, The Oberoi,
Mumbai was ranked as the Best City Hotel in Asia by Travel + Leisure, USA. In
the year 2020, three of our hotels were ranked in the Top 15 in Asia by Travel +
Leisure, USA. The Oberoi, Amarvilas was ranked amongst the Best Hotels in Asia
by Fodor’s Finest Hotels, USA.
The Oberoi, Marrakech opened in November 2019; this resort has been well received
by guests who have stayed in the hotel and a number of international publications
have rated this resort as one of the best hotel openings globally in 2019.
I am optimistic that travel and tourism industry will grow exponentially after this
pandemic is over.
In conclusion, I sincerely thank my colleagues on the Board, our dedicated

employees and other stakeholders for their continued support.
Thank you.
P.R.S. Oberoi
Executive Chairman
18th July, 2020
16
DIRECTORS’ REPORT
The Board presents the Seventieth Annual Report together with the Audited Financial
Statement and the Auditor’s Report for the Financial Year ended on 31st March 2020.
Financial Highlights
The financial highlights are set out below:
(` in million)
Particular Standalone Consolidated
Year 2019-20 2018-19 2019-20 2018-19
Total Revenue 14,343.08 16,272.62 16,746.94 18,796.07
Earnings Before Interest, Depreciation,
Taxes, Amortisations and Exceptional
items (EBIDTA) 3,094.21 4,061.38 3,686.98 4,747.05
Finance Costs 495.15 463.60 556.05 504.41
Depreciation 1,342.03 1,230.08 1,464.61 1,325.57
Exceptional Income/ (Expenditure) (166.07) (730.66) (4.67) (730.66)
Share of Profit of Associate and
Joint Venture Companies - - (1.44) 122.96
Profit Before Tax 1,090.96 1,637.04 1,660.21 2,309.37
Current Tax 209.91 610.29 372.39 862.25
Deferred Tax (363.62) (106.63) (363.61) (42.45)
Net Profit for the year 1,244.67 1,133.38 1,651.43 1,489.57
Other Comprehensive Income / (Loss) for
the year, net of tax (23.29) (8.86) 550.82 (16.32)
Total Comprehensive Income 1,221.38 1,124.52 2,202.25 1,473.25
Less: Share of profit of Non-Controlling
Interest - - 173.09 170.86
Total Comprehensive Income attributable
to Group - - 2,029.16 1,302.39
Profit for the Year attributable to the
Group - - 1,488.17 1,315.41
Balance Brought Forward 4,861.01 4,468.78 5,398.59 4,910.16
Adjustment for new Ind AS 6.69 (112.14) 8.09 (112.04)
Accumulated Balance 6,112.37 5,490.02 6,894.85 6,113.53
Adjusted to Opening Retained Earnings - - - (81.78)
Final Dividend paid for the year 2018-19 (514.41) (514.41) (514.41) (514.41)
Dividend Tax (72.25) (105.74) (91.34) (105.73)
Transfer to General Reserve - - - -
Other Comprehensive Income / (Loss) for
the year, net of tax (23.29) (8.86) (52.53) (13.02)
Balance carried over 5,502.42 4,861.01 6,236.57 5,398.59
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Directors’ Responsibility Statement
In accordance with the provisions of Section 134 (5) of the Companies Act, 2013
(“the Act”) and, based upon representations from the Management, the Board states that:
a) in preparing the Annual Accounts, applicable accounting standards have been
followed and there are no material departures;
b) the Directors have selected accounting policies, applied them consistently and
made judgments and estimates that are reasonable and prudent 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 the year;
c) the Directors have taken proper and sufficient care in maintaining adequate
accounting records in accordance with provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other
irregularities;
d) the Directors have prepared the Annual Accounts of the Company on a “going
concern” basis;
e) the Directors have laid down internal financial controls to be followed by the
Company. These internal financial controls are adequate and are operating
effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws. These systems are adequate and are operating effectively.
Performance
The annexed Management Discussion and Analysis forms a part of this report and covers,
amongst other matters, the performance of the Company during the Financial Year 2019-
20 as well as the future outlook.
Business Responsibility Report

In accordance with regulation 34(2) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”), the Business Responsibility
Report describing the initiatives taken by the Company from the environmental, social
and governance perspective is attached and forms part of this Report.
Corporate Governance Report

In accordance with regulation 34(3) read with Schedule V(C) of the listing regulations,
the report on Corporate Governance along with the certificate from Practicing Company
Secretary is attached and forms part of this Report.
Dividend
In view of the prolonged lockdown and consequent travel restrictions to avoid spread
of COVID-19 pandemic imposed by the Government of India as well other countries
globally almost all business segments i.e. Corporate, Leisure, MICE and Direct business
were severely impacted. In these unforeseen and uncertain times, it is difficult to predict
when business conditions will normalise. Therefore, in order to conserve cash and ensure
liquidity for the operations for the Financial Year 2020-21, the Board of Directors decided
not to recommend any dividend to the shareholders for the Financial Year 2019-20.
18
Board Meetings
During the year, Five Board Meetings were held on 30th May 2019, 13th August 2019,
5th November 2019, 24th January 2020 and 26th March 2020 respectively.
Directors and Key Managerial Personnel

The Shareholders, by special resolutions passed on 11th July 2019, approved re-
appointment of Mr. Lakshminarayan Ganesh (DIN: 00012583), Mr. Rajeev Gupta
(DIN: 00241501) and Mr. Sudipto Sarkar (DIN: 00048279) as Non-executive Independent
Directors on the Board of the Company for a second term of 5 (five) consecutive years
from the date of expiry of their respective current term, not liable to retire by rotation.
The Nomination and Remuneration Committee and the Board at their respective
meetings held on 28th May 2019 and 30th May 2019, noted that the above Non-executive
Independent Directors are highly renowned professionals drawn from diverse fields,
who bring with them a wide range of skills and experience to the Board, which enhances
the quality of the Board’s functioning and its decision making process. The Company and
the Board have immensely benefitted from their vast experience, knowledge and strategic
insights on various matters relating to Company’s business. Considering the enormous
contributions of the Directors to the functioning and performance of the Company, the
Board was of the unanimous view that it will be in the best interest of the Company to
re-appoint them as Non-executive Independent Directors for a second term of 5 (five)
consecutive years.
Taking into consideration the outcome of the performance evaluation report of the
aforesaid three independent directors, the Board of Directors, on the recommendation
of the Nomination and Remuneration Committee, approved and recommended to
Shareholders re-appointment of Mr. Lakshminarayan Ganesh, Mr. Rajeev Gupta and
Mr. Sudipto Sarkar as Non-executive Independent Directors on the Board of the Company,
not liable to retire by rotation, for a second term of 5 (five) consecutive years from the
respective expiry date of their current term.
The Shareholders, by special resolutions passed on 11th July 2019, approved

re-appointment and remuneration of Key Managerial Personnel of the Company, namely,
Mr. Vikramjit Singh Oberoi (DIN: 00052014), Managing Director and Chief Executive
Officer and Mr. Arjun Singh Oberoi (DIN: 00052106), Managing Director-Development
for a term of 5 (five) years with effect from 1st July 2019.
The Shareholders, by an ordinary resolution passed on 12th October 2019, on the

recommendation of Nomination and Remuneration Committee and the Board, approved
appointment of Mr. Sanjay Gopal Bhatnagar (DIN: 00867848) as a Non-executive
Independent Director on the Board of the Company for a term of 5 (five) consecutive
years with effect from 27th August 2019, not liable to retire by rotation, in place of
Mr. Santosh Kumar Dasgupta.
At the first meeting of the Board of Directors for the Financial Year 2020-21 held on
26th June 2020 the Independent Directors have confirmed, as required under sub section
(7) of Section 149 of the Act read with Regulation 25(8) of the listing regulations, that
they meet the criteria of independence required under sub-section (6) of Section 149 of
the Act and clause (b) of sub-regulation (1) of Regulation 16 of the listing regulations.
19
The Board, after undertaking due assessment of the veracity of the declaration submitted
by the Independent Directors under sub section (6) of Section 149 of the Act read with
sub-regulation (9) of Regulation 25 of the listing regulations, was of the opinion that the
Independent Directors meet the criteria of independence.
Mr. Vikramjit Singh Oberoi retires by rotation at the forthcoming Annual General
Meeting and being eligible, offer himself for re-appointment. The Directors recommend
re-appointment of Mr. Vikramjit Singh Oberoi as a Director on the Board.
Corporate Social Responsibility

The Company’s Corporate Social Responsibility (CSR) Policy formulated in accordance
with Section 135 of the Act read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014 can be accessed on the Company’s website www.eihltd.com
The Annual Report on Corporate Social Responsibility activities for the Financial Year
2019-20 is given in Annexure 1 and forms a part of this Report. The Annexure also gives
the composition of the CSR Committee.
In addition to the mandatory CSR spend in accordance with the Act, during the year, the
Company’s Hotels and Service Units have also taken the following CSR initiatives:
The Oberoi Grand, Kolkata supports Sasha, an NGO which works with local artisans
for the upliftment and self-employment of women by purchasing hand-crafted products
made by them. Hotel also donate discarded uniforms, bath & bed linen, F&B linen and
newspapers. The hotel also invited Ankur Kala, Shri Rajchandra Aatma Tatva Research
Centre and Sarada Seva Sangha NGO’s working for the rehabilitation and empowerment
of marginalised and economically challenged women and children and physically
challenged women to showcase and sell their products viz. batik, tie-n-dye, tailoring,
appliqué, block printing, silk-screen, handmade gift packets, candles, bags, jute, batik,
embroidery, tailoring and stationery products. The hotel had also organised breakfast
on 28th December 2019 for 1,200 children in the Jungle Crows ‘Khelo Rugby’ 10 day
winter camp which was coordinated by Mr. Paul Walsh and Chef Shaun Kenworthy for
economically deprived sections of the city who are trained to play Rugby.
The Oberoi, Udaivilas, Udaipur employees visited Mother Teresa Orphanage and Asha
Dham Ashram for the poor, sick, mentally challenged and old people and supports them
by taking care of their daily needs. Visits were also organised to government primary
school, local vendors/kiosks, where importance of hygiene was demonstrated and
toiletries were distributed. Collaterals in all the guest rooms are placed and donations
given by guests are collected and sent to CRY (Child Relief and You). As a green initiative,
the hotel also organised, sapling plantation drives at Fatehsagar lake area.
The Oberoi and Trident Nariman Point, Mumbai donated community kitchen equipment
and utensils to Bal Jeevan Trust. Bal Jeevan Trust works relentlessly to improve nutrition
and education for street children in the city of Mumbai. The hotels organized a hotel visit
for the children of The Aditya Birla Integrated Trust for a day of fun and learning. The
children spent the day learning about Hotel operations of different departments. They
enjoyed their visit to the flower room and also learnt a few kitchen tricks with our chefs
in an interactive cooking session on basic methods of cooking. Representatives from The
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National Institute for the Blind (NAB) displayed their talent and creativity through an
exhibition and sale of hand - made ‘Rakhi’ and other small gift items. The hotels organized
a Shop of a Cause Exhibition for all employees in the cafeteria. The decorative and gift
items were hand made by volunteers from various Non-Profit Organizations such as
Krupakabi, Welfare for Stray Dogs, DEEDS, Women Trust of India, Aseema Foundation
and Dharma Bharti Foundation. All contributions generated from the sale are utilized by
the Non - Profit organizations to uplift the lives of many. The hotels organized a yearly
charity drive to encourage team members to come forward and donate household items/
clothes/ books/ toys which are no longer of use to them.
Trident Bandra Kurla Complex, Mumbai seeks to raise awareness towards the need
for youth education, healthcare and safety needs. Through the Youth Career Initiative
(YCI) Program, we aim to not only provide high-quality vocational education to under-
privileged needful youth, but to also create an environment conducive to their overall
growth and development. Ten youth aspirants were trained across various departments
and functions in the hotel namely - Housekeeping, Kitchen, F&B Service and Front Office.
The Oberoi, Bengaluru nurtures physically challenged girls and economically challenged
senior citizens in association with Cheshire Home Trust. The hotel team hosts a lunch
for the children, care givers and supervisors at the Home. Girls and their teachers were
invited for a fun afternoon followed by lunch at the hotel. The hotel team also organized
interactive and engaging activities for the children of the home. Former resident of this
home is employed with the reservations back office team. Hotel also work with Friends
in Need Society-this NGO works with orphanages and home for the elderly. Christmas
fete was organized where donated items are sold to invitees and funds raised for an
old age home. The hotel contribute 250 pieces of festive tea cakes for their bake sale.
The hotel also works with the Association of People with Disability, Bangalore Chapter
working for underprivileged people with disability. The hotel supplies lunch for their
Bangalore residents. The bakery team donates all breakfast pastries and rolls which are
not consumed during each morning’s breakfast service.
During the pandemic caused by COVID-19 virus, the hotel and its kitchen and support
teams arranged both lunch and dinner boxes for the staff of St’ Philomena’s Hospital.
The Oberoi Vanyavilas, Ranthambore was involved in the welfare of local communities
by providing life insurance and basic equipment to forest guards in Ranthambore. The
hotel also promotes “Dhonk”, a socially responsible enterprise that aims at creating
sustainable jobs for local villagers through art and crafts. The rainfall pattern has changed
significantly at Sawai Madhopur and has resulted in shortage of water in the jungle and the
natural water bodies tend to dry. The hotel has assisted the forest department by filling the
water hole behind the hotel for the wild animals to drink water. On the recommendation
of the Chief Conservator of Forest, the hotel recognized the exceptional work done by the
forest guards at the Ranthambore National Park and in other parks of India. The hotel
visits the underprivileged and disabled children and arranges refreshments, gifts and a
little party of song and dance.
The Oberoi, Gurgaon and Trident, Gurgaon engage with communities at various levels,
supporting initiatives in education, community development, skill development and
basic needs of food. The hotels are associated with Happy School, which is a school for
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underprivileged children. Both hotels provide mid-day meal of high-protein soya biryani
once a week. Executives also contribute by volunteering to teach or donate toys. The
hotels are also associated with Ritinjali, which is a volunteer-based organization that
works with the marginalized communities in education and development related projects.
The hotels provide basic food and essentials like rice, wheat flour and oil once a month.
The hotels hire differently abled persons from Pallavanjali Institute for the Actualization
of Individual Potential (PIAP) which is an NGO that focus on the needs of children and
youth with disabilities. In the area of skill development and livelihood generation, the
hotels are partnered with Youth Career Initiative (YCI) which is an innovative, high-
impact approach to combating global youth unemployment. It works with young people
who are unlikely to have a viable route into legitimate employment and improve their
situation without external help. This is a 6 months programme and every year candidates
are trained by the hotels. The candidates are paid a stipend and transportation during the
training period. A blood donation camp was organised in association with Sri Sathya Sai
Sanjeevani Hospital and the Rotary Blood Bank.
Maidens Hotels, Delhi employees visited Palna and Mother Teresa Home where breakfast
and gifts were distributed. A blood donation camp was organised where the employees
also donated blood.
The Oberoi, New Delhi organized blood donation camps in association with the Rotary
Blood Bank and the Sri Sathya Sai Sanjeevani Centre for Child Heart Care to create
awareness about the benefits of safe and regular blood donation. The hotel also supports
numerous underprivileged citizens through Goonj, an NGO. Several team members
donated woolens, blankets, shawls, shoes in addition to other items of basic necessity
that are used to protect against the winter cold.
Audit Committee
The composition of the Audit Committee is as under:
• Mr. Sudipto Sarkar - Independent Director & Chairperson
• Mr. Lakshminarayan Ganesh - Independent Director
• Mr. Anil Kumar Nehru - Independent Director
• Mr. Rajeev Gupta – Independent Director
• Mr. Shib Sanker Mukherji – Executive Vice Chairman; and
• Mr. Arjun Singh Oberoi - Managing Director, Development
For other details relating to the Audit Committee, please refer to the Corporate Governance
Report.
Company’s Policy on Directors Appointment and Remuneration and Senior

Management Personnel Appointment and Remuneration
The Company’s Policy on Directors Appointment and Remuneration Policy (revised),
2019, (“Director Appointment Policy”) and Senior Management Appointment and
Remuneration Policy (“Senior Management Policy”) formulated in accordance with
Section 178 of the Act read with regulation 19(4) of the listing regulations can be accessed
on the Company’s website www.eihltd.com.
22
The salient features of the “Directors Appointment Policy” are as under:
• The Policy aims to engage Directors (including non-executive and independent non-
executive directors) who are highly skilled, competent and experienced persons
within one or more fields of business, finance, accounting, law, management, sales,
marketing, administration, corporate governance, technical operations or other
disciplines related to the business of the Company. The Directors shall be able to
positively carry out their supervisory role on the management and the general affairs
of the Company;
• assessing the individual against a range of criteria including but not limited
to industry experience, background, and other qualities required to operate
successfully in the position with due regard to the benefits of diversity of the Board;
• the extent to which the individual is likely to contribute to the overall effectiveness
on the Board and work constructively with existing Directors;
• the skills and experience the individual brings to the role and how these will enhance
the skill sets and experience of the Board as a whole;
• the nature of positions held by the individual including directorships or other
relationships and the impact they may have on the Directors ability to exercise
independent judgment;
• the time commitment required from a Director to actively discharge his or her duties
to the Company.
The Salient features of the “Senior Management Policy” are as under:

• The objective of this Policy is to provide a framework and set standards for the
appointment, remuneration and termination of Key Managerial Personnel (KMP)
and the Core Management Team (within the Senior Management Personnel) who
have the capacity and responsibility to lead the Company towards achieving its
long term objectives, development and growth;
• Appointment & Remuneration of Key Managerial Personnel and Core Management
Team are aligned to the interests of the Company and its Shareholders within an
appropriate governance framework;
• Remuneration is structured to align with the Company’s interests, taking into
account the Company’s strategies and risks;
• Remuneration is linked to individual and Company performance, which, in turn,
impacts the quantum of variable pay;
• Remuneration is designed to be competitive within the hospitality industry or
other industries in general for applicable roles;
• Executives performing similar complexity of jobs are paid similar compensation.
The remuneration paid to Senior Management personnel is categorised under the

following major heads:
Fixed Salary: This includes basic salary, other allowances, perquisites and retirement
benefits;
Variable Salary: This includes variable pay linked to Company and Individual
performance.
23
Energy Conservation Measures
During the year, energy conservation measures taken by the Company include:
• replacement of conventional lamps with energy efficient LED lamps with inclusion
of smart controls;
• replacement of old chiller with energy efficient chiller;
• replacement of old split air conditioners with inverter based units;
• improving thermal insulation of guest tents;
• installation of energy efficient EC motors in ventilation fans;
• installation of waste heat recovery equipment;
• installation of VFD for air compressors and chilled water pumps;
• carrying out over hauling works for cooling towers and heat exchangers;
• installation of water flow optimizers in wash basin taps and installation of water
efficient eco washer based WCs.
Furthermore, conservation measures in the form of tight operational control of lighting

and other equipment, regulation of air conditioning set points according to ambient
temperatures, taking guest floors out of order during low occupancy and optimization
of laundry and boiler operation were continued. Energy audit of plant and machinery
along with thermography of electrical panels were carried out for identifying additional
measures of saving energy.
Operational measures include setting of benchmarks with respect to the current year with
targets for increased savings, initiatives by energy conservation committees comprising
of cross functional groups, close monitoring and performance evaluation of plant and
machinery by conducting regular self-audit and up grading of plant room equipment.
With various energy conservation measures taken in the Financial Year 2019-20, the
Company reduced overall energy consumption by about 3.25 million Kwh which resulted
in a reduction of carbon dioxide emissions by about 1.7 million kg in comparison to the
previous financial year.
Actions planned for the next year are –

• replacement of remaining conventional lamps with energy efficient LED lamps;
• upgrading of sewage treatment plants;
• installation of new energy efficient pumps;
• upgrading chillers with VFD retrofitting;
• replacement of old chillers with more energy efficient chillers;
• installation of heat pumps in place of conventional hot water boilers;
• replacement of cooling towers with more efficient cooling towers;
• installation of water efficient eco washer based water closets and installation of
water flow optimizer in taps.
24
Foreign Exchange Earnings and Outgo
During the Financial Year 2019-20, the foreign exchange earnings of the Company
amounted to ` 4,685.10 million as compared to ` 5,144.68 million in the previous year.
The expenditure on foreign exchange during the Financial Year was ` 697.01 million as
compared to ` 598.28 million in the previous year.
Auditor and Auditor’s Report

At the 67th Annual General Meeting of the Company held in the year 2017, the
Shareholders had approved the appointment of M/s. Deloitte, Haskins & Sells LLP,
Chartered Accountants, (FRN 117366 W/W 100018) (“Deloitte”) as the Statutory Auditors
of the Company to hold office for 5 (five) consecutive years.
The Report of Auditors does not contain any qualification, reservation or adverse remarks.
Secretarial Auditors
In accordance with the provisions of Section 204 of the Act, M/s. JUS & Associates were
appointed as the Secretarial Auditors of the Company for the Financial Year ended on
31st March 2020. The Secretarial Audit Report submitted by the Secretarial Auditors
does not contain any qualification, reservation or adverse remarks. The Secretarial
Auditor Report is annexed and forms part of the Annual Report. The Certificate of
Non-Disqualification of Directors from the Practicing Company Secretary pursuant to
Regulation 34(3) and Schedule V Para C clause (10)(i) of the listing regulations is also
annexed and forms part of this report.
Secretarial Standards
During the year, the Company has complied with the applicable Secretarial Standards.
Related Party Transactions

The contracts, arrangements and transactions entered into by the Company during the
Financial Year with related parties were in the ordinary course of business and are on
an arm’s length basis. During the year, the Company has not entered into any contract,
arrangement or transaction with Related Parties that could be considered material in
accordance with the Related Party Transaction Policy of the Company. The Policy on
Related Party Transactions approved by the Board can be accessed on the Company’s
website www.eihltd.com.
The details of Related Party Transactions are set out in Note nos.43 and 43 to the Standalone
and Consolidated Financial Statements respectively.
Extract of Annual Return

The Extract of the Annual Return for the Financial Year ended on 31st March 2020 in Form
MGT-9 is annexed as Annexure 2.
Loan, Guarantees or Investments

Particulars of loans given, investment made, guarantees given, if any, and the purpose for
which the loan, guarantee and investment will be utilised are provided in the Standalone
Financial Statement in Note nos. 8 & 44.
25
Deposits
During the year, the Company did not accept any deposits from the public.
Vigil Mechanism / Whistleblower Policy

In accordance with the Section 177(9) of the Act and rules framed thereunder read with
Regulation 22 of the Listing Regulations, the Company has a Whistleblower Policy in
place for its Directors and Employees to report concerns about unethical behaviour,
actual or suspected fraud or violation of the Company’s Code of Conduct, “The Oberoi
Dharma”. The Policy provides for protected disclosures for the Whistleblower. Disclosures
can be made through e-mail or letter to the Whistle Officer or to the Chairperson of the
Audit Committee. The Whistleblower Policy can be accessed on the Company’s website
www.eihltd.com.
During the year ended on 31st March 2020, one complaint was received from an
ex- employee of the Company’s business unit, Oberoi Flight Services, Chennai against the
General Manager of the unit. The complaint was thoroughly investigated by the Whistle
Officer and the Whistle Committee. The Report of the Whistle Officer and the Whistle
Committee and its recommendation was placed before the Audit Committee. The Audit
Committee deliberated and approved the recommendation of the Whistle Committee
for Management action. The Management took necessary action to the satisfaction of the
Audit Committee.
Subsidiaries, Associates and Joint Ventures

Subsidiaries/Joint Ventures
The Company has three Indian subsidiaries which are also Joint Ventures, namely,
Mumtaz Hotels Ltd, Mashobra Resort Ltd and Oberoi Kerala Hotels and Resorts Ltd.
The Company’s overseas subsidiaries are i) EIH Flight Services Ltd, Mauritius;
ii) EIH International Ltd, BVI; iii) EIH Holdings Ltd, BVI; iv) EIH Investments NV
Netherlands; v) EIH Management Services BV, Netherlands; vi) PT Widja Putra Karya,
Indonesia; vii) PT Waka Oberoi Indonesia, Indonesia and viii) PT Astina Graha Ubud,
Indonesia.
In accordance with regulation 16 read with regulation 24 of the listing regulations,
the Board at its meeting held on 30th May 2019, on the recommendation of the Audit
Committee, identified the following unlisted subsidiary companies of the Company as
“material subsidiary” for the Financial Year 2019-20 (based on Income/Net worth in the
preceding accounting year 2018-19) :
S. Name of the Percentage Action Required under
No. subsidiary Listing Regulations
1. Mumtaz Hotels Ltd 20.51 (based i) Secretarial Audit for 2019-20;
on income) ii)Appointment of a EIH Independent
Director on the Board of Mumtaz Hotels Ltd.
2. EIH International Ltd 23.37 (based Appointment of a EIH Independent
on Net worth) Director on the Board of EIH International Ltd.
3. Mashobra Resorts Ltd 10.53 (based Secretarial Audit for 2019-20;
on Income)
4. EIH Holdings Ltd 12.00 (based No action required.
on Net worth)
26
Therefore, in accordance with regulation 24A of the listing regulations, Secretarial Audit
of the records of the unlisted material subsidiaries, Mumtaz Hotels Limited and Mashobra
Resorts Ltd, both incorporated in India, was conducted by JUS & Associates, Practicing
Company Secretary for the Financial Year 2019-20. The Secretarial Audit Report submitted
by the Practicing Company Secretary does not contain any qualification, reservation, or
adverse remark. The Secretarial Audit Report of Mumtaz Hotels Ltd and Mashobra Resort
Ltd are annexed and forms part of the Annual Report.
At the Company’s Board Meeting held on 13th August 2019, the Board had approved
appointment of Mr. Sudipto Sarkar, Independent Director as a Director on the Board of
EIH International Ltd, a foreign subsidiary and Dr. Chhavi Rajawat, Independent Director
on the Board of Mumtaz Hotels Ltd, an Indian subsidiary. Accordingly, Mr. Sudipto
Sarkar was appointed on the Board of EIH International Ltd on 9th September 2019 and
Dr. Chhavi Rajawat was appointed on the Board of Mumtaz Hotels Ltd on 25th October
2019.
Associates
The Company has two domestic Associate Companies, namely, EIH Associated Hotels
Ltd (a listed entity) and USmart Education Ltd (an unlisted entity).
Joint Ventures
The Company has three Joint Venture Companies, one domestic Company, namely,
Mercury Car Rentals Private Ltd and two foreign Companies, namely, Oberoi Mauritius
Ltd and La Roseraie De L’Atlas (also an associate as per Ind AS requirement) through its
wholly owned foreign subsidiary.
A Report on the performance and financial position of each of the Subsidiaries, Associates
and Joint Venture Companies are provided in the Annexure to the Consolidated Financial
Statement and hence are not repeated here for the sake of brevity.
The policy on material subsidiaries can be accessed on the Company’s website
www.eihltd.com.
Directors/Key Managerial Personnel (KMP) Remuneration

a) During the year, in accordance with regulation 17(6) (e) of the listing regulations,
special resolutions were passed by the shareholders by way of postal ballot and
remote e-voting on 11th July 2019 in respect of remuneration of Mr. Vikramjit Singh
Oberoi (DIN: 00052014), and Mr. Arjun Singh Oberoi (DIN: 00052106).
b) The ratio of the remuneration of each Director to the median employees
remuneration for the Financial Year is as under:
(` in Million)
S.No Name of the Director Directors’ Median Ratio
Remuneration Employees
Remuneration
1. Mr. Prithvi Raj Singh Oberoi, 28.25 0.43 66:1
Executive Chairman
2. Mr. Shib Sanker Mukherji, 29.40 0.43 68:1
Executive Vice Chairman
3. Mr. Vikramjit Singh Oberoi 33.49 0.43 78:1
Managing Director & CEO
4. Mr. Arjun Singh Oberoi 30.72 0.43 71:1
Managing Director - Development
Directors’ remuneration includes retirement benefits, wherever applicable
27
c) The percentage increase in remuneration of each Executive Director, Chief
Executive Officer, Chief Financial Officer, Company Secretary or Manager, if any in
the Financial Year:
(` in Million)
S.No Name Total Total Percentage
Remuneration Remuneration Increase /
2019-20 2018-19 Decrease
1. Mr. Prithvi Raj Singh Oberoi 28.25 33.02 (14.45)

2. Mr. Shib Sanker Mukherji 29.40 32.94 (10.72)
3. Mr. Vikramjit Singh Oberoi 33.49 35.84 (6.56)
4. Mr. Arjun Singh Oberoi 30.72 33.32 (7.78)
5. Chief Financial Officer - 15.75* -
6. Chief Financial Officer 14.92 10.97** 36.01
7. Company Secretary 8.25 6.88 19.91
Total remuneration includes retirement benefits, wherever applicable

*Mr. Biswajit Mitra-CFO up to 30thSeptember 2018
**Mr. Kallol Kundu- CFO with effect from 1st October 2018
d) The percentage increase in the median remuneration of employees in the Financial

Year 3.92%.
e) The number of permanent employees on the rolls of the Company at the end of the
Financial Year are 3,929.
f) The average percentage increase already made in the salaries of employees of the
Company other than the managerial personnel in the last Financial Year was 5.8%.
The average percentage increase in the managerial remuneration is Nil.
It is hereby affirmed that the remuneration of the Executive Directors and Key Managerial
Personnel are as per the Remuneration Policy of the Company.
Internal Financial Controls and Risk Management Systems

Compliance of the Internal Financial Controls and Risk Management Systems are given
in the Management Discussion & Analysis report.
Board Evaluation
In accordance with the provisions of the Act and Regulation 17(10) of the Listing
Regulations, a Board Evaluation Policy is in place. A structured questionnaire by an
independent external agency covering various aspects of the Board’s functioning,
Board culture, performance of specific duties by Directors and contribution to the Board
proceedings was circulated to the members of the Board for the Financial Year 2019-20.
Based on the responses received, the Board as a whole, the Committees, the Chairperson
and individual Directors were separately evaluated in the meeting of the Independent
Directors and at the meeting of the Board of Directors.
28
The process of review of Non-Independent Directors, the Board as a whole and also its
Committees were undertaken in a separate meeting of Independent Directors held on
22nd May 2020 without the attendance of Non-Independent Directors and members of
management. At the meeting, the performance of the Chairman of the Company was
reviewed taking into account the views of the Executive Directors, Non-executive
Directors and Independent Directors. The meeting also assessed the quality, quantity and
timeliness of information required for the Board to perform its duties properly.
The entire Board, excluding the Director being evaluated, evaluated the performance of
each Independent Director.
The Directors have expressed their satisfaction with the evaluation process conducted by
the independent external agency.
Based on the findings from the evaluation process, the Board will continue to review
its procedures, processes and effectiveness of Board’s functioning, individual Directors
effectiveness and contribution to the Board’s functioning in the Financial Year 2020-21 as
well with a view to practice the highest standards of Corporate Governance.
Cost Records
The Company is not required to maintain cost records in accordance with Section 148 of
the Act read with Rule 3 of the Companies (Cost Record and Audit) Rules, 2014 as the
services of the Company are not covered under the said rules.
Significant and Material orders, if any

During the Financial Year, there were no significant or material orders passed by the
regulators, courts or tribunals impacting the going concern status and the Company’s
operation in future.
Prevention of Sexual Harassment at the Workplace

The Company has a policy for prevention of sexual harassment at the workplace.
In accordance with the Sexual Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 2013 (“POSH Act”) and rules made thereunder, the
Company has constituted an Internal Compliant Committee (ICC) in all its hotels, Oberoi
Flight Services (OFS), Oberoi Airport Services (OAS), Printing Press and Corporate Office.
During the year, the ICC received three complaints from Company’s Hotels. All the three
complaints have been disposed of within the statutory time period prescribed under the
POSH Act. The Company has also filed necessary returns as required to be filed under
the POSH Act.
Particulars of Employees
In accordance with Section 197 of the Act read with Rule 5 of the Companies (Appointment
and Remuneration) Rules, 2014 the following are annexed and forms part of this Report:
i) List of top ten employees of the Company in terms of remuneration;
ii) List of employees who received remuneration for the year which in the aggregate
was not less than ` 10.2 million;
iii) List of employees who were employed for a part of the year and who received
remuneration which in the aggregate, was not less than ` 0.85 million per month.
29
Cautionary Statement
Risks, uncertainties or future actions could differ materially from those expressed in
the Directors’ Report and the Management Discussion and Analysis. These statements
are relevant on the date of this Report. We have no obligation to update or revise any
statements, whether as a result of new information, future developments or otherwise.
Therefore, undue reliance should not be placed on these statements.
Acknowledgement
The Board takes this opportunity to thank all employees for their commitment, dedication
and co-operation.
For and on behalf of the Board
ARJUN SINGH OBEROI VIKRAMJIT SINGH OBEROI

Mumbai Managing Director-Development Managing Director and
26th June 2020 Chief Executive Officer

30
Annexure -1
ANNEXURE TO THE DIRECTORS’ REPORT
Annual Report on CSR Activities
1. A brief outline of the Company’s CSR Policy, including overview of projects

or programs to be undertaken and a web-link to the CSR Policy, projects and
programs.
The Board of Directors, on the recommendation of the CSR Committee, had

formulated a Corporate Social Responsibility Policy (“CSR”). As per the Policy
Statement, the Company will focus on any one or more of the following CSR
activities:
i) addressing the critical social, economic and educational needs of the
marginalized under-privileged children of the society, especially to orphan
and homeless children and care for their educational, nutritional, health and
psychological development needs;
ii) caring for the elderly and addressing their health issues;
iii) addressing the sanitation issues including contribution to the Swachh Bharat
Kosh set up by the Central Government for promotion of sanitation;
iv) ensuring environmental sustainability, ecological balance, protection of flora
and fauna, conservation of natural resources and maintaining quality of soil,
air and water including contribution to the clean Ganga Fund set up by the
Central Government for rejuvenation of river Ganga;
The CSR Policy and the activities of the Company are available on the Company’s
website www.eihltd.com.
The Board of Directors at its Board Meeting held on 13th August 2019, on the
recommendation of the CSR Committee, approved a CSR spend of ` 27.47 Million
on the following CSR activities for the Financial Year 2019-20:
(` in Million)
S.No. Activity Amount
1. Contribution to SOS Children’s Villages of India 23.97
2. Contribution to Help Age India 3.50
Total 27.47
The aforesaid two activities approved are ongoing contracts for the year 2019-20.
2. Composition of the CSR Committee
The CSR Committee comprises of the following Board Members:

i) Mr. Shib Sanker Mukherji- Chairperson;
ii) Mr. Vikramjit Singh Oberoi- Member;
iii) Mr. Arjun Singh Oberoi- Member; and
iv) Mr. Rajeev Gupta– Independent Director and Member
31
3. Average Net Profit of the Company for the last three Financial Years
` 1,313.49 Million
4. Prescribed CSR Expenditure (two percent of the amount as in Item 3 above)

` 26.27 Million.
5. Details of CSR spent during the Financial Year

a) The total amount to be spent for the Financial Year including the previous
year’s unspent amount : ` 26.27 Million
b) Amount unspent, if any : NIL
c) Manner in which the amount was spent during the Financial Year is detailed
below:
(1) (2) (3) (4) (5) (6) (7) (8)
S. CSR Project Sector in Project or Amount out- Amount Cumulative Amount
No or activity which the programs (1) lay (budget) spent on the expenditure spent Direct
identified project is Local area project or projects or up to the or through
covered or other (2) programs programs reporting implement-
Specify the wise sub-heads period ing agency
state and (` Million) (1) Direct (` Million)
district expenditure
where on projects
projects or or programs
programs (2) Over-
was under- heads :
taken (` Million)
1 Promoting Urban/ Kolkata, 23.97 23.97 23.97 Through
social, eco- Rural Mumbai, SOS
nomic and Delhi, Children’s
educational Bhu- Villages of
needs of the baneswar, India
marginalised Jaipur, Agra
under- and Udaipur
privileged
children.
2. Primary Urban Shimla 3.50 3.50 3.50 Through

health care Help Age
services India
for India’s
elderly
population
(60+ years)
for the poor
and needy
TOTAL 27.47 27.47 27.47
6. In case the Company has failed to spend the two percent of the average net profit
of the last three Financial Years or any part thereof, the Company shall provide the
reasons for not spending the amount in the Board Report.
The Company has spent more than what was required to be spent as CSR amount i.e.
` 27.47 Million as against ` 26.27 Million required to be spent in the Financial Year.
7. The CSR Committee states that the implementation and monitoring of the CSR
Policy is in compliance with CSR objectives and policy of the Company.
VIKRAMJIT SINGH OBEROI SHIB SANKER MUKHERJI

Managing Director and CEO Chairperson – CSR Committee
32
Annexure 2
ANNEXURE TO THE DIRECTORS’ REPORT
FORM NO. MGT 9

EXTRACT OF ANNUAL RETURN
As at the Financial Year ended on 31st March 2020
Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12(1) of the Company
(Management & Administration) Rules, 2014.
I. REGISTRATION & OTHER DETAILS:

1. CIN L55101WB1949PLC017981
2. Registration Date 26th May 1949
3. Name of the Company EIH Limited
4. Category/Sub-category of the Company Public Limited
5. Address of the Registered office & contact details 4, Mangoe Lane, Kolkata – 700 001
Telephone No. : 91-33-4000 2200
Fax Nos.: 91-33-2248 6785/91-33-2242 0957
E-mail: [email protected]
: [email protected]
6. Whether listed company Yes

7. Name, Address & contact details of the Registrar Investors Services Division
& Transfer Agent, if any. 7, Sham Nath Marg
Delhi – 110 054
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing
10 % or more of the total turnover of the company shall be stated)
S. Name and Description of main NIC Code of the % to total turnover of the
No. products / services Product/service company
1 Hotel Services 9963/99631110 94.43
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

S.No Name and Address of the CIN Holding/ % of Shares Applicable
Company Subsidiary/ held Section
Associate
1 Mumtaz Hotels Limited U55101WB1990PLC095270 Subsidiary 60.00 2(87)
4, Mangoe Lane, Kolkata-700 001
2 Mashobra Resort Limited U55101HP1995PLC017440 Subsidiary 78.79 2(87)
Wildflower Hall
Chharabra, Shimla-171012
3 Oberoi Kerala Hotels and Resorts U55101KL1994PLC007951 Subsidiary 80.00 2(87)
Limited
XXIV/1289,Bristow Road,
Willingdon Island, Cochin-682 003
33
S.No Name and Address of the CIN Holding/ % of Shares Applicable
Company Subsidiary/ held Section
Associate
4 EIH International Limited Foreign Company Subsidiary 100.00 2(87)
Romasco Place, Wickhams Cay 1,
Road Town, Tortola,
British Virgin Island
5 EIH Holdings Limited Foreign Company Subsidiary 100.00 2(87)
Road Town, Tortola,
6 EIH Investments N.V. Foreign Company Subsidiary 100.00 2(87)
Chuchubiweg 17, Curacao,
Netherlands Antilles
7 EIH Management Services B.V. Foreign Company Subsidiary 100.00 2(87)
Locatellikade 1, Parnassustoren,
1076 AZ Amsterdam,
The Netherlands
8 PT Widja Putra Karya Foreign Company Subsidiary 70.00 2(87)
J1. Kayu Aya- Seminyk Beach,
Kuta, Denpasar 80033, Bali,
Indonesia
9 PT Waka Oberoi Indonesia Foreign Company Subsidiary 96.33 2(87)
Patai Medana, Tanjung 83352, Lon-
bok Utara-Nusa, Tenggara Barat
(NTB) Indonesia
10 PT Astina Graha Ubud Foreign Company Subsidiary 60.00 2(87)
Dsn/Br. Jambangan Singekerta,
Ubud-Gianyar, Indonesia
11 EIH Flight Services Limited Foreign Company Subsidiary 100.00 2(87)
The Oberoi Mauritius, Baie aux
Tortues Pointe aux Piments
Mauritius
12 EIH Associated Hotels Limited L92490TN1983PLC009903 Associate 36.81 2(6)
1/24, G.S.T. Road,
Meenambakkam
Chennai-600 027
13 Mercury Car Rentals Private U63011WB1995PTC068029 Joint Venture 40.00 2(6)
Limited 4, Mangoe Lane,
Kolkata – 700 001
14 USmart Education Ltd Everest U80901WB2013PLC199259 Associate 25.10 2(6)
House, Ground Floor 46-C
Chowringhee Road,
Kolkata- 700071
15 Oberoi Mauritius Limited Foreign Company Joint Venture 50.00 2(6)
Road Town, Tortola,
16 La Rosearaie De L’Atlas, Rhemena Foreign Company Joint Venture 47.93 2(6)
Tribe, Fraction Touihina, Ghezoula,
Marrakech, Morrocco
34
IV) SHAREHOLDING PATTERN: (Equity Share Capital as percentage of Total Equity)
A) Category-wise Share Holding

Category Category of No. of Shares held at the beginning No. of Shares held at the end of the year
Code Shareholders of the year [As on 31-March-2019] [As on 31-March-2020] % Change
during
Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares
(A) PROMOTER AND PROMOTER GROUP
(1) INDIAN
(a) Individual/HUF 29,989,233 - 29,989,233 5.25 29,989,233 - 29,989,233 5.25 -
(b) Central Government/State - - - - - - - -
Government(s)
(c) Bodies Corporate 171,469,006 - 171,469,006 30.00 171,469,006 - 171,469,006 30.00 -
(d) Financial Institutions/ - - - - - - - -
Banks
(e) Others - - - - - - - -
Sub-Total A(1) : 201,458,239 - 201,458,239 35.25 201,458,239 - 201,458,239 35.25 -
(2) FOREIGN
(a) Individuals (NRIs/ - - - - - - - -
Foreign Individuals)
(b) Bodies Corporate - - - - - - - -
(c) Institutions - - - - - - - -
(d) Qualified Foreign Investor - - - - - - - -
(e) Others (specify) - - - - - - - -
Sub-Total A(2) : - - - - - - - -
Total Shareholding 201,458,239 - 201,458,239 35.25 201,458,239 - 201,458,239 35.25 -
of Promoter and
Promoter Group (A)= (A)
(1)+(A)(2)
(B) PUBLIC SHAREHOLDING
(1) INSTITUTIONS
(a) Mutual Funds /UTI 57,022,509 37,425 57,059,934 9.98 62,249,676 37,425 62,287,101 10.90 9.16
(b) Financial Institutions / 102,768 10,750 113,518 0.02 134,466 8,860 143,326 0.03 26.26
Banks
(c) Central Government/State - - - - - - - - -
Government(s)
(d) Venture Capital Funds - - - - - - - - -
(e) Insurance Companies 29,203,739 - 29,203,739 5.11 30,581,128 - 30,581,128 5.35 4.72
(f) Foreign Institutional 22,777,175 - 22,777,175 3.99 23,345,886 - 23,345,886 4.08 2.50
Investors
(g) Foreign Venture Capital - - - - - - - - -
Investors
(h) Qualified Foreign Investor - - - - - - - - -
(i) Others (specify) - - - - - - - - -
Sub-Total B(1) : 109,106,191 48,175 109,154,366 19.10 116,311,156 46,285 116,357,441 20.36 6.60
35
A) Category-wise Share Holding – Contd..
Category Category of No. of Shares held at the beginning No. of Shares held at the end of the year
Code Shareholders of the year [As on 31-March-2019] [As on 31-March-2020] % Change
during
Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares
(2) NON-INSTITUTIONS
(a) Bodies Corporate 208,233,563 20,161 208,253,724 36.44 202,014,250 18,962 202,033,212 35.35 -2.99
(b) Individuals
(i) Individual 36,153,776 6,014,306 42,168,082 7.38 35,837,869 5,254,223 41,092,092 7.19 -2.55
shareholders holding
nominal share capital upto
` 1 lakh
(ii) Individual sharehold- 6,159,471 - 6,159,471 1.07 6,600,027 - 6,600,027 1.15 7.15
ers holding nominal share
capital in excess of
` 1 lakh
(c) Qualified Foreign Investor - - - - - - - - -
(d) Others
Non Resident Indians 1,182,221 89,199 1,271,420 0.22 1,022,200 87,984 1,110,184 0.19 -12.68
Trusts 10,660 - 10,660 - 10,650 - 10,650 - -0.09
Foreign Nationals - - - - - - - - -
Directors Relatives 859 435 1294 - 859 435 1,294 - -
Clearing Members 389,464 - 389,464 0.07 108,207 - 108,207 0.02 -72.22
Investor Education and 2,702,694 - 2,702,694 0.47 2,798,068 - 2,798,068 0.49 3.53
Protection Fund
Sub-Total B(2) : 254,832,708 6,124,101 260,956,809 45.65 248,392,130 5,361,604 253,753,734 44.40 -2.76
Total Public 363,938,899 6,172,276 370,111,175 64.75 364,703,286 5,407,889 370,111,175 64.75 -
Shareholding
B = B(1)+B(2) :
Total (A+B) : 565,397,138 6,172,276 571,569,414 100.00 566,161,525 5,407,889 571,569,414 100.00 -
(C) SHARES HELD BY CUSTODIANS, AGAINST WHICH DEPOSITORY RECEIPTS HAVE BEEN ISSUED
(1) Promoter and Promoter - - - - - - - -
Group
(2) Public - - - - - - - -
GRAND TOTAL (A+B+C): 564,184,636 7,384,778 571,569,414 100.00 566,161,525 5,407,889 571,569,414 100.00 -
36
B) Shareholding of Promoter
SN Shareholder’s Name Shareholding at the Shareholding at the
beginning of the year end of the year % change
No. of % of total %of Shares No. of % of total %of Shares in share-
Shares Shares of Pledged/ Shares Shares of Pledged/ holding
the com- encumbered the com- encumbered during
pany to total pany to total the year
shares shares
1 Oberoi Hotels Private Limited 83,646,328 14.63 - 8,3646,328 14.63 - -
2 Oberoi Holdings Private Limited 33,438,993 5.85 - 33,438,993 5.85 - -
3 Oberoi Investments Private Limited 28,150,008 4.93 - 28,150,008 4.93 - -
4 Oberoi Buildings & Investments 18,061,376 3.16 - 18,061,376 3.16 - -
Private Limited
5 Shib Sanker Mukherji 9,092,363 1.59 - 9,092,363 1.59 - -
6 Deepak Madhok 9,011,677 1.58 - 9,011,677 1.58 - -
7 Arjun Singh Oberoi 6,450,258 1.13 - 6,450,258 1.13 - -
8 Vikramjit Singh Oberoi 5,127,325 0.90 - 5,127,325 0.90 - -
9 Oberoi Properties Private Limited 3,114,340 0.54 - 3,114,340 0.54 - -
10 Oberoi Leasing & Finance Company 2,152,365 0.38 - 2,152,365 0.38 - -
Private Limited
11 Bombay Plaza Private Limited 1,913,190 0.33 - 1,913,190 0.33 - -
12 Oberoi Plaza Private Limited 710,391 0.12 - 710,391 0.12 - -
13 P R S Oberoi 307,610 0.05 - 307,610 0.05 - -
14 Aravali Polymers LLP 282,015 0.05 - 282,015 0.05 - -
C) Change in Promoters’ Shareholding (please specify, if there is no change)

SN Particulars Shareholding at the Cumulative Shareholding
beginning of the year during the year
No. of % of total No. of % of total
shares shares of the shares shares of the
company company
1 Oberoi Hotels Private Limited (No Change) 83,646,328 14.63 83,646,328 14.63
2 Oberoi Holdings Private Limited (No Change) 33,438,993 5.85 33,438,993 5.85
3 Oberoi Investments Private Limited (No Change) 28,150,008 4.93 28,150,008 4.93
4 Oberoi Buildings & Investments Private Limited (No Change) 18,061,376 3.16 18,061,376 3.16
5 Shib Sanker Mukherji (No Change) 9,092,363 1.59 9,092,363 1.59
6 Deepak Madhok (No Change) 9,011,677 1.58 9,011,677 1.58
7 Arjun Singh Oberoi (No Change) 6,450,258 1.13 6,450,258 1.13
8 Vikramjit Singh Oberoi (No Change) 5,127,325 0.90 5,127,325 0.90
9 Oberoi Properties Private Limited (No Change) 3,114,340 0.54 3,114,340 0.54
10 Oberoi Leasing & Finance Company Private Ltd (No Change) 2,152,365 0.38 2,152,365 0.38
11 Bombay Plaza Private Limited (No Change) 1,913,190 0.33 1,913,190 0.33
12 Oberoi Plaza Private Limited (No Change) 710,391 0.12 710,391 0.12
13 P R S Oberoi (No Change) 307,610 0.05 307,610 0.05
14 Aravali Polymers LLP (No Change) 282,015 0.05 282,015 0.05
37
D) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
SN For Each of the Top 10 Shareholders Shareholding at the Cumulative Shareholding
Date of No. of % of total No. of % of total
change shares shares of the shares shares of the
company company
1 ITC Limited No Change 85,621,473 14.98 85,621,473 14.98
2 Reliance Industrial Investments and Holdings Limited* 84,592,273 14.80
25/10/2019 - -
At The End of The Year - -
3 Reliance Industrial Investments and Holdings Limited* 21,315,000 3.73
25/10/2019 - -
At The End of The Year - -
4 Reliance Capital Trustee Co Ltd-A/C Nippon India 13,805,653 2.42
Multi Cap Fund@
05/04/2019 14,005,653 2.45
17/05/2019 14,667,550 2.57
24/05/2019 14,767,550 2.58
21/06/2019 14,607,376 2.56
26/07/2019 14,632,376 2.56
02/08/2019 14,657,376 2.56
06/08/2019 14,690,376 2.57
09/08/2019 14,734,547 2.58
16/08/2019 14,734,576 2.58
23/08/2019 14,809,576 2.59
30/08/2019 14,959,576 2.62
06/09/2019 14,984,576 2.62
20/09/2019 15,009,576 2.63
27/09/2019 15,059,576 2.63
25/10/2019 15,100,576 2.64
08/11/2019 15,150,576 2.65
15/11/2019 15,200,576 2.66
29/11/2019 15,350,576 2.69
06/12/2019 15,450,576 2.70
13/12/2019 15,600,576 2.73
20/12/2019 15,625,576 2.73
31/12/2019 15,675,576 2.74
03/01/2020 15,750,576 2.76
17/01/2020 15,778,545 2.76
31/01/2020 15,303,545 2.68
14/02/2020 15,503,545 2.71
21/02/2020 15,603,545 2.73
28/02/2020 15,728,897 2.75
06/03/2020 15,813,152 2.77
31/03/2020 16,209,972 2.84
At The End of The Year 16,209,972 2.84
38
company company
5 Life Insurance Corporation of India 13,332,796 2.33
05/04/2019 12,863,954 2.25
12/04/2019 12,197,820 2.13
19/04/2019 12,101,820 2.12
26/04/2019 12,059,006 2.11
03/05/2019 11,594,483 2.03
10/05/2019 11,585,345 2.03
24/05/2019 11,516,754 2.01
31/05/2019 11,175,123 1.96
21/06/2019 10,255,095 1.79
28/06/2019 9,908,957 1.73
05/07/2019 9,850,754 1.72
12/07/2019 9,712,113 1.70
19/07/2019 9,203,343 1.61
26/07/2019 9,193,211 1.61
02/08/2019 9,186,326 1.61
08/11/2019 9,143,204 1.60
06/12/2019 9,028,031 1.58
13/12/2019 8,941,332 1.56
6 General Insurance Corporation of India No Change 8,815,795 1.54 8,815,795 1.54
7 Russell Credit Limited No Change 6,556,551 1.15 6,556,551 1.15
8 HDFC Small Cap Fund 6,169,178 1.08
03/01/2020 7,664,178 1.34
10/01/2020 8,146,119 1.43
17/01/2020 8,621,119 1.51
24/01/2020 9,148,119 1.60
31/01/2020 9,623,426 1.68
31/03/2020 9,674,926 1.69
At the End of the year 9,674,926 1.69
9 The New India Assurance Company Limited 6,207,122 1.09
24/05/2019 5,817,992 1.02
29/11/2019 5,876,190 1.03
06/12/2019 5,884,279 1.03
39
company company
10 Sundaram Mutual Fund A/C Sundaram Mid Cap Fund 5,947,517 1.04
27/09/2019 6,293,785 1.10
30/09/2019 6,347,517 1.11
11 L and T Mutual Fund Trustee Ltd-L and T Mid Cap 4,727,391 0.83
Fund#
05/04/2019 4,199,700 0.73
26/04/2019 4,223,021 0.74
03/05/2019 4,485,340 0.78
10/05/2019 4,669,100 0.82
17/05/2019 4,688,599 0.82
28/06/2019 4,953,600 0.87
05/07/2019 5,055,759 0.88
12/07/2019 5,239,000 0.92
19/07/2019 5,429,856 0.95
26/07/2019 5,536,600 0.97
06/08/2019 5,543,415 0.97
13/09/2019 5,588,415 0.98
30/09/2019 5,598,415 0.98
31/03/2020 5,783,746 1.01
12 Reliance Strategic Business Ventures Limited# - -
25/10/2019 105,907,273 18.53
*Not in Top 10 at the end of the year, holding share in two different demat account
Note: By scheme of arrangement approved by National Company Law Tribunal (NCLT) effective from 13th September 2019,
shareholding of Reliance Industrial Investments and Holdings Ltd have been transferred to Reliance Strategic Business Ventures
Limited
#Not in Top 10 in the beginging of the year
@
Name of The Fund Changed From Reliance Capital Trustee Co Ltd. a/c Reliance Multi Cap Fund To Reliance Capital Trustee Co
Ltd-A/C Nippon India Multi Cap Fund
E) Shareholding of Directors and Key Managerial Personnel

SN Shareholding of each Directors and Shareholding at the Cumulative Shareholding
each Key Managerial Personnel beginning of the year during the year
Date of No. of shares % of total No. of shares % of total
change shares of the shares of the
company company
1 Arjun Singh Oberoi No Change 6,450,258 1.13 6,450,258 1.13
2 Vikramjit Singh Oberoi No Change 5,127,325 0.90 5,127,325 0.90
3 P R S Oberoi No Change 307,610 0.05 307,610 0.05
4 Shib Sanker Mukherji No Change 9,092,363 1.59 9,092,363 1.59
40
V) INDEBTEDNESS-Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` in Million)
Secured Loans
Unsecured Total
Particulars excluding Deposits
Loans Indebtedness
deposits
Indebtedness at the beginning of the financial year*
i) Principal Amount 2,960.94 1,750.00 - 4,710.94
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 7.99 - - 7.99
Total (i+ii+iii) 2,968.93 1,750.00 - 4,718.93
Change in Indebtedness during the financial year
• Addition 1,156.62 - - 1,156.62
• Reduction (715.90) (1,000.00) - (1,715.90)
Net Change 440.72 (1,000.00) - (559.28)
Indebtedness at the end of the financial year
i) Principal Amount 3,400.99 750.00 - 4,150.99
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 8.66 - - 8.66
Total (i+ii+iii) 3,409.65 750.00 - 4,159.65
* Outstanding on account of finance lease obligations, not being loans/deposits, are not included
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
(` in Million)
S.
Particulars of Remuneration Name of MD/WTD/ Manager Total Amount
No.
Shib Vikramjit
Prithvi Raj Arjun Singh
Sanker Singh
Singh Oberoi Oberoi
Mukherji Oberoi
Gross salary
(a) Salary as per provisions contained
in section 17(1) of the Income-Tax - 8.82 11.05* 11.36* 31.23
Act, 1961
1 (b) Value of perquisites u/s 17(2) of the
2.75 1.45 6.50 3.42 14.12
Income-Tax Act, 1961
(c) Profits in lieu of salary under
section 17(3) of the Income-Tax Act, - - - - -
1961
2 Stock Option - - - - -
3 Sweat Equity - - - - -
Commission 25.50 19.13 15.94 15.94 76.51
4 - as % of profit 2.00% 1.50% 1.25% 1.25%
5 Others, please specify
Total (A) 28.25 29.40 33.49 30.72 121.86
Ceiling as per the Act 10% of the Net Profits
*include Retirement benefits.
41
B. Remuneration to other directors
(` in Million)
S.No Particulars of Name of Directors Total
Remuneration Amount
Anil Sudipto Lakshmin Rajeev Chhavi Sanjay
Nehru Sarkar arayan Gupta Rajawat Gopal
Ganesh Bhatnagar
1 Independent Directors 1.20 0.45 0.60 0.15 0.10 0.10 2.60
Fee for attending board/ - - - - - -
committee meetings
Commission - - - - - -
Others, please specify - - - - - -
Total (1) 1.20 0.45 0.60 0.15 0.10 0.10 2.60
2 Other Non-Executive Directors Nita Mukesh Ambani Manoj Harjivandas Modi

Fee for attending board/
committee meetings 0.20 0.20 0.40
Commission - - -
Others, please specify - - -
Total (2) 0.20 0.20 0.40
Total (B)=(1+2) 3.00*
Total Managerial
Remuneration
Overall Ceiling as per the Act 11% of the Net Profit
*Sitting fee paid to Non-Executive Directors does not form part of Total Managerial Remuneration.
C. Remuneration of Key Managerial Personnel other than MD/WTD/CEO

(` in Million)
S.No Particulars of Remuneration Key Managerial Personnel Total
CFO CS
Gross Salary
(a) Salary as per provisions contained in section 17(1) of the
Income Tax Act, 1961 14.81 8.12 22.93
1
(b) Value of perquisites u/s 17(2) of the Income Tax Act, 1961 0.11 0.13 0.24
(c) Profits in lieu of salary under section 17(3) of the
Income Tax Act, 1961 - - -
2 Stock Option - - -
3 Sweat Equity - - -
Commission
4 - as % of profit - - -
5 Others, please specify - - -
Total 14.92 8.25 23.17
42
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Type Section of the Brief Details of Authority Appeal made,

Companies Act Description Penalty/ [RD / NCLT/ if any
Punishment/ COURT] (give Details)
Compounding
fees imposed
A. COMPANY
Penalty NONE
Punishment --DO--
Compounding --DO--
B. DIRECTORS
Penalty NONE
Punishment --DO--
Compounding --DO-
C. OTHER OFFICERS IN DEFAULT

Penalty NONE
Punishment --DO--
Compounding --DO--
Mumbai ARJUN SINGH OBEROI VIKRAMJIT SINGH OBEROI

26th June 2020 Managing Director - Development Managing Director and Chief Executive Officer
43
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure, Developments and Outlook
The Global Economy – Performance & Prospects

2019 saw global economic growth1 slow to 2.9% compared with 3.6% in the previous
year, impacted by slowing rates of growth in most regions across the world. In Emerging
Markets and Developing Economies (EMDE), GDP growth reduced from 4.5% in 2018 to
an estimated 3.7% in 2019 due to increased government debt and a slowing of investment.
Simultaneously, weaker exports and investment in advanced economies (USA, EU and
Japan), led to a slower GDP growth of 1.7% in 2019 against 2.2% in 2018.
GDP growth in the ‘Emerging and Developing Asia’2 fell from 6.3% in 2018 to 5.5% in 2019
strongly influenced by the slowdown in the Chinese economy. This is the first time since
the 1997-98 Asian financial crisis that growth in this region dropped below 6%.
The ongoing COVID-19 pandemic has brought global economic activity to almost a
standstill. Owing to widescale lockdowns in most parts of Asia, Europe and in South and
North America, the service sector, particularly travel, tourism and hospitality have seen
severe disruption to their businesses. With businesses staring at severe liquidity crisis,
unemployment rates have risen sharply. Likewise, sharp drops in consumer spending have
affected global supply chains. Governments across the world have introduced stimulus
packages to support their economies which will further exasperate their fiscal deficits. There
are varying opinions on the shape and the scale of economic recovery with the outlook still
uncertain till a vaccine or an effective treatment for COVID-19 is found. The International
Monetary Fund3 estimates the global economy to contract sharply by 4.9% in 2020, much
worse than during the 2008-09 financial crisis. The U.S. economy is projected to shrink
in 2020 by 5.9% and the Euro area by 7.5%. China is expected to grow at a modest 1.2%.
The India Story

India’s 4 GDP growth rate declined from 6.1% in 2018-19 to an estimated 4.2% in
2019-20. On the other hand, India improved its global ranking in the World Bank’s
Ease of Doing Business Report from 143 in 2016-17 to 68 in 2019-20. India’s total foreign
exchange (Forex) reserves increased to around US$ 508 billion in June 2020.
The Government of India has introduced several bold pro-corporate initiatives in the past
year, including passing of the Insolvency and Bankruptcy Code (Second Amendment) Bill,
rationalization of GST rates and reduction of corporate tax rates. Measures have also been
taken to improve the Ease of Doing Business index. Reduction of GST on hotel rooms with
tariffs of ` 1,001 to ` 7,500 per night to 12% and those above ` 7,501 to 18% was another
step in the right direction. Likewise, easing of credit, especially for the stressed real estate
and NBFC sectors helped boosting investment and consumption.
Much like the rest of the world, the Indian economy has been deeply affected by the impact
of the COVID-19 pandemic with it’s far reaching consequences on economic and social life.
The lockdown in India that was imposed on 24th March 2020 has had an unprecedented
impact on the economy owing to a steep fall in demand as well as supply.
1
IMF World Economic Outlook Update, June 2020
2
ibid
3
ibid.
4
ibid
44
The process of lifting the lockdown in various states has since started in phases,
effective 1st June 2020, guided by the decision of individual states, although during
a major part of this lockdown period, hotel and flight operations were mandated
to remain non-operational across India. We expect domestic travel to gradually
pick up as the lockdown in various cities in India is lifted. Further, once border
restrictions are lifted, we expect international travel to also progressively resume.
The IMF has projected India‘s economy to contract by 4.5% in 2020 follwed by a 6%5 GDP
growth for India in 2021-22, implying that a recovery of business sentiment and resultant
economic growth recovery may be on the cards once a vaccine and/or treatment is in sight.
Travel & Tourism
Global Scenario
As per the World Travel and Tourism Council, the global Travel & Tourism industry generated
US$ 8.9 trillion (10.3% of global GDP) and 330 million jobs directly and indirectly in 2019.
While the global economy grew by 2.4%, the Travel and Tourism industry grew by 3.5%.
India
The Travel & Tourism Industry has been a major source of growth for the Indian economy.
Over the past few years, tourism has witnessed steady growth, aided by the shift from
foreign to domestic tourism driven by the rising purchasing power of the expanding middle
class. The 2020 edition of the WTTC’s Economic Impact - India Report states that the Travel
& Tourism industry’s total contribution to the country’s GDP in 2019 equated to 6.8% or
` 13.7 trillion (US$ 194.3 billion). This decline in 2019 from 9.2% in 2018 is attributed to
several factors, such as a general declining trend in economic activity, discontinuation
of a national airline leading to reduced air travel, natural disasters and pollution levels
especially during the winter months.
The industry continued to generate over 8% of employment, amounting to 40 million jobs,
and significantly contributes to the Foreign Exchange Earnings of the country, increasing
by 7.4% per cent during January to November 2019.
2019 witnessed an estimated 11 million Foreign Tourist Arrivals to the country, a growth of
3.2% over 2018. Among other factors, this may be attributed to easy access to e-visas and
government schemes, as, of the total foreign visitors, over 2.5 million arrived on an e-tourist
visa – a growth of 24%. Top countries for inbound arrivals in 2019 include Bangladesh
(12%), United States of America (9%), United Kingdom (6%), Canada (2%) and Australia
(2%). In its latest report on the Tourism and Hospitality industries, the India Brand Equity
Foundation projects that number of Foreign Tourist Arrivals in India will surpass 30 million
by 2028, although Domestic tourism for the hospitality sector has equally continued to gain
importance, being a significant generator of revenue.
India’s ranking in the Travel and Tourism Competitiveness Index (TTCI) of the World
Economic Forum has moved from 65 in 2013 to 34 in 2019. The government has adopted
the development of thematic circuits comprising 77 projects under the ‘Swadesh Darshan
Scheme’ for an amount of ` 6,035.70 Crore.
5
IMF World Economic Outlook Update, June 2020
45
Tourism & Hospitality - Trends and Opportunities for Growth
The past decade saw a substantial increase in hotel rooms in India and with a corresponding
increase in demand, room rates and occupancies improving gradually till reaching a peak
in 2018-19. The impact of COVID-19 on the hospitality sector is likely to constrain supply
in the near term, which is expected to trigger growth in occupancy levels and rates once
consumer and business confidence returns post this crisis. India’s tourism sector was, not
long ago, projected to reach US$95.3 billion by 2028. Given the current circumstances, it may
however be early to assess the possible impact of COVID-19 on future capital investments
in the sector and whether the projects that are under planning or in the initial stages of
development will still be developed.
We believe that with the demographic dividend of the country, the vast and widespread
tourism landscape, forts and palaces, wellness retreats, wildlife sanctuaries, tea and coffee
plantations, hill stations, deserts and seas, the cultural, religious and spiritual destinations
which makes India a nation so rich and diverse, the opportunity for hospitality and tourism
to flourish and drive employment and foster economic growth will help overcome any
short and medium term impediments.
Financial and Operating Performance

The Company’s Total Revenue was ` 14,343 million in 2019-20 as compared to ` 16,273
million in the previous year, a decrease of about 12%.
Earnings Before Interest, Depreciation, Taxes, Amortisations and Exceptional Items
(EBIDTA) was ` 3,094 million as compared to ` 4,061 million, a decrease of about 24%.
Profit before Tax was ` 1,091 million as compared to ` 1,637 million in the previous year,
a decrease of about 33%.
The Net Profit for the year was ` 1,245 million as compared to ` 1,133 million in the previous
year, an increase of about 10%.
Total comprehensive income was ` 1,221 million as against ` 1,125 Million in the previous
year, an increase of about 9%.
The Revenue and Profitability would have been higher had there not been the outbreak of
the COVID-19 pandemic in the 4th quarter of the Financial Year.
A note on the impact of COVID-19 on the Company’s operations is provided at Note No.
54 of the Notes to the Accounts.
The Company and the Hotels have taken various initiatives to protect the Health and Safety
of Guests and Employees. All precautions based on World Health Organisation Guidelines
and directions of the Central and State Governments have been implemented and are being
strictly adhered to. The exhaustive measures introduced at Hotels have been published on
the websites of Oberoi Hotels & Resorts and Trident Hotels.
The Company continues to be largely engaged in hospitality and related businesses.
Internal Control Mechanism and Adequacy

The organisation’s commitment to internal controls flows from The Oberoi Dharma which
states that as members of The Oberoi Group, we are committed to conduct which is of the
highest standards – ethical, intellectual, financial and moral. Adequate internal control
processes have been laid down to provide an assurance on the orderly and efficient
conduct of operations, safeguarding of assets, prevention and detection of fraud and
46
errors, accurate and timely completion of accounting records and the timely preparation
of reliable financial information.
Appropriate checks and balances have been built in the internal control mechanisms to
reflect its necessary concomitance to the principle of governance without affecting the ease
of operations and their management.
Internal Financial Controls (IFC)

The Directors have devised a framework for internal financial controls to be followed by
the Company that conforms to the requirements of Section 134(5) (e) of the Companies
Act, 2013, and incorporates measures that ensure the adequacy and continuing operating
effectiveness of such internal financial controls. Furthermore, in accordance with Section
149(8), read with the Code for Independent Directors laid down under Schedule IV, Clause
II (4) of the Companies Act, 2013, the Independent Directors have satisfied themselves on
the integrity of financial information and ensured that financial controls and systems of
risk management are in place.
In order to enable the Directors to meet these responsibilities, the Board has devised the
necessary systems, frameworks and mechanisms within the Company and empowered
the Audit Committee to periodically review and confirm that the mechanism remains
effective and fit for purpose.
In line with global best practices applicable to organisations of a similar size, nature
and complexity, the Company’s internal control framework has been designed through
structured control risk assessments by way of Standard Operating Procedures (SOPs),
Risk and Control Matrices (RACM), Information Technology (IT) Policies, ERP-based
Information Systems including MIS and automated system controls inbuilt within the
ERP and other IT Systems. With increased instances of information security breaches and
data leakages being reported from across the globe, the Company has created a policy for
reviewing its information technology security infrastructure. Commensurate actions are
taken to mitigate risks arising in the information technology framework.
The RACM framework is periodically tested through independent internal audits using data
analytics tools. The Internal Audit team has also implemented systems to ensure continuous
audit monitoring, in order to identify deviations from the standard, if any. Such exceptions,
if any, are then reported to the functional/unit heads with the responsibility of rectifying
these exceptions within a definitive time frame. The audit team also has the responsibility
to ensure adequate monitoring mechanisms and procedures to ensure prevention and
detection of failures and faults in processes and possible fraud.
Internal Audit Mechanism and Review Systems

The Internal Audit Department is headed by the Chief Internal Auditor and comprises
of a strong internal workforce of ERP-trained Chartered Accountants with specialised
skillsets in areas of Information Security, Financial, Business, Legal, Statutory, Projects
and Process Audits.
The Department works on the latest Computer Assisted Audit Techniques (CAATs) and
deploys online monitoring mechanisms across the IT systems of all functions and units of the
Company. Focus areas for specific audits are determined based on structured assessment of
risk and the yearly Internal Audit Plan as approved by the Audit Committee. All reported
observations of audits are maintained in online databases for comprehensiveness, ease of
accessibility and structured follow up.
47
Periodically, IT Security Audits are conducted by joint teams of Internal Audit and the IT
Department. Vulnerability assessment and penetration testing (VAPT) of IT systems are
also done by specialised external agencies.
The Company has a structured follow-up team of Senior Executives who meet periodically
under the aegis of the Managing Director and Chief Executive Officer to address and
resolve pending audit issues. The Chief Internal Auditor presents the findings to the Audit
Committee every quarter, in the order of the impact of risks and probabilities of their
occurrence, and highlights pendency of issues, if any.
The Audit Committee takes cognisance of the presentation and provides its directions and
guidance for further action. Besides, the Chief Internal Auditor has also been entrusted with
the responsibility to report to the Audit Committee on the adequacy of ‘Internal Financial
Controls’ (IFC) in accordance with Section 177 (4) (vii) of the Companies Act, 2013.
During the Financial Year 2019-20, separate presentations on internal audit findings on
four occasions and internal financial controls on two occasions were shared with the
Audit Committee in its meetings. The Audit Committee was satisfied with the adequacy
of the internal control systems and procedures of the Company and the performance of
the Internal Audit Department in respect of monitoring of such systems.
Risk Management
The Securities and Exchange Board of India vide SEBI (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018, has mandated that with effect from
1st April 2019, the top 500 listed entities determined on the basis of market capitalization at
the end of the previous financial year are required to constitute a Board Committee on Risk
Management. The NSE and BSE list on market capitalization as at 31st March 2019 included
the Company’s name among the Top 500. Therefore, the Company constituted a Board
Committee on Risk Management comprising of Board Members and Senior Executives of
the Company with the majority of the Members belong to the Board:
1. Mr.Anil Kumar Nehru - Independent Director and Chairperson;
2. Mr. Lakshminarayan Ganesh - Independent Director;
3. Mr. Vikramjit Singh Oberoi - Managing Director & Chief Executive Officer;
4. Mr. Arjun Singh Oberoi - Managing Director, Development;
5. Mr. Kallol Kundu - Chief Financial Officer;
6. Mr. Sameer Nayar - Executive Vice President, Strategic Development.
During the year, the Board Committee on Risk Management (“the Committee”) met twice
on 30th July 2019 and 25th January 2020. The Committee formulated the Risk Charter and
the Risk Management Framework for the risks associated with the Company’s business,
the salient features of which are as follows:
Risk Charter
The Committee has an oversight role and in fulfilling that role, it relies on the reviews
and reports to periodically assess risks to the effective execution of business strategy and
reviewing key leading indicators in this regard.
The Committee has an overall responsibility of reviewing, with management, the
Company’s risk appetite and strategy relating to key risks, including credit risk, liquidity
and funding risk, market risk, product risk and reputational risk, all short term and long
term risks that significantly affect the operation of the Company as well as the guidelines,
policies and processes for monitoring and mitigating such risks.
48
The Committee is responsible for ensuring that the Company has a structured risk
governance framework which includes risk assessment and risk management practices
and the guidelines, policies and processes for risk assessment and risk management.
Specific responsibilities of the Committee includes:

i) Annual review and approval of Risk Management Framework of the Company;
ii) Periodic review of the risk management processes and practices of the Company to
ensure that appropriate measures are taken to achieve a prudent balance between
risk and reward in both ongoing and new business activities;
iii) Evaluation of significant risk exposures of the Company and assessment of
management’s actions to mitigate the exposures in a timely manner;
iv) Reporting to the Board its evaluations, actions and recommendations.
Risk Management Framework

The Committee has identified ten key risk outcomes for the organization as under:
• Risk of inadequate growth;
• Risk of business slowdown;
• Risk of low or negative returns;
• Risk of deterioration of financial health;
• Risk of business interruption;
• Risk of impact on reputation;
• Safety, health, environment and security risk;
• Cyber risk;
• Risk of inadequate compliance;
• Risk of fraud;
The Committee has also constituted a Functional Risk Management Sub-Committee
(FRMS-C) comprising of Mr. Arjun Singh Oberoi as Chairperson and Mr. Vikramjit Singh
Oberoi as Co-Chairperson of the FRMS-C.
The Committee shall closely monitor the risks listed above with the Company reporting
regularly to the Board
The Oberoi Centre of Excellence

During the year, the Company initiated major process improvement initiatives through
“The Oberoi Centre of Excellence” (“TOCE”). The centre commenced operations on
01st October 2019 with the broad objective of introducing contemporary IT-enabled
processes, modifying various processes across the organization to enhance efficiency,
eliminating manpower redundancy, promoting scalability and achieving economies of scale.
This is done by channelizing collective resources; ensuring smart and efficient delivery of
transactional services; driving expertise in Finance, Procurement, Master Data Management,
Taxation, Business Transformation, Budgeting; all resulting in realisation of benefits from
scale, standardisation, collective experience, high-end technology, Research & Development
and mitigation of attrition risk.
TOCE has helped the Company optimise manpower in various functions such as Finance,
Procurement and IT simplifying approval system; better Delegation of Authority based
workflow , improved compliance and optimised controls with reduced manual intervention;
49
better vendor management, robust budget control system; financial planning and analysis
system and BOT based accounting and reconciliations reducing human intervention.
The services are provided to all Business Units in the group to streamline and better control
functional and operational processes.
All services are provided at arms’ length and invoiced under chargeback mechanisms that
are in line with industry and international best practices. Chargeability to every Business
Unit has been estimated based on the cost incurred.
Business consolidation and expansion

The following hotels and resorts recently opened or are currently under planning and
development:
The Oberoi Marrakech opened in December 2019. All rooms and suites in this luxury hotel
have private swimming pools. The hotel has received excellent reviews from guests who
have stayed at the hotel and has also received many compliments from Travel Writers,
Tour Operators and Travel Agents. The adjoining land of approximately 20 hectares will
be developed as Oberoi branded villas, as and when there is sufficient demand. The hotel
is being managed by a step-down subsidiary of a wholly owned overseas subsidiary of
the Company.
Construction of The Oberoi Doha is currently underway. This luxury hotel will have
237 rooms and suites. Forty five serviced apartments are also being built within the
development. The hotel is likely to open in the fourth quarter of 2021. The property will
be managed by a wholly owned overseas subsidiary of the Company.
Work on The Oberoi Rajgarh Palace located near Khajuraho, Madhya Pradesh was making
good progress till work was suspended due to the Covid lockdown. The hotel will provide
luxury accommodation on a 62 acre site next to the Panna forest reserve.
Planning consent for the Company’s 55 acre beach front site at Goa is awaited. Government
approvals are in the process of being obtained.
Planning in respect of The Oberoi Hotel as part of a mixed-use development in Bengaluru
is under review due to major changes to the planning guidelines by the Bengaluru
Development Authorities.
The Oberoi Wildlife Resort Bandhavgarh, is located on a 22 acre site five kilometers from
Bandhavgarh National Park in Madhya Pradesh. The jungle resort will consist of luxury
tents, a restaurant and a spa. The construction of the resort is underway and is likely to
open in the third quarter of 2021. This resort will be managed by EIH Limited.
An overseas subsidiary of the Company will operate two resorts, i.e. The Oberoi and
Trident, on the island of Koh Tan located five kilometres south west of Koh Samui, Thailand.
The lush green one hundred acre site, overlooks a two kilometre pristine beach. The plan
incorporates an Oberoi Resort and a Trident Resort with multiple restaurants, meeting
and recreation facilities, spas and wellness centres. Planning of both hotels is in progress.
The Oberoi Kathmandu will be developed on a greenfield site measuring six acres. The
proposed luxury hotel will be in close proximity to important tourist attractions of the
Royal Palace, Thamel and other important business locations. The hotel will incorporate 80
keys and shall be developed as a low rise garden hotel with multiple restaurants, meeting
facilities, spa and wellness center and recreational facilities. The hotel will be managed
by EIH Limited.
50
The Oberoi wildlife resort located next to Bardia National Park Nepal, will be developed on
a greenfield site measuring approximately 30 acres. The resort will comprise of 20 luxury
tents, a restaurant and a spa and wellness centre. The hotel will be managed by EIH Limited.
The Oberoi luxury wildlife resort is located on the edge of Masai Mara National Reserve
Kenya. The project is on hold due to prevailing market conditions.
Awards
Oberoi Hotels & Resorts has been voted the Best Hotel Group for the third consecutive
year by Telegraph Travel Awards, UK – 2019, 2018 and 2017.
Oberoi Hotels & Resorts was voted Best Indian Hotel Group in the Travel + Leisure, India
& South Asia India’s Best Awards, 2019.
Oberoi Hotels & Resorts was voted the Best Luxury Hotel Brand by Business Traveller
UK Awards, 2019
Oberoi Hotels & Resorts was ranked second amongst the Best Hotel Brand in the World
by Travel + Leisure, US, World’s Best Awards, 2019.
HOTEL AWARD AWARDED BY
The Oberoi, 10 Best City Hotels in Asia Travel + Leisure World’s Best
Mumbai, India (Ranked 2nd) Awards 2019
10 Best City Hotels in Asia Travel + Leisure USA World’s
(Ranked 2nd) Best Awards 2018
10 Best City Hotels in Asia Travel + Leisure USA World’s
(Ranked 2nd) Best Awards 2018
Best Business Hotel in Mumbai Business Traveller Asia-Pacific
(2nd consecutive year) Award 2018
The Oberoi Rajvilās, Top 25 Hotels – India TripAdvisor Travelers’ Choice
Jaipur, Rajasthan, India (Ranked 1st) Awards 2019
Top 25 Luxury Hotels – Asia TripAdvisor Travelers’ Choice
(Ranked 2nd) Awards 2019
Top 25 Luxury Hotels – India TripAdvisor Travelers’ Choice
(Ranked 1st) Awards 2019
Top 25 Hotels for Service – India TripAdvisor Travelers’ Choice
5 Best Resort Hotels in India Travel + Leisure, USA World’s
(Ranked 2nd) Best Awards, Readers’ Survey 2018
The Oberoi Amarvilās, Top 10 Hotels for TripAdvisor Travelers’ Choice
Agra, Uttar Pradesh, India Romance – India (Ranked 1st) Awards 2019
5 Best Resort Hotels in India Travel + Leisure, USA World’s
(Ranked 1st) Best Awards, Readers’ Survey
2018
The Oberoi Vanyavilās, Top 25 Small Hotels – India TripAdvisor Travelers’ Choice
Wildlife Resort, (Ranked 1st) Awards 2019
Ranthambhore, Rajasthan,
India
The Oberoi Udaivilās, Gold List, 2020 Condé Nast Traveller, USA & UK
Udaipur, Rajasthan, India Gold List, 2019 Condé Nast Traveller, USA
Gold List, 2019 Condé Nast Traveller, UK
Gold List, 2019 Condé Nast Traveller, Middle East
Best Asia & Indian Subcontinent Condé Nast Traveller, UK
Hotel Readers’ Travel Awards 2018
51
The Oberoi Sukhvilās Spa Best destination Spa for Travel + Leisure, India & South
Resort, New Chandigarh International Travellers Asia India’s Best Awards 2019
Best Wellness Cuisine GeoSpa GlobalSpa Awards 2019
Best Destination Spa GeoSpa GlobalSpa Awards 2019
World’s Greatest Places 2018 TIME magazine, USA
52 Places to go in 2018 New York Time
The Oberoi Beach Resort, Top 10 Luxury Hotels – Egypt TripAdvisor Travelers’ Choice
Sahl Hasheesh, Red Sea, (Ranked 2nd) Awards 2019
Egypt
The Oberoi Beach Resort, 2020 Star Award Winners Forbes Travel Guide, USA
Mauritius Top 10 Luxury Hotels – TripAdvisor Travelers’ Choice
Mauritius (Ranked 2nd) Awards 2019
Top 10 Hotels for Romance – TripAdvisor Travelers’ Choice
Mauritius (Ranked 2nd) Awards 2019
The Oberoi, Gurgaon, 10 Best City Hotels in Asia Travel + Leisure, USA World’s
Delhi National Capital (Ranked 2nd) Best Awards 2018
Region
The Oberoi, New Delhi The 2020 Gold List Condé Nast Traveler, USA and
UK
Hotel of the year Travel + Leisure, India & South
Asia India’s Best Awards 2019
Favourite Business Hotel in India Condé Nast Traveller Readers’
Travel Awards 2019
IT List 2019 Travel + Leisure, USA
The World’s Best Hotels and Travel + Leisure, USA
Resorts for Families 2019
Hot List 2018 Condé Nast Traveller, UK
The Oberoi, Dubai Best Business Hotel - Travel + Leisure, India & South
United Arab Emirates International Asia India’s Best Awards 2019
Top 25 Hotels for Service – UAE TripAdvisor Travelers’ Choice
(Ranked 2nd) Awards 2019
The Oberoi Beach Resort, Best Luxury Resort International Travel + Leisure, India & South
Al Zorah Asia India’s Best Awards 2019
Ajman’s Leading Luxury World Travel Awards Middle
Resort East 2019
Middle East’s Leading Luxury World Travel Awards Middle
Villa Resort East 2018 & 2017
(2nd Consecutive Year)
Ajman’s Leading Luxury Resort World Travel Awards Middle
2018 East 2018
The Oberoi, Bengaluru Top 25 Hotels – India TripAdvisor Travelers’ Choice
(Ranked 13th) Awards 2019
Top 25 Luxury Hotels – India TripAdvisor Travelers’ Choice
Top 25 Hotels for Service – India TripAdvisor Travelers’ Choice
52
The Oberoi Cecil, Shimla Best Hotel in Heritage Grand National Tourism Awards 2017
Category – 2018
Top 25 Hotels – India TripAdvisor 2019 Travelers’
(Ranked 11th) Choice Awards
Top 25 Luxury Hotels – Asia TripAdvisor 2019 Travelers’
(Ranked 21st) Choice Awards
Top 25 Luxury Hotels – India TripAdvisor 2019 Travelers’
Top 25 Hotels for Service – India TripAdvisor 2019 Travelers’
Best Hotel in Heritage Grand National Tourism Awards 2016
Category – 2017
The Oberoi, Madina Top 25 Hotels – Saudi Arabia TripAdvisor Travelers’ Choice
Top 25 Luxury Hotels – Middle TripAdvisor Travelers’ Choice
East Awards 2019
Top 25 Luxury Hotels – Saudi TripAdvisor Travelers’ Choice
Arabia (Ranked 1st) Awards 2019
Top 25 Hotels for Service – TripAdvisor Travelers’ Choice
Saudi Arabia (Ranked 2nd) Awards 2019
Development in Human Resources and Industrial Relations

The Oberoi Group continuously reviews and re-aligns its people practices and policies with
an aim to provide its employees the best working environment. Our team members truly
demonstrate the Oberoi Dharma by placing guests first, the company second and self, last.
The belief of “people being our biggest asset” has always guided the company to
continuously strive to create the next generation of people practices. In the last one year,
several such practices have been instrumental in continuing The Oberoi Group being an
employer of choice. Some of these initiatives are:
The Oberoi Group Employee Engagement Survey – Employee engagement has always
been a strong focus at The Oberoi Group. In the financial year 2019-20, the Kincentric
Employee Engagement study was concluded, where the Oberoi Group has achieved an
overall engagement of 82% which is in the Top Quartile of Global and India Best Employers.
An employee participation rate of 92% was achieved across all hotels and business units
in India and overseas. Our scores are at par with the Global Best Employers at 82%.
Diversity and Inclusion – One of our key focus areas for the financial year 2019-20 was
to focus on Gender Diversity, ensure we provide the best working environment to be
‘inclusive’ and are a preferred employer for women. We achieved our internal plans and
goals to foster and continue our Diversity mission across all our Hotels.
Retention – With a focus on employee engagement and managing people’s careers
proactively, our Executive and staff turnover remained steady and well below current
market trends.
Compliance - The Oberoi Group stands committed to the highest standards of compliance
with all labour-related and other statutory requirements. A detailed Third Party Contract
Labour Manual was created to standardise all policies governing the third party manpower.
This was implemented across the Group as a best practice initiative for the year.
Humam Resource Automation – The journey to automate HR processes to ensure process
efficiency, robust data analytics and better business delivery is continuing with the selection
of automated solutions for Performance Management and Learning Management.
53
Industrial Relations remained stable throughout the year. We were also able to reduce the
number of on-going labour litigations by reaching fair and equitable settlements.
Learning & Development

In keeping with The Oberoi Group’s philosophy of training and developing people, its
hotels and corporate training centre, The Oberoi Centre of Learning and Development
(OCLD) continued to invest in comprehensive training interventions.
The Oberoi Centre of Learning and Development (OCLD) continued to be focused on
its core programmes, namely, the Post Graduate Management Programmes in Guest
Services, Housekeeping, Kitchen and Sales Management and the three-year Undergraduate
Systematic Training and Education Programme (STEP). OCLD engaged with a Professor-
in-Residence from the University of Nebraska to review the curriculum of the Management
Training Programmes. The review resulted in the development of two new modules to focus
on Business Acumen and Business Transformation. The Food and Beverage curriculum
has also been revamped to include research in international cuisine trends and curating
meal experiences.
OCLD created a module on ‘Creating a Luxury Mindset’ to be used in orientation of team
members and the STEP Programmes collaborated with the University of Nebraska, Lincoln
via a global classroom to understand global hospitality.
As part of the Corporate Learning and Development initiatives, a series of 10 programmes
were run for Executives in the Financial Year 2019-20. Over 200 executives attended these
management and functional development workshops. Competencies covered included
Leadership, Coaching, Performance Management, Productivity and Process Improvement.
Master Trainer workshops were conducted to enhance training capability and better
compliance within the organisation. These were focused on Prevention of Sexual
Harassment Train and a Trainer workshop for HR Managers.
A talent framework was established to identify, nurture and retain top talent by the senior
leadership. Individual development plans for the Top Talent were rolled out. Executives
received training interventions for their specific identified learning and development needs.
The Oberoi Group Coaching and Mentorship Programmes were launched. Executives
who are General Managers, Hotel Managers, Executive Assistant Managers and Rooms
Division Managers were identified as Mentees and carefully matched to Mentors who are
members of The Oberoi Group Mentors Club. The Mentors Club is a group of 7 leaders in
the Company who have a long and successful track record, role modelling the culture of
the organization and epitomizing Leadership qualities at The Oberoi Group. The Oberoi
Group Coaching programme has been created to support first time department heads.
As on 31st March 2020, the number of people employed by the group was 9,959.
The Board takes this opportunity to thank all employees for their unwavering commitment
to guests and the organisation and for their dedication and co-operation.

26th June 2020 Managing Director-Development Managing Director and
Chief Executive Officer
54
BUSINESS RESPONSIBILITY REPORT
The Business Responsibility Report of the Company for the Financial Year ended on
31st March 2020 pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) in the prescribed
format by the Securities and Exchange Board of India (“SEBI”) is as under:
SECTION 1: General Information

Corporate Identity Number (CIN) of L55101WB1949PLC017981
1
the Company
2 Name of the Company EIH Limited
3 Registered address 4, Mangoe Lane, Kolkata-700 001
Telephone No.- 91-33-40002200
Fax No.- 91-33-22486785
4 Website www.eihltd.com
5 E-mail address [email protected]
[email protected]
6 Financial Year reported 2019-20
7 Sector(s) that the Company is Hotels- 9963/99631110
engaged in (industrial activity
code-wise)
8 List three key products/services Hotel Services
that the Company manufactures/
provides (as in balance sheet)
9 Total number of locations where i. Number of International Locations –
business activity is undertaken by Six Countries (through wholly owned
the Company subsidiary);
ii. Nine directly owned hotels in India –
(Delhi, Mumbai, Kolkata, Bengaluru,
Udaipur and Ranthambore);
iii. Thirteen managed hotels in India.
10 Markets served by the Company The Company caters to both national and
international markets
SECTION 2 : Financial Details

1 Paid up Capital (` in Million) 1,143.14
2 Total Turnover (` in Million) 14,343.08
3 Total profit after taxes (` in Million) 1,244.67
4 Total Spending on Corporate Social 2.20%
Responsibility (CSR) as percentage of
profit after tax
55
List of activities in which • The Company has been supporting SOS
expenditure in Point 4 above Children’s Villages of India under “Project
has been incurred: Shaksham” since 2014. Under this project,
the Company provides family-based
care including education, healthcare,
nutrition, and career development needs
for children who have been abandoned,
orphaned and are homeless. The program
extends to 150 children in 15 family homes
in Mumbai (Alibaug), Delhi, Bengaluru
and Kolkata.
• The Company also sponsors higher
education programs for 46 young persons
at various educational institutes.
• The Company is also supporting primary
health care services, basic diagnostics tests,
and awareness regarding communicable
and non-communicable diseases along
with their prevention through Information
Education and Communication (IEC)
activities for the elderly in select areas
through Help Age India.
Other notable CSR activities:
• T
he Oberoi Grand, Kolkata: Supporting
Sasha, an NGO which works to educate
children and self-employment of women
by purchasing their hand-crafted products.
Also supporting Ankur Kala and Shri
Rajchandra Aatma Tatva Research Center,
NGO’s working for the rehabilitation
and empowerment of marginalised
and economically challenged women
and children to showcase and sell their
products.
•
The Oberoi and Trident Nariman Point,
Mumbai: Organizing Blood Donation
Camps for Thalassemia patients and
facilitated sale of products in the
Hotels by NGO’s Advitya, Kurprkabi
Foundation, National Association of Blind
and Women’s Trust of India.
•
T he Oberoi, Bengaluru: Supporting
Cheshire Home Trust to nurture physically
challenged girls and economically
challenged senior citizens
56
•
The Oberoi Vanyavilas, Ranthambore:
Supporting welfare of the local forest
guards by providing life insurance and
basic equipment to forest guards in
Ranthambhore.
•
The Oberoi Udaivilas, Udaipur supports
Mother Teresa Orphanage and Asha
Dham Ashram for the poor, sick and
mentally challenged and old people by
taking care of their daily needs.
•
The Oberoi New Delhi supports
numerous underprivileged citizens
through an NGO, Goonj. The hotel
organized Blood Donation Camps
in association with the Rotary Blood
Bank, Delhi to create awareness about
the benefits of safe and regular blood
donation.
•
Trident Bandra Kurla, Mumbai seeks
to raise awareness towards the need
for youth education, healthcare and
safety needs. Through the Youth Career
Initiative (YCI) Program, it aims to not
only provide high-quality vocational
education to under-privileged needful
youths, but to also create an environment
conducive to their overall growth and
development. Ten youth aspirants were
trained across various departments
and functions in the hotel namely -
Housekeeping, Kitchen, F&B Service
and Front Office.
SECTION 3: OTHER DETAILS

1 Does the Company have any The Company has 11 subsidiaries. Of
Subsidiary Company/ these, three are domestic companies and
Companies? the rest are overseas bodies corporate.
2 Do the Subsidiary Company/ The operative domestic subsidiary
Companies participate in the BR companies viz: Mumtaz Hotels Ltd and
Initiatives of the parent company? Mashobra Resorts Ltd participate in
If yes, then indicate the number of the Business Responsibility initiatives
such subsidiary company(s) of the Company. Overseas subsidiary
companies are also encouraged to follow
the Business Responsibility initiatives of
the Company. However, these overseas
subsidiaries adhere to their local
regulatory and compliance requirements.
57
SECTION 4: BR INFORMATION
1. Details of BR head:
Sl.No. Particulars Details
1 DIN Number (if applicable) 00052014
2 Name Vikramjit Singh Oberoi
3 Designation Managing Director and
4 Telephone No. 91 11 23890505
5 Email id [email protected]
SECTION 5: Commitment to Responsible Business

As the owner and operator of leading luxury and five star hotels, the Company is
committed to undertaking responsible business practices which are fully aligned with the
principles enunciated under the Business Responsibility Reporting framework on social,
environmental and economic responsibilities of business. The context of these principles
are embedded firmly within the “The Oberoi Dharma” and “The Oberoi Group Mission”
guiding our business practices and corporate governance. This philosophy allows us to
work relentlessly towards delighting our guests and enriching the lives of our employees
through an open and participative work culture and by providing opportunities for learning,
development and growth.
The Company recognises the importance of society and the environment in which it
operates. We strongly believe in mobilising our resources and efforts to strengthen and
empower the socially and economically disadvantaged and to conduct business in a manner
which is environmentally responsible. Through our policies, processes and initiatives, we
conduct business in a responsible and sustainable manner. The Company continuously
reviews and improves its policies and processes and in so doing, ensures the highest
standards of service and business practices.
This Business Responsibility Report details the various initiatives undertaken by the Group
during the Financial Year.
PRINCIPLE 1: Businesses should conduct and govern themselves with Ethics,

Transparency and Accountability
The Company’s guiding philosophy on ethics, transparency and accountability is articulated
in the “The Oberoi Dharma” and specific details are provided in the Company’s “Code
of Conduct and Ethics Policy”. The Oberoi Dharma extends to the entire Company and
is central to all that we do, individually and as an organisation. It binds all employees to
act with honesty, integrity and ethics at all times. Every year, Directors, Key Managerial
Personnel and Senior Management Personnel of the Company, give a written affirmation
of compliance to “The Oberoi Dharma”.
All employees are required to sign “The Code of Conduct and Ethics Undertaking” at the
time of joining the Company. “The Code of Conduct and Ethics” espouses honest and
ethical conduct, while also emboldening the Company to act strongly against:
• Theft, pilferage and fraud;
• Violence and abuse;
58
• Physical harm or assault;
• Sexual harassment of women at the workplace;
• Vandalism of Company property or assets.
The Company also has a “Whistleblower Policy” which allows the Company to adhere to
the highest standards of ethical, moral and legal conduct of business operations. The Policy
provides a mechanism for the Directors and employees of the Company to raise concerns
regarding any violations of legal or regulatory requirements, incorrect or misrepresentation
of any financial statements, reports, fraud etc. The Policy applies to all employees of the
hotels, business units and corporate office of “The Oberoi Group” in India.
The Policy enables and facilitates an employee and other stakeholders to report instances of
misconduct, leakage of unpublished price sensitive information, fraud, and misdemeanour
to the Whistle Officer, CEO or Chairperson of the Audit Committee.
The implementation of the Whistleblower Policy is anchored by the Executive Vice

President, Human Resources and is overseen by the MD & CEO of the Company.
PRINCIPLE 2: Businesses should provide goods and services that are safe and contribute
to sustainability throughout their life cycle
The Company maintains the highest standards of safety and sustainability in accordance
with the Oberoi Dharma and Vision which clearly states:
• “We see an organization which is committed to the environment, using natural products
and recycling items, thus ensuring proper use of diminishing natural resources.”- Oberoi
Vision
• “Conduct which at all times safeguards the safety, security, health and environment
of customers, employees and the assets of the company.” – Oberoi Dharma
• “Conduct which eschews the short-term quick-fix for the long term establishment of
healthy precedent.” – Oberoi Dharma.
The Company takes great care in ensuring sustainable practices. Measures implemented
by the Company include the following:
• All laundry chemicals are bio-degradable
• Detergents used require less water to rinse out of the fabric and are therefore water
efficient
• Cloth bags are used instead of plastic bags for collecting and delivering guest laundry,
dry cleaning and pressing
• Bio-degradable garbage bags are used in most hotels
• Guests are encouraged to adopt environment conscious practices like optimised
changing of bed linen and towels during their stay
• All stationery and shopping bags are made of recycled paper
• Some of the hotels have implemented efficient WC systems with dual water flow for
saving water
59
• Garden irrigation is carried out through recycled water
• Compost pits have been created in hotels with large gardens
• Compost machines have been installed in majority of hotels to recycle waste.
Safety initiatives underpin the Company’s business and operational practices. These include
physical structures resilient to intrusive and/or other damaging interventions to the extent
feasible, fire-safety measures, focus on guest, employee safety, safety towards women in
the workplace and overall operational safety across all functions. In addition, initiatives
are taken to review the safety and security situation as follows:
• Internal security audit reviews of each hotel twice a year
• Following up on pending audit review points on a monthly tracking report
• Investigate any incident which is followed by a detailed Incident Report
• An exhaustive check list for risk assessment as a part of internal security audit
• Issuance of high alerts/security advisories from time to time based on prevailing
security situations that arise in the city or country in which the hotel is located
PRINCIPLE 3: Businesses should promote the wellbeing of all employees
The Oberoi Dharma is the Company’s central philosophy towards ensuring the wellbeing
of its employees as follows:
• Conduct which demonstrates that people are our key asset, through respect for every
employee, and leading from the front regarding performance achievement as well as
individual development”
The Company is committed to making the employee experience enriching. This is
done by ensuring a work culture that is caring, open and respectful and provides
opportunity for learning, development and growth. Through various policies which
guide employee engagement, we have fostered a culture that ensures guest centricity,
high standards of personalised service and an enabling work environment.
The Company strongly espouses gender equality, diversity and equal opportunity:
• For the Company, gender equality is a commitment. The team comprises employees
of both genders with increasing emphasis on providing opportunities to women. We
are constantly working to improve on the gender diversity ratio. In addition, to ensure
we do not lose lady team members, we actively create an ecosystem that supports their
personal commitments thereby ensuring the right conditions necessary for their career
growth and progression.
• Our teams comprise a diverse mix from different cultures, regions and social
backgrounds. The Company has expatriate employees, adding a flavour of diversity
to the organisational culture.
• Given the varied age and interest demographics of team members, we design events
on multi aspects such as entertainment, learning, environment, sports, health and pay
back to society.
60
Presented below are the details on human resources of the Company:
1 Total number of employees (total 3,929
number of permanent employees).
2 Total number of employees hired on 1,217
temporary/contractual/casual basis.
3 Number of permanent women em- 736
ployees.
4 Number of permanent employees 1
with disabilities
5 List of employee associations that are The Company’s business is spread over
recognized by management several states and comprises of multiple
hotels, business units and offices. There
are several employees associations
recognised by the management depending
on the laws of the particular state.
6 Percentage of permanent employees Because of multiple employees
who are members of recognised em- associations in various hotels, business
ployee associations units and offices, permanent employees
change their membership to the
various associations from time to time.
Accordingly, the exact percentage keeps
on changing. However, recognised
associations always have majority
numbers.
7 Number of complaints relating to child labor, forced labor, involuntary labor, sexual
harassment in FY 2019-20
Category No. of complaints filed No. of complaints
during the Financial Year pending as on end of
the Financial Year
7.1 Child labor/forced labor/ We do not employ child labour, forced labour or
involuntary labour involuntary labour.
7.2 Sexual harassment Three NIL
7.3 Discriminatory We do not discriminate while selecting employees.
employment
7.4 Number of man-days of 5,398
executive level training (7.92 man-days per executive)
7.5 Number of man-days of 82,364
staff level training (19.19 man-days per staff)
The Company ensures continuous improvement of skills and capabilities of our already
distinguished talent pool.
61
PRINCIPLE 4: Businesses should respect the interests of, and be responsive towards
all stakeholders, especially those who are disadvantaged, vulnerable and marginalized
The Company acknowledges and believes that it has a strong role to play in giving back
to the communities and stakeholders it works with. Guided by the Corporate Social
Responsibility Policy, the Company reaches out to stakeholders who are socially
disadvantaged, vulnerable and marginalised. The Company takes particular attention
in ensuring that the initiatives are designed to provide adequate help and relief to the
following:
• Underprivileged children, including orphans and homeless children
• Elderly people
• Local communities
• Environment- tree plantation
The Company’s initiatives focus on providing critical social, economic and developmental
support like education, necessary vocational training and welfare support to these
stakeholders so that they lead better lives. (Refer to section 2(5) of this report).
Some notable initiatives are:
• The Company’s managed hotels The Oberoi and Trident Gurgaon support Pallavanjali
which offers education, training and therapy to young adults with special needs. In
the last nine years, the hotels have fostered an environment which presents equal
opportunities to young adults who do not function optimally in a traditional academic
setup to get trained and learn hospitality skills. Students of Pallavanjali get trained at
these two hotels, thrice a week, in the uniform room, laundry, flower room, bakery
and finance department.
• The Company provides employment to differently abled people and works with young
adults with speech and hearing impairments. This initiative has commenced at The
Oberoi Cecil, Shimla and Wildflower Hall, Shimla. The Oberoi Rajvilas, Jaipur and
Trident, Chennai will shortly commence the next batch.
PRINCIPLE 5: Businesses should respect and promote human rights

The Company exercises utmost care in the promotion and protection of Human Rights.
As already noted, the Oberoi Dharma drives the Company’s central philosophy towards
its employees and in its outlook regarding various stakeholders across its value chain. This
approach is reiterated through the statement “conduct which demonstrates that people are
our key asset, through respect for every employee, and leading from the front regarding
performance achievement as well as individual development”.
The company strongly values and upholds gender equality, diversity and provision of equal
opportunities for all. The employees are sensitised regarding all aspects of socially inclusive
behaviour and the need to have a humanitarian approach to all actions. The Company’s
Human Resource policies espouse these principles and these are clearly demonstrated
in the recruitment policy, where nobody is discriminated on the basis of gender, caste,
religion or physical disability. Any incidence of misconduct or harassment is dealt with
seriously within the organisation. This helps in building a healthy and lively work place
strengthened through mutual trust and ethical behaviour.
62
PRINCIPLE 6: Business should respect, protect, and make efforts to restore the
environment
The Company is committed to protecting the environment within which it operates.

The Oberoi Group vision and dharma places utmost importance to sustainability while
conducting business. Some of the environmental initiatives are:
• Energy efficient building and architectural design:

New construction emphasises on energy efficient building design and materials. The
roofs and external walls have high thermal resistance insulation to minimise energy
loss. Building fenestration is incorporated with high performance insulated glass to
reduce energy loss. Roof tops have reflective tiles or an albedo coating to minimize the
impact of heat.
• Use of energy efficient designs and equipment:

Care is taken to ensure that the system design and equipment deployed are energy
efficient. Highly efficient chillers are used for air conditioning. Pumps, fans, compressors,
blowers and other equipment are selected carefully considering their energy efficiency.
Energy recovery systems and variable speed drives are used extensively to save energy.
High efficiency boilers and heaters are used with energy recovery systems to recover
waste heat. Energy efficient lighting with optimal use of natural light is practiced.
Building Management systems are used for monitoring and control.
• Sustainable landscape and water use:

Sustainable landscaping and horticulture are essential features of every hotel.
The design of new hotels ensures a high percentage of green area, trees and shrubs.
Local plants species are extensively used to encourage biodiversity.
The use of natural fertilizers and bio-pesticides support sustainable practices. While
building hotels, natural contours of the site are maintained to limit disturbance to
natural water flow and increase infiltration of storm water. Rain water harvesting
systems are installed in the majority of hotels. Hotels have Sewage Treatment Plants
(STPs). Treated water from STPs gets recycled for use in horticulture and cooling towers.
Technology for treating and recycling used water from laundry back to the laundry is
an option under active consideration which will not only save water but also reclaim
the heat which gets lost otherwise. A pilot plant at one our larger city hotels has been
evaluated. Low water usage plumbing fixtures are used to reduce water consumption.
Irrigation systems use automation to control water usage.
• Use of sustainable materials:

Fly-ash, a waste product from power plants is used in building structures. Low
embedded energy materials (material with recycled content, rapidly renewable wood/
composite wood products) are extensively used in developing interiors. FSC certified
wood and composite products made from recycled wood scrap are used. Priority is
given on use of locally available materials like tiles, granite, marble etc. This reduces
transportation and minimises carbon emissions. Biodegradable organic chemicals
are used in washing machines. Bathroom amenities are made from natural botanical
63
extracts and herbs. Use of plastics is discouraged and there is preference for renewable
and organic products. The refrigerants used have low global warming and low ozone
depletion properties.
• Waste Reduction, recycle and reuse:

Wet garbage is treated in organic waste converters and recycled in several hotels.
Alternatively, it is used as animal feed. Metal, plastic and other recyclable waste are
segregated and sold as scrap for recycling. Electronic waste is disposed responsibly
to authorized agencies as per regulations. Printed stationary is reused. Old linen is
recycled for back of the house use. Business kits and cards are made from recycled
paper.
• Indoor environmental quality:

Hotel designs give attention to indoor environmental quality for maintaining the
environment for users, occupants and guests. Good ventilation is provided in all areas
and air is treated to give good indoor air quality. Smoking zones are clearly identified
and ventilation systems ensure there is no exposure of smoke outside these areas.
Low VOC materials like paints, coatings, plywood, timber and fabrics are used to
minimise exposure to VOCs. Carpets used are environment friendly and comply with
CRI standards. Buildings are carefully treated for acoustic comfort and to minimise
ingress of noise from outside. Wet and dry scrubbers are installed to reduce emissions
of gases and particulate matter.
• Special attention is paid towards safety and detailed safety procedures are listed for
operational guidance of hotels.
• Hotel designs ensure accessibility for differently abled guests.
• In addition, the Company continues to ramp up its reliance on renewable energy, some
of which is listed below:
The Company has invested in a local wind generating company and 3.6 million units
of electricity per year from wind energy have been contracted on a long term basis for
The Oberoi, Bangalore. The Company and its Associate have invested in a local wind
generating company and 1.5 million units of electricity per year from wind energy
have been contracted on a long term basis for Oberoi Flight Services, Chennai besides
2.8 million units for the Trident Chennai. Roof top solar panels have been installed
in all hotels of as much capacity feasible. In addition to the roof top solar plants, it is
planned to utilize the unused land parcels within the hotel boundary to add to the
existing solar power plant capacity which is estimated to deliver 30% to 40% of the total
power consumed at The Oberoi Rajvilas, The Oberoi Vanyavilas, The Oberoi Udaivilas,
Trident Udaipur and Trident Agra. This project is estimated to be commissioned by
the end of the second quarter in Financial Year 2020-21.
PRINCIPLE 7: Businesses, when engaged in influencing public and regulatory policy,

should do so in a responsible manner
The Company takes up with responsibility and commitment matters concerning the hotel
industry across the country through active participation in apex industry associations
64
including the following:
• Hotel Association of India (HAI)
• Federation of Hotels and Restaurant Association of India (FHRAI)
• Federation of Associations in Indian Tourism & Hospitality (FAITH)
• Tourism & Hospitality Skills Council (THSC)
• Skills Council for People with Disability (SCPwD)
PRINCIPLE 8: Businesses should support inclusive growth and equitable development
The Company continues to regularly identify and engage with different sections of the
communities. Please refer to Point 5 of Section 2 of this Business Responsibility Report for
further details.
PRINCIPLE 9: Businesses should engage with and provide value to their customers
and consumers in a responsible manner
The Company has an uncompromising and unrelenting commitment to delivering
excellence and value to its guests through efficient, personalised and caring service. This
is based on “The Oberoi Dharma”. Our commitment to excellence, attention to detail and
personalised service continues to be acknowledged and appreciated globally. The Oberoi
Hotels & Resorts has been voted the Best Hotel Group for the third consecutive year by
Telegraph Travel Awards, UK - 2019. Oberoi Hotels & Resorts was voted Best Indian Hotel
Group in the Travel + Leisure, India & South Asia India’s Best Awards, 2019. Oberoi Hotels
& Resorts was voted as the Best Luxury Hotel Brand by Business Traveller UK Awards,
2019. Oberoi Hotels & Resorts was ranked second amongst the Best Hotel Brand in the
World by Travel + Leisure, US, World’s Best Awards, 2019.
The many accolades that our hotels receive is recognition of the commitment and dedication
of employees at all levels to deliver exceptional guest experiences.
The overall service and product classification of hotels in India is governed by The Ministry
of Tourism via the Hotel and Restaurant Approval and Classification Committee (HRACC).
HRACC has developed stringent guidelines for hotels to follow. Based on a detailed
inspection, hotels are classified as 5 Star deluxe, 5 star and so on. All our hotels have been
classified under 5 Star Deluxe, 5 star and Heritage hotels. This certificate is issued after a
detailed inspection every five years.
The various channels that are used by the Company for marketing communication include:
• Direct & Foreign Tour Operator engagement
• Meetings, Incentives, Conference & Exhibition (MICE) Focus
• Multi resort use policy
• Online Travel Agent growth
• Customised itineraries to International Free Independent Traveller (FIT) – Exotic
Vacations
• Enhancing sales force productivity & effectiveness
• Enhance focus on Digital Marketing
• Establishing a robust CRM approach and process
• Aggressive re-marketing via the Oberoi Contact Centre
• Targeting priority International Markets for FIT
• Ongoing engagement through Trident Privilege
65
Internationally, the Company has leveraged several reputed magazines to reach out to its
large base of international customers.
Within the hotels a variety of media is used to display information for guests to better
understand the special offers and general information about the hotel. To ensure continuous
improvement, the Company’s hotels rely on the “GQA – Guest Questionnaire” feedback
process, which enables us to understand guest needs and experiences better.
The continuous endeavour of the Company is to maximise and increase satisfaction, loyalty
and referrals from guests. This is based on the belief that loyal guests will actively promote
and recommend our hotels. All customer complaints are immediately addressed to ensure
that the guests continue to have a positive association and remain loyal to our hotels.
For the past two decades, the Company has consistently commissioned reputed independent
third party agencies to conduct anonymous mystery audits at each of our hotels to ascertain
that established quality standards pertaining to both service and product are met.
All the operating standards applicable at Oberoi Hotels and Trident Hotels have been
approved by the Company’s Executive Chairman. The MD and CEO of the Company,
with support from management and staff, ensure the highest operating standards across
all hotels.

26th June 2020 Managing Director-Development Managing Director and
66
REPORT ON CORPORATE GOVERNANCE
1. The Company’s philosophy on Code of governance

The Company’s philosophy on governance is documented in “The Oberoi
Dharma” which is the fundamental code of conduct of the Company and in its
“Mission Statement”.
The texts of “The Oberoi Dharma” and the “Mission Statement” appear on page
nos 10 and 11 of this Annual Report.
2. Board of Directors
a) Board Composition

As on 31st March 2020, the Company had twelve Directors on the Board. Four are
Executive Directors and eight are Non-executive directors. Six of the Non-executive
Directors are Independent Directors.

Mr. Sanjay Gopal Bhatnagar was appointed as a Non-executive Independent Director
with effect from 27th August 2019 in the causal vacancy caused due to the resignation
of Mr. Santosh Kumar Dasgupta.
b) Meetings and Attendance

During the Financial Year, the Board met five times on 30th May 2019, 13th August
2019, 5th November 2019, 24th January 2020 and 26th March 2020.
Details of attendance of Directors at Board Meetings during the Financial Year and
at the company’s Sixty Ninth Annual General Meeting together with the number of
other directorships and Committee mmemberships held by them are as follows
Name Designation Category Attendance No. of @No. of
other other Board
Director- Committees
Board Last ships* in which
Meeting AGM he is a
member or
Chairperson
(other than
EIH)
Mr. Prithviraj Singh Executive Executive 2 No 2 0
Oberoi Chairman
Mr. Shib Sanker Executive Executive 5(1) Yes 1 2**

Mukherji Vice Chairman
Mr. Vikramjit Singh Managing Director Executive 5(1) Yes 4 1
Oberoi & Chief Executive
Officer
Mr. Arjun Singh Managing Director- Executive 5(2) Yes 3 -
Oberoi Development
Mr. Sudipto Sarkar Director Non-Executive 5(2) No 3 4
Independent
Mr. Anil Kumar Director Non-Executive 5(1) Yes 3 3**
Nehru Independent
Mr. Lakshminarayan Director Non-Executive 4(1) Yes 5 6
Ganesh Independent
67
Non-Executive 4(3) Yes 2 -
Mrs. Nita Mukesh Director Non-
Ambani Independent
Non-Executive 4(3) No 2 2
Mr. Manoj Director Non-
Harjivandas Modi Independent
Non-Executive
Mr. Rajeev Gupta Director Independent 2 No 5 4
Non-Executive
Dr. Chhavi Rajawat Director Independent 2(1) No 1 -
Non-Executive
Mr. Sanjay Gopal Director Independent 2(1) NA 1 1
Bhatnagar#
* Excludes Directorship if any, in private companies/foreign companies and companies under

Section 8 of the Companies Act, 2013.
** Chairperson of one committee.
( ) The numbers in bracket represents meetings attended through video conference out of the total
number of meetings attended. All the Directors who were present at the Board Meeting held on
26th March 2020 attended the meeting through video conference in accordance with amendment in
Rule 4 of the Companies (Meetings of Board and its Powers) Rules, 2014 by Companies (Meetings
of Board and its Powers) Amendment Rules, 2020.
@ Only Audit Committee & Stakeholders Relationship Committee has been considered as per
Listing Regulations.
# Appointed as Non-executive Independent Director with effect from 27th August 2019. The
appointment got delayed for about 59 days due to delay in receipt of other regulatory approvals.
c) Names of the listed entities where the above Directors are Director(s) and the
category of Directorship
Name of the Director Name of the listed Company Category of Directorship
Mr. Prithviraj Singh Oberoi EIH Associated Hotels Limited Non-Executive Chairman
Mr. Shib Sanker Mukherji EIH Associated Hotels Limited Non-Executive Vice
Chairman
Mr. Vikramjit Singh Oberoi EIH Associated Hotels Limited Managing Director
Mr. Arjun Singh Oberoi - -
Mr. Sudipto Sarkar EIH Associated Hotels Limited Independent Director
Vesuvius India Limited Independent Director
Triveni Engineering & Independent Director
Industries Limited
Mr. Anil Kumar Nehru EIH Associated Hotels Limited Independent Director
Mr. Lakshminarayan Ganesh Rane Holdings Limited Chairman and Managing
Director
Rane Brake Linings Limited Chairman and Non-
executive Director
Rane (Madras) Limited Chairman and Non-
executive Director
Rane Engine Valve Limited Chairman
EIH Associated Hotels Limited Independent Director
Mrs. Nita Mukesh Ambani Reliance Industries Limited Non-Executive Director
Mr. Manoj Harjivandas Modi - -
68
United Spirits Limited Independent Director
Mr. Rajeev Gupta Vardhaman Special Steels Limited Independent Director
Cosmo Films Limited Independent Director
TV Today Network Limited Independent Director
Rane Holdings Limited Independent Director
Dr. Chhavi Rajawat - -
Mr. Sanjay Gopal Bhatnagar Metropolis Healthcare Limited Independent Director
d) Inter-se Relationship of Directors

Mr. Prithvi Raj Singh Oberoi and Mr. Vikramjit Singh Oberoi are related to
each other, being father and son. None of the other Directors are related to
any other Director.
e) Shareholding of Non- executive Directors

None of the Non-executive Directors hold any shares in the Company.
f) Weblink where details of Familiarisation Program for Independent Directors

is disclosed
The familiarisation program for Independent Directors is given on the
Company’s website www.eihltd.com.
g) Skill, Expertise and Competence of the Board of Directors

The matrix setting out the skills/ expertise/ competence of the Board of
Directors are as under:
i) Qualifications
• Degree holder in relevant disciplines (e.g. management, accountancy,
legal, sales, marketing, administration, finance, and Corporate
Governance and hospitality industry related disciplines); or
• Recognised specialist.
ii) Experience
• Experience of management in a diverse organization;
• Experience in accounting and finance, administration, corporate,
legal and strategic planning;
• Ability to work effectively with other members of the Board.
iii) Skills
• Excellent interpersonal, communication and representational skills;
• Leadership skills;
• Extensive team building and management skills;
• Strong influencing and negotiating skills;
• Continuous professional development to refresh knowledge and skills;
iv) Abilities and Attributes

• Commitment to high standards of ethics, personal integrity and
probity;
• Commitment to observe “The Oberoi Dharma” and the fundamental
code of conduct.
69
v) Name (s) of Directors who have these expertise and skills
S.No. Name of the Director Area of Expertise/ Skill
1. Mr. Prithvi Raj Singh Oberoi Hotel Management Graduate - Hospitality Industry
Leader with more than 70 years’ experience in running the
internationally renowned brand “The Oberoi Hotels and
Resorts”.
2. Mr. Shib Sanker Mukherji Chartered Accountant and Management Graduate -
Expertise in Finance, Accounts, Strategy and General
Management.
3. Mr. Vikramjit Singh Oberoi Expert in Hotel Management operations and General
Administration.
4. Mr. Arjun Singh Oberoi Expert in Strategizing and Development of new hotel
projects and execution of the projects.
5. Mr. Anil Kumar Nehru Experience of Management in a diverse organisation.
Ability to work effectively with other members of the
Board.
6. Mr. Lakshminarayan Ganesh Experience of Management of Diverse organisation.
Experience in Finance, Accounts, Strategy and General
Management.
7. Mr. Sudipto Sarkar Recognised Specialist in law, compliance, Corporate
Governance and litigation
8. Mr. Rajeev Gupta Recognised specialist in Strategy, Restructuring, Mergers
and Acquisitions.
9. Mr. Manoj Harjivandas Modi Experience of Management in a diverse organisation,
accounting and finance, administration, corporate, legal
and strategic planning.
10. Mrs. Nita Mukesh Ambani Experience of Management in a diverse organisation,
Strong influencing and negotiating skills, a recognised
leader.
11. Mr. Sanjay Gopal Bhatnagar Experience of Management in a diverse organisation and
Management skills.
12. Dr. Chhavi Rajawat Experience of Management in a diverse organisation, a
recognised leader.
h) Independent Directors
In the opinion of the Board, the Independent Directors fulfill the conditions specified
in the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements), Regulations, 2015 and are independent of the management.
i) Confirmation of the Compliance of the Codes

All Directors and members of Senior Management have, as on 31st March 2020,
affirmed their compliance with:
The Oberoi Dharma, the fundamental code of conduct for The Oberoi Group;
•
• The Company’s Code of Conduct for Prevention of Insider Trading in its shares;
• Disclosures relating to all material and financial transactions;
• Annual Disclosure(s) as required under the Code of Conduct of Prevention of
Insider Trading.
70
3. Audit Committee
Composition, Meetings and Attendance
The Audit Committee comprises of six Board Members, namely, Mr. Sudipto Sarkar,
Mr. Anil Kumar Nehru, Mr. Rajeev Gupta, Mr. Lakshminarayan Ganesh, Mr. Shib
Sanker Mukherji and Mr. Arjun Singh Oberoi. Mr. Sudipto Sarkar is the Chairperson
of the Audit Committee.
The members of the Audit Committee except Mr. Arjun Singh Oberoi and Mr. Shib
Sanker Mukherji are Non-executive Independent Directors. The quorum for an Audit
Committee Meeting shall either be two members or one third of the members of the
audit committee, whichever is greater, with at least two independent directors.
Mr. Sudipto Sarkar, the Chairperson of the Audit Committee is a graduate in

Mathematics from Presidency College, Kolkata and obtained his TRIPOS in law
from Jesus College, Cambridge. Mr. Anil Kumar Nehru has studied Business
Management from IIM, Ahmedabad, Harvard Business School and Columbia
University. Mr. Rajeev Gupta is a Management Graduate from IIM, Ahmedabad
and an Investment Banker. Mr. Shib Sanker Mukherji is a Chartered Accountant
and has completed advanced Management Program from Harvard Business School.
Mr. Lakshminarayan Ganesh is a Chartered Accountant and holds a Masters degree
in Business Administration and Mr. Arjun Singh Oberoi is a Graduate in Science
(Economics) from the University of Buckingham, UK. Accordingly, the Chairperson
and all the members of the committee are financially literate within the meaning of
explanation under regulation 18(1)(c) of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”).
The Audit Committee met five times during the Financial Year on 29th May 2019,
13th August 2019, 5th November 2019, 24th January 2020 and 26th March 2020.
Attendance of the members of the Audit Committee during the Financial Year
2019-20 is given below:
Name of the Member Number of Meetings attended
Mr. Sudipto Sarkar, Chairperson** 4(1)
Mr. Anil Kumar Nehru* 5(1)
Mr. Lakshminarayan Ganesh 4(1)
Mr. Shib Sanker Mukherji 5(1)
Mr. Arjun Singh Oberoi 4(1)
Mr. Rajeev Gupta -
number of meetings attended.
All the Members who were present at the audit committee meeting held on 26th March 2020 attended the
meeting through video conference in accordance with amendment in Rule 4 of the Companies (Meetings
of Board and its Powers) Rules, 2014 by Companies (Meetings of Board and its Powers) Amendment
Rules, 2020.
* Chairman of the Committee till 14th August, 2019.
* * Appointed Chairman of the Committee by the Board effective 15th August, 2019 for a period of two
years as a part of rotation policy.
71
r. Vikramjit Singh Oberoi, Managing Director & Chief Executive Officer is an
M
invitee to the Audit Committee Meetings. The Statutory Auditor, the Chief Financial
Officer and the Chief Internal Auditor also attend Audit Committee Meetings.
The Company Secretary acts as the Secretary to the Committee.
Role of Audit Committee

The Role of the audit committee is in accordance with Regulation 18, Part C of
Schedule II to the listing regulations and Section 177 of the Companies Act, 2013.
4. Stakeholders Relationship Committee
Composition, Meetings & Attendance

The Stakeholders Relationship Committee (“SRC”) comprises of four Board Members,
namely, Mr. Anil Kumar Nehru, Mr. Shib Sanker Mukherji, Mr. Vikramjit Singh
Oberoi and Mr. Arjun Singh Oberoi. Mr. Anil Kumar Nehru is the Chairperson of
the SRC. Mr. S. N. Sridhar, Company Secretary, who is also the Compliance Officer
of the Company, acts as Secretary to the Committee.
The quorum for a meeting of SRC is two members.
The SRC met nine times during the Financial Year on 24th April 2019, 30th May
2019, 3rd July 2019, 13th August 2019, 11th September 2019, 4th November 2019,
17th December 2019, 24th January 2020 and 28th February 2020.
Attendance of the members of the SRC during the Financial Year 2019-20 is given
below:
Mr. Anil Kumar Nehru 9
Mr. Shib Sanker Mukherji 4
Mr. Vikramjit Singh Oberoi 6
Mr. Arjun Singh Oberoi 9(4)
( ) The numbers in bracket represents meetings attended through video conference out of the total number
of meetings attended.

Role of Stakeholders Relationship Committee
The Role of SRC is in accordance with Regulation 20 and Part D of Schedule II to
the listing regulations and Section 178 of the Companies Act, 2013.The Ccommittee
monitors the company’s response to investor complaints. It has also been authorised
to approve the issue of duplicate share certificates in lieu of those lost or destroyed.
Pursuant to Regulation 40(2) of the listing regulations, the power to approve transfers,
transmissions, etc. of shares in their physical form has been delegated to a Committee
of Executives of the Company.
As on 31st March 2020, 03 demat requests and 01 physical transfer requests were
pending. These have been subsequently processed within the stipulated timelines.
72
During the Financial Year, 45 complaints were received from investors. These
complaints mainly related to dividends and Annual Reports not received by
Shareholders. All complaints have been resolved. There were no complaints pending
as on 31st March 2020.
5. Risk Management Committee
Committee and its Composition

The Risk Management comprises of a mix of Board Members and senior executives
of the Company as under:
• Mr. Anil Kumar Nehru -Independent Director;
• Mr. L. Ganesh – Independent Director
• Mr. Vikramjit Singh Oberoi-Managing Director and Chief Executive Officer;
• Mr. Arjun Singh Oberoi, Managing Director - Development;
• Mr. Kallol Kundu - Chief Financial Officer; and
• Mr. Sameer Nayar-Executive Vice President- Strategic Development.
Mr. Anil Kumar Nehru is the Chairperson of the committee. The quorum of the
Board Committee on Risk Management shall be three members comprising of any
two Board Member along with any one senior executive. The Company Secretary
acts as Secretary to the Committee.
Role of Board Committee on Risk Management

The Role of the Board Committee on Risk Management Committee are as under:
• Identifying new risks facing the company and reviews existing risks for continuity
and relevance including risks relating to cyber security;
• Identifying Key Risk Owners who will be responsible for managing individual
risks;
• Recommending Key Risk Indicators (KRIs) and measurement criteria;
• Recommending mitigation plans as identified by individual Key Risk Owners;
During the Financial Year, the RMC met twice on 30th July 2019 and on 25th January
2020.
Attendance of the members of the RMC during the Financial Year 2019-20 is given
below:
Mr. Anil Kumar Nehru 2
Mr. Lakshminarayan Ganesh* 1 (1)
Mr. Arjun Singh Oberoi 1
Mr. Kallol Kundu 2
Mr. Sameer Nayar 2
* Appointed with effect from 13th August 2019
( ) The numbers in bracket represents meetings attended through video conference out of the total number
of meetings attended.
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6. Corporate Social Responsibility Committee
Composition, Meetings and Attendance

The Corporate Social Responsibility Committee (“CSR Committee”) comprises
of four Board Members, namely, Mr. Rajeev Gupta (Independent Director),
Mr. Shib Sanker Mukherji, Mr. Vikramjit Singh Oberoi and Arjun Singh Oberoi.
Mr. Shib Sanker Mukherji, Executive Vice Chairman is the Chairperson of the
Committee.
The quorum for a meeting of the CSR Committee is two members. The Company
Secretary acts as Secretary to the Committee.
The CSR Committee met on 12th August 2019 during the Financial Year.
Attendance of members of the CSR Committee during the Financial Year 2019-20 is
given below:
Name of the member Number of Meetings attended
Mr. Shib Sanker Mukherji, Chairperson 1
Mr. Arjun Singh Oberoi -
Mr. Rajeev Gupta -
Role of CSR Committee

The Role of the CSR Committee is to formulate the CSR Policy and to take CSR
initiatives in accordance with Section 135 read with Schedule VII of the Companies
Act, 2013 and the Companies (Corporate Social Responsibility Policies) Rules, 2014.
7. Nomination and Remuneration Committee
Composition, Meetings & Attendance

The Nomination and Remuneration Committee (“NRC”) comprises of four Board
Members, three Non-executive Independent Directors, namely, Mr. Anil Kumar
Nehru, Mr. Lakshminarayan Ganesh, Mr. Rajeev Gupta and Mr. Prithvi Raj Singh
Oberoi, Executive Chairman.
Mr. Lakshminarayan Ganesh is the Chairperson of the NRC.
The quorum for a meeting of the NRC is either two members or one third of the
members of the committee, whichever is greater, including one independent director
in attendance. The Company Secretary acts as the Secretary to the Committee.
The NRC met three times during the Financial Year on 28th May 2019, 12th August
2019 and 26th March 2020.
74
Attendance of the members of the NRC during the Financial Year 2019-20 is given
below:
Mr. Lakshminarayan Ganesh, Chairperson** 3(1)
Mr. Anil Kumar Nehru* 3(1)
Mr. Prithvi Raj Singh Oberoi 1
Mr. Rajeev Gupta 1(1 )
number of meetings attended. All the Members who were present at the NRC meeting held on 26th
March 2020 attended the meeting through video conference in accordance with amendment in Rule 4
of the Companies (Meetings of Board and its Powers) Rules, 2014 by Companies (Meetings of Board
and its Powers) Amendment Rules, 2020.
* Chairman of the Committee till 14th August, 2019.
** Appointed Chairman of the Committee by the Board effective 15th August, 2019 for a period of two
years as a part of rotation policy
Role of the Nomination and Remuneration Committee

The Role of the NRC are in accordance with regulation 19 and Part D of Schedule II to
the listing regulations and sub-section (2), (3) and (4) of Section 178 of the Companies
Act, 2013.
The NRC has formulated the following policies in accordance with the aforesaid
provisions:
i) Director Appointment and Remuneration Policy;
ii) Senior Management Personnel (excluding Executive Directors) Appointment
and Remuneration Policy.
The aforesaid policies are available on the Company’s website www.eihltd.com
Performance evaluation criteria for Independent Directors is as per the approved

Board Evaluation Policy of the Company
8. Remuneration of Directors
a) Remuneration to Executive Directors

(` Million)
Name Salary Perquisites Commission on Total
Profits (Accrued)
Mr. Prithviraj Singh Oberoi - 2.75 25.50 28.25
Mr. Shib Sanker Mukherji 8.82 1.45 19.13 29.40
Mr. Vikramjit Singh Oberoi 11.05* 6.50 15.94 33.49
Mr. Arjun Singh Oberoi 11.36* 3.42 15.94 30.72
TOTAL 31.23 14.12 76.51 121.86
* include Retirement Benefits
Note: No stock option was given
75
b) Remuneration to Non-executive Directors
Non-executive directors are not paid any remuneration by the Company.
Non-executive directors who attend Board or committee meetings are paid a sitting
fee of ` 50,000 (Rupees fifty thousand only) for each sitting of the Board or committee
thereof. During the Financial Year, the total amount paid to Non-executive directors
for attending board and committee meetings amounted to ` 3.0 Million. No stock
option was given to Directors of the Company.
c) Service Contracts of Executive Directors

Name Tenure Notice Period Severance
Fees
Mr. Prithviraj Singh Oberoi 27.06.2017-26.06.2022 6 months As per
Agreement
Mr. Shib Sanker Mukherji 27.06.2017-26.06.2022 6 months As per
Agreement
Mr. Vikramjit Singh Oberoi 01.07.2019-30.06.2024 6 months As per
Agreement
Mr. Arjun Singh Oberoi 01.07.2019-30.06.2024 6 months As per
Agreement
d) Severance Fees
Severance fee, if any to Executive Directors is in accordance with Section 202 of the
Companies Act, 2013.
9. General Body Meetings
i) Location and time of the last three Annual General Meetings (AGMs) and
Special Resolutions passed at these Meetings:
Financial Year Location Date Time Special
ended Resolutions
Passed
31st March 2017 The Oberoi Grand, 2nd August 2017 11.30 A.M None
Kolkata
31st March 2018 The Oberoi Grand, 1st August 2018 11.30 A.M None
Kolkata
31st March 2019 The Oberoi Grand, 14th August 2019 11.30 A.M None
Kolkata
(ii) Special Resolution passed through postal ballot:

During the year, five special resolutions were passed by postal ballot with
the requisite majority on 11th July 2019. The details of voting pattern are as
under:
76
a) Re-appointment of Mr. Vikramjit Singh Oberoi (DIN-00052014) in the Whole-
time employment of the Company as “Managing Director and Chief Executive
Officer”, liable to retire by rotation:
e-voting Ballot-voting Total voting
Cast in favour Cast against
Cast in favour Cast against Cast in favour Cast against
(No of (No of
(No of shares) (No of shares) (No of shares) (No of shares)
shares & %) shares & %)
39,99,70,697 39,248
39,96,52,486 35,425 3,18,211 3,823
(99.99) (0.01)
b) Re-appointment of Mr. Arjun Singh Oberoi (DIN-00052106) in the Whole-time

employment of the Company as “Managing Director-Development”, liable
to retire by rotation:
(No of shares (No of shares
& %) & %)
39,99,57,396 42,555
39,96,49,946 37,965 3,07,450 4,590
(99.99) (0.01)
c) Re-appointment of Mr. Lakshminarayan Ganesh (DIN: 00012583) as a Non-

executive Independent Director for a second terms of 5(five) consecutive years,
not liable to retire by rotation
& %) & %)
39,25,64,641 74,26,871
39,22,67,946 74,14,509 2,96,695 12,362
(98.14) (1.86)
d) Re–appointment of Mr. Rajeev Gupta (DIN: 00241501) as a Non-executive

Independent Director for a second terms of 5(five) consecutive years, not
liable to retire by rotation:
& %) & %)
38,64,03,709 55,68,577 2,99,932 10,988 38,67,03,641 55,79,565
(98.58) (1.42)
e) Re-appointment of Mr. Sudipto Sarkar (DIN: 00048279) as a Non-executive

Independent Director for a second terms of 5(five) consecutive years, not
liable to retire by rotation:
& %) & %)
39,25,92,391 70,90,164 2,99,155 10,944 39,28,91,546 71,01,158
(98.22) (01.78)
77
(iii) Person who conducted the postal ballot exercise
Dr. Ajay Kumar Jain, Practicing Company Secretary, Jus & Associates,
appointed as the Scrutinizer, had conducted the postal ballot voting process.
(iv) Procedure for postal ballot

The postal ballot was conducted in accordance with the procedure set out
in Section 110 of the Companies Act, 2013 read with rule 22 of Companies
(Management and Administration) Rules, 2014 and Regulation 44 of the
Listing Regulations.
(v) Proposal to pass any special resolution through postal ballot

None.
10. General Disclosures
a) Related Party Transactions

(i) A summary of transactions with related parties, in the ordinary course of
business and at arm’s length is placed before the Audit Committee every
quarter;
(ii) There were no material individual transactions with related parties that were
not in the ordinary course of business and at arm’s length during the Financial
Year ended 31st March 2020;
(iii) There were no material significant transactions during the Financial Year with
related parties such as the Promoters, Directors, Key Managerial Personnel,
Relatives or Subsidiaries that could have potential conflict of interest with the
Company;
(iv) The mandatory disclosure of transactions with related parties, in compliance
with the Indian Accounting Standard (Ind AS-24), forms part of this annual
report;
(v) Related Party Transactions policy of the Company can be accessed on the
Company’s website www.eihltd.com.
b) Capital Market non- compliances, if any

There were no instances of non-compliance by the Company on any matter
relating to the capital markets during the past three years;
c) Vigil Mechanism/ Whistleblower Policy

The Company has a Whistleblower Policy which can be accessed on the
Company’s website www.eihltd.com. It is affirmed that no personnel has been
denied access to the Chairman of the Audit Committee in terms of the policy.
During the Financial Year, one (1) complaint was received which was duly
investigated by the Whistle Committee and reported to the Audit Committee.
Action recommended by the Whistle Committee/ Audit Committee has been
implemented by the management.
78
d) Policies
In accordance with the Companies Act 2013 and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, Company has formulated
the following policies which can be accessed on the Company’s website
www.eihltd.com :
i) Policy on Material Subsidiaries;
ii) Policy on Distribution of dividend;
iii) Policy on Determination and disclosure of material events;
iv) Policy on Preservation and Archival of documents;
v) Risk Management Policy.
e) Insider Trading
The company has formulated a Code of Conduct for Prevention of Insider
Trading in the shares of the Company for Directors and other identified
persons in accordance with the Securities and Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015 as amended by Securities
and Exchange Board of India (Prohibition of Insider Trading) (Amendment),
Regulations, 2018. The Code of Conduct for Prevention of Insider Trading,
Code of fair disclosure of Unpublished Price Sensitive Information and Policy
and procedure for inquiry in case of leak of Unpublished Price Sensitive
Information can be accessed on the Company’s website www.eihltd.com.
f) Independent Directors Meeting

During the year, one Independent Directors meeting which was required
to be held mandatorily under the Act could not be held. In accordance with
the Ministry of Corporate Affairs Circular no.11/2020 dated 24th March
2020, it has been clarified that as per Para VII (1) of Schedule IV to the Act,
independent Directors (IDs) are required to hold at least one meeting without
the attendance of Non-independent directors and members of management.
For the financial year 2019-20, if the ID’s of a company have not been able
to hold such a meeting, this shall not be viewed as a violation. However,
Independent Directors met through video conference on 22nd May 2020 to
review the performance of the Non-Independent Directors and the Board as
a whole, performance of the Chairperson and quality, quantity and timeliness
of information exchange between the Company Management and the Board.
g) Board Evaluation
The Company has put in place a Board Evaluation process. A note on this is
provided in the Directors’ Report
h) Sexual Harassment at Workplace

In accordance with Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 the complaints received and resolved
during the year is as under:
Number of Complaints filed during the year 03
Number of Complaints disposed of during the year 03
Number of Complaints pending as at the end of the Financial Year Nil
79
i) Internal Controls
The Company has put in place adequate Internal Control Systems and
Procedures including adequate financial controls with reference to the financial
statement.
j) Certificate from Company Secretary in Practice regarding Directors debarred

under the Act etc.
A certificate from the Company Secretary in practice that none of the Directors
on the Board of the Company have been debarred or disqualified from being
appointed or continuing as directors of companies by the Board/Ministry of
Corporate Affairs or any such statutory authority is attached and forms part
of this report.
k) Fee to Statutory Auditors

Total fees for all services paid by the Company and its subsidiaries, on a
consolidated basis, to the statutory auditor and all entities in the network
firm/network entity of which statutory auditor is a part during the Financial
Year is ` 40.94 million.
l) Committee Recommendations
There has been no instance where the Board has not accepted any
recommendation of/submission by any Committee which is mandatorily
required, in the Financial Year 2019-20.
m) Non- mandatory requirements

The Company is complying with the non-mandatory requirement of separation
of the post of Chairperson and Managing Director.
11. Means of Communication

The Annual Report for each Financial Year is mailed to all Shareholders in the month
of July of each calendar year. Each report contains standalone and consolidated
financial statement of the Company for the Financial Year along with the Directors’
and Auditor’s Reports and its annexures. Also included in each Annual Report is
the notice convening the Annual General Meeting and the Corporate Governance
Report.
The financial results or the extract of the financial results, as the case may be, of the
company were officially released or will be released in accordance with the following
schedule:
SL Nature of Media used Dates of Forwarded/to
No Communication for Publication be forwarded
Publication to Stock
Exchanges on
Quarterly unaudited Newspapers 14.08.2019 13.08.2019
1 financial statement
(first quarter 2019-20)
Half-yearly unaudited financial Newspapers 06.11.2019 05.11.2019
2 statement
(second quarter 2019-20)
80
SL Nature of Media used Dates of Forwarded/to
No Communication for Publication be forwarded
Publication to Stock
Exchanges on
Quarterly unaudited Newspapers 25.01.2020 24.01.2020
3 financial statement
(third quarter 2019-20)
Annual audited financial Newspapers N.A* 26.06.2020
4
statements 2019-20*

*Not published as SEBI vide its circulars dated 26th March 2020 read with 12th May 2020 has exempted
publication of advertisements in newspapers for all events scheduled till 30th June 2020 due to COVID-19
pandemic.
The Financial Results are published in The Economic Times, The Times of India,
Mint, The Financial Express, The Indian Express and Eoi Samay (Bengali).
The presentation on Financial Results made for Analyst/Institutional Investors call/

meetings are shared with the stock exchanges and Analyst/ Institutional Investors within
30 minutes of the conclusion of the Board meeting along with the Financial Results.
The presentation is also uploaded on the Company’s website www.eihltd.com
All corporate information filed by the Company with the stock exchanges are
uploaded on www.connect2nse.com/LISTING/ (NSE) and www.listing.bseindia.
com (BSE) and can be viewed on the website of stock exchanges i.e. www.nseindia.
com, www.bseindia.com and www.cse-india.com. The information is also available
on the Company’s website www.eihltd.com.
The Management Discussion and Analysis and Business Responsibility Report for
the Financial Year forms part of the Directors’ Report.
12. General Shareholder Information

a. The Seventieth Annual General Meeting will be held at 11.30 A.M. on Friday,
14th August 2020. The AGM will be conducted through Video Conference/
Other Audio Visual Means (OAVM) in accordance with Ministry of
Corporate Affairs (“MCA”) circulars dated 8th April 2020, 13th April 2020,
5th May 2020 and 15th June 2020 which permits Companies to hold Annual
General Meeting through Video Conference without the physical presence
of the members. In compliance with the said circulars the Annual General
Meeting is being held through Video Conference/other Audio Visual Means.
b. The tentative Financial calendar is as follows:

Audited Financial Statement for 2019-20 Friday 26th June 2020
e-mailing of Annual Report for 2019-20 on or before 21st July 2020
Unaudited First Quarter Financial Result Thursday 13th August 2020
2020-21
Seventieth Annual General Meeting Friday 14th August 2020
Unaudited Second Quarter Wednesday 4th November 2020
Financial Result 2020-21
81
c. Register of shareholders
The Register of Shareholders will remain closed from 7th August 2020 to
9th August 2020, both days inclusive.
d. Payment of dividend
In view of the prevailing business conditions due to lockdown, the Board of
Directors have not recommended any dividend payment for the Financial
Year 2019-20.
e. Listing of Shares on Stock Exchanges

The Stock Exchanges with their respective stock codes are as follows:
Name & Address of the Stock Exchange Stock Code
The Calcutta Stock Exchange Limited 05
7, Lyons Range, Kolkata-700001
BSE Limited 500840
Corporate Relationship Department,
1st Floor, New Trading Ring, Rotunda Building,
Phiroze Jeejeebhoy Towers, Dalal Street, Fort,
Mumbai-400001
The National Stock Exchange of India Limited EIHOTEL
Exchange Plaza, 5th Floor, Plot No.C/1, G Block,
Bandra Kurla Complex, Bandra(E), Mumbai-400 051
The ISIN Number of the company’s shares in the dematerialised mode is

INE 230A01023.
There are no arrears of listing fees to the stock exchnages.
82
f. Market Price of the Company’s share versus Sensex and Nifty (in Rupees)
The Company’s monthly share price pattern during the Financial Year versus
the Sensex and the Nifty has been as follows:
A. The Company’s Share Price versus Sensex
B. The Company’s Share Price versus Nifty
83
g. Unclaimed Suspense Account
The Company has a demat account namely “EIH Ltd-Unclaimed Suspense
A/c” with ICICI Bank Limited. The Shares remaining unclaimed as on
31st March 2020 in the Suspense Account are as under:
Particulars No.of No. of % of Shares
Shareholders Shares capital
Aggregate number of Shareholders 374 1,58,748 0.02
and outstanding shares as on
1st April 2019
Shareholders who had approached 3 630 -
the Company and whose shares
were transferred from the suspense
account during the year
Shareholders whose shares were 71 35,313 -
transferred to Investor Education
and Protection fund
Aggregate number of Shareholders 300 122,805 0.02
and outstanding shares lying as
on 31st March 2020
Note: voting rights on these shares will remain frozen till the rightful owner

claim these shares
h. In accordance with Section 20, 101 and 136 of the Companies Act, 2013 and
rules made there under, the Annual Report, Notices of the Annual General
Meeting, Postal Ballot notice, circulars etc, are being sent by electronic means
to those Shareholders whose e-mail addresses are made available to the
Company by the Shareholders and the depository. Documents e-mailed to
Shareholders are also available on the Company’s website www.eihltd.com
to enable Shareholders to read and download a copy, if required.
13. Share Transfers

The Company is a SEBI recognised Category-II Share Transfer Agent. Requests for
dematerialisation and re-materialisation should be sent to the Company’s Investors
Services Division, (“ISD”), 7, Shamnath Marg, Delhi - 110 054.
The Company’s Shares are traded on the Stock Exchanges in the compulsory
dematerialised form. Shareholders are requested to ensure that their Depository
Participants (“DPs”) promptly send physical documents, i.e. Dematerialization
Request Form (“DRF”), Share Certificates, etc. to the ISD by providing the
Dematerialization Request Number (“DRN”).
84
Dematerlization
As on 31st March 2020, 566.16 million Shares of the Company (representing 99.05%
of the total shares) were held in the dematerialised form and 5.41 million Shares
(representing 0.95% of the total shares) were held in the physical form. As on 31st
March 2020, the total number of Shareholders were 60,608 out of which 51,236
(84.54%) were holding shares in a dematerialised form. The balance 9,372 (15.46%)
shareholders continued to hold shares in the physical form. Shares of Company
are listed on the two stock exchanges with nationwide terminal viz. BSE and NSE.
The shares are frequently traded on these exchanges.
14. Distribution of Shareholding as on 31st March 2020

Shareholding No. of % of No. of shares % of
Range Shareholders Shareholders Shareholding
Upto – 1000 49,513 81.69 10,943,778 1.91
1001 – 5000 9,677 15.97 20,006,527 3.50
5001 – 10000 889 1.47 6,201,674 1.09
10001 – 50000 405 0.67 7,594,992 1.33
50001 – 100000 31 0.05 2,076,712 0.36
100001 and above 93 0.15 524,745,731 91.81
Total 60,608 100.00 571,569,414 100.00
15. Pattern of Shareholding as on 31st March 2020
Particulars Total Shareholding as

% of total no of equity
shares Total Shareholding as % of total no of equity shares
Promoter and 35.25
Promoter Group
1 Promoter and Promoter Group 35.25
Mutual Funds/UTI 10.90
Financial 0.03 2 Mut ual Funds / UTI 10.90
Institutions/Banks
3 Financial Inst itut ions / Banks 0.03
Central Govern- 0.00
8.34 0.00
0.19
ment / State 4 Central Government / St at e Government(s) 0.00
Government(s)
Insurance 5.35 5 Insurance Companies 5.35
Companies 35.25
6 Foreign Inst itut ional Invest ors 4.08
Foreign Institu- 4.08
tional Investors 7 Qualified Foreign Investor 0.00
Qualified Foreign 0.00
35.35
Investor 8 Bodies Corporate 35.35
Bodies Corporate 35.35 9 Individuals 8.34

Individuals 8.34
Trusts 0.00 10 Trusts 0.00
Non Resident 0.19 0.00

10.90
11 Non Resident Indians 0.19
Indians 4.08 5.350.00
0.03
Investor Education 0.49 12 Invest or Educat ion and Protect ion Fund 0.49
and Protection
Fund 13 others 0.02
Others 0.02
Total 100.00
Note: for detailed shareholding pattern, kindly refer shareholding pattern section of MGT-9
85
16. Unclaimed Dividends
All Unclaimed Dividends upto and including the Financial Year ended on 31st March
2012, have been transferred to the Investor Education and Protection Fund (“IEPF”)
as mandated under law.
In accordance with Rule 5(8) of the Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016, (IEPF Rules), the Company
has uploaded a Statement of Unclaimed Dividend amounts as on the date of the last
Annual General Meeting in Form IEPF-2 on the website of Ministry of Corporate
Affairs, www.mca.gov.in. This statement and details of Unclaimed Dividends have
also been uploaded on the Company’s website, www.eihltd.com. The year-wise
Unclaimed Dividend position as on 31st March 2020 is: 2012-13 - ` 3.66 Million,
2013-14 - ` 4.73 Million, 2014-15 - ` 4.88 Million, 2015-16 - ` 4.84 Million, 2016-17 -
` 4.09 Million, 2017-18 - ` 2.32 Million and 2018-19 - ` 2.11 Million.
Shareholders who have not encashed their Dividend Warrants relating to the
subsequent Financial Years are reminded by the Investors Services Division (ISD)
of the Company, from time to time, to claim their Dividends before transfer to the
IEPF. Shareholders who have not encashed their Dividend Warrants relating to the
Financial Year ended on 31st March, 2013 and subsequent years are requested to
contact the ISD.
17. Transfer of Shares held by Shareholders if their dividend remained unclaimed

for seven consecutive years to Investor Education and Protection Fund Authority
(IEPF).
In accordance with the provisions of Section 124(6) of the Act read with the Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund)
Rules, 2016 (IEPF Rules) (as amended), the Company is required to statutorily transfer
the shares held by the Shareholders whose Dividend has remained unclaimed for a
consecutive period of seven years or more to IEPF.
The Company had sent Notices by Registered Post to those Shareholders who have
not claimed their Dividend for the past seven years or more to claim their Dividend.
Notices were also published in the Newspapers on 5th June, 2019 requesting
Shareholders to claim their Dividend failing which their Shares will be transferred
to IEPF. As per IEPF Rules, the cut-off date for drawing the list of Shareholders was
5th September, 2019 and Transfer of shares to IEPF was within 1 month of the cut-off
date i.e. by 4th October, 2019.
Shareholders who have responded to the Notice have been paid the dividend
amount. The Shareholders from whom no response was received, the Company
had transferred their shareholding to the demat account of the IEPF between 27th
September 2019 to 30th September 2019. The details of shares transferred to IEPF
are as under:
No. of Shareholders No. of shares transferred
371 128,574
The Company has also filed form IEPF-4 with the IEPF authority giving the details
of shares transferred. The details of shares transferred are also available on the
Company’s website www.eihltd.com. Shareholders are requested to follow the below
86
mentioned procedure for claiming their shares/unclaimed dividend from IEPF:
a) Make an online application in Form IEPF-5 available on the website www.
iepf.gov.in ;
b) Send a copy of the online application duly signed on each page by Shareholders/
claimant along with copy of challan and all documents mentioned in Form
IEPF-5 to the Company’s Investors Services Division, 7, Shamnath Marg,
Delhi-110 054 for verification of his/her claim;
c) The Company shall, within 15 days of receipt of the claim form, send a
verification report to the IEPF Authority along with all documents submitted
by the claimant;
d) On verification, the IEPF Authority shall release the shares/dividend directly
to the claimant.
18. Location of Hotels

A list of hotels and other business units owned as well as managed by the Company
appears as an Annexure to this Report.
19. Address for Correspondence

The Company’s Registered Office is located at 4, Mangoe Lane, Kolkata-700 001.
Correspondence from Shareholders on all matters should be addressed to:
The Investors Services Division (ISD)
EIH Limited
7, Shamnath Marg,
Delhi-110 054
Telephone No. : 91-11-2389 0505
Fax Nos. : 91-11-2389 0605
e-mail : [email protected]
e-mail for [email protected]
Investors Grievances
20. Information as per Regulation 36(3) of the Listing Regulations

Information pursuant to regulation 36(3) of the Listing Regulations pertaining to
particulars of Directors to be reappointed at the forthcoming Annual General Meeting
is enclosed as an annexure to the notice convening the Annual General Meeting.
21. Compliance Certificate

The Certificate from Jus & Associates, Practicing Company Secretaries regarding
compliance of conditions of corporate governance in accordance with the provisions
of the listing regulations is annexed and forms part of the report.
Place: Mumbai VIKRAMJIT SINGH OBEROI

Date: 26th June 2020 Managing Director & Chief Executive Officer
87
Declaration by the Managing Director and Chief Executive Officer under Clause
Regulation 34(3) and Schedule V (D) of Listing Regulation regarding adherence to the
Code of conduct.
In accordance with regulation 34(3) and schedule V(D) of the listing regulations, I hereby
confirm that all Directors and Senior Management Personnel of the Company have affirmed
compliance with The Oberoi Dharma, the Code of Conduct, as applicable to them, for the
Financial Year ended 31st March 2020.
Place: Mumbai VIKRAMJIT SINGH OBEROI

Date: 26th June 2020 Managing Director & Chief Executive Officer
88
List of Subsidiary Companies
A. Companies Incorporated in India
(1) Mumtaz Hotels Limited
(2) Mashobra Resort Limited
(3) Oberoi Kerala Hotels and Resorts Limited
B. Companies Not Incorporated in India
(1) EIH Flight Services Ltd.
(2) EIH International Ltd.
(3) EIH Holdings Ltd.
(4) EIH Investments NV
(5) EIH Management Services BV
(6) PT Widja Putra Karya
(7) PT Waka Oberoi Indonesia
(8) PT Astina Graha Ubud
89
Locations of the Various Hotels and Other Business Units
A. Hotels owned and operated by EIH Limited

The Oberoi, Mumbai The Oberoi Udaivilās, Udaipur
The Oberoi, New Delhi The Oberoi Vanyavilās, Ranthambhore
The Oberoi, Bangalore Trident, Nariman Point, Mumbai
The Oberoi Grand, Kolkata Trident, Bandra Kurla, Mumbai

B. Hotels in which EIH Limited has ownership interest directly or through Subsidiary/
Associate and managed directly or through a Subsidiary
The Oberoi Amarvilās, Agra Trident, Chennai
The Oberoi Rajvilās, Jaipur Trident, Agra
Wildflower Hall, Shimla Trident, Jaipur
(An Oberoi Resort) Trident, Udaipur
The Oberoi Cecil, Shimla Trident, Cochin
The Oberoi, Bali Trident, Bhubaneswar
The Oberoi, Lombok Trident, Hyderabad
The Oberoi, Mauritius
The Oberoi, Sahl Hasheesh, Egypt
The Oberoi Marrakech, Morocco
C. Hotels managed by EIH Limited or a Subsidiary

The Oberoi, Gurgaon
The Oberoi, Dubai
The Oberoi Zahra, Nile Cruiser
Trident, Gurgaon
The Oberoi Sukhvilās, Near Chandigarh
The Oberoi, Al Zorah, Ajman (UAE)
D. Other Business Units owned and operated by EIH Limited

Motor Vessel Vrinda, Cochin Oberoi Flight Services, Mumbai,
(A Luxury Cruiser) Delhi,
Chennai,
Kolkata
Oberoi Airport Services, Mumbai
Maidens Hotel, Delhi
Printing Press, Manesar, Gurgaon
Business Aircraft Charters

E. Other Business owned and operated through Jointly Controlled Entity Luxury car
hire and car leasing

Note:
EIH Limited has strategic/substantial investments in hotels owned by subsidiary/associate
companies. Overseas hotels are managed through a foreign subsidiary.
90
CERTIFICATE ON COMPLIANCE OF CONDITIONS OF
CORPORATE GOVERNANCE
To,
The Members,
EIH Limited
4, Mangoe Lane
Kolkata- 700001
We have examined the compliance of conditions of Corporate Governance by

EIH Limited (“the Company”), for the year ended March 31, 2020, as stipulated in
Regulations 17 to 27 and clauses (b) to (i) of Regulation 46 (2) and para C, D and E of
Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended from time to time [hereinafter
referred to as “Listing Regulations”].
The compliance of the conditions of Corporate Governance is the responsibility of the

management. Our examination was limited to the procedure and implementation thereof,
adopted by the Company for ensuring compliance with the conditions of Corporate
Governance as stated above.
Based on our examination of relevant records and according to the information and
explanations provided and the representations given to us by the Management, we certify
that the Company has complied with the conditions of Corporate Governance as stipulated
in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46 (2) and Para C, D and E of
Schedule V of the Listing Regulations for the year ended 31st March, 2020.
We further state that such compliance is neither an assurance as to the future viability of the
Company nor of the efficiency or effectiveness with which the management has conducted
the affairs of the Company.
For Jus & Associates

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
Membership Number: FCS -1551
Date: June 26, 2020 Certificate of Practice Number: 21898
Place: New Delhi Firm Registration Number: P2010DE695800
UDIN: F001551B000383603
91
SECRETARIAL AUDIT REPORT
For the financial year ended March 31, 2020
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with Regulation
24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
To
The Members
EIH Limited
4, Mangoe Lane
Kolkata- 700001
We have conducted the Secretarial Audit of the compliance of applicable statutory

provisions and the adherence to good corporate practices by “EIH Limited”
(“the Company”). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conduct/statutory compliances and expressing
our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns
filed and other records maintained by the Company and also the information provided by
the Company, its officers, agents and authorized representatives, during the conduct of
Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit
period covering the financial year ended March 31, 2020 (“the financial year”), complied
with the statutory provisions listed hereunder and also that the Company has proper Board
processes and compliance mechanism in place, to the extent, in the manner and subject to
the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other
records maintained by the Company for the financial year ended March 31, 2020, according
to the provisions of:
I. The Companies Act, 2013 (‘the Act’) as amended from time to time, and the Rules
made there under read with notifications, exemptions and clarifications thereto;
II. The Securities Contracts (Regulation) Act, 1956 as amended from time to time, and
the Rules made there under;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
IV. Foreign Exchange Management Act, 1999 as amended from time to time, and the
Rules and Regulations made there under, to the extent applicable to Foreign Direct
Investment, Overseas Direct Investment and External Commercial Borrowings;
V. The following Regulations and Guidelines prescribed under the Securities and
Exchange Board of India Act, 1992 viz.:
(a) The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
as amended from time to time.
92
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015, as amended from time to time read with circular on
Reporting of code of conduct violation.
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended from time to time. These
regulations are not applicable to the Company during the financial year since
the Company has not raised any money from the public and hence, these
regulations have not been considered for the purpose of this report.
(d) The Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014. These regulations are not applicable to the Company
during the financial year since the Company does not have any such scheme
in operation and hence, these regulations have not been considered for the
purpose of this report.
(e) The Securities and Exchange Board of India (Issue and Listing of Debt
Securities) Regulations, 2008, as amended from time to time. These regulations
are not applicable to the Company during the financial year since the
Company has not raised any money through debt securities from the public
and hence, these regulations have not been considered for the purpose of this
report.
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share
Transfer Agents) Regulations, 1993, as amended from time to time, as the
Company has obtained registration with SEBI, as Category I Registrars and
Share Transfer Agents, under these regulations.
(g) The Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009, as amended from time to time. These regulations are not
applicable to the Company during the financial year since the Company
has not got its shares delisted from any stock exchange and hence, these
regulations have not been considered for the purpose of this report.
(h) The Securities and Exchange Board of India (Buyback of Securities)

Regulations, 1998, as amended from time to time. These regulations are not
applicable to the Company during the financial year since the Company has
not bought back any of its securities and hence, these regulations have not
been considered for the purpose of this report.
VI. Also, other significant policies and regulations specifically applicable to the Company,
including:
a) Tourism Policy of Government of India and Classification of Hotels.
b) Food Safety and Standards Act, 2006 and Rules made there under.
c) The Air (Prevention and Control of Pollution) Act, 1981 and Rules made there
under.
d) The Water (Prevention and Control of Pollution) Act, 1974 and Rules made
there under.
93
e) Phonographic and Performance License.
f) Indian Explosives Act, 1884 and Rules made there under.
g) The Apprentices Act, 1961 and Rules made there under.
h) India Boiler Act, 1923
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by the Institute of Company Secretaries of India.
(ii) he Listing Agreements entered into by the Company with The National Stock
T
Exchange of India Limited, BSE Limited and The Calcutta Stock Exchange Limited.
(iii) The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“the Listing Regulations”) as amended from time to time, read with circulars issued
there under.
During the financial year, the Company has generally complied with the provisions of the
Act, Rules, Regulations, Guidelines, Standards etc. mentioned herein above.
We further report that:
1. The Board of Directors of the Company (“the Board”) is duly constituted with proper
balance of Executive Directors, Non-Executive Directors, Independent Directors and
Woman Director in terms of Companies Act, 2013 and Regulation 17 of the Listing
Regulations. The changes in the composition of Board of Directors that took place
during the year under review were carried out in compliance with the provisions of
the Act. However, the casual vacancy resulting from resignation of an Independent
Director could not be filled within the stipulated time period of three months, due
to delay in receipt of prior approval from relevant regulatory authorities required
in this regard.
2. Adequate notice has been given to all directors to schedule the Board Meetings
during the financial year under review; agenda and detailed notes on agenda were
sent properly before the scheduled meeting; and a system exists for seeking and
obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
3. All the decisions were carried out unanimously. None of the members of the Board
have expressed dissenting views on any of the agenda items during the financial
year.
4. In accordance with Regulation 16 read with Regulation 24/24A of the Listing
Regulations, the Company was required to appoint Company’s Independent Director
on the Board of two of its subsidiary companies, viz, Mumtaz Hotels Limited and
EIH International Limited. Accordingly, the Board in its meeting held on August
13, 2019 appointed Ms. Chhavi Rajawat, Independent Director, as a Director on the
Board of Mumtaz Hotels Limited and Mr. Sudipto Sarkar, Independent Director, as
a Director on the Board of EIH International Limited.
94
5. The Company has obtained requisite approval of shareholders under Regulation
17 (6) (e) of the Listing Regulations, through postal ballot in respect of the following:
i) Re-appointment of Mr. Vikramjit Singh Oberoi as the Managing Director

and Chief Executive Officer of the Company under Sections 196, 197,198 and
203 and other applicable provisions, if any, of the Companies Act, 2013 and
Regulation 17(6)(e) and other applicable provisions of the Listing Regulations;
ii) Re-appointment of Mr. Arjun Singh Oberoi as Managing Director-Development

of the Company under Sections 196, 197, 198 and 203 and other applicable
provisions, if any, of the Companies Act, 2013 and Regulation 17(6)(e) and
other applicable provisions of the Listing Regulations;
iii) Re-appointment of Mr. Lakshminarayan Ganesh as a Non-executive

Independent Director under Section 149, 152 read with Schedule IV and other
applicable Rules and Regulations of Companies Act, 2013 and Regulations
16 and 17(1A) and other applicable provisions of the Listing Regulations;
iv) Re–appointment of Mr. Rajeev Gupta as a Non-executive Independent Director

under Section 149, 152 read with Schedule IV and other applicable Rules and
Regulations of Companies Act, 2013 and Regulations 16 and 17(1A) and other
applicable provisions of the Listing Regulations;
v) Re-appointment of Mr. Sudipto Sarkar as a Non-executive Independent

Director under Section 149, 152 read with Schedule IV and other applicable
Rules and Regulations of Companies Act, 2013 and Regulation 16 ad 17(1A)
and other applicable provisions of the Listing Regulations; and
vi) Appointment of Mr. Sanjay Gopal Bhatnagar (DIN:00867848) as a Non-

executive Independent Director on the Board of the Company for a term of
five consecutive years with effect from August 27, 2019 under Section 149,
152 read with Schedule IV and other applicable Rules and Regulations of
Companies Act, 2013 and Regulations 16 and 17(1A) and other applicable
provisions of the Listing Regulations;
6. The Shareholders of the Company in its Annual General meeting held on

August 14, 2019 approved payment of dividend @ ` 0.90 per share of face value of
` 2 per share.
We further report that during the financial year there were no specific events/ actions
having major bearing on the Company’s affairs in pursuance of the above referred laws,
regulations, guidelines, standards etc. referred to above.
We further report that there are adequate systems and processes in the Company
commensurate with the size and operations of the company, to monitor and ensure
compliance with applicable laws, rules, regulations and guidelines.
For the purpose of examining adequacy of compliances with other applicable laws including
industry/sector specific laws, under both Central and State legislations, reliance has been
placed on the Compliance Certificate issued by the Company Secretary for each quarter as
95
placed before the Board meeting, based on the reports and compliance certificates received
by the Company from its hotels, resorts and service units etc. as part of the Company’s
compliance management and reporting system. Based on the aforesaid internal compliance
certificates, we are of the opinion that the Company has generally complied with the
following:
i) Deposit of Provident Fund, Employee State Insurance, Employee Deposit Linked

Insurance and other employee related statutory dues.
ii) Applicable stipulations pertaining to the Payment of Wages Act, Minimum Wages
Act, Contract Labour (Regulation and Abolition) Act and other related legislations.
iii) Deposit of taxes relating to Income Tax and Goods & Services Tax and other applicable
taxes including Tax deducted at source. However, cases of disputed tax liabilities of
substantial amount are brought up at each Board meeting and appropriate action
is taken and recorded in the minutes of meetings. Total amount of disputed tax
liability forms part of the Contingent Liabilities in the ‘Notes to Accounts’ forming
an integral part of the Financial Statements for the financial year.
iv) Applicable state and central laws, including those related to the Environment,
Food Safety & Standards, Apprentice and Performance License, pertaining to
the operations of the Company. However, notices from the statutory authorities,
whenever received, are reported as part of Board process for compliance reporting
and appropriate action is taken from time to time.
iv) Applicable state and central laws, including those related to the Environment,
Food Safety & Standards, Apprentice and Performance License, pertaining to
whenever received, are reported as part of Board process for compliance reporting
and appropriate action is taken from time to time.

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
UDIN: F001551B000383592
[This secretarial audit report is to be read with our letter of even date which is annexed
as Annexure A and forms an integral part of this report.]
96
ANNEXURE TO SECRETARIAL AUDIT REPORT OF EVEN DATE
To,
The Members,
EIH Limited
4, Mangoe Lane,
Kolkata-700001
Our Secretarial Audit Report of even date for the financial year ended March 31, 2020 is
to be read along with this letter.
1. Maintenance of secretarial records is the responsibility of the management of the

company. Our responsibility is to express an opinion on these secretarial records
based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain
reasonable assurance about the correctness of the contents of the secretarial records.
The verification was done on test basis to ensure that correct facts are reflected
in secretarial records. We believe that the processes and practices, we followed
provide a reasonable basis for our opinion.
This audit was conducted during the period of lockdown imposed by the
Government due to the COVID-19 pandemic. During these extraordinary times,
we had to make an exception and place reliance solely on scanned copy of certain
documents and records, as provided to us by the Company electronically for the
purpose of this audit, as we could not verify physical copies of the said documents
and records.
3. We have not verified the correctness and appropriateness of financial records and
books of accounts of the company.
4. Wherever required, we have obtained the Management representation about the

compliance of laws, rules and regulations and occurrence of events etc.
5. The compliance of the provisions of corporate and other applicable laws,

rules, regulations and standards is the responsibility of the Management. Our
responsibility is to express an opinion based on examination of systems and
procedures being followed by the Company.
6. The Secretarial Audit Report is neither an assurance as to the future viability of

the Company nor of the efficacy or effectiveness with which the Management has
conducted the affairs of the Company.

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
97
For the Financial Year ended March 31, 2020
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with
Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members of
EIH Limited, and
Mumtaz Hotels Limited
4, Mangoe Lane,
Kolkata-700001

provisions and the adherence to good corporate practices by “Mumtaz Hotels Limited”
(“the Company”). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and
returns filed and other records maintained by the Company and also the information
provided by the Company, its officers, agents and authorized representatives, during
the conduct of Secretarial Audit, we hereby report that in our opinion, the Company
has, during the audit period covering the financial year ended March 31, 2020 (“the
financial year”), complied with the statutory provisions listed hereunder and also that the
Company has proper Board processes and compliance mechanism in place, to the extent,
in the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other
records maintained by the Company for the financial year ended March 31, 2020, according
to the provisions of:
I. The Companies Act, 2013 (“the Act”) and the rules made thereunder, read with
notifications, exemptions and clarifications thereto;
II. Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations
made thereunder, to the extent applicable in respect of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings.
III. Secretarial Standards issued by the Institute of Company Secretaries of India.
IV. Other significant laws specifically applicable to the Company, including:
a) Tourism Policy of Government of India and Classification of Hotels.

b) Food Safety and Standards Act, 2006 and Rules made thereunder.
c) The Air (Prevention and Control of Pollution) Act, 1981 and Rules made
thereunder.
d) The Water (Prevention and Control of Pollution) Act, 1974 and Rules made
thereunder.
e) Phonographic and Performance License.
f) Indian Explosives Act, 1884 and Rules made thereunder.
g) The Apprentices Act, 1961 and Rules made thereunder.
98

1. The Board of Directors of the Company is duly constituted with proper balance
of Executive Directors, Non-Executive Directors and Independent Directors. The
changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act.
2. Mr. Bharat Bhushan Goyal, Managing Director of the Company passed away on
April 07, 2019. Thereafter, the Board in its meeting held on May 17, 2019 appointed
Mr. Manish Goyal, Director as the Managing Director of the Company without
payment of any remuneration, under section 196 and other applicable provisions
of the Companies Act read with Schedule V of the Act and rules made thereunder.
In the same Board Meeting, Mr. Manav Goyal was appointed as a Director in the
casual vacancy caused due to the demise of Mr. Bharat Bhushan Goyal. These
appointments were subsequently approved by the shareholders in their meeting
held on August 14, 2019.
3. In accordance with section 149(4) of the Act read with Rule 4 of the Companies
(Appointment and Qualification of Directors) Rules, 2014 as amended by
Companies (Appointment and Qualification of Directors) Amendment Rules, 2017,
with effect from July 05, 2017, the requirement of appointment of Independent
Directors for a Joint Venture Company has been dispensed with. However, Mr. Raj
Kumar Kataria and Mr. Sandeep Kumar Barasia who were appointed in the year
2015 as Independent Directors for a consecutive period of five (5) years continued
on the Board as Independent Directors. The tenure of Mr. Raj Kumar Kataria as an
Independent Director ended on February 25, 2020. However, he was inducted as an
Additional Director by the Board, effective March 31, 2020.
4. The Board of Directors in its meeting held on October 25, 2019 appointed Dr. Chhavi
Rajawat, one of the Independent Directors of EIH Limited (“EIHL”), the holding
Company, as an Additional Director on the Board of the Company in compliance
with Regulation 16 read with Regulation 24 of the SEBI (Listing Obligations &
Disclosure Requirements) Regulations, 2015, as applicable on EIHL.
5. During the financial year, adequate notice along with agenda and detailed notes on
agenda was given to all directors for the meetings of the Board and its Committee(s)
and in case of shorter notice, due compliance of relevant provisions of the Act and
Secretarial Standards in this regard was made. There exists a system for seeking
and obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
6. All the decisions were carried unanimously. None of the members of the Board
expressed dissenting views on any of the agenda items during the financial year.
7. The Shareholders of the Company in its Annual General meeting held on August
14, 2019 approved payment of dividend @ Rs. 7.50 per share.
having major bearing on the Company’s affairs affecting its going concern or alter the
charter or capital structure or management or business operation or control etc., in
pursuance of the above referred laws, regulations, guidelines, standards etc. referred to
above.
99
commensurate with the size and operations of the Company to monitor and ensure
For the purpose of examining adequacy of compliances with other applicable laws
including industry/sector specific, under both Central and State legislations, reliance has
been placed on the quarterly compliance certificate and reporting by the General Manager
of Mumtaz Hotels Limited to the Company Secretary of the Company and the Compliance
Certificate duly signed by the Company Secretary, as placed before the meeting of the
Board of Directors of the Company as well as of EIHL, the holding company, for each
quarter. Also, the team of Chief Internal Auditor of EIHL conducts audit, of all hotels run
by EIHL, along with unlisted material subsidiaries and joint venture companies of EIHL,
which also covers compliances under applicable laws. Based on the aforesaid internal
compliance management and certification mechanism, we are of the opinion that the
Company has generally complied with the following:

Insurance and other employee related statutory dues;
ii) Applicable stipulations pertaining to the Payment of Wages Act, Minimum Wages
Act, Contract Labour (Regulation and Abolition) Act and other related legislations;
iii) Deposit of taxes relating to Income Tax, Goods and Services Tax and other applicable
taxes including Tax Deducted at Source. The estimated liability in respect of cases
of disputed tax liabilities and other legal cases have been disclosed as contingent
liability in the Notes to Accounts forming an integral part of the financial statement
for the year under review, and brief of the same has also been disclosed in the
Independent Auditors’ Report;
iv) Applicable State and Central laws, including those related to the Environment,
Food Safety & Standards and Standards of Weights & Measures, pertaining to
whenever received, are reported to the Management and appropriate action is
taken from time to time.

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
Membership Number: FCS - 1551
Date: May 21, 2020 Certificate of Practice Number: 21898
UDIN: F001551B000264101
This report is to be read with our letter of even date which is annexed as Annexure A and
forms an integral part of this report.
100
To,
The Members of
EIH Limited, and
Mumtaz Hotels Limited
4, Mangoe Lane,
Kolkata-700001
1. Maintenance of secretarial records is the responsibility of the management of the
company. Our responsibility is to express an opinion on these secretarial records
based on our audit.
This audit was completed during the period of lockdown imposed by the
and records.
4. Wherever required, we have obtained the Management representation about the
5. The compliance of the provisions of corporate and other applicable laws,
rules, regulations and standards is the responsibility of the Management. Our
responsibility is to express an opinion based on examination of systems and
procedures being followed by the Company.
6. he Secretarial Audit Report is neither an assurance as to the future viability of the
Company nor of the efficacy or effectiveness with which the Management has

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
101
For the Financial Year ended March 31, 2020
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 read with
Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
To,
The Members of
EIH Limited, and
Mashobra Resort Limited
Hotel Wildflower Hall,
Chharabra, Shimla
Himachal Pradesh-171012

provisions and the adherence to good corporate practices by “Mashobra Resort
Limited” (“the Company”). Secretarial Audit was conducted in a manner that provided
us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minutes books, forms and
returns filed and other records maintained by the Company and also the information
provided by the Company, its officers, agents and authorized representatives, during
the conduct of Secretarial Audit, we hereby report that in our opinion, the Company
has, during the audit period covering the financial year ended March 31, 2020 (“the
financial year”), complied with the statutory provisions listed hereunder and also that the
Company has proper Board processes and compliance mechanism in place, to the extent,
in the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minutes books, forms and returns filed and
other records maintained by the Company for the financial year ended March 31, 2020,
according to the provisions of:
I. The Companies Act, 2013 (“the Act”) and the rules made thereunder read with
notifications, exemptions and clarifications thereto;
II. Foreign Exchange Management Act, 1999 (FEMA) and the rules and regulations
made thereunder to the extent applicable in respect of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
III. Secretarial Standards issued by the Institute of Company Secretaries of India;
IV. Other significant laws specifically applicable to the Company, including:
a) Tourism Policy of Government of India and Classification of Hotels

b) Food Safety and Standards Act, 2006 and Rules made thereunder
c) The Air (Prevention and Control of Pollution) Act, 1981 and Rules made
thereunder
d) The Water (Prevention and Control of Pollution) Act, 1974 and Rules
made thereunder
102
e) Phonographic and Performance License
f) Indian Explosives Act, 1884 and Rules made thereunder
g) The Apprentices Act, 1961 and Rules made thereunder
1. The Board of Directors of the Company is duly constituted with proper balance
of Executive Directors, Non-Executive Directors and Independent Directors, The
changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the
Act.
2. In accordance with section 149(4) of the Act read with Rule 4 of the Companies
(Appointment and Qualification of Directors) Rules, 2014 as amended by
Companies (Appointment and Qualification of Directors) Amendment
Rules, 2017, with effect from July 05, 2017, the requirement of appointment of
Independent Directors for a Joint Venture Company has been dispensed with.
However, Mr. Viresh S Mathur and Mr. Shashank Bhagat who were appointed
in the year 2015 as Independent Directors for a consecutive period of five (5)
years continued on the Board as Independent Directors. Both Mr. Mathur and
Mr. Bhagat have since resigned from the Board of Directors of the Company with
effect from January 22, 2020.
3. During the financial year, adequate notice along with agenda and detailed
notes on agenda was given to all directors for the meetings of the Board and its
Committee(s) and in case of shorter notice, due compliance of relevant provisions
of the Act and Secretarial Standards in this regard was made. There exists a
system for seeking and obtaining further information and clarifications on the
agenda items before the meeting and for meaningful participation at the meeting.
4. Majority decision is carried through while the dissenting members’ views are
captured and recorded as part of the minutes.
having major bearing on the Company’s affairs affecting its going concern or alter the
charter or capital structure or management or business operation or control etc., in
pursuance of the above referred laws, regulations, guidelines, standards etc. referred to
above.
commensurate with the size and operations of the company to monitor and ensure
For the purpose of examining adequacy of compliances with other applicable laws
including industry/sector specific, under both Central and State legislations, reliance
103
has been placed on the quarterly Compliance Certificate and reporting by the General
Manager of the Company to the Company Secretary of the Company and the Compliance
Certificate duly signed by the Company Secretary, as placed before the meeting of the
Board of Directors of the Company as well as of EIH Limited (“EIHL”), the holding
company, for each quarter. Also, the team of Chief Internal Auditor of EIHL conducts
audit, of all hotels run by EIHL, along with unlisted material subsidiaries and joint
venture companies of EIHL, which also covers compliances under applicable laws. Based
on the aforesaid internal compliance management and certification mechanism, we are of
the opinion that the Company has generally complied with the following:

Insurance and other employee related statutory dues;
ii) Applicable stipulations pertaining to the Payment of Wages Act, Minimum

wages Act, Contract Labour (Regulation and Abolition) Act and other related
legislations;
iii) Deposit of taxes relating to Income Tax, Goods and Services Tax and other
applicable taxes including Tax Deducted at Source. The estimated liability in
respect of cases of disputed tax liabilities and other legal cases have been disclosed
as contingent liability in the Notes to Accounts forming an integral part of the
financial statement for the year under review, and brief of the same has also been
disclosed in the Independent Auditors’ Report;
iv) Applicable State and Central laws, including those related to the Environment,
Food Safety & Standards and Standards of Weights and Measures, pertaining to
whenever received, are reported to the Management and appropriate action is
taken from time to time.

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
UDIN: F001551B000258401
This report is to be read with our letter of even date which is annexed as Annexure A and
forms an integral part of this report.
104
To,
The Members of
EIH Limited, and
Mashobra Resort Limited
Hotel Wildflower Hall,
Chharabra, Shimla
Himachal Pradesh-171012
1. Maintenance of secretarial records is the responsibility of the Management of the

Company. Our responsibility is to express an opinion on these secretarial records
based on our audit.
This audit was completed during the period of lockdown imposed by the
and records.
4. Wherever required, we have obtained the Management Representation about the

5. The compliance of the provisions of corporate and other applicable laws, rules,
regulations, standards is the responsibility of the Management. Our responsibility
is to express an opinion based on examination of systems and procedures being
followed by the Company.
6. The Secretarial Audit Report is neither an assurance as to the future viability of

the Company nor of the efficacy or effectiveness with which the management has

Company Secretaries
Dr. Ajay Kumar Jain

Proprietor
105
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members of
EIH Limited
4, Mangoe Lane,
Kolkata- 700001
We have examined the relevant registers, records, forms, returns and disclosures received from the
Directors of EIH Limited having CIN L55101WB1949PLC017981 and having registered office at
4, Mangoe Lane, Kolkata- 700001 (hereinafter referred to as ‘the Company’), produced before us by
the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with
Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including
Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary
and explanations furnished to us by the Company & its officers, we hereby certify that none of the
Directors on the Board of the Company as stated below for the Financial Year ended March 31, 2020
have been debarred or disqualified from being appointed or continuing as Directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other
Statutory Authority.
Sr. Name of Director DIN Date of appointment

No. in Company
1. Prithviraj Singh Oberoi 00051894 30/03/1961
2. Shib Sanker Mukherji 00103770 28/05/1999
3. Vikramjit Singh Oberoi 00052014 15/12/1993
4. Arjun Singh Oberoi 00052106 15/12/1993
5 Nita Mukesh Ambani 03115198 31/10/2011
6 Manoj Harjivandas Modi 00056207 31/10/2011
7 Anil Kumar Nehru 00038849 23/11/2002
8 Ganesh Lakshminarayan 00012583 30/01/2008
9 Sudipto Sarkar 00048279 30/10/2014
10 Rajeev Gupta 00241501 01/11/2012
11 Chhavi Rajawat 06752959 30/10/2017
12 Sanjay Bhatnagar 00867848 27/08/2019
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the
responsibility of the management of the Company. Our responsibility is to express an opinion based on
our verification. This certificate is neither an assurance as to the future viability of the Company nor of
the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Company Secretaries
Dr. Ajay Kumar Jain

Principal Consultant & Partner
Date: June 9, 2020 Membership Number: FCS – 1551
Place: New Delhi Certificate of Practice Number: 21898
UDIN: F001551B000327492 Firm Registration Number: P2010DE073000
106
INDEPENDENT AUDITOR’S REPORT
To
The Members of EIH Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of EIH Limited
(“the Company”), which comprise the Balance Sheet as at March 31, 2020, and the Statement
of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flows
and the Statement of Changes in Equity for the year then ended, and a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid standalone financial statements give the information required by the
Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in
conformity with the Indian Accounting Standards prescribed under section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2020, and its profit, total comprehensive income, its cash
flows and the changes in equity for the year ended on that date.
Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor’s Responsibility for the Audit
of the Standalone Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to our
audit of the standalone financial statements under the provisions of the Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence
obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the
standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current period. These
matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters. We have determined the matter described below to be the key audit matter
to be communicated in our report.
107
Sr.
Key Audit Matter Auditor’s Response
No.
1 Assessment of Impairment of investment in Principal audit procedures performed:
a wholly owned subsidiary of the Company
• We have understood and tested the
design, implementation and operating
(Refer Note 1(l)(iii),8 ,38, 53 to the Ind AS
effectiveness of the management controls
Standalone Financial Statements)
over the assessment and conclusion over
the impairment evaluation with regard
The Company has a non-current investment
to the investment in a wholly owned
in EIH Flight Services Limited (EIHFSL),
subsidiary of the Company.
Mauritius, a wholly owned subsidiary of
the company, amounting to INR 1,184.88
• Assessed the appropriateness of the
Million. The Company is of the view that the
valuation model to determine the
operations of its subsidiary represent a single
recoverable amount (Value in use).
cash-generating unit (‘CGU’).
• Tested the key assumptions used in
The Company performed an impairment determining the recoverable amount
assessment and concluded that the recoverable and assessed the reasonableness of the
amount was lower than the carrying amount future cash flow projections, the growth
as at March 31, 2020 and accordingly, the rates and the discount rate.
Company recognised an impairment loss of
INR 161.40 Million in the Statement of Profit • Performed an assessment of the
and Loss which has been recognised under reasonableness of the previously
“Exceptional items”. (Refer Note 38). prepared projections to determine
management’s ability to forecast
adequately and understand the reason
for material variances.
Due to the multitude of factors and
assumptions involved in determining the • Considered sensitivity of reasonable
forecasted revenues/cash flows and discount possibility of changes in the key
rate in the projection period, significant assumptions and inputs to determine
judgments are required to estimate the the effect on the recoverable amount.
recoverable value.
• Checked mathematical accuracy of the
Hence this is considered as a key audit matter. model.
• We involved our internal fair valuation

specialist to test the valuation model
and the discount rates used.
• Assessed the adequacy of related

disclosures in the notes to the
standalone financial statements and
their compliance with Ind AS.
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Company’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and
Analysis, Directors’ report including annexures to the Directors’ Report, Report on
Corporate Governance, but does not include the consolidated financial statements,
standalone financial statements and our auditor’s report thereon.
• Our opinion on the standalone financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
108
• In connection with our audit of the standalone financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial statements or our knowledge
obtained during the course of our audit or otherwise appears to be materially misstated.
• If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of
the Act with respect to the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance
with the Ind AS and other accounting principles generally accepted in India. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the standalone financial statement
that give a true and fair view and are free from material misstatement, whether due to
fraud or error.
In preparing the standalone financial statements, management is responsible for

assessing the Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial
reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
109
collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal financial control relevant to the audit in order

to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial
statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
110
Other Matters
The management was able to perform year end physical verification of inventories, only at
certain units prior to the year end. We were able to physically observe the physical stock
verification at one unit before the year end. On account of COVID-19 related lockdown
restrictions, physical verification of inventories was performed by the management at
certain units subsequent to the year end. We were not able to physically observe the stock
verification. Consequently, we have performed alternate procedures to audit the existence of
inventory as per the guidance provided in SA501 “Audit Evidence – Specific Considerations
for Selected Items” and have obtained sufficient appropriate audit evidence. Our report is
not modified in respect of this matter.
Our opinion on the standalone financial statements and our report on Other Legal and
Regulatory Requirements below is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account as required by law have been kept
by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, the Statement of Cash Flows and Statement of
Changes in Equity dealt with by this Report are in agreement with the relevant
books of account.
d) In our opinion, the aforesaid standalone financial statements comply

with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on
March 31, 2020 taken on record by the Board of Directors, none of the directors
is disqualified as on March 31, 2020 from being appointed as a director in
terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company’s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor’s Report in

accordance with the requirements of section 197(16) of the Act, as amended,
in our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Company to its
directors during the year is in accordance with the provisions of section 197
of the Act.
111
h) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
as amended in our opinion and to the best of our information and according
to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its

financial position in its standalone financial statements. Refer Note 44
of the Standalone Financial Statements.
ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses. Refer
Note 41 of the Standalone Financial Statements.
iii. There has been no delay in transferring amounts, required to be

transferred, to the Investor Education and Protection Fund by the
Company. Refer Note 45 of the Standalone Financial Statements.
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by
the Central Government in terms of Section 143(11) of the Act, we give in “Annexure
B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Deloitte Haskins and Sells LLP

Chartered Accountants
( Firm’s Registration No. 117366W/W-100018)
Manjula Banerji
Place: New Delhi Partner
Date: June 26, 2020 Membership No. 086423
(UDIN: 20086423AAAAAG2322)
112
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’
section of our report of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of EIH Limited
(“the Company”) as of March 31, 2020 in conjunction with our audit of the standalone Ind
AS financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal
financial controls based on “the internal control over financial reporting criteria established
by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued
by the Institute of Chartered Accountants of India”. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to respective Company’s policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls
over financial reporting of the Company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India
and the Standards on Auditing prescribed under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Company’s internal financial controls system
over financial reporting.
113
Meaning of Internal Financial Controls Over Financial Reporting
A Company’s internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A Company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the Company’s assets
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us,
the Company has, in all material respects, an adequate internal financial controls system
over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31, 2020, based on “the criteria for internal financial control
over financial reporting established by the respective Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India”.

(Firm’s Registration No. 117366W/W-100018)
Manjula Banerji
(UDIN: 20086423AAAAAG2322)
114
ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’
(i) (a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The Company has a programme of verification of fixed assets to cover all the
items in a phased manner over a period of three years which, in our opinion,
is reasonable having regard to the size of the Company and the nature of
its assets. Pursuant to the programme, certain fixed assets were physically
verified by the Management during the year. According to the information
and explanations given to us, no material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us and the records
examined by us and based on the examination of the registered sale deed
/ transfer deed / conveyance deed provided to us, we report that, the title
deeds, comprising all the immovable properties of land and buildings which
are freehold, are held in the name of the Company as at the balance sheet
date. In respect of immovable properties of land and buildings that have
been taken on lease and disclosed as fixed assets in the financial statements,
the lease agreements are in the name of the Company, where the Company
is the lessee in the agreement.
(ii) As explained to us, the management was able to perform year end physical
verification of inventories only at certain units prior to the year end. We were able
to physically observe the physical stock verification at one unit before the year end.
On account of COVID-19 related lockdown restrictions, physical verification of
inventories was performed by the management at certain units subsequent to the year
end. We were not able to physically observe the stock verification. Consequently, we
have performed alternate procedures to audit the existence of inventory as per the
guidance provided in SA501 “Audit Evidence – Specific Considerations for Selected
Items” and have obtained sufficient appropriate audit evidence. As explained to us,
no material discrepancies were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 185 and 186 of the Companies
Act, 2013 in respect of grant of loans, making investments and providing guarantees
and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not
accepted any deposits during the year.
115
(vi) The maintenance of cost records has not been specified by the Central Government
under section 148(1) of the Companies Act, 2013.
(vii) According to the information and explanations given to us, in respect of statutory
dues:
(a) The Company has generally been regular in depositing undisputed statutory
dues, including Provident Fund, Employees’ State Insurance, Income-tax,
Goods and Services Tax, Customs Duty, Luxury Tax, cess and other material
statutory dues applicable to it to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund,

Employees’ State Insurance, Income-tax, Goods and Services Tax, Customs
Duty, Luxury Tax, cess and other material statutory dues in arrears as at
March 31, 2020 for a period of more than six months from the date they
became payable.
(c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Value
Added Tax and Luxury Tax which have not been deposited as on March 31,
2020 on account of disputes are given below:
(Rupees million)
S. Name of Nature of Forum where Period to which the Amount
No Statute Dues Dispute is Pending Amount Relates(1) unpaid(2)
1 Income Income Tax Assessing Officer 2008-09 and 2009-10 -
Tax Act, Appellate Authority 2000-01, 2007-08,
1961 up to Commissioner 2008-09, 2010-11,
of Income Tax 2011-12, 2012-13, 2013-
Appeals 14, 2014-15, 2015-16
and 2016-17 -
Total -
2 Finance Service Tax Customs, Excise and
Act, 1994 Service Tax 2011 to 2015,
Appellate Tribunal 2012 to 2016 11.57
The Honorable
Supreme Court of
India 2004 to 2006 3.86
Total 15.43
3 Sales Tax Sales Tax Appellate Authority 2005-06, 2010-11,
and Value upto Commissioner 2013-14, 2014 -15,
Added Tax level 2016-17 23.82
2011-12, 2012-13,
Rajasthan Tax Board 2013-14 -
West Bengal 2008-09, 2009-10,
Appellate and 2013-14, 2014-15,
Revisional Board 2015-16 6.20
Mumbai High Court 1999-00 1.23
Total 31.25
116
Customs Customs
4 Act, 1962 Duty Delhi High Court 2008-09 429.66
Total 429.66
5 Rajasthan Luxury Tax Jodhpur High Court 2010-11 to 2013-14
Tax on
Luxuries
(In Hotel
and
Lodging
Houses)
Act, 1990 1.11
Total 1.11
(1) Period in respect of income tax represent assessment year.
(2) Net of INR 341.40 million paid under protest.
(viii) In our opinion and according to the information and explanations given to us, the
Company has not defaulted in the repayment of loans or borrowings to banks. The
Company has neither taken any loans or borrowings from financial institutions and
government nor has issued any debentures.
(ix) In our opinion and according to the information and explanations given to us, the
term loans have been applied by the Company during the year for the purposes for
which they were obtained. The Company has not raised moneys by way of initial
public offer or further public offer (including debt instruments).
(x) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company by
its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the
Company has paid / provided managerial remuneration in accordance with the
requisite approvals mandated by the provisions of section 197 read with Schedule
V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of
the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the
Company is in compliance with Section 177 and 188 of the Companies Act, 2013,
where applicable, for all transactions with the related parties and the details of related
party transactions have been disclosed in the financial statements as required by the
applicable accounting standards.
(xiv) During the year, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures and hence reporting
under clause (xiv) of the Order is not applicable to the Company.
117
(xv) In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into any non-cash transactions with
its directors or directors of its holding, subsidiary or associate company or persons
connected with them and hence provisions of section 192 of the Companies Act,
2013 are not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.

Manjula Banerji
(UDIN: 20086423AAAAAG2322)
118
Balance Sheet
as at March 31, 2020
Rupees Million
Notes As at March 31, As at March 31,
2020 2019
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 4 18,238.54 19,314.24
RIGHT-OF-USE-ASSET 5 3,874.39 -
CAPITAL WORK-IN-PROGRESS 1,129.34 639.00
INTANGIBLE ASSETS 6 78.54 73.42
INVESTMENT PROPERTY 7 1,084.83 1,106.88
FINANCIAL ASSETS
(i) Investments 8 8,121.66 8,285.22
(ii) Other non-current financial assets 9 1,805.82 1,758.95
TAX ASSETS (Net) 10 557.42 743.46
OTHER NON-CURRENT ASSETS 11 934.45 3,139.39
TOTAL NON-CURRENT ASSETS 35,824.99 35,060.56
CURRENT ASSETS
INVENTORIES 12 522.71 503.59
FINANCIAL ASSETS
(i) Trade receivables 13 1,906.58 2,249.20
(ii) Cash and cash equivalents 14 51.96 58.28
(iii) Other bank balances 15 33.18 32.75
(iv) Other current financial assets 16 53.48 46.32
OTHER CURRENT ASSETS 17 745.28 568.85
TOTAL CURRENT ASSETS 3,313.19 3,458.99
TOTAL ASSETS 39,138.18 38,519.55
EQUITY AND LIABILITIES
EQUITY
EQUITY SHARE CAPITAL 18 1,143.14 1,143.14
OTHER EQUITY 19 28,049.17 27,407.76
TOTAL EQUITY 29,192.31 28,550.90
LIABILITIES
NON-CURRENT LIABILITIES
FINANCIAL LIABILITIES
(i) Borrowings 20 1,832.14 2,098.63
(ii) Lease liabilities 1,148.43 -
(iii) Other non-current financial liabilities 21 78.96 91.98
PROVISIONS - NON-CURRENT 22 244.14 243.95
OTHER NON-CURRENT LIABILITIES 23 11.17 14.93
DEFERRED TAX LIABILITIES - NET 24 1,236.44 1,599.17
TOTAL NON-CURRENT LIABILITIES 4,551.28 4,048.66
CURRENT LIABILITIES
(i) Borrowings 25 1,865.28 2,246.64
(ii) Trade payables
Total outstanding dues of micro enterprises and small enterprises 26 11.91 0.77
Total outstanding dues of creditors other than micro 27 1,692.50 1,957.29
enterprises and small enterprises
(iii) Lease liabilities 31.82 -
(iv) Other current financial liabilities 28 660.14 655.49
PROVISIONS - CURRENT 29 191.20 161.57
OTHER CURRENT LIABILITIES 30 941.74 898.23
TOTAL CURRENT LIABILITIES 5,394.59 5,919.99
TOTAL LIABILITIES 9,945.87 9,968.65
TOTAL EQUITY AND LIABILITIES 39,138.18 38,519.55
See accompanying notes to the Financial Statements For and on behalf of the Board
SUDIPTO SAKRAR ARJUN OBEROI
In terms of our report attached
Chairman - Audit Committee Managing Director - Development
For Deloitte Haskins & Sells LLP
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Managing Director and Chief Executive Officer
MANJULA BANERJI (DIN No. : 00052014)
Partner
KALLOL KUNDU S.N. SRIDHAR
Chief Financial Officer Company Secretary
Place : New Delhi Place : Mumbai

Date : 26th June, 2020 Date : 26th June, 2020
119
Statement of Profit and Loss
for the Year ended March 31, 2020
Rupees Million
Notes Year ended Year ended
March 31, 2020 March 31, 2019
REVENUE FROM OPERATIONS 31 13,503.00 15,432.38

OTHER INCOME 32 840.08 840.24
TOTAL INCOME 14,343.08 16,272.62
EXPENSES
CONSUMPTION OF PROVISIONS, WINES & OTHERS 33 1,688.29 2,120.93
EMPLOYEE BENEFITS EXPENSE 34 4,108.87 4,215.84
FINANCE COSTS 35 495.15 463.60
DEPRECIATION AND AMORTISATION EXPENSE 36 1,342.03 1,230.08
OTHER EXPENSES 37 5,451.71 5,874.47
TOTAL EXPENSES 13,086.05 13,904.92
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 1,257.03 2,367.70
EXCEPTIONAL ITEMS - PROFIT / (LOSS) 38 (166.07) (730.66)
PROFIT BEFORE TAX 1,090.96 1,637.04
TAX EXPENSE 39
CURRENT TAX 209.91 610.29
DEFERRED TAX (363.62) (106.63)
PROFIT FOR THE YEAR 1,244.67 1,133.38
OTHER COMPREHENSIVE INCOME / (LOSS)

Items that will not be reclassified to profit or loss
- Remeasurement of defined benefit obligations (31.12) (13.62)
- Tax relating to these items 7.83 4.76
OTHER COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR, NET OF TAX (23.29) (8.86)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,221.38 1,124.52
EARNINGS PER EQUITY SHARE (In INR) FACE VALUE INR 2 49

(1) BASIC 2.18 1.98
(2) DILUTED 2.18 1.98
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

120
Statement of Cash Flows
Rupees Million
Year ended Year ended
March 31, 2020 March 31, 2019
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 1,090.96 1,637.04
Adjustments for
Depreciation and amortisation expense 1,342.03 1,230.08
(Gain)/loss on disposal of property, plant and equipment (net) 16.51 (0.58)
Provision for impairment in value of investments 161.40 -
Bad Debts & advances written off 0.60 41.23
Provision for doubtful debts / advances 24.32 856.27
Provisions/Liabilities written back (29.22) (48.85)
(Gain)/loss on sale of investment - (116.83)
Fair value changes on equity investments measured at fair value through profit or loss 2.13 0.83
Dividend income classified as investing cash flows (227.80) (291.65)
Interest income classified as investing cash flows (123.75) (91.55)
Rental Income From Investment properties (170.56) (88.01)
Finance costs 495.15 463.60
Change in operating assets and liabilities
(Increase)/Decrease in trade receivables 317.70 (1,109.81)
(Increase)/Decrease in inventories (19.12) (75.56)
Increase/(Decrease) in trade payables (224.43) 399.14
Increase/ (Decrease) in employee benefit obligations (1.30) (56.95)
(Increase)/ Decrease in other current /non-current financial assets (19.51) (73.88)
(Increase)/Decrease in other current /non-current assets (175.66) 15.46
Increase/(Decrease) in other current /non-current financial liabilities 37.80 37.38
Increase/(Decrease) in other current /non-current liabilities 39.75 49.82
Cash generated from operations 2,537.00 2,777.18
Income taxes paid (net of refund) (18.74) (653.19)
Net cash inflow from operating activities 2,518.26 2,123.99
CASH FLOWS FROM INVESTING ACTIVITIES

Payments for property, plant and equipment (1,390.52) (1,362.74)
Payments for investment property (4.07) -
Payments for intangible assets (45.33) (24.75)
Purchase of Investments (0.02) (721.09)
Sale of Investments 0.05 181.94
Rental Income From Investment properties 170.56 88.01
Proceeds from sale of property, plant and equipment 85.46 19.86
Changes in other bank balances (0.43) 0.08
Dividends received 227.80 291.65
Interest received 89.23 91.63
Net cash outflow from investing activities (867.27) (1,435.41)
121
Statement of Cash Flows
for the Year ended March 31, 2020 – Contd.
Rupees Million
March 31, 2020 March 31, 2019
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
Non-current borrowings 250.00 -
Current borrowings - 846.92
Repayment of borrowings
Non-current borrowings (428.57) (438.16)
Current borrowings (381.36) -
Interest paid (398.31) (464.71)
Repayment of lease liabilities (109.69) -
Dividends paid (517.13) (514.41)
Tax on dividend (72.25) (105.74)
Net cash outflow from financing activities (1,657.31) (676.10)
Net increase / (decrease) in cash and cash equivalents (6.32) 12.48
Cash and cash equivalents at the beginning of the year 58.28 45.80
Cash and cash equivalents at the end of the year 51.96 58.28
Note:
The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in Ind AS – 7 “Statement of Cash Flows”
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

122
Statement of Changes in Equity
for the year ended March 31, 2020
Rupees Million
A. Equity share capital
As at April 1, 2018 1,143.14
Changes in equity share capital during the year -
As at March 31, 2019 1,143.14
As at March 31, 2020 1,143.14
B. Other equity Rupees Million

Reserves and surplus Total
Capital Securities General Retained
Redemption Premium Reserve earnings
Reserve (Surplus)
Balance as at April 1, 2018 1,024.21 12,373.41 9,149.13 4,468.78 27,015.53
Profit for the year - - - 1,133.38 1,133.38
Adjustments for the new IndAS - - - (112.14) (112.14)
Other comprehensive income / (loss) for the year,
net of tax - - - (8.86) (8.86)
- - - 1,012.38 1,012.38
Allocations/Appropriations:
Final dividend paid for the year 2017-18 - - - (514.41) (514.41)
Dividend distribution tax - - - (105.74) (105.74)
- - - (620.15) (620.15)
Balance as at March 31, 2019 1,024.21 12,373.41 9,149.13 4,861.01 27,407.76
Balance as at April 1, 2019 1,024.21 12,373.41 9,149.13 4,861.01 27,407.76

Profit for the year - - - 1,244.67 1,244.67
Adjustments for the new IndAS - - - 6.69 6.69
Other comprehensive income / (loss) for the year,
net of tax - - - (23.29) (23.29)
- - - 1,228.07 1,228.07
Final dividend paid for the year 2018-19 - - - (514.41) (514.41)
Dividend distribution tax - - - (72.25) (72.25)
- - - (586.66) (586.66)
Balance as at March 31, 2020 1,024.21 12,373.41 9,149.13 5,502.42 28,049.17
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

123
Notes to Accounts
General Information
EIH LIMITED (“the Company”) is a public Company limited by shares, incorporated and domiciled in India having its Registered Office
at 4, Mangoe Lane, Kolkata – 700 001. The company is primarily engaged in owning and managing premium luxury hotels and cruisers
under the luxury ‘Oberoi’ and ‘Trident’ brands. The Company is also engaged in flight catering, airport restaurants, project management
and corporate air charters.
1
SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these standalone financial statements of the
Company. These policies have been consistently applied to all the periods presented, unless otherwise stated.
a) Basis of preparation
(i) Compliance with Indian Accounting Standard (Ind AS)
The standalone financial statements have been prepared in accordance with Ind AS prescribed under Section 133 of the
Companies Act, 2013 (“the Act”) read with the Companies (Indian Accounting Standard) Rules, 2015 as amended, and
other accounting principles generally accepted in India, as a going concern on accrual basis.
Accounting policies have been consistently applied except where a newly issued Accounting Standard is initially adopted
or a revision of an existing Accounting Standard requires a change in accounting policy hitherto in use.
(ii) Historical cost convention
The financial statements have been prepared on a historical cost basis, except for the following:
– equity investments in entities other than subsidiaries, joint ventures and associates which are measured at fair value;
– defined benefit plans – plan assets measured at fair value;
– customer loyalty programs
(iii) Use of estimates
In preparing the financial statements in conformity with accounting principles generally accepted in India, management
is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities as at the date of financial statements and the amounts of revenue and expenses during
the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the
period the same is determined.
b) Revenue recognition
(i) Performance obligation in contract with customers are met throughout the stay of guest in the hotel or on rendering of
services and sale of goods.
(ii) Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net
of trade allowances, rebates, value added taxes, Goods and Service Tax and amounts collected on behalf of third parties.
(iii) Interest income from debt instruments is recognised using the effective interest method. The effective interest rate is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the carrying
amount of a financial asset. When calculating the effective interest rate, the Company estimates the expected cash flows
by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar
options) but does not consider the expected credit losses.
(iv) Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable that the
economic benefits associated with the dividend will flow to the Company, and the amount of the dividend can be measured
reliably.
The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic
benefits will flow to the entity and specific criteria have been met for each of the Company’s activities as described below. The
Company bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the
specifics of each arrangement.
Timing of revenue recognition from major business activities

– Hospitality Services: Revenue from hospitality services is recognised when the services are rendered and the same becomes
chargeable or when collectability is certain.
– Sale of printed material: Revenue from sale of printed and other materials is recognised when the significant risks and rewards
of ownership of the materials have been passed on to the buyer which usually coincides with the dispatch of materials.
– Others: Revenue from Shop License Fee, Management and Marketing Fee included under “Other Services” is recognised on
accrual basis as per terms of the contract.
– Revenue in respect of customer loyalty program are recognized when loyalty points are redeemed by the customers or on its
expiry.
124
Notes to Accounts — Contd.
c) Foreign currencies
(i) Presentation Currency
The financial statements are presented in INR which is the Functional Currency of the Company.
(ii) Transactions and balances

Effective April 1, 2018, the Company has adopted Appendix B to Ind AS 21, Foreign Currency Transactions and Advance
Consideration which clarifies the date of transaction for the purpose of determining the exchange rate to be used on
initial recognition of the related asset, expense or income when an entity has received or paid advance consideration in
a foreign currency.
Sales made in any currency other than the functional currency of the Company are converted at the prevailing applicable
exchange rate. Gain/Loss arising out of fluctuations in exchange rate is accounted for on realization or translation into
the reporting currency of the corresponding receivables at the year end.
Payments made in foreign currency including for acquiring investments are converted at the applicable rate prevailing
on the date of remittance. Liability on account of foreign currency is converted at the exchange rate prevailing at the end
of the year. Monetary items denominated in foreign currency are converted at the exchange rate prevailing at the end of
the year.
Revenue expenditure of all the overseas sales offices are converted at the average exchange rate for the year. Assets and
liabilities other than Fixed Assets are converted at the exchange rate prevailing at the close of the accounting year and
Property, Plant and Equipment are converted at the month-end exchange rate of the month of acquisition.
Foreign currency loans covered by forward contracts are realigned at the forward contract rates, while those not covered
by forward contracts are realigned at the rates ruling at the year end. The differences on realignment is accounted for in
the Statement of Profit and Loss.
d) Income tax
Current income tax is recognized based on the taxable profit for the year, using tax rates and tax laws that have been enacted or
made applicable on the date of balance sheet.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations
are subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax
authorities.
Effective April 1, 2019, the Company has adopted Appendix C to Ind AS 12 – Income taxes, which clarifies how to apply the
recognition and measurement requirements in Ind AS 12 when there is uncertainty over income tax treatments
e) Deferred Tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the standalone financial statements, using tax rates and tax laws that have
been enacted or prescribed on the date of balance sheet.
Deferred tax assets are recognised for all deductible temporary differences and incurred tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets are recognized for the future tax consequences to the extent it is probable that future taxable profits will be
available against which the deductible temporary differences can be utilized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities
and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Current and deferred tax are recognised in statement of profit and loss, except to the extent that it relates to items recognised in
other comprehensive income or directly in equity, in which case, the taxes are also recognised in other comprehensive income or
directly in equity respectively.
f) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker (“CODM”).
The board of directors of the Company, which has been identified as being the CODM, generally assesses the financial performance
and position of the Company, and makes strategic decisions.
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g) Leases
Effective April 1, 2019, the Company has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing
on April 1, 2019 using the modified retrospective method. Accordingly, comparative information as at and for the year ended
March 31, 2019 has not been restated. The impact of adoption of the standard on financial statements of the Company has been
disclosed in the notes to accounts.
On adoption of Ind AS 116, the Company recognised lease liabilities in relation to certain leases which had previously been
classified as ‘operating leases’ under the principles of Ind AS 17, Leases. These liabilities have been measured at the present value
of the remaining lease payments, discounted using the company’s incremental borrowing rate as of 1 April 2019.
For leases previously classified as finance leases the entity recognised the carrying amount of the lease asset and lease liability
immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial application.
The measurement principles of Ind AS 116 are only applied after that date.
The Company as a lessee:

The Company’s lease asset classes primarily consist of leases for land, building and vehicle leases. The Company assesses whether
a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right
to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii)
the Company has substantially all of the economic benefits from use of the asset throughout the period of the lease and (iii) the
Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU”) and a corresponding lease
liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases)
and low value leases. For these short-term and low value leases, the Company recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives and
estimated restoration costs of the underlying asset where applicable. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and
useful life of the underlying asset. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying assets useful life.
Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying
amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value
less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that
are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating
Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates.
Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its
assessment if whether it will exercise an extension or a termination option.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period
so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease liabilities and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
The Company applies the practical expedient by the standard allowing not to separate the lease component from other service
components included in its lease agreements. Accordingly, all fixed payments provided for in the lease agreement, whatever
their nature, are included in the lease liability.
The Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are
classified as operating leases.
126
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease
is classified as a finance or operating lease by reference to the right of-use asset arising from the head lease.
For operating leases, rental income is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense
over the lease term on the same basis as lease income.
h) Impairment of tangible and intangible assets

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset’s or cash generating unit’s carrying amount
exceeds its recoverable amount. Recoverable amount is higher of an asset’s net selling price and its value in use. Value in use
is the present value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit
and from its disposal at the end of its useful life. Assets that suffered an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period. In case of such reversal, the carrying amount of the asset is increased so as not
to exceed the carrying amount that would have been determined had there been no impairment loss.
Impairment losses recognized in prior years are reversed when there is an indicator that the impairment losses recognized no
longer exist or have decreased. Such reversals are recognized as an increase in carrying amounts of assets to the extent that it
does not exceed the carrying amounts that would have been determined (net of amortization or depreciation) had no impairment
loss been recognized in previous years.
i) Cash and cash equivalents

For the purpose of presentation in the statement of Cash Flows, cash and cash equivalents includes cash in hand, cash at bank
and other deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities
of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.
j) Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment.
k) Inventories
Inventories are valued at cost or net realisable value, whichever is lower. Cost is determined based on Cumulative Weighted
Average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to its present
location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realisable
value is the estimated selling price less estimated costs for completion and sale. Unserviceable/damaged/discarded stocks and
shortages are charged to the statement of Profit and Loss.
l) Investments and other financial assets

(i) Classification
The Company classifies its financial assets in the following measurement categories:
– those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss)
– those measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will be recorded in the statement of profit and loss. For investments
in debt instruments, this will depend on the business model in which the investment is held. For investments in equity
instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition
to account for the equity investment at fair value through other comprehensive income.
(ii) Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit and loss, transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit and loss are expensed in the Statement of Profit
and Loss.
(a) Debt instruments

Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
debt instruments:
127
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are
measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and
losses which are recognised in statement of profit and loss. When the financial asset is derecognised, the cumulative gain
or loss previously recognised in OCI is reclassified from equity to statement of profit and loss and recognised in other
gains/ (losses). Interest income from these financial assets is included in other income using the effective interest rate
method.
Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair
value through profit and loss
(b) Equity instruments

The Company subsequently measures all equity investments at fair value. Changes in the fair value of financial assets at
fair value through profit or loss are recognised in other gain/ (losses) in the statement of profit and loss.
(iii) Impairment of financial assets

The Company assesses at each reporting date whether a financial asset (or a group of financial assets) such as investments,
advances and security deposits held at amortised cost and financial assets that are measured at fair value through other
comprehensive income are tested for impairment based on evidence or information that is available without undue cost
or effort. The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk.
For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
(iv) Derecognition of financial assets

A financial asset is derecognised only when
– The Company has transferred the rights to receive cash flows from the financial asset or
– Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation
to pay the cash flows to one or more recipients.
Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks and
rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not
transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of
the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where
the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing
involvement in the financial asset.
(v) Income recognition

Interest income: Interest income from debt instruments is recognised using the effective interest method. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the carrying amount of a financial asset. When calculating the effective interest rate, the Company estimates
the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment,
extension, call and similar options) but does not consider the expected credit losses.
Dividend income: Dividends are recognised in profit or loss only when the right to receive payment is established, it
is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the
dividend can be measured reliably.
m) Financial Liabilities
Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations.
They are subsequently measured at amortised cost. Any discount or premium on redemption / settlement is recognised in the
Statement of Profit and Loss as finance cost over the life of the liability using the effective interest method and adjusted to the
liability figure disclosed in the Balance Sheet. Financial liabilities are derecognised when the liability is extinguished, that is,
when the contractual obligation is discharged, cancelled and on expiry.
128
n) Property, plant and equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less
accumulated depreciation. Historical Cost represents direct expenses incurred on acquisition or construction of the assets and
the share of indirect expenses relating to construction allocated in proportion to the direct cost involved.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Capital work-in-progress comprises the cost of property, plant and equipment that are not yet ready for their intended use on
the reporting date and materials at site
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment
recognised as at 1 April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of the property,
plant and equipment.
Depreciation methods, estimated useful lives and residual value

Depreciation on property, plant and equipment other than land and hotel buildings is provided on ‘Straight Line Method’ based
on useful life as prescribed under Schedule II of the Companies Act 2013.
The hotel buildings are depreciated equally over the balance useful life ascertained by independent technical expert which
ranges between 23 years and 55 years with effect from March 31, 2020 and the total useful life of the buildings are higher than
those specified by Schedule II to the Companies Act; 2013. The management believes that the balance useful lives so assessed
best represent the periods over which the hotel buildings are expected to be in use. The residual values are not more than 5% of
the original cost of the asset. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each financial year.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in statement of
profit and loss within other gains/(losses).
o) Intangible assets
Intangible assets are stated at cost less accumulated amortisation and net of impairments, if any. An intangible asset is recognised
if it is probable that the expected future economic benefits that are attributable to the asset will flow to the Company and its cost
can be measured reliably. Intangible assets are amortised on straight line basis over their estimated useful lives.
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its intangible assets recognised as
at April 1, 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of the intangible assets.
p) Investment Property
Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for
such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are measured in accordance with Ind AS 16’s requirements for cost model.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and
no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period
in which the property is derecognized.
q) Trade and other payables

Trade payables represent liabilities for goods and services provided to the Company prior to the end of financial year which are
unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented
as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their
fair value and subsequently measured at amortised cost using the effective interest method.
r) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised as part of the cost of respective assets during the period of time that is required to complete and prepare
the asset for its intended use. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
129
s) Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is a present legal or statutory obligation or constructive obligation as a result of past events
and where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount
of the obligation can be made.
Contingent liabilities are disclosed only when there is a possible obligation arising from past events due to occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation
cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.
Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.
Contingent assets where it is probable that future economic benefits will flow to the Company are not recognised but disclosed
in the financial statements. However, when the realisation of income is virtually certain, then the related asset is no longer a
contingent asset, but it is recognised as an asset.
t) Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after
the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the
end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities
are presented as current employee benefit obligations in the balance sheet.
(ii) Post-employment obligations

The Company operates the following post-employment schemes:
Gratuity obligations –
Maintained as a defined benefit retirement plan and contribution is made to the Life Insurance Corporation of India. The liability
or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually
by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference
to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the
related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair
value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement
of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised
immediately in profit or loss as past service cost.
Leave encashment on termination of service –

The liabilities for earned leave are expected to be settled after the retirement of employee. They are therefore measured as the
present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting
period that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments
and changes in actuarial assumptions are recognised in other comprehensive income.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer
settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Provident Fund –
The Company pays provident fund contributions to a fund administered by Government Provident Fund Authority. The Company
has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined
contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions
are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
u) Dividends
Liability is created for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of
the entity.
130
v) Earnings per share

(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
– the profit for the year attributable to equity shareholders of the Company
– by the weighted average number of equity shares outstanding during the financial year,
(ii) Diluted earnings per share
Diluted earnings per share adjusts the number of equity shares used in the determination of basic earnings per share to
take into account:
– the after income tax effect of interest and other financing costs associated with dilutive potential equity shares,
and
– the weighted average number of equity shares including additional equity shares that would have been outstanding
assuming the conversion of all dilutive potential equity shares happened.
w) Government grants/incentives
Government grants/ incentives that the Company is entitled to on fulfillment of certain conditions, but are available to the
Company only on completion of some other conditions, are recognized as income at fair value on completion of such other
conditions.
Grants/incentives that the Company is entitled to and are available to the Company on fulfillment of certain conditions, such
grants/incentives are recognized at fair value as income when there is reasonable assurance that the grant/incentives will be
received.
x) Investment in Subsidiaries, joint ventures and associates

Investment in Subsidiaries: A subsidiary is an entity controlled by the Company. Control exists when the Company has power
over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those
returns by using its power over entity.
Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect
the entity’s returns.
Investments in subsidiaries are carried at cost. The cost comprises price paid to acquire investment and directly attributable cost.
Investment in joint ventures and associates: A joint venture is a type of joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties
sharing control.
An Associate is an entity over which the company has significant influence.
The investment in joint ventures are carried at cost. The investment in associates are carried at cost except for those investments
which were required to be fair valued until the investee had not become an associate. The carrying amount of such investments
is the sum of fair value of the investment until the time the investee had not become an associate and the cost of investment as a
result of which the investee became an associate entity. Any further investments made in that associate thereafter are carried at
cost. The cost comprises price paid to acquire investment and directly attributable cost.
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its investment in subsidiaries,
joint ventures and associates recognised as at 1 April 2015 measured as per the previous GAAP and use that carrying value as
the deemed cost of the investment in subsidiaries, joint ventures and associates.
y) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest million with two decimals as
per the requirement of Schedule III, unless otherwise stated.
131
2
RECENT ACCOUNTING PRONOUNCEMENTS
Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies
(Indian Accounting Standards) Second Amendment Rules, 2019 notifies new standard or amendments to the standards. There is no such
new notification which would be applicable from April 1, 2020

3
SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the company’s accounting policies.
This note provides information about the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations
of future events that may have a financial impact on the company and that are believed to be reasonable under the circumstances.
Detailed information about each of these estimates or judgements is included in relevant notes together with information about the basis
of calculation for each impacted line item in the financial statements.
A Significant estimates :
i) Useful life of the Hotel Building

The Company has adopted useful life of property, plant and equipment as stipulated by Schedule II to the Companies Act, 2013
except for the hotel buildings for computing depreciation. In the case of the hotel building of the Company, due to superior
structural condition, management decided to assess the balance useful life by independent technical expert. As per the certificates
of the technical expert, the balance useful life of the hotel buildings ranges between 23 years and 55 years as at March 31, 2020
and the total useful life of the buildings are higher than those specified by Schedule II to the Companies Act, 2013. The carrying
amount of the hotel building is being depreciated over its residual life.

ii) Claims, Provisions and Contingent Liabilities:
The Company has ongoing litigations with various regulatory authorities and third parties with respect to tax/legal matters.
Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on
management’s assessment of specific circumstances of each dispute and relevant external advice, management provides for its
best estimate of the liability. These are subjective in nature and involves estimation uncertainity in determing the likely outcome
of such tax/legal matters.

B Significant judgements:
Advance towards Equity Shares
In the case of Mashobra Resort Limited (“MRL”), several disputes with the Government of Himachal Pradesh, the joint venture
partner, were referred by the High Court of Himachal Pradesh by an order dated 17th December, 2003 to an Arbitral Tribunal
consisting of a single Arbitrator. The Arbitrator’s award dated 23rd July, 2005 was challenged both by the Company and MRL,
amongst others, before the High Court of Himachal Pradesh. The operation of the Arbitration Award was stayed pending
substantive hearing of the applications by the High Court. Consequently, the status quo ante of the entire matter was restored to
the position as on 17th December, 2003 and the hotel is being operated by MRL accordingly. The Company vide its letter dated
4th April, 2012 requested MRL to account for the entire amount of INR 1,361.93 Million provided to MRL upto 31st March, 2012 as
‘Advance Towards Equity’, including INR 130.00 Million being the opening balance of ‘Advance Towards Equity’. In view of the
above, the Company has shown the said amount of INR 1,361.93 Million as ‘Advance Towards Equity’ under Other non-current
financial assets in its books of account.
The High Court, by virtue of an order dated 25th February, 2016 which was made available to the Company in May 2016, decided
not to interfere with the order of the Arbitrator. The Company amongst others, have preferred an appeal before the Division Bench
of the High Court of Himachal Pradesh. By an Order dated 27th June, 2016, Division Bench has stayed the Single Bench Judge
Order dated 25th February, 2016 and directed the parties to maintain status quo till the matter is finally heard and disposed off.
The matter is pending before the Division Bench of the High Court of Himachal Pradesh for adjudication.
132
4. PROPERTY, PLANT AND EQUIPMENT Rupees Million
Gross carrying amount Accumulated Depreciation Carrying
As at Additions Sales/ Balance As at For the Less: Balance Value
April 01, during the Adjustments as at April 1, Year Sales/ as at March as at
2018 year during the March 31, 2018 Adjustments 31, 2019 March 31,
year 2019 2019
Freehold Land
(including development cost) 1,607.87 - - 1,607.87 - - - - 1,607.87
Land under finance lease 641.88 - - 641.88 14.55 4.85 - 19.40 622.48
Buildings 12,670.98 38.76 33.71 12,676.03 689.20 270.01 32.77 926.44 11,749.59
Plant & Equipment 6,000.18 202.27 96.13 6,106.32 1,696.04 633.52 86.31 2,243.25 3,863.07
Furniture & Fittings 1,199.56 36.44 3.98 1,232.02 355.23 115.72 3.50 467.45 764.57
Vehicles 530.34 76.31 71.78 534.87 143.91 85.48 66.72 162.67 372.20
Office Equipment 36.47 6.65 5.77 37.35 9.82 6.07 5.49 10.40 26.95
Vehicles under finance lease 103.07 19.44 16.54 105.97 39.33 25.94 13.84 51.43 54.54
Boats 40.24 0.59 - 40.83 8.97 1.98 - 10.95 29.88

Aircrafts 319.29 - - 319.29 72.15 24.05 - 96.20 223.09
TOTAL 23,149.88 380.46 227.91 23,302.43 3,029.20 1,167.62 208.63 3,988.19 19,314.24
133
134
4
PROPERTY, PLANT AND EQUIPMENT – Contd.
Rupees Million
As at Reclas- Adjusted Additions Less: Sales Balance As at Reclas- Adjusted For the Less: As at Value as at
April 01, sified on balance as during the / Adjust- as at April 01, sified on balance as Year Sales/ March 31, March 31,
2019 adoption at April 1, year ments March 31, 2019 adoption at April 1, Adjust- 2020 2020
of Ind AS 2019 during the 2020 of Ind AS 2019 ments
116 (Refer year 116 (Refer
note 47) note 47)
Freehold Land 1,607.87 - 1,607.87 - - 1,607.87 - - - - - - 1,607.87
(including
development cost)
Land under finance 641.88 (641.88) - - - - 19.40 (19.40) - - - - -
lease
Buildings 12,676.03 - 12,676.03 233.67 74.81 12,834.89 926.44 - 926.44 271.75 4.48 1,193.71 11,641.18
Plant & Equipment 6,106.32 - 6,106.32 462.85 49.80 6,519.37 2,243.25 - 2,243.25 612.86 28.47 2,827.64 3,691.73
Furniture & Fittings 1,232.02 - 1,232.02 85.70 5.10 1,312.62 467.45 - 467.45 116.02 3.62 579.85 732.77
Vehicles 534.87 - 534.87 15.20 9.51 540.56 162.67 - 162.67 85.23 4.08 243.82 296.74
Office Equipment 37.35 - 37.35 5.05 0.35 42.05 10.40 - 10.40 7.07 0.17 17.30 24.75
Vehicles under 105.97 (105.97) - - - - 51.43 (51.43) - - - - -
finance lease
Boats 40.83 - 40.83 - 0.17 40.66 10.95 - 10.95 1.97 0.05 12.87 27.79
Aircrafts 319.29 - 319.29 20.27 5.85 333.71 96.20 - 96.20 25.35 3.55 118.00 215.71
TOTAL 23,302.43 (747.85) 22,554.58 822.74 145.59 23,231.73 3,988.19 (70.83) 3,917.36 1,120.25 44.42 4,993.19 18,238.54
(i) Assets held as security

Refer to note 20 & 25 for disclosure of assets held as security.
(ii) Interest capitalised to qualifying assets
Refer to note 35 for disclosure of amount capitalised to qualifying assets.
(iii) Contractual obligations
Refer to note 46 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
5
RIGHT-OF-USE-ASSET
Rupees Million
As at Reclas- Adjusted Additions Less: Sales Balance As at Reclas- Adjusted For the Less: As at Value as at
April 01, sified on balance as during the / Adjust- as at April 01, sified on balance as Year Sales/ March 31, March 31,
2019 adoption at April 1, year ments March 31, 2019 adoption at April 1, Adjust- 2020 2020
of Ind AS 2019 during the 2020 of Ind AS 2019 ments
116 (Refer year 116 (Refer
note 47) note 47)
Land - 3,979.01 3,979.01 - - 3,979.01 - 19.40 19.40 129.59 - 148.99 3,830.02
Buildings - 0.88 0.88 1.19 - 2.07 - - - 0.64 - 0.64 1.43
Vehicles - 105.97 105.97 14.42 21.12 99.27 - 51.43 51.43 25.22 20.32 56.33 42.94
TOTAL - 4,085.86 4,085.86 15.61 21.12 4,080.35 - 70.83 70.83 155.45 20.32 205.96 3,874.39
6
INTANGIBLE ASSETS
Rupees Million
As at Additions Less: Sales/ Balance as at As at For the Year Less: Sales/ As at Value as at
April 01, during the Adjustments March 31, April 1, 2018 Adjustments March 31, March 31,
2018 year during the 2019 2019 2019
year
Computer Software 145.91 24.75 - 170.66 58.57 38.67 - 97.24 73.42
TOTAL 145.91 24.75 - 170.66 58.57 38.67 - 97.24 73.42

2019 year during the 2020 2020 2020
year
Computer Software 170.66 45.33 - 215.99 97.24 40.21 - 137.45 78.54
TOTAL 170.66 45.33 - 215.99 97.24 40.21 - 137.45 78.54
Intangible Assets are amortised on straight line basis over a period of 3 to 5 years
135
136
7
INVESTMENT PROPERTY

2018 year during the 2019 2019 2019
year
Buildings - 989.66 - 989.66 - 14.43 - 14.43 975.23
Plant & Equipment - 141.01 - 141.01 - 9.36 - 9.36 131.65
TOTAL - 1,130.67 - 1,130.67 - 23.79 - 23.79 1,106.88

2019 year during the 2020 2020 2020
year
Buildings 989.66 3.47 - 993.13 14.43 15.67 - 30.10 963.03

Plant & Equipment 141.01 0.60 - 141.61 9.36 10.45 - 19.81 121.80
TOTAL 1,130.67 4.07 - 1,134.74 23.79 26.12 - 49.91 1,084.83
The assets relating to The Oberoi Corporate Tower, Gurgaon has been classified as Investment Property as per IndAS 40. The fair value of the same as assessed by the
management is INR 2,491.73 million (P.Y. INR 1,726.60 million).
The rental income generated from Investment property is INR 170.56 million (2019: INR 88.01 million)
The expenses incurred by investment property are as follows :
i) Directly relating to rental income - INR 77.64 Million (2019: INR 73.39 million)
ii) Not Directly relating to rental income - INR 30.42 Million (2019: INR 26.22 million)
Rupees Million
As at March As at March
31, 2020 31, 2019
8
NON-CURRENT INVESTMENTS
A. Investments in equity instruments (fully paid)
(i) Quoted -
In Associate entity (Equity investments at cost)
11,215,118 (2019 - 11,215,118) Equity Shares of INR 10 each of 1,010.72 1,010.72
EIH Associated Hotels Limited fully paid
In Other entities (Equity investments at Fair value through profit & loss)
25,000 (2019 - 25,000) Equity Shares of INR 10 each of 0.85 2.98
Tourism Finance Corporation of India Limited fully paid
(ii) Unquoted -
In Joint Venture entity (Equity investments at cost)
12,705,884 (2019 - 12,705,884) Equity Shares of INR 10 each of 348.25 348.25
Mercury Car Rentals Private Limited fully paid
In Associate entity (Equity investments at cost)
125,501 (2019 - 125,501) Equity Shares of INR 10 each of - -
Usmart Education Limited fully paid *
In Subsidiary Companies (Equity investments at cost)
106,607,800 (2019 - 106,607,800) Equity Shares of USD 1 each of 5,082.76 5,082.76
EIH International Limited fully paid
Mashobra Resort Limited fully paid
Oberoi Kerala Hotels and Resorts Limited fully paid
Less: Provision for impairment in value of investments (21.76) (21.76)
- -
Mumtaz Hotels Limited fully paid
69,044,006 (2019 - 69,044,006) Equity Shares of Mauritian Rupees 10 each of 1,184.88 1,184.88
EIH Flight Services Limited, Mauritius fully paid
Less: Provision for impairment in value of investments (Note 53) (161.40) -
1,023.48 1,184.88
In Other entities (Equity investments at Fair value through profit & loss)
Golden Jubilee Hotels Private Limited fully paid
Less: Provision for impairment in value of investments (418.58) (418.58)
- -
13,200 (2019 -18,000) Equity Shares of INR 10 each of 0.13 0.18
Green Infra Wind Generation Limited fully paid
4,200 (2019 - 4,200) Equity Shares of INR 10 each of 0.42 0.42
ReNew Wind Energy (Karnataka) Pvt. Ltd. fully paid
Total Investments in equity instruments 8,121.37 8,284.95
B. Investment in Government Securities (Unquoted)

National Savings Certificate (lodged with Government Authorities as Security Deposit) 0.29 0.27
Total Investment in government securities 0.29 0.27
Total non-current investments 8,121.66 8,285.22
Aggregate carrying amount of quoted investments 1,011.57 1,013.70
Aggregate market value of quoted investments 2,356.02 4,315.19
Aggregate carrying amount of unquoted investments 7,711.83 7,711.86
Aggregate amount of impairment in the value of investment 601.74 440.34
* Usmart Education Limited has become an Associate of the Company during the previous year by virtue of acquisition of 25.10%
shareholding at a cost of INR 251.
137
Rupees Million
31, 2020 31, 2019
9
OTHER NON-CURRENT FINANCIAL ASSETS
Advances towards equity shares in:
Subsidiary Company
Mashobra Resort Limited (refer note 3B) 1,361.93 1,361.93
Security deposits 443.89 397.02

Total other non-current financial assets 1,805.82 1,758.95
10
TAX ASSETS (Net)
Income Tax Asset (Net)
Opening balance 738.46 686.24
Add/(Less): Tax payable for the year (204.78) (591.54)
Add: Taxes paid 450.22 619.62
Add/(Less): Refund/adjustment for earlier years (431.48) 24.14
Closing balance 552.42 738.46
Wealth Tax Asset (Net)

Add: Taxes paid - -
Total tax assets 557.42 743.46
11
OTHER NON-CURRENT ASSETS
Capital Advances 114.00 80.27
Prepaid Expenses 7.03 17.44
Other Advances recoverable considered good - unsecured 3.84 14.04
Other Advances recoverable which have significant increase in credit risk - unsecured 182.99 185.89
Less: Provision for doubtful advances (182.99) (185.89)
- -
Advances paid under protest 243.91 216.13
Services exports incentive 162.58 182.21
Prepaid rent relating to security deposit (assets) 403.09 657.06
Prepayments for lands on operating leases - 1,972.24
Total other non-current assets 934.45 3,139.39
138
Rupees Million
31, 2020 31, 2019
12
INVENTORIES *
Provisions, Wines & Others 256.57 260.02
Stores & Operating Supplies 265.15 243.57
Goods-in-transit (Operating Supplies) 0.99 -
Total inventories 522.71 503.59
* Inventories are valued at cost which is based on ‘Cumulative Weighted Average Method’ or net realisable value, whichever is lower.
The cost of inventories recognised as an expense during the year as consumption of provisions, wines & others INR 1,688.29 million
(2019: INR 2,120.93 million)
Inventories as at 31.03.2020 is after a write-off amounting to INR 4.30 million owing to the lockdown situation arising due to the global
pandemic Covid-19.
13
TRADE RECEIVABLES *
Unsecured, considered good
Receivable from related parties 253.49 152.25
Receivable from other than related parties 1,653.09 2,096.95
1,906.58 2,249.20
Unsecured, which have significant increase in credit risk
Receivable from other than related parties 893.99 999.16
Less: Provision for doubtful debts (893.99) (999.16)
- -
Total trade receivables 1,906.58 2,249.20
* Read with note 41(B) & 52(a)
14
CASH & CASH EQUIVALENTS
Balances with banks
- Current accounts 34.52 39.13
Cash in hand 9.43 14.12
Cheques in hand 3.50 0.80
Fixed Deposits with original maturity of less than three months 4.51 4.23
Total cash and cash equivalents 51.96 58.28
15
OTHER BANK BALANCES
Margin deposits 0.64 0.30
Unpaid dividend accounts 26.62 29.34
Fixed deposits with original maturity of more than 3 months & having remaining maturity of 5.92 3.11
less than 12 months from the balance sheet date
Total other bank balances 33.18 32.75
139
Rupees Million
31, 2020 31, 2019
16
OTHER CURRENT FINANCIAL ASSETS
Interest accrued on deposits 2.83 2.36
Other receivables 25.12 17.45
Security deposits 25.53 26.51
Total other current financial assets 53.48 46.32
17
OTHER CURRENT ASSETS
Prepaid expenses 66.29 138.47
Prepayments for lands on operating leases - 32.92
Prepaid rent relating to security deposits (assets) 33.20 47.02
Advances recoverable in cash or in kind or for value to be received 229.95 199.49
Services exports incentive 292.25 130.35
Balance with government authorities 123.59 20.60
Total other current assets 745.28 568.85
140
Rupees Million
As at As at
March 31, March 31,
2020 2019
18
EQUITY SHARE CAPITAL
AUTHORISED
1,500,000,000 Equity Shares of INR 2 each
(2019 - 1,500,000,000) 3,000.00 3,000.00
3,000.00 3,000.00
ISSUED, SUBSCRIBED & FULLY PAID
571,569,414 Equity Shares of INR 2 each
(2019 - 571,569,414) 1,143.14 1,143.14
1,143.14 1,143.14
(i) Reconciliation of equity share capital

Number of Equity share
shares capital
(par value)
INR
As at April 1, 2018 571,569,414 1,143.14
Change during the year - -
As at March 31, 2019 571,569,414 1,143.14
As at March 31, 2020 571,569,414 1,143.14
(ii) Rights and preferences attached to equity shares :

The Company has one class of equity shares having a par value of INR 2 per share. These shares rank pari passu in all respects
including voting rights and entitlement to dividend.
(iii) Details of Shareholders holding more than 5 percent shares in the Company :
As at March 31, 2020 As at March 31, 2019
Number of Shares % holding Number of Shares % holding
(1) Reliance Strategic Business Ventures
Limited (2019 - Reliance Industrial
Investments and Holdings Limited) 105,907,273 18.53 105,907,273 18.53
(2) ITC Limited 85,621,473 14.98 85,621,473 14.98
(3) Oberoi Hotels Private Limited 83,646,328 14.63 83,646,328 14.63
(4) Oberoi Holdings Private Limited 33,438,993 5.85 33,438,993 5.85
Rupees Million
(iv) Dividends March 31, 2020 March 31, 2019
Final dividend for the year ended March 31, 2019 of INR 0.90,
March 31, 2018 – INR 0.90 514.41 514.41
Dividend Distribution Tax 72.25 105.74
Dividends not recognised at the end of the reporting period
Liability for proposed dividend* - 514.41
Dividend Distribution Tax on proposed dividend - 57.42
*In view of lockdown and the present business conditions and to conserve cash and maintain liquidity for future, the Board
of Directors have decided not to recommend dividend for the Financial Year 2019-20. This is subject to the approval of the
shareholders in the ensuing annual general meeting.
141
Rupees Million
As at As at
March 31, March 31,
2020 2019
19
OTHER EQUITY
RESERVES AND SURPLUS
Capital Redemption Reserve 1,024.21 1,024.21
Securities Premium 12,373.41 12,373.41
General Reserve 9,149.13 9,149.13
Retained Earnings 5,502.42 4,861.01
Total Other Equity 28,049.17 27,407.76
(i) CAPITAL REDEMPTION RESERVE

Opening Balance 1,024.21 1,024.21
Adjustment during the year - -
Closing Balance 1,024.21 1,024.21
(ii) SECURITIES PREMIUM
(iii) GENERAL RESERVE
(iv) RETAINED EARNINGS
Add: Profit during the year as per Statement of Profit & Loss 1,244.67 1,133.38
Less : Adjustments for new IndAS (refer note 47 and 51) (6.69) 112.14
Final dividend 514.41 514.41
Dividend distribution tax 72.25 105.74
Other comprehensive income recognised directly in retained earnings
- Remeasurements of defined benefit obligations, net of tax 23.29 8.86
Nature and purpose of Reserves

(i) Capital Redemption Reserve
Capital Redemption Reserve represents the statutory reserve created by the company for the redemption of its preference share
capital issued and redeemed under previous GAAP. The same can be utilised by the company for issuing fully paid bonus
shares.
(ii) Securities Premium
This Reserve represents the premium on issue of shares and can be utilised in accordance with the provisions of the Companies
Act, 2013.
142
Rupees Million
As at As at
March 31, March 31,
2020 2019
20
NON-CURRENT BORROWINGS - at amortised cost
Term Loans from Banks
Secured
The Hong Kong & Shanghai Banking Corporation Limited (HSBC) 1,607.14 2,035.71
RBL Bank Limited (RBL) 225.00 -
Long Term maturities of Finance Lease Obligations:
Secured
Long Term maturity of Finance Lease Obligations - Vehicles - 34.86
Unsecured
Long Term maturity of Finance Lease Obligations - Land - 28.08
Non-current borrowings 1,832.14 2,098.63
Current maturities of long-term debt (included in note 28) 453.57 428.57
Current maturities of finance lease obligations (included in note 28) - 24.64
PARTICULARS OF TERM BORROWINGS :

i) Security
Term loan from The Hong Kong & Shanghai Banking Corporation limited (HSBC) is secured by way of equitable mortgage by
deposit of title deeds in respect of the Company’s hotel in Delhi known as The Oberoi, New Delhi.
Term loan from RBL Bank Limited (RBL) is secured by first pari passu charge by way of equitable mortgage on immovable fixed
assets of the Company’s hotel in Delhi known as The Oberoi, New Delhi. Process of creation of security is in progress.
The Finance Lease Obligations are secured by hypothecation of vehicles taken under Lease.
ii) Terms of repayment and Interest rate :

Term loan from The Hong Kong & Shanghai Banking Corporation limited (HSBC) is repayable in 28 quarterly installments of INR
107.14 Million starting from February 2018 and ending on November 2024 and carries interest which is linked to banks MCLR,
presently effective rate is 8.90%
Term loan from RBL is repayable in 20 quarterly installments of INR 12.50 Million starting from December 2020 and ending on
September 2025 and carries interest which is linked to 12 month T-bill, presently effective rate is 8.50%
The finance lease obligations are secured by hypothecation of vehicles taken under lease. Repayments are done by equated
monthly installments over 36 to 60 months.
143
Rupees Million
31, 2020 31, 2019
21
OTHER NON-CURRENT FINANCIAL LIABILITIES
Lease Rent Equalisation - 9.48
Security Deposits 78.96 82.50
Total other non-current financial liabilities 78.96 91.98
22
PROVISIONS - NON-CURRENT
Employee benefit obligations

Leave Encashment - Unfunded
Present value of obligation 244.14 243.95
Total provisions - non-current 244.14 243.95
23
OTHER NON-CURRENT LIABILITIES
Advance Rent 11.17 14.93
Total other non-current liabilities 11.17 14.93
24
DEFERRED TAX LIABILITIES - NET
Deferred Tax Liabilities on account of :
Depreciation 1,657.34 2,195.13
Restatement of liability at fair value 0.41 0.32
Total deferred tax liabilities (A) 1,657.75 2,195.45
Deferred Tax Assets on account of :
Statutory expenses claimable on payment 75.93 95.10
Provision for debts, advances and investments 271.05 414.10
Fair Valuation of Security Deposit - Assets 32.99 38.76
Loyalty and Membership fee -IndAS effect 0.01 25.01
Lease rent equalisation* - 3.59
Other temporary differences 41.33 19.72
Total deferred tax assets (B) 421.31 596.28
Deferred Tax Liabilities (Net - A-B) 1,236.44 1,599.17
* Deferred tax assets decreased by INR 3.59 million on account of transition to Ind AS 116 w.e.f. 01.04.2019
144
Movement in deferred tax liabilities Rupees Million

Depreciation Fair Valuation Restatement Total
of Equity of liability
Investment at fair value
As at April 2018 2,031.85 2.77 0.19 2,034.81
Charged/(Credited):
- to profit and loss 163.28 (2.77) 0.13 160.64
- to other comprehensive income - - - -
As at March 31, 2019 2,195.13 - 0.32 2,195.45
Charged/(Credited):
- to profit and loss (537.79) - 0.09 (537.70)
- to other comprehensive income - - - -
As at March 31, 2020 1,657.34 - 0.41 1,657.75
Movement in deferred tax assets Rupees Million

Statutory Provision Fair Adjust- Lease Rent Others Total
Expenses for Debts, Valuation ments on Equalisation temporary
claimable on Advances of Security account of differences
payment and Deposit- IndAS 115
Investments Assets
As at April 2018 88.11 129.56 31.33 - 3.83 20.50 273.33
IndAS P&L adjustment done
through opening reserves - - - 60.23 - - 60.23
(Charged)/Credited:
- to profit and loss 11.54 284.54 7.43 (35.22) (0.24) (0.78) 267.27
- to other comprehensive
income (4.55) - - - - - (4.55)
As at March 31, 2019 95.10 414.10 38.76 25.01 3.59 19.72 596.28
IndAS P&L adjustment done
through opening reserves - - - - (3.59) - (3.59)
(Charged)/Credited:
- to profit and loss (21.87) (143.05) (5.77) (25.00) 21.61 (174.08)
- t o other comprehensive
income 2.70 - - - - - 2.70
As at March 31, 2020 75.93 271.05 32.99 0.01 - 41.33 421.31
145
Rupees Million
31, 2020 31, 2019
25
CURRENT BORROWINGS
SECURED – at amortised cost
Short Term Loan From Banks
The Hongkong & Shanghai Banking Corporation limited (HSBC) 180.00 -
ICICI bank limited (ICICI) 240.00 -
HDFC bank limited 300.00 -
Cash Credit From Banks

United bank of India (UBI) 186.29 67.44
The Hongkong & Shanghai Banking Corporation limited (HSBC) 47.76 219.17
ICICI bank limited (ICICI) 95.00 10.89
HDFC bank limited 66.23 199.14
UNSECURED – at amortised cost

Short Term Loan From Banks
ICICI bank limited (ICICI) - 750.00
Federal bank limited 750.00 1,000.00
1,865.28 2,246.64
PARTICULARS OF SHORT TERM BORROWINGS :
i) Security :
Short Term Loan and Cash Credit facilities from banks are secured by way of hypothecation of all stock of inventories, book debts
and other current assets of the company, both present and future, ranking pari passu.
ash Credit with United Bank of India is additionally secured by way of second charge in respect of the Company’s hotel in Kolkata
C
known as The Oberoi Grand.
ii) Terms of repayment and Interest rate :

Short term loan from HSBC for INR 180 Million is repayable on June 26, 2020 and carries Interest @ 8.20%.
Short term loan from ICICI for INR 240 Million is repayable on September 04, 2020 and carries Interest @ 8.55%.
Short term loan from HDFC for INR 300 Million is repayable on May 31, 2020 and carries Interest @ 8.05%.
Cash Credit from UBI is repayable on demand and carries Interest at MCLR-Y + 0.55%
Cash Credit from HSBC is repayable on demand and carries Interest at overnight MCLR
Cash Credit from ICICI is repayable on demand and carries Interest at 6 months MCLR + 0.30%
Cash Credit from HDFC is repayable on demand and carries Interest at 1 year MCLR +0.15%
Short term loan from Federal bank limited INR 500 Million is repayable on September 18, 2020 and carries Interest @ 8.40%.
Short term loan from Federal bank limited INR 250 Million is repayable on March 20, 2021 and carries Interest @ 8.70%.
146
Rupees Million
31, 2020 31, 2019
26
TRADE PAYABLES TO MICRO AND SMALL ENTERPRISES
(i) Principal amount remaining unpaid at the end of the year * 11.87 0.77
(ii) Interest due thereon remaining unpaid at the end of the year - -
(iii) The amount of interest paid along with the amounts of the payment beyond the - -
appointed day.
(iv) The amount of interest due and payable for the year 0.04 0.02
(v) The amount of interest accrued and remaining unpaid at the end of the year 0.04 -
(vi) T
he amount of further interest due and payable even in the succeeding period, until - -
such date when the interest dues as above are actually paid
(vii) Interest remaining disallowable as deductible expenditure under the
Income Tax Act, 1961 - -
Total [(i)+(v)] 11.91 0.77
* Details of dues to Micro Enterprises and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,
2006 (MSMED Act) are based on information made available to the Company.
27
TRADE PAYABLES TO OTHER THAN MICRO AND SMALL ENTERPRISES
Trade Payables 1,622.30 1,892.17
Trade Payables to related parties 70.20 65.12
Trade payables to other than micro and small enterprises 1,692.50 1,957.29
28
OTHER CURRENT FINANCIAL LIABILITIES
Current Maturities of Long Term Debt (refer note 20) 453.57 428.57
Current Maturities of Finance Lease Obligations (refer note 20) - 24.64
Interest accrued but not due on borrowings 8.66 7.99
Unclaimed Dividend 26.62 29.34
Other Payables
Liability for capital assets 89.74 133.45
Lease rent equalisation - 0.81
Payable to related parties 5.05 -
Other liabilities 8.40 -
Total other current financial liabilities 660.14 655.49
147
Rupees Million
31, 2020 31, 2019
29
PROVISIONS - CURRENT
Employee benefit obligations
Leave Encashment - Unfunded
Gratuity - Funded
Less: Fair value of plan assets 576.99 551.81
Net Liability 131.02 128.44
Total provisions - current 191.20 161.57
30
OTHER CURRENT LIABILITIES
Advance from Customers (refer Note 52) 327.16 463.28
Statutory and other dues 442.17 249.29
Deferred Revenue 149.08 171.10
Total other current liabilities 941.74 898.23
148
Rupees Million
March 31, 2020 March 31, 2019
31
REVENUE FROM OPERATIONS
Rooms 6,022.62 6,287.05
Food and Beverage 5,278.44 6,504.93
Other Services 1,754.96 2,178.10
Sale of Printed Materials 446.98 462.30
Total revenue from operations 13,503.00 15,432.38
32
OTHER INCOME
Interest Income:
Interest income from financial assets at amortised cost 44.12 29.59
Interest income on Income Tax refund 79.63 61.96
Dividend Income:
Dividend income from Subsidiary Companies 163.93 235.08
Dividend income from equity investment measured at fair value through profit or loss 0.06 0.05
Dividend income from Associates and Joint venture Companies 63.81 56.52
Income on account of Services Exports Incentive 162.67 231.01
Others :
Rental Income from Investment Property 170.56 88.01
Net foreign exchange gain 15.29 4.79
Provisions/ liabilities written back 29.22 14.10
Profit on sale of Property, Plant and Equipments (Net) - 0.58
Miscellaneous Income 110.79 118.55
Total other income 840.08 840.24
33
CONSUMPTION OF PROVISIONS, WINES, & OTHERS
Opening Stock 260.02 193.85
Add: Purchases 1,684.84 2,187.10
1,944.86 2,380.95
Less : Closing Stock 256.57 260.02
Total consumption of provisions, wines, & others 1,688.29 2,120.93
34
EMPLOYEE BENEFIT EXPENSES
Salaries & Wages 3,520.48 3,620.64
Contribution to Provident Fund and Other Funds (refer note 42) 220.36 200.54
Staff Welfare Expenses 368.03 394.66
Total employee benefit expenses 4,108.87 4,215.84
149
Rupees Million
March 31, 2020 March 31, 2019
35
FINANCE COSTS
Interest Expense 398.44 444.33
Interest on obligations under finance leases - 19.27
Interest on lease liabilities 107.35 -
505.79 463.60
Less : Amount Capitalised to qualifying assets (10.64) -
Total finance costs 495.15 463.60
36
DEPRECIATION AND AMORTISATION EXPENSE
Depreciation of property, plant and equipment 1,120.25 1,167.62
Depreciation of Right of use asset 155.45 -
Amortisation of intangible assets 40.21 38.67
Depreciation of investment property 26.12 23.79
Total depreciation and amortisation expense 1,342.03 1,230.08
37
OTHER EXPENSES
Power & Fuel 993.10 1,076.79
Rent 378.42 442.59
Repairs :
Buildings 251.15 213.65
Plant & Machinery 415.64 405.71
Others 45.26 46.11
Insurance 51.05 40.02
Rates & Taxes 358.90 356.47
Expenses on Apartment & Board 172.11 226.47
Royalty 122.68 139.31
Advertisement, Publicity & Other Promotional Expenses 343.44 326.71
Commission to Travel Agents & others 381.48 377.55
Passage & Travelling 307.81 322.45
Postage, Telephone, etc. 74.31 80.67
Professional Charges 236.29 319.43
Linen, Uniform Washing & Laundry Expenses 45.41 51.00
Renewals & Replacement 136.25 133.19
Musical, Banquet & Kitchen Expenses 98.35 94.50
Auditors’ Remuneration (refer note 37(a)) 22.23 21.93
Directors’ Fees and Commission 79.51 97.62
Loss on Sale/Discard of Property, Plant and Equipments (Net) 16.51 -
Bad debts & advances written off 127.99 41.23
Less : Charged off against provisions (127.39) (34.75)
0.60 6.48
Provision for debts & advances with significant increase in credit risk 19.65 8.78
CSR Expenses (refer note 37(b)) 27.47 31.32
Expenses on Contracts for Services 538.89 552.11
Airport Levy Expenses 121.37 272.41
Miscellaneous Expenses 211.70 230.37
Total other expenses 5,451.71 5,874.47
150
Rupees Million
March 31, 2020 March 31, 2019
37
OTHER EXPENSES – Contd.
(a) Details of Auditors’ remuneration
As auditor:
Audit fee 14.00 14.50
Tax audit fee 1.10 1.40
Reimbursement of expenses 1.13 1.13
In Other Capacity:
For Limited Review of Unaudited Financial Results 5.40 4.20
For verification of statement and other reports 0.60 0.70
Total payments to auditors 22.23 21.93
(b) Details of CSR Expenditure

SOS Children’s Villages of India 23.97 24.78
Helpage India 3.50 3.50
Expenses for Swachh Bharat Abhiyan - 3.04
Total expenditure CSR 27.47 31.32
Amount required to be spent on CSR as per Section 135 of the Companies Act, 2013 26.27 27.38
38
EXCEPTIONAL ITEMS
Profit on sale of Investment in an Associate - 116.83
Provision for Doubtful Debts (4.67) (847.49)
Provision for impairment in value of investments in a Subsidiiary (161.40) -
Total exceptional items (166.07) (730.66)
Exceptional Items include (a) C.Y. Nil (P.Y. Profit of INR 116.83 million on sale of investment in Mercury Travels Limited); (b) a one-off
provision of INR 4.67 million (P.Y. INR 847.49 million) against receivable from a single customer in the flight catering business, due to
uncertainty over business continuity of the referred customer and (c) provision for impairment in value of investment in EIH Flight
Services Limited, Mauritius INR 161.40 million (P.Y. - Nil) (Refer Note 53).
151
Rupees Million
March 31, 2020 March 31, 2019
39
TAX EXPENSE
(a) Current tax
Tax on profits for the year 198.44 600.86
Adjustments for prior periods 11.47 9.43
Total current tax 209.91 610.29
(b) Deferred tax
Decrease/(increase) in deferred tax assets 171.38 (262.72)
(Decrease)/increase in deferred tax liabilities (537.70) 160.64
(366.32) (102.08)
Add/(Less) : Recognised in other comprehensive income 2.70 (4.55)
Total deferred tax expense/(benefit) (363.62) (106.63)
Total tax expense (153.71) 503.66
(c) Reconciliation of tax expense and the accounting profit multiplied by tax rate:
Profit before income tax expense 1,090.96 1,637.04
Tax at the rate of 25.168% (2019 - 34.944%) 274.57 572.05
Tax effect of amounts which are not deductible in calculating taxable income:
Corporate social responsibility expenditure 6.91 10.94
Provision for impairment in value of investments 40.62 -
Interest on MSME - 0.01
Expenses related to exempted income 1.01 1.40
Donations - 0.09
Others 0.09 -
48.63 12.44
Adjustments related to property, plant and equipments:
Adjustment on account of depreciable & leased assets 4.61 20.91
4.61 20.91
Tax effect of amounts which are not taxable in calculating taxable income:
Profit on sale of property, plant and equipment - (34.38)
Dividend (39.46) (52.24)
(39.46) (86.62)
Other differences
Impact of decrease in tax rate on deferred tax (448.37) -
Impact of difference in tax rate on foreign dividend (5.69) (24.83)
Impact of difference in tax rate and method on gains arising on fair value of Investments 0.53 0.28
(453.53) (24.55)
Income tax expense related to prior periods 11.47 9.43
Income tax expense as per Income Tax (153.71) 503.66
Notes :
(i) On September 20, 2019, vide Taxation Laws (Amendment) Ordinance 2019, the Government of India inserted Section 115BAA
in the Income Tax Act, 1961 which provided domestic companies a non-reversible option to pay corporate tax at reduced rates
effective April 1, 2019 subject to certain conditions. The Company elected to exercise the option and provision for income tax for
the year ended March 31, 2020 and measurement of deferred tax liabilities has accordingly been done considering the reduced rate
prescribed in the said section.
(ii) E
ffective April 1, 2019, the Company has adopted Appendix C to Ind AS 12 – Income taxes retrospectively with cumulative effect
of initially applying Appendix C recognised by adjusting equity on initial application, without adjusting comparatives. The effect
on account of initial application of this amendment is Nil. The effect of adoption of this amendment in the current year is also Nil.
152
40
FAIR VALUE MEASUREMENTS
Financial instruments by category Rupees Million
FVPL Amortised FVPL Amortised
cost cost
Financial assets
Investments
– Equity instruments - Other than Investments in 1.40 - 3.58 -
subsidiaries, associates and joint ventures
– Government securities - 0.29 - 0.27
Advances towards equity shares - 1,361.93 - 1,361.93
Trade receivables - 1,906.58 - 2,249.20
Cash and cash equivalents - 51.96 - 58.28
Other bank balance - 33.18 - 32.75
Other receivables - 27.95 - 19.81
Security deposits - 469.42 - 423.53
Total financial assets 1.40 3,851.31 3.58 4,145.77
Financial liabilities
Borrowings - 4,150.99 - 4,710.92
Lease liabilities - 1,180.25 - 87.56
Lease rent equalisation - - - 10.29
Trade payables - 1,704.41 - 1,958.06
Liability for capital assets - 89.74 - 133.45
Others - 48.73 - 37.33
Total financial liabilities - 7,321.18 - 7,050.80
(i) Financial assets and liabilities measured at fair value - recurring fair value measurements
Level 1 Level 3 Level 1 Level 3
Financial Investments at FVPL
Investment in equity shares (Note 8)
Tourism Finance Corporation of India Limited 0.85 - 2.98 -
Green Infra Wind Generation Limited - 0.13 - 0.18
ReNew Wind Energy (Karnataka) Pvt. Ltd. - 0.42 - 0.42
Total financial assets 0.85 0.55 2.98 0.60
(ii) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial
statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed under the accounting standard.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that
have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as
at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which
maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the
case for unlisted equity securities, security deposits included in level 3.
153
40
FAIR VALUE MEASUREMENTS – Contd.
(iii) Assets and liabilities which are measured at amortised cost for which fair values are disclosed
All the financial asset and financial liabilities measured at amortised cost, carrying value is an approximation of their respective fair
value.
(iv) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:
– Investment in Green Infra Wind Generation Limited and ReNew Wind Energy (Karnataka) Pvt. Ltd. are made pursuant to the contract
for procuring electricity supply at the hotels units. Investment in said companies is not usually traded in market. Considering the
terms of the electricity supply contract and best information available in the market, cost of investment is considered as fair value
of the investments.
– For the investment in Golden Jubilee Hotels Private Limited (GJHPL), the management was of the view that carrying value of
the investment is representative of its fair value as on April 1, 2015. As on April 1, 2015, no indicators of impairment was existing.
However, during the financial year 2015-16, due to the non-payment of bank borrowings and other obligation, petition for the
winding up has been filed by the creditors and lenders of the GJHPL. Considering the financial position of the GJHPL and legal
proceedings initiated by lenders, the management has fully provided for the investment in GJHPL as on March 31, 2016.
(v) Reconciliation of financial assets measured at fair value using significant unobservable inputs (level 3)
Rupees Million
Unquoted Equity
Investments
As at April 1, 2018 0.60
Acquisition/Disposal -
As at March 31, 2019 0.60
Acquisition/Disposal (0.05)
As at March 31, 2020 0.55
154
41
FINANCIAL RISK MANAGEMENT
The Company’s activities expose it to market risk (including currency risk, interest rate risk and other price risk), liquidity risk and
credit risk.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk :
The Company’s risk management is carried out by the treasury department under policies approved by the Board of Directors.
Company’s Treasury identifies, evaluates and hedges financial risks in close co-operation with the company’s operating units. The
board provides principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest
rate risk, credit ris k, use of non-derivative financial instruments, and investment of excess liquidity.
(A) Market risk

(i) Foreign currency risk
Foreign currency risk arises from future commercial transactions and recognized assets or liabilities denominated in a currency that is
not the Company’s functional currency (INR).
The exposure of the Company to foreign currency risk is not significant. However, this is closely monitored by the Management to
decide on the requirement of hedging. The position of foreign currency exposure to the Company as at the end of the year expressed in
INR are as follows :
Rupees Million
Currency Receivables Payables
March 31, 2020
EURO 0.27 2.04
US Dollar (USD) 72.54 29.05
Swedish Kroner (SEK) - 0.22
Singapore Dollar (SGD) - 0.21
Australian Dollar (AUD) 6.58 -
Hong Kong Dollar (HKD) - 0.62
UAE Dirham (AED) 1.84 0.19
Great Britain Pound (GBP) 1.75 11.81
Net exposure to foreign currency risk 82.98 44.14
March 31, 2019
EURO 1.51 2.09
Hong Kong Dollar (HKD) - -
UAE Dirham (AED) 1.38 -
155
41
FINANCIAL RISK MANAGEMENT – Contd.
Sensitivity
If INR is depreciated or appreciated by 5% vis-s-a-vis foreign currency, the impact thereof on the profit and loss of the Company are
given below:
Impact on profit *
March 31, March 31,
2020 2019
EURO sensitivity
INR/EURO Increases by 5% (March 31, 2019 - 5%) (0.09) (0.03)
INR/EURO Decreases by 5% (March 31, 2019 - 5%) 0.09 0.03
USD sensitivity
INR/USD Increases by 5% (March 31, 2019 - 5%) 2.17 1.76
INR/USD Decreases by 5% (March 31, 2019 - 5%) (2.17) (1.76)
SEK sensitivity
INR/SEK Increases by 5% (March 31, 2019 - 5%) (0.01) -
INR/SEK Decreases by 5% (March 31, 2019 - 5%) 0.01 -
SGD sensitivity
INR/SGD Increases by 5% (March 31, 2019 - 5%) (0.01) -
INR/SGD Decreases by 5% (March 31, 2019 - 5%) 0.01 -
AUD sensitivity
INR/USD Increases by 5% (March 31, 2019 - 5%) 0.33 1.21
INR/USD Decreases by 5% (March 31, 2019 - 5%) (0.33) (1.21)
HKD
INR/HKD Increases by 5% (March 31, 2019 - 5%) (0.03) -
INR/HKD Decreases by 5% (March 31, 2019 - 5%) 0.03 -
AED sensitivity
INR/AED Increases by 5% (March 31, 2019 - 5%) 0.08 0.07
INR/AED Decreases by 5% (March 31, 2019 - 5%) (0.08) (0.07)
GBP sensitivity
INR/GBP Increases by 5% (March 31, 2019 - 5%) (0.50) (0.18)
INR/GBP Decreases by 5% (March 31, 2019 - 5%) 0.50 0.18
* Holding all other variables constant
(ii) Interest rate risk

The exposure of the company’s borrowing to interest rate changes at the end of the reporting period depends on the mix of fixed rate
and floating rate of the borrowings and the expected movement of market interest rate. The status of borrowings in terms of fixed rate
and floating rate are as follows:
Rupees Million
March 31, March 31,
2020 2019
Variable rate borrowings 2,680.99 3,960.92
Fixed rate borrowings 1,470.00 750.00
Total borrowings 4,150.99 4,710.92
As at the end of the reporting period, the Company had the following variable rate borrowings outstanding:
Weighted average Balance % of
interest rate total loans
31-Mar-20
Bank loans, Cash Credit 8.75% 2,680.99 65%
31-Mar-19
156
41
Sensitivity
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates.
Rupees Million
Impact on profit
March 31, March 31,
2020 2019
Interest rates – increase by 50 basis points (50 bps) (13.40) (19.80)
Interest rates – decrease by 50 basis points (50 bps) 13.40 19.80
(iii) Price risk

The company’s exposure to equity securities price risk arises from investments held by the Company in equity securities and classified
in the balance sheet as at fair value through profit or loss (note 8). However, company does not have a practice of investing in market
equity securities with a view to earn fair value changes gain. As per the company policies, whenever any investment is made by the
company in equity securities, the same is made either with some strategic objective or as a part of contractual arrangement.
(B) Credit risk

Credit risk arises when a counter party defaults on contractual obligations resulting in financial loss to the company.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas. In order to mitigate the
risk of financial loss from defaulters, the Company has an ongoing credit evaluation process in respect of customers who are allowed
credit period. In respect of walk-in customers the company does not allow any credit period and therefore, is not exposed to any credit
risk.
The company does not have any derivative transaction and therefore is not exposed to any credit risk on account of derivatives.
Reconciliation of loss allowance provision – Trade receivables

Rupees Million
Loss allowance on April 1, 2018 184.34
Changes in loss allowance 814.82
Loss allowance on March 31, 2019 999.16
Changes in loss allowance (105.17)
Loss allowance on March 31, 2020 893.99
(C) Liquidity risk

The Company has a liquidity risk management framework for managing its short term, medium term and long term sources of funding
vis-à-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the expected net cash
flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.
(i) Financing arrangements: The position of undrawn borrowing facilities at the end of reporting period are as follows:
March 31, March 31,
2020 2019
Floating rate
Expiring within one year (cash credit facilities)
HSBC Cash Credit/WCTL Facility 72.24 80.83
UBI Cash Credit Facility 613.71 732.56
ICICI Cash Credit Facility 65.00 389.11
ICICI Short Term Facility 1,000.00 -
Federal Bank Short Term Facility 750.00 1,000.00
HDFC Cash Credit Facility 133.77 300.86
2,634.72 2,503.36
The bank cash credit facilities may be drawn at any time and may be terminated by the bank without notice.
157
41
(ii) Maturities of financial liabilities
The table below analyses the company’s all non-derivative financial liabilities into relevant maturity based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows.
Contractual maturities of financial liabilities:
Rupees Million
Not later than Between Later than Total
1 year 1 and 5 years 5 years
Non-derivatives
March 31, 2020
Borrowings 2,542.60 2,139.61 26.68 4,708.89
Lease liabilities 127.56 444.79 1,734.49 2,306.84
Trade payables 1,704.41 - - 1,704.41
Security Deposits 69.18 98.92 0.47 168.57
Other financial liabilities 125.02 - - 125.02
Total non-derivative liabilities 4,568.77 2,683.32 1,761.64 9,013.73
March 31, 2019
Borrowings 2,897.32 2,498.83 - 5,396.15
Obligations under lease 37.20 57.64 119.54 214.38
Trade payables 1,958.06 - - 1,958.06
Security Deposits 35.35 98.76 2.81 136.92
Other financial liabilities 170.78 - - 170.78
Lease Rent Equalisation 0.85 1.42 8.02 10.29
Total non-derivative liabilities 5,099.56 2,656.65 130.37 7,886.58
(D) Capital management

Risk management
The company’s objectives when managing capital are to
• s afeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits
for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
The company’s strategy is to maintain a gearing ratio within 30%. The gearing ratios were as follows:
Rupees Million
March 31, March 31,
2020 2019
Net debt * 4,099.03 4,652.64
Total equity 29,192.31 28,550.90
Net debt to equity ratio 14% 16%
* Net debt represents borrowings less cash and cash equivalents computed as follows:
Term loan from bank 2,285.71 2,464.28
Cash credit from banks 395.28 496.64
Short term loan from banks 1,470.00 1,750.00
Less: Cash and cash equivalents (51.96) (58.28)
Net debt 4,099.03 4,652.64
158
42
(i) Defined benefit plans
a) Gratuity
The company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. The Company operates a
gratuity plan through the “EIH Employees’ Gratuity Fund”. Gratuity plan is a funded plan and the Company through Gratuity
Trust makes contributions of funds to Life Insurance Corporation of India..
b) Leave Encashment
As per the policy of the company, obligations on account of encashment of accumulated leave of an employee is settled only on
separation of the employee. Such liability is recognised on the basis of actuarial valuation following Projected Unit Credit Method.
It is an unfunded plan.
(ii) Defined contribution plans

The company also has certain defined contribution plans. Contributions are made to provident fund in India for employees
at the rate of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by
the government. The obligation of the company is limited to the amount contributed and it has no further contractual nor any
constructive obligation.
(iii) Movement of defined benefit obligation and fair value of plan assets :
The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:
Rupees Million
Gratuity Leave
Encashment
Present value Fair value of Net amount Present value
of obligation plan assets of obligation
April 1, 2018 648.43 474.03 174.40 274.45
Current service cost 40.35 - 40.35 48.23
Interest expense/(income) 46.18 37.54 8.64 18.90
Total amount recognised in profit or loss 86.53 37.54 48.99 67.13
Remeasurements
Loss due to experience 18.55 - 18.55 (17.27)
Loss due to change in financial assumptions 8.35 - 8.35 4.24
Return on plan assets (greater)/less than discount rate - 0.25 (0.25) -
Total amount recognised in other comprehensive income 26.90 0.25 26.65 (13.03)
Employer contributions - 121.60 (121.60) -
Benefit payments (81.62) (81.62) - (51.47)
March 31, 2019 680.24 551.80 128.44 277.08
April 1, 2019 680.24 551.80 128.44 277.08

Remeasurements
Loss due to experience 4.67 - 4.67 (8.36)
Loss due to change in demographic assumptions 14.28 - 14.28 16.38
Loss due to change in financial assumptions 1.46 - 1.46 2.69
Total amount recognised in other comprehensive income 20.41 - 20.41 10.71
Benefit payments (81.64) (81.64) - (52.55)
March 31, 2020 708.01 576.99 131.02 304.32
159
(iv) Post-Employment benefits

The significant actuarial assumptions were as follows:
March 31, 2020 March 31, 2019
Discount rate 6.50% 7.40%
Salary growth rate Year 2021 - 0%, thereafter 5% 5.00%
Mortality Indian assured lives Indian assured lives
mortality mortality
(2006-08) (modified) (2006-08) (modified)
Ultimate Ultimate
Withdrawal Rate Age less than 30 years: 2.00%
Management - 20%
Non Management - 30%
Age Greater than 30 years - 5%
(v) Sensitivity analysis

The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
Impact on defined benefit obligation
Change in assumption
Increase by 1% Decrease by 1%
March 31, March 31, March 31, March 31, March 31, March 31,
2020 2019 2020 2019 2020 2019
Gratuity
Discount rate 1% 1% (33.96) (39.72) 37.83 45.08
Salary growth rate 1% 1% 31.86 45.74 (29.15) (40.96)
Leave Encashment
Discount rate 1% 1% (16.56) (19.98) 18.75 23.27
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the
defined benefit obligation to significant actuarial assumptions the same method i.e. projected unit credit method has been applied
as that used for calculating the defined benefit liability recognised in the balance sheet.
Sensitivities due to Demographic and Investment are not material and hence the impact of change due to these is not disclosed
(vi) The major categories of plan assets are as follows:

March 31, 2020 March 31, 2019
Unquoted in % Unquoted in %
Investment funds with LIC of India * 576.99 100% 551.80 100%
Total 576.99 100% 551.80 100%
* Gratuity trust pays contribution to LIC which in turn invests the amount in various instruments. As it is done by LIC in totality basis along with
contributions from other participants, the Company wise investment in planned assets - category / class wise is not available.

(vii) Risk exposure
The defined benefit obligations have the under mentioned risk exposures :
Interest rate risk : The defined benefit obligation is calculated using a discount rate based on government bonds. If bond yields
fall, the defined benefit obligation will tend to increase.
Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation.
Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality,
withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and
depends upon the combination of salary increase, discount rate and vesting criteria.
Investment risk: This may arise from volatility in asset values due to market fluctuations and impairment of assets due to credit
losses. LIC of India primarily invests in debt instruments such as Government securities and highly rated corporate bonds
wherein the risk of downward fluctuation in value is minimal.
160
(viii) Defined benefit liability and employer contributions

Expected contribution to post employment benefit plan during the year ending March 31, 2021 is INR 131.01 million
(March 31, 2020-INR 128.44 million).
The weighted average duration of the defined benefit obligation is 7 years (2019 - 7 years) in case of Gratuity and 8 years (2019- 8 years)
in case of Leave encashment.
The expected maturity analysis of undiscounted gratuity and leave encashment is as follows: Rupees Million
Less than Between Between Between Between Beyond Total
a year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years 5 years
March 31, 2020
Defined benefit obligation
Gratuity 114.37 91.16 114.61 85.58 89.20 403.66 898.58
Leave encashment 62.10 47.29 53.23 44.23 43.54 200.01 450.40
Total 176.47 138.45 167.84 129.81 132.74 603.67 1,348.98
March 31, 2019
Gratuity 69.48 87.80 75.32 104.24 73.44 415.22 825.50
Leave encashment 34.34 30.63 30.96 43.69 33.04 195.18 367.84
Total 103.82 118.43 106.28 147.93 106.48 610.40 1,193.34
161
RELATED PARTY TRANSACTIONS
43 (a) List of Related Parties

In accordance with the requirements of Indian Accounting Standard (Ind AS) - 24 ‘Related Party Disclosures’ the names of the related
party where control exists/able to exercise significant influence along with the aggregate transactions and year-end balance with them
in the ordinary course of business and on arms’ length basis are given below
Key Management Personnel of the company and Enterprises in which Key Management Personnel and close
close member of Key Management Personnel of the member of Key Management Personnel have Joint Control
company or Significant influence with whom transactions have taken
place during the current and previous year
Mr. P.R.S. Oberoi Oberoi Hotels Private Limited
Mr. S.S. Mukherji Oberoi Holdings Private Limited
Mr. Vikram Oberoi Oberoi Investments Private Limited
Mr. Arjun Oberoi Oberoi Buildings and Investments Private Limited
Ms. Nita M. Ambani Oberoi Plaza Private Limited
Ms. Chhavi Rajawat Bombay Plaza Private Limited
Mr. Manoj Harjivandas Modi Oberoi International LLP
Mr. Rajeev Gupta Oberoi Lutyens Private Limited
Mr. S.K. Dasgupta (ceased to be a Director from 29th March, 2019) Silhouette Beauty Parlour (Upto March 31, 2019)
Mr. Anil K. Nehru Ceres Hospitality Private Limited
Mr. Sudipto Sarkar
Mr. L. Ganesh Enterprises which are post employment benefit plan for the
Mr. Sanjay Gopal Bhatnagar (effective August 27, 2019) benefit of employees
Mr. Biswajit Mitra (Chief Financial Officer upto Sep 30, 2018) EIH Employees’ Gratuity Fund
Mr. Kallol Kundu (Chief Financial Officer effective Oct 1, 2018) EIH Executive Superannuation Scheme
Mr. S.N. Sridhar
Ms. Natasha Oberoi (Daughter of Mr. P.R.S. Oberoi)
Ms. Priyanka Mukherjee (Daughter of Mr. S.S. Mukherji)
Subsidiaries Associates & Joint Ventures

Mumtaz Hotels Limited (a) Associates
Mashobra Resort Limited EIH Associated Hotels Limited
Oberoi Kerala Hotels and Resorts Limited Mercury Travels Limited (Upto Aug 7, 2018)
EIH International Ltd La Roseraie De L’atlas
EIH Flight Services Limited Usmart Education Limited (w.e.f. July 31, 2018)
EIH Holdings Ltd (b) Joint Ventures
EIH Investments N.V. Mercury Car Rentals Private Limited
EIH Management Services B.V. (Liquidated during 2019-20) Oberoi Mauritius Ltd
PT Widja Putra Karya (c) Subsidiary of Associate
PT Waka Oberoi Indonesia Usmart Education Limited (Upto July 30, 2018)
PT Astina Graha Ubud (d) Subsidiary of Joint Venture
Island Resort Ltd
162
43 (b) Transactions with Related Parties for the year ended 31st March, 2020
Rupees Million
NATURE OF TRANSACTIONS Subsidiaries Associate & Enterprises in which Key Management Enterprises which are
Joint Ventures Key Management Personnel/Relative post employment
Personnel have of Key Management benefit plan for the
Joint Control Personnel benefit of employees
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
PURCHASES
Purchase of Goods & Services
Mercury Car Rentals Private Limited - - 115.91 113.88 - - - - - -
Mercury Travels Limited - - - 15.05 - - - - - -
Mashobra Resort Limited 0.36 1.62 - - - - - - - -
Mumtaz Hotels Limited 1.77 0.92 - - - - - - - -
EIH Associated Hotels Limited - - 13.28 11.59 - - - - - -
Island Resort Ltd - - 1.29 3.09 - - - - - -
Oberoi Hotels Pvt Ltd - - - - 0.11 0.29 - - - -
Oberoi International LLP - - - - 3.21 1.50 - - - -
PT Waka Oberoi Indonesia 0.99 - - - - - - - - -
PT Widja Putra Karya 1.81 - - - - - - - - -
Total 4.93 2.54 130.48 143.61 3.32 1.79 - - - -
Purchase of Fixed Assets
Mumtaz Hotels Limited 0.01 - - - - - - - -
EIH Associated Hotels Limited - - - 0.01 - - - - - -
Total 0.01 - - 0.01 - - - -
EXPENSES
Rent
Oberoi Kerala Hotels & Resorts Limited 0.87 0.81 - - - - - - - -
Ms. Natasha Oberoi, D/o Mr. P.R.S. Oberoi - - - - - - 0.41 0.41 - -
Total 0.87 0.81 1.41 1.36 0.36 0.36 0.41 0.41 - -
Royalty
Oberoi Hotels Pvt Ltd - - 144.76 160.90 - -
Total - - - - 144.76 160.90 - - - -
Short-term employee benefits
Mr. P.R.S. Oberoi - - - - - - 28.25 33.02 - -
Mr. S.S. Mukherji - - - - - - 29.40 32.94 - -
Mr. V.S. Oberoi - - - - - - 32.04 33.77 - -
Mr. A.S. Oberoi - - - - - - 28.96 31.29 - -
Mr. Biswajit Mitra - - - - - - - 15.75 - -
Mr. Kallol Kundu - - - - - - 13.89 10.57 - -
Mr. S N Sridhar - - - - - - 8.25 6.88 - -
Ms. Priyanka Mukherjee, D/o Mr. S.S. Mukherji - - - - - - - 2.27 - -
Total - - - - - - 140.79 166.49 - -
Post-employment benefits
Mr. V.S. Oberoi - - - - - - 1.45 2.07 - -
Mr. A.S. Oberoi - - - - - - 1.76 2.03 - -
Mr. Kallol Kundu - - - - - - 1.03 0.40 - -
Ms. Priyanka Mukherjee, D/o Mr. S.S. Mukherji - - - - - - - 0.13 - -
Total - - - - - - 4.24 4.63 - -
Directors’ sitting fees
Mrs. Nita M. Ambani - - - - - - 0.20 0.30 - -
Mr. Manoj Harjivandas Modi - - - - - - 0.20 0.25 - -
Mr. Rajeev Gupta - - - - - - 0.15 0.90 - -
Mr. S.K. Dasgupta - - - - - - - 1.35 - -
Mr. Anil K. Nehru - - - - - - 1.20 0.90 - -
Mr. Sudipto Sarkar - - - - - - 0.45 0.40 - -
Mr. L. Ganesh - - - - - - 0.60 0.75 - -
Ms. Chhavi Rajawat - - - - - - 0.10 0.25 - -
Mr. Sanjay Gopal Bhatnagar - - - - - - 0.10 - - -
Total - - - - - - 3.00 5.10 - -
Total Key management personnel compensation - - - - - - 148.03 176.22 - -
163
Rupees Million
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
SALES
Sale of Goods and Services
Mercury Travels limited - - - 4.17 - - - - - -
PT Waka Oberoi Indonesia 0.52 0.11 - - - - - - - -
PT Widja Putra Karya 1.18 0.38 - - - - - - - -
Island Resort Ltd - - 1.75 14.75 - - - - - -
La Roseraie De L’atlas - - 7.70 - - - - - - -
Oberoi Lutyens Private Limited - - - - - 0.01 - - - -
Silhouette Beauty Salon - - - - - - - 0.82 - -
Ceres Hospitality Private Limited - - - - - - - 0.10 - -
Oberoi International LLP - - - - - 0.02 - - - -
Total 144.68 121.76 362.22 382.50 14.05 12.21 - 0.92 - -
Sale of Fixed Assets
Total - - 0.99 3.30 - - - - - -
INCOME
License Agreement
Oberoi Holdings Pvt Ltd - - - - 1.42 1.43 - - - -
Oberoi Investments Pvt Ltd - - - - 0.61 0.73 - - - -
Oberoi Bldgs & Investments Pvt Ltd - - - - 1.71 1.80 - - - -
Oberoi Plaza Pvt Ltd - - - - 3.05 3.26 - - - -
Bombay Plaza Pvt Ltd - - - - 1.98 2.33 - - - -
Silhouette Beauty Salon - - - - - - 10.15 - -
Total - - 1.56 3.54 8.77 9.55 - 10.15 - -
Management Contract
Total 92.15 99.42 167.93 185.37 - - - - - -
Dividend Received
EIH International Ltd 71.00 142.15 - - - - - - - -
Total 163.93 235.08 63.81 56.53 - - - - - -
PAYMENTS
Investment in Equity Shares
EIH International Ltd - 681.10 - - - - - - - -
Mercury Car Rentals Private Limited - - - 40.00 - - - - - -
Usmart Education Limited * - - - - - - - - - -
Total - 681.10 - 40.00 - - - - - -
* Investment in Usmart Education Limited is INR Nil (2019 - INR 251)
164
Rupees Million
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Refund of Collections to Related Party
Mashobra Resort Limited - 0.30 - - - - - - - -
Oberoi Hotels Pvt Ltd - - - - - 0.30 - - - -
Total 0.62 2.65 16.18 4.96 - 0.30 - - - -
Expenses reimbursed to Related Party
Total 5.76 2.04 10.32 8.74 0.97 0.17 - - - -
Security Deposit
Oberoi Kerala Hotels & Resorts Limited 0.07 0.15 - - - - - - - -
Total 0.07 0.15 - - - - - - - -
RECEIPTS
Sale of Equity Shares
EIH Associated Hotels Limited - - 0.05 - - - - - - -
Total - - 0.05 - - - - - - -
Recovery of Collections by Related Party
EIH Associated Hotels Limited - - 3.47 4.02 - - - - -
Total 0.93 2.40 3.47 4.02 - - - - - -
Expenses Reimbursed by Related Party
Mercury Travels Limited - - - - - - - - - -
Island Resort Ltd - - - - - - - - - -
PT Waka Oberoi Indonesia - - - - - - - - - -
PT Widja Putra Karya - - - - - - - - - -
Total 3.67 4.73 37.28 13.97 1.85 1.20 - - - -
Contribution of Gratuity Fund
EIH Employee’s Gratuity Fund - - - - - - - - 66.55 121.60
Total - - - - - - - - 66.55 121.60
Refund of Gratuity
EIH Employee’s Gratuity Fund - - - - - - - - 81.64 81.62
Total - - - - - - - - 81.64 81.62
165
Outstanding Balances as on 31st March, 2020

Rupees Million
NATURE OF OUTSTANDING Subsidiaries Associate & Joint Enterprises in which Key Management
Ventures Key Management Personnel/Relative
Personnel have of Key Management
Joint Control Personnel
2020 2019 2020 2019 2020 2019 2020 2019
PAYABLES
For Goods & Services
Mercury Car Rentals Private Limited - - 15.64 15.35 - - - -
Mashobra Resort Limited 0.39 0.98 - - - - - -
Mumtaz Hotels Limited 1.07 0.09 - - - - - -
Oberoi Kerala Hotels and Resorts Limited 0.02 0.02 - - - - - -
EIH Associated Hotels Limited - - 17.81 5.85 - - - -
PT Waka Oberoi Indonesia 0.02 - - - - - - -
PT Widja Putra Karya 0.13 - - - - - - -
Island Resort Ltd - - 0.16 - - - - -
Oberoi Hotels Private Limited - - - - 0.07 - - -
Oberoi International LLP - - - - 0.86 0.52 - -
Mr. V.S. Oberoi - - - - - - 0.04 -
Mrs. Nita M. Ambani - - - - - - 0.05 -
Mr. Manoj Harjivandas Modi - - - - - - 0.05 -
Mr. Anil K. Nehru - - - - - - 0.13 -
Mr. Sudipto Sarkar - - - - - - 0.09 -
Mr. L. Ganesh - - - - - - 0.13 -
Mr. Sanjay Gopal Bhatnagar - - - - - - 0.07 -
Total 1.63 1.09 33.61 21.20 0.93 0.52 0.56 -
Royalty
Oberoi Hotels Private Limited - - - - 33.47 42.31 - -
Total - - - - 33.47 42.31 - -
Security Deposit
Bombay Plaza Private Limited - - - - 0.50 0.50 - -
Total - - - - 0.50 0.50 - -
Other Payable
EIH Associated Hotels Limited - - 5.05 - - - - -
Total - - 5.05 - - - - -
ADVANCES AND RECEIVABLES

Mercury Car Rentals Private Limited - - 3.12 2.94 - - - -
Mashobra Resort Limited 4.52 1.73 - - - - - -
PT Waka Oberoi Indonesia 0.16 - - - - - - -
PT Widja Putra Karya 0.08 - - - - - - -
Island Resort Ltd - - 0.81 - - - - -
Oberoi Hotels Private Limited - - - - 3.30 0.58 - -
Bombay Plaza Pvt Ltd - - - - 0.10 0.08 - -
La Roseraie De L’atlas - - 26.18 - - - - -
Silhouette Beauty Salon - - - - - - - 1.77
Total 20.78 13.91 102.40 34.31 3.40 0.66 - 1.77
Advance against Equity Shares
Mashobra Resort Limited 1,361.93 1,361.93 - - - - - -
Total 1,361.93 1,361.93 - - - - - -
Management Contract
Total 33.74 37.70 93.17 63.90 - - - -
Security Deposit
Oberoi Kerala Hotels and Resorts Limited 3.32 3.25 - - - - - -
Total 3.32 3.25 - - - - - -
OUTSTANDING FINANCIAL FACILITIES

Against Corporate Guarantees
EIH Flight Services Limited, Mauritius 701.10 755.55 - - - - - -
Total 701.10 755.55 - - - - - -
166
44 Contingent liabilities
The company had contingent liabilities at March 31, 2020 in respect of:
(a) Claims against the Company pending appellate/judicial decisions not acknowledged as debts :
Rupees Million
March 31, March 31,
2020 2019
i. Value Added Tax 37.36 40.38
ii. Income-tax 280.50 291.84
iii. Service Tax 15.89 91.64
iv. Property Tax 236.43 216.91
v. Customs Duty 429.66 429.66
vi. Luxury Tax 3.50 3.50
vii. Others 7.05 6.62
The matters listed above are in the nature of statutory dues, namely, Property Tax, Value Added Tax, Income Tax, Service Tax,
Customs Duty, Luxury Tax and other claims, all of which are under litigation, the outcome of which would depend on the merits
of facts and law at an uncertain future date. The amounts shown in the items above represent the best possible estimates arrived
at, are on the basis of currently available information. The Company engages reputed professional advisors to protect its interests,
and cases that are disputed by the company are those where the management has been advised that it has strong legal positions.
Hence, the outcomes of the above matters are not envisaged to have any material adverse impact on the Company’s financial
position.
(b) Guarantees :
i. Guarantees given to Banks & Financial Institutions for INR 701.10 million (2019- INR 755.55 million) against financial
facilities availed by the subsidiary company.
ii. Counter guarantees issued to banks and remaining outstanding INR 15.66 million (2019- INR 15.66 million).
45 There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the Company.
46 Commitments
(i) Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Rupees Million
March 31, March 31,
2020 2019
Property, plant and equipment 294.83 673.16
(ii) Investment commitments in subsidiary and joint venture companies - INR Nil (2019-INR Nil).
167
47 Leases
Effective April 1, 2019, the Company has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing
on April 1, 2019 using the modified retrospective method by recognizing a lease liability at the date of initial application at the
present value of the remaining lease payments, discounted using the company’s incremental borrowing rate and recognizing
a right-of-use asset at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments
relating to that lease recognised in the balance sheet immediately before the date of initial application. Comparatives as at and
for the year ended March 31, 2019 have not been retrospectively adjusted and therefore will continue to be reported under the
accounting policies included as part of the financial statements for the year ended March 31, 2019.
On transition, the adoption of the new standard resulted in recognition of ‘Right of Use’ asset of INR 3,338.01 million from leases
that were earlier classified as operating lease and ‘Right of Use’ asset of INR 677.02 million from leases that were earlier classified
as finance lease aggregating to total ‘Right of Use’ asset of INR 4,015.03 million and a lease liability of INR 1,100.12 million from
leases that were earlier classified as operating lease and lease liability of INR 87.56 million from leases that were earlier classified
as finance lease aggregating to total lease liability of INR 1,187.68 million. Further the effect of this adoption has also resulted in
the following as on 1 April 2019:
• Property, plant and equipment decreased by INR 677.02 million

• Deferred tax liabilities (net) increased by INR 3.60 million
• Prepayments decreased by INR 2,237.89 million
• Borrowings and other financial liabilities decreased by INR 62.92 million and INR 34.93 million respectively
The cumulative effect of applying the standard resulted in INR 6.69 million (net of tax) being credited to retained earnings as on
transition date.
The nature of expenses in respect of operating leases has changed from lease rent to depreciation and amortisation on right-of-
use asset and finance cost for interest accrued on lease liability. Consequently, Finance Costs and Depreciation for the year ended
March 31, 2020, are higher by INR 90.97 million and INR 125.02 million respectively and Other Expenses are lower by INR 134.72
million as a result of which, Profit before tax is lower by INR 81.27 million
Ind AS 116 has resulted in an increase in cash inflows from operating activities and an increase in cash outflows from financing
activities on account of lease payments.
The following is the summary of practical expedients elected on initial application:

(a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end
date
(b) Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review - there
were no onerous contracts as at 1st April 2019
(c) Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term on
the date of initial application
(d) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application
(e) Using hindsight in determining the lease term where the contract contains options to extend or terminate the lease
The difference between the operating lease obligation disclosed as of March 31, 2019 under Ind AS 17 disclosed under Note 46 of
the financial statements for the year ended March 31, 2019 and the value of the lease liability as of April 1, 2019 is primarily on
account of following reasons :
Rupees Million
Operating lease commitments disclosed as at 31 March 2019 3,359.14
Less: Commitment for arrangement not qualified as lease under Ind AS 116 1,161.24
Operating lease commitments considered for discounting under Ind AS 116 2,197.90
Discounted using the company’s incremental borrowing rate at the date of initial application 1,099.24
Add: finance lease liabilities recognised as at March 31, 2019 87.56
Add/(less): contracts reassessed as lease contracts 0.88
Lease liability recognised as at 1 April 2019 1,187.68
of which are:
Current lease liabilities 107.29
Non-current lease liabilities 1,080.39
1,187.68
168
47 Leases – Contd.
The weighted average incremental borrowing rate applied to lease liabilities as at April 1, 2019 is 9.00% based on the remaining
lease term.
Amount recognised in profit and loss account

The statement of profit and loss shows the following amount relating to leases for the year ended March 31, 2020
Particulars Rupees Million
Depreciation charge for the right-of-use assets
Land leases 129.59
Building leases 0.64
Vehicle Leases 25.22
155.45
Interest Expense (included in finance costs) 107.35

Expense relating to short-term leases (included in other expenses) 214.06
Expense relating to leases of low-value assets that are not shown above as short-term leases 1.14
(included in other expenses)
Expense relating to variable lease payments not included in lease liabilities Nil
The total cash outflows for leases for the year ended March 31, 2020 was INR 109.69 million
Following are the changes in the carrying value of right of use assets for the year ended March 31, 2020:
Rupees Million
Category of ROU Asset
Particulars Land leases Building Vehicle Total
Leases
Balance as of April 1, 2019 - - - -
* Reclassified on account of adoption of Ind AS 116 3,959.61 0.88 54.54 4,015.03
Additions - 1.19 14.42 15.61
Sales / Adjustments during the year - - 0.80 0.80
Depreciation 129.59 0.64 25.22 155.45
Balance as of March 31, 2020 3,830.02 1.43 42.94 3,874.39
* In the previous year, the Company only recognised lease assets and lease liabilities in relation to leases that were classified as
finance leases under Ind AS 17, Leases. The assets were presented in property, plant and equipment and the liabilities as part of
the Company’s borrowings and other financial liabilities.
The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the statement of
Profit and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2020
Total 1,180.25
169
The following is the movement in lease liabilities during the year ended March 31, 2020:
Balance as of April 1, 2019 -
* Reclassified on account of adoption of Ind AS 116 1,187.68
Additions 15.61
Finance cost accrued during the year 86.65
Sales / Adjustments during the year -
Payment of Lease liabilities 109.69
Balance as of March 31, 2020 1,180.25
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2020 on an undiscounted
basis:
Less than one year 127.56
One to five years 444.79
More than five years 1,734.49
Total 2,306.84
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet
the obligations related to lease liabilities as and when they fall due.
Non-cancellable operating leases - As a Lessor

The Company gives shops located at various hotels on operating lease arrangements. These leases are generally cancellable in
nature and may generally be terminated by either party by serving notice. Some shops have been given under non-cancellable
operating lease, for which the future minimum lease payments recoverable by the company are as under :-
March 31, March 31,
2020 2019
Minimum lease payments in relation to non-cancellable operating leases a
re receivable as follows:
Within one year 257.96 213.63
Later than one year but not later than five years 996.45 379.12
Later than five years 697.91 31.83
Contingent rents recognized as an income in the Statement of Nil Nil
Profit and Loss for the year.
48 Segment reporting
There are no reportable segments other than hotels as per Ind AS 108,”Operating Segment”.
The Company does not have transactions of more than 10% of total revenue with any single external customer.
170
49 Earnings per Equity share

March 31, 2020 March 31, 2019
INR INR
(a) Basic earnings per share 2.18 1.98
(b) Diluted earnings per share 2.18 1.98
(c) Reconciliations of earnings used in calculating earnings per share
March 31, 2020 March 31, 2019
Rupees Million Rupees Million
Profit attributable to the equity holders of the company used in 1,244.67 1,133.38
calculating basic earnings per share:
calculating diluted earnings per share
(d) Weighted average number of shares used as the denominator
March 31, 2020 March 31, 2019
Number of Number of
shares shares
Weighted average number of equity shares used as the denominator 571,569,414 571,569,414
in calculating basic earnings per share
Adjustments for calculation of diluted earnings per share: - -
Weighted average number of equity shares and potential equity 571,569,414 571,569,414
shares used as the denominator in calculating diluted earnings per
share
50 Reconciliation of Liabilities arising from financing activities Rupees Million

As at Cash flows Non cash As at
March 31, 2020 changes March 31, 2019
Non-current borrowings 2,285.71 (178.57) (87.56) 2,551.84

Current borrowings 1,865.28 (381.36) - 2,246.64
Total Liabilities from Financing Activities 4,150.99 (559.93) (87.56) 4,798.48
171
51 I n previous year, the Company had adopted Ind AS 115, Revenue from contract with customers, using the cumulative catch-up
transition method, applied to contracts that were not completed as of 1st April 2018. Application of this standard resulted into
reduction in opening reserves amounting to INR 112.14 million net of tax (Gross amount - INR 172.36 million) and impact on the
previous year income statement amounting to INR 34.82 million net of tax respectively.
52 Disclosure on Contract balances :

a) Trade receivable
A trade receivable is recorded when the Company has an unconditional right to receive payment. In respect of revenue from
rooms, food and beverages and other services invoice is typically issued as the related performance obligations are satisfied as
described in note 1(b) and refer note 13.
b) Advance from Customers
Advance from Customers is recognised when payment is received before the related performance obligation is satisfied.
Rupees Million
Particulars As at As at
March 31, 2020 March 31, 2019
As at the beginning of the year 463.28 310.31
Recognised as revenue during the year 440.27 292.85
As at the end of the year 327.16 463.28
c) Deferred Revenue
Deferred Revenue is recognised when invoice is raised before the related performance obligation is satisfied.
Particulars Belvedere Membership Loyalty program
As at As at As at As at
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
(i) As at the beginning of the year 24.38 - 146.72 56.16
(ii) Revenue recognised during the year out of (i) 24.38 - 27.90 29.38
above
(iii) Adjustment of revenue recognised in previous - 84.63 - 87.73
year on account of IndAS 115 (refer note 51)
(iv) R
evenue recognised during the year out of (iii) - 84.63 - 40.55
above
(v) Revenue recognised during the year out of - - 47.16 -
previous year figure of INR 87.73 Million
mentioned in (iii) above
(vi) As at the end of the year - 24.38 149.08 146.72
53 he Company has a non-current investment in EIH Flight Services Limited (EIHFSL), Mauritius, a wholly owned subsidiary of
T
the company in the business of airline catering and airport lounge, amounting to INR 1,184.88 Million. As at 31st March 2020
EIHFSL total liabilities exceeded total assets, resulting in a shareholder’s deficit of INR 156.52 Million.
he Company performed an impairment assessment and concluded that the carrying amount as at March 31, 2020 exceeded
T
the recoverable amount and accordingly, the Company recognised an impairment loss of INR 161.40 Million in the Statement of
Profit and Loss which has been recognised under “Exceptional items” (Refer Note 38).
he company is of the view that the operations of its subsidiary EIHFSL represent a single cash-generating unit (CGU). The
T
recoverable amount of the CGU was determined by value-in-use using discounted value of projected future cash flows for
a period of five years approved by the Board of Directors and a long term growth rate (estimated based on the country and
passenger growth rate) was used to extrapolate cash flows beyond the five years period covered by the projections. The future
cash flows consider potential risks given the current economic environment (COVID-19 Pandemic) and key assumptions, such
as volume forecasts and margins. The discount rate was based on the weighted average cost of capital comprising the risk free
rate based on 10 year yield of Government of Mauritius bonds and a market participant risk premium and an additional risk
premium to factor in the risk of achieving the projections.
Based on the above, Management estimates that the overall recoverable amount of the CGU is INR 1,023.4 Million against a
carrying cost of INR 1,184.8 Million.
172
54 Impact of COVID-19 on Business Operations

The World Health Organization declared the COVID-19 outbreak as a pandemic on 11th March 2020, leading to series of measures
by countries across the world to contain the spread of the virus. India responded by imposing a nationwide lockdown on 24th
March 2020. The process of lifting of lockdown in various states has since started in phases, effective 1st June, 2020, guided by
the decision of individual states. During a major part of this period, hotel and flight operations were mandated to remain non-
operational, which affected business at our hotels and other operations across India. Similar restrictions in other countries affected
business at our hotels from various international markets.
The Management’s priority in dealing with the exceptional challenges posed by COVID-19 has been to ensure the safety of its
guests and employees, support suppliers, keep the supply chain operational for essential supplies.
The consequence of the COVID-19 outbreak on the Company’s business for the financial year ended 31st March, 2020 is limited, as
business was impacted only in the latter half of March 2020. Several cost rationalisation measures have been initiated subsequent
to the year end and are being monitored.
The Management does not foresee any stress on liquidity, as it has access to sanctioned borrowing facilities for working capital
requirements, worth INR 4,500 Million, of which INR 2,634.7 Million was unutilized as on 31st March, 2020. Our bankers
have sanctioned additional unsecured short term limit of INR 1,000 million, taking the total short term borrowing facility to
INR 5,500 Million.
In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this
pandemic, the Management has considered the impact from a prolonged lock-down situation; travel restrictions being continued
to be imposed by India and other countries even after lifting of the lockdown, guests postponing their discretionary spending,
continued restrictions on the number of domestic and international flights, internal and external information available up to the
date of approval of these financial statements including credit reports and economic forecasts.
The Management has also assessed the potential impact of COVID-19 on the carrying value of property, plant & equipment,
right of use assets, intangible assets, investment property, investments, trade receivables, inventories, and other current assets
appearing in the financial statements of the Company as on 31st March, 2020 and has performed sensitivity analysis on the
assumptions used and based on current indicators of future economic conditions, expects to recover the carrying amounts of these
assets. The impact of COVID-19 may be different from that estimated on the date of approval of these financial statements and the
Management will continue to closely monitor any material changes to future economic conditions.
With respect to business in financial year ending 31st March, 2021, the impact on revenue could come from a prolonged lock-down
situation, travel restrictions being continued to be imposed by India and other countries even after lifting of the lockdown and
guests postponing their discretionary spending.
Domestic airlines have commenced operations from 25th May, 2020 with one-third capacity approved by the Government which
is expected to gradually increase over the months going forward, and the timing of commencement of international airlines is yet
to be announced by the Government. Hotels in most locations have been allowed to resume operations effective 8th June, 2020,
with the balance expecting to open by 1st July 2020.
Based on enquiries received, assessments performed and analysis of market trends, the Management expects demand to
gradually pick for Domestic leisure and business travel, social events within prescribed norms, and limited international travel
once international airlines are allowed to commence operations.
The printing press of the Company received special permission from the Government to operate amidst the lockdown from
1st May, 2020 as it supports essential services like banks, pharmaceuticals and food.
The revised projections for financial year ending 31st March, 2021 have been prepared taking into account best estimates based on
these factors and other variables, although a clearer picture shall emerge only in due course.

55 The financial statements were authorised for issue by the Board of Directors on 26th June, 2020.

(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
(DIN No. : 00052014)
Place : Mumbai KALLOL KUNDU S.N. SRIDHAR

Date : 26th June, 2020 Chief Financial Officer Company Secretary
173
(CONSOLIDATED)
EIH Limited
CONSOLIDATED FINANCIAL STATEMENTS
174
(CONSOLIDATED)
INDEPENDENT AUDITOR’S REPORT
To
The Members of EIH Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying consolidated financial statements of EIH Limited
(”the Parent”) and its subsidiaries, (the Parent and its subsidiaries together referred
to as “the Group”) which includes the Group’s share of loss in its associates and joint
ventures, which comprise the Consolidated Balance Sheet as at March 31, 2020, and the
Consolidated Statement of Profit and Loss (including Other Comprehensive Income),
the Consolidated Statement of Cash Flows and the Consolidated Statement of Changes
in Equity for the year then ended, and a summary of significant accounting policies and
other explanatory information.
In our opinion and to the best of our information and according to the explanations given
to us and based on the consideration of reports of the other auditors on separate financial
statements of the subsidiaries, associates and joint ventures referred to in the Other Matters
section below, the aforesaid consolidated financial statements give the information required
by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as
amended (‘Ind AS’), and other accounting principles generally accepted in India, of the
consolidated state of affairs of the Group as at March 31, 2020, and their consolidated profit,
their consolidated total comprehensive income, their consolidated cash flows and their
consolidated changes in equity for the year ended on that date.
Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the
Standards on Auditing specified under section 143 (10) of the Act (SAs). Our responsibilities
under those Standards are further described in the Auditor’s Responsibility for the Audit
of the Consolidated Financial Statements section of our report. We are independent of
the Group, its associates and joint ventures in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the consolidated financial statements under
the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of
Ethics. We believe that the audit evidence obtained by us and the audit evidence obtained
by the other auditors in terms of their reports referred to in the sub-paragraph (a) of the
Other Matters section below, is sufficient and appropriate to provide a basis for our audit
opinion on the consolidated financial statements.
175
(CONSOLIDATED)
Emphasis of Matter
Material uncertainty related to Going Concern of a Subsidiary Company
With regard to one of the subsidiaries, i.e. EIH Flight Services Limited (EIHFSL), Mauritius,
the other audit, as referred to in the Other Matters section below, has in their audit report
dated May 06, 2020 on the subsidiary’s financial statements for the year ended March 31,
2020 reported a material uncertainty related to going concern, as EIHFSL has incurred a
net loss of INR 34.03 million during the year ended March 31, 2020 and, as of that date, has
a shareholder’s deficit of INR 156.52 million and its total liabilities exceeded total assets.
These events or conditions, along with other matters as set forth in Note 54, indicate that
a material uncertainty exists that may cast significant doubt on the EIHFSL’s ability to
continue as a going concern.
Our opinion is not modified in respect of this matter.
Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current period.
These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matter described below to be
the key audit matter to be communicated in our report.
Sr. Key Audit Matter Auditors’ Response

No.
1 Impairment of Goodwill relating to EIH Principal audit procedures performed:
International Limited (EIL)
• We have understood and tested the
EIL, a subsidiary, is audited by component design, implementation and operating
auditors. Note 4B, of the consolidated financial effectiveness of the management
statements includes goodwill amounting to controls over the assessment and
INR 3,577.84 million pertaining to EIL. conclusion over the impairment
evaluation with regard to the goodwill
As detailed in the above note, Management arising from consolidation.
has carried out a valuation considering various
factors and assumptions through an external • We h a d d i s c u s s i o n s w i t h t h e
specialist, and concluded that the recoverable component auditors in regard to the
value of goodwill was higher than the carrying impairment evaluation of goodwill
value. pertaining to EIL. Also, we have
sent out referral instructions to the
Due to the multitude of factors and assumptions component auditors and evaluated
involved in determining the forecasted revenues/ the responses received from them.
cash flows and discount rate in the projection The procedures performed by the
period, significant judgments are required to component auditors and which were
estimate the recoverable value. evaluated by us are as follows:
Hence this is considered as a key audit matter • Component audit team have received
the external management specialist’s
valuation report of EIH International
Limited (EIL), and considered as
part of their impairment testing over
the Goodwill and other assets of the
EIL and evaluated the professional
qualifications of the external
specialist as regards their experience,
competence and skill in developing
the necessary valuation model.
176
(CONSOLIDATED)
1 Impairment of Goodwill relating to EIH Principal audit procedures performed:

International Limited (EIL) Contd.
• Component audit team have assessed
the reasonability of the underlying
cash flow forecasts prepared by the
Company’s management and as
considered by the external specialist
in their valuation, and compared the
same with the Company’s internal
budgets to assess if the assumptions
and growth trends accurately reflect
the current market conditions and
business strategy. Component audit
team have also evaluated how the
historical budgeting inaccuracies
have been taken into account in the
forecasted cash flows. As part of this
component audit team have held
discussions with the President of
International Operations and Vice
President of International Finance and
considered market data and industry
forecasts, in assessing the reasonability
of these figures.
• C omponent audit team have also

assessed the appropriateness of the
assumptions used in the model such
as discount rates and terminal growth
rates by comparing to third party
sources.
• The component audit team has tested

the mathematical and clerical accuracy
of the model to conclude that the
model is accurately calculating the
value in use using the appropriate
methodology.
• T he component audit team have

added additional consideration in
light of the COVID 19 pandemic as
to the impact on the valuation model,
noting that the assumptions made
in year 1 of the value in use model,
do not have a material impact on the
headroom of the model. The audit
team’s sensitivity analysis considered
a slower return to industry ‘normality’
than that adopted by management,
noting that significant headroom
remains in the impairment assessment.
177
(CONSOLIDATED)
Information Other than the Financial Statements and Auditor’s Report Thereon
• The Parent’s Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and
Analysis, Directors’ report including annexures to the Directors’ Report, Report on
Corporate Governance, but does not include the consolidated financial statements,
standalone financial statements and our auditor’s report thereon.
• Our opinion on the consolidated financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
• In connection with our audit of the consolidated financial statements, our responsibility
is to read the other information, compare with the financial statements of the
subsidiaries, joint ventures and associates audited by the other auditors, to the extent
it relates to these entities and, in doing so, place reliance on the work of the other
auditors and consider whether the other information is materially inconsistent with
the consolidated financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated. Other information so far as
it relates to the subsidiaries, joint ventures and associates, is traced from their financial
statements audited by the other auditors.
• If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Management’s Responsibility for the Consolidated Financial Statements

The Parent’s Board of Directors is responsible for the matters stated in section 134(5) of the
Act with respect to the preparation of these consolidated financial statements that give a
true and fair view of the consolidated financial position, consolidated financial performance
including other comprehensive income, consolidated cash flows and consolidated changes
in equity of the Group including its Associates and joint ventures in accordance with the
Ind AS and other accounting principles generally accepted in India. The respective Board
of Directors of the companies included in the Group and of its associates and joint ventures
are responsible for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Group and its associates and its joint
ventures and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the
consolidated financial statements by the Directors of the Parent, as aforesaid.
In preparing the consolidated financial statements, the respective Board of Directors of the
companies included in the Group (and of its associates and joint ventures) are responsible for
assessing the ability of the respective entities to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting
unless the respective Board of Directors either intends to liquidate their respective entities
or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its
associates and joint ventures are also responsible for overseeing the financial reporting
process of the Group and of its associates and joint ventures.
178
(CONSOLIDATED)
Auditor’s Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the
basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order
to design audit procedures that are appropriate in the circumstances. Under section
143(3)(i) of the Act, we are also responsible for expressing our opinion on whether
the Parent has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the ability of
the Group and its associates and joint ventures to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the consolidated financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group and its associates and joint ventures to cease
to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial
statements, including the disclosures, and whether the consolidated financial
statements represent the underlying transactions and events in a manner that achieves
fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities or business activities within the Group and its associates and joint ventures to
express an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the audit of the financial statements of
such entities or business activities included in the consolidated financial statements
of which we are the independent auditors. For the other entities or business activities
included in the consolidated financial statements, which have been audited by the
other auditors, such other auditors remain responsible for the direction, supervision
and performance of the audits carried out by them. We remain solely responsible for
our audit opinion.
179
(CONSOLIDATED)
Materiality is the magnitude of misstatements in the consolidated financial statements that,

individually or in aggregate, makes it probable that the economic decisions of a reasonably
knowledgeable user of the consolidated financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified
misstatements in the consolidated financial statements.
We communicate with those charged with governance of the Parent and such other entities
included in the consolidated financial statements of which we are the independent auditors
regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the consolidated financial statements
of the current period and are therefore the key audit matters. We describe these matters
in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Other Matters
(a) We did not audit the financial statements of 9 subsidiaries, whose financial
statements reflect total assets of INR 8942.38 million as at March 31, 2020, total
revenues of INR 1243.45 million and net cash out flows amounting to INR 369.43
million for the year ended on that date, as considered in the consolidated financial
statements. The consolidated financial statements also include the Group’s share of
net loss of INR 147.28 million for the year ended March 31, 2020, as considered in
the consolidated financial statements, in respect of 2 associates and 1 joint venture,
whose financial statements have not been audited by us. These financial statements
have been audited by other auditors whose reports have been furnished to us by the
Management and our opinion on the consolidated financial statements, in so far as
it relates to the amounts and disclosures included in respect of these subsidiaries,
joint ventures and associates, and our report in terms of subsection (3) of Section
143 of the Act, in so far as it relates to the aforesaid subsidiaries, joint ventures and
associates is based solely on the reports of the other auditors.
(b) The Parent’s management was able to perform year end physical verification of
inventories, only at certain units prior to the year end. We were able to physically
observe the physical stock verification at one unit before the year end. On account
of COVID-19 related lockdown restrictions, physical verification of inventories
was performed by the management at certain units subsequent to the year end.
We were not able to physically observe the stock verification. Consequently, we
have performed alternate procedures to audit the existence of inventory as per
the guidance provided in SA501 “Audit Evidence – Specific Considerations for
Selected Items” and have obtained sufficient appropriate audit evidence. Our
report is not modified in respect of this matter
180
(CONSOLIDATED)
Our opinion on the consolidated financial statements above and our report on
Other Legal and Regulatory Requirements below, is not modified in respect of
the above matters with respect to our reliance on the work done and the reports
of the other auditors and the financial statements certified by the Management.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit and on the consideration
of the reports of the other auditors on the separate financial statements of the
subsidiaries, associates and joint ventures referred to in the Other Matters section
above we report, to the extent applicable that:
a) We have sought and obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purposes of our
audit of the aforesaid consolidated financial statements.
b) In our opinion, proper books of account as required by law relating to

preparation of the aforesaid consolidated financial statements have been
kept so far as it appears from our examination of those books, returns and
the reports of the other auditors.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss
including Other Comprehensive Income, the Consolidated Statement of Cash
Flows and the Consolidated Statement of Changes in Equity dealt with by
this Report are in agreement with the relevant books of account maintained
for the purpose of preparation of the consolidated financial statements.
d) In our opinion, the aforesaid consolidated financial statements comply

with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors of the
Parent as on March 31, 2020 taken on record by the Board of Directors of the
Company and the reports of the statutory auditors of its subsidiary companies,
associate companies and joint venture companies incorporated in India, none
of the directors of the Group companies, its associate companies and joint
venture companies incorporated in India is disqualified as on March 31, 2020
from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial
reporting and the operating effectiveness of such controls, refer to our
separate Report in “Annexure A” which is based on the auditors’ reports
of the Parent, subsidiary companies, associate companies and joint venture
companies incorporated in India. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of internal financial controls over
financial reporting of those companies.
(g)
With respect to the other matters to be included in the Auditor’s Report in
accordance with the requirements of section 197(16) of the Act, as amended,
in our opinion and to the best of our information and according to the
explanations given to us, the remuneration paid by the Parent to its directors
during the year is in accordance with the provisions of section 197 of the Act.
181
(CONSOLIDATED)
(h) With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,as
amended in our opinion and to the best of our information and according to
the explanations given to us:
i) The consolidated financial statements disclose the impact of pending

litigations on the consolidated financial position of the Group, its
associates and joint ventures. Refer Note 44 to the Consolidated
Financial Statements.
ii) The Group, its associates and joint ventures did not have any material
foreseeable losses on long-term contracts including derivative
contracts. Refer Note 41 to the Consolidated Financial Statements.
iii) There has been no delay in transferring amounts, required to be

transferred, to the Investor Education and Protection Fund by the
Parent and its subsidiary companies, associate companies and joint
venture companies incorporated in India. Refer Note 53 to the
Consolidated Financial Statements.

Manjula Banerji
(UDIN: 20086423AAAAAH5798)
182
(CONSOLIDATED)
ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated Ind AS financial statements of the
Company as of and for the year ended March 31, 2020, we have audited the internal financial
controls over financial reporting of EIH Limited (hereinafter referred to as “Parent”) and
its subsidiary companies, its associate companies and joint ventures, which are companies
incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Parent, its subsidiary companies, its associate
companies and joint ventures, which are companies incorporated in India, are responsible
for establishing and maintaining internal financial controls based on “the internal control
over financial reporting criteria established by the respective Companies considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India (ICAI)”. These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to the
respective Company’s policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial
reporting of the Parent, its subsidiary companies, its associate companies and joint ventures,
which are companies incorporated in India, based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India
and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether adequate internal financial
controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by
the other auditors of the subsidiary companies, associate companies and joint ventures,
which are companies incorporated in India, in terms of their reports referred to in the Other
Matters paragraph below, is sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls system over financial reporting of the Parent,
its subsidiary companies, its associate companies and joint ventures, which are companies
incorporated in India.
183
(CONSOLIDATED)
Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A Company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorisations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the Company’s assets that could have
a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion to the best of our information and according to the explanations given to
us and based on the consideration of the reports of other auditors referred to in the Other
Matters paragraph below, the Parent, its subsidiary companies, its associate companies and
joint ventures, which are companies incorporated in India, have, in all material respects,
an adequate internal financial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at March 31, 2020,
based on “the criteria for internal financial control over financial reporting established by
the respective companies considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India”.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating
effectiveness of the internal financial controls over financial reporting insofar as it
relates to 3 subsidiary companies, 2 associate companies and 1 joint venture, which are
companies incorporated in India, is based solely on the corresponding reports of the
auditors of such companies incorporated in India.
Our opinion is not modified in respect of the above matters.

Manjula Banerji
(UDIN: 20086423AAAAAH5798)
184
(CONSOLIDATED)
Balance Sheet
as at March 31, 2020 Rupees Million
Notes As at As at
March 31, 2020 March 31, 2019
ASSETS
NON-CURRENT ASSETS
PROPERTY, PLANT AND EQUIPMENT 4A 20,822.65 21,700.84
RIGHT-OF- USE- ASSET 4A 4,380.90 -
CAPITAL WORK-IN-PROGRESS 1,304.41 786.11
GOODWILL ON CONSOLIDATION 4B 3,701.05 3,398.75
OTHER INTANGIBLE ASSETS 4A 80.09 75.58
INVESTMENT PROPERTY 4A 1,084.83 1,106.88
FINANCIAL ASSETS
(i) Investments Accounted For Using Equity Method 6 3,812.45 3,440.10
(ii) Other Investments 5 392.92 362.02
(iii) Other non-current Financial Assets 7 455.07 407.33
TAX ASSETS (Net) 8 618.15 787.21
DEFERRED TAX ASSETS (Net) 9 98.31 98.57
OTHER NON-CURRENT ASSETS 10 1,495.80 3,675.59
TOTAL NON-CURRENT ASSETS 38,246.63 35,838.98
CURRENT ASSETS
INVENTORIES 11 609.55 597.85
FINANCIAL ASSETS
(i) Investments 12 384.47 481.99
(ii) Trade receivables 13 2,057.27 2,480.58
(iii) Cash and cash equivalents 14 678.76 984.12
(iv) Other bank balances 15 1,612.30 1,425.83
(v) Other current financial assets 16 76.59 66.69
OTHER CURRENT ASSETS 17 853.75 642.03
TOTAL CURRENT ASSETS 6,272.69 6,679.09
TOTAL ASSETS 44,519.32 42,518.07
EQUITY AND LIABILITIES
EQUITY
EQUITY SHARE CAPITAL 18 1,143.14 1,143.14
OTHER EQUITY 19 30,222.30 28,790.80
EQUITY ATTRIBUTABLE TO OWNERS OF EIH LTD 31,365.44 29,933.94
NON CONTROLLING INTEREST 997.31 886.17
TOTAL EQUITY 32,362.75 30,820.11
LIABILITIES
NON-CURRENT LIABILITIES
(i) Borrowings 20 2,337.51 2,751.23
(ii) Lease liabilities 1,672.24 -
(iii) Other Non Current Financial Liabilities 21 319.14 311.96
PROVISIONS - NON-CURRENT 22 330.81 251.03
OTHER NON-CURRENT LIABILITIES 23 11.22 21.54
DEFERRED TAX LIABILITIES (Net) 24 1,477.90 1,848.30
TOTAL NON-CURRENT LIABILITIES 6,148.82 5,184.06
CURRENT LIABILITIES
(i) Borrowings 25 1,874.14 2,246.57
(ii) Trade Payables
Total outstanding dues of micro enterprises and small enterprises 26A 15.32 0.95
Total outstanding dues of creditors other than micro enterprises and 26B 2,062.37 2,298.18
small enterprises
(iii) Lease liabilities 41.17 -
(iv) Other Current Financial Liabilities 27 842.63 761.56
TAX LIABILITIES (Net) 28 - 17.22
PROVISIONS - CURRENT 29 191.55 240.97
OTHER CURRENT LIABILITIES 30 980.57 948.45
TOTAL CURRENT LIABILITIES 6,007.75 6,513.90
TOTAL LIABILITIES 12,156.57 11,697.96
TOTAL EQUITY AND LIABILITIES 44,519.32 42,518.07
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

185
(CONSOLIDATED)
Statement of Profit and Loss

Rupees Million
Notes Year ended Year ended
March 31, 2020 March 31, 2019
REVENUE FROM OPERATIONS 31 15,962.53 18,108.20
OTHER INCOME 32 784.41 687.87
TOTAL INCOME 16,746.94 18,796.07
EXPENSES
CONSUMPTION OF PROVISIONS, WINES & OTHERS 33 1,994.16 2,444.84
EMPLOYEE BENEFITS EXPENSE 34 4,692.18 4,806.93
FINANCE COSTS 35 556.05 504.41
DEPRECIATION AND AMORTISATION EXPENSE 36 1,464.61 1,325.57
OTHER EXPENSES 37 6,373.62 6,797.25
TOTAL EXPENSES 15,080.62 15,879.00
PROFIT BEFORE EXCEPTIONAL ITEMS, SHARE OF NET PROFITS OF 1,666.32 2,917.07
INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD AND TAX
SHARE OF NET PROFIT/(LOSS) OF ASSOCIATES AND JOINT VENTURES (1.44) 122.96
ACCOUNTED FOR USING EQUITY METHOD
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX 1,664.88 3,040.03
EXCEPTIONAL ITEMS - PROFIT / (LOSS) 38 (4.67) (730.66)
PROFIT BEFORE TAX 1,660.21 2,309.37
TAX EXPENSE
CURRENT TAX 39 372.39 862.25
DEFERRED TAX 39 (363.61) (42.45)
PROFIT FOR THE YEAR 1,651.43 1,489.57
OTHER COMPREHENSIVE INCOME / (LOSS)
A ITEMS THAT MAY NOT BE RECLASSIFIED TO PROFIT OR LOSS
– Share of other comprehensive income of associate and joint ventures (3.35) 0.52
accounted for using the equity method
– Recycling of foreign currency translation reserve (28.06) -
– Remeasurement of Defined benefit obligations (31.14) (16.42)
– Tax relating to these items 9.71 5.01
(52.84) (10.89)
B ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS
– Exchange differences on translation of foreign operations 603.66 (5.43)
603.66 (5.43)
TOTAL OTHER COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR, NET OF TAX 550.82 (16.32)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,202.25 1,473.25
PROFIT ATTRIBUTABLE TO:
– Owners of EIH Limited 1,488.17 1,315.41
– Non-controlling interests 163.26 174.16
OTHER COMPREHENSIVE INCOME ATTRIBUTABLE TO:
– Owners of EIH Limited 540.99 (13.02)
– Non-controlling interests 9.83 (3.30)
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
– Owners of EIH Limited 2,029.16 1,302.39
– Non-controlling interests 173.09 170.86
EARNINGS PER EQUITY SHARE (IN INR) FACE VALUE INR 2
(1) Basic 2.60 2.30
(2) Diluted 2.60 2.30
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

186
(CONSOLIDATED)
Statement of Consolidated Cash Flows

Rupees Million
March 31, 2020 March 31, 2019
Cash Flow From Operating Activities
Profit before tax 1,660.21 2,309.37
Adjustments for
Share of Profit of Associate and Joint Venture 1.44 (122.96)
Depreciation and amortisation expense 1,464.61 1,325.57
Effect of Exchange Rate Difference 50.42 103.38
(Gain)/loss on disposal of property, plant and equipment (net) 47.19 2.67
Bad Debts & Advances Written Off 0.88 41.30
Provision for doubtful debts / advances 24.32 856.67
Rental Income from Investment Properties (170.56) (88.01)
Provisions/Liabilities written back (29.39) (49.50)
(Gain)/loss on sale of investment - (116.83)
Dividend income classified as investing cash flows (19.54) (20.01)
Interest income classified as investing cash flows (250.74) (200.22)
Finance costs 556.05 504.41
Change in operating assets and liabilities -
(Increase)/Decrease in trade receivables 397.39 (1,125.59)
(Increase)/Decrease in inventories (10.93) (84.56)
Increase/(Decrease) in trade payables (196.38) 417.53
(Increase)/ Decrease in other current /non-current financial assets (19.77) (81.63)
(Increase)/Decrease in other current /non-current assets (177.71) 15.23
Increase/(Decrease) in employee benefit obligations (8.30) (55.51)
Increase/(Decrease) in other current /non-current financial liabilities 37.94 37.59
Increase/(Decrease) in other current /non-current liabilities 18.17 37.89
Cash generated from operations 3,377.43 3,707.63
Income taxes paid (net of refund) (207.07) (883.07)
Net cash inflow from operating activities 3,170.36 2,824.56
CASH FLOWS FROM INVESTING ACTIVITIES

Payments for property, plant and equipment (1,745.63) (1,572.91)
Payments for investment property (4.07) -
Payments for intangible assets (45.33) (26.71)
Purchase of Investments (521.84) (897.70)
Sale of Investments 352.55 181.94
Rental Income from Investment Properties 170.56 88.01
Proceeds from sale of property, plant and equipment 88.17 20.77
Changes in Other bank balances (182.53) (338.64)
Dividends received 68.16 56.57
Interest received 186.38 164.75
Net cash outflow from investing activities (1,633.58) (2,323.92)
187
(CONSOLIDATED)
Statement of Consolidated Cash Flow

For the year ended March 31, 2020 — Contd.
Rupees Million
March 31, 2020 March 31, 2019
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
Non-Current Borrowings 250.00 0.26
Current Borrowings 8.86 847.31
Repayment of borrowings
Non-Current Borrowings (472.49) (438.81)
Current Borrowings (381.36) (4.25)
Refund of given loan to related parties - 633.76
Interest paid (430.09) (505.43)
Repayment of lease liabilities (133.89) -
Dividends paid (579.08) (584.75)
Tax on Dividend (104.09) (137.58)
Net cash outflow from financing activities (1,842.14) (189.49)
Net increase / (decrease) in cash and cash equivalents (305.36) 311.15
Cash and cash equivalents at the beginning of the financial year 984.12 672.97
Cash and cash equivalents at end of the year 678.76 984.12
Note :
The above Cash Flow Statement has been prepared under the “Indirect Method” as set out in Ind AS – 7 “Statement of Cash Flows”
(DIN No. :00048279) (DIN No. : 00052106)
VIKRAM OBEROI
Partner

188
Statement of changes in Equity
A. Equity share capital Rupees Million
As at April 1, 2018 1,143.14
As at March 31, 2019 1,143.14
As at March 31, 2020 1,143.14
B. Other equity Rupees Million

Other Total other Non- Total
Reserves and surplus
Reserves equity Controlling
Capital Capital Securities General Retained Foreign Interest
Redemption Reserve premium Reserve earnings currency
Reserve (Surplus) translation
reserve
Balance as at April 1, 2018 1,024.21 25.95 12,373.41 9,384.83 4,910.16 (33.78) 27,684.78 701.47 28,386.25
Adjustment of discontinuance of Mercury Travels Limited - - - - 0.68 - 0.68 - 0.68
Adjustment to opening balance due to change in Minority Interest - - - - (82.46) - (82.46) 82.46 -
(CONSOLIDATED)
Adjustment for new IndAS - - - - (112.04) - (112.04) - (112.04)

Profit for the year - - - - 1,315.41 - 1,315.41 174.16 1,489.57
Other comprehensive income / (loss) for the year, net of tax - - - - (13.02) - (13.02) (3.30) (16.32)
Currency translation difference on foreign operations - - - - - 617.59 617.59 14.52 632.11
- - - - 1,108.57 617.59 1,726.16 267.84 1,994.00
Final dividend paid for the year 2017-18 - - - - (514.41) - (514.41) (70.40) (584.81)
Deferred tax liability on proposed dividend - - - - - - - (12.74) (12.74)
Dividend distribution tax - - - - (105.73) - (105.73) - (105.73)
- - - - (620.14) - (620.14) (83.14) (703.28)
Balance as at March 31, 2019 1,024.21 25.95 12,373.41 9,384.83 5,398.59 583.81 28,790.80 886.17 29,676.97
Balance at April 1, 2019 1,024.21 25.95 12,373.41 9,384.83 5,398.59 583.81 28,790.80 886.17 29,676.97
Adjustment for new IndAS - - - - 8.09 - 8.09 - 8.09
Profit for the year - - - - 1,488.17 - 1,488.17 163.26 1,651.43
Other comprehensive income / (loss) for the year, net of tax - - - - (52.53) - (52.53) (0.31) (52.84)
Currency translation difference on foreign operations - - - - - 593.52 593.52 10.14 603.66
- - - - 1,443.73 593.52 2,037.25 173.09 2,210.34
Final dividend paid for the year 2018-19 - - - - (514.41) - (514.41) (61.95) (576.36)
Reversal of deferred tax liability on proposed dividend created in - - - - - - - 12.74 12.74
previous year
Dividend distribution tax - - - - (91.34) - (91.34) (12.74) (104.08)
- - - - (605.75) - (605.75) (61.95) (667.70)
Balance as at March 31, 2020 1,024.21 25.95 12,373.41 9,384.83 6,236.57 1,177.33 30,222.30 997.31 31,219.61
In terms of our report attached SUDIPTO SARKAR ARJUN OBEROI VIKRAM OBEROI
For Deloitte Haskins & Sells LLP Chairman - Audit Committee Managing Director - Development Managing Director and Chief Executive Officer
Chartered Accountants (DIN No. : 00048279) (DIN No. : 00052106) (DIN No. : 00052014)
MANJULA BANERJI KALLOL KUNDU S.N. SRIDHAR

Partner Chief Financial Officer Company Secretary
189
(CONSOLIDATED)
Notes to Accounts
General Information
EIH Limited is a Company limited by shares, incorporated and domiciled in India having its Registered Office at 4, Mangoe Lane,
Kolkata-700 001. The Company is primarily engaged in owning and managing premium luxury hotels and cruisers under the luxury ‘Oberoi’
and ‘Trident’ brands. The Group is also engaged in flight catering, airport restaurants, project management and corporate air charters.
The Consolidated financial statements relate to EIH Limited (‘the Company’), its subsidiary companies, jointly controlled entities and
associates as referred in Note 50 (collectively referred as “the Group”).
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies adopted in the preparation of these consolidated financial statements of
EIH Limited. These policies have been consistently applied to all the periods presented, unless otherwise stated.
a) Basis of preparation
(i) Compliance with Ind AS

These consolidated financial statements have been prepared in accordance with the Companies (Indian Accounting
Standard) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 as a going concern on
accrual basis.
(ii) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following:
• equity investments in entities other than subsidiary, joint ventures and associate which are measured at fair value;
• defined benefit plans – plan assets measured at fair value
• customer loyalty programs
(iii) Use of estimates

In preparing the Financial Statements in conformity with accounting principles generally accepted in India, Management
is required to make estimates and assumptions that may affect the reported amounts of assets and liabilities and the
disclosure of contingent liabilities as at the date of Financial Statements and the amounts of revenue and expenses during
the reported period. Actual results could differ from those estimates. Any revision to such estimates is recognised in the
period the same is determined.
b) Principles of consolidation and equity accounting
(i) Subsidiaries
Subsidiaries are all entities over which the group has control. The group controls an entity when the group is exposed to,
or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through
its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the group. They are deconsolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the group.
The group combines the financial statements of the parent and its subsidiaries line by line adding together like items of
assets, liabilities, equity, income and expenses. InterGroup transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence
of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of
profit and loss, consolidated statement of changes in equity and balance sheet respectively.
(ii) Associates
Associates are all entities over which the group has significant influence but not control or joint control.
This is generally the case where the group holds between 20% and 5o% of the voting rights. Investments in associates
are accounted for using the equity method of accounting, after initially being recognised at cost.
(iii) Joint arrangements

Under Ind AS in Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal
structure of the joint arrangement. The Group has joint ventures.
190
(CONSOLIDATED)
Joint ventures
Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being recognised at cost in
the consolidated balance sheet.
(iv) Equity method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise
the group’s share of the post-acquisition profits or losses of the investee in profit and loss, and the group’s share of other
comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates
and joint ventures are recognised as a reduction in the carrying amount of the investment.
When the group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including
any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations
or made payments on behalf of the other entity.
Unrealised gains on transactions between the group and its associates and joint ventures are eliminated to the extent
of the group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence
of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where
necessary to ensure consistency with the policies adopted by the group.
The carrying amount of equity accounted investments are tested for impairment in accordance with the policy described
in note 6 below.
(v) Changes in ownership interests

The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with
equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of
the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between
the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within
equity.
When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or
significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount
recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting
for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in
other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related
assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified
to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained,
only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit
or loss where appropriate.
c) Revenue recognition
(i) Performance obligation in contract with customers are met throughout the stay of guest in the hotel or on rendering of
services and sale of goods.
(ii) Revenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net
of trade allowances, rebates, value added taxes, Goods & Service Tax and amounts collected on behalf of third parties.
(iii) Interest income from debt instruments is recognised using the effective interest method. The effective interest rate is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the carrying
amount of a financial asset. When calculating the effective interest rate, the Group estimates the expected cash flows by
considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar
options) but does not consider the expected credit losses.
(iv) Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable that the
economic benefits associated with the dividend will flow to the Group, and the amount of the dividend can be measured
reliably.
The Group recognizes revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits
will flow to the entity and specific criteria have been met for each of the Group’s activities as described below. The Group bases
its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each
arrangement.
191
(CONSOLIDATED)
Timing of revenue recognition from major business activities

– Hospitality Services: Revenue from hospitality services is recognised when the services are rendered and the same becomes
chargeable.
– Sale of printed material: Revenue from sale of printed and other materials is recognised when the significant risks and rewards
of ownership of the materials have been passed on to the buyer which usually coincides with the dispatch of materials.
– Others: Revenue from Shop License Fee, Management and Marketing Fee included under “Other Services” is recognised on
accrual basis as per terms of the contract.
– Revenue in respect of customer loyalty are recognized when loyalty points are redeemed by the customers or on its expiry.
d) Foreign currencies
(i) Presentation Currency

This Financial Statement is presented in INR which is the Functional Currency of the Group.
(ii) Transactions and balances

Effective April 1, 2018, the Group has adopted Appendix B to Ind AS 21, Foreign Currency Transactions and Advance
Consideration which clarifies the date of transaction for the purpose of determining the exchange rate to be used on
initial recognition of the related asset, expense or income when an entity has received or paid advance consideration in
a foreign currency. The effect on account of adoption of this amendment is insignificant.
Sales made in any currency other than the functional currency of the Group are converted at the prevailing applicable
exchange rate. Gain/Loss arising out of fluctuations in exchange rate is accounted for on realization or translation into
the reporting currency of the corresponding receivables at the year end.
Payments made in foreign currency including for acquiring investments are converted at the applicable rate prevailing
on the date of remittance. Liability on account of foreign currency is converted at the exchange rate prevailing at the end
of the year. Monetary items denominated in foreign currency are converted at the exchange rate prevailing at the end of
the year.
Revenue expenditure of all the overseas sales offices are converted at the average exchange rate for the year. Assets and
liabilities other than non-monetary assets are converted at the exchange rate prevailing at the close of the accounting
year and Fixed Assets are converted at the month-end exchange rate of the month of acquisition.
Foreign currency loans covered by forward contracts are realigned at the forward contract rates, while those not covered
by forward contracts are realigned at the rates ruling at the year end. The differences on realignment is accounted for in
the Statement of Profit and Loss.
(iii) Group Companies

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency as
follows:
• assets and liabilities are translated at the closing rate at the date of that balance sheet
• income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated
at the dates of the transactions), and
• all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and
of borrowings and other financial instruments designated as hedges of such investments, are recognised in other
comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or
loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities
of the foreign operation and translated at the dosing rate.
e) Income tax
Current income tax is recognized based on the amount expected to be paid to the tax authorities, using tax rates and tax laws that
have been enacted or substantially enacted on the date of balance sheet.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations
are subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax
authorities.
Effective April 1, 2019, the Company has adopted Appendix C to Ind AS 12 – Income taxes, which clarifies how to apply the
recognition and measurement requirements in Ind AS 12 when there is uncertainty over income tax treatments
192
(CONSOLIDATED)
f) Deferred Tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the separate financial statements, using tax rates and tax laws that have been
enacted or prescribed on the date of balance sheet.
Deferred tax assets are recognised for all deductible temporary differences and incurred tax losses only if it is probable that future
taxable amounts will be available to utilise those temporary differences and losses.
Deferred tax assets are recognized for the future tax consequences to the extent it is probable that future taxable profits will be
available against which the deductible temporary differences can be utilized.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities
and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where
the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive
income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Minimum Alternate Tax (MAT) is accounted for in accordance with tax laws which give rise to future economic benefits in the
form of tax credit against which future income tax liability is adjusted and is recognised as deferred tax asset in the Balance Sheet.
g) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker (“CODM”) of the respective entities.
h) Leases
Effective April 1, 2019, the Group has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on
April 1, 2019 using the modified retrospective method. Accordingly, comparative information as at and for the year ended March
31, 2019 has not been restated. The impact of adoption of the standard on financial statements of the Company has been disclosed
in the notes to accounts.
On adoption of Ind AS 116, the Group recognised lease liabilities in relation to certain leases which had previously been classified
as ‘operating leases’ under the principles of Ind AS 17, Leases. These liabilities have been measured at the present value of the
remaining lease payments, discounted using the company’s incremental borrowing rate as of 1 April 2019.
For leases previously classified as finance leases the entity recognised the carrying amount of the lease asset and lease liability
immediately before transition as the carrying amount of the right of use asset and the lease liability at the date of initial application.
The measurement principles of Ind AS 116 are only applied after that date.
As a lessee :
The Company’s lease asset classes primarily consist of leases for land, building and vehicle leases. The Company assesses whether
a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right
to control the use of an identified asset, the Company assesses whether: (i) the contact involves the use of an identified asset (ii)
the Company has substantially all of the economic benefits from use of the asset throughout the period of the lease and (iii) the
Company has the right to direct the use of the asset.
At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU”) and a corresponding lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and
low value leases. For these short-term and low value leases, the Company recognises the lease payments as an operating expense
on a straight-line basis over the term of the lease.
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and
lease liabilities includes these options when it is reasonably certain that they will be exercised.
The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives and
estimated restoration costs of the underlying asset where applicable. They are subsequently measured at cost less accumulated
depreciation and impairment losses.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and
useful life of the underlying asset. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is
depreciated over the underlying assets useful life.
Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying
amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value
less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that
are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating
Unit (CGU) to which the asset belongs.
193
(CONSOLIDATED)
The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates
in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right
of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period
so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease liabilities and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
The Company applies the practical expedient by the standard allowing not to separate the lease component from other service
components included in its lease agreements. Accordingly, all fixed payments provided for in the lease agreement, whatever their
nature, are included in the lease liability.
As a lessor :
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are
classified as operating leases.
When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease
is classified as a finance or operating lease by reference to the right of-use asset arising from the head lease.
For operating leases, rental income is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense
over the lease term on the same basis as lease income.
i) Impairment of tangible and intangible assets

Goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be
impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s or cash generating unit’s carrying
amount exceeds its recoverable amount. Recoverable amount is higher of an asset’s net selling price and its value in use. Value
in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating
unit and from its disposal at the end of its useful life. Assets that suffered an impairment are reviewed for possible reversal of the
impairment at the end of each reporting period. In case of such reversal, the carrying amount of the asset is increased so as not
to exceed the carrying amount that would have been determined had there been no impairment loss.
j) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash in hand, cash at bank and
other deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three
months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in
value.
k) Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment.
l) Inventories
Inventories are valued at cost or net realisable value, whichever is lower. Cost is determined based on Cumulative Weighted
Average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to its present
location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realisable
value is the estimated selling price less estimated costs for completion and sale. Unserviceable/damaged/discarded stocks and
shortages are charged to the statement of Profit and Loss.
m) Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
– those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss)
– those measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will be recorded in profit or loss. For investments in debt instruments,
this will depend on the business model in which the investment is held. For investments in equity instruments, this will
depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity
investment at fair value through other comprehensive income.
194
(CONSOLIDATED)
(ii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at
fair value through profit and loss, transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statement of profit or
loss.
(a) Debt instruments

Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt
instruments:
Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are
measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount are taken
through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains
and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest
income from these financial assets is included in other income using the effective interest rate method.
Fair value through profit or loss: Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair
value through profit and loss
(b) Equity instruments

The Group subsequently measures all equity investments at fair value. Changes in the fair value of financial assets at fair
value through profit or loss are recognised in other gain/ (losses) in the statement of profit and loss.
(iii) Impairment of financial assets

The Group assesses at each reporting date whether a financial asset (or a group of financial assets) such as investments,
advances and security deposits held at amortised cost and financial assets that are measured at fair value through other
comprehensive income are tested for impairment based on evidence or information that is available without undue cost
or effort. The Group assesses on a forward looking basis the expected credit losses associated with its assets carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk.
For trade receivables only, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
(iv) Derecognition of financial assets

A financial asset is derecognised only when
– The Group has transferred the rights to receive cash flows from the financial asset or
– Retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to
pay the cash flows to one or more recipients.
Where the entity has transferred an asset, the Group evaluates whether it has transferred substantially all risks and
rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the entity has not
transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of
the financial asset, the financial asset is derecognised if the Group has not retained control of the financial asset. Where the
Group retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement
in the financial asset.
(v) Income recognition

Interest income: Interest income from debt instruments is recognised using the effective interest rate method. The effective
interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial
asset to the gross carrying amount of a financial asset. When calculating the effective interest rate, the Group estimates
the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment,
extension, call and similar options) but does not consider the expected credit losses
Dividend income: Dividends are recognised in profit or loss only when the right to receive payment is established, it is
probable that the economic benefits associated with the dividend will flow to the Group, and the amount of the dividend
can be measured reliably.
195
(CONSOLIDATED)
n) Financial Liabities
Borrowings, trade payables and other financial liabilities are initially recognised at the value of the respective contractual obligations.
They are subsequently measured at amortised cost. Any discount or premium on redemption / settlement is recognised in the
Statement of Profit and Loss as finance cost over the life of the liability using the effective interest method and adjusted to the
liability figure disclosed in the Balance Sheet. Financial liabilities are derecognised when the liability is extinguished, that is, when
the contractual obligation is discharged, cancelled and on expiry.
o) Property, plant and equipment

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less
accumulated depreciation. Historical Cost represents direct expenses incurred on acquisition or construction of the assets and
the share of indirect expenses relating to construction allocated in proportion to the direct cost involved.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Capital work-in-progress comprises the cost of property, plant and equipment that are not yet ready for their intended use on
the reporting date and materials at site.
On transition to Ind AS, the Group has elected to continue with the carrying value of all of its property, plant and equipment
recognised as at 1 April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of the property,
plant and equipment.
Depreciation methods, estimated useful lives and residual value
Depreciation on property, plant and equipment other than land and the hotel buildings is provided on ‘Straight Line Method’
based on useful life.
The hotel buildings are depreciated equally over the balance useful life ascertained by independent technical expert, which
ranges between 23 years and 55 years with effect from March 31, 2019 and the total useful life of the buildings are higher than
those specified by Schedule II to the Companies Act; 2013. The management believes that the balance useful lives so assessed
best represent the periods over which the hotel buildings are expected to be in use. The residual values are not more than 5% of
the original cost of the asset. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of
each financial year.
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss
within other gains/(losses).
p) Intangible assets
Goodwill on acquisition of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment
annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less
accumulated impairment losses.
Other Intangible Assets are stated at cost less accumulated amortisation and net of impairments, if any. An intangible asset is
recognised if it is probable that the expected future economic benefits that are attributable to the asset will flow to the Group and
its cost can be measured reliably. Intangible assets are amortised on straight line basis over their estimated useful lives.
On transition to Ind AS, the Group has elected to continue with the carrying value of all of its Intangible assets recognised as at
1 April 2015 measured as per the previous GAAP and use that carrying value as the deemed cost of the Intangible assets.
q) Investment Property
Investment properties are properties held to earn rentals and/or for capital appreciation (including property under construction for
such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are measured in accordance with Ind AS 16’s requirements for cost model.
An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and
no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated
as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period
in which the property is derecognised.
r) Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are
unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented
as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their
fair value and subsequently measured at amortised cost using the effective interest method.
196
(CONSOLIDATED)
s) Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying
asset are capitalised as part of the cost of respective assets during the period of time that is required to complete and prepare
the asset for its intended use. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their
intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.
t) Provisions, contingent liabilities and contingent assets

Provisions are recognised when there is a present legal or statutory obligation or constructive obligation as a result of past events
and where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount
of the obligation can be made.
Contingent liabilities are disclosed only when there is a possible obligation arising from past events due to occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Group or where any present obligation
cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.
Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.
Contingent assets where it is probable that future economic benefits will flow to the Group are not recognised but disclosed in the
financial statements. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent
asset, but it is recognised as an asset.
u) Employee benefits
(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after
the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the
end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities
are presented as current employee benefit obligations in the balance sheet.
(ii) Post-employment obligations

The Group operates the following post-employment schemes:
Gratuity obligations –
Maintained as a defined benefit retirement plan and contribution is made to the Life Insurance Corporation of India. The liability
or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit
obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually
by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference
to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related
obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair
value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.
Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in
the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement
of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised
immediately in profit or loss as past service cost.
Leave encashment on termination of service –

The liabilities for earned leave are expected to be settled after the retirement of employee. They are therefore measured as the
present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting
period that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments
and changes in actuarial assumptions are recognised in other comprehensive income.
The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer
settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.
Provident Fund –
The Group pays provident fund contributions to a fund administered by Government Provident Fund Authority. The Group has
no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution
plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised
as an asset to the extent that a cash refund or a reduction in the future payments is available.
197
(CONSOLIDATED)
v) Dividends
Liability is created for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of
the entity.
w) Earnings per share

(i) Basic earnings per share
Basic earnings per share is calculated by dividing:
• the profit attributable to equity shareholders of the Group
• by the weighted average number of equity shares outstanding during the financial year,
(ii) Diluted earnings per share

Diluted earnings per share adjusts the number of equity shares used in the determination of basic earnings per share to
take into account:
• the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and
• the weighted average number of equity shares including additional equity shares that would have been outstanding
assuming the conversion of all dilutive potential equity shares happened.
x) Government grants/incentives
Government grants/incentives that the Group is entitled to on fulfilment of certain conditions, but are available to the Group
only on completion of some other conditions, are recognized as income at fair value on completion of such other conditions.
Grants/incentives that the Group is entitled to unconditionally on fulfilment of certain conditions, such grants are recognized at
fair value as income when there is reasonable assurance that the grant will be received.
y) Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest millions as per the requirement
of Schedule III, unless otherwise stated.
198
(CONSOLIDATED)
2 RECENT ACCOUNTING PRONOUNCEMENTS

Ministry of Corporate Affairs (“MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies
(Indian Accounting Standards) Second Amendment Rules, 2019 notifies new standard or amendments to the standards. There is no such
new notification which would be applicable from April 1, 2020

3 SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the company’s accounting policies.
This note provides information about the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of
future events that may have a financial impact on the Group and that are believed to be reasonable under the circumstances.
Detailed information about each of these estimates or judgements is included in relevant notes together with information about the basis
of calculation for each impacted line item in the financial statements.

A. Significant estimates :
i) Useful Life of Hotel Buildings

EIH Limited, Mumtaz Hotels Limited and Mashobra Resort Limited have adopted useful life of fixed assets as stipulated by
Schedule II to the Companies Act 2013 except for the hotel buildings for computing depreciation. In the case of the hotel buildings
of these companies, due to superior structural condition, management decided to assess the balance useful life by independent
technical expert. As per the certificates of the technical expert, the balance useful life of the hotel buildings ranges between
23 years and 55 years with effect from March 31, 2020 and the total useful life of the buildings are higher than those specified
by Schedule II to the Companies Act, 2013. The carrying amount of the hotel building is being depreciated over its residual life.

ii) Recognition of Revenue (customer loyalty programs)
The group is running certain customer loyalty programs for which revenue is being deferred on the basis of total loyalty points/
complimentary nights outstanding. As required by Ind AS 18, while calculating fair value of the loyalty points/complimentary
nights, expected lapses are also considered by the group (loyalty points/complimentary nights which will not be redeemed by
the customers). On the basis of past trend, a significant portion of the loyalty points/ complimentary nights has been estimated
to be lapsed. Estimated lapse ratio is periodically evaluated by the group and in case there is any change in the trend, the
deferred revenue is adjusted accordingly. The fair value of loyalty points/ complimentary nights is calculated on the basis of
relative benefit passed on to the customers.

B. Judgements :
i) Advance towards Equity Shares

In the case of Mashobra Resort Limited (“MRL”), several disputes with the Government of Himachal Pradesh, the joint venture
partner, were referred by the High Court of Himachal Pradesh on 17th December, 2003 to an arbitral tribunal consisting of
a single arbitrator whose award has been challenged by both the EIH Ltd. and MRL, amongst others. The operation of the
arbitration award was stayed pending substantive hearing of the applications by the High Court. Consequently, the status
quo ante of the entire matter was restored to the position as on 17th December, 2003 and the hotel is being operated by MRL
accordingly. EIH Ltd. vide its letter dated 4th April, 2012 requested MRL to account for the entire amount of INR 1,361.93 Million
provided to MRL upto 31st March, 2012 as ‘Advance Towards Equity’, including INR 130.00 Million being the opening balance
of ‘Advance Towards Equity’. In view of the above, EIH Ltd. has shown the said amount of INR 1,361.93 Million as ‘Advance
Towards Equity’ under Other non-current financial assets in its books of account.
The High Court passed an order dated 25th February, 2016 which was made available to the Company in the month of May
2016. The Court has decided not to interfere with the order of the Arbitrator. EIH Ltd. amongst others, preferred an appeal before
the Division Bench of the High Court of Himachal Pradesh. By an order dated 27th June, 2016 the Division Bench stayed the
Single Judge Order dated 25th February, 2016 and directed the parties to maintain status quo till the matter is finally heard and
disposed off. Final hearing is yet to commence.
ii) Claims, Provisions and Contingent Liabilities:

The Group has ongoing litigations with various regulatory authorities and third parties. Where an outflow of funds is believed
to be probable and a reliable estimate of the outcome of the dispute can be made based on management’s assessment of specific
circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such
accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty. Information
about such litigations is provided in notes to the financial statements.
199
4A
200
PROPERTY, PLANT AND EQUIPMENT
Rupees Million
Gross Carrying Amount Accumulated Depreciation Carrying
As at Additions Less: Sales/ Translation Balance As at For the Less: Sales/ Translation Balance Value
April 1, during the Adjustments Adjustment as at April 1, Year Adjustments Adjustment as at as at
2018 year during the March 31, 2018 March 31, March 31,
year 2019 2019 2019
i) PROPERTY PLANT AND EQUIPMENT
Freehold Land (including
development cost) 2,108.11 - - 36.26 2,144.37 - - - - - 2,144.37
Land under finance lease 641.88 - - - 641.88 14.55 4.85 - - 19.40 622.48
Buildings 14,312.06 141.38 (2.00) 94.51 14,549.95 850.63 321.92 33.94 40.06 1,178.67 13,371.28
Office Equipment 36.55 6.77 5.81 0.36 37.87 9.87 6.08 5.53 0.36 10.78 27.09
Plant & Machinery 6,376.54 231.25 107.59 57.74 6,557.94 1,923.68 651.77 97.13 55.97 2,534.29 4,023.65
Furniture & Fittings 1,256.34 44.18 (14.91) 11.85 1,327.28 381.17 129.82 5.78 11.29 516.50 810.78
Vehicles 550.22 81.11 71.78 7.66 567.21 156.72 88.40 66.72 7.31 185.71 381.50
Vehicles under operating

lease 139.38 - 119.11 - 20.27 58.33 3.52 47.76 - 14.09 6.18
Vehicles under Finance
Lease 3.51 19.70 (102.12) 1.66 126.99 1.58 30.37 (33.47) 1.01 66.43 60.56
Boats 40.23 0.59 - - 40.82 8.98 1.98 - - 10.96 29.86
Aircrafts 319.29 - - - 319.29 72.15 24.05 - - 96.20 223.09
TOTAL 25,784.11 524.98 185.26 210.04 26,333.87 3,477.66 1,262.76 223.39 116.00 4,633.03 21,700.84
(CONSOLIDATED)
4 A. PROPERTY, PLANT AND EQUIPMENT – Contd.
Rupees Million
As at Reclas- Adjusted Additions Less: Transla- Balance As at Reclas- Adjusted For the Less: Transla- Balance Value As
April sified on Balance during the Sales/Ad- tion Ad- as at April 01, sified on Balance Year Sales / tion Ad- as at at March
01, 2019 adoption as at April year justments justment March 2019 adoption as at April Adjust- justment March 31, 31, 2020
of Ind AS 01, 2019 during the 31, 2020 of Ind AS 01, 2019 ments 2020
116 year 116
i) PROPERTY PLANT AND EQUIPMENT
Freehold Land 2,144.37 2,144.37 - - 31.60 2,175.97 - - - - - - - 2,175.97
(including
development cost)
Land under 641.88 (641.88) - - - - - 19.40 (19.40) - - - - - -
finance lease
Buildings 14,549.95 14,549.95 406.43 142.15 (5.60) 14,808.63 1,178.67 - 1,178.67 327.86 6.59 (35.45) 1,464.49 13,344.14
Office Equipment 37.87 37.87 5.21 0.35 - 42.73 10.78 - 10.78 7.10 0.17 - 17.71 25.02
Plant & Machinery 6,557.94 6,557.94 572.03 61.64 (48.25) 7,020.08 2,534.29 - 2,534.29 634.99 31.38 (46.92) 3,090.98 3,929.10
Furniture & Fittings 1,327.28 1,327.28 108.43 5.10 (11.30) 1,419.31 516.50 - 516.50 131.38 3.62 (9.87) 634.39 784.92
(CONSOLIDATED)
Vehicles 567.21 567.21 30.44 7.76 (9.84) 580.05 185.71 - 185.71 88.66 2.27 (9.42) 262.68 317.37
Vehicles under 20.27 20.27 - - - 20.27 14.09 - 14.09 3.53 - - 17.62 2.65
operating lease
Vehicles under 126.99 (126.99) - - - - - 66.43 (66.43) - - - - - -

Finance Lease
Boats 40.82 - 40.82 - 0.17 - 40.65 10.96 - 10.96 1.97 0.05 - 12.88 27.77
Aircrafts 319.29 - 319.29 20.27 5.85 - 333.71 96.20 - 96.20 25.35 3.55 - 118.00 215.71
TOTAL 26,333.87 (768.87) 25,565.00 1,142.81 223.02 (43.39) 26,441.40 4,633.03 (85.83) 4,547.20 1,220.84 47.63 (101.66) 5,618.75 20,822.65
A. Assets held as security

Refer note 20 & 25 for disclosure of assets held as security
B. Interest capitalised to qualifying assets

Refer note 35 for disclosure of amount capitalised to qualifying assets.
C. Contractual obligations

Refer to note 44(b) for disclosure of contractual commitments for the acquisition of property, plant and equipment.
ii) RIGHT OF USE ASSETS

As at Reclas- Adjusted Additions Sales / Transla- Balance As at Reclas- Adjusted For the Less: Transla- Balance Value As
April 01, sified on Balance during the Adjust- tion Ad- as at April 01, sified on Balance Year Sales/ tion Ad- as at at March
2019 adoption as at April year ments justment March 31, 2019 adoption as at April Adjust- justment March 31, 31, 2020
of Ind AS 01, 2019 during the 2020 of Ind AS 01, 2019 ments 2020
116 year 116
Land - 4,535.95 4,535.95 - - (35.37) 4,500.58 - 19.40 19.40 146.74 - (0.55) 165.59 4,334.99
Building - 0.88 0.88 1.19 - - 2.07 - - - 0.64 - - 0.64 1.43
Vehicles - 126.99 126.99 14.42 21.12 (1.37) 118.92 - 66.43 66.43 29.45 20.32 (1.12) 74.44 44.48
TOTAL - 4,663.82 4,663.82 15.61 21.12 (36.74) 4,621.57 - 85.83 85.83 176.83 20.32 (1.67) 240.67 4,380.90
201
4A
202
PROPERTY, PLANT AND EQUIPMENT - Contd...
iii) INTANGIBLE ASSETS
Rupees Million
As at Additions Less: Sales/ Translation Balance As at For the Less: Sales/ Translation As at Value
April 1, during the Adjustments Adjustment as at 31 April 1, Year Adjustments Adjustment March 31, as at
2018 year during the March, 2018 2019 March 31,
year 2019 2019
Computer Software 147.11 26.71 - - 173.82 59.22 39.02 - - 98.24 75.58
TOTAL 147.11 26.71 - - 173.82 59.22 39.02 - - 98.24 75.58

As at Additions Sales/ Translation Balance As at For the Less: Sales/ Translation Balance Value
April 1, during the Adjustments Adjustment as at 31 April 1, Year Adjustments Adjustment as at as at
2019 year during the March, 2019 March 31, March 31,
year 2020 2020 2020
Computer Software 173.82 45.33 - - 219.15 98.24 40.82 - - 139.06 80.09

TOTAL 173.82 45.33 - - 219.15 98.24 40.82 - - 139.06 80.09
Intangible Assets are amortised on straight line basis over a period of 3 to 5 years
(CONSOLIDATED)
4A
PROPERTY, PLANT AND EQUIPMENT - Contd...
iv) INVESTMENT PROPERTY

Rupees Million
As at Additions Sales/ Translation Balance As at For the Less: Sales/ Translation As at Value
2018 year during the March, 2018 2019 March 31,
year 2019 2019
Buildings - 989.66 - - 989.66 - 14.43 - - 14.43 975.23
Plant & Equipment - 141.01 - - 141.01 - 9.36 - - 9.36 131.65
TOTAL - 1,130.67 - - 1,130.67 - 23.79 - - 23.79 1,106.88

(CONSOLIDATED)
As at Additions Sales/ Translation Balance As at For the Less: Sales/ Translation As at Value
March 31,
2019 year during the March, 2019 2020

year 2020 2020
Buildings 989.66 3.47 993.13 14.43 15.67 30.10 963.03
Plant & Equipment 141.01 0.60 141.61 9.36 10.45 19.81 121.80
TOTAL 1,130.67 4.07 - - 1,134.74 23.79 26.12 - - 49.91 1,084.83
The assets relating to The Oberoi Corporate Tower, Gurgaon has been classified as Investment Property as per IndAS 40. The fair value of the same as assessed by the
management is INR 2,491.73 million (P.Y. INR 1,726.60 million).
The rental income generated from Investment property is INR 170.56 million (P.Y. INR 88.01 million)
The expenses incurred by investment property are as follows :
i) Directly relating to rental income - INR 77.64 million (2019: INR 73.39 million)
ii) Not Directly relating to rental income - INR 30.42 million (2019: INR 26.22 million)
203
(CONSOLIDATED)
4B
GOODWILL ON CONSOLIDATION
Rupees Million
As at As at
March 31, 2020 March 31, 2019
Add/(less): Foreign Exchange Translation Reserve 302.30 316.25
Closing Balance 3701.05 3,398.75
In case of EIH International Ltd

Goodwill acquired through business combinations is attributed to the hotel ownership, operation and management cash-generating unit
(CGU) for impairment testing.
Hotel ownership, operation and management cash-generating unit
In 2020, the recoverable amount of the hotel ownership, operation and management CGU was determined using a value-in-use
calculation based on cash flow projections and financial budgets approved by senior management.
The key assumptions used in the value-in-use calculation are the forecast earnings, management fees, sales and marketing fees receivable
from the CGU, the discount rate applied to the projected cash flows and the growth rate assumption on the value-in-use calculation.
A range of discount rates were considered and applied to the cash flow projections, from 11% to 12.5% and cash flows beyond the
five-year period were projected using a terminal growth rate ranging from 3.0% to 3.5%, which is consistent with the long-term average
growth rate of the industry.
None of the scenarios tested resulted in an impairment of the carrying value of the assets of the CGU or the Group’s intangible assets.
5
NON-CURRENT INVESTMENTS
A. Investments in equity instruments (fully paid)

(i) Quoted - (measured at Fair value through profit & loss)
25,000 ( 2019-25,000) Equity Shares of INR 10 each of 0.85 2.98
Tourism Finance Corporation of India Limited
(ii) Unquoted (measured at Fair value through profit & loss)
41,858,400 (2019-41,858,400) Equity Shares of INR 10 each of 418.58 418.58
Golden Jubilee Hotels Private Limited
Less: Provision for impairment in the value of Investments (418.58) (418.58)
- -
13,200 (2019-18,000) Equity Shares of INR 10 each of Green Infra Wind Generation Limited 0.13 0.18
1,078,826 (2019-1,078,826) Equity Shares of Egyptian Pound 10 each of Tourism Investments 391.23 358.17
Company at Sahl Hasheesh
4,200 (2019- 4,200) Equity Shares of INR 10 each of ReNew Wind Energy (Karnataka) Pvt. Ltd. 0.42 0.42
Total investments in equity instruments 392.63 361.75
B. Investment in Government Securities

(Unquoted)
National Savings Certificate (lodged with Government Authorities as Security Deposit) 0.29 0.27
Total investments in government securities 0.29 0.27
Total non-current investments 392.92 362.02
Aggregate carrying amount of quoted investments 0.85 2.98
Aggregate Market value of quoted investments 0.85 2.98
Aggregate carrying amount of unquoted investments 810.65 777.62
Aggregate amount of impairment in the value of investment 418.58 418.58
204
(CONSOLIDATED)
6
INVESTMENTS ACCOUNTED FOR USING EQUITY METHOD
Rupees Million
As at As at
March 31, 2020 March 31, 2019
(i) Quoted - In Associate entity
11,215,118 (2019-11,215,118) Equity Shares of INR 10 each of EIH Associated Hotels Limited 1,453.04 1,373.55
(ii) Unquoted - In Associate entity
11,552 (2019 - 9472) Equity Shares of USD 1 each of La Roseraie De L’Atlas 1,564.29 1,249.82
125,501 (2019 - 125,501) Equity Shares of INR 10 each of Usmart Education Limited fully paid* - -
(iii) Unquoted - In Joint Venture entity
7,375,000 (2019- 7,375,000) Equity Shares of USD 1 each of Oberoi Mauritius Ltd 310.07 331.44
12,705,884 (2019 - 12,705,884) Equity Shares of INR 10 each of
Mercury Car Rentals Private Limited 485.05 485.29
Total 3,812.45 3,440.10
*Usmart Education Limited (USmart) has become an Associate of the Company during the previous year by virtue of acquisition of
25.10% shareholding at a cost of INR 251. The company’s share in losses of USmart is restricted to INR 251 pursuant to the requirements of
Para 38 of IndAS 28 on Associates and Joint Ventures. The unrecognised share of losses of associate, for the current year and cumulatively
is INR 0.79 million and INR 3.15 million respectively.
7
OTHER NON-CURRENT FINANCIAL ASSETS
Long-term bank deposits - 3.93
Other recoverable * 5.19 -
Total other non-current financial assets 455.07 407.33
* includes cost of land acquired by Uttar Pradesh Shashan Van Anubhag. The Company’s claim for compensation is pending adjudication
before the Additional District Judge, Agra, Uttar Pradesh.
8
TAX ASSETS - NET
Income Tax Asset (Net)
Add/(Less): Tax payable for the year (378.83) (798.57)
Add: Taxes paid 641.45 829.94
Add/(Less): Refund/adjustment for earlier years (431.50) 24.15
Less: Adjustment for prior periods (0.18) 0.15
Closing Balance 613.15 782.21
Wealth Tax Asset (Net)

Less: Tax payable for the year - -
Add: Taxes paid - -
Less: Adjustment for prior periods - -
Total tax assets 618.15 787.21
205
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
9
DEFERRED TAX ASSETS - NET
Depreciation 91.77 90.06
Total Deferred Tax Liabilities (A) 91.77 90.06
Unabsorbed Depreciation 17.34 41.47
Unabsorbed Carried Forward Loss 35.42 3.19
Accrued Expenses Deductible on Payment 2.40 1.20
Employee Benefit 15.67 14.85
MAT Credit Entitlement 99.82 127.82
Lease Liability (0.40) -
Interest Expense 1.58 -
Change in Tax Rates 18.23 -
Others 0.02 0.10
Total Deferred Tax Assets (B) 190.08 188.63
Deferred Tax Assets (Net B-A) 98.31 98.57
Movement in Deferred Tax Assets

Rupees Million
Movement in deferred Un- Un- Accrued Employee Fair MAT Lease Li- Interest Change Others Total
tax assets absorbed absorbed Expenses Benefit valuation Credit ability Expense in Tax
Deprecia- Carried Deduct- of Entitle- Rates
tion Forward ible on security ment
Loss Payment deposit
As at April 2018 19.13 8.28 1.01 12.30 - 146.80 - - - - 187.52
(Charged)/Credited:
- to profit and loss 22.34 (5.09) 0.05 2.26 - (18.98) - - - 0.10 0.68
- to other - - 0.14 0.29 - - - - 0.43
comprehensive income
As at 31 March, 2019 41.47 3.19 1.20 14.85 - 127.82 - - - 0.10 188.63
(Charged)/Credited:
- to profit and loss (24.13) 32.23 0.97 0.78 - (28.00) (0.40) 1.58 18.23 (0.08) 1.18
- to other - - 0.23 0.04 - - - - - - 0.27
comprehensive income
As at 31 March, 2020 17.34 35.42 2.40 15.67 - 99.82 (0.40) 1.58 18.23 0.02 190.08
Movement in deferred tax liabilities Depreciation Deferred Total

Revenue
As at April 2018 87.87 - 87.87
(Charged)/Credited:
- to profit and loss 2.19 - 2.19
- to other comprehensive income - - -
As at 31 March, 2019 90.06 - 90.06

(Charged)/Credited:
- to profit and loss 1.71 - 1.71
- to other comprehensive income - -
As at 31 March, 2020 91.77 - 91.77
206
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
10
OTHER NON-CURRENT ASSETS
Capital Advances 126.79 97.01
Other Advances recoverable considered good - unsecured 529.53 471.16
Other Advances recoverable which have significant increase in credit risk - unsecured 182.99 185.89
Less: Provision for doubtful advances (182.99) (185.89)
- -
Advances paid under protest 243.90 218.64
Services Exports Incentive 178.87 199.17
Prepayments for lands on operating leases - 1,972.24
Total other non-current assets 1,495.80 3,675.59
11
INVENTORIES *
Provisions, Wines & Others 293.29 298.81
Stores & Operating Supplies 315.27 299.04
Goods-in-transit (Operating Supplies) 0.99 -
Total inventories 609.55 597.85
*Inventories are valued at cost which is based on ‘Cumulative Weighted Average Method’ or net realisable value, whichever is lower.
The cost of inventories recognised as an expense during the year as consumption of provisions, wines & others INR 1,994.16 Million
(2019: INR 2,444.84 Million)
Inventories as at 31.03.2020 is after a write-off amounting to INR 4.47 million owing to the lockdown situation arising due to the global
pandemic COVID-19.
12
INVESTMENTS
Investment in Mutual Funds (Quoted)
2,404,217.230 (2019 - 2,500,168.776) units of Aditya Birla Sun Life Liquid Fund - 240.89 250.62
Daily Dividend - Direct Plan
27,722.584 (2019 - 26,618.248) units of Nippon India Liquid Fund- Daily Dividend option 42.38 40.71
(formerly Reliance Liquid Fund - Daily Dividend Reinvestment)
66,200.060 (2019 - 124,670.735) units of Nippon India Liquid Fund- Direct plan Daily Dividend
option (formerly Reliance Liquid Fund - Direct Daily Dividend Reinvestment) 101.20 190.66
Total Investments 384.47 481.99
207
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
13
TRADE RECEIVABLES*
Unsecured, considered good
Receivable from related parties 199.52 104.18
Receivable from other than related parties 1,857.75 2,376.40
2,057.27 2,480.58
Unsecured, which have significant increase in credit risk
Receivable from other than related parties 894.06 999.37
Less: Provision for doubtful debts (894.06) (999.37)
- -
Total Trade Receivables 2,057.27 2,480.58
* Read with note 41(B) & 52(a)
14
CASH & CASH EQUIVALENTS
Balances with Banks:
- Current Accounts 613.73 933.67
Cash in hand 11.35 16.29
Cheques in hand 3.50 1.68
Fixed Deposits with original maturity of less than three months 50.18 32.48
Total cash and cash equivalents 678.76 984.12
15
OTHER BANK BALANCES
Margin Deposits 0.64 0.30
Unpaid Dividend Accounts 26.62 29.34
Fixed Deposits with original maturity of more than 3 months having remaining maturity of 706.25 631.54
less than 12 months from the Balance Sheet date
Earmarked Balances* 878.79 764.65
Total cash and other bank balance 1,612.30 1,425.83
*Earmarked Balances represent the deposit maintained by Mashobra Resort Limited as per High Court Order dated 17th December, 2003.
16
OTHER CURRENT FINANCIAL ASSETS
Interest Accrued on deposits 20.77 16.46
Other Receivables 25.16 17.25
Total other current financial assets 76.59 66.69
17
OTHER CURRENT ASSETS
Prepayments for lands on operating leases - 32.92
Advances recoverable in cash or in kind or for value to be received 255.19 210.70
Service Exports Incentive 332.66 156.69
Balance with government authorities 146.32 24.01
Total other current assets 853.75 642.03
208
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
18
EQUITY SHARE CAPITAL
AUTHORISED
1,500,000,000 Equity Shares of INR 2 each
(2019 -1,500,000,000) 3,000.00 3,000.00
3,000.00 3,000.00
ISSUED, SUBSCRIBED & FULLY PAID UP
571,569,414 Equity Shares of INR 2 each
(2019 -571,569,414) 1,143.14 1,143.14
1,143.14 1,143.14
(i) Reconciliation of equity share capital
Number of Equity share
shares capital
(par value)
As at April 1, 2018 571,569,414 1,143.14
As at March 31, 2019 571,569,414 1,143.14
As at March 31,2 020 571,569,414 1,143.14
(ii) Rights and preferences attached to equity shares :

The Parent Company has one class of equity shares having a par value of INR 2 per share. These shares rank pari passu in all
respects including voting rights and entitlement to dividend.
(iii) Details of Shareholders holding more than 5 percent shares in the Company :
As at March 31
2020 2019
Number of % holding Number of % holding
Shares Shares
(1) Reliance Strategic Business Ventures Limited 105,907,273 18.53 105,907,273 18.53
(2019 - Reliance Industrial Investments and
Holdings Limited)
(2) ITC Limited 85,621,473 14.98 85,621,473 14.98
(3) Oberoi Hotels Private Limited 83,646,328 14.63 83,646,328 14.63
(4) Oberoi Holdings Private Limited 33,438,993 5.85 33,438,993 5.85
(iv) Dividends
March 31, March 31,
2020 2019
Final dividend for the year ended March 31,2019 of INR 0.90, 514.41 514.41
March 31, 2018 INR 0.90
Dividend Distribution Tax 91.34 105.74
Dividends not recognised at the end of the reporting period
Liability for proposed dividend * - 514.41
Dividend Distribution Tax on proposed dividend - 57.42
* In view of lockdown and the present business conditions and to conserve cash and maintain liquidity for future, the Board of Directors
of EIH Limited have decided not to recommend dividend for the Financial Year 2019-20. This is subject to the approval of the shareholders
in the ensuing annual general meeting.
209
(CONSOLIDATED)
19
OTHER EQUITY Rupees Million
As at As at
March 31, 2020 March 31, 2019
A. RESERVES AND SURPLUS
Capital Redemption Reserve 1,024.21 1,024.21
Capital Reserve 25.95 25.95
Securities Premium 12,373.41 12,373.41
General Reserve 9,384.83 9,384.83
Retained Earnings 6,236.57 5,398.59
Total reserves and surplus 29,044.97 28,206.99
B. OTHER COMPREHENSIVE INCOME

Foreign Currency Translation Reserve 1,177.33 583.81
1,177.33 583.81
Total Other Equity 30,222.30 28,790.80
(i) CAPITAL REDEMPTION RESERVE

(ii) CAPITAL RESERVE

Opening Balance 25.95 25.95
Closing Balance 25.95 25.95
(iii) SECURITIES PREMIUM

(iv) GENERAL RESERVE

210
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
(v) RETAINED EARNINGS
Adjustment of discontinuance of Mercury Travels Limited - 0.68
Adjustment to opening balance due to change in Non Controlling Interest - (82.46)
Adjustment for new IndAS 8.09 (112.04)
Add: Profit during the year as per Statement of Profit & Loss 1,488.17 1,315.41
Final dividend for the year (514.41) (514.41)
Dividend distribution tax (91.34) (105.73)
Other comprehensive income recognised directly in retained earnings
- Remeasurements of defined benefit obligations, net of tax (21.12) (11.41)
- Recycling of foreign currency transalation reserve (28.06) -
- Share of other comprehensive income of associates and
joint ventures accounted for using the equity method (3.35) (1.61)
(vi) FOREIGN CURRENCY TRANSLATION RESERVE

Opening Balance 583.81 (33.78)
Add/(Less): Currency Translation differences arising during the year 593.52 617.59
Closing Balance 1,177.33 583.81
30,222.30 28,790.80
Nature and purpose of Reserves
(i) Capital Redemption Reserve

Capital Redemption Reserve represents the statutory reserve created by the company for the redemption of its preference share
capital issued and redeemed under previous GAAP. The same can be utilised by the group for issuing fully paid bonus shares.
(ii) Capital Reserve

Capital reserve represents reserve created on business combination done under previous GAAP in cases where value of net assets
acquired exceeds the fair value of the consideration transferred.
(iii) Securities Premium

This Reserve represents the premium on issue of shares and can be utilized in accordance with the provisions of the Companies Act,
2013.
(iv) Foreign Currency Translation Reserve

Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income and accumulated
in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed-off.
211
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
20
NON-CURRENT BORROWINGS - AT AMORTISED COST
Term Loans from Banks

Secured
The Hong Kong & Shanghai Banking Corporation Limited (HSBC) 1,607.14 2,035.71
RBL Bank Limited (RBL) 225.00 -
State Bank of Mauritius 500.37 642.74
Unsecured Loans
From Government Of Himachal Pradesh 5.00 5.00
Long Term maturities of Finance Lease Obligations:

Secured
Long Term maturity of Finance Lease Obligations- Vehicles - 39.72
Unsecured
Long Term maturity of Finance Lease Obligations- Land - 28.06
Total Non-current borrowings 2,337.51 2,751.23
Current maturities of long-term debt (included in note 27) 549.61 475.15
Current maturities of finance lease obligations (included in note 27) - 27.84
PARTICULARS OF TERM BORROWINGS :

1.) Security
Term loan from The Hong Kong & Shanghai Banking Corporation Limited (HSBC) relates to EIH Ltd., is secured by way of equitable
mortgage by deposit of title deeds in respect of the Company’s hotel in Delhi known as The Oberoi, New Delhi.
erm loan from RBL Bank Limited (RBL) relates to EIH Ltd., is secured by first pari passu charge by way of equitable mortgage on
T
immovable fixed assets of the Company’s hotel in Delhi known as The Oberoi, New Delhi. Process of creation of security is in progress.
erm Loan from State Bank of Mauritius relates to EIH Flight Services Ltd, Mauritius and is secured by charge on building of that
T
company, floating charge on all assets of the company, assignment of leasehold rights on the leasehold land and a corporate guarantee
of EIH limited.
The Finance Lease obligations are secured by hypothecation of vehicles taken under Lease.
2.) Terms of repayment and Interest rate :

(a) Term Loan From The Hong Kong & Shanghai Banking Corporation Limited (HSBC) is repayable in 28 quarterly installment of
INR 107.14 Million starting from February 2018 and ending on November 2024 and carries interest which is linked to banks MCLR,
presently effective rate is 8.90%
(b) Term loan from RBL is repayable in 20 quarterly installments of INR 12.50 Million starting from December 2020 and ending on
September 2025 and carries interest which is linked to 12 month T-bill, presently effective rate is 8.50%
(c) Term Loan from State Bank of Mauritius carries interest at 1% below the SBM prime lending rate(which is currently at 5.85%) with
an all-in rate of 4.85% per annum. Loan will be repayable within 6 years in 20 quarterly installments of starting from September 2019
and ending in June 2024 in amounts varying from 7,500,000 MUR to 23,750,000 MUR based on the financial year.
(d) The Finance Lease obligations are secured by hypothecation of vehicles taken under Lease. Repayments are done by equated
monthly installments over 36 to 60 months.
(e) Unsecured borrowings from Government of Himachal Pradesh is repayable at the option of the group and group does not expect
repayment in next one year period.
212
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
21
OTHER NON-CURRENT FINANCIAL LIABILITIES
Lease Rent Equalisation - 9.48
Advances from customers 240.03 219.74
Total Other Non-Current Financial Liabilities 319.14 311.96
22
PROVISIONS - NON CURRENT
Employee Benefit Obligation
Gratuity 42 (i) (a) 1.42 1.36
Gratuity 42 (i) (b) 7.02 5.73
Leave Obligation 42 (i) (c ) 252.15 170.31
Pension Benefits 42 (i) (d) 70.22 73.63
Total employee benefit obligations 330.81 251.03
23
OTHER NON-CURRENT LIABILITIES
Total Other Non-Current Liabilities 11.22 21.54
24
DEFERRED TAX LIABILITIES - NET
Depreciation 1,756.66 2,312.33
Outside Basis Taxation 87.27 76.12
Fair Valuation of Security Deposit Liability 0.03 0.03
Restatement of Liability at Fair Value 0.41 0.32
Investment in Associate accounted for using the Equity method 58.45 58.45
Total deferred tax liabilities (A) 1,902.82 2,447.25

Statutory Expenses claimable on payment 77.41 96.36
Provision For Debts, Advances and Investments 271.07 414.16
Fair Valuation of Security Deposit-Assets 32.99 38.76
Loyalty and Membership fee -IndAS effect 0.01 25.01
Lease Rent Equalisation * - 3.60
Others temporary differences 43.44 21.06
Total deferred tax assets (B) 424.92 598.95
Deferred Tax Liabilities - (Net - A-B) 1,477.90 1,848.30
* Deferred tax assets decreased by INR 3.60 million on account of transition to Ind AS 116 w.e.f. 01.04.2019
213
(CONSOLIDATED)
Movement in Deferred Tax Assets and Liability

Rupees Million
Movement in deferred tax assets Statutory Provision Fair Liability Adjustments Others Total
Expenses For Debts, Valuation for Lease on account temporary
claimable Advances of Security Equalisation of differences
on payment and Deposit- IndAS 115
Investments Assets
As at March 31, 2018 89.32 129.56 31.33 3.83 - 21.56 275.60
IndAS P&L adjustment done - - - - 60.23 - 60.23
through opening reserves
(Charged)/Credited: -
- to profit and loss 11.57 284.60 7.43 (0.23) (35.22) (0.50) 267.65
- to other comprehensive income (4.53) - - - - - (4.53)
As at March 31, 2019 96.36 414.16 38.76 3.60 25.01 21.06 598.95
IndAS P&L adjustment done - - - (3.60) - - (3.60)
through opening reserves
(Charged)/Credited:
- to profit and loss (21.81) (143.09) (5.77) - (25.00) 22.38 (173.29)
- to other comprehensive income 2.86 - - - - 2.86
As at March 31, 2020 77.41 271.07 32.99 - 0.01 43.44 424.92
Movement in deferred tax liabilities WDV of Fair Restate- Fair Investment Outside Total
Depreciable Valuation ment of Valuation in Basis
Assets of Security liability at of Equity Associates Taxation
Deposit fair value Investment using
-MTL Equity
method
As at March 31, 2018 2,148.15 0.03 0.20 2.77 58.45 31.84 2,241.44
(Charged)/Credited:
- to profit and loss 164.18 - 0.12 (2.77) - 44.28 205.81
- to other comprehensive income - - - - - - -
- to Non Controlling Interest - - - - - - -
As at March 31, 2019 2,312.33 0.03 0.32 - 58.45 76.12 2,447.25
(Charged)/Credited:
- to profit and loss (555.67) (0.00) 0.09 - - 25.37 (530.21)
- to other comprehensive income - - - - - (1.48) (1.48)
- to Non Controlling Interest - - - - - (12.74) (12.74)
As at March 31, 2020 1,756.66 0.03 0.41 - 58.45 87.27 1,902.82
214
(CONSOLIDATED)
25
CURRENT BORROWINGS
Rupees Million
As at As at
March 31, 2020 March 31, 2019
SECURED - at amortised cost
Short Term Loans From Banks
The Hong Kong & Shanghai Banking Corporation Limited (HSBC) 180.00 -
ICICI Bank Limited (ICICI) 240.00 -
HDFC bank limited 300.00 -
Cash Credit From Banks
United Bank Of India (UBI) 186.29 67.44
The Hong Kong & Shanghai Banking Corporation Limited (HSBC) 47.76 219.18
ICICI Bank Limited (ICICI) 95.00 10.81
HDFC bank limited 66.23 199.14
State Bank of Mauritius 8.86 -
UNSECURED - at amortised cost

Short Term Loans From Banks
ICICI Bank Limited (ICICI) - 750.00
Federal Bank Limited 750.00 1,000.00
Total Current Borrowings 1,874.14 2,246.57
PARTICULARS OF SHORT TERM BORROWINGS :

1) Security
Short Term Loans and Cash Credit facilities from banks (other than cash credit from State Bank of Mauritius) related to EIH Ltd.
and are secured by way of hypothecation of all stock of inventories, book debts and other current assets of the company, both
present and future, ranking pari passu.
Cash Credit with UBI is additionally secured by way of second charge in respect of the Company’s hotel in Kolkata known as
The Oberoi Grand.
Cash Credit from State Bank of Mauritius relates to EIH Flight Services Ltd, Mauritius and is secured by Ist rank floating charge
for INR 25.00 million on all assets of EIH Flight Services Ltd, Mauritius and Corporate guarantee of INR 25.00 million given by
EIH Flight Services Ltd, Mauritius shareholder
2) Terms of repayment and Interest rate :

Short term loan from HSBC for INR 180 Million is repayable on June 26, 2020 and carries Interest @ 8.20%
Short term loan from ICICI for INR 240 Million is repayable on September 04, 2020 and carries Interest @ 8.55%
Short term loan from HDFC for INR 300 Million is repayable on May 31, 2020 and carries Interest @ 8.05%
Cash Credit from UBI is repayable on demand and carries Interest at MCLR-Y + 0.55%
Cash Credit from HSBC is repayable on demand and carries Interest at overnight MCLR
Cash Credit from ICICI is repayable on demand and carries Interest at 6 months MCLR + 0.30%
Cash Credit from HDFC is repayable on demand and carries Interest at 1 year MCLR +0.15%
Cash Credit from State Bank of Mauritius is repayable on demand and carries Interest at SBM PLR + 2.25%.
Short term loan from Federal bank limited INR 500 Million is repayable on September 18, 2020 and carries Interest @ 8.40%.
Short term loan from Federal bank limited INR 250 Million is repayable on March 20, 2021 and carries Interest @ 8.70%.
215
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
26
A. TRADE PAYABLES TO MICRO AND SMALL ENTERPRISES
(i) Principal amount remaining unpaid at the end of the year * 15.27 0.95
(ii) Interest due thereon remaining unpaid at the end of the year 0.01 -
(iii) he amount of interest paid along with the amounts of the payment beyond the
T - 0.44
appointed day.
(iv) The amount of interest due and payable for the year 0.05 0.03
(v) The amount of interest accrued and remaining unpaid at the end of the year 0.05 -
(vi) T
he amount of further interest due and payable even in the succeeding period, until - -
such date when the interest dues as above are actually paid
(vii) Interest remaining disallowable as deductible expenditure under the
Income Tax Act, 1961 - -
Total [(i)+(v)] 15.32 0.95
* Details of dues to Micro Enterprises and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,
2006 (MSMED Act) are based on information made available to the companies within the Group.
B. TRADE PAYABLES TO OTHER THAN MICRO AND SMALL ENTERPRISES

Trade Payables 1,988.85 2,230.58
Trade Payables to related parties 73.52 67.60
Trade payables to other than micro and small enterprises 2,062.37 2,298.18
27
OTHER CURRENT FINANCIAL LIABILITIES
Current Maturities of Long Term Debt (refer note 20) 549.61 475.15
Current Maturities of Finance Lease Obligations (refer note 20) - 27.84
Interest accrued but not due on borrowings 8.67 7.99
Unclaimed Dividend 26.62 29.34
Other Payables
- Liability for Capital Assets 138.00 135.94
- Lease Rent Equalisation - 0.81
Payable to related parties 5.05 -
Other Liabilities 8.40 -
Total current financial liabilities 842.63 761.56
28
TAX LIABILITIES - NET
Income Tax Liabilities - Net - 17.22
Total tax liabilities - Net - 17.22
216
(CONSOLIDATED)
Rupees Million
As at As at
March 31, 2020 March 31, 2019
29
PROVISIONS
Employee Benefit Obligation
Gratuity 131.10 128.45
Leave Obligation 60.45 112.52
Total provisions 191.55 240.97
30
OTHER CURRENT LIABILITIES
Advance from Customer 345.14 487.28
Statutory and other dues 463.01 282.16
Deferred Revenue 149.08 171.10
Total other current liabilities 980.57 948.45
217
(CONSOLIDATED)
Rupees Million
March 31, 2020 March 31, 2019
31
REVENUE FROM OPERATIONS
Rooms 7,344.88 7,678.09
Food and Beverages 6,203.49 7,490.17
Other Services 1,975.03 2,483.78
Sale of Printed Materials 439.13 456.16
Total revenue from operations 15,962.53 18,108.20
32
OTHER INCOME
Interest Income :
Interest income from financial assets at amortised cost 171.12 138.26
Interest income on Income Tax refund 79.63 61.96
Dividend Income :
Dividend income from equity investments measured at fair value through profit or loss 19.54 20.01
Income on account of Services Exports Incentive 182.92 255.15
Others :
Fair value changes on equity investments measured at fair value through profit or loss - 0.01
Rental Income from Investment Property 170.56 88.01
Net foreign exchange gain 14.97 1.85
Provisions/ Liabilities Written Back 29.39 14.75
Miscellaneous Income 116.28 107.87
Total other income 784.41 687.87
33
CONSUMPTION OF PROVISIONS, WINES & OTHERS
Opening Stock 298.81 231.72
Add: Purchases 1,988.64 2,511.93
2,287.45 2,743.65
Less: Closing Stock 293.29 298.81
Total Consumption of provisions, wines & others 1,994.16 2,444.84
34
EMPLOYEE BENEFITS EXPENSE
Salaries & Wages 4,033.01 4,139.57
Contribution to Provident fund and Other Funds 233.66 211.93
Staff Welfare Expenses 425.51 455.43
Total employee benefits expense 4,692.18 4,806.93
218
(CONSOLIDATED)
Rupees Million
March 31, 2020 March 31, 2019
35
FINANCE COSTS
Interest Expense 436.64 483.72
Interest on obligations under finance leases - 20.69
Interest on lease liabilities 130.05 -
566.69 504.41
Less: Amount capitalised to qualifying assets 10.64 -
Total finance costs 556.05 504.41
36
DEPRECIATION AND AMORTISATION EXPENSE
Depreciation of property, plant and equipment 1,220.84 1,262.76
Depreciation of Right of use asset 176.83 -
Amortisation of intangible assets 40.82 39.02
Depreciation of investment property 26.12 23.79
Total depreciation and amortisation expense 1,464.61 1,325.57
37
OTHER EXPENSES
Power & Fuel 1,159.49 1,246.52
Rent 384.65 464.70
Repairs and Maintenance:
- Buildings 297.04 264.24
- Plant & Machinery 460.11 448.30
- Others 73.76 73.48
Insurance 76.22 63.90
Rates & Taxes 388.62 389.10
Expenses on Apartment & Board 230.23 281.29
Royalty 132.26 149.55
Advertisement, Publicity & Other Promotional Expenses 412.56 367.26
Commission to Travel Agents & others 497.98 513.84
Passage & Travelling 332.67 350.48
Postage, Telephone, etc. 84.17 90.32
Professional Charges 289.96 384.95
Linen, Uniform Washing & Laundry Expenses 53.68 58.85
Renewals & Replacement 155.95 155.40
Musical, Banquet & Kitchen Expenses 108.15 104.27
Auditors’ Remuneration (Refer 37 (a)) 40.94 34.08
Directors’ Fees and Commission 82.43 100.29
Loss on fair valuation of Investment 2.33 0.84
Bad Debts & Advances Written Off 128.27 41.30
Less : Charged off against provisions (127.39) (34.75)
0.88 6.55
CSR Expenses (Refer 37(b)) 41.58 45.69
Expenses on Contracts for service 590.44 600.09
Provision for debts & advances with significant increase in credit risk 19.74 9.18
Loss on Sale/Discard of Property, Plant and Equipments (Net) 47.19 2.67
Airport Levy Expenses 121.37 272.41
Loss on exchange - 19.09
Miscellaneous Expenses 289.22 299.91
Total other expenses 6,373.62 6,797.25
219
(CONSOLIDATED)
Rupees Million
March 31, 2020 March 31, 2019
37
OTHER EXPENSES – Contd.
(a)
Details of Auditors’ remuneration
As auditor:
Audit fee 31.44 25.88
Review of special purpose financial information 0.20
Tax audit fee 1.52 1.70
Reimbursement of expenses 1.22 1.22
In other capacity
For Limited Review of Unaudited Financial Results 5.40 4.20
For verification of statement and other reports 1.16 1.08
Total payments to auditors 40.94 34.08
(b)
Details Of CSR Expenditure
SOS Children’s Villages of India 23.98 24.78
Helpage India 7.00 7.00
Save the Children 5.45 -
Expenses for Swachh Bharat Abhiyan 0.86 4.16
Kailash Sathyarthi Children Foundation - 5.55
Odisha Relief Fund 0.10 -
Repair work at school for visually impaired at Dhalli in the District of Shimla, 1.79 2.38
Himachal Pradesh
Set up of Vocational Training Centre including teachers and teaching aids at the school for the 1.84 1.82
Hearing and Visually impaired
Laundry machine for the school for the hearing and visually
impaired at Dhalli, Shimla 0.56 -
Total CSR Expenditure 41.58 45.69
Amount required to be spent on CSR as per Section 135 of the Companies Act, 2013 40.37 41.45
38
EXCEPTIONAL ITEMS : PROFIT/ (LOSS)
Profit/(Loss) on sale of Investment in Mercury Travels Limited - 116.83

Provision for Doubtful Debts (4.67) (847.49)
Total Exceptional Items (4.67) (730.66)
Exceptional Items include a) a one-off provision of INR 4.67 million (P.Y. INR 847.49 million) against receivable from a single customer
in the flight catering business, due to uncertainty over business continuity of the referred customer and (b) C.Y. Nil (P.Y. Profit of
INR 116.83 million on sale of investment in an associate).
220
(CONSOLIDATED)
Rupees Million
March 31, 2020 March 31, 2019
39
TAX EXPENSE
(a) Current tax
Tax on profits for the year 360.79 852.97
Adjustments for prior periods 11.60 9.28
Total Current tax 372.39 862.25
(b) Deferred tax
Decrease / (Increase) in deferred tax assets 189.59 (255.47)
(Decrease) / Increase in deferred tax liabilities (529.77) 236.39
(340.18) (19.08)
Add: MAT credit utilised (28.00) (18.98)
Add : Recognised in OCI 4.57 (4.39)
Total deferred tax expense/(benefit) (363.61) (42.45)
Total tax expense 8.78 819.80
(c) Reconciliation of tax expense and the accounting profit multiplied by tax rate:
Profit before income tax expense 1,660.21 2,309.37
Tax at the respective countries’ tax rates 479.27 778.71
Tax effect of amounts which are not deductible in calculating taxable income:
Corporate social responsibility expenditure 10.66 15.12
Interest on MSME - 0.01
Expenses related to exempted income 1.01 6.23
Donations 0.10 0.08
Tax loss utilized 31.96 -
Others 1.01 (6.18)
44.74 15.26
Adjustments related to property, plant and equipments:
Depreciation adjustment on account of difference in WDV as per companies Act and Income tax Act - (0.02)
Adjustment on account of depreciable and leased assets 4.63 20.90
Impact of rate change in deferred tax (15.54) -
(10.91) 20.88
Tax effect of amounts which are not taxable in calculating taxable income:
Profit on sale of property - (34.38)
Dividend (43.27) (58.06)
Others 25.34 74.99
(17.93) (17.45)
Other differences
Difference in tax rate on foreign dividend (5.69) (24.83)
Impact of decrease in tax rate on deferred tax (448.37) -
Impact of difference in tax rate and method on gains arising on fair value of Investments 0.53 0.22
Deferred tax assets not recognised (22.64) 4.98
Deferred tax for earlier year (10.12) (12.34)
Difference in tax rate of subsidiaries (11.70) 45.09
(497.99) 13.12
Income tax expense related to prior periods 11.60 9.28
Income tax expense as per Income Tax 8.78 819.80
Effective April 1, 2019, companies within the Group has adopted Appendix C to Ind AS 12 – Income taxes retrospectively with cumulative
effect of initially applying Appendix C recognised by adjusting equity on initial application, without adjusting comparatives. The effect
on account of initial application of this amendment is Nil. The effect of adoption of this amendment in the current year is also Nil.
221
(CONSOLIDATED)
40
FAIR VALUE MEASUREMENTS
Financial instruments by category Rupees Million

FVPL Amortised FVPL Amortised
cost cost
Financial assets
Investments
Equity instruments - Other than Investments in associates and 777.10 - 843.74 -
joint ventures
Government securities - 0.29 - 0.27
Trade Receivables - 2,057.27 - 2,480.58
Cash and cash equivalents - 678.76 - 984.12
Other bank balances - 1,612.30 - 1,425.83
Other receivables - 51.12 - 37.64
Total financial assets 777.10 4,880.28 843.74 5,364.82
Financial liabilities
Borrowings - 4,761.26 - 5,405.17
Finance Lease Obligations - - - 95.62
Lease Rent equalisation - - - 10.29
Lease Liabilities - 1,713.41 - -
Trade payables - 2,077.69 - 2,299.13
Capital creditors - 138.00 - 135.94
Others - 288.77 - 257.07
Total financial liabilities - 9,164.52 - 8,370.45
(i) Financial assets and liabilities measured at fair value - recurring fair value measurements
Level 1 Level 3 Level 1 Level 3
Financial Investments at FVPL
Investment in Equity Shares of (Note 5)
Tourism Finance Corporation of India Limited 0.85 - 2.98 -
Green Infra Wind Generation Limited - 0.13 - 0.18
ReNew Wind Energy (Karnataka) Pvt. Ltd. - 0.42 - 0.42
Tourism Investments Company at Sahl Hasheesh - 391.23 - 358.17
Investment in Mutual fund of (Note 12)

Aditya Birla Sun Life Liquid Fund 240.89 - 250.62 -
Nippon India Liquid Fund 101.20 - 190.66 -
Nippon India Liquid Fund 42.38 - 40.71 -
Total financial assets 385.32 391.78 484.97 358.77
222
(CONSOLIDATED)
(ii) Fair Value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial
statements. To provide an indication about the reliability of the inputs used in determining fair value, the company has classified
its financial instruments into the three levels prescribed under the accounting standard.
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments,
mutual funds, that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued
using the closing price as at the reporting period.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This
is the case for unlisted equity securities, etc.
(iii) Assets and liabilities which are measured at amortised cost for which fair values are disclosed
ll the financial asset and financial liabilities measured at amortised cost, carrying value is an approximation of their respective
A
fair value.
(iv) Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:
– Investment in Green Infra Wind Generation Limited and ReNew Wind Energy (Karnataka) Pvt. Ltd., are made pursuant to
the contract for procuring electricity supply at the hotels units. Investment in said companies is not usually traded in market.
Considering the terms of the electricity supply contract and best information available in the market, cost of investment is
considered as fair value of the investments.
– For the investment in Golden Jubilee Hotels Private Limited (GJHPL), the management was of the view that carrying value
of the investment is representative of its fair value as on April 01, 2015. As on April 01, 2015, no indicators of impairment was
existing. However, during the financial year 2015-16, due to the non-payment of bank borrowings and other obligation, petition
for the winding up has been filed by the creditors and lenders of the GJHPL. Considering the financial position of the GJHPL
and legal proceedings initiated by lenders, the management has fully provided for the investment in GJHPL as on March 31,
2016.
(v) Reconciliation of financial assets measured at fair value using significant unobservable inputs (level 3)
Rupees Million
As at March 31, 2018 324.19
Acquisitions -
Gains/(losses) recognised in profit or loss 34.58
As at March 31, 2019 358.77
Acquisitions -
Gains/(losses) recognised in profit or loss 33.01
As at March 31, 2020 391.78
223
(CONSOLIDATED)
41
FINANCIAL RISK MANAGEMENT
The Group’s activities expose it to market risk (i.e., currency risk, interest rate risk and market price risk), liquidity risk and credit risk.
This note explains the sources of risk which the Group is exposed to and how the Group manages the risk.
The company’s risk management is carried out by a treasury department under policies approved by the Board of Directors. Company
Treasury identifies, evaluates and hedges financial risks in close co-operation with the company’s operating units. The board provides
written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk,
credit risk, use of non-derivative financial instruments, and investment of excess liquidity.
(A) Market risk

(i) Foreign currency risk
Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is
not the respective companies’ functional currency.
The exposure of the Group to foreign currency risk is not significant. However, this is closely monitored by the Management to decide
on the requirement of hedging. The position of foreign currency exposure to the Group as at the end of the year expressed in INR are as
follows :
Rupees Million
Currency (Receivables) (Payables)
March 31 2020
EURO 3.73 2.12
Mauritius Rupee (MUR) 51.69 1,030.59
Hongkong Dollar (HKD) - 0.62
Swedish Kroner (SEK) - 0.22
Singapore Dollar (SGD) - 0.21
Net exposure to foreign currency risk 140.47 1,078.49
March 31 2019
EURO 7.20 2.09
Mauritius Rupee (MUR) 72.37 712.20
224
(CONSOLIDATED)
Sensitivity
If INR is depreciated or appreciated by 5% vis-a-vis foreign currency, the impact thereof on the profit and loss of the group are given below:
Rupees Million
Impact on profit*
March 31 2020 March 31 2019
USD sensitivity
INR/USD Increases by 5% (March 31 2019 - 5%) 2.11 2.37
INR/USD Decreases by 5% (March 31 2019 - 5%) (2.11) (2.37)
EURO sensitivity
INR/EURO Increases by 5% (March 31 2019 - 5%) 0.08 0.26
INR/EURO Decreases by 5% (March 31 2019 - 5%) (0.08) (0.26)
GBP sensitivity
INR/GBP Increases by 5% (March 31 2019 - 5%) (0.50) (0.21)
INR/GBP Decreases by 5% (March 31 2019 - 5%) 0.50 0.21
AED sensitivity
INR/AED Increases by 5% (March 31 2019 - 5%) 0.08 0.05
INR/AED Decreases by 5% (March 31 2019 - 5%) (0.08) (0.05)
Mauritius Rupee sensitivity
INR/MUR Increases by 5% (March 31 2019 - 5%) (48.95) (31.99)
INR/MUR Decreases by 5% (March 31 2019 - 5%) 48.95 31.99
AUD sensitivity
INR/AUD Increases by 5% (March 31 2019 - 5%) 0.33 1.21
INR/AUD Decreases by 5% (March 31 2019 - 5%) (0.33) (1.21)
HKD sensitivity
INR/HKD Increases by 5% (March 31 2019 - 5%) (0.03) -
INR/HKD Decreases by 5% (March 31 2019 - 5%) 0.03 -
SEK sensitivity
INR/SEK Increases by 5% (March 31 2019 - 5%) (0.01) -
INR/SEK Decreases by 5% (March 31 2019 - 5%) 0.01 -
SGD sensitivity
INR/SGD Increases by 5% (March 31 2019 - 5%) (0.01) -
INR/SGD Decreases by 5% (March 31 2019 - 5%) 0.01 -
(ii) Interest rate risk

The exposure of the Group’s borrowing to interest rate changes at the end of the reporting period depends on the mix of fixed rate and
floating rate of the borrowings and the expected movement of market interest rate. The status of borrowings in terms of fixed rate and
floating rate are as follows:
Variable rate borrowings 3,286.26 4,650.17
Fixed rate borrowings 1,475.00 755.00
Total borrowings 4,761.26 5,405.17
As at the end of the reporting period, the group had the following variable rate borrowings outstanding:
Weighted Balance % of
average total loans
interest rate
March 31, 2020
March 31, 2019
225
(CONSOLIDATED)
Sensitivity
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates.
Rupees Million
Impact on profit*
March 31 2020 March 31 2019
Interest rates – increase by 50 basis points (50 bps) * (16.43) (23.25)
Interest rates – decrease by 50 basis points (50 bps) * 16.43 23.25
(iii) Price risk

The Group’s exposure to equity securities price risk arises from investments held by the Group in equity securities and classified in the
balance sheet as at fair value through profit or loss (Note 5). However, Group does not have a practice of investing in equity securities
with a view to earn fair value changes gain. As per the Group policies, whenever any investment is made by the Group company in
equity securities, the same is made either with some strategic objective or as a part of contractual arrangement.
(B) Credit risk

Credit risk arises when a counter party defaults on contractual obligations resulting in financial loss to the group.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas. In order to mitigate the
risk of financial loss from defaulters, the Group companies has an ongoing credit evaluation process in respect of customers who are
allowed credit period. In respect of walk-in customers the Group companies do not allow any credit period and therefore, is not exposed
to any credit risk.
The Group does not have any derivative transaction and therefore is not exposed to any credit risk on account of derivatives.
Reconciliation of loss allowance provision – Trade receivables

Loss allowance on March 31 2018 184.34
Changes in loss allowance 815.03
Changes in loss allowance (105.31)
(C) Liquidity risk

The Group has a liquidity risk management framework for managing its short term, medium term and long term sources of funding
vis-à-vis short term and long term utilization requirement. This is monitored through a rolling forecast showing the expected net cash
flow, likely availability of cash and cash equivalents, and available undrawn borrowing facilities.
(i) Financing arrangements: The position of undrawn borrowing facilities at the end of reporting period are as follows:
March 31 2020 March 31 2019
Floating rate
Expiring within one year (cash credit facilities and bank overdraft)
HSBC Cash Credit/WCTL Facility 72.24 80.82
UBI Cash Credit Facility 613.71 732.56
ICICI Cash Credit Facility 135.00 389.11
ICICI Short Term Facility 1,000.00 -
Federal Bank Short Term Facility 750.00 1,000.00
HDFC Cash Credit Facility 133.77 300.86
2,704.72 2,503.35
The bank overdraft and cash credit facilities may be drawn at any time and may be terminated by the bank without notice.
226
(CONSOLIDATED)
(ii) Maturities of financial liabilities

The table below analyses the group’s all non-derivative financial liabilities into relevant maturity based on their contractual maturities.
The amounts disclosed in the table are the contractual undiscounted cash flows.
Contractual maturities of financial liabilities:

Rupees Million
Not later than Between Later than Total
1 year 1 and 5 years 5 years
Non-derivatives
March 31 2020
Borrowings 2,675.45 2,681.83 31.68 5,388.96
Lease Liabilities 145.40 518.05 2,496.49 3,159.94
Trade payables 2,077.69 - - 2,077.69
Other financial liabilities 249.91 98.92 0.68 349.51
Total non-derivative liabilities 5,148.45 3,298.80 2,528.85 10,976.10
March 31 2019
Borrowings 2,977.66 3,199.93 20.71 6,198.30
Obligations under finance lease 41.54 63.11 119.54 224.19
Trade payables 2,570.31 - - 2,570.31
Other financial liabilities 230.30 100.19 12.06 342.55
Total non-derivative liabilities 5,819.81 3,363.23 152.31 9,335.35
(D) Capital management

(i) Risk management
The group’s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for
other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
The group’s strategy is to maintain a gearing ratio within 30%. The gearing ratios were as follows:
Rupees Million
March 31 2020 March 31 2019
Net debt * 4,082.50 4,421.05
Total equity 32,362.75 30,820.11
Net debt to equity ratio 13% 14%
* Net debt represents borrowings less cash and cash equivalents computed as follows:
Term Loan from Bank 2,882.12 3,153.60
Loan from Others 5.00 5.00
Cash Credit From Banks 404.14 496.57
Short Term Loan From Banks 1,470.00 1,750.00
Less: cash and cash equivalents (678.76) (984.12)
Net debt 4,082.50 4,421.05
227
(CONSOLIDATED)
42
(i) POST-EMPLOYMENT OBLIGATIONS
a) Gratuity (India)
The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous
service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last
drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. Gratuity plan
is a funded plan and the group through Gratuity Trust makes contribution of funds to Life Insurance Corporation of India.
b) Gratuity (Mauritius)

The Group provides for gratuity for employees in Mauritius under the Employment Rights Act, 2008. The gratuity plan is an unfunded
defined benefit plan.
c) Leave Obligation (India)

As per the policy of the company, leave obligations can be settled in cash only at the time of separation of employees with the group.
The leave obligations cover the company’s liability for earned leaves encashable at the time of termination/retirement of employees.
It’s a unfunded plan.
d) Pension Benefits

The pension benefit plan pertains to two of the foreign subsidiaries PT Waka Oberoi Indonesia and PT Widja Putra Karya.
(ii) DEFINED CONTRIBUTION PLANS

The company also has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate
of 12% of basic salary as per regulations. The contributions are made to registered provident fund administered by the government.
The obligation of the company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
Balance sheet amounts – Gratuity and Leave Obligations (India)- Note (i) (a)and (i) (c)
Rupees Million
Gratuity Earned
Leave
Present Fair value Net Present
value of plan amount value for
of assets obligation
obligation towards
Leave
Encash-
ment
April 1, 2018 649.73 474.03 175.70 279.51
Remeasurements
Return on plan assets, excluding amounts included in 18.55 18.55 (17.27)
interest expense/(income)
(Gain)/loss from change in financial assumptions 8.36 - 8.36 4.26
Experience (gains)/losses (0.01) 0.25 (0.26) 0.52
Total amount recognised in other comprehensive income 26.90 0.25 26.65 (12.49)
Benefit payments (82.05) (81.62) (0.43) (52.68)
March 31, 2019 681.60 551.79 129.81 282.83
April 1, 2019 681.60 551.79 129.81 282.83
228
(CONSOLIDATED)
Remeasurements Rupees Million

(Gain)/loss from change in demographic assumptions (0.13) - (0.13) 16.74
Experience (gains)/losses 4.53 - 4.53 (8.59)
(Gain)/loss from change in financial assumptions 15.97 - 15.97 4.02
Total amount recognised in other comprehensive income 20.37 - 20.37 12.17
Benefit payments (81.93) (81.64) (0.29) (53.29)
March 31, 2020 709.49 576.98 132.51 312.61
(iii) POST EMPLOYMENT BENEFITS

Particulars March 31, 2020 March 31, 2019
Discount rate 6.50% - 6.66% 7.40% - 7.69%
Salary growth rate 0%-5% 5%
Mortality Indian assured lives Indian assured lives
mortality mortality
(2006-08) (modified) (2006-08) (modified)
Ultimate Ultimate
Withdrawal Rate Age less than 30 years: 2%-3%
Management - 20%
Non Management - 30%
Age Greater than
30 years - Upto 5%
(iv) SENSITIVITY ANALYSIS

Change in assumption
Increase by 1% Decrease by 1%
2020 2019 2020 2019 2020 2019
Gratuity
Discount rate 1% 1% (34.18) (39.99) 38.10 45.43
Leave Encashment
Discount rate 1% 1% (17.43) (19.98) 19.77 23.27
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this
is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit
obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the
projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability
recognised in the balance sheet.
Sensitivities due to Demographic and Investment are not material and hence the impact of change due to these is not disclosed
(v) The major categories of plans assets are as follows:

March 31, 2020 March 31, 2019
Unquoted in % Unquoted in %
Investment funds with LIC of India* 576.98 100% 551.80 100%
Total 576.98 551.80
* Gratuity trust pays contribution to LIC which in turn invests the amount in various instruments. As it is done by LIC in totality basis along with
contributions from other participants, the Company wise investment in planned assets - category / class wise is not available.

229
(CONSOLIDATED)
(vi) Risk exposure

Through its defined benefit plans, The company is exposed to a number of risks, the most significant of which are detailed below:
Interest rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the
defined benefit obligation will tend to increase
Salary Inflation risk : Higher than expected increases in salary will increase the defined benefit obligation
Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal,
disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the
combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial
analysis the retirement benefit of a short career employee typically costs less per year as compared to a long service employee.
Investment risk: This may arise from volatility in asset values due to market fluctuations and impairment of assets due to credit losses.
LIC of India primarily invests in debt instruments such as Government securities and highly rated corporate bonds wherein the risk of
downward fluctuation in value is minimal.
(vii) Defined benefit liability and employer contributions

Expected contributions to post employment benefit plan for the year ending 31 March 2021 are INR 132.51 million.
The weighted average duration of the defined benefit obligation is between 7-25 years (2019 - 7 years) in case of Gratuity and between
7-18 years (2019- 8 years) in case of Leave encashment.
The expected maturity analysis of undiscounted gratuity and leave encashment is as follows: Rupees Million
Particulars Less than Between Between Between Between Beyond 5 Total
a year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years years
March 31, 2020
Gratuity 114.45 91.23 114.61 85.58 89.43 408.88 904.18
Leave Obligation 62.37 47.60 53.23 44.23 44.51 218.11 470.05
Total 176.82 138.83 167.84 129.81 133.94 626.99 1,374.23
March 31, 2019

Gratuity 69.49 87.81 75.32 104.24 73.48 424.88 835.22
Leave Obligation 34.37 30.68 30.96 43.69 33.20 219.29 392.19
Total 103.86 118.49 106.28 147.93 106.68 644.17 1,227.41
Balance sheet amounts – Gratuity (Mauritius)- Note (i) (b)

Gratuity
Present value
of obligation
April 1, 2018 4.50
Current service cost 0.96
Interest expense/(income) 0.26
Translation Adjustment 0.44
Total amount recognised in profit or loss 1.66
Remeasurements
(Gain)/loss from change in demographic assumptions -
(Gain)/loss from change in financial assumptions (0.09)
Experience (gains)/losses (0.32)
Total amount recognised in other comprehensive income (0.41)
230
(CONSOLIDATED)
Rupees Million
Employer contributions -
Benefit payments -
March 31, 2019 5.75
April 1, 2019 5.75
Translation Adjustment (0.46)
Remeasurements
Past Service cost 1.67
Benefit payments (0.26)
March 31, 2020 7.02
The net liability disclosed above relates to funded and unfunded plans are as follows:
Gratuity
March 31, 2020 March 31, 2019
Present value of funded obligations - -
Fair value of plan assets - -
Deficit of funded plan - -
Unfunded plans 7.02 5.73
Deficit of Employee Benefit Plans 7.02 5.73
(viii) Significant estimates: actuarial assumptions and sensitivity

March 31, 2020 March 31, 2019
Salary growth rate 2.60% 3.40%
Average Retirement Age 65 Years 65 years
(ix) Sensitivity analysis

Change in assumption Increase in assumption Decrease in assumption
2020 2019 2020 2019 2020 2019
Gratuity
Discount rate 1% 1% 1.51 1.14 1.21 1.04
231
(CONSOLIDATED)
(x) Risk exposure

Through its defined benefit plans, The group is exposed to a number of risks, the most significant of which are detailed below:
Interest Risk: A decrease in the bond interest rate will increase the plan liability, however, this may be partially offset by a decrease in
inflationary pressures on the salary increased.
Salary Risk: : The Plan liability is calculated by reference to the future projected salaries of plan participants. As such an increase in the
salary of the plan participants above the assumed rate will increase the plan liability whereas an increase below the assumed rate will
decrease the liability.
Balance sheet amounts – Pension Benefits (Indonesia)- Note (i) (d) Rupees Million
Pension Benefit
Present value
of obligation
April 1, 2018 63.36
Remeasurements
Experience (gains)/losses 4.23
Translation Adjustment including translation at EIH India Console 4.46
Total amount recognised in other comprehensive income 5.86
March 31, 2019 74.25
April 1, 2019 74.25
Remeasurements
(Gain)/loss from change in financial assumptions 0.76
Translation Adjustment including translation at EIH India Console (3.56)
March 31, 2020 70.22
232
(CONSOLIDATED)
(xi) Significant estimates: actuarial assumptions and sensitivity

The significant actuarial assumptions were as follows: Rupees Million
March 31, 2020 March 31, 2019
Salary growth rate 8% - 8.50% 8.00%
Mortality TMI III TMI III
Retirement Age 55 Years 55 Years
Disability Rate 5%-10% of Mortality 10% of Mortality table
table TMI III TMI III
(xii) Sensitivity analysis (To be included for each defined benefit obligation)
Change in Increase in Decrease in

assumption assumption assumption
2020 2019 2020 2019 2020 2019
Discount rate 1.00% 1.00% (4.71) (19.38) 5.42 4.72
233
(CONSOLIDATED)
RELATED PARTY TRANSACTIONS
43(a)
LIST OF RELATED PARTIES
In accordance with the requirements of Indian Accounting Standard (Ind AS) - 24 ‘Related Party Disclosures’ the names of the related
party where control exists/able to exercise significant influence along with the aggregate transactions and year-end balance with them
in the ordinary course of business and on arms’ length basis are given below
Key Management Personnel of the company and close member Enterprises in which Key Management Personnel and close
of Key Management Personnel of the company member of Key Management Personnel have Joint Control or
Significant influence with whom transactions have taken place
during the current and previous year
Mr. P.R.S. Oberoi Oberoi Hotels Private Limited
Mr. S.S. Mukherji Oberoi Holdings Private Limited
Mr. Vikram Oberoi Oberoi Investments Private Limited
Mr. Arjun Oberoi Oberoi Buildings and Investments Private Limited
Ms. Nita M. Ambani Oberoi Plaza Private Limited
Ms. Chhavi Rajawat Bombay Plaza Private Limited
Mr. Manoj Harjivandas Modi Oberoi International LLP
Mr. Rajeev Gupta Oberoi Lutyens Private Limited
Mr. S.K. Dasgupta (ceased to be a Director from 29th March, 2019) Silhouette Beauty Parlour (Upto March 31, 2019)
Mr. Anil K. Nehru Ceres Hospitality Private Limited
Mr. Sudipto Sarkar
Mr. L. Ganesh Enterprises which are post employment benefit plan for the
benefit of employees
Mr. Sanjay Gopal Bhatnagar (effective August 27, 2019) EIH Employees’ Gratuity Fund
Mr. Biswajit Mitra (Chief Financial Officer upto Sep 30,2018) EIH Executive Superannuation Scheme
Mr. Kallol Kundu (Chief Financial Officer effective Oct 1,2018)
Mr. S.N. Sridhar
Ms. Natasha Oberoi (Daughter of Mr. P.R.S. Oberoi)
Ms. Priyanka Mukherjee (Daughter of Mr. S.S. Mukherji)
Associates & Joint Ventures

(a) Associates
EIH Associated Hotels Limited
Mercury Travels Limited (Upto Aug 7, 2018)
La Roseraie De L’atlas
Usmart Education Limited (w.e.f July 31,2018)
(b) Joint Ventures
Mercury Car Rentals Private Limited
Oberoi Mauritius Ltd
(c) Subsidiary of Associate
Usmart Education Limited (Upto July 30, 2018)
(d) Subsidiary of Joint Venture
Island Resort Ltd
234
(CONSOLIDATED)
43 (b).
Transactions with Related Parties for the year ended 31st March,2020
Rupees Million
NATURE OF TRANSACTIONS Associate & Enterprises in Key Manage- Enterprises
Joint Ventures which Key ment Personnel/ which are post
Management Relative of Key employment
Personnel have Management benefit plan for
Joint Control Personnel the benefit of
employees
2020 2019 2020 2019 2020 2019 2020 2019
PURCHASES
Purchase of Goods & Services
Mercury Car Rentals Private Limited 122.49 120.31 - - - - - -
Mercury Travels Limited - 15.56 - - - - - -
EIH Associated Hotels Limited 14.01 12.03 - - - - - -
Island Resort Ltd 3.38 4.35 - - - - - -
Oberoi Hotels Pvt Ltd - - 0.12 0.33 - - - -
Oberoi International LLP - - 3.21 1.50 - - - -
Total 139.88 152.25 3.33 1.83 - - - -
Purchase of Fixed Assets
EIH Associated Hotels Limited - 0.01 - - - - - -
Total - 0.01 - - - - - -
EXPENSES
Rent
Ms. Natasha Oberoi ,D/o Mr. P.R.S.Oberoi - - - - 0.41 0.41 - -
Total 1.41 1.36 0.36 0.36 0.41 0.41 - -
Royalty
Total - - 156.07 172.98 - - - -
Short-term employee benefits
Mr. P.R.S. Oberoi - - - - 28.25 33.02 - -
Mr. S.S. Mukherji - - - - 29.40 32.94 - -
Mr. V.S.Oberoi - - - - 32.04 33.77 - -
Mr. A.S. Oberoi - - - - 28.96 31.29 - -
Mr. Biswajit Mitra - - - - - 15.75 - -
Mr. Kallol Kundu - - - - 13.89 10.57 - -
Mr. S N Sridhar - - - - 8.25 6.88 - -
Ms. Priyanka Mukherjee, D/o Mr.S.S. Mukherji - - - - - 2.27 - -
Total - - - - 140.79 166.49 - -
Post-employment benefits
Mr. V.S.Oberoi - - - - 1.45 2.07 - -
Mr. A.S. Oberoi - - - - 1.76 2.03 - -
Mr. Biswajit Mitra - - - - - - - -
Mr. Kallol Kundu - - - - 1.03 0.40 - -
Ms. Priyanka Mukherjee, D/o Mr.S.S. Mukherji - - - - - 0.13 - -
Total - - - - 4.24 4.63 - -
235
(CONSOLIDATED)
Rupees Million
employees
2020 2019 2020 2019 2020 2019 2020 2019
Directors’ sitting fees
Mr. P.R.S. Oberoi - - - - 0.08 0.16 - -
Mr. V.S.Oberoi - - - - 0.48 0.32 - -
Mr. A.S. Oberoi - - - - 0.16 0.32 - -
Mrs. Nita M. Ambani - - - - 0.20 0.30 - -
Mr. Manoj Harjivandas Modi - - - - 0.20 0.25 - -
Mr. Rajeev Gupta - - - - 0.15 0.90 - -
Mr. S.K. Dasgupta - - - - - 1.35 - -
Mr. Anil K. Nehru - - - - 1.20 0.90 - -
Mr. Sudipto Sarkar - - - - 0.45 0.40 - -
Mr. L. Ganesh - - - - 0.60 0.75 - -
Ms. Chhavi Rajawat - - - - 0.18 0.25 - -
Mr. S N Sridhar - - - - 0.12 0.16 - -
Mr. Sanjay Gopal Bhatnagar - - - - 0.10 - - -
Total - - - - 3.92 6.06 - -
Total Key management personnel compensation - - - - 148.95 177.18 - -
SALES
Sale of Goods and Services
Mercury Travels limited - 4.64 - - - - - -
La Rosario De L’alas 7.70 - - - - - - -
Oberoi Lutyens Private Limited - - - - - 0.01 - -
Silhouette Beauty Salon - - - - - 0.82 - -
Ceres Hospitality Private Limited - - - - - 0.11 - -
Oberoi International LLP - - - 0.02 - - - -
Total 364.21 389.00 14.06 12.25 - 0.94 - -
Sale of Fixed Assets
Total 1.14 3.30 - - - - - -
INCOME
License Agreement
Mercury Travels Limited 1.79 - - - - - -
Oberoi Holdings Pvt Ltd - - 1.42 1.43 - - - -
Oberoi Investments Pvt Ltd - - 0.61 0.73 - - - -
Oberoi Bldgs & Investments Pvt Ltd - - 1.71 1.80 - - - -
Oberoi Plaza Pvt Ltd - - 3.05 3.26 - - - -
Bombay Plaza Pvt Ltd - - 1.98 2.33 - - - -
Silhouette Beauty Salon - - - - - 10.15 - -
Total 2.82 5.69 8.77 9.55 - 10.15 - -
236
(CONSOLIDATED)
Rupees Million
employees
2020 2019 2020 2019 2020 2019 2020 2019
Management Contract
La Rosario De L’alas 2.41 - - - - - - -
Total 231.38 262.94 - - - - - -
Dividend Received
Total 63.81 56.53 - - - - - -
PAYMENTS
Investment in Equity Shares
Mercury Travels Limited - - - - - - - -
Mercury Car Rentals Private Limited - 40.00 - - - - - -
La Roseraie De L’atlas 282.03 897.91 - - - - - -
Usmart Education Limited * - - - - - - - -
Total 282.03 937.91 - - - - - -
Refund of Collections to Related Party
Mercury Travels Limited - 0.07 - - - - - -
Oberoi Hotels Pvt Ltd - - 0.30 - - - -
Total 16.62 6.20 - 0.30 - - - -
Expenses reimbursed to Related Party
Mercury Car Rentals Limited 0.01 1.71 - - - - - -
Island Resort Ltd - - - - - - - -
Total 14.84 9.45 0.97 0.44 - - - -
Advance to Related Party
Island Resort Ltd - 31.77 - - - - - -
La Roseraie De L’atlas 282.03 3.84 - - - - - -
Oberoi Mauritius Ltd 26.01 - - - - - - -
Total 308.04 35.61 - - - - - -
RECEIPTS
Sale of Equity Shares
EIH Associated Hotels Limited 0.05 - - - - - - -
Total 0.05 - - - - - - -
Recovery of Collections by Related Party
Total 4.50 5.70 0.42 0.19 - - - -
Expenses Reimbursed by Related Party
Mercury Travels Limited - - - - - - - -
La Roseraie De L’atlas 8.76 - - - - - - -
Total 41.18 16.69 1.86 1.20 - - - -
Repayment of Advance to Related Party
La Roseraie De L’atlas - 349.28 - - - - - -
Total 282.03 637.60 - - - - - -
Contribution of Gratuity Fund
EIH Employee’s Gratuity Fund - - - - - - 66.55 121.60
Total - - - - - - 66.55 121.60
Refund of Gratuity
EIH Employee’s Gratuity Fund - - - - - - 81.64 81.62
Total - - - - - - 81.64 81.62
* Investment in Usmart Education Limited is INR 251
237
(CONSOLIDATED)
Outstanding Balances as on 31st March, 2020 Rupees Million

NATURE OF OUTSTANDING Associate & Enterprises in which Key Management
Joint Ventures Key Management Personnel/Relative of
Personnel have Key Management
Joint Control Personnel
2020 2019 2020 2019 2020 2019
PAYABLES
Mercury Car Rentals Private Limited 18.07 15.35 - - - -
Mercury Travels Limited - - - - - -
EIH Associated Hotels Limited 18.42 5.85 - - - -
Oberoi Hotels Private Limited - - 0.07 - - -
Oberoi International LLP - - 0.86 - - -
Island Resort Ltd 0.16 - - - - -
Mr. V.S.Oberoi - - - - 0.04 -
Mrs. Nita M. Ambani - - - - 0.05 -
Mr. Manoj Harjivandas Modi - - - - 0.05 -
Mr. Anil K. Nehru - - - - 0.13 -
Mr. Sudipto Sarkar - - - - 0.09 -
Mr. L. Ganesh - - - - 0.13 -
Mr. Sanjay Gopal Bhatnagar - - - - 0.07 -
Total 36.65 21.20 0.93 - 0.56 -
Royalty
Oberoi Hotels Private Limited - - 36.87 46.40 - -
Total - - 36.87 46.40 - -
Security Deposit
Bombay Plaza Private Limited - - 0.50 0.50 - -
Total - - 0.50 0.50 - -
Other Payable
EIH Associated Hotels Limited 5.05 - - - - -
Total 5.05 - - - - -
LOANS & ADVANCES AND RECEIVABLES
Mercury Car Rentals Private Limited 3.12 2.94 - - - -
Mercury Travels Limited - - - - - -
Island Resort Ltd 0.81 3.49 - - - -
La Roseraie De L’atlas 26.18 - - - - -
Oberoi Hotels Private Limited - - 3.30 0.56 - -
Bombay Plaza Private Limited - - 0.10 - - -
Silhouette Beauty Salon - - - - - 1.77
Total 102.95 37.95 3.40 0.56 - 1.77
Management Contract
Total 93.17 63.90 - - - -
Advance to Related Party
Oberoi Mauritius Ltd 498.79 - - - - -
La Roseraie De L’atlas 5.42 4.97 - - - -
Island Resort Ltd - 430.80 - - - -
Total 504.21 435.77 - - - -
238
(CONSOLIDATED)
44 (a) Contingent liabilities

The Group has contingent liabilities at 31 March 2020 in respect of:
(i) Claims against the Group pending appellate/judicial decision not acknowledged as debts:
Rupees Million
March 31, March 31,
2020 2019
i. Value Added Tax 37.36 40.38
ii. Income-tax 297.75 311.14
iii. Service Tax 15.89 97.80
iv. Property Tax 236.43 216.91
v. Customs Duty 429.66 429.66
vi. Luxury Tax 13.62 13.62
vii. Expenditure Tax 0.10 0.10
viii. Stamp Duty 10.23 10.23
ix. Sales tax 0.19 0.19
x. Others 7.05 6.62
The matters listed above are in the nature of statutory dues, namely, Property Tax, Value Added Tax, Income Tax, Service Tax, Customs
Duty, Luxury Tax and other claims, all of which are under litigation, the outcome of which would depend on the merits of facts and law
at an uncertain future date. The amounts shown in the items above represent the best possible estimates arrived at, are on the basis of
currently available information. The Company engages reputed professional advisors to protect its interests, and cases that are disputed
by the company are those where the management has been advised that it has strong legal positions. Hence, the outcomes of the above
matters are not envisaged to have any material adverse impact on the company’s financial position.
(ii) Guarantees: March 31, March 31,

2020 2019
Counter guarantees issued to banks and remaining outstanding 36.98 38.68
44 (b) Commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
March 31, March 31,
2020 2019
Property, plant and equipment 349.87 758.94
45 Leases
Effective April 1, 2019, the Company has adopted Ind AS 116 “Leases” and applied the standard to all lease contracts existing on April
1, 2019 using the modified retrospective method by recognizing a lease liability at the date of initial application at the present value of
the remaining lease payments, discounted using the company’s incremental borrowing rate and recognizing a right-of-use asset at an
amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in
the balance sheet immediately before the date of initial application. Comparatives as at and for the year ended March 31, 2019 have not
been retrospectively adjusted and therefore will continue to be reported under the accounting policies included as part of the financial
statements for the year ended March 31, 2019.
On transition, the adoption of the new standard resulted in recognition of ‘Right of Use’ asset of INR 3,894.95 million from leases
that were earlier classified as operating lease and ‘Right of Use’ asset of INR 683.06 million from leases that were earlier classified as
finance lease aggregating to total ‘Right of Use’ asset of INR 4,578.01 million and a lease liability of INR 1,627.71 million from leases that
were earlier classified as operating lease and lease liability of INR 95.63 million from leases that were earlier classified as finance lease
aggregating to total lease liability of INR 1,723.34 million. Further the effect of this adoption has also resulted in the following as on
1 April 2019:
• Property, plant and equipment decreased by INR 683.06 million
• Deferred tax liabilities (net) increased by INR 3.60 million
• Prepayments decreased by INR 2,267.24 million
• Borrowings and other financial liabilities decreased by INR 70.38 million and INR 35.54 million respectively.
The cumulative effect of applying the standard resulted in INR 6.69 million (net of tax) being credited to retained earnings as on transition date.
239
(CONSOLIDATED)

The nature of expenses in respect of operating leases has changed from lease rent to depreciation and amortisation on right-of-use asset
and finance cost for interest accrued on lease liability. Consequently, Finance Costs and Depreciation for the year ended March 31, 2020,
are higher by INR 119.68 million and INR 142.17 million respectively and Other Expenses are lower by INR 135.40 million as a result of
which, Profit before tax is lower by INR 126.45 million
Ind AS 116 has resulted in an increase in cash inflows from operating activities and an increase in cash outflows from financing activities
on account of lease payments.
The following is the summary of practical expedients elected on initial application:

(a) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar end date
(b) Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review - there were
no onerous contracts as at 1st April 2019
(c) Applied the exemption not to recognise right-of-use assets and liabilities for leases with less than 12 months of lease term on the
date of initial application
(d) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application
(e) Using hindsight in determining the lease term where the contract contains options to extend or terminate the lease
The difference between the operating lease obligation disclosed as of March 31, 2019 under Ind AS 17 disclosed under Note 45 of the
financial statements for the year ended March 31, 2019 and the value of the lease liability as of April 1, 2019 is primarily on account of
following reasons :
Rupees Million
Operating lease commitments disclosed as at 31 March 2019 3,359.14
Less: Commitment for arrangement not qualified as lease under Ind AS 116 1,161.24
Operating lease commitments considered for discounting under Ind AS 116 2,197.90
Discounted using the company’s incremental borrowing rate at the date of initial application 1,099.24
Add: finance lease liabilities recognised as at March 31, 2019 89.22
Add/(less): contracts reassessed as lease contracts 534.88
Lease liability recognised as at 1 April 2019 1,723.34
of which are:
1,723.34
The weighted average incremental borrowing rate applied to lease liabilities as at April 1, 2019 is 9.00% based on the remaining lease term.
Amount recognised in profit and loss account

The statement of profit and loss shows the following amount relating to leases for the year ended March 31, 2020
Depreciation charge for the right-of-use assets
Land leases 146.74
Building leases 0.64
Vehicle Leases 29.45
176.83
Interest Expense (included in finance costs) 136.62

Expense relating to short-term leases (included in other expenses) 222.06
Expense relating to leases of low-value assets that are not shown 1.30
above as short-term leases (included in other expenses)
Expense relating to variable lease payments not included in lease liabilities Nil
The total cash flows for leases for the year ended March 31, 2020 was INR 133.89 million. -
240
(CONSOLIDATED)
Following are the changes in the carrying value of right of use assets for the year ended March 31, 2020:
Rupees Million
Particulars Catogory of ROU Asset
Land leases Building Vehicle Total
Leases
Balance as of April 1, 2019 - - - -
* Reclassified on account of adoption of Ind AS 116 4,516.55 0.88 60.58 4,578.01
Additions - 1.19 14.42 15.61
Sales / Adjustments during the year - - 0.80 0.80
Translation adjustment (34.82) (0.27) (35.09)
Depreciation 146.74 0.64 29.45 176.83
Balance as of March 31, 2020 4,334.99 1.43 44.48 4,380.90
* In the previous year, the Company only recognised lease assets and lease liabilities in relation to leases that were classified as finance
leases under Ind AS 17, Leases. The assets were presented in property, plant and equipment and the liabilities as part of the Company’s
borrowings and other financial liabilities.
The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the statement of Profit
and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2020
Total 1,713.41
The following is the movement in lease liabilities during the year ended March 31, 2020:
Balance as of April 1, 2019 -
* Reclassified on account of adoption of Ind AS 116 1,723.34
Additions 15.61
Finance cost accrued during the period 115.82
Sales / Adjustments during the year -
Translation adjustment (7.31)
Payment of Lease liabilities 134.05
Balance as of March 31, 2020 1,713.41
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2020 on an undiscounted basis:
Less than one year 151.79
One to five years 565.31
More than five years 2,964.50
Total 3,681.60
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the
obligations related to lease liabilities as and when they fall due.
Non-cancellable operating leases - As a Lessor
The Company gives shops located at various hotels on operating lease arrangements. These leases are generally cancellable in nature
and may generally be terminated by either party by serving notice. Some shops have been given under non-cancellable operating lease,
for which the future minimum lease payments recoverable by the company are as under :-
March 31, March 31,
2020 2019
Minimum lease payments in relation to non-cancellable operating leases are receivable as follows:
Within one year 257.96 213.63
Later than one year but not later than five years 996.45 379.12
Later than five years 697.91 31.83
Contingent rents recognized as an income in the Statement of Profit and Loss for the year. Nil Nil
241
(CONSOLIDATED)
46. Segment reporting

There are no reportable segments other than hotels as per Ind AS 108, “Operating Segment” .
The Group does not have transactions of more than 10% of total revenue with any single external customer.
47(A) Earnings per Equity share

March 31, March 31,
2020 2019
INR INR
(a) Basic earnings per share 2.60 2.30
(b) Diluted earnings per share 2.60 2.30
(c) Reconciliations of earnings used in calculating earnings per share
31 March 2020 31 March 2019
Rupees Million Rupees Million
calculating basic earnings per share:
calculating diluted earnings per share
(d) Weighted average number of shares used as the denominator

31 March 2020 31 March 2019
Number of Number of
shares shares
Weighted average number of equity shares used as the 571,569,414 571,569,414
denominator in calculating basic earnings per share
Weighted average number of equity shares and potential equity 571,569,414 571,569,414
shares used as the denominator in calculating diluted
earnings per share
47(B) Reconciliation of Liabilities arising from financing activities

As at Cash flows Non cash As at
March 31, changes March 31,
2020 2019
Non-current borrowings 2,887.12 (222.49) (144.61) 3,254.22
Current borrowings 1,874.14 (372.43) - 2,246.57
Total Liabilities from Financing Activity 4,761.26 (594.92) (144.61) 5,500.79
242
(CONSOLIDATED)
48. Interests in other entities
(a) Subsidiaries
The group’s subsidiaries at March 31, 2020 are set out below. Unless otherwise stated, they have share capital consisting solely of equity
shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group. The
country of incorporation or registration is also their principal place of business.
Name of entity Place of business/ Ownership interest Ownership interest Principal activities
country of held by the group held by
incorporation non-controlling
interests
March March March March
31,2020 31,2019 31,2020 31,2019
Mashobra Resort Limited India 78.79 78.79 21.21 21.21 Hotel Ownership
Mumtaz Hotels Ltd India 60 60 40 40 Hotel Ownership
Oberoi Kerala Hotels & Resorts India 80 80 20 20 Hotel Ownership
Ltd
EIH International Ltd British Virgin Island 100 100 0 0 Investment
EIH Flight Services Ltd Mauritius 100 100 0 0 Flight Catering
EIH Holding Ltd British Virgin Island 100 100 0 0 Hotel Investment And
Management
PT Widja Putra Karya Indonesia 70 70 30 30 Hotel Ownership
PT Waka Oberoi Indonesia Indonesia 96.33 96.33 3.67 3.67 Hotel Ownership
EIH Investment N.V. Netherlands Antilles 100 100 0 0 Investment And manage-
ment
EIH Management Services Netherlands 100 100 0 0 Hotel Investment And
B.V. * Management
PT Astina Graha Ubud Indonesia 60 60 40 40 Hotel development
*EIH Management Services B.V. has been liquidated in 19-20.
243
244
(b) Non-controlling interests (NCI)
Rupees Million
Summarised balance sheet Mashobra Resort Mumtaz Hotels Oberoi Kerala PT Widja Putra PT Waka Oberoi PT Astina Graha
Ltd Ltd Hotels & Resorts Ltd Karya Indonesia Ubud
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Current assets 1,518.63 1,322.26 788.66 873.48 2.31 2.02 85.39 93.67 24.62 29.58 - -
Current liabilities 53.66 44.39 195.00 158.68 2.11 1.85 128.47 121.84 223.87 161.28 - -
Net current assets 1,464.97 1,277.87 593.66 714.80 0.20 0.17 (43.08) (28.17) (199.25) (131.70) - -
Non-current assets 524.72 546.22 1,004.97 767.36 20.33 20.33 430.04 242.28 264.64 250.03 475.43 435.26
Non-current liabilities 9.34 8.34 101.75 119.52 1.41 1.41 247.71 50.71 23.85 22.54 275.41 252.14
Net non-current assets 515.38 537.88 903.22 647.84 18.92 18.92 182.33 191.57 240.79 227.49 200.02 183.12
Net assets 1,980.35 1,815.75 1,496.88 1,362.64 19.12 19.09 139.25 163.40 41.54 95.79 200.02 183.12
Accumulated NCI 131.18 96.26 598.21 532.30 3.82 3.82 61.64 43.67 122.45 80.29 80.01 73.25
Summarised statement of Mashobra Resort Mumtaz Hotels Oberoi Kerala PT Widja Putra PT Waka Oberoi PT Astina Graha
profit & loss Ltd Ltd Hotels & Resorts Ltd Karya Indonesia Ubud
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Revenue 500.99 497.04 1,005.42 1,071.29 0.86 0.84 434.49 437.51 102.77 59.41 - -
Profit for the year 165.16 170.79 321.43 337.72 0.02 0.09 2.84 (2.10) (34.73) 15.38 - -
Other comprehensive income (0.56) (0.33) (0.47) (0.06) - - (38.27) (7.69) (23.39) (2.80) - -
Total comprehensive income 164.60 170.46 320.96 337.66 0.02 0.09 (35.43) (9.79) (58.12) 12.58 - -
Profit allocated to NCI 34.92 36.16 128.37 135.06 - 0.02 0.71 (2.94) (1.42) 0.46 - -
Dividends paid to NCI - - 74.69 74.69 - - - 8.39 - - - -
Summarised Cash Flows Mashobra Resort Mumtaz Hotels Oberoi Kerala PT Widja Putra PT Waka Oberoi PT Astina Graha
Ltd Ltd Hotels & Resorts Ltd Karya Indonesia Ubud
2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019
Cash flows from operating
activities 118.33 125.61 319.92 312.26 (0.51) (0.68) (21.97) 37.04 (14.88) 46.83 - -
Cash flows from investing
activities (120.00) (140.49) (118.23) (145.51) 0.74 0.70 (12.05) (32.85) (51.74) (111.13) - -
Cash flows from financing
activities (1.16) (1.40) (187.33) (187.42) - - (0.71) (27.96) 59.54 67.79 - -
Net increase/ (decrease) in
cash and cash equivalents (2.83) (16.28) 14.36 (20.67) 0.23 0.02 (34.73) (23.77) (7.09) 3.49 - -
(CONSOLIDATED)
(c) Interests in associates and joint ventures
Rupees Million
owner- Quoted fair value Carrying amount
Place of Relation- Accounting
Name of entity ship March 31, March 31, March 31, March 31,
business ship method
interest 2020 2019 2020 2019
EIH Associated Hotels Ltd India 36.81% Associate Equity
Method 2,355.17 4,312.21 1,453.04 1,373.55
Mercury Car Rentals Pvt. Ltd India 40% Jointly Equity
Controlled Method
Entity - - 485.05 485.29
Oberoi Mauritius Ltd* British 50% Jointly Equity
Virgin Controlled Method
Islands Entity - - 310.07 331.44
La Roseraie De L’Atlas* Morocco 47.93% Associate Equity
Method 1,564.29 1,249.82
(CONSOLIDATED)
Usmart Education Ltd** India 25.10% Associate Equity

Method - - - -
Total equity accounted investments 2,355.17 4,312.21 3,812.45 3,440.10
Oberoi Mauritius Ltd, Island Resorts Limited, Usmart Education Ltd, La Roseraie De L'Atlas & Mercury Car Rentals Pvt. Ltd are unlised entity. Hence, No quoted
price available.
* La Roseraie De L'Atlas - The group has acquired a further holding of 1.93%.
**Usmart Education Ltd has become an Associate w.e.f. 31st July,2018.
Commitments and contingent liabilities in respect of associates and joint ventures

March 31, March 31,
2020 2019
Commitments - joint ventures
Commitment to provide funding for joint venture's capital commitments, if called - -
Commitments - Associates
Commitment to provide funding for associates capital commitments, if called - -
Contingent liabilities - associates
Share of contingent liabilities incurred jointly with other investors of the 75.42 89.41
associate
Contingent liabilities relating to liabilities of the associate for which the group is severally liable 27.76 32.91
Contingent liabilities - joint ventures
Share of joint venture's contingent liabilities in respect of a legal claim 11.00 11.87
lodged against the entity
Total commitments and contingent liabilities 114.18 134.19
245
Summarised financial information for associates and joint ventures Rupees Million
246
Summarised balance sheet EIH Associated Mercury Car Rentals Oberoi Mauritius Ltd* Usmart Education Ltd
Hotels Ltd Pvt. Ltd
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2020 2019 2020 2019 2020 2019 2020 2019
Current assets
Cash and cash equivalents 105.33 55.01 175.10 68.06 258.84 220.45 - 0.43
Other assets (excluding trade receivables) 1,042.54 851.49 478.80 610.21 63.52 61.84 0.47 0.56
Total current assets 1,147.87 906.50 653.90 678.27 322.36 282.29 0.47 0.99
Total non-current assets 3,075.10 2,784.56 5,286.73 5,273.00 701.25 1,604.66 0.14 0.23
Current liabilities
Financial liabilities (excluding trade payables) 87.50 39.88 1,890.45 1,973.09 8.27 - 54.39 51.35
Other liabilities 59.14 54.07 98.35 83.46 44.47 - 0.33 0.02
Total current liabilities 146.64 93.95 1,988.80 2,056.55 52.74 - 54.72 51.37
Non-current liabilities
Financial liabilities (excluding trade payables) 23.65 16.53 2,644.60 2,941.20 208.59 - - -
Other liabilities 363.93 385.91 262.97 88.96 78.83 - - -

Total non-current liabilities 387.58 402.44 2,907.57 3,030.16 287.42 - - -
Net assets 3,688.75 3,194.67 1,044.26 864.56 683.45 1,886.95 (54.11) (50.15)
Reconciliation to carrying amounts

EIH Associated Mercury Car Rentals Oberoi Mauritius Ltd* Usmart Education Ltd
Hotels Ltd Pvt. Ltd
2020 2019 2020 2019 2020 2019 2020 2019
Opening net assets 3,235.84 3,022.67 1,213.23 1,049.96 662.89 657.49 - -
Additional Equity infused - - - 100.00 - - - -
Profit for the year 379.64 379.35 48.03 84.46 (97.42) (65.40) (3.15) (9.39)
Other comprehensive income* (2.20) (1.14) (8.44) (2.85) 54.67 70.80 - -
Dividends paid (including tax) (165.29) (165.04) (40.21) (18.34) - - - -
Closing net assets 3,447.99 3,235.84 1,212.61 1,213.23 620.14 662.89 (3.15) (9.39)
Group's share in % 36.81% 36.81% 40% 40% 50% 50% 25.10% 25.10%
Group's share in INR 1,269.18 1,191.09 485.05 485.29 310.07 331.44 (0.79) (2.36)
Goodwill 182.46 182.46 - - - - - -
Impact on retained earnings on adoption of 1.40 - - - - - - -
Ind AS 116
Carrying amount 1,453.04 1,373.55 485.05 485.29 310.07 331.44 (0.79) (2.36)
* Includes Foreign currency translation adjustments
(CONSOLIDATED)
Summarised statement of profit and loss Rupees Million
EIH Associated Mercury Car Rentals Oberoi Mauritius Ltd* Usmart Education Ltd
Hotels Ltd Pvt. Ltd
2020 2019 2020 2019 2020 2019 2020 2019
Revenue 2,490.76 2,641.82 4,456.96 4,172.17 633.01 716.43 - 5.63
Interest income 22.29 95.18 5.42 56.55 37.18 46.83 - -
Depreciation and amortisation 159.72 142.62 1,272.63 1,281.19 61.89 54.30 0.09 0.16
Interest expense 4.46 4.34 464.34 449.12 104.96 63.60 - 5.13
Income tax expense 50.37 204.08 149.68 39.70 2.88 9.15 - 0.17
Profit from continuing operations 2,298.50 2,385.96 2,575.73 2,458.71 500.46 636.20 (0.09) 0.17
Profit from discontinued operations - - - - - - - -
Profit for the year 379.64 379.35 48.03 84.46 (103.81) (68.49) (3.15) (9.39)
Other comprehensive income (2.20) (1.14) (8.44) (2.85) 1.83 1.83
Total comprehensive income 377.44 378.21 39.59 81.61 (101.98) (66.66) (3.15) (9.39)
(CONSOLIDATED)
* Oberoi Mauritius Ltd includes its 92.19% subsidiary company Island Resort Limited incorporated in Mauritius and is considered as jointly controlled entity by virtue
of being jointly controlled entity of EIH International Ltd, a wholly owned subsidiary of EIH Limited.

247
49(a) Annexure
248
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
Part “A”: Subsidiaries
(Information in respect of each subsidiary with amounts in INR Million)
Rupees Million
1 Sl. No. 1 2 3 4 5 6 7 8 9 10 11
2 Name of the subsidiary Mashobra Mumtaz Oberoi EIH EIH EIH EIH PT Widja PT Waka PT EIH
Resort Hotels Kerala Interna- Holdings Invest- Manage- Putra Oberoi Astina Flight
limited Limited Hotels and tional Ltd ments ment Karya Indonesia Graha Services
Resorts Limited NV Services Ubud Limited
Limited BV
3 Reporting period for the subsidiary

concerned, if different from the
holding company’s reporting period N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
4 Reporting currency as on the last
date of the relevant Financial year Mauritian

in the case of foreign subsidiaries N/A N/A N/A US$ US$ US$ Euro US$ US$ US$ Rupees
5 Exchange rate as on the last date of
the relevant Financial year in the
case of foreign subsidiaries
– Closing rate N/A N/A N/A 76.93 76.93 76.93 85.29 76.93 76.93 76.93 1.95
– Average rate N/A N/A N/A 70.88 70.88 70.88 78.85 70.88 70.88 70.88 1.92
6 Share capital 330.00 206.50 27.20 8,201.51 3,622.63 0.77 1.71 68.47 2,884.88 200.02 1,326.20
7 Reserves & surplus 288.42 1,290.38 (8.08) (317.72) 390.80 (0.77) (1.71) 71.54 (2,843.33) - (1,482.72)
8 Total assets 2,043.35 1,793.63 22.65 7,902.25 4,038.83 - - 516.20 289.26 475.43 881.21
9 Total Liabilities 63.00 296.75 3.53 18.46 25.39 - - 376.19 247.71 275.41 1,037.73
10 Investments - 384.47 - 7,283.73 3,433.39 - - - - - -
11 Turnover 500.99 1,005.42 0.86 91.43 175.07 - - 434.49 102.77 - 490.68
12 Profit before taxation 235.15 408.09 0.11 85.05 56.70 17.72 (2.37) (20.55) (34.73) - (41.97)
13 Provision for taxation 69.99 86.66 0.09 - 12.05 - - (23.39) (0.18) - (7.94)
14 Profit after taxation 165.16 321.43 0.02 85.05 44.65 17.72 (2.37) 2.84 (34.55) - (34.03)
15 Proposed Dividend including
dividend distribution tax - - - - - -
16 % of shareholding 78.79% 60.00% 80.00% 100.00% 100.00% 100.00% 100.00% 70.00% 96.33% 60.00% 100.00%
1. Names of subsidiaries which are yet to commence operations :

• Oberoi Kerala Hotels and Resorts Limited
• PT Astina Graha Ubud
2. Names of subsidiaries which have been liquidated or sold during the year :
(CONSOLIDATED)
• EIH Management Services B.V.

(CONSOLIDATED)
49(b) Annexure
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/ associate companies/ joint ventures
Part “B”: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures
Rupees Million
Name of Associates/Joint Ventures EIH Mercury Car Oberoi La Roseraie Usmart
Associated Rentals Mauritius De L’Atlas** Education
Hotels Pvt Limited Limited * Ltd***
Limited
1. Latest audited Balance Sheet Date 31.03.2020 31.03.2020 31.03.2020 31.12.2019 31.03.2020
2. Shares of Associate/Joint Ventures held by the
company on the year end
No. 11.22 12.71 7.38 0.01 0.13
Amount of Investment in Associates/
Joint Venture 1,010.72 348.25 567.36 1,734.81 -
Extent of Holding % 36.81% 40% 50% 47.93% 25.10%
3. Description of how there is significant influence More than 20% N.A. N.A. More than 20% More than 20%
Shareholding Shareholding Shareholding
4. Reason why the associate/joint venture is not Consolidated Consolidated Consolidated Consolidated Consolidated
consolidated
5. Networth attributable to Shareholding as per 1,270.53 485.09 419.34 1,498.95 (14.37)
latest audited Balance Sheet
6. Profit / Loss for the year 379.64 48.03 (97.42) (205.65) (3.15)
i. Considered in Consolidation 139.75 19.21 (48.71) (98.57) -
ii. Not Considered in Consolidation 239.89 28.82 (48.71) (107.08) (3.15)
* Oberoi Mauritius Ltd includes its 92.19% subsidiary company Island Resort Limited incorporated in Mauritius and is considered as
jointly controlled entity by virtue of being jointly controlled entity of EIH International Ltd, a wholly owned subsidiary of EIH Limited.
** La Roseraie De L'Atlas - The group has acquired a further holding of 1.93%.
***Usmart Education Ltd has become an Associate w.e.f. 31st July, 2018.
1. Names of associates or joint ventures which are yet to commence operations : None
2. Names of associates or joint ventures which have been liquidated or sold during the year : None
249
(CONSOLIDATED)
50. Additional Information as required under Schedule III to the Companies Act, 2013 of enterprises consolidated
as Subsidiary / Associates / Joint Ventures.
Rupees Million
Name of the entity Share in Share in Share in Other Share in Total
Net Assets profit or loss Comprehensive Comprehensive
Income (OCI) Income (TCI)
As % of Amount As % of Amount As % of Amount As % of Amount
consoli- consoli- consoli- consoli-
dated dated dated dated
profit or loss profit or loss OCI TCI
1 2 3 4 5 6 7 8 9
Parent
EIH Limited 76.66 24,808.59 71.35 1,178.34 103.52 570.23 79.40 1,748.56
Subsidiaries
Indian
1 Mumtaz Hotels Limited 2.78 898.67 12.84 211.97 (0.05) (0.28) 9.61 211.69
2 Mashobra Resort limited 1.51 487.76 7.88 130.13 (0.08) (0.44) 5.89 129.69
3 Oberoi Kerala Hotels & Resorts
Limited 0.05 15.30 - 0.02 - - - 0.02
Foreign
1 EIH Flight Services Limited (0.48) (156.52) (2.06) (34.03) 0.13 0.73 (1.51) (33.30)
Mauritius
2 EIH International Limited 2.04 658.78 0.85 13.98 3.94 21.68 1.62 35.66
3 EIH Holdings Limited 2.24 723.62 4.13 68.24 - - 3.10 68.24
4 EIH Investments N.V. - - (0.12) (2.04) - - (0.09) (2.04)
5 EIH Management Services B.V. - - (0.29) (4.77) - (0.01) (0.22) (4.78)
6 PT Widja Putra Karya 0.24 78.03 0.32 5.24 (4.68) (25.79) (0.93) (20.55)
7 PT Waka Oberoi Indonesia (0.25) (81.24) (2.00) (33.00) (4.22) (23.27) (2.56) (56.27)
8 PT Astina Graha Ubud 0.37 120.01 - - - - - -
Minority Interests in all subsidiaries 3.08 997.31 9.89 163.26 1.78 9.83 7.86 173.09
Associate (Investment as per equity method)

Indian
EIH Associated Hotels Limited 4.49 1,453.04 5.59 92.27 (0.08) (0.44) 4.17 91.83
Joint Ventures (investment as per equity method)

Indian
Mercury Car Rentals Pvt Ltd 1.50 485.05 0.55 9.10 (0.41) (2.26) 0.31 6.85
Foreign
1 La Roseraie De L’Atlas 4.83 1,564.29 (5.97) (98.57) - - (4.48) (98.57)
2 Oberoi Mauritius Limited 0.96 310.07 (2.95) (48.71) 0.15 0.84 (2.17) (47.87)
51. In previous year, the Company had adopted Ind AS 115, Revenue from contract with customers, using the cumulative catch-up
transition method, applied to contracts that were not completed as of 1st April 2018. Application of this standard resulted into
reduction in opening reserves amounting to INR 112.14 million net of tax (Gross amount - INR 172.36 million) and impact on the
previous year income statement amounting to INR 34.82 million net of tax respectively.
250
(CONSOLIDATED)
52. Disclosure on Contract balances :

a) Trade receivable
A trade receivable is recorded when the Company has an unconditional right to receive payment. In respect of revenue from
rooms, food and beverages and other services invoice is typically issued as the related performance obligations are satisfied as
described in note 1(c) (Refer Note 13).
b) Advance from Customers
Advance from Customers is recognised when payment is received before the related performance obligation is satisfied
(Refer Note 30).
Rupees Million
Particulars As at As at
March 31, 2020 March 31, 2019
As at the beginning of the year 487.29 338.30
Recognised as revenue during the year 463.75 319.89
As at the end of the year 345.14 487.29
c) Deferred Revenue

Deferred Revenue is recognised when invoice is raised before the related performance obligation is satisfied (Refer Note 30).
Particulars Belvedere Membership Loyalty program
As at As at As at As at
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
(i) As at the beginning of the year 24.38 - 146.72 56.16
(ii) evenue recognised during the year out of
R
(i) above 24.38 - 27.90 29.38
(iii) Adjustment of revenue recognised in previous
year on account of IndAS 115 (refer note 51) - 84.63 - 87.73
(iv) Revenue recognised during the year out of
(iii) above - 84.63 - 40.55
(v) Revenue recognised during the year out of
previous year figure of INR 87.73 Million
mentioned in (iiii) above - - 47.16 -
(vi) As at the end of the year - 24.38 149.08 146.72
53. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
any of the Group Companies.
54. In case of EIH Flight Services Limited, Mauritius (EIHFS)

As at 31 March 2020, EIHFS was in a shareholder’s deficit position of INR 156.52 million (2019 - INR 133.36 million), in a net
current liability position of INR 131.62 million (2019 - INR 41.47 million) and for the year ended 31 March 2020, EIHFS has
incurred a loss of INR 34.03 million (2019- Profit INR 0.08 million). EIHFS has a bank overdraft facility of INR 48.02 million to
meet its day-to-day working capital requirements. At 31 March 2020, the overdraft balance was INR 8.86 million (2019 - INR
Nil). EIHFS will need to make instalments payments on its borrowings, including interest INR 123.17 million by 31 March 2021.
EIHFS has been in discussion with the bank to renegotiate the terms of the loans, including a capital moratorium. However,
the final details are expected to be agreed once the confinement period is over. Nevertheless, due to the parent Company (EIH
Limited) being the corporate guarantor in the Company’s loan contract with the bank, the management of EIHFS is of the
view that if they are unable to meet the loan repayment, they will be able to resort to the financial support of the parent. The
management of EIHFS has also considered the implications of the global outbreak of the corona virus (“COVID-19”) on its
activities and financial performance. COVID-19 has raised a number of uncertainties due to the judgement required to estimate
the extent to which this pandemic may persist and its related impact on international travel and viability of the Company’s main
clients, i.e. the airlines. While the management of EIHFS acknowledges that there is a certain degree of uncertainty surrounding
COVID-19, the management of EIHFS is comfortable that the Company will continue into operations for at least the next twelve
months and as such, the financial statements have been prepared on a going concern basis.
251
(CONSOLIDATED)
55. Impact of COVID-19 on Business Operations

The World Health Organization declared the COVID-19 outbreak as a pandemic on 11th March 2020, leading to series of
measures by countries across the world to contain the spread of the virus. India responded by imposing a nationwide lockdown
on 24th March 2020. The process of lifting of lockdown in various states has since started in phases, effective 1st June, 2020,
guided by the decision of individual states. During a major part of this period, hotel and flight operations were mandated to
remain non-operational, which affected business at our hotels and other operations across India. Similar restrictions in other
countries affected business at our hotels from various international markets.
The Management’s priority in dealing with the exceptional challenges posed by COVID-19 has been to ensure the safety of its
guests and employees, support suppliers, keep the supply chain operational for essential supplies.
The consequence of the COVID-19 outbreak on the Group’s business for the financial year ended 31st March, 2020 is limited, as
business was impacted only in the latter half of March 2020. Several cost rationalisation measures have been initiated subsequent
to the year end and are being monitored.
The Management does not foresee any stress on the Group’s liquidity, as Companies within the Group either have access to
sufficient unutilised sanctioned borrowing facilities for working capital requirements or have sufficient cash and cash equivalents
and other bank balances as on 31st March, 2020, as the case may be.
In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this
pandemic, the Management has considered the impact from a prolonged lock-down situation; travel restrictions being continued
to be imposed by India and other countries even after lifting of the lockdown, guests postponing their discretionary spending,
continued restrictions on the number of domestic and international flights, internal and external information available up to the
date of approval of these financial statements including credit reports and economic forecasts.
The Management has also assessed the potential impact of COVID-19 on the carrying value of property, plant & equipment,
right of use assets, intangible assets, investment property, investments, trade receivables, inventories, and other current assets
appearing in the financial statements of the Group as on 31st March, 2020 and has performed sensitivity analysis on the
assumptions used and based on current indicators of future economic conditions, expects to recover the carrying amounts of
these assets. The impact of COVID-19 may be different from that estimated on the date of approval of these financial statements
and the Management will continue to closely monitor any material changes to future economic conditions.

With respect to business in financial year ending 31st March, 2021, the impact on revenue could come from a prolonged lock-
down situation; travel restrictions being continued to be imposed by India and other countries even after lifting of the lockdown
and guests postponing their discretionary spending.
Domestic airlines have commenced operations from 25th May, 2020 with one-third capacity approved by the Government which
is expected to gradually increase over the months going forward, and the timing of commencement of international airlines is
yet to be announced by the Government. Hotels in most locations have been allowed to resume operations effective 8th June,
2020, with the balance expecting to open by 1st July 2020.
Based on enquiries received, assessments performed and analysis of market trends, the Management expects demand to
gradually pick for Domestic leisure and business travel, social events within prescribed norms, and limited international travel
once international airlines are allowed to commence operations.
The printing press of the parent Company received special permission from the Government to operate amidst the lockdown
from 1st May, 2020 as it supports essential services like banks, pharmaceuticals and food.
The revised projections for financial year ending 31st March, 2021 have been prepared taking into account best estimates based
on these factors and other variables, although a clearer picture shall emerge only in due course.

56. The financial statements were authorised for issue by the Board of Directors on 26th June, 2020.
SUDIPTO SARKAR ARJUN OBEROI

(DIN No. : 00048279) (DIN No. : 00052106)
VIKRAM OBEROI
(DIN No. : 00052014)
Place : Mumbai KALLOL KUNDU S.N. SRIDHAR

Date : 26th June, 2020 Chief Financial Officer Company Secretary
252
(CONSOLIDATED)
OBEROI HOTELS & RESORTS
INDIA EGYPT
Agra The Oberoi Amarvilās Sahl Hasheesh The Oberoi
Bengaluru The Oberoi The Oberoi Zahra

Luxury Nile Cruiser
Chandigarh The Oberoi Sukhvilās The Oberoi Philae
Luxury Nile Cruiser
Gurgaon The Oberoi
INDONESIA
Jaipur The Oberoi Rajvilās
Bali The Oberoi
Kolkata The Oberoi Grand
Lombok The Oberoi
Shimla in the
Himalayas Wildflower Hall MOROCCO
Mumbai The Oberoi Marrakech The Oberoi
New Delhi The Oberoi MAURITIUS

Ranthambhore The Oberoi Vanyavilās Mauritius The Oberoi
Shimla The Oberoi Cecil

SAUDI ARABIA
Udaipur The Oberoi Udaivilās Madina Madina Oberoi
Cochin Motor Vessel Vrinda
(A luxury backwater cruiser) UAE
Ajman The Oberoi Beach Resort,
Al Zorah
TRIDENT HOTELS Dubai The Oberoi
Agra Trident
Bhubaneswar Trident OTHER BUSINESS UNITS
Chennai Trident Delhi Maidens Hotel

Cochin Trident Manesar, Gurgaon Printing Press
Gurgaon Trident Mumbai, Delhi,
Kolkata and Chennai Oberoi Flight Services
Hyderabad Trident
Mumbai Oberoi Airport Services
Jaipur Trident
Mumbai Trident, Nariman Point Luxury Car Hire and Car Leasing
Trident, Bandra Kurla
Aircraft Charters
Udaipur Trident
253
(CONSOLIDATED)
PROJECTS UNDER DEVELOPMENT
INTERNATIONAL
Qatar The Oberoi, Doha

Under construction
Thailand The Oberoi

Koh Tan, Koh Samui
Awaiting Environmental approvals

Koh Tan, Koh Samui
Awaiting Environmental approvals
Nepal The Oberoi, Kathmandu

Under planning
The Oberoi, Bardiya Wildlife Resort,

Bardiya National Park
Under planning
INDIA
Madhya Pradesh The Oberoi Rajgarh Palace

Under construction
The Oberoi Vindhyavilas Wildlife Resort,
Bandhavgarh National Park
Under construction
Bengaluru The Oberoi

Pending approval of
new planning guidelines
Goa The Oberoi

Awaiting environmental approvals
254

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CIN:L55101WB1949PLC017981

21st July, 2020

The National Stock BSE Limited The Calcutta Stock

SUB: SUBMISSION OF ANNUAL REPORT OF THE COMPANY FOR THE

Dear Sir / Madam,

Pursuant to provision of Regulation 34 of the Securities and Exchange Board of India

Our commitment to excellence, attention to detail and personalised service

The recognition that we continue to receive is a testament to the vision of our

The Board of Directors 8

Mr. Prithvi Raj Singh Oberoi

CHIEF FINANCIAL OFFICER

COMPANY SECRETARY & COMPLIANCE OFFICER

• Conduct which demonstrates two-way communication, accepting constructive debate

Ladies and Gentlemen,

The Oberoi Group continues to excel and be recognised worldwide as a pre-eminent

In conclusion, I sincerely thank my colleagues on the Board, our dedicated

18th July, 2020

Business Responsibility Report

Corporate Governance Report

Directors and Key Managerial Personnel

The Shareholders, by special resolutions passed on 11th July 2019, approved

The Shareholders, by an ordinary resolution passed on 12th October 2019, on the

Corporate Social Responsibility

Company’s Policy on Directors Appointment and Remuneration and Senior

The Salient features of the “Senior Management Policy” are as under:

The remuneration paid to Senior Management personnel is categorised under the

Furthermore, conservation measures in the form of tight operational control of lighting

Actions planned for the next year are –

Auditor and Auditor’s Report

Related Party Transactions

Extract of Annual Return

Loan, Guarantees or Investments

Vigil Mechanism / Whistleblower Policy

Subsidiaries, Associates and Joint Ventures

Directors/Key Managerial Personnel (KMP) Remuneration

1. Mr. Prithvi Raj Singh Oberoi 28.25 33.02 (14.45)

Total remuneration includes retirement benefits, wherever applicable

d) The percentage increase in the median remuneration of employees in the Financial

Internal Financial Controls and Risk Management Systems

Significant and Material orders, if any

Prevention of Sexual Harassment at the Workplace

For and on behalf of the Board

ARJUN SINGH OBEROI VIKRAMJIT SINGH OBEROI

Annual Report on CSR Activities

1. A brief outline of the Company’s CSR Policy, including overview of projects

The Board of Directors, on the recommendation of the CSR Committee, had

2. Composition of the CSR Committee

The CSR Committee comprises of the following Board Members:

4. Prescribed CSR Expenditure (two percent of the amount as in Item 3 above)

5. Details of CSR spent during the Financial Year

2. Primary Urban Shimla 3.50 3.50 3.50 Through

VIKRAMJIT SINGH OBEROI SHIB SANKER MUKHERJI

ANNEXURE TO THE DIRECTORS’ REPORT

FORM NO. MGT 9

I. REGISTRATION & OTHER DETAILS:

6. Whether listed company Yes

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES -

A) Category-wise Share Holding

C) Change in Promoters’ Shareholding (please specify, if there is no change)

• Conduct which demonstrates two-way communication, accepting constructive debate

d) The percentage increase in the median remuneration of employees in the Financial

1. A brief outline of the Company’s CSR Policy, including overview of projects

The Board of Directors, on the recommendation of the CSR Committee, had

* Excludes Directorship if any, in private companies/foreign companies and companies under

f) Weblink where details of Familiarisation Program for Independent Directors

Mr. Sudipto Sarkar, the Chairperson of the Audit Committee is a graduate in