Oriental 53rd AGM Transcript

Management

Mr. Puneet Chhatwal, Chairman

Mr. Pramod Ranjan, Managing Director and CEO

Ms. Gita Nayyar, Independent Director

Mr. Vijay Sankar, Independent Director

Mr. Harish Lakshman, Independent Director

Mr. Phillie Karkaria, Independent Director

Ms. Nina Chatrath, Independent Director

Mr. Giridhar Sanjeevi, Non-Executive Director

Mr. Vijayagopal Reddy, Non-Executive Director

Mr. Ramesh Hariani, Non-Executive Director

Mr. Nitin Bengani, Chief Financial Officer

Ms.S. Akila, Company Secretary

Akila

Dear, shareholders. Good morning. This is Akila, Company Secretary. I'm pleased to welcome you all to the 53rd annual general meeting of the Oriental Hotels Limited held through video conference. I would like to briefly take you through the protocols regarding the participation at this meeting. The facility of joining the AGM through video conference or other audio video visual means has been made available for the members on first come first serve basis.

All those who have joined the meeting are by default placed on mute mode to avoid any disturbance and background noise. This would also ensure smooth and seamless conduct of the meeting. Once the Q&A session starts, Chairman will announce the name of the shareholder who have registered to speak one by one. The audio of the shareholder will be unmuted by the host. The speaker shareholder is requested to click the video button and wait till the video is on.

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July 20, 2023

If the speaker shareholder is not able to join through video for any reason, the shareholder can speak through the audio mode.

While speaking, we would request the speaker to use the earphones and minimize any voice in the background so that the speaker's voice is clear and audible. Kindly ensure that the Wi-Fi is not connected to any other devices, no other background applications are running and proper lighting is available to have a good video and audio experience. If there is a connectivity problem at the speaker shareholder's end, we would ask the next speaker to join.

Once the connectivity improves, the speaker shareholder may be called again to speak at the end once all other shareholders complete their turn. We would like to request the shareholders to limit their speech to three minutes. During the AGM, if a member faces any critical issues, he may contact the helpline number mentioned in the notice of AGM. Thank you. Now I request the chairman to commence the proceeding of the meeting.

Puneet Chhatwal

Thank you, Akila. Good morning, ladies and gentlemen. I would like to welcome all the shareholders to the 53rd AGM of the company. As the requisite quorum is present, I now call the meeting to order. Before I start the proceedings, I would like to call on the directors who are on video conference to introduce themselves. I request Mr. Pramod Ranjan to introduce himself.

Pramod Ranjan

Good morning, shareholders. This is Pramod Ranjan. I am the managing director and the CEO for Oriental Hotels. Thank you.

Puneet Chhatwal

Ms. Gita Nayyar.

Gita Nayyar

Good morning, shareholders. This is Gita Nayyar. I am an independent director on the board of

Oriental Hotels. I am also the Chairperson of the Audit and Risk Committee and a member of the nominations and renumeration committee, and I am attending this meeting from Mumbai.

Puneet Chhatwal

Mr. Vijay Sankar.

Vijay Sankar

Good morning, shareholders. I am Vijay Sankar, Independent Director on the Board of Oriental

Hotels. I am also the chairperson of the CSR Committee of the Board. I am attending the meeting from my office in Chennai. Thank you.

Puneet Chhatwal

Mr. Harish Lakshman. Harish.

Harish Lakshman

Good morning, shareholders. I am Harish Lakshman, Independent Director on the board of

Oriental Hotels Limited. I am also the member of the Audit Committee of the Board and I am attending the meeting from my office in Chennai. Thank you.

Puneet Chhatwal

Ms. Nina Chatrath.

Nina Chatrath

Good morning, shareholders. I am an Independent Director at the Oriental Hotels Limited. I am also the Chairperson for the Stakeholders' Relationship Committee. I am attending the meeting from my residence office in New Delhi. Thank you.

Puneet Chhatwal

Mr. Vijayagopal Reddy.

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Vijayagopal Reddy

Good morning, shareholders. I am Vijayagopal Reddy, Non-Executive Director on the Board of

OHL. I am also a member of the Stakeholder' Relationship Committee and CSR Committee. I am participating from my residence in Chennai. Thank you.

Puneet Chhatwal

Mr. Ramesh Hariani.

Ramesh Hariani

Good morning, shareholders. I am Ramesh Hariani, Non-Executive Director on the Board of

OHL. I am participating from my office in Mumbai. Thank you.

Puneet Chhatwal

We also have Mr. Phillie Karkaria and Mr. Giridhar Sanjeevi who are currently facing some technical issues they will be joining in a few minutes. Thank you all. All the directors of the company are present at this meeting. We also have Nitin Bengani, Chief Financial Officer who is present in this meeting through video conference together with representatives of our statutory auditor and secretarial auditor.

I thank all the members for joining the meeting. I hope the members are safe and in good health.

This meeting is being held through video conference and compliance of the circular issued by the Ministry of Corporate Affairs and SEBI. The company has taken the requisite steps to enable members to participate and vote on the items being considered at this AGM. Your company has received eight letters along with Board resolutions from corporate shareholders appointing and authorizing representatives under section 113 of the companies Act 2013in respect of

6,98,33,790 equity shares representing 39.1% of the paid-up capital. Since there is no physical attendance of members, the requirement of appointing proxies is not applicable. The registers as required under the company's Act 2013 and the documents that are required to be kept open in terms of the resolutions provided in the AGM notice are open for inspection. Members who have not voted earlier through remote e-voting can cast their vote in the course of the meeting through e-voting facilities.

Since the notice is already circulated to all the members, I take the notice convening the meeting as read. Before I commence the formal shareholders, I'm happy to inform that Mr Sanjeevi has also joined us in the interim. May I request him to also introduce himself.

Giridhar Sanjeevi

Namaste I am dialling from IHCL, Express Towers office. I am a member of the Audit

Committee.

Puneet Chhatwal

Mr Karkaria, have you been able to join?

Phillie Karkaria

Yes, I'm in. This is Phillie Karkaria. I'm an Independent Director on the Board of OHL. I'm attending the meeting from the corporate office of IHCL.

Puneet Chhatwal

Thank you. So with your permission, let me begin with a short update on the Indian hospitality sector, the company's performance and future outlook. Following two years of the pandemic, the last year was one of resurgence, not only for the global and national economy, but also for the travel and tourism sector. Let me begin with a brief overview of the macro economic scenario.

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Despite inflationary and geopolitical challenges, the global economy witnessed continued recovery in 2022, with an estimated GDP growth of 3.1% as per World Bank. It also forecast growth to decelerate to 2.1% in 2023, before rising to 2.4% in 2024. However, India stands out as the fastest growing major economy in the world, having grown at 7.2% in 2022 and expected to continue its growth trajectory at 6.3% in 2023. The services sector in India exhibited the strongest growth at 9.5% and travel and hospitality sector demonstrated double-digit growth supported by the case-shaped recovery of the economy.

Moving on to performance and key highlights, it gives me great pleasure to share that Taj has been rated as the India's strongest brand across sectors for the third time in the last 40 years. The financial year 2022-23 was a record year for the company with its highest ever revenues. The company reported a total revenue on standalone basis of INR408 crores and a profit after tax of

INR58 crores. The company reported its highest ever standalone EBITDA margin of 30.9% in the financial year.

This performance has also resulted in reduction of debt by INR85 crores and thereby solidified our financial position. The board has recommended 50% dividend for financial year 22-23 in line with the dividend distribution policy of the company. During the year, the company remained committed to drive sustainability and social impact measures. The company utilizes

70% of total energy consumption from renewable sources. Looking ahead, the industry experts estimate that the demand will continue to far outpace supply in the coming years, leading to an overall rise in occupancy levels and average rates.

Domestic tourism will continue to drive the recovery of the travel and tourism sector, while international tourism is expected to bounce back in the second half of this financial year. India is on a growth path and the services sector, including the travel and tourism business, is emerging as a major growth engine for the Indian economy, having successfully put the pandemic behind.

With India's presidency of the G20, we have positioned like never before to showcase our nation's cultural heritage, our unique and differentiated travel offerings and our safe and tourist- friendly destinations.

I would like to express my gratitude towards the management team and all the stakeholders for their efforts in assisting the company for the strong rebound and in effectively navigating through probably some of the toughest challenges the travel and tourism industry has ever faced.

Thank you very much. I now request the company secretary, Ms. Akila, to explain the sequence of meeting and process of voting on the resolutions in the meeting.

Akila

Thank you, Chairman. The Companies Act 2013 and SEBI listing regulations provides for electronic voting. Accordingly, the company had provided the facility to the shareholders to cast their vote through electronic voting facility administered by NSDL. Facility for voting at the meeting is also provided for members here and who have not voted. Members, may please go to the voting page of NSDL eVoting website using the login method detailed on page 33 of the annual report and cast their vote. The vote can be cast while watching the proceedings of the meeting as well.

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The facility for eVoting will also be made available 15 minutes post this meeting. Ms. Deepa

Ramani of KSM Associates, Practicing Company Secretary, has been appointed as scrutinizer to scrutinize the vote cast at the meeting and the remote eVoting. Since the AGM is being held through video conference or other audiovisual means, the resolutions mentioned in the notice to be considered in this AGM have already been put forth through remote eVoting. There will be no proposing and seconding of the resolutions. Thank you. Over to the Chairman, please.

Puneet Chhatwal

Thank you, Akila. I will not call one by one those members who have registered to speak. Mr.

Arun Kumar Bopanna, if you would like to unmute yourself. Mr. Arun Kumar Bopanna.

Arun Kumar Bopanna

Good seeing you, Puneetji. Good morning and good morning to everybody there. Now we are free of corona and I think compliments for your purpose, passion and performance on the balance sheet with importance to three-piece people, profits and planet. And first, thanks to Sureka and

Akila for arranging PC for me and making this possible. Thank you very much, Sureka and

Akila.

Sir, Orient Hotels is relevant to South India by its footprint and what matters to hospitality. What are the growth plans? Because so many airports are coming in India and I don't know how many airports are coming in South India. What are the new properties that you plan to acquire in the coming five years? And there is expectation of over tourism. What is the focus for expectation for South India? And again, the world is full of scams and cybercrimes. How is Oriental protect itself from cybercrimes? And what is the next transition to work as a springboard for us?

Again, sir, today with all this technology, AI and all this lot of skill mismatch, like coding, AI, robotics, etc., how is Oriental using the digital mission? And I'm sure still we miss the industry status in the budget. I hope you'll pursue with the government for the industry status. And the good thing about Pathya is because the world is losing rhythm with the earth, nature earth. And

I believe and I trust our Indian hotels that Pathya will reset the equilibrium in the nature.

But tech has scripted history, sir, but now it's being overused and abused. It's like putting coins in pockets with holes. What are Oriental’s precautions? And terrorist attacks have become norm of the day because today a son born from a womb of a woman who is sharing history with us can surprise us like a 26/11. what is Oriental’s protection mechanism?

And lastly, sir, after all the tech and cyclical innovations, humans' true role on the planet will be known when they learn to dialogue with the animal world too and nature. In conclusion, the past can only be remembered, the present can be experienced, but the future must be crafted. I wish

Oriental all the best. And thank you Puneetji, and jai Taj and Tajness jai ho. All the best to you.

Thank you.

Puneet Chhatwal

Thank you. Mr. Praful Chavda.

Praful Chavda

Thank you, sir. First, sir, Chairman, sir, Board of Directors. I am Praful Chavda from Hyderabad.

First of all, if someone ask me if I want to buy a hotel share. I will say now that since Puneet sir is thereyou can buy. You will be called as a Bhishma Pithama in the future by the hotel industry.

And in the years to come, all the hotels you stay in will be profit making hotels.. Thats my belief

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July 20, 2023 and my belief will remain correct. Sir, the hotel industry is doing a good job. I got a dividend.

Thank you, sir.

Sir, especially in the South, tourists go very less, as much as they go in North. So, for this, you should keep something more discount in the hotel or you should publicise more about the South.

How much Hindu culture is in the South, it is not there in the North. There is no such temple to be seen in the South. So, you should pay more attention in the South so that you will get more business. Along with it, there is a small hotel industry and street vendors will also get a business on the road because of your efforts.

And what should the Indian government do to take more tourists? The Chairman of the hotel industry, or everyone together, should give some suggestions to the Indian government so that the tourist industry grows. Sir, I would like to say one thing in particular, that there is a threat on the country these days. Rohingya, Myanmar and people from Bangladesh are coming. The hotel industry also runs on contracts. So, most of the contractors, when they get the work in less money, they give the work. The Indian people do not come less than INR800, INR1,000. And the guests who come from abroad, they are ready to work in less money as well and they take their own information.

As you know of Taj. So, in the near future, you should also make it clear that the person who works with you, whether they are small or big, for how many years they have been living in

India and they are sure if they are Indian. So, keep this in mind.

Puneet Chhatwal

Thank you, Mr. Abhishek J.

Abhishek J

My name is Abhishek shareholder of the company, my DPID, IEL-301-637, and client ID is

4135/9155. So, first of all, I congratulate the management on the eve of Annual General Body

Meetings. I trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap after completing more than a decade of successful operations, profitability, and becoming one of the strongest brand of respective segments. Sir, I would like to know how our business has been impacted in these past three years of this COVID time.

The coronavirus and subsequent lockdowns have left virtually no industry untouched after the

COVID. So, as of date, how many employees we are having, sir, in our company, I would like to know from you, sir, and hotel industry was one of the prudent industry which was being badly affected during the pandemic time. But still, our company has outperformed and we can see the result in the first and return on equity have gone up and we can see that the stock price is also escalated now. So, the company is doing outperform and doing very well.

And tourism has really developed in the year 2023 after the COVID. And many tourism industry say that the income has been doubled when we come back to the previous sales. So, even now, our profit should be doubled in the years to come and the shareholder expect a bonus as well from the management.

Hope that the management would take all of us to the right spirit and fulfill the wish and desire of the minority shareholders in the years to come. Nothing much to ask, sir. I would request the

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July 20, 2023 management to kindly take care of the hospitality part of the investor fraternity because even during the golden jubilee year, I do remember that the management had some promises with the shareholder.

Hope that management fulfill the wish and desire of the minority shareholders, also the senior citizens who are not able to join you in this. So, I would request to kindly consider hybrid AGMs in the years to come because AGMs, hybrid AGMs are the most convenient option which is being preferred now in Delhi and Mumbai. They have already started because most of the senior citizen who are not able to join you in this virtual platform because of the digital challenges here, they can very well join you in the physical mode as they used to join in the previously. And Pan

India shareholders can very well join you in the VC mode, sir.

So, kindly consider hybrid modes in the years to come, nothing much to ask. I thank the

Company Secretary and the entire team for sending me the link well in advance and making this

Annual General Body Meeting a grand success. I wish the company and the Board of Directors a great success and prosperity in the coming future. And thank you for giving the opportunity, sir. One more shareholder, Mr. P Jaichand, who is also registered with the subsequent speaker, kindly allow him to join from the same device because of the technical grounds, sir. He joined right from Chennai. Thank you, sir.

Puneet Chhatwal

Sure. Would you want him to join now?

P Jaichand

I am P Jaichand, shareholder from Chennai, sir. Good morning, respected Chairman, Board of

Directors, Secretary and his team and my fellow shareholders. First of all, I congratulate all this was because of AGM. We are proud shareholders of our company. The only general grievance of all shareholders is they expect better dividend and appreciation of share price, sir, which is an undisputed fact. The effort of the management is wonderful in sustaining the pandemic period.

The management should reduce expenditure and maximum profits to be declared as dividends instead of taking them into reserve. I request the management to conduct the AGM in physical, in coming future.

Everybody has suffered during pandemic, sir, especially the minority shareholders. And I support all the resolutions, sir. I wish our company all success in coming future. I wish our company touch sky high. I thank the management for giving me the opportunity and also, please kindly consider giving the complimentary coupons to especially to the speaker shareholders, sir.

Thank you very much, sir.

Puneet Chhatwal

Thank you. We now move to Mr. Dnyaneshwar Kamalakar Bhagwat.

Moderator

Mr. Bhagwat, we request you to kindly unmute your audio and video.

DnyaneshwarBhagwat

Yeah, sir. Thank you very much, sir. Sorry, sir. My network is not perfect, so sorry for that. I'm very, very sorry for that. First of all, thank you very much for calling my name. Respected

Chairman, Board of Director, myself Dnyaneshwar Kamalakar Bhagwat from Mumbai. First of all, I would like to thank Ms. Akila Ma'am for sending me the soft copy of AGM well in advance.

It's full of knowledge, easy to understand. So, I thanks to her. sir said about the financial part.

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The Chairman sir has given all the details. So, no more part of the -- no more about the financial part. I fully support all -- I strongly support all the resolutions.

Sir, I have only one question -- two questions, sir. What is your views regarding hospitality business for coming year? Secondly, sir, how much profit do you expect for coming years? Rest, no more question. Thank you very much. Thank you very much, sir. And sir, sir, can you hear me, sir?

Puneet Chhatwal

Yes, yes.

Dnyaneshwar Bhagwat

Sir, for coming festival, I wish company good luck. And just now the previous speakers said about the coupons. Sir, please consider that very much, sir. Thank you very much.

Puneet Chhatwal

Yes, we will do. Thank you. Next speaker Mr. Yusuf Yunus Rangwala.

Yusuf Yunus Rangwala

Greetings, sir. Sir, what should I say, sir? Such a good balance sheet, especially Sarika madam, how much we should appraise it is less. She is a very hardworking, sir. And sir, in South how many new hotels will you open in five years I would like to know? Point number two, how much is total number of staff?. And sir, the Taj coupon which you used to give you keep running I want physical discount coupons, sir.

Puneet sir, we are so happy to meet you. I am very thankful to our company share department.

Thank you very much nothing more to add, sir. My best wishes for our company, sir. Thank you very much, sir and nothing more to add. Thank you, sir. Bye.

Puneet Chhatwal

Thank you, Mr. Rangwala. Ms.. K Elija Devi is the next speaker Ms. K Elija Devi.

K Elija Devi

Very good morning, sir. I am Elija Devi calling from Hyderabad. Entire Board of Directors, very good morning, sir. I am happy for giving this opportunity. Sir, I am a senior citizen. Thank you for giving this dividend payout, sir. My request is, please increase dividend payout, sir. I thank our Company Secretary for giving this opportunity, Ms. Akila. entire Board of Directors, thank you for giving me this opportunity.

Sir, please take over the hospitality, sir. Once again, all the best for the coming years, sir. My best wishes to you, sir. Thank you very much.

Puneet Chhatwal

Thank you. We move to the next speaker, Mr. Kankanala Bharat Raj.

Moderator

Mr. Bharat Raj, I request you to kindly unmute your audio and video and proceed with the questions.

Puneet Chhatwal

I think he is not present. Mr. Santosh Kumar Saraf he is the next speaker.

Moderator

Sir, we have Mr. Bharat Raj online.

Puneet Chhatwal

Okay, let’s go with Mr. Bharat Raj.

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Moderator

Mr. Bharat Raj kindly unmute your audio and video. Sir, as there is no response we will move on to the next speaker shareholder.

Puneet Chhatwal

Okay, Mr. Santosh Kumar Saraf.

Santosh Kumar Saraf

Respected President, officers, workers, members and my shareholder ladies and gentlemen whosoever are present. I am Santosh Kumar Saraf from Calcutta I greet you all. I wish that you all must be in good health and your business. The hotel industry is performing well in the leadership. We are trying to increase our height after COVID. I have sent some questions to your madam. I would like to highlight that if there is any program in the future do we have any program in Kashmir, please do let us know? I request you to continue with the VC meetings, so that in future, we from Kolkata and Bombay like Rangwala ji can attend the meeting.

Myself, mostly all the employees… In the VC meeting, it is good. If you do the physical meeting, you should keep a 10-15 minutes VC program, so that the outside shareholders can express their gratitude to their employees. I will not take much time. Once again, I thank all the employee and you and pray to the God for 2023- 2024 healthy and wealthy and with safety. I am expecting that, you will invite us in VC. Namaskar.

Puneet Chhatwal

Ms.Sonaxi Sarangi.

Moderator

Ms. Sarangi we request you to kindly un-mute your audio and video and proceed with the question.

Bharati Saraf Have only one question. How many new rooms have been added during the year.

Puneet Chhatwal

We will move to the next speaker, Ms. Bharati Saraf.

Moderator

Mr. Santosh Saraf has responded on behalf of Bharati Saraf.

Puneet Chhatwal

So, Sonaxi Sarangi was not there, right? Mr. Sanjog Saraf.

Moderator

Sir, that is also responded by Mr. Santosh Saraf.

Puneet Chhatwal

Okay, then we move to number 12, Mr. Anil Mehta.

Moderator

Mr. Mehta, we request you to kindly un-mute your audio and video and proceed with the question.

Anil Mehta

Yes. Good morning to all of you. I'm Anil Mehta calling from my residence, Mumbai. Sir, I have a few questions. One is, what are the company connections and present capital utilization levels? Number two, what is the company doing to improve the shareholder relations? Number three, what steps has the Board of Directors has taken to monitor management action and to encourage the shareholders' interests are protected?

My last question is that sir, what are the major opportunities and challenges facing the company and how does the management plan to respond? With this, I'm completing my speech and thanks to the Secretarial Department, particularly Archana ji for the hardworking and quick response

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July 20, 2023 and I'm supporting all the resolutions. Thank you very much and all the best to the company.

Thank you, sir.

Puneet Chhatwal

Thank you. Move on to the next speaker, Mr. Manoj Kumar Gupta.

Moderator

Mr. Manoj Kumar Gupta, kindly un-mute your line, sir.

Manoj Gupta

Yes. Namaskar, respected Chairman. Good morning, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Gupta. I'm a equity share holder of Oriental Hotels

Limited. Join this meeting from my residence, Kolkata. Sir, I have a great respect and regards to you. You have turned down the entire hotel industry of the Taj Group.

So we have a great respect and regards to you. You are our MD of Indian Hotels and you are the

Chairman in this company. But, I was expected a few words from you about Mr. R.K. Krishna

Kumar. He was the pioneer of, he was a great icon of Tata Group and he was the Chairman of this company from 1997 to 2013. And I can't forget his contribution in the Tata’s that he was a very close to Mr. Ratan Tata and he was the man that who, bring the company of our entire hotel industry at this stage.

And after 2013, you become the Chairman of entire hotel group of Taj. Sir, so I thanks to, please,

I expect that, you will say, and I pray to God to give him peace in heaven. And because, we can't forget his contribution, there was my relation with him for 35 years. So we shareholders can't forget his contribution. I thanks to the company, Secretary and our team to help us to join this meeting through VC. And sir, what's your future plan of the company?

And sir, hotel business will boost due to G20 and ICC World Cup. How you are ready to give services to the G20 leaders? 32 countries heads of the -- will visit to India this year in October and ICC World Cup, a round World Cup will host this year by India. So how you will be ready to start the few fields because several more than one million peoples will come to the country to see the World Cup. And I believe that, company will more boost and progress under your leadership and guidance and does the new heads and investor will get return, a higher return in future under your leadership. Thank you, sir.

Puneet Chhatwal

Thank you. Miss Celestine Elizabeth Mascarenhas.

Moderator

Miss Mascarenhas, we request you to kindly accept the prompt on your screen and proceed with your question.

Celestine Mascaranhas

Good morning to all of you all, respected Chairman, Mr. Chattwal, other Board members, shareholders attending from the VC and I am attending from Mumbai, Mrs. E. Mascarenhas.

First of all, I thank our company secretary S Akila and her team, especially Aparna for sending me an E-notice. I would have preferred a physical one because of the age, I find a lot of difficulty in reading online. Anyway, it can be sent later also and registering me as a speaker and this platform was very good. I could speak properly. Thank you so much. A good annual report, but

I would, and a good dividend with such a difficult conditions, 50% is definitely good.

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I congratulate for all the awards, accolades, also good CSR work that is always done by Tata's and I would like to know, we have seven total hotels, two are abroad. Sir, how much is the ARR rate, ARR, Average Room Rate and what is the occupancy percentage and how much demand, because just now I heard in your speech, Chairman's speech, the demand will out-weak the supply, mainly due to G20 and also travel and tourism and the sports part.So how have we geared with more rooms? Have we increased the number of rooms because when this demand will be there, how we will go about attending? This demand may be quite immediate within 8 months-

10 months.

If in future, you can always come with the rights for the capex and remaining, I would like to know any acquisition for inorganic growth of Oriental Hotel, any acquisitions in future and remaining, what is the future roadmap for this hotel and how do we see this hotels, in the next five years.

With this, I support all the resolutions, I wish my company all the best, may it grow from strength to strength and make up for all those hard days of the COVID and we make more than what we lost in COVID and it has already shown in the Taj hotels also and even in this, it will come out.

With this, I thank you very much, I wish my company all the best and the next speaker will be

Mr. Mascarenhas, he's also registered.

Aloysius Mascarenhas Hello sir, I'm the next speaker. I'll proceed. Respected Chairman sir, very distinguished members of the Board and my fellow shareholders. Good morning to you all, my name is Aloysius

Mascarenhas. At the outset, I thank the management, company secretary and the team for sending me the E-annual report, which I received on time. It is very exhaustive, transparent and adhering to all the parameters required for a good corporate governance.

Our results are good as shown at facts and figures in the balance sheet. We welcome a good dividend of 50% and what is the future? Now, as the report says, we have seven hotels. Any more to be increased? We have two hotels in Sri Lanka and Maldives. Are we going to increase these hotels apart from these two hotels? Now, are we getting the revenue by way of dollars?

Now, dollar is rising day by day as against the rupees.

So, what is the impact? How much have we gained by way of dollar income? Then my future roadmap and 67% is of the Tata Group, the Tata Group increasing its stake and who are peers presently and competitors and what is our market share? And are we giving our hotels on time share basis? So, these are my questions. So, I will not elaborate further because there are some more questions by my other shareholders and some have been already been put forward by them.

So, I end my speech wishing you personally and all the Board members and more importantly, all the employees, all the very best in the days and years to come. With this, sir, thank you very much for patient here. Thank you. God bless you and I'll complete.

Puneet Chhatwal

Thank you. Mr. S. Venkat Sai.

Moderator

Mr. S Venkat Sai, I request you to kindly un-mute your audio and videos.

Venkat Sai

Yes, sir. I myself Venkat, studying at Dhansar College. So, I am here to congratulate all the management of Oriental hotels for achieving the nice targets in the previous year. So, I am here

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July 20, 2023 to request on behalf of all the students of Dhansar College that we want an placement opportunity from the Oriental hotels to conduct a placement drive. So, we would be happy for the same, sir.

Thank you very much.

Puneet Chhatwal

Thank you, Mr. Sai. Next speaker, Mr. Mani Sundaram, AV.

Moderator

Mr. Mani Sundaram, request you to kindly un-mute your audio with you and accept the prompt on your screen.

Mani Sundaram

I welcome this year by video conference, Oriental Hotel this year. Very happy to attend the meeting. After long period, I have done a good achievement in hotel business. First of all, I welcome Puneet Chhatwal Chairman, Board Members, Company Secretary Akila and Madam

Aparna, which has help to attend the meeting. We have seven hotels and we have the role model of hotel industry.

What is the future plan, sir, on modernization of hotel management? G20, Sports, we have sponsor on the tourism, we have developed to make more revenue and also abroad, we have some branches in Maldives and Sri Lanka. Our dividend has been given, declared 50% very happy, sir. Can you arrange for a bonus share or rights to develop our capitalization and investment returns to the shareholder? Thank you. Thanks a lot.

Please have hospitality to the shareholder, who have attended the video conference, who requested for the hospitality. Thank you. Thanks a lot, sir. Make an arrangement to attend the meeting. Expecting general body meeting to physically to attend this year or in between, you can make it. Thank you. Thanks a lot, sir.

Puneet Chhatwal

Thank you. Mr. Gundluru Reddeppa.

Moderator

Mr. Reddeppa requested to kindly un-mute your audio and video.

Gundluru Reddeppa

Thank you, sir. Mr. Chairman Puneet sir, you are a very good qualified and worldwide, sir. Very experienced Chairman, my company. I am very happy to see you safe and healthy, sir. And also,

Mr. Pramod Ranjan, MD and CEO, Mr. Nitin Bengani, CFO and my Company Secretary, Akila.

Good morning. Namaste, sir. I am from Hyderabad.

My name is Reddeppa Gundluru. First of all, I am a financial advisor from Hyderabad. Special tribute to our former Chairman Padma Shri R.K. Krishna Kumar garu and specially, I am paying homage to Krishna Kumar. Krishna Kumar was an inspirational human being and a excellent leader, who was deeply a reverse and respected man. He is given very good opportunity to employment to several people in Chennai and all other areas. His legacy is very good, excellent, sir.

So, I am expressing these gratitude’s Sir. Sir, as a shareholder, I am very happy about the company performance financial ‘23. Nice information by Mr. Chairman, sir. Thank you so much for wonderful information. And also, I have gone through the annual report. The annual report is very good and colorful and also with the information. I felt very happy.

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Thank you so much for the special kudos to all, who is preparing the annual report. And also, it's a very good brand. I heard, it's a Taj brand. Whenever, I feel lonely. I'll go to and will have a cup of coffee and tea with Taj group of hotels. Wonderful. Sir, I would like to thank this corporate governance for maintaining very good transparency, especially accounts and also good manner, integrity overall. That's the reason special kudos to all the KPs of my company. Thank you so much.

Strong financial performance with the construction growth after the Corona crisis. Will bounce back, sir, under your leadership, Puneetji, very happy and we salute you, sir. Thanks for a wonderful dividend afterthis Corona crisis also. You are giving 150% per share. Wonderful, sir.

Thank you so much. Congrats, on your Chairman's speech, you told about the INR58 crores profit and also, higher ever, first time, the EBITDA margin, 30.9%. Congratulations, sir

. It seems my company is running under your leadership, sir. Congratulations for a wonderful company's CEO of our growth mindset. There is no questions to ask. Everything is fine. You are giving dividend and a wonderful performance. No need to ask any questions. My only view is, what is your mission and vision to in a couple of years? That is my only one observation.

Observation means a view.

I supported all the regulation and also voted, e-voted. Sir, I would like to thank Ms. Akila CS., sir. I am talking to Akila madam, I feel like talking to my MD, sir. So, company secretary's role is both good, sir. Why? Because, on the other hand, company's reputation is growing, sir. So, I felt very happy. CS. Akila and his other Surekha ma’am and also, another employee. Hariharan.

Last year, he supported me a lot. Hariharan. So, the three people, my special thanks, I appreciate, sir, for wonderful services. Thank you, Chairman, for a wonderful opportunity to speak with you.

Our company will achieve many more higher awards under your leadership, with the support of

MD, CEO. I wish all the best, good health to you, happiness to you. And please also support the share holders, sir. Thank you so much for giving this opportunity. God bless you all.

Puneet Chhatwal

Thank you. Mr. Prakash Chand Galada.

Moderator

Mr. Galada, we request you to kindly un-mute your audio and video and proceed with the question.

Prakash Galada

This is Prakash Galada from Chennai. Good morning to everybody, all on the desk from the company side and my fellow shareholders. Right issue with Taj group of hotels that is the Taj hotels has been done was very, very useful, as well as, it gave not only revenue, financial help, as well as the shareholders to take extra shares. So we wish that, if you are in a need to increase your capital, you can think of tights issue at any time. And you are entitled to it, I suppose, I’m right. Then next, I say, what other people have not told. We have another hotel in Chennai, which is also equally good and equally old. That is Fisherman Cove, which is a beach resort. Fisherman

Cove has not been known or publicized in a right way.

It needs awareness as well as people's usage. It may be going full, but still a little more publicity is required to boost it. My special best wishes to our Chairman, Mr. Puneet Chawla, as well as

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Mr. Vijay Kumar Reddy, who has been in Chennai for last many years from his father's day.

They are in the board representing the Reddy families.

My next, this thing is our meetings are held beautifully from different venues, but a company like LTI, Mindtree, or Chennai, that is Canfin, they all give a backdrop so that there is awareness that this meeting is held under which company AGM or 25th meeting or whatever is there. So please avail for a backdrop, at least for the Chairman and if possible for all the people around, which will give a boost to the meetings.

Akila has also been kind enough to include us into the speaker this time. And last but not the least, as a hospitality people, you will be taking care of our hospitality also. We don't have to remind. And my other speaker, Mr. Sunil will join in the same one. Please, Mr. Sunil.

Moderator

Sunil Galada, you are muted, sir, kindly unmute your line.

Sunil Galada

Good afternoon to all the shareholders and the management. We are looking at a, I'm looking at a better dividends from the company and as my dad has already said, we are looking at rights issue or a bonus, either ways. And the World Cup is coming, tourism industry is going to take more, get more response. So how are we planned in that manner and how many hotels do we have, currently? So this is what is my this thing. Thank you so much, sir.

Puneet Chhatwal

Thank you, Mr. Galada. We move on to Mr. Varkey, KL. Mr. Varkey?

Moderator

Mr. Varkey requested to accept the prompt on your screen and proceed with your question. This is a reminder to Mr. Varkey. You are unmuted, kindly proceed with your question. Chairman sir, there is no response from this line presently.

Puneet Chhatwal

Okay, let's go to Mr. Ashok Chakravarthi.

Moderator

Mr. Ashok Chakravarthi. Mr. Chakravarthi, kindly accept the prompt on your screen and proceed with your question. Chairman sir, there is no response from this line presently.

Puneet Chhatwal

Okay. Let’s go to Mr. Ashok Chakravarthi. Mr. Ashok Chakravarthi?

Moderator

Mr. Chakravarthi, kindly accept the prompt on your screen and proceed with your question. Mr.

Ashok Chakravarthi, kindly accept the prompt on your screen to ask your question. Mr. Ashok

Chakravarthi, kindly accept the prompt on your screen to ask your question.

Ashok Chakravarthi

Sir, my name is Ashok Chakravarthi. I am speaking from Bangalore, sir. And very good to everyone, sir, including the Board and all my fellow shareholder, sir. And wish you all the best sir. Good day. Very good day, sir. And wish you all the best, sir. Good day. Very good day, sir.

And at this juncture, at this meeting, I won’t take much time sir. I congratulate the management for this financial results for the current year, even though, the year was some portion of the year of affected by the COVID. If company should very good result, sir. I am congratulating the management sir.

I am very happy to observe the very high escalation in our market share price, sir. And I thank the management for this performance based on which the market share price is moving up, sir.

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And the last, as per folio number 57 ADR is INR6,500 and occupancy is 67.8%, sir. Please inform whether it is more than our hotel average ratios and how it is comparable, sir? And also just I wish to request you , any strategy to increase the occupancy ratio and also if any projections are given in this regard, sir.

I also request you whether any steps could be taken to increase this occupancy ratio. Because some hotels I think have given up even more than 75% of occupancy ratio, I hope it will improve.

But at the same time, I am just enquiring you whether can you take any special measures like example, special rates for senior citizens at odd seasons and also to encourage medical tourists giving by any special rates for them, sir.

And at the last, I also thank Akila, Company Secretary and Aparna for having given, provided me opportunity to speak in this forum and meeting, sir. And at the last, I am simply informing you the minor problem I have faced it. You are given company had sent two links. One is Podium and one is Zoom. Really speaking, because of my not having full idea about this computer, I had to wait for a very long period in podium link. Subsequently, Ms. Aparna had guided me to go to

Zoom link. I don't know why this technical problem had taken place. However, I request you to set right this problem because all the people may not be very well aware of the technologies of this video conferences and other things. I am also not very well aware of this technology, sir.

However, this is not the first meeting. I have attended the last meeting also. And I am once again congratulation to the management for the performance because especially I am informing you the way the share price is moving up, I am very happy and at this meeting, I also inform. I am very happy for the share price movement of Indian hotels also, sir. And congratulate and thank all the management, sir.

Puneet Chhatwal

Thank you. With that, we can move on to Mr. Vinod Motilal Agarwal. Mr. Vinod Motilal

Agarwal.

Moderator

Mr. Agarwal, we request you to kindly accept the prompt on your screen and proceed with your question.

Vinod Agarwal Respected Chairman, Mr. Puneet Chhatwal, MD and CEO for Pramod Ranjan, our CFO, Nitin

Bengani, and CS ma’am, S. Akila. Good afternoon now to everyone, sir. It's past 12. And I’ve voted for -- in favor of all the six resolutions in today's meeting, sir. So, we have got seven hotels with 827 keys, sir. And we got a lot of suits among them, those hotels. Sir, my two or three observations. One, you got an Oriental Hotel Limited, OHL International, HK, with a 100% subsidiary, and we have received a dividend of about INR410 lakhs, INR4 crores, which is very good sir, which whole in itself a subsidiary of Lanka. Am I right that it is INR4.10 crores because it shows USD5 lakhs in US dollars in that subsidiary accounts for OHL International? Am I right that it was INR4.10 crores has been received as interim dividend?

So we got most of them joint ventures. Sir our hotels are very good. I would like to know we've got we've done better than the pre-COVID level. Our revenues are INR40,000 crores plus,

INR40,796 lakhs sir. It is more than the previous. Now is that room occupancy is increased sir?

I understand sir. But how much is the revenue which has increased due to room occupancy and

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July 20, 2023 how much it is due to the room rate increase, sir? And how much is the revenues coming from my sir, meeting, conferences, events, the breakup of that also helps us. And you've got the Ahvan of strategic alliance and Pathya to preserve beautiful places, all very good things.

Another thing which I observed from the annual report is that you've earned foreign exchange of INR71 crores, and we spent only an outgo of INR4.83 crores. So we have net foreign exchange of INR66.80 crores, which is very good thing for the country and this thing. I am proud of our company. The dividend that we have given is 50%, as INR0.50 paisa of face value INR1 and our debt to equity also come net debt to equity also come down substantially. So that also will be helping in saving up the finance cost in the coming year, sir.

And I am signing off Vinod Agarwal. I wish the company all the best and made perform better than over that performed this year. And may keep on adding a few more hotels, maybe on a lease basis or on a management term basis or whatever may it had more hotel, sir. I am signing off,

Vinod Agarwal. Thank you. Mumbai.

Puneet Chhatwal

Mr. Gaurav Liladhar Rozatkar.

Moderator

Mr. Rozatkar has registered but has not joined the meeting.

Puneet Chhatwal

Okay. Then we move on to Mr. S. Padmanabhan. Mr. S. Padmanabhan?

Moderator

Sir, Mr. Padmanabhan has registered but has not joined the meeting.

Puneet Chhatwal

Okay. Mr. P. Jaichand.

Moderator

Sir, Mr. P. Jaichand has asked this question with Mr. Abhishek.

Puneet Chhatwal

Yeah. Okay. Then, Ms. Hansa Galada. Ms. Hansa Galada?

Moderator

Sir, Ms. Hansa Galada has registered but has not joined the meeting.

Puneet Chhatwal

Okay. Then finally, Mr. Sethuraman.

Moderator

Mr. Sethuraman, kindly accept the prompt on your screen and unmute your audio and video.

Sethuraman

Good afternoon, Mr. Chairman and all the board members. Thank you for this opportunity given me and my question is what -- see, after COVID, we have made a very good profit, a turnover on profit. What is the plan we have to sustain this profit? And the second one is, as many shareholders asked, please consider for right issues. And I wish company and board for their future plans and actions. Thank you so much.

Puneet Chhatwal

Thank you.

Moderator

Mr. Chairman, we have got a request from Mr. Varkey to ask a question.

Puneet Chhatwal

Sure. Mr. Varkey.

Moderator

Mr. Varkey kindly accept the prompt on your screen and unmute your line.

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KI Varkey

Sorry for the first chance I missed. I was not very good at the mobile operation. That is why. Sir, my name is Varkey. It is not KL. It is KI. Okay. Okay. And I am from Cochin. Good morning to all of you. I don't know how much to say. Only one grievance is that about, it is about the unclaimed dividend or bonuses. Okay. I just want to know the present status of my dividend or bonus. I had no communication for a few years from the company about this for say six years or seven years. And I sent all the documents, details two, three times, but I didn't get any reply for any of my communication. So I just want to know what is the present status about my bonus, unclaimed bonus or shares or whatever it is. That is all. I am wishing you all the very best. Thank you.

Puneet Chhatwal

Thank you, Mr. Varkey. Our Company Secretary will be in touch with you. Thank you shareholders for your questions. Let me first start with thanking Mr. Manoj Kumar Guptaand

Mr. Reddeppa Gundluru for remembering the stalwart of Tata Group, Mr. R. K. Krishnakumar who has also contributed significantly to the hotel division, both at Indian hotels level, but also as the Chairman of OHL.

He is remembered by all of us very much and we are seeing a lot of things that he had put in place in his time that are helping us in good and in bad times to drive better performance for the company ,to have better standards of governance, to keep the spirit that he had indicated of being helpful, of being kind and about the ethos of the founder, about community, not just being the stakeholder, rather the purpose of the existence of any business. And hopefully that is reflected in our day-to-day job that we do with Pathya. A lot of you raised questions about Pathya.

So the second generic question which was asked by around the placement by the student and I think we will, we can confirm to you definitely within OHL or within IHCL, we will place all possible students. Please feel free to reach out to the managing director of OHL or to me or to the Company Secretary. We will do the needful.

The third was on coupons for shareholders that are attending this AGM and I can confirm and

I'm requesting through this video conference, the company secretary and the Managing Director to send everyone who has attended this AGM coupon for meals in wherever they would like to use it.

Finally, a few other things which were mentioned was some people prefer video conference, some people prefer physical and a few of you mentioned hybrid. I think as of next year we will definitely go for a hybrid version and even try physical, but if you feel very strongly that it should stay with video conference, do inform us in time. Or if you prefer hybrid, we think as the world gets back to a normal phase, we'll need to do a bit of both. And the bit of both is not because of COVID, the bit of both is maybe to take care of senior citizens who may not be able to travel that easily to different destinations.

The other issue that was raised we'll check on that on the Podium link and the Zoom link. We are very sorry if you faced any challenges, we will ensure that next year that goes smoothly.

And one question generic which came out is some of you asked for a two years outlook and three or four of you asked for a five years outlook. Based on whatever we know today, in this

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July 20, 2023 year of course we have G20 events, we have the World Cup cricket, we have other sports events and we even have the other important events that are getting signed up as we speak for the remaining of the eight months in this year.

So I think the current trend in the sector is very buoyant. The sector has been on an upscale or upswing for the last six to eight or nine months I would say because last year till around end of

April we still had the impact of the third wave or the Omicron. And so this is really the first real year where we can compare to the last year or otherwise we are always comparing to financial year 2019-2020.

As you have heard, most of the markets in India, the demand is outpacing supply. And the reason for that is that during COVID not much hotel activity on construction or development happens.

So when the demand comes back in the supply remains constrained the average rates and occupancies are expected to rise. And that have been rising in the past and I don't see any change in that trend.

Just before this meeting I had a very senior hospitality consultant visiting us in the office, who said that half of the pipeline of the supply is not in the top 10 major markets of India. So yes, there is around 60,000 rooms he said he expected to get added over the next three, four, five years but less than half is in the main markets and which are very important for your company, which means that the supply in Chennai or other key markets is expected to remain constrained.

Notwithstanding that, I think also globally, we will see that there is a correction in the rates. So if you look at all markets, the entire sector is benefiting from the change in the rates and also hospitality is taking a little bit of a bend more towards consumerism. It's becoming more like a hybrid also of hospitality travel and consumer business. That is definitely a trend since post

COVID and we expect that to continue.

And some of you mentioned about growth and about rights issue and about improving our presence in the south, especially with all the temples that are here and the rich cultural heritage that we have. So, given where the company is coming from, from the past of like high debt, which we have not been able to reduce significantly, I think we are very well positioned to take advantage of any of the activities on management or on acquisitions that might come.

We are always looking for those and I see a very good outlook for the sector in general and hotels with Taj brand in particular and we want to upgrade some of those. We have upgraded a few hotels where we have renovated, renovated Fish Cove, renovating Ooty and coonoor that come in here and we have definitely a plan now to upgrade Coimbatore, which is also a very good asset in a good market.

Now, moving on very concrete to the questions from the very first speaker, Mr. Boppana, is how many airports are coming up? Yes, there are many airports coming up and the Shivamoga airport in Karnataka opened earlier this year on, I think towards end of February. And second international airport in Chennai was inaugurated also by PM. So if there are suitable airport opportunities that come our way, we would go for those in future.

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Definitely, industry status was a second issue raised by you. We have got industry status in several states, but many are missing in South, I think Karnataka did that. The one which is executed it seamlessly is Rajasthan, but many states are following it's a process. It's a journey because of the federal structure. We cannot have at one state can only decide for that state. We cannot have the same decision in all states because tourism is a state subject. At the center level what we are discussing and been requesting the government is to consider a full-fledged infrastructure status that will help in loan monitoring as well as in cheaper loans in building hotel infrastructure in the country.

On the cyber which was your key concern social media and also about other things. Yes, we have invested a lot in cyber security and a partner with very important experts in this area in our systems are protected. OHL till now has not been victim of any kind of cybercrimes.

The further you had a few other questions on the transition and how to deal with terror attacks.

We have had adequate security measures, especially post 26/11, the company has learned and advanced and taken security to very high level. Then it is a brand like Taj and on our digital journey, we continue to be part of IHCL's skill training programs, OHL has been an integral part of IHCL's digital journey. iZest has been implemented to execute safe operations and ensure the safety of our guests and associates. An automated chatbot has also been introduced which serves as a virtual partner for all guests needs and is accessible via website and WhatsApp.

Mr. Praful Chavda had your question on the temples and temple trades I have already addressed and we are at present destinations like our hotel in Madurai, which can become a part of this tourism promotion exercise.

Mr. Abhishek, I had already mentioned that we'll consider hybrid AGM as of next year.

And one of the things you asked was about the impact of COVID and how many employees we have? We have around 1,200 employees in the company and the impact of COVID as you know, was significant depending on market-to-market. Certain markets had complete lockdown. certain markets had phased up opening.

So we have to go from hotel-to-hotel basis. And we cannot just say in general, what the impact was the impact was significant in terms of the very first year, the revenues dropped anywhere between 15% to 30% of a normal year. And then they came back to 50%, then they came back to what it was pre-COVID level, and at the moment they're far exceeding the pre COVID level.

I think the other thing you had about bonus shares and desires and also on rights issue, we will look into that as in when opportunities arise.

Mr. Bhagwat, you asked a question about how much profit we expect in the coming years. I cannot say that. I can only say and confirm management is doing its best and will, you know, use all reasonable endeavors to optimize all metrics, the top line, the free cash flow, the reduction in debt, and the profitability of the hotel said it is running.

In terms of how much growth we expect, as I mentioned, as long as demand continues to outplay supply, the top line growth will happen, especially on the rates which would make hotels more profitable.

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July 20, 2023

Mr. Rangwala, your question was also related to really the coupons and the number of staff, which I've already answered and how many hotels will be opened in South India. This has been taken care of. As and when opportunities come, we'll go for that. Now that the company is well positioned from a financial perspective.

Elija Devi, you’d request to increase the dividend payout. The dividend payout is as per the dividend policy of the company which is after considering profitability, retained earnings, requirements of working capital and capital and renovation expenditure and debt obligation. And as I already mentioned, we've been renovating hotels, making them fit for future. Especially now, we will also look at the other hotels and upgrade them to the Taj level, as I said, in

Coimbatore.

Moving on to the following question was from Mr. Santosh Kumar Saraf on what was occupancy percent of hotel rooms and halls and how many rooms were added during the year. So total occupancy for OHL was around 69%. There were no new rooms added during the year. And your other comment on what lessons we learned from the pandemic period, so that we are better ready in future.

Yes, the crisis has reinforced our belief in our people and processes. There have been many learnings for the future to overcome the impact of such uncertainties. We have to continue to invest in our people, be resilient, adaptable and demonstrate strategic agility. I don't know how many of you would have heard, we actually coined the term in which we combined strategy executed with agility by calling it Stragility. And I think that worked very well for all the people associated with the Taj system.

And also, one important thing about COVID was you cannot communicate enough. So continuous communication was the mantra and we need to learn and innovate. But at the same time, we obviously need to communicate as much as we can.

The other question you had was on the steps taken to fulfill ESG. The company adopts various initiatives for social and environmental well-being. It strives to reduce energy consumption through improved efficiency and adopting newer technology and practices. Over the years, the company has been partnering with green power generating companies and purchases 70% of total electricity through renewable sources. This has resulted in avoiding 11,594 tons of CO2 emissions in the current year. The hotel units have systems for rainwater harvesting and treating grey water for gardening. Further waste from hotels are avoided from landfills to suitable waste management systems.

More details of the environmental initiatives of the company are available on page 21 to page

24 of the annual report. On our Pathya, we have announced our ESG-plus initiative in which we target to have 100% of wastewater recycled by 2030. Then do you have any hotel in Srinagar or any other place in J&K state? Our company does not have hotels in Jammu and Kashmir. Indian hotel has hotels in Jammu and Kashmir but not OHL.

And also your question on the steps to reduce the gap of gender ratio of male and female employees. We continuously strive for it. It's a difficult sector in terms of operating 24x7. It's

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July 20, 2023 not easy to create that platform but of course we are at the forefront of it. We have committed not only to skill at the Indian hotel's level, 100,000 people and that trickles down in all subsidiary companies. But to have the guidance we have given is whatever we skill, 25% of that at a minimum, will be women.

Mr. Mehta, you had asked a question on capex plans. The company has planned capex as per company policy and as we speak, the renovation of Taj Malabar after securing it in the tender process for the further period of 33 years are underway. And the hotel will be partially shut for four months and then open partially and then fully renovated hotel can be expected as of April next year.

What steps Board of Directors take to monitor management action? The Board as you all know, as the introductions you have seen comprises of qualified members who bring in their required skills, competencies and expertise that allow them to make effective contribution to the Board and its committees. Please refer to page number 70 of annual report for further details.

We are continuously, one thing you said, how are we improving shareholders relationship? We are continuously in communication with the shareholders, engaging with them in AGMs, implementing good corporate governance practices, committing to long-term value creation while embracing technology for efficient communication.

The other interesting question you raised was about the opportunity and challenges the company is facing. The challenges faced by the company are high competition and price sensitivity, hotel industry opportunities. But at the same time, the great opportunity has been growing domestic demand on all accounts and also that international is coming back.

Mr. Gupta, I had addressed your thing on Mr. Krishnakumar earlier, but your other question was about G20. I can only say, Taj Coromandel post to the first G20 event at Tamil Nadu on the education world group, we generated INR2 crores of revenue. For the upcoming World Cup, there are five matches in Chennai and Taj Coromandel will benefit from some of these matches, especially the high demand match between India and Australia.

Then we have Ms. Mascarenhas and Mr. Mascarenhas. The company had the average rate of

9,904 and occupancy of 69%. And yes, we are very well geared for the G20. We're doing everything not just to attract business, but to showcase the nation. And your other issue on the roadmap for next five years, I've already addressed for anyone who has asked this question.

Mr. Mascarenhas, all our hotels have performed better than the market. What we call RevPAR, which is the multiplier of occupancy and rate and revenue growth index across all hotels in excess, ranging from 117 to 174 for the last financial year ‘22-‘23. Our key national competitors include Oberoi, ITC and Leela. At the international level, it is Marriott and Hyatt.

Are we having any hotels abroad? If yes, which country? We are not having any international hotels directly in OHL. However, the company is having a stake in St. James Court in UK through its wholly-owned subsidiary OHL International HK Limited, Stake in hotels, Taj Coral

Reef and Taj Exotic in Maldives, and Taj Samudra in Sri Lanka through its joint venture of TAL

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July 20, 2023

Hotels and Resorts Limited, Taj Bentota in Sri Lanka through its associated Lanka Island and

Resorts Limited.

Revenue gained out of foreign exchange, foreign exchange earnings are INR71.63 crores. The nature of income includes revenue from foreign guests staying and dining at our hotels and settling the bill in international credit card in foreign currency. Apart from this, the company also has management fee income in foreign currency. Please refer for details to page 44 of the annual report.

Mr. Venkat Sai, I already mentioned that we will accord placement and people can reach out to us.

Mr. Mani Sundaram, on the modernization of hotel management, I have already answered what we are planning to do in Malabar. It will be followed by Coimbatore. Physical AGM, I already addressed, and bonus share or rights for capitalization and investment with us will look at it as and then we have appropriate timing.

Mr. Reddeppa Gundluru, I already answered your question also on the two years outlook as well as the remembrance of Mr. Krishna Kumar and Mr. Sunil Galada had similar questions. Better dividend, bonus, World Cup, G20, I think that have been answered. How many hotels we have currently? We have seven hotels currently in south of India.

Mr. S Ashok Chakravarthi, steps to increase occupancy and any projections in this regard. You know, OHL will continue to optimize existing assets for comprehensive asset management, which will be driven by renovation and expansion, and thereby maximizing stakeholder returns.

Occupancy increase will be achieved by dynamic pricing, increased online presence, and offering special packages.

You'd also mentioned on folio number 57 ADR is 6,500 and occupancy ratio 67.8. All of our hotels, as I've said before, have performed better than the market rev for an RGI across all hotels ranging from 117 RGI to 174 RGI in the last financial year.

After that, we had Mr. Jaichand, who had also asked for the impact created by COVID. I think, the impact was devastating, so I mentioned that. But most of our initiatives, like our strategy of reset followed by Ahvan, an introduction of new revenue streams such as Qmin and tactical initiatives like Tata Neu as a loyalty program have helped us to recover faster and better than our peers.

And why we have not paid out more dividend? I've already answered that, that we do it as for the dividend policy and as discussed and agreed at the Board.

What is the plan Mr. Sethuraman hadasked for sustaining the profitability. I think this I would like to answer a bit more in detail. The outlook for the Indian hospitality industry during 2023 remains positive the macroeconomic environment is evidencing 6%-plus GDP growth superior performance by the services sector of the Indian economy, continuing infrastructure development projects in the country.

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Oriental Hotels Limited

July 20, 2023

We should all know that infrastructure is direct correlation with the performance of travel and hospitality sector, and the government's focus in developing infrastructure in doubling the airports in the project, Udhan scheme, all this the indirect beneficiary of it is our sector and within our sector obviously our own companies, and all the improvement in air, railway traffic, road traffic will help improve of the sector in general and your company in particular.

Mr. Varkey, already answered that our Company Secretary will be touched with you regarding the dividend shares issue that you have.

And finally, we had some questions from Mr. Motilal Agarwal, on terms of foreign exchange.I think you're right which we have to say it's very good. Thank you for that. How much revenue is coming from different sources, meetings, conferences, events, breakup? Our banquet revenue for FY ’22-FY ‘23 is INR65 crores which is 98% increase over ‘21-‘22. It stood at INR35 crores at that time.

We have, then you said, we have disclosed in our books OHL dividend as INR410 lakhs, but in subsidiary books it is USD5 lakhs, is it right. In OHL books dividend is an Indian currency whereas subsidiary financials are in USD. These amounts are correct exchange rate used is given on page 46 of the annual report.

Our net debt to equity has come down you mentioned and the same will be helpful in reducing financing costs in the coming years. Just to restate debt to equity in March was 0.57 and how much, last question you had was, revenues increased due to ARR and how much due to occupancy. Our room income for the year was higher by 86% from the previous year with an average occupancy at 69%, at an average rate per room of INR9,904. So ARR increased by 47% and average occupancy increased by 15 percentage points, in comparision with pre-pandemic levels of 1,920 room income was higher by 53% of which ARR was higher by 34% and average occupancy was higher by 10%.

With that, hopefully I've addressed all the questions. I would like to thank all shareholders who had participated in posing the questions. I now authorize Ms. S. Akila, Company Secretary to conduct the voting procedure and conclude the meeting. The e-voting facility will remain open for the next 15 minutes to enable members to cast their vote. The results should be announced within two or three days of the conclusion of the meeting and the same would be intimated to the stock exchanges and uploaded on the website of the company and NSDL.

I, once again, thank the shareholders for attending the meeting and their continued support and also all the positive remarks that have been made in today's AGM. I also thank the Directors for joining the meeting remotely. With your consent, I and other Board Members would like to leave the meeting. I request all shareholders to please stay safe and stay healthy. Thank you very much and over to you, Akila.

Akila

Thank you, Chairman. Members who have not cast their vote may do so in the next 15 minutes.

Thank you.

After 15 mins:

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Oriental Hotels Limited

July 20, 2023

The e-voting has been kept open for 15 minutes as mentioned by the chairman. We now close the e-voting. The requisite quorum was present throughout the meeting. Results of the Annual

General Meeting will be announced by the company within two days of the conclusion of the meeting. With this, I declare the meeting concluded. Thank you.

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