Oriental 54th AGM Transcript

MANAGEMENT

Akila Santhanam

Dear shareholders, good morning. This is Akila, Company Secretary. I am pleased to welcome you all to the 54th Annual General Meeting of the Oriental Hotels Limited through video conference. Even though most of you are familiar with participation in the AGM through video conferencing, 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 has been made available for members on first-come, first-served basis. The live streaming of this meeting is webcasted on the NSDL's website.

All members who have joined the meeting are by default placed on mute mode to avoid any disturbance arising out of background noise and to ensure smooth and seamless conduct of the meeting. Once the Q&A session starts, the Chairman will announce the name of the shareholders who have registered to speak one by one. Only the audio of the speaker shareholder will thereafter be unmuted by the host.

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To start speaking, the shareholder is requested to click the video on-button and wait till the video is on. If the 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 so that the voice is clearly audible and minimize any voice in the background.

Ensure that Wi-Fi is not connected to any other devices and no other background applications are running. Please also ensure that camera is placed in front of your face and proper lighting is available to have a good view, video, and audio experience. If there is a connectivity problem at the speaker shareholder end, we would ask the next speaker to join.

Once the connectivity improves, the speaker shareholder may be called again to speak. We request the shareholders to limit their speech to three minutes each. During the AGM, if a member faces any technical issues, he may contact the help line number mentioned in the notice of AGM.

I now request the Chairman to take forward the proceedings of this meeting.

Puneet Chhatwal

Good morning, ladies, and gentlemen. I would like to welcome you all to the 54th AGM of the

Company. As the requisite quorum is present, I call the meeting to order. Before I proceed further, I would request all the Directors to introduce themselves. Mr. Pramod Ranjan.

Pramod Ranjan

Good morning, shareholders. I'm Pramod Ranjan, Managing Director and CEO of Oriental

Hotels Limited. I'm attending this meeting from Mumbai. I also serve as a member of the

Stakeholders Relationship Committee and the CSR Committee of the Board. Thank you.

Puneet Chhatwal

Ms. Gita Nayyar.

Gita Nayyar Good morning, shareholders. I'm Gita Nayyar, an Independent Director of the company. I'm attending this meeting from my residence in Mumbai. I serve as the Chairperson of the Audit and the Risk Committee, and I'm also a member of the Nomination and Renumeration

Committee. Thank you.

Puneet Chhatwal

Mr. Vijay Sankar.

Vijay Sankar

. Good morning, shareholders. I'm Vijay Sankar, an Independent Director on the Board of

Oriental Hotels. I'm attending this meeting from my office in Chennai. I serve as the Chairperson of the CSR Committee of the Board. Thank you.

Puneet Chhatwal

Mr. Harish Lakshman..

Harish Lakshman

Good morning, shareholders. I'm Harish Lakshman, an Independent Director on the Board of

Oriental Hotels Limited. I'm attending this meeting from my office in Chennai. I serve as a member of the Audit Committee of the Board. Thank you.

Puneet Chhatwal

Ms. Nina Chhatrath.

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Nina Chatrath

Good morning, shareholders. I'm Nina Chhatrath, and I serve as an Independent Director on the

Board of Oriental Hotels Limited. I'm attending this meeting from my office in Kolkata, and I also serve as the Chairperson of the Stakeholders Relationship Committee. Thank you.

Puneet Chhatwal

Mr. Moiz Miyajiwala.

Moiz Miyajiwala

Good morning, shareholders. I'm Moiz Miyajiwala, an Independent Director on the Board of

Oriental Hotels Limited. I'm attending this meeting from my residence in Mumbai. I serve as the

Chairperson of the Nomination and Remuneration Committee and as a member of the Audit

Committee and the Risk Management Committee of the Company. Thank you.

Puneet Chhatwal

Mr. Vijayagopal Reddy.

Vijayagopal Reddy

Good morning, shareholders. I'm Vijaygopal Reddy, a Non-Executive Director on the Board of

Oriental Hotels Limited. I am participating in this meeting from my residence in Chennai. I also serve as a member of the Stakeholders Relationship Committee and CSRCommittee. Thank you very much.

Puneet Chhatwal

Mr. Ramesh Hariani.

Ramesh Hariani

Yes, good morning, shareholders. I'm Ramesh Hariani, a Non-Executive Director on the Board of Oriental Hotels Limited. I'm attending this meeting from my Mumbai office. Thank you.

Puneet Chhatwal

Mr. Ankur Dalwani.

Ankur Dalwani

Good morning, shareholders. I'm Ankur Dalwani, Non-Executive Director on the Board of

Oriental Hotels. I'm attending this meeting from my office in Mumbai. I serve as a member of the Audit Committee and the Risk Management Committee of the board. Thank you very much.

Puneet Chhatwal

Thank you all. All the directors of the company are present at this meeting. We also have Mr.

Paras Puri, Chief Financial Officer, who is present in this meeting through video conference, together with representatives of our Statutory Auditor and Secretarial Auditor. On behalf of the

Board, I would like to thank Mr. Phillie Karkaria, who had retired from the Board of Directors of the Company and Mr. Giridhar Sanjeevi, who resigned from the Board of Directors of the company consequent to his retirement from the services of IHCL for their contribution to the

Company. I thank all the members today for joining this meeting.

I hope all of you are in good health. In accordance with the Ministry of Corporate Affairs and

SEBI circulars, we are holding this Annual General Meeting through video conference. Live streaming of the meeting is also being webcast on NSDL's website.

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 18 letters along with Board resolutions from corporate shareholders appointing and authorizing representatives under

Section 113 of the Companies Act, 2013 in respect of 74965215 for that 7,49,65,215 equity shares representing 41.97 % of the paid-up equity capital. Since there is no physical attendance of members, the requirement of appointing proxies is not applicable.

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The registers as required under the Companies 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 course of this meeting through e-voting facility. Since the notice is already circulated to all the members,

I take the notice convening the meeting as received and read.

I further inform that the statutory auditor's report and secretarial audit report do not have any qualifications. Before I turn to the shareholders who have registered for expressing their observations/comments, I would like to share a few thoughts with all of you. Let me begin with a brief overview of the macroeconomic scenario.

As you all know, the journey over the past few years has been eventful. The world continues to go through significant shifts. Post the pandemic, which resulted in supply chain shocks, there was an economic slowdown, especially in developed markets.

Despite this evolving global landscape marked by economic fluctuations and geopolitical tensions, your company has shown resilience and adaptability. The baseline forecast for the world economy is to continue growing at 3.2% during 2024 and 2025. India continues to be a strong market with an economic growth rate of 8.2% in fiscal 23-24. The services sector in India grew at 7.5% with the travel and hospitality industries growing well, supported by major global events such as the G20 Summit and Cricket World Cup.

Foreign tourist arrivals to India were recorded at 9.2 million in 2023 as against 6.4 million in

2022. The outlook for the Indian hospitality industry remains positive on the back of strong domestic demand, recovery of FTAs, that's foreign tourist arrivals, and further aided by government's push for increasing infrastructure spends.

Moving on to the performance and key highlights, Taj in 2024 has been recognized as India's strongest brand across sectors for the fourth time and the world's strongest hotel brand for the third time by Brand Finance based out of UK. OHL has three Taj-branded hotels in its portfolio.

Taj Coromandel Chennai celebrated its 50th year milestone.

In financial year 23-24, the Company recorded its highest ever revenues. The company reported a total revenue of INR409 crores and a profit after tax of INR55 crores. During the year, the

Company remained committed to drive sustainability and social impact measures.

The Company is following IHCL ESG program Paathya and is making good progress on all fronts. Across the entire portfolio, 37% of the water is recycled and 74% of the electrical requirements are being met through renewable sources. All plastic wrappers for in-room dry amenities in Taj hotels across India have been replaced with OXO biodegradable wrapping.

I would like to compliment the management team for great execution and also want to thank all the Directors for their support. Finally, I would like to thank all the shareholders for their continued faith in the Company and the support that they provide. Thank you.

With those words, I would now like to invite the speaker shareholders to express their key observations. Considering that many speaker shareholders have registered, I would request you

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July 18, 2024 to keep the points brief and not to repeat the point which has already been made by others. I start with Mr. Arun Kumar Bopanna.

Puneet Chhatwal

Mr. Arun Kumar Bopanna.

Arun Kumar Bopanna

Good afternoon, sir.]. Good seeing you, Puneetji. You have a lovely voice. Good morning to everybody. Taj Coromandel has been a cherished destination for over five decades. Taj

Coromandel has given memorable moments for over five decades.

Taj Coromandel is ready to create new chapters in the sixth decade. I wish you all the best and compliments for the highest ever revenue, that is INR409 crores, for Oriental Hotels.

My questions, what are carbon emissions per room and what are plans to lower it still further?

And what are plans for resorts on the coast of Andhra and Tamil Nadu, a huge coast of 900 kilometers? The other day I saw you on the CII meeting with the Chief Minister of Andhra,

Chandrababu Naidu.

I hope he's welcoming a lot of investments into Andhra coast and employment also. He will open the gates for you with a red carpet. I'm sure you must make an effort there in Andhra coast.

And what are new offerings for the middle class with rising disposable incomes and changing lifestyles in future? And what are expected arrivals from the e-visa, which is proposed nowand you mentioned about the renewable energy percentage, 74 percent, are we going to be 100 percent in future? Sir, what are actions for organized religious tourism and destination weddings? Sir, in Goa, you have three properties. Do you have a common person or a number for initiate due diligence?

How can I suggest to somebody? Can you send me the number and name, please? What are your comments on guests arrive to spend time to save money, rather spend money to save time? What is the projection of direct and indirect employment of orient hotels? And what are solutions for extreme climate changes with temperatures crossing 52 degrees above now? Lastly, Taj brand serves the standard of global benchmarks.

Taj is a pioneer in creating landmark destination. Taj resides in the hearts and minds of guests.

Taj has emotional connection with its guests. In conclusion, there's something which I think we should give a standing ovation to the management. Taj during COVID never thought of profit or margins. Taj did the right thing in hosting the medical fraternity freely.

Taj did the right thing during challenging COVID times. Taj today is shining. The lesson is to do the right things with little to replace Taj brand of hospitality. I wish Oriental Hotels all the best. Thank you very much, Puneet ji. Nice talking to you after a long time.

Puneet Chhatwal

Thank you, Mr. Bopanna. Mr. Dyaneshwar Bhagwat.

Dyaneshwar Bhagwat

Yes. Sorry, sir. There was some disturbance in my line. So I'm sorry from my side, sir. Thank you very much. And good morning to you, sir, Chairman from Mumbai. Respected Chairman,

Board of Director. Myself, DK Bhagwat from Mumbai. First of all, I'd like to say thanks to our dynamic Company Secretary, Akila ma'am, for sending me the soft copy as well as hard copy

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July 18, 2024 of the AGM well in advance, which is full of knowledge, easy to understand. So thanks to ma'am for doing excellent work.

Secondly, I heard about the resolution, sir, I support all the resolution.

Third, I don't have much question because I have a full faith on Oriental Hotel, as well as I wish

50 years – just now the Taj Coromandel has grows to 50 years – I mean, past 50 years. So I wish for that hotel. Also, my best wishes to him, sir.

Fourth, about the questions, I – only one question that, the sir has given the answer of that about the solar planning, is there any our companies planning for solar project in our rooftop of our hotel? So that will save our money as well as environment also? Only this is the first question.

Rest, no more question and I wish good luck and bright future to our company. Thank you very much, sir.

Puneet Chhatwal

Thank you. Mr. Yusuf Yunus Rangwala.

Yusuf Yunus Rangwala

. Good morning, sir. Are you able to hear me, Chairman, sir? Sir, I am Yusuf from Bombay. Sir, first our Company Secretary, your team is very hardworking, very excellent. Sir, good morning, sir. Good morning. Sir, I am from South, and you are also from Madras, sir. I am saying good morning to you, sir. Good morning, sir. Sir, how is your health, sir? Sir, you have told that you are from Oriental, Madras. Sir, I came to meet you in September, and I wasn’t able to meet you, sir. Sir, if you ever come to Bombay, give us a chance to meet you, sir.

And Chairman sir, I am very happy with your Company's Sales Department, sir. I want to know what is the total number of staff? Sir, we have 7 hotels. Sir, which hotel makes the best profit out of it, sir?

Sir, you have also given a dividend this time. Sir, we have a dividend. For this, our LIC, Maxwell

Fund, Motilal Oswal, ShareKhan, all these brokers have given our tip. They are telling people to buy this scrip because this scrip will go up, sir. It will double in one year, sir.

Sir all the brokers are telling, sir. My broker, sir, Jundal Capital is also recommending to buy

Oriental. In two years, Oriental rate will be double. This show how well our company is growing, sir. Sir, it has been 50 years of association with your company, sir. Sir, this 50-year celebration is still remaining, sir. Keep a small get-together in Madras, sir. Call us. Sir, I want to give you flowers, sir. The fragrance of flowers, the smell of buds, and our Oriental, and what to say about our Sales Department, sir, all the people are very excellent, sir.

Sir, if possible, the cake coupons you send us, you keep it running, sir. The cake is very good, sir. We are very happy, sir. And sir, if possible, send us sweets during Diwali, sir. Something sweet, sir. These are our humble requests, sir. No more questions. I support the resolution. Jai

Hind. Jai Maharashtra. Vande Mataram. Bharat Mata ki Jai. I end my speech, sir. Sir, I want to start the video, sir. Okay, sir. Jai Hind, sir. Jai Hind. Vande Mataram. Bharat Mata ki Jai. Thank you, sir.

Puneet Chhatwal

Jai Hind, sir. Celestine Elizabeth Mascarenhas.

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July 18, 2024

C. E. Mascarenhas

Yes, I come to the formal part. Respected Chairman, Mr. Chhatwal, I spoke to you in Indian

Hotel also. You are a great visionary. And you have taken all the hotels to such a grand level. It is beyond speaking only, you know. Then other members of the Board, my dear fellow shareholders, I am Mrs. C. E. Mascarenhas. I am speaking from Mumbai.

I thank the Company Secretary and the team for sending me an annual report and also registering me as a speaker and giving me this very good platform to speak, which after some time it goes to panelists. Very good, you know.

Now, I come to the annual report. very good. Very good presented. Lots of pictures of a hotel, so tempting to go there. But we are elderly, so it is very difficult for us to go much out of

Bombay. This VC is the best. Of course, thank you for the dividend of 50%. Thank you, a lot.

Now, congrats for all the awards and accolades as they are in the annual report, plus CSR work as TATA policy we know. So CSR is always given very importance. I appreciate the CSR work.

Now my queries. So have we done something from the like listing or rating the ESG and listed on any dedicated ESG platform? Can you throw some lights? number two. We have seven hotels.

What is average room occupancy, ARO, which is having the highest occupancy among the seven hotels and the highest room rate also? And which is the most favourite?

My next question is what is the capex for the next five years for organic and inorganic growth?

Any acquisition in the future for inorganic growth? Do we have budget hotels like Ginger Hotels, what we have in Indian hotels? Rest ofcourse, there I support all the resolutions. Many speakers are there in the line. So I limit myself. Thank you so much and next one will be Mr. Mascarenhas, my husband. He will speak.

Mr. Mascarenhas

Can I proceed, sir? I'm the next speaker in the queue. Respected Chairman, sir, very distinguished members of the Board and my fellow shareholders. Good morning to you all. My name is Aloysius Mascarenhas. I'm a proud shareholder of this prestigious company. And I'm happy that we are in the Taj Group.

Now, here I would like to ask, how much is our Indian hotel stake in our Company? Out of the seven hotels that you own, which is the most profitable? Who are our peers and competitors in this line of business and what is our market share? Even though our PBT and PAT has come down compared to last year, but still you have maintained a dividend of 50%. Very good, sir.

Keep it up. I hope next year we'll bring more revenue to our hotel.

Many questions have been asked by my fellow shareholders. I don't like to add and repeat the same. So I end my speech, wishing you personally, 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 hearing. God bless you and our company. Thank you.

Puneet Chhatwal

Thank you, Mr. Mascarenhas. Mr. Sunil Kumar Modak.

Moderator

Sir, this is the operator. I'm sorry to interrupt. Mr. Sunil Kumar Modak had pre-registered, however has not joined the meeting.

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July 18, 2024

Puneet Chhatwal

Okay, thank you. Then we move on to Mr. Sethi Venkat Sai.

Sethi Venkat Sai

Good morning to all the respective authorities and the communities on the stage. So I am Sethi

Venkat Sai. I have one request from the Oriental Group that I wanted one of the branches to be open in South Bangalore. As I could see that it's been the next hub of food industry in South

Bangalore. So I just request the Oriental Group to start their business here.

And even as far as I heard, there's some foreign FDI coming out in India. Are there any investments happening in Oriental Hotels? So if yes, how much is the percentage of the investment is happening and where are those investments going on? On which area is this investment going on? I just wanted to know this. So thank you, everyone, for giving me this opportunity.

Puneet Chhatwal

Thank you, Mr. Ashok Chakravarthi .

Ashok Chakravarthi

Good morning, sir. Sir, I am Ashok Chakravarthi speaking from Bangalore, sir. Sir first of all, I am thanking our Secretarial Department for having sent annual report and having registered my name for this general body meeting, sir.

In this regard, I don't take much time because there may be a lot of speakers are there. Just I wish to have a small clarification. Even though hospitality sector has got momentum and has gone all the way, but our hotel, either EBIT or revenue has come down or including profits has come down to some extent. I just wish to know any projections of this EBITDA margin or other revenues for the current financial year, sir? If any projections or improvement, it could be seen it ?

The second point is, sir, I am very glad to know that there is a reduction in debt-to-equity ratio.

I hope that this reduction of debt-to-equity ratio will enable the Company for additional capital expenditure as my earlier speakers have requested, it could be useful for opening of some more branches and for expansion of the hotel, sir. And I thank you very much, sir.

Puneet Chhatwal

Thank you, Mr. Chakravarthi . Jayshree Chavda, please, Ms. Jayshree Chavda.

Moderator

Sir, Ms. Jayshree Chavda and Praful Chavda has joined together.

Puneet Chhatwal

Yes, thank you. You can put them together.

Jayshree Chavda

Good morning, Chairman, sir. I am Jayshree Chavda, shareholder from Hyderabad. In your annual report, page number 18-19, I am very happy for the steps you have taken to improve the quality of water. For example, water waste management, renewable energy. In your hotel, most of the plastic waste is in the toiletries. So, I would like to know whether all your hotels and rooms are using wood brushes or plastic ones, I would like to know that? Thank you.

Puneet Chhatwal

Thank you, Ms. Chavda. Mr. Praful Chavda.

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July 18, 2024

Praful Chavda

Chairman, sir, good evening, sir. Sir, I would like to say that you are the only Chairman in India that everyone visits you and remembers you. They like you a lot. And whichever company you are in, in the hotel industry, there is always profit in the hotel otherwise, there is profit. So, I wish you a long life.

Sir, especially, I would like to welcome Mr. Ankur Dalwani, who is getting an appointment for the first time. It has been 50 years. So, I wish him good luck for the next five decades. And I wish him good luck for the next five decades. Sir, the Oriental Hotels Limited. Most people don't know that it belongs to Taj Group. So, Oriental Hotel has a Taj mark on it. But the company's hotel logo should have a Taj mark on it. I believe so.

And, sir, the hotel industry is such that people from all over the world come to it. There are people in the world who speak the language of their own country. So, would like to know if the staff know the languages of all the countries. So, when they come, they speak Spanish, German,

, etc. They also speak normal languages. But there are some languages that they don't understand.

So, there are problems. So, how many people are there in your staff who knows the languages of the other countries? Do you have any information about that?

Sir, page number 171, it's written note number 22, Revenue for Operation. Revenue for operation is member fees. I think it is only INR1 crore. Last year it was INR88 lakh. This year it is INR1 crore. So what is member fees? We have never heard of taking membership in a Taj Group. We have not given a paper yet. Just like Mahindra & Mahindra keep on doing publicity, become my members you will get this much benefit. Many other companies make members and give benefit in hotel chain.

I believe that if you make a membership in Taj Group, you will get INR1,000 crores in a month.

I believe that. Apart from membership, shop rent rate. Last year it was INR77 lakh shop rent rate. Shop rent rate is for hotels. If we go to a 5-star hotel, for example, if we get INR50, we get

INR250. It is 5 times rate. We get costly items. We get antique items. I feel that shop rent rate is less. I will tell you about this.

If you are taking membership, if you are making me a member, give a discount to the seller so that we can also become a member and take benefit from your hotel. Your company secretary department is very good. The Annual report is very good. You have given photographs of many hotels. I thank the secretary department. I support the whole industry. Thank you, sir.

Puneet Chhatwal

Thank you. Mr. Gaurav Liladhar Rozatkar.

Moderator

Sir, Mr. Gaurav Liladhar Rozatkar had pre-registered. However, he has not joined the meeting.

Puneet Chhatwal

Mr. Santosh Kumar Saraf. Bharati Saraf.

Santosh Kumar Saraf

Sir, Santosh Kumar Saraf. Your system is very slow. They convert people into panelists. To become a panelist, you need 45 seconds. Then you get a chance. Please change this system. You don't know that you are changing the time you are wasting.

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July 18, 2024

I would like to greet all the members, officials, and employees I would like to greet all of you. I hope that all the directors, all the employees, all the family members will be healthy. I would like to thank the Chairman and MD, Mr. Ranjan ji, all the Board members and CFO. You have done a good job. You have provided all-round equipment. Sir, I would like to know if there is any management program for buyback so that our share prices increase. Many companies buy back and increase their share prices. Please write about it.

Sir, electricity prices are increasing. Many state governments are increasing electricity prices because purchasing costs are increasing. What steps are you taking to stop this impact? Sir, artificial intelligence technology is very popular such as JNI, AI. I would like to know how are you using it to increase your business productivity and profit and also help in other things.

Sir, the percentage of female employees is less. It is a service industry. It would be better if the number of female employees increases because their productivity is very good. Please write about it. Sir, I would like to know if there is any special program or scheme by our marketing team to increase the number of our clients and increase our business. Many companies organize events so that the company benefits. I will not say much. I would like to thank all the directors and employees. I would like to thank them. I would like to pray to God to give healthy, wealthy, and nutritious food to everyone in the year 2024.

Sir, you mentioned Bharati. She is not here due to medical emergency. She told me that she had sent you some questions. You can take those questions and answer them. Her son, Sanjog, is also going for medical emergency. He has also sent some questions. You can also take a look at them. He had sent some advanced questions. Both of them are not able to attend.

Mr. Puneet, I would like to thank you. I remember in 2020, when I requested you to take care of us. You really took care of us. I felt very good. You are the Chairman who listens to the shareholder and also listens to us. I wish you a long life. I would like to pray to God to keep smiling like this and be present with us. I would like to invite you for the next VC meeting. We are old people, but our family members are doing good for you and your family. Please express your gratitude to them. Jai Hind. Jai Bharat. Namaskar, Puneet, sir.

Puneet Chhatwal

Sanjog Saraf.

Moderator

I am sorry to interrupt, sir. Ms. Bharati and Sanjog Saraf are together, and they are out for the medication. Sir, may we request you to promote Mr. Sunil Kumar Modak as he is joined now.

Can we promote him?

Puneet Chhatwal

Sure. Let's go to Mr. Sunil Kumar Modak.

Moderator

Thank you, sir.

Puneet Chhatwal

Mr. Modak?

Sunil Kumar Modak

Yes. Good morning, sir.

Puneet Chhatwal

Good morning.

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Sunil Kumar Modak

Company Secretary and my fellow shareholders, myself Sunil Modak joining this VC meeting from my residence, Kolkata. Sir, very good results. Taj declared the world's strongest hotel brand for the third time. Congratulations. 2021 and 2024, these three years are very remarkable. During the fiscal year, Taj Coromandel had the privilege of hosting the inaugural working group meeting of the G20 summit. Congratulations again.

World Travel and Tourism Council predicts 2024 to be a record year in terms of travel and tourism. Our Company growth will be in the coming years, please tell us. This is the 50 years legacy. We hope that our company will do something for the shareholders and the attending shareholders this VC meeting. Sir, please continue this VC meeting.

Actually, a person from the very other parts can join this meeting if it is VC meeting. Please look into this and do something to arrange momentum to gain double inspiration to the attending members and the speaker shareholders as a whole. And I have cast my e-voting. There are six resolutions, including declaration of dividend. I have supported wholeheartedly all the resolutions and cast my e-voting and I hope that our company will do better in coming years with prosperity and long live. I conclude my speech. Thank you, sir.

Puneet Chhatwal

Mr. Gautam Kedar Prasad Tiwari. Mr. Gautam K. Tiwari.

Gautam K. Tiwari

Sir, first of all, sir, very, very happy to you, sir. Your name itself speaks lots of reasons. You are the icon and legendary in the field of hotel industry. This is what I have been watching and this is what I have been experiencing not only at national level but even at international level.

Wherever I have travelled in the hotel industry, your name is taken with great reputation and great knowledge and with all great achievements.

So, we are happy that you are here along with our Taj group of hotels, especially in Indian hotel we always meet and here also in Oriental hotels, you are paying attention and you have taken this hotel to a very, very high level and high rated level and that is why our growth we are seeing is the maximum with all Taj group of hotels and all important dignitaries of the world have really stepped into our hotels.

You are the backbone of our industry and under your guidance, our team has worked like anything, has given the Taj a very good rank. First, it is always leading. Taj means the final destination for many reputed people in the world. So we are very proud of being with you, sir, always and all the time. Sir, very, very good morning. Our MD, even Pramod Ranjan and we have got Paras Puri. They have also worked under your guidance, a very nice thing and produced very good results.

Another thing is that I am very, very happy sir about I would really like to thank the management for paying dividend and having our hotel on the dividend list. And at the outset, sir, I would like to thank our CS department. It's very good. Sir, Akila ji and Rutu ji, they have been helping so much, sir. They have been helping so much and to me to attend this meeting that up to the end I was able to get their inspiration and their guidance for me to attend.

Of course, I am attending so many meetings here and there, but here I got a lot of guidance, only very generous, very kind and very much soft spoken. We have got very polite and handling all

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July 18, 2024 the issues, all the queries very comfortably and harmoniously and cordially with all shareholders for which I am really thankful to Akila ji and his team, Rutuja ji and total secretarial team for this.

Sir, only one thing that please make sure that I get the balance sheet, physical balance sheet of our Oriental Hotels this time which I haven't got it. Sir, as usual, I got only -- sir, asking you questions is like showing a lamp to the sky. But in order to improve my appreciation and understanding for our Taj group of hotels, I would like to know few points, small points.

See, we have got seven hotels and which hotel is earning maximum revenue and how many hotels we have got in the pipeline that you have got in your mind to open, especially the budget type of hotel which many people are demanding. They want to enter, sir, this is the information

I have got. Many people want to use Taj Hotel but because of the high rate of Taj Hotel, they are not able to occupy that. So, what is your plan for opening budget hotels like Ginger which we have already done in Indian group of hotels?

Sir, what is your future growth plan as far as this Oriental Coromandel group of hotels is concerned because this is the five decades all I have cherished their memories, and this is the sixth decade we have started here. Sir, secondly, what are the future growth plans and what is company strategy? Sir, what is company strategy for improving our occupancy rate during dull season, because dull season is the season where our hotels should not go vacant, and it should be occupied. So what is our company strategy?

And sir, what is our average occupancy rate including all hotels and where do we have the maximum occupancy and what is the highest that we earn with this hotel? Sir, how many regular employees we have got, permanent employees and how many are contract employees with the ratio of male and female.

These are the small things I would like to know and Sir, I would like to know how many unclaimed share or any unclaimed amount that we have transferred to IEPF or Investor

Protection Fund. Sir, conclusively I would, of course I have, as usual, I am the shareholder from day one with all Tata group of companies including all our hotels also and Sir, I have already voted, I support appointments, re-appointments of all Directors on Board and I have voted for each and every resolutions favourably already in advance and I wish Sir, I must give you first of all Sir, you need to stand your ovation and bouquet of flowers.

Although we are meeting virtually, please just have a feeling that I am just welcoming you, we bouquet of flowers and giving the standing ovations. And Sir, each to you, we wish you a very very long, happy healthy, wealthy, joyous, enchanting life because in your legendary and iconic working, our hotel is making progress and we really wish you right from the depth of our heart, a very very happy, long, healthy, wealthy, safe and peaceful life in the future and our hotel industry to grow further under your assignments.

And Sir, we wish you all the best and to each member also all the best and we wish that this is only the way you will keep on serving us and sir, Oriental Hotel is best. Thank you very much.

Here is a grand salute, Jai Hind Sir

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Oriental Hotels Limited

July 18, 2024

Puneet Chhatwal

Miss Elija Devi

Elija Devi

Very good morning, Chairman, I am Elija Devi calling from Hyderabad. First of all, thank you for your services. Sir, thank you for dividend. I have my best wishes to you. Sir, I support all the resolutions. Chairman Sir, thanks for your cake coupons.. Sir Once again, thanks for dividend payout. My best wishes to you, all the best for coming years, God bless you, sir. Thank you very much for giving this opportunity.

Puneet Chhatwal

Thank you, Mr. Abhishek J.

Abhishek Jay

Yes. Sir My name is Abhishek, shareholder of the company First of all, I congratulate the management on eve of 54th Annual General Audit Meeting I trust all is well with you and your family In this challenging situation, our company deserves much more respect than the current market after completing more than a decade of successful operations, profitability dividend history and becoming one of the strongest brands in the respective segment.

I would like to know, as of date, how many shareholders are there in the company and what are the steps being taken by the management to reduce other expenses, legal professional charges, and the audit fee? My team and I are running a legal firm in the name and style of Sevenwells

Associates in Chennai. I would request the management to kindly enter the firm in the empowerment of the company and we will be glad to accept your services.

I would request a humble request from most of the senior citizens to try to consider hybrid AGMs in the years to come because most of the senior citizens are not able to join because of the digital challenges in this virtual platform. So if you can consider hybrid AGMs in the years to come more number of participants can join you in the meeting.

You can get their valuable points and ideas that will be helpful for the management to empower in the future. Since 49th AGM, till 54th AGM all the AGMs have been conducted; for the past

5 years we have been conducting AGMs in virtual mode even our 50th year, the Golden Jubilee year was being conducted in a virtual mode.

So if you can try to consider hybrid AGMs lot of participants can join you sir. Local shareholders can join you physically, pan India shareholders can join you virtually more number of participants can join. 50th AGM also management has promised that you will be arranging a get-together for the shareholders till date it is not being arranged. Sir try to consider get-together for the shareholders and also try to consider hybrid AGMs in the years to come.

Nothing much to add sir, 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 hope to see you in the physical AGM next year next P. Jaychand will speak from the same device.

Puneet Chhatwal

Thank you. We move on to Mr. P. Jaychand.

P. Jaychand

Good morning respected Chairman, Board of Directors, Secretary and his team and my fellow shareholders. My entire family members are proud shareholders of the company. The only

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Oriental Hotels Limited

July 18, 2024 grievance of shareholder is expecting appreciation of share price and better dividend. I also request the management to reduce the expenditure wherever it is possible.

I also request the management not to take away the major profits into reserve, consider bonus shares to shareholders sir. I thank the management for giving me the opportunity sir. Also please consider the hospitality part sir. Thank you very much sir.

Puneet Chhatwal

Okay. Thank you.

P. Jaychand

Sir what are the management efforts to improve the company image through investor relation exercise like bond call, quarterly presentation and meeting global investors? Sir please provide the details of parties in other current and non-current liabilities? Also let us know the details of contingent liabilities? Thank you very much sir.

Puneet Chhatwal

Thank you. Ms. P Shaamsundari.

Moderator

Sir, Ms. P. Shaamsundari and Ms. Archana J were supposed to join with Abhishek. Can we move on to Mr. Anil Babubhai Mehta.

Puneet Chhatwal

Move to Anil Babubhai Mehta. Mr. Anil Babubhai Mehta please.

Anil Babubhai Mehta

Thank you very much sir good morning this is Anil Mehta attending this meeting from residence

Kandivali Mumbai with my all the family members they are also the shareholder of this company sir we have a few questions. The question number one

Puneet Chhatwal

Sorry to interrupt is Geeta Babubhai Mehta Sheela Mehta and Nagin Lal Mehta all with you?

Anil Babubhai Mehta

Yes. Anil Mehta, Babubhai Mehta, Sheela Mehta, Geeta Mehta.

Puneet Chhatwal

Okay.

Anil Babubhai Mehta

Can I go ahead sir?

Puneet Chhatwal

Yes please.

Anil Babubhai Mehta

Thank you sir. Sir first question is with the increase of globalization what has the company done to increase the international knowledge and experience board? Second question how does the management monitor the intercompany transactions? Number three what are the major opportunities and challenges facing the company and how does the management plan to respond?

Next question, what are the principal objectives in the company's business plan for the next year, for the next five years? And the last question is that how does the company assess its liquidity and availability of the funding sources for operation? With this we are supporting all the resolution. And thanks to the secretarial department for their good services and cooperative and supportive nature. All the best thank you sir

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Oriental Hotels Limited

July 18, 2024

Puneet Chhatwal

Thank you. Hansa Galada. It's also a family maybe Hansa Galada, Prakash Chand Galada, Sunil

Galada, and Divya Galada

Hansa Galada

Good morning, sir, any acquisitions, or mergers sir. Good hospitality given last year. So please continue the same. Thank you.

Puneet Chhatwal

Thank you.

Prakash Galada

Next Prakash Galada here. Yes, good afternoon and Jai Jinendra to everybody. I am from

Chennai another two kilometers away from Taj Coromandel and I see that the metro work is happening due to that many of us people the new tourists are finding it difficult to reach easily so make sure that the metro people keep the both side entry of the road at the earliest rather than delay it for some reason or other the meeting now being held can be converted into hybrid.

As some of our other shareholders said by having it at least 8 to 15 people of Chennai can be called to Taj Coromandel at the boardroom or at Paraman Plaza adjacent building where we can come and attend in a bigger way on a bigger screen because we don't have laptop we have only smartphones which sometimes gives us very little audio and very little clarity in watching the proceedings.

I see that our good old friend of Dodla family, Mr. Vijay Gopal Reddy has been continuing for more than 15 years the one of the longest tenure after his father to be in the board as one of the promoter group. I congratulate him and I hope this tenure will long last for a longer period of his directorship and management side.

Apart from this I see a thing which I have never seen on the building with the details on the wrapper of the AGM book which shows that I will show you the wrapper Taj Coromandel building there is a building which covers Coromandel trees, or it is called Kalpavriksha in the front façade of the building. I used to wonder only as a tree but not detailed like Kalpavriksha or Coromandel which is very very good and very rare. Apart from this I have nothing much to say than to congratulate as well as look forward for a good hospitality what I have been given in the last few years. Thank you.

Sunil Galada

we find that 10 years at a glance where all the details are given like dividend and other details, but this is missing, so request you to incorporate that. And CSR we have some schools where students are attending school for the first time, so if you can look at that also we can help you.

And as usual hospitality please continue like last year. And I handover to the next speaker Divya

Galada

Divya Galada

Good morning, sir, please continue the hospitality and any expansion and Tier 1, Tier 2 in all the cities. Thank you.

Puneet Chhatwal

Thank you. Then we move on to Sonaxi Sarangi.

Sonaxi Sarangi.

Chairman. I am a joint holder in Sonaxi Sarangi. Sir we sent already questions to our Secretary.

Could you give the answer of those?

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Oriental Hotels Limited

July 18, 2024

Puneet Chhatwal

You are not audible. It is difficult to understand.

Sonaxi Sarangi

Sir we already sent letter to Secretary.

Puneet Chhatwal

Thank you so much. Mani Sundaram, next.

Moderator

Mr. Mani Sundaram I would request you to accept the prompt on your screen sir.

Mani Sundaram

Very happy to attend this meeting by means of video conference. A very wonderful Annual

Report sir and also some of the shareholders told about physical meeting otherwise you can connect by hybrid meeting very happy sir. All the Annual Report from 1970 onwards it is very transparent and also 50 years support should be very clear. It is very difficult to maintain transparency to the shareholder all the persons. Then Page number 254 sir general expense consist of the following last year comparing this year allowance for doubtful debts and professional fees are every year is rising.

Loss of sale of assets three times last year 16.66, this year 49.17 then management have good administration and also hospitality with all the shareholders very happy sir. Then I feel this year having a meeting with the shareholder and with management. Thank you thanks a lot sir very happy sir.

Puneet Chhatwal

Thanks. Meena Nariyalwala.

Moderator

I am sorry to interrupt sir Ms. Meena Nariyalwala had preregistered however has not joined the meeting.

Puneet Chhatwal

Okay. Then we move to the next one Kritika Lakshmi. Ms. Kritika Lakshmi.

Kritika Lakshmi

Yes. Thank you. Good morning to all the board members and committee members and very good morning, Chairman Mr. Puneet Chhatwal. Thank you for the dividend. Wish you all get succeeded the same for the upcoming year. Thanks for giving the chance of 54th AGM visit for speaker shareholder and also what is the future plan why share rates are becoming low. Good hospitality of the voters serving ambience, good administration everything is good as every shareholder already mentioned there is nothing to tell anything, very excellent. Please make so many offers to stay all kind of people. Thank you.

Puneet Chhatwal

Thank you, Mr. Gopal P.,

Gopal P

Congratulations for 54th AGM Oriental Hotels and what is the policy related to dividend. As everyone know every senior citizen are depended on dividend and in the last year though being registered in AGM, we have not got an opportunity, but still this time you have given me opportunity, so I am very happy about it.

And in 54th AGM we are getting connected through video for that I am very happy and in the coming year if you will do the physical AGM and many companies are starting now as Corona is over now. So if you will be able to do a physical AGM then shareholders will be very happy and many shareholders will be able to join with you like you did the meeting and many shareholders used to join with you.

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Oriental Hotels Limited

July 18, 2024

Through video we attend the meeting, but speakers are coming for the first time and in coming times if you try for a physical AGM then I would be more happy and discount coupon which you sent we and our children use them so that is very beneficial and we have increase the discount in coming times so I will be very happy. So, Vandana ji in this device only we will talk.

Puneet Chhatwal

Thank you. Vandana ji.

Vandana

Good morning one and all. I am the proud shareholder of the company from the day one of IPO.

What are the cost cutting initiative done by the management? I also request to increase the discount percentage to shareholders. I wish great success in coming future. I thank the management for giving me the opportunity. Thank you.

Puneet Chhatwal

Thank you. Next one, Mr. Vinod Motilal Agarwal.

Vinod Motilal Oswal

Respected Chairman Mr. Puneet Chhatwal and MD Pramod Ranjan, CFO Nitin Bengani and CS

S Akila. Good afternoon and regards to everyone. We started in morning. It's afternoon now.

Congratulations for completing 50 years of operations of the company. The hotels are very remarkable sir. We have done a revenue of INR409 crores. I am sure this will easily cross

INR500 crores within this FY25 because three or four of our hotels were under renovation. Taj

Malabar, Taj Fisherman's Cove and Coonoor they have been renovated.

So the operational revenues will start coming within FY25 for these three or four hotels which are under renovation. So I am hoping that we will have a INR500 crores revenue target within this year. And sir one thing which I have noted is that in the annual report it has been mentioned that we have got 825 keys, but the employees we have got is 1245. That works out to 1.5 employees per room which is quite high sir by hotel standards.

It will involve a lot of employee benefit costs. I don't mind paying employee benefit, but any rationalization of employees or increasing rooms so that the per room employee comes down from 1.5 to maybe one per room something of that kind may be looked into sir. Everything is good with the company, sir. You are opening 85% of your energy use as mentioned on Page 85 was through renewal. Paathya and Ahvan strategies are good everything sir dividend INR0.50 paise on INR1 face value also is appreciated, sir. Voted for all the six resolutions and Mr. Hari from the CSR team also has been very kind to contact us for this meeting. I wish the company all the best for the future sir. Signing off. Thank you very much.

Puneet Chhatwal

Thank youGundluru Reddeppa please.

Gundluru Reddeppa

Thank you so much sir for giving this opportunity. First of all greetings to board of directors and my greetings to co-shareholders and Scrutinizer, Auditors, and my Company Secretary. Just because they have sent me Annual Report well in advance without any delay and also, they are cooperating for this attending sending the mail. You follow me. So it shows that doing the governance under your leadership is very highly appreciable, Mr. Chairman, sir. Very happy to attend this Annual General Meeting.

As we have very good memories in physical General Meetings in Chennai. Now we are happy to attend with the VC globally we can be able to attend. Sir has received my Annual Report. I

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Oriental Hotels Limited

July 18, 2024 have gone through. Chairman sir I found very wonderful information and colorful photographs progress and also in your speech we came to know lot of information about your company.

Thank you so much, sir. After Corona, we are doing very wonderful under your leadership sir financially strong. Thank you for wonderful progress.

Here, my question is what is the impact after the geopolitical issues? And also what is your next vision, any expansion, any special targets in this financial. I would like to know from you, Mr.

Chairman. Sir I support all the resolutions sir. I don't have any single financial queries to ask you. So I support all the resolutions.

I thank you my Company Secretary and entire dedication team. Whenever I used to give the call and corresponded, I felt very happy. I come every year sir over there. I feel very happy. So, Taj

Group is a very wonderful hospitality group. Sir I wish you good health and happiness to you, sir. And also please continue the hospitality coupons. Last year they sent only one sir. So we have four members in the family. Please kindly look into the humbly request sir. Thank you, sir.

Puneet Chhatwal

Thank you. Prabhavatamma Gundluru.

Prabhavatamma Gundluru

Hello. Good morning, sir.

Puneet Chhatwal

Yes, good morning.

Prabhavatamma Gundluru

Your hospitality and reservation services are good, sir. Please continue the same sir. Thank you.

Puneet Chhatwal

Mr. Manoj Kumar Gupta. Next speaker, Mr. Manoj Kumar Gupta.

Manoj Kumar Gupta

Hello. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I have joined this meeting from my residence, Kolkata. I feel proud to be a part of Tata's. And I feel proud to be a shareholder of Oriental Hotels Limited Whenever I see you as a Chairman of our company in a smiling face, we see that we will get good returns because your smiling face will send the right signal in the stock market, in the mind of investors.

Because I have seen you because you are very cooperative, and you are very helpful. On my one request, you have helped me to get accommodation for a destination marriage in Jaipur for my nephew. So, sir, try to promote the destination marriage in your hotels. And ask your marketing team to promote the destination marriage.

Nowon the request of our beloved Prime Minister the pupils are not going to approach for their children's destination marriage. They have chosen the option for India. Sir, what's your plan for

Lakshadweep? Lakshadweep will be the second hub for tourists in the coming time within three years. Because on the request of our beloved Prime Minister, Lakshadweep will develop. And sir, now our government is focusing on the devotional palaces. And the devotional palaces have also become a tourist place. Now, more than 55 million people go every year to Rameshwaram.

So, what's your plan for Rameshwaram and Madurai? And other devotional places in the country, sir, in South India. South India is a hub for devotional places. From every part of the country, people go there. Tirupati, Balaji, Mallikarjun, Mahakal, Rameshwaram, Madurai. Good temples. So, think about that to develop a four-star or five-star hotel. Now, people want to stay

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Oriental Hotels Limited

July 18, 2024 in a luxury place. So, you have opened one hotel in Vaishnodevi. Your Taj and the Ginger. So, you think about to develop some hotel in the south part also.

To help the devotees to stay there in your hotel under the luxury brand. And sir, how you face the challenge from the coming hotels like the Asian hotels and the East India Hotel and the ITC

Hotel in the southern part. So, what's your plan to face that challenge? And sir, I have never lodged a complaint. Don't mind that I am a shareholderof Tata Group from 1989. And I have never lodged a complaint for the secretarial department. This year I am very upset because I have registered myself at 9 o'clock sharp on 10th July.

But my turn has come at 40 number. So, I can't believe that within one minute they have got the

40 registration. So, kindly check your sequence. Because I have learnt, and I respect the transparency of Tata's. They do the registered and put the sequence. So, kindly check this. And

I salute your gesture and tolerance to hear the view of all the speakers. Because two days back I have saluted group Chairman Chandra saheb to hear the 63 speakers in Tata's team.

So, I salute, and I wish to God to give you more success. And I pray almighty God for a healthy and prosperous safe long-life sir. And sir, give 50% discount to all the shareholders. That they will get 50% discount either on the dining or on the cookies or cakes. Sir, think about to 50% discount up to rupees 20,000 or 10,000 the revenue will come. And profit will go, and shareholder will enjoy the coupon. Think about that. One time 50% discount coupon up to

10,000 or 20,000. Either they use in the dining, or they use in to buy the products. Thank you, sir.

Puneet Chhatwal

Thank you. Mr. Aspi Bamanshaw Bhesania.

Moderator

Mr. Aspi, kindly accept the prompt on your screen, sir.

Aspi Bhesania

Thank you. Sir, I am Aspi from Bombay. Thanks for giving me an opportunity to speak. Sir, I appreciate your holding virtual meeting. When physical meeting starts, please continue with hybrid meeting. Sir, I welcome our new CFO, Mr. Paras Puri. I am sure he is very capable. I also welcome Mr. Ankur Dalwani as the director. Sir, one suggestion. When you announce the name of the shareholder, please announce the speaker number so that we know when our name will be announced.

Sir, we have only 7 hotels. Any new hotels likely to be opened during the current year? Sir, reasons for profit reduction during the year. Taj Malabar Resort was not operational from 1st

September 2023. Sir, only one resort contributed to reduction in profit. It's not possible. Sir, any renovation plan in the current year which can affect our current year profits? Sir, promoters hold

68%.

Any proposals to increase the promoter holding? Sir, quarter on quarter our profit is reducing.

Sir, how do you see any proposals? How do you see current year going forward? Even first quarter profit has reduced a lot. Quarter-on-Quarter and year-on-year. Sir, I would like to know how do you see the current year going forward? Thank you very much and all the best for the future.

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July 18, 2024

Puneet Chhatwal

Thank you, Mr. Aspi. We move to number 42 Mr. Bimal Kumar Agarwal.

Bimal Kumar Agarwal

Hello.

Puneet Chhatwal

Yes, Mr. Agarwal.

Bimal Kumar Agarwal

Good afternoon to everyone. I'm speaking on behalf of myself Bimal Kumar Agarwal and also on behalf of Sonia Naresh Agarwal. Good afternoon to everyone. First of all, I thank the company secretary and his team and management and the staff. Now I'll come to speaker registration. Now IDBI in the NSDL side, there is one place is kept the speaker registration. You all also should start having like that. And I want to know any plans to have residential hotel to open residential hotel. And the hotel industry, are we using plastic water bottles or glass water bottles? And I hope you continue with VC meeting always. That's all from me. Thank you very much.

Puneet Chhatwal

Thank you. Then we move to number 44, K Bharat Raj.

Moderator

I'm sorry to interrupt. Mr. K Bharat Raj, can you kindly accept the prompt on your screen? Mr.

K Bharat Raj, you're audible. Can you speak now? Sir, we are unable to hear Mr. Bharat Raj.

Can we move on to the next participant?

Puneet Chhatwal

Let's move to Satish Shah and Lekha Shah.

Satish Shah

Good afternoon, sir. Good afternoon. Mr. Chairman and other directors my name is Satish Shah.

You explained very well about the company in your Chairmanship speech. Oriental Hotel is a brilliant professional. Sir, this year the company's performance was good, and we got a good dividend. I would like to say this regarding dividend policy. I fully support the results you have given today. This was the best. thank you, sir. This was the best.

Puneet Chhatwal

Thank you. Lekha Shah. Okay, we move on to number 47, Kailash.

Lekha Shah

Thank you so much, sir. Respected Chairman, sir, Board of Directors and my fellow members, good afternoon to all of you. Myself, Lekha Shah from Mumbai. First of all, I'm very much thankful to our Company Secretary Akila ma'am for sending the AGM notice well in time.

Especially Akila ma'am for the best performance and always outstanding support for all my doubts. Thank you, Chairman, sir for explaining us well about the company. Chairman, sir, I pray to God that he always shower his blessings upon you.

Sir, I would like to all the person of company for receiving awards and recognition for our plan during the year '23 and '24. And also, I'm glad the company is doing very well in the field of

CSR activities. Chairman, sir, I have no questions today. I totally agree with my previous speakers. Please continue with your conference meeting in future. So, I strongly and wholeheartedly support all the resolutions for today's meeting. Thank you so much, sir.

Puneet Chhatwal

Thank you. Final speaker, number 47, Mr. Kailash Sridhar.

Kailash Sridhar

Good morning, sir. I want to put the following questions. So, what are your strategies to compete with your competitors? And then, what's the target that you are trying to achieve for the current

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Oriental Hotels Limited

July 18, 2024 financial year? As well as, do you have any plans on inorganic growth such as mergers and acquisitions? Thank you.

Puneet Chhatwal

Thank you.

Moderator

Sir, before we could go ahead, I'm sorry to interrupt. Bharat Raj is available now. Can we promote him?

Puneet Chhatwal

Okay.

Moderator

Thank you, sir.

Puneet Chhatwal

Mr. Bharat Raj.

Bharat Raj

Yes, thank you, sir for giving this opportunity. Sir, first of all, I support all the resolutions, sir.

And Puneetji whenever I see you, I feel proud and happy, sir.

Puneet Chhatwal

Your question, please. Mr. Raj, we cannot hear you.

Moderator

Sir, we have a connectivity issue on Mr. Bharat Raj's end.

Puneet Chhatwal

Let's move and he can send his questions via mail. So, thank you all the speakers for all the questions. Before I address individually many questions are having an overlap or are in common.

So, let me first start with the strategy part. The strategy for Oriental Hotels in the last few years has been to reduce the burden of debt. And to have a very strong base by renovating our iconic assets.

As we speak a few weeks ago the ballroom in Taj Coromandel was renovated. Malabar the heritage wing is completely done. And the tower wing should be operational by middle of

August. And hotel in Coonoor was also renovated. And we'll be adding a large hall going forward in Fisherman's Cove. The important factor here is that six of the seven hotels have seen a good amount of investments. And they are in a very good position because of the renovation the new design and the facilities that have been added to perform better against the competition and increase both revenue and profitability for the company. On the growth for the company, many of you pointed out in southern India, especially religious destinations like Rameswaram.

Yes, we are looking at opportunities. The management is trying to push for the presence with the ginger brand in such religious destinations. And also others should they come through. And we are currently also considering an extension and further renovations in the property in

Madurai.

In terms of brands, yes, it's been more driven in OHL by Taj and Vivanta brands. But soon we will have opportunities to take benefit from the other brands, like most of you mentioned about

Ginger. Not finally, I would say like a few more things. One is your comments on physical and virtual AGM. Of course, we'll continue the virtual AGM for people who find it difficult to travel.

But more and more people every year are expressing a desire for physical AGM also. We will consider that for next year. On the discount coupons, which are currently at 25%, a lot of you

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Oriental Hotels Limited

July 18, 2024 have expressed a desire to increase the discount to 50%. We have made a note of it. We will think about it and come back to you.

If we can do it on an ongoing basis or at least what we can do is all those who have participated today get a special discount coupon for 50% discount for one of the meals in any restaurant of your choice within our brands and portfolio. In terms of one comment was made on employees per room. With a brand like Taj and other full-service brands, the employee per room average is fine. Actually, it's still on the lower side.

It's only with brands like Ginger that the number of employees per room goes down. Now, I think on the renovation part also, it was mentioned by very detailed and very well understood by Mr. Vinod Motilal Agarwal on his projections in terms of the revenue could go up further because a lot of hotels were under renovation and a displacement factor is built in there, which is also reflected in the performance of Q1 this year as well as in the preceding quarters.

But such iconic assets have to be put into a pole position so that they're able to not only compete but maintain the quality and the standards of brand. I would also like to thank a lot of the people who have been very generous in their praise for the management, for the company secretary.

For the attention given to them in terms of their demands and ask whether for registration or sending information well in time so that it can be studied and scrutinized in time from the shareholders. So, thank you for all the positive comments. Now, moving on to the questions that were raised, starting with Mr. Bopanna in terms of carbon emissions per room.

For us, carbon emission per room is at 24.9 kilograms, but we are shifting to renewable sources and generally OHL is following the guidelines which is being set with IHCL for the Paathya goals. And our target is to have 50% of our energy in all the hotels that we have by 2030 to come from renewable sources.

And the properties while being upgraded are being upgraded with energy efficient technologies, encompassing state-of-the-art HVAC systems, lighting, smart building solutions, etc. Yes, Mr.

Bopanna, you saw me on the CII National Council meeting. We would like to have more properties both in Andhra and Tamil Nadu.

But definitely, we should be able to give some guidance in the months to come, as especially

Andhra is poised for strong growth given the change that has happened there. In terms of our expected arrivals with e-Visa, foreign tourist arrivals have reached only 85% of the pre-COVID arrivals.

And yes, e-Visas are helping in the speed of recovery, but we are not there at the same level where we used to be. And you also asked questions about renewable power utilization through resources, which constitutes 74% of total power consumption. The way we achieved this is that the company entered into power purchase agreements with private power producers in the wind segment for hotels in Tamil Nadu.

The total supply and the power purchase agreements with private producers was about 148 lakh units. Out of total consumption of 199 lakh units, which constitutes exactly the 74% you

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July 18, 2024 mentioned. We are constantly exploring opportunities for religious tourism and destination weddings.

Another question which was also raised on destination weddings by Mr. Manoj Kumar Gupta from Calcutta. So one of the new things which we have come up with is a campaign called

Soulful Abode. Now Soulful Abode is, the reason why we have done this is that people can have a passport of Soulful Abode and get that stamp at each religious destination that they visit.

The idea is, at least for our chambers members, to have it very personalized. And because at the

IHCL level, we are present in more than 50 plus religious destinations with 70 plus hotels. It creates a nice journey and a nice tactic to promote this side of our business. In terms of our employment, direct or indirect employment projection, currently 20% of our workforce is indirect with changes in line with the business volume.

And we remain focused on multi-skilling, clustering, and shared service approaches to optimize manpower in our hotels. You made an interesting comment on guests arrive to spend time to save money rather than spend money to save time. I think the hospitality sector has undergone a paradigm shift in customer expectations.

And we are tailoring our offerings to lifetime experiences, and these are reflected in the stays.

Our sales team continues to work on it diligently, whether it is for temple or religious or spiritual vacations or for business. Another comment you mentioned, because you had so many questions, on extreme climate changes with temperatures crossing 52 degrees and rising travel costs.

I think with the shift towards renewable energy sources like solar and wind and reducing

Reliance on fossil fuels and curbing emissions should help us to at least slow down this process of climate change. Mr. Bhagwat had also asked a similar question on the solar project at our rooftop to save our nature.

So presently, as I mentioned earlier, 74% of the energy used is from alternate sources such as wind and solar sources through public-private partnership. Moving on to the Mascarenhas we are not listed on any ESG platform. That was the question you had asked. We might consider that going forward in future.

And then your question was on 5 years for organic and non-organic growth. I think what we have done, as I mentioned, in terms of growth strategy was to keep the debt under control, renovate our hotels and I think now slowly we will get into a position of organic and inorganic growth.

Our average room occupancy at Taj Coromandel is 79.24% which is the highest and average rate is 10,579. How much stake, Mr. Peter Mascarenhas has asked, we have in OHL as IHCL?

We own 28.55% in OHL. The most profitable hotels have been Coromandel, Fish Cove contributing to the majority of the EBITDA in the company. Now Malabar and Coonoor will also join.

And in terms of competitors on the domestic front, we have obviously we have ITC in Chennai, we have in international we have Marriott. I don't think we have so much competition with East

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India Hotels, but definitely with Marriott, with Radisson and with Hyatt Hotels, with the brand

Hyatt.

Mr. Sunil Kumar Modak you joined late, but you asked the questions is what are we going to do with the celebration of 50 years for Coromandel? As I said, this will be clubbed with a lot of requests that came for the discount to be increased from 25% to 50%. We will revert to all shareholders on whether a memento or a discount or anything else in future.

And as I already announced for those participating today, you'll get one special coupon on 50% discount to be used at any of our hotels. Then Mr. Chakraborty, your questions were related to why the EBITDA and revenue has come down. I think I've explained that in terms of renovations and if the reduction in debt-to-equity ratio will contribute to additional capex. I think the majority of the capex has already been incurred.

One competitive advantage that we need is to have a large conference hall in the Fisherman’s

Cove as it's our flagship and a trophy asset in the seven-hotel portfolio. That is one expense which will incur, but that is not going to be such a big amount and it is not going to cost any displacement. So it will only help the property going forward.

The foreign institutional investment is 2.15% of our total equity share. It was a question by Mr.

Venkat Sai, and you also wanted OHL to open a branch in South Bengaluru. We will consider that and evaluate any opportunities that may come. Jayashree Chawla and Prakul Chawla to ask together questions on the toiletries if they are environmentally friendly. Yes, they are mostly or almost all are in wood now.

We have done away with single-use plastic. Most of our hotels carry this across the portfolio and definitely within OHL. The Taj logo is used for Taj branded properties. Vivanta is used for

Vivanta and where it is seleQtions, then you have IHCL seleQtions. If our staff is able to communicate in foreign languages with the foreign guests, we are trained to handle the basic needs of foreign guests in different languages.

But of course, we don't have staff that is fluent in these languages. But most of the foreign guests which are coming in a group are accompanied by a guide who is capable of making these translations. So, that has always worked seamlessly in the sector. There was also a question on memberships.

The membership fees are really from your Spa and from chambers. And that's how that they keep growing. And this is very good because the flow through of such membership fees is high, which helps you to get a good level of EBITDA besides being a competitive advantage. Then you had a specific question of shop rental.

And the shop rental is lower during this financial year due to closure of few of the shops at Taj

Malabar, which is normal because the hotel was shut down for renovation. So obviously the rental also went away. And moving on to Santosh Kumar Saraf. Your question was related to buyback of the shares.

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Under the current position, it will not be proven for us to buy back any shares. But the board has recommended declaration of dividend to the shareholders. What would be the impact you had asked on the company income due to recent hike in price by many state governments and companies in name of high cost of procuring? This has already been answered.

We have to keep always evaluating different and alternative energy sources, suppliers, equipment. And we have to constantly keep every cost head under the magnifying glass so that we are moving in the right direction. And at this point, it also helps to be part of a promoter group like IHCL or being part of Tata Group because we do get a lot of know-how, which we have not actually acquired on our own. But help is granted because of the belonging to such a progressive group or the most progressive group of the country. Now, you want to ask questions on the marketing programs that we are launching or might launch. Of course, we are doing a lot of promotions with again, as an example for the group with the Tata Digital Group's launch of

Tata Neu.

We have a lot of offers. We have Tata Celebrity offers. We have special offers for women travellers, wellness, spiritual tourism. As I mentioned to you also about Soulful Abode. What steps we are taking in terms as management to increase the percentage of ladies or females and differently abled people? I think we keep doing that at all levels and at all times and are in the forefront to improve gender diversity and employ differently abled people and give preference to the talent wherever possible.

Currently the company has employed five differently abled talent. 16.15% is the current gender diversity and the company has planned to take this up to 25% in the next five years. Mr. Gautam

Tiwari many thanks for all your compliments. I think the strategies I've already outlined in terms of marketing what we will be doing to promote tourism in dull seasons and also the plans for growth of other brands like Ginger.

I've addressed that. Mr. Abhishek, your question on how many shareholders are there in the company is 82,580. What steps have been taken to reduce other expenses like legal professional charges and audit fees? The central media groups renegotiated various pan-India contracts, rationalization of job contracts and manpower contracts, pruning scope of service of consultants and negotiation with legal and professional consultants on the fees that is being charged and the raise that they expect.

Mr. Jaichand, your expectations on share price and dividend and the dividend policy. Dividend payout is as per dividend policy of the company, which is after considering profitability, retained earnings, requirements of working capital and capital and renovation capex as well as the debt obligations. I think we've been very consistent in the last two financial years. In terms of our consideration of bonus shares under the current financial position it will not be chosen to issue any bonus shares. However, considering the rebounds that is why the board has recommended declaration of dividend to all shareholders.

Ms. Aarti in terms of your comment on improving image of the company through investor relationship exercise, we do that on a regular basis. We update investors through updates given to stock exchange, press releases and website of the company. We also communicate the

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July 18, 2024 reminders through emails and post to shareholders. We also communicate and respond to the shareholders' queries through emails, etc, wherever necessary.

Mr. Anil Babubhai Mehta, how does management monitor intercompany transaction use? ERP package which facilitates monitoring all intercompany transactions. Then your questions were related to increasing international breadth of knowledge and experience on the board. The company's board of directors actually bring valuable expertise and insights to the board enhancing strategic decision-making.

Their diverse experiences through their own businesses as well as through their experiences and education contribute significantly to the organization's growth and governance. Then your question was major challenges or opportunities that we are facing and how does management plan to respond. To this, we would like to say that OHL operates in the highly competitive hospitality industry where exceptional service and personalized experiences are extremely important.

By prioritizing customer experience or focus on customer centricity OHL can differentiate and has differentiated itself from competitors, building strong brand loyalty and attracting a very strong repeat business and return rating of the customers. In addition to innovating new business streams the company continues to have a tight focus on cost. Overall cost structure has become more and more variable in nature. In terms of our business plan, we mentioned that in the next years what we plan to do in terms of growth, organic, inorganic but the focus will remain on business excellence with the ethos and pathos of Tajness.

Your last question was how does the company assess liquidity and availability of funding sources for operations. I think we have budgeting monitors which help us in judging cash flows, free cash flows, utilized credit facilities on need basis for the operation. Mr. Galada, your question was on acquisitions and mergers which I have answered. Dividend details also you asked for 10 years at glance is missing in annual report.

I would say please refer to pages 203 and 204 of the annual report for financial statistics. In terms of expansion of hotels in tier 1 or 2 cities as I mentioned before whether it's CSR or growth or expansion, we are evaluating different opportunities now that we are on a strong and healthy platform in terms of capital structure. Then Sonakshi Sarangi had asked about the present room capacities. Number of rooms in our hotels is 825 rooms and on gender diversity I already addressed. Mr. Mani Sundaram your reference to page 254 allowance for doubtful debt, professional fees, etc. The allowance for doubtful debts is asked for the policy of company loss on sale of assets or an account of sale of a few assets on account of temporary closure of a unit for renovation.

Meena Maheshwine Nariyalwala, how does company assess its liquidity which I already answered because another shareholder asked the same question. Does the company have adequate risk management policies and control over its e-business activities in key areas such as security, privacy, and reliability? To mitigate data security and cyber risk, OHL follows comprehensive IT policies and procedures including ISO 27001, GDPR and PCI compliance.

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Our comprehensive enterprise risk management framework identifies security risks and the board and senior management regularly monitor the information security landscape. Kritika

Lakshmi for reason for continuous decline in the share prices, I think on the contrary share prices have increased 54% compared to last year. Share prices are dependent on overall performance of the company and market trends.

The job of the management is to focus on the deliverability of the results, which I think the management has been doing quite well. Moving on to Mr. Gopal, you had asked for again also increasing discount coupon. We are looking at your other questions on dividend policy and physical AGM I have already answered.

Vandana ji had asked cost cutting initiatives which I have also answered that in reference to another similar question by another shareholder. Mr. Vinod Motilal Agarwal, I also answered your question on staff room ratio is high that is not depending on the brand, but of course if we added some ginger hotels the ratio will go down. Mr. Galada had asked about living in Chennai about the Metro works that is going on. We are very much aware of it and we are looking into protecting our business and the access in and out of the hotels and are working with the city.

And also thank you for your appreciation on Taj Coromandel as Kalpavriksha. This is nice.

Mr. Reddappa, impact of geopolitical issues on hospitality what can we say? There are things that keep happening and every time we think it's over then something new comes up. So there is an impact, but what has happened as sad as it is, the duration of the impact is getting shorter and shorter. So yes, things keep happening, things keep changing and as I said we have to focus on our business and do what we can control.

Other questions I have answered in reference with the general strategy in terms of expansion.

Mr. Manoj Kumar Gupta, I have already mentioned about your recommendation to promote destination wedding. Absolutely spot on we have our program of timeless weddings in which

OHL participates and this is a very important business in the Indian subcontinent, and we remain focused on it. Other questions were answered except for one on the plan to reduce plastic. We continue to focus on plastic by introducing glass water bottles, using wooden key cards and biocompostable materials.

Moreover, cost savings we are focused more on eliminating usage of single-use plastic completely. Mr. Satish Shah the dividend policy I can only add that as per regulation 43A of the

SEBI listing regulations, the dividend distribution policy is disclosed in the corporate governance report and is uploaded in the company's website at orientalhotels.co.in/investor policies.

So, get me to Mr. Aspi Besania, he had a lot of questions. So, of course, they have not opened any new hotels in OHL during the current year. We have no such plans of increasing promoters holding that was the second question. On renovations, I have already answered. The first one why there was the reduction I have also answered and also the reduction on the profit in Q1 because of renovations, the impact will be positive or more positive in the coming quarters because the hotels are very well positioned and the stronger half for the business in hotels in

India is the second half of the year.

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So, renovations have been done in time. Bimal Kumar Agarwal you have requested for speaker registration like IDBI and NSDL site, we will check and look into it. We don't have any current plan for opening residential hotels. We do have a concept called Taj Wellington Mews which we also opened in Chennai. It started in Mumbai, but under OHL we don't have at the moment any plans.

But should an opportunity come up, we will consider. And finally Mr. Sridhar, what is the company's target for the current financial year? We just want the company to have strong fundamentals and strong platform going forward. Our focus will remain on operating margins, free cash flows and a healthy balance sheet and in terms of what are our strategies to compete with our competitors. We believe our strong brand catering to each segment of guest needs; our service and business excellence are our strengths. And with Tajness at our core, we are confident of growth and feel that we will continue to have edge over our competition.

With that, I think I've answered all questions. And I would now like to authorize Ms. Akila,

Company Secretary, to conduct the voting procedure and conclude the meeting. The e-voting facility will remain open for the next 15 minutes. The results will be announced within the timeline stipulated under law. And the same would be intimated to the stock exchanges and uploaded on the website of the company and NSDL.

I thank all the shareholders for attending the meeting and their continued support and also all the positive remarks mentioning once again that have been made in today's AGM. I also thank the directors for joining the meeting today. I request all shareholders to please stay safe and stay healthy. With your permission, me and the other board members would leave the meeting. Thank you very much and thank you very much for attending this meeting.

.

Company Secretary

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 the next two working days of the conclusion of this meeting and would be intimated to the Stock

Exchanges and uploaded in the website of the Company and NSDL. With this, I declare the meeting concluded. Thank you.

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