Integrated Annual Report 2020-21

About the report
Like always.
Approach to reporting
The report offers a detailed overview of the Company’s financial and
Like never before.
non-financial performance during FY 2020-21, along with its multi-dimensional approach
to value creation, strategy and risk management. It is the third Integrated Report (IR) of Some things about us will never change – our iconic hotels,
IHCL, prepared in accordance with the International Integrated Reporting <IR> framework warm service, guest-first approach and our spirit of Tajness.
published by the International Integrated Reporting Council (IIRC).
While we have a solid foundation and a remarkable legacy,
The report also covers the businesses of the IHCL group, including subsidiaries, joint ventures we always strive to do more – for our guests, for the society
and other collaborations, and reflects our transition, achievements and future aspirations.
The report also abides by the SEBI (Listing Obligations and Disclosure Requirements)
and for our business.
Regulations, 2015 and the SEBI circular on voluntary adoption of Integrated Reporting, dated
February 6, 2017.
Standards and framework Report navigation

The non-statutory section of the report follows the <IR>
framework. The other statutory reports—the Directors’ Report,
its annexures, including the Management Discussion and
Analysis (MDA), and the Corporate Governance Report—are in
accordance with the Companies Act, 2013 (including the Rules
framed thereunder), Securities and Exchange Board of India Financial capital Manufactured
(Listing Obligations and Disclosure Requirements) Regulations, capital
2015 and the revised Secretarial Standards issued by The Institute
of Company Secretaries of India. The financial statements are in
accordance with the Indian Accounting Standards (Ind-AS).
Human capital Intellectual

Materiality capital
The report provides information on all issues that are identified
as material by the stakeholders and the Company. These issues
have significant business impact and are key to the Company’s
value-creation process. The report discloses information on
Social and Natural capital
material matters that will enable investors and other interested relationship
stakeholders to make informed decisions about their engagement capital
with the Company.
Board and management assurance

The responsibility of ensuring the integrity of the report lies In focus
with the Board of Directors and Management Team. The Board
has accordingly applied its collective mind and believes the
report addresses all material issues and presents the integrated
Leveraging digital Reimagining businesses. Redefining the F&B
performance of the Company and its impact in a fair and accurate Seizing opportunities experience
Explore online
manner. We will request our stakeholders to review this report Visit website to find more: www.ihcltata.com Pg. 22 Pg. 24 Pg. 26
and provide feedback at [email protected]
WHO WE ARE
Contents FY 2020-21 highlights
Delivering resilient performance
₹1,740 Cr ₹(197) Cr
Revenue EBITDA
₹(720) Cr
Profit after tax
Who we are How we performed How we create value
6 The essence of IHCL 16 Operational highlights 32 Business model Reducing our environmental impact
12 Footprint 18 Key performance indicators 34 Operating environment
20 MD & CEO’s message 36
22 In focus: Leveraging digital 38
Stakeholder engagement
Materiality 156.02 TJ*
Usage of renewable sources
24 In focus: Reimagining businesses.
Seizing opportunities
26 In focus: Redefining the F&B
experience
26.7%
Water withdrawal recycled
28 Awards Food and Beverage (F&B)
1,397 tonnes
Organic waste recycled
Establishing strong relations

with stakeholders
6.3 Lakhs ₹17.26 Cr

What our strategy focuses on How we prioritised ESG issues Statutory reports New customers CSR spend
added
42 R.E.S.E.T 2020 56 Environment 76 Management Discussion and Analysis
44 R - Revenue growth 60 Social 98 Financial Highlights
48 E - Excellence in guest well-being, 66 Governance 99 Board’s Report Building a strong team to lead
experience and operations 68 Board of Directors 115 Corporate Governance Report
50 S - Spend optimisation
52 E - Effective asset management
70
74
Senior management
Risk management
138 Business Responsibility Report
50% 62 years
53 T - Thrift and financial prudence Independent Median
Financial statements Directors Director age
on the Board
150 Standalone
234 Consolidated
98%
Average attendance rate
325 Notice in Board meetings
*TJ – Terajoule
1
| I N T E G R AT E D ANNUAL REPORT 2020-21
OUR CAPITALS
Prudence like always. Human capital

Optimisation like never before. Employee knowledge, skills, experience
and motivation 25,906
Employees
Management approach
Availability of a committed and qualified workforce
Financial capital offers an inclusive and balanced work environment
77.1%
What it means to us Retention rate
Financial resources that the Company
already has or obtains through financing ₹1,740 Cr • Human resource management
• Talent management
Revenue
Management approach • Training and development
Create value for shareholders through Pg. 60 • Diversity, equal opportunity and reconciliation
sustainable growth
0.73
What it means to us Net debt to Equity
• Balanced and diversified growth Social and relationship capital
• Sound financial structure
• Operational excellence Ability to share, relate and collaborate
Pg. 18 • Sustainable outcomes and dividends with stakeholders, promoting community 8,500+
development and well-being Direct and indirect
beneficiaries
Management approach
Manufactured capital Promote trust with stakeholders, improving the
Tangible assets or goods used
quality of life of people
₹17.26 Cr
by the Company to conduct its 221* in areas of presence
CSR expenditure
business initiatives Hotels What it means to us
• Stakeholder engagement
Management approach 165 + 56 Pg. 62 • Community support programmes
Well-maintained functional assets Operational Pipeline
• Human rights and due
and equipment
diligence system
What it means to us 27,604* • Brand management
• Hotels/properties we own/manage Rooms • Transparency and good governance
• Our offices across the globe • Corporate reputation
Pg. 12 19,425 + 8,179
Operational Pipeline Natural capital
Intellectual capital Natural resources impacted by the
Company’s activities 26.7%
Intangible, knowledge-based assets Water recycled
Management approach
48 Management approach
Ensure sustainable use of natural resources and 5%
Trademarks registered Increased recycling
Build equity for existing intellectual properties and contribute to combating climate change
create new ones through innovation.
What it means to us
What it means to us
• Create positive brand perceptions, by delivering
• Efforts towards mitigating climate change
• Preservation of biodiversity
310.0
MJ/ guest night
beyond guest expectations • Management of environmental footprint
Energy consumed
• Creating exceptional consumer experiences through Pg. 56 • Operating excellence and energy efficiency
service and digitisation • Focus on circular economy
Pg. 22 • Constantly protecting and honing intellectual capital
Rooms (operational) as on March 31, 2021 Hotels (operational) as on March 31, 2021
2 3
| I N T E G R AT E D ANNUAL REPORT 2020-21 WHO WE ARE
WHO WE ARE
Hospitality
like always.
Strong heritage. Rich legacy. Unparalleled guest connect.

Pioneering destinations. Iconic brands. Care for community.
These are just some core principles and defining values that
Safety like
never before.
have helped IHCL maintain a leadership position in the global
landscape of luxury hospitality over the past century.
IHCL has been redefining hospitality over the past 117 years.
Our scale
In this section
12+
COUNTRIES
100+ 221
LOCATIONS HOTELS
400+
RESTAURANTS
6 The essence of IHCL 12 Footprint
As on March 31, 2021
4 5
THE ESSENCE OF IHCL
An impeccable service culture

“With honest and straightforward business principles,
close and careful attention to details, and the ability
Since the opening of the iconic Taj Mahal Palace in Bombay in reflecting trust, awareness and joy, and offers an unparalleled
1903, IHCL has welcomed guests with world class refinement value proposition based on deep consumer insight and an
to take advantage of favourable opportunities and
and warmth, while remaining deeply rooted in local heritage and insatiable spirit of re-imagination. circumstances, there is a scope for success.”
strong global values.
From lovingly restored palaces, both original and authentic, to Jamsetji Tata
IHCL has evolved from an iconic hotel company to a dynamic raw and luxurious safaris. From rejuvenating spas to rarefied Founder of the Tata group, Chairman (1868–1904)
hospitality ecosystem. By strategically reimagining and enhancing clubs and more. The IHCL offering is as varied as it is charming.
its brand portfolio the company has successfully transitioned IHCLs jewelled portfolio of brands spans across multiple sectors
from a brand house to a respected house of brands. Each of the of hospitality, and is built with legendary professionalism,
Rich parentage like no other
IHCL brands evolves from the foundational culture of Tajness, unmatched expertise and genuine affection. Founded by Jamestji Tata in 1868, the Tata group is a renowned and has revenues of over $110 billion. The group is led by the
conglomerate that comprises 30 operating companies across credo of ‘Leadership with Trust’ and serves as a strong foundation
10 diverse industries – steel, automotive, consumer and retail, for its businesses. Every day, we draw inspiration from our strong
infrastructure, financial services, tourism and travel, aerospace parentage and are proud to be one of the timeless initiatives of
and defence, telecom and media, and trading and investments. the Tata group.
The group operates in over 100 countries across six continents
Our purpose Our values Our brandscape

To create value by operating the best‑in- We have spent years perfecting our
class portfolio of hospitality brands in craft, decades earning a reputation,
India and select overseas destinations. and centuries building a culture. We
call it Tajness. The spirit of Tajness and
everything that we do at IHCL, is guided by
our values of Trust, Awareness and Joy.
Trust Awareness Joy

• Fairness with all stakeholders • Enhance awareness around • Derive joy and happiness from
• Openness and transparency in our plans, strategies, tactics, what we do and how we do it
what we do processes • Serve all stakeholders with joy
• Free flow of information • Work together to create greater and utmost dedication
• Alignment of all stakeholders enterprise value • Create and maintain an
• Build and strengthen long‑term • Participative in our environment where there is joy
relationships decision‑making and happiness, where people
• Imbibe a sense of belonging are respected, and diversity is
across all stakeholders celebrated
• Share our success with all
stakeholders
6 7
THE ESSENCE OF IHCL
Our brand portfolio

HOTELS
Authentic palaces, Bon vivant hotels across

landmark hotels, idyllic business and leisure
resorts and natural safaris centres across India and
across key cities and South East Asia
leisure destinations across
the globe
76 10,488
Hotels Rooms
Target market segment
Global achievers and discerning individuals
Nature of arrangements
Owned, leased and management contracts
22 3,197
Hotels Rooms
Young, contemporary achievers who are
who are sophisticated and world-travelled high on style and energy
Collection of marquee Key travel destinations

hotels in and around key across Tier-1 and Tier-2
metro cities across India cities across India
13 1,206
Hotels Rooms
Travellers seeking varied stay experiences
54 4,534
Hotels Rooms
Millennials who switch between work and
that are distinct and tell a unique story play effortlessly and seek seamless flexible
stay experiences
Rooms (operational) as on March 31, 2021 Hotels (operational) as on March 31, 2021
8 9
THE ESSENCE OF IHCL
Our brand portfolio

BEYOND HOTELS Unexplored holiday
destinations across India. 19
Properties
Select Taj hotels in key metro cities in Brand proposition
India and Dubai

Experiential stays with charming bungalows and
villas across India
75+
Rooms
Brand proposition
India’s foremost and most exalted club and an icon of
unparalleled exclusivity, power and hospitality
7
Clubs
Travellers who seek immersive local experiences
that reflect natural beauty and simplistic charm
Nature of
arrangements
Owned
Target market segment Nature of
Accomplished acclaimed achievers of today who arrangements
are pushing boundaries in business and lifestyle Owned Select Taj hotels in key metro
across the globe
cities in India 17
Boutiques
Brand proposition
Handpicked artisanal mementos that reflect the Nature of
arrangements
finesse and richness of Indian craftmanship
Taj hotels and select Vivanta and SeleQtions Multi-product
Target market segment retail outlets
hotels at key business and leisure destinations Discerning shoppers and world travellers
across the globe with a true liking for India’s eclectic art and
Brand proposition
Rejuvenation of mind, body and soul based on the
76
Spas
cultural heritage
principles of Ayurveda, yoga and wellness

Nature of Select Taj hotels in Mumbai
Target market segment arrangements and Bengaluru
Individuals seeking holistic well-being using
time-tested techniques and age-old remedies
Owned
Brand proposition
A reimagined salon concept that serves
3
Salons
and rituals
as a social hub and creative space,
offering personalised experiences
Nature of
Target market segment arrangements
Creative and forward-thinking individuals seeking
Owned
an inspired and social salon experience
Taj, SeleQtions and Vivanta hotels
across the globe
Brand proposition 400+ Mumbai, New Delhi, Kolkata,
Excellence in food and beverage by offering
authentic cuisines from around the globe
Bars and
restaurants
Bengaluru, Goa, Chennai
Brand proposition
6
Units
Target market segment Nature of Innovative culinary solutions for travel and
Individuals who seek authentic and elevated arrangements catering with creative twists and elegant accents
F&B experiences Nature of
Owned
Target market segment arrangements
In-flight catering, airline lounge management, Owned
institutional catering, outdoor catering,
corporate gifting
Clubs, Spas, Bars and restaurants, Rooms, Boutiques, Salons, Units (operational) as on March 31, 2021
10 11
FOOTPRINT
Expansive like always.

Consolidated like never before. Africa
Lusaka
Cape Town
Sri Lanka
Colombo
Bentota
USA UK
London UAE Malaysia Nepal
New York Dubai Langkawi Kathmandu
San Francisco Chitwan
61
37
5 60
11 58
22 18
25 48 49 52
62 2
27
42 19
4 31
33 26
57 53
68 71
51
7
3 1
59 30 38
20 69 32
34 54 36
63 6 24
35 10
70
47
4564
56 29
74
73
23
46 8
44 13 65
9 17 12
5016
40 15 66 28
55
14
Maldives Bhutan
2172 Thimphu
41 43
67
39
India Locations in pipeline and not yet operational (including Ginger)

1. Agartala 16. Coonoor 31. Jaipur 46. Mysore 61. Srinagar Alwar Dehradun Lonavala Srinagar Dubai
2. Agra 17. Coorg 32. Jamshedpur 47. Nashik 62. Surajkund Amravati Dharamshala Lucknow Taboda London
3. Ahmedabad 18. Corbett 33. Jodhpur 48. New Delhi 63. Surat Amritsar Gangtok Manipal Tawang Makkah
4. Ajmer 19. Darjeeling 34. Junagadh 49. Noida 64. Thane Aurangabad Goa Miramar Trivandrum
5. Amritsar 20. Dwarka 35. Kalinganagar 50. Ooty 65. Tirupati Bangalore Gorakhpur Mumbai Udaipur
Belgaum Guwahati Nagpur Varanasi
6. Aurangabad 21. Ernakulam 36. Kanha 51. Panna 66. Tiruppur
Bharuch Hampi Nashik Wayanad
7. Bandhavgarh 22. Faridabad 37. Katra 52. Pantnagar 67. Thiruvananthapuram Bhopal Haridwar Noida
8. Bengaluru 23. Goa 38. Kolkata 53. Patna 68. Udaipur Bhubaneshwar Jaipur Patna
9. Bekal 24. Gondia 39. Kovalam 54. Pench 69. Vadodara Chandigarh Jhansi Puri
10. Bhubaneshwar 25. Gurgaon 40. Kozhikode 55. Puducherry 70. Vapi Chennai Karad Shillong
11. Chandigarh 26. Guwahati 41. Kumarakom 56. Pune 71. Varanasi Cochin Kolkata Shiroda
12. Chennai 27. Gwalior 42. Lucknow 57. Ranthambore 72. Varkala
13. Chikmagalur 28. Havelock 43. Madurai 58. Rishikesh 73. Vijayawada
14. Cochin 29. Hyderabad 44. Mangalore 59. Sanand 74. Vizag
15. Coimbatore 30. Indore 45. Mumbai 60. Shimla
Note: All locations exclude amã Stays and Trails Map not to scale
12 13
HOW WE PERFORMED
Unified like
always.
Across segments, we are the leading hospitality company Passionate like

never before.
in India in terms of opening new hotels. Despite the
pandemic‑induced lockdown, we continued our growth
momentum, taking our total rooms operational count
to 19,425 in FY 2020-21. We have planned an aggressive
development strategy to increase our presence, with iconic
landmark hotels, authentic palaces and leisure hotels.
Our scale
In this section
19,425
ROOMS OPERATIONAL
25,906
EMPLOYEES
16 Operational highlights 24 In focus: Reimagining businesses.
Seizing opportunities
18 Key performance indicators
20 MD & CEO’s message 26 In focus: Redefining the F&B
22 In focus: Leveraging digital experience
28 Awards
14 15
| I N T E G R AT E D ANNUAL REPORT 2020-21 HOW WE
PERFORMED
OPERATIONAL HIGHLIGHTS
Delivering like always.

Q2 Q3 Q4
Momentum like never before.
Hotels* Keys* Keys (new openings)
FY 2016-17 155 FY 2016-17 18,361 FY 2016-17 442
FY 2017-18 160 FY 2017-18 18,965 FY 2017-18 625
FY 2018-19
FY 2019-20
179
200
FY 2018-19
FY 2019-20
22,231
25,168
FY 2018-19
FY 2019-20
524
1,565
₹324 Cr ₹615 Cr ₹626 Cr
REVENUE REVENUE REVENUE
FY 2020-21 221 FY 2020-21 27,604 FY 2020-21 558
* Hotel portfolio includes hotels under various stages of development

Portfolio expansion Portfolio expansion Portfolio expansion
• Signed seven hotels across brands across • Signed six new hotels with over 1,100 • Signed three hotels with over
multiple locations and states in India rooms across brands at multiple 350 rooms across brands at multiple
• Relaunched the city’s iconic Machan at locations and states in India locations in India
How we grew every quarter Taj Mahal, New Delhi and launched its • Strengthened the Company’s presence • Expanded the presence of Qmin to
first outpost at Taj West End, Bengaluru in the eastern part of India with the 14 cities across the country
Portfolio expansion • Launched India’s first on-site brewpub signing of three Taj hotels, two in • Launched the re-imagined The
Q1
at Taj MG Road, Bengaluru, in Kolkata and one in Patna, Bihar Chambers at Taj Mahal Hotel,
• Launched Qmin, a repertoire of culinary offerings, including
partnership with Anheuser-Busch InBev • Opened four new hotels across brands, New Delhi
home delivery, in addition to the proprietary Qmin App for
(AB InBev) including The Connaught, an IHCL
ease of use
• Expanded the presence of Qmin across SeleQtions hotel, in the heart of
Corporate developments
• Launched multiple customer-focused campaigns including 4D, 12 cities New Delhi
Hospitality@Home, and others • Extended the Qmin brand with • Introduced luxury hospitality to the • Sale and manage back transaction
the launch of the first Qmin city of Ahmedabad with the opening of concluded for Ginger Whitefield
• Signed one hotel – Vivanta in Lucknow
Shop, a gourmet lifestyle store at Taj Skyline • Taj SATS secured over 50% market
President, Mumbai • Pioneered a new destination in the East share in the quarter with acquisition of
Corporate developments
• Launched the #TravelForIndia initiative with the launch of Taj Chia Kutir Resort new business
• Signed a binding agreement to acquire 100% shareholding in on World Tourism Day to inspire safe & Spa, Darjeeling
ELEL Hotels and Investments Limited (ELEL) for the iconic Hotel travel while rebuilding the tourism • Opened a new Ginger hotel
Sea Rock industry and making a positive impact in Kalinganagar
on lives and livelihood • Expanded the amã Stays & Trails
₹175 Cr
• Restructured the holding of Taj Cape Town, which became a
portfolio with the opening of four
wholly owned subsidiary of IHCL, by acquiring 50% holding in
new villas: two in Goa, one in
REVENUE Tata Africa Holdings (TAH)
Corporate developments Lonavala, Maharashtra and one in
• Supported the community in its effort to combat the pandemic Thiruvananthapuram, Kerala
• Joined hands with Tata Power to
by delivering over 3 million meals to the medical fraternity and • Ginger reached a milestone of 75 hotels
provide solar energy for all Mumbai
migrant workers and hosting close to 70,000 room nights for
hotels, saving energy costs and reducing
the medical community
the carbon footprint
• Launched Tajness – A Commitment Restrengthened to • Launched I-ZEST, IHCL’s Zero-Touch
reinforce the assurance of stringent health and safety protocols Service Transformation, which leverages
at all our hotels and offices technology to ensure heightened safety
for guests and employees
16 17
PERFORMED
KEY PERFORMANCE INDICATORS
Resolute like always.

Resilient like never before.
Financial performance Social

Our leading position across most brands enables us to command premium pricing compared to As active members of the society and part of the Tata group known for its philanthropy, we Pg. 60
industry average. Further, the improving occupancies have contributed to consistent growth in have been working towards the upliftment of communities since we opened the doors to our
revenues. We are also focusing on driving overall profitability by enhancing operational efficiencies. first hotel. We are committed to build capabilities and further the livelihoods of our underprivileged
communities. We engage with all our stakeholders in a responsible manner to develop mutually
CONSOLIDATED
beneficial, long-lasting relationships with them.
Revenues (₹ Crores) EBITDA margin (%) CSR spend (₹ Crores) Number of employees
FY 2016-17 4,075.51 FY 2016-17 16 28,012
FY 2016-17 4.36 FY 2016-17 4,485
FY 2017-18 4,165.28 FY 2017-18 18
FY 2018-19 4,595.38 FY 2018-19 20 FY 2017-18 5.27 28,140
FY 2017-18 4,192
FY 2019-20 4,595.56 FY 2019-20 24 FY 2018-19 6.35 28,393
FY 2020-21 1,739.88 FY 2020-21 (11) FY 2018-19 4,291
FY 2019-20 7.56
29,337
FY 2019-20 4,460
Profit after tax (₹ Crores) Net debt/equity (X) FY 2020-21 17.26
22,400 India
FY 2020-21 3,506 International
FY 2016-17 (63.20) FY 2016-17 0.97
FY 2017-18 100.87 FY 2017-18 0.38
FY 2018-19 286.82 FY 2018-19 0.37
FY 2019-20 0.36
FY 2019-20
FY 2020-21
354.42
(720.11) FY 2020-21 0.73
Governance
The tenets of inclusiveness, transparency, ethics and diligence are integral to our corporate Pg. 66
governance practices. Our experienced and diverse Board is the custodian of corporate governance
and helps ensure business sustainability, compliance with stakeholder expectations and creation of
economic and social value.
Environment
We believe that the tourism industry can play a significant role in preserving the environment. As the largest player in Pg. 56 Size and composition of the Board
South Asia’s hospitality space, we have assumed ambitious commitments with regard to effective waste management, and
optimal utilisation of water, energy and other resources. Environment considerations are weaved into our projects right
12.5
from the beginning and our day-to-day operations are carried out without impacting the surroundings. Our well-defined
specific targets to preserve the planet are making steady progress towards our goals.
50
Water saved through recycling CO2 emissions avoided by embracing

and rainwater harvesting (Million KL) renewable energy (tCO2e)
Independent Directors
(%) (including two women
FY 2016-17 1.90 FY 2016-17 51,241.72
Directors): 4
FY 2017-18 1.57 FY 2017-18 55,454.21
FY 2018-19 2.78 FY 2018-19 65,225.49 Non-Executive, Non‑Independent
Directors: 3
FY 2019-20 8.79 FY 2019-20 4,51,202.1
FY 2020-21 0.99 FY 2020-21 34,832.15 37.5 Executive Director: 1
* FY 2020-21 might not be comparable due to hotels operations being shut for a large part of the year due to the COVID-19 pandemic
18 19
PERFORMED
MD & CEO’S MESSAGE
Progress like always. Hampi (Karnataka); a SeleQtions hotel in Tadoba Andhari Tiger
Reserve, Maharashtra; Ginger hotels in Chandigarh, Guwahati
Walking the talk of sustainability
Our commitment to aligning Environmental, Social and
Responsible like never before. (Assam), Aurangabad (Maharashtra) Bangalore, Cochin (Kerala)
and two Ginger guest houses in BKC Mumbai and Jamshedpur
(Jharkhand), among others. We believe that with every
Governance (ESG) measures to our business strategy and
objectives remains unwavering. We have set a global benchmark
for environmental sustainability with 78 EarthCheck certified
crisis comes the opportunity to re-imagine and explore new hotels, 47 of which have won the Platinum Certification, making
business avenues. us the proud owners of the highest number of Earthcheck
Platinum certified hotels globally. Energy optimisation and
Dear Shareholders, In response to the pandemic, we detailed a comprehensive conservation is one of the focus areas and each hotel has defined
I am writing to you at a time when the world is witnessing the five-point mitigation strategy—R.E.S.E.T 2020—that will cater energy efficiency and emissions reduction targets.
second wave of the COVID-19 pandemic. Businesses are once again to the rapidly changing market conditions, shifting government
feeling the heat with the uncertainty of restrictions and lockdowns policies and dynamic customer needs. It will also focus on re- Our strength and values as a Tata company are strongly reflected
amid the rising number of cases. Like always, we are at the forefront imagining business models, implementing various operational in the humanitarian support that we have been able to humbly
in fighting the war against COVID-19 by helping in whatever excellence interventions required for safety and hygiene, revenue extend to our immediate community during this crisis. Through
capacity possible. enhancement, cost optimisation and financial prudence. This our disaster response vehicle, the Taj Public Service Welfare Trust
has, most importantly, translated into the implementation of (TPSWT), we undertook various initiatives such as the COVID-19
In FY 2020-21, the pandemic landed a severe blow to the hospitality enhanced safety and hygiene protocols. To assure our clients, Disaster Response, Taj for Family and Meals to Smiles. We opened
industry and IHCL is no exception. The positive news is that we we launched a reinvigorated spirit of Tajness. Tajness – A the doors of our properties to house medical staff so that they
began the year well placed to sail through the crisis, with a strong Commitment Restrengthened is our promise to provide the can cut down on commute time, rest close to their place of work
balance sheet and significant liquidity. In an uncertain environment heartfelt warmth of our signature hospitality strengthened with and do not have to fear spreading the contagion at home. We
and with challenging industry dynamics, our top priorities were the the assurance of safety and hygiene. have also been providing nutritious meals to doctors and medical
safety of our people and guests, and continuity of our operations. staff at hospitals, as well as medical equipment and supplies. We
And we were able to mitigate impact in both these areas with our We also explored new avenues of revenue growth through a have not faced a crisis like this one before and are ready to do
resilience, strict safety measures, high quality and diverse portfolio variety of innovations such as Hospitality@Home, the launch of whatever we can in humanity’s fight against this pandemic.
of assets, robust financial position, a passionate workforce and an our F&B app – Qmin and curated guest offerings such as Dream,
experienced Board and management. Drive, Discover, Delight – a new offering which gives guests the Looking ahead with optimism
perfect opportunity to drive with families and friends to discover, 2020 was a year that would not be forgotten easily. I want to
Performing in extraordinary times unwind, and be with the nature, among others. We also came thank all those who remained committed to IHCL during these
Despite the difficult year, we registered a positive EBITDA of up with New Urban Getaways to encourage travellers to take a challenging times. Our employees prioritised the safety and
₹14 Crores on a standalone basis. On a consolidated basis, our profit short and much-needed break post the country-wide lockdown. convenience of the guests and remained steadfast and resolute
after tax stood at ₹(720) Crores and EBITDA was ₹(197) Crores. We accelerated the rollout of technology enhancements through to making our guests’ experiences memorable even during this
Our flagship brand Taj delivered robust performance as we have the launch of I-ZEST. With I-ZEST we leveraged digitalisation to adversity. Our other stakeholders have shown immense trust
continued to harness the power of our re-imagined multi-product, offer enhanced guest experiences, from pre-arrival to departure, and faith in us. Our solid focus on embracing best practices in the
multi-segment brandscape to transform IHCL from a hotels’ business offering zero to minimal touch options through innovative environmental, social and governance domains will enable us to
to a hospitality ecosystem. Our presence in the Eastern part of India facilities such as digital pre‑check-in registrations to contactless create holistic value for all.
was strengthened with the signing of three Taj hotels, two in Kolkata guest access to their rooms via digital mobile key cards.
and one in Patna. Our new collection of hotels—SeleQtions with 16 As we look ahead, we are full of hope and optimism. The rollout
hotels in its portfolio—accompanied by the expansion of amã Stays The performance of our hospitality brands has been perfectly of vaccines is extremely encouraging and, of course, vital to our
“
& Trails with 38 properties, including those in the pipeline across complemented by the healthy performance of our ancillary industry’s recovery, but we know it will take time. I am confident
offbeat locations has allowed us to provide a value proposition to service brands. The Chambers—Taj’s exclusive business club— that our business model and strategy, which builds on the
Our strength and values as a customer segments across demographics. The repositioned Ginger
has seen strong growth and crossed a milestone of 75 hotels in our
was relaunched with enhanced features. We have re-imagined
our F&B offerings with an exclusive partnership with AB InBev,
investments made in recent years to expand our brand portfolio
and enhance our ways of working, puts IHCL in a strong position
Tata company are strongly portfolio. Ginger’s fresh take on redefining luxury and comfort has the world’s leading brewery, for an industry first on-site chain to outperform the industry as it returns to full strength.
been both pioneering and successful. of microbreweries.
reflected in the humanitarian Sincerely,
support that we have been able to We continued our growth momentum in FY 2020-21 and were
recognised by HVS Anarock as the highest growth hospitality
With the initiatives outlined under R.E.S.E.T 2020, we are
confident of overcoming the challenges posed by COVID-19 Puneet Chhatwal
humbly extend to our immediate company in India for the year. Our focus was on expanding our and emerging stronger to continue our journey of Managing Director and CEO
footprint tenaciously. We signed 17 new hotels across brands sustained excellence
community during this crisis. during the year, including Taj in Puri, (Odisha), Kolkata, Patna
and Shiroda (Maharashtra); Vivanta in Lucknow, Bangalore and
20 21
PERFORMED
IN FOCUS: LEVERAGING DIGITAL
Digitalising like always. I-ZEST: Zero-touch service transformation I-ZEST process flow
Transforming like never before. Physical touch has been replaced by a touch of safety with the
introduction of I-ZEST – a suite of digital solutions across Taj,
Vivanta and SeleQtions. With I-ZEST, we have built an enhanced
digital layer over our existing systems to ensure the safety of our
guests and associates.
Guests Receive link
As part of our R.E.S.E.T 2020 strategy, we have accelerated our I-ZEST’s digital features include zero-touch check-ins and check-
pre-check in
digitalisation initiatives. We are introducing new digital technologies and outs, digital invoicing, online payment options and QR codes for
encouraging a culture of innovation to identify service improvements and digital menus in restaurants. From sanitised iPads to touchless
HR systems, the emphasis is on ensuring zero contact. These
optimise processes. Through increased digitalisation, we hope to provide digital enhancements span guest experiences, from pre-arrival
seamless, contactless and improved experiences to our customers. to departure, offering zero‑to-minimal touch options through
innovative facilities such as digital pre-check-in registrations and Hotel verifies Upload
check-outs that are optimised with online invoicing services documents documents
without the need to use card machines.
Digital menus installed across restaurants, salons and spas

facilitate dining orders and other services through QR codes
Launched the first
Qmin Shop, a gourmet and digital payments, thereby ensuring zero-to-minimal contact
lifestyle store at throughout a guest’s stay with us.
A repertory of culinary experiences President, Mumbai - Rolled out a new Receive Arrive at
IHCL SeleQtions menu of comfort QR code hotel lobby
The Qmin app has been designed and developed in Expanded classics across I-ZEST Digital Ordering System (DOS)
collaboration with Tata Digital. It offers a distinguished presence across 8 cities
14 cities To prevent the spread of pandemic, it is essential to minimise
delivery experience through a seamless interface that
physical contact of all kinds and practice social distancing. To
allows customers to personalise their order, curate menus
facilitate this, we replaced physical menus with DOS that can be
and track deliveries in real-time. This addition leverages a
accessed by guests on their smart phones. It provides images
digital platform to address a growing consumer demand QR code Digitally sign
of how the dishes look and information on the ingredients that
for online gourmet food delivery services, thus enhancing verified health form
comprise the dishes, making it convenient for the guests to place
our F&B offerings.
their order.
The interface is user-friendly and enables guests Guest check-in
to choose their favourite cuisine from celebrated I-ZEST Mobile Door Key
restaurants, based on their location. With features
Mobile door key, also known as a digital key, allows guests to
such as the multi-restaurant order, which allows guests
unlock the door to their room using IHCL I-ZEST Mobile Door
to order from multiple restaurants in the same hotel
Key App on their smartphone. The app offers a safer, more
simultaneously, and a scheduling assistant, which allows
convenient and more sustainable room access than a traditional Place order using Receive
guests to schedule orders for the same day, as per
plastic room key. digital F&B menu digital invoice
requirements, it offers flexibility and ease of service.
Verify
invoice
IHCL Response Assistant (IRA)

IRA is an automated chatbot that
serves as a virtual partner for all
guest needs. Guest Pay via integrated
Pg. 65 check-out payment gateway
22 23
PERFORMED
IN FOCUS: REIMAGINING BUSINESSES. SEIZING OPPORTUNITIES
Experience like always.

Innovation like never before.
FY 2020-21 brought with it a host of unprecedented challenges for
people and businesses alike. With concerns around health and safety,
and restrictions around travel, the times called for novel ways of doing
business, and we responded with agility and a renewed strategy. Keeping
the welfare of guests, associates, stakeholders and community at
Taj Hospitality@Home Intimate timeless weddings
heart, we reimagined ways to deliver our exemplary hospitality to our
ever‑loyal patrons. The unrivalled guardian of Indian hospitality, Taj conjures a With the new norms around physical distancing, the grand Indian
panoply of compliments. Its experience embodies legacy, luxury, weddings became an intimate affair. Offering unique destinations,
Our unique and personalised customer experiences keep our guests coming back for more. Though
warmth and elegance. With Hospitality@Home, Taj brought carefully curated menus, exotic themes, the quintessential Taj
the year was replete with unprecedented challenges, we left no stone unturned in ensuring the most
memorable stay and dining experiences for our guests. the same spirit to its guests. Hospitality@Home is a handpicked service and an unprecedented level of personalisation and
collection of the finest luxury products reflecting the iconic brand. finesse, we restrengthened our offering to continue making
We entered into an exclusive partnership with Tata Unistore weddings memorable. An e-concierge service, assisting guests
Limited to offer our patrons a chance to shop this collection via in virtual hotel visits and end-to-end wedding planning was also
Tata CLiQ Luxury website and mobile application and bring a bit of introduced to make their overall experience easy and exceptional.
Taj to their homes.
Tajness – A Commitment Restrengthened

As the world stepped into the new normal, the spirit of Tajness safety, we successfully transformed all hotels and spaces into
stood bolstered, driven by the supreme importance it places safe havens, offering the warmth and comfort of our signature
on the safety and delight of its guests. Tajness – A Commitment hospitality. During these testing times, we stepped up to support Taj wellness retreats 4D – Dream. Drive. Discover. Delight.
Restrengthened is a mark of assurance of our authentic Indian our frontline warriors, offering more than 1.5 million meals and
A heightened focus on health and well-being provided a revived With frequent travel restrictions and concerns around long-
hospitality, with an added comfort of safety, hygiene and accommodation to doctors, policemen and municipal workers
boost to the global and domestic wellness travel industry. distance travel, urban travellers who were confined to their
physical distancing. With world-class practices, the touch of who worked tirelessly to serve the community.
With Jiva Spa’s decades of expertise, deep‑rooted in the Indian homes sought opportunities to drive with families and friends
technology and persistence towards guests and associates’
traditions of Ayurveda, yoga and meditation, we introduced Taj to discover, unwind and be one with nature once again. We
Wellness Retreats, allowing travellers to embark on a soulful created special all-inclusive stay packages around these drive-
journey to revitalise the mind, body and spirit. Thoughtfully oriented holidays with our unique portfolio of exclusive villas,
designed by Jiva Spa’s wellness experts, these 3-15-day retreats bungalows, cottages and suites across hotels. Each offering
combine holistic healing techniques at serene locations to help provided an assurance of the highest standards of safety
our guests indulge, nourish and reenergise themselves. and hygiene.
24 25
PERFORMED
IN FOCUS: REDEFINING THE F&B EXPERIENCE
Authenticity like always.

Service like never before.
Our culinary legacy is as rich and storied as our hotels. Known for excellence
in food and beverage, we pride ourselves on showcasing authentic cuisines
from around the world. With award-winning master chefs, a great depth of
knowledge and passion, and more than a century of experience, we have
built a culinary legacy that only enhances with time.
The changing times brought with them opportunities to bring this legacy to
our guests in newer ways and forms. With new brands and offerings, these
opportunities were converted into strategic businesses.
From introducing global cuisines to setting and introducing the latest trends
in beverages, we have pioneered F&B experiences for over a century.
Qmin 7Rivers Brewing Company Machan

In a pioneering initiative, we leveraged the power of technology 7Rivers Brewing Company is a craft beer brand that aims We relaunched the city’s iconic Machan at Taj Mahal,
to bring our wide and exquisite array of F&B offerings closer to to bring innovation in craft beers using locally sourced New Delhi and launched its first outpost at Taj West
our guests and address their growing demand for online gourmet ingredients. We joined hands with its maker and the world’s End, Bengaluru.
food delivery services with Qmin. By following stringent safety largest brewer, AB InBev, to bring this pioneering craft beer
and hygiene protocols, offering contactless delivery and using brand to the iconic Taj hotels. We opened the first 7Rivers Machan, the iconic restaurant at Taj Mahal Hotel, New Delhi,
insulated, eco‑friendly packaging, Qmin successfully created an brewpub at Taj MG Road, Bengaluru in September 2020. not only got a makeover with its reopening, but the brand
enhanced and differentiated delivery experience for our guests. also travelled south, with an avatar opening at the Taj West
The brewpub is spread across 2,700 sq. ft. of indoor space. It End in Bengaluru. The Bengaluru Machan has an eclectic
represents the synergies between the two leading companies menu with local and global cuisines inspired by the jungles
Reimagined Epicure programme – IHCL’s expertise in delivering innovative F&B concepts, of the world and pays homage to the forests of Karnataka.
culinary expertise and excellent service coupled with AB The Machan at Taj West End offers a culinary tribute to the
Be it bonding with family over a delectable meal or with friends
InBev’s 600-year-old brewing heritage. impressive wildlife of the region and has a library of books
over a quick bite, food has always played an important role
highlighting the rich heritage of the forests of Karnataka.
in India’s social fabric. With a range of instant discounts on
Packed with Cicerone-certified brewers, community‑led
200+ restaurants in our portfolio and on Qmin food deliveries, the
experiences, Taj’s hospitality and authentic culinary
reimagined Epicure programme created an unparalleled world of
experiences, 7Rivers will give consumers an experience
indulgence for its members. Special benefits like complimentary
unmatched in India.
stays, spa therapy, dining experiences and exclusive savings on
a range of services, made the programme a truly exceptional
proposition for our patrons.
26 27
PERFORMED
AWARDS
Prominence like always.

Recognitions like never before.
• Brand Finance Brand Value Report – India 2020: Taj has been • Best Hotels in the World
ranked Number #1 on the list of India’s Strongest Brands 2020 – Rambagh Palace, Jaipur has been ranked Number #15
among all sectors by Brand Finance
• Best Resorts in the World
• TrustYou 2019-2020: The Taj Mahal Palace, Mumbai has been – Taj Exotica Resorts & Spa, Goa
accorded the highest guest satisfaction score amongst its
• Top 30 Resorts in Asia
hospitality peers globally for the third consecutive time
– Taj Exotica Resorts & Spa, Goa
• Conde Nast Traveller Readers’ Travel Awards 2020: Our hotels • Travel + Leisure US the World’s Best Hotel Awards 2020:
• EarthCheck Certifications: With 78 EarthCheck certified hotels,
• Top 30 Resorts in the Indian Ocean have been recognised by these prestigious awards basis We have been recognised in these prestigious awards based on
we have set a benchmark for environmental sustainability
– Taj Exotica Resorts & Spa, Maldives readers’ votes across multiple categories: readers’ votes across multiple categories:
in hospitality with the highest number of EarthCheck
– Taj Coral Reef Resort & Spa, Maldives
Platinum certified hotels globally, with 47 hotels awarded the • Favourite Leisure Hotel in India: • The Top 25 Hotel Brands in the World
EarthCheck Platinum certification • Top Hotels in New York City Taj Fort Aguada Resort & Spa, Goa
• The Top 100 Hotels in the World
– The Pierre, New York
• Travel + Leisure Top 500 Hotels in The World 2021: Several Taj • Favourite Business Hotel in India: The Taj Mahal Palace, Mumbai – Rambagh Palace, Jaipur, India
hotels have been recognised in this coveted list where readers • Condé Nast Traveler Hot List and Best New Wellness Resorts
• Favourite Safari Lodge in India: Mahua Kothi, A Taj Safari – • The Top 15 Hotels in New York City
have voted for the top 500 hotels across the globe. These in The World 2020: Taj Rishikesh Resort & Spa, Uttarakhand
Bandhavgarh National Park – The Pierre, New York
include the following: has been featured in both these prestigious lists
• Taj Lake Palace, Udaipur • Favourite Destination Wedding Hotel in India: Rambagh • Top 15 Resort Hotels in Asia
• Condé Nast Traveller Middle East Readers’ Choice Awards
• The Taj Mahal Palace, Mumbai Palace, Jaipur – Rambagh Palace, Jaipur, India
2020: Taj Jumeirah Lakes Towers, Dubai, has been recognised
• Taj Lands End, Mumbai – Taj Lake Palace, Udaipur
as ‘Favourite New Hotel’ in the Middle East and North Africa • Favourite Spa in an Indian Hotel: Taj Exotica Resort & Spa, Goa
• Taj Palace, New Delhi
• The Top 15 Asia City Hotels
• Conde Nast Traveller Middle East • Favourite Hotel Loyalty Programme: Taj InnerCircle
• 33rd Global Condé Nast Traveler Readers’ Choice Awards – Taj Palace, New Delhi, India
Hot List 2020: Taj Jumeirah Lakes Towers, Dubai has featured in
2020: We received top honours in these prestigious global • Favourite Overseas Leisure Hotel: Taj Exotica Resort &
this prestigious list • Top 5 India Resort Hotels
awards based on readers’ votes across multiple categories: Spa Maldives
– Rambagh Palace, Jaipur
• Travel + Leisure India’s Best Awards 2020: Taj Jumeirah
• Top Hotels in India • Favourite Heritage Hotel in India: Umaid Bhawan Palace, Jodhpur
Lakes Towers, Dubai was awarded ‘Best New Hotel’ in these • Michelin Guide: Quilon, Taj’s award-winning coastal Indian
– Rambagh Palace, Jaipur has been ranked Number #1
coveted awards • Presents Favourite Restaurant in an Indian Hotel: Wasabi by cuisine restaurant in London, retained its Michelin Star for the
– Taj Lake Palace, Udaipur
Morimoto, The Taj Mahal Palace, Mumbai 14th successive year
– The Taj Mahal Palace, Mumbai
• Favourite Hotel Bar in India: Blue Bar, Taj Palace, New Delhi • BBC Good Food Middle East Awards 2020: Shamiana at Taj
Jumeirah Lakes Towers has won the coveted ‘Best Indian
• Hotel with the Best Service in India: The Taj Mahal
Restaurant’, thereby marking the signature restaurant’s
Palace, Mumbai
successful foray in the international market
• World Architecture Community Awards: Devi Ratn - IHCL
SeleQtions was honoured by these global awards
• TripAdvisor Travellers’ Choice 2020 – Top 25 Luxury Hotels
in India: Four of our hotels were recognised in these annual
awards – Rambagh Palace, Jaipur; Taj Lake Palace, Udaipur;
Umaid Bhawan Palace, Jodhpur and Taj Exotica Resort &
Spa, Goa
28 29
HOW WE CREATE VALUE
Aspirational
like always.
Value-driven
We create sustained value and growth through the effective
like never before.
use of our resources and our relationships. We have also
progressively attuned our business model to the requirements In this section
of our customers, shareholders, business partners, employees
and other stakeholders to provide value differentiation in a 32 Business model 36 Stakeholder engagement
34 Operating environment 38 Materiality
competitive market scenario.
30 31
CREATE VALUE
BUSINESS MODEL
Foresight like always.

Prudence like never before.
Inputs Our activities Value generated Outcomes
Financial capital We build and manage hotels under various formats For providers of Financial capital
Equity: ₹4,283 Crores We also offer a wide spectrum of services that include:
financial capital Revenue: ₹1,740 Crores EPS: ₹(6.05)
Net debt: ₹3,110 Crores We deliver consistent, PAT: ₹(720) Crores
profitable and
responsible growth
Manufactured capital
Manufactured capital For customers • Total room nights: 23,02,836
We provide high • Healthy growth across all assets: hotels,
Fixed assets: ₹8,603 Crores service outlets and digital platforms
quality product and • Best-in-class customer service and higher
sustainable services and base of loyal customers
memorable experiences
Intellectual capital Intellectual capital

Air catering Salons Food and Boutiques Trails For our people • Brand value: US$309 Million
Trademarks registered: 48 and spas beverages and stays We strive to provide equal • Bookings through digital channels: 9.4%
opportunities to all our • Top-of-the mind brand recall among customers
employees, and ensure • High degree of brand salience across segments
Our process chain capacity building, training and Outputs • Strong brand reputation
Human capital a safe work environment
Occupancy: 31.75%
Employees Property Brands Human capital
Property ownership • Format development Total guests welcomed
development
15,409 4,436 6,061 • Build • Marketing For suppliers (including Ginger hotels): • Revenue per employee: ₹11.79 Lakhs
Permanent Full time Contractual • Partner 18 We ensure an optimum supply 12.8 Lakhs • Rated highly by employees as a good place
contractors • Acquire
Number of covers at events to work
chain with competent suppliers • Ability to attract, train and retain some
(% of total
36 for seamless operations. We organised: 14 Lakhs of the finest industry talent
Investment in employee training: portfolio)
₹1.20 Crores Data analytics Renovating/ also engage and collaborate
• Customer insights 46 upgrading with our suppliers closely for
Investments in employee • Customer preferences • Basis the Social and relationship capital
engagement initiatives and and behaviour
knowledge enhancement and
Owned by holding company brand style
recognition: ₹1.06 Crores • Identifying emerging Owned by group companies process improvements • Beneficiaries of CSR initiatives: 8,500+
needs Management contracts • Net Promoter Score (NPS): 66
• Customer satisfaction score: 90 from
across 161,071 reviews
For our communities • Long-lasting and rewarding associations
Customer service Channel distribution Hotel operations
Social and relationship • Distribution system • Accommodation
We empower the communities with suppliers, customers, vendors and
and insights development partners
capital • Direct feedback • Online and offline • Food & Beverage around us through our CSR
• Social licence to operate
CSR expenditure: ₹17.26 Crores • Social media engagement • Travel agents activities and ensure that
• Online reputation our business does not have
Number of trade body management
memberships: 17 • Loyalty programme any adverse impact on Natural capital
• Periodic market research the environment • Number of properties powered by
renewable energy: 27
• Number of EarthCheck certified hotels: 78
Natural capital • Increase in water recycling percentage
Investments in EarthCheck Our strategy by 5% from FY 2019-20
• 22% from renewable energy
certification: ₹1.56 Crores (4 times in the past 4 years)
R.E.S.E.T 2020 • Focus on continuous performance
improvement over a rolling baseline for the
Revenue growth Excellence Spend optimisation Effective asset management Thrift and financial prudence Pg. 42 material aspects of waste, water and energy
32 33
CREATE VALUE
OPERATING ENVIRONMENT
Transforming like always. Enhanced hygiene protocols
Agile like never before.

The pandemic has heightened people’s awareness of hygiene
and safety. Guests are more interested in housekeeping
than décor and sophistication. The hospitality industry
is, therefore, implementing intensive new hygiene and
safety protocols and improving their various healthy stay
programmes and partnerships to assure guests, and stay a
notch above their peers.
The year 2020 has altered the tourism and hospitality landscape forever. The ‘Tajness – A Commitment Restrengthened’ programme laid
The increased demand for health, hygiene and social distancing have out safety and sanitisation standards for guests and associates
had a significant impact on the hospitality industry. Even though there is to ensure that guests have a safe stay while enjoying the
hospitality offered by us.
uncertainty over the short term, some emerging trends hold the promise
of paving a growth path for the industry in the medium to long term. Digitalised guest experience and
contactless technology
To comply with the new normal, hotels are directing their
focus towards digitalisation. Contactless service is the norm
and apps, in particular, are playing a crucial role in the way
hotels offer their services.
Traditionally customer-facing services are being given

an overhaul, thanks to the more widespread use of
technology‑assisted options such as mobile check-in, contactless
payments, voice control and biometrics. Minimising touchpoints
will continue to be a primary goal across the sector. Restaurants
have turned to mobile apps and QR codes for menus to reduce
the spread of potentially harmful germs. Online check-ins
and check-outs, mobile keys and room settings controlled by
Internet of Things (IoT) are expected to become commonplace.
Launched I-ZEST, a suite of digital solutions across our hotels under the brand Taj, Vivanta and SeleQtions. The new digital
features allow guests to interact and engage with IHCL hotels by minimising ‘physical’ touch. The I-ZEST measures also extends
Short distance tours and staycations to employees, with the chain’s hotel pre-opening processes now being driven through mobile-application based checklists and a
Restricted to the safety of their homes, people have been contactless attendance system.
IHCL launched several schemes like 4D and New Urban
looking for ground-breaking yet safe ways to spend quality
Getaways. 4D, which stands for ‘Dream, Drive, Discover, Delight’
time with their close friends and family. People are looking
is a new offering that gives guests the perfect opportunity
Commitment to sustainability
for a comfortable and safe home-away-from-home without
the worry of contracting the virus. Staycations are the perfect to drive with families and friends to discover, unwind and be Hotels and resorts have been going green for some time now
solution to the problem to nation-wide lockdowns and travel one with nature once again. New Urban Getaways offered to and that trend is likely to become more popular as travellers
bans. They require minimal travel and less planning time, are encourage travellers to take a short and much-needed break look to limit their impact on the environment and experience
cost-effective and low on carbon footprint. Hence, they have post the country-wide lockdown. the local culture.
become increasingly popular at city hotels across Mumbai,
Bangalore, Delhi and Kolkata. In recent years, top hotel brands have pledged to reduce
water usage, carbon emissions and waste, while pursuing
Due to travel restrictions, people began using their personal LEED certifications for properties, renewable energy sources
or rented vehicles for road trips. There is a high possibility that and locally sourced food. ‘Green’ hotel initiatives will help
travellers will choose road travel over flights and trains as they ecologically conscious guests make informed choices and also
get to choose from a plethora of options that offer comfort transform themselves to lead the change towards sustainability.
and peace of mind and are a one-of-a-kind experience.
IHCL has undertaken wide-ranging steps to integrate planet sustainability initiatives into its day-to-day operations. We follow the
EarthCheck guidelines for implementation of standard practices across hotels. There has been considerable growth in the use of
renewable energy, waste treatment and reduction in water consumption in the hotels.
34 35
CREATE VALUE
STAKEHOLDER ENGAGEMENT
Engaging like always. Fostering lasting relationships
Responsive like never before. Stakeholders Why they are important

• Our people are at the core of
our business
Key priorities
• Capability building, development
and skill enhancement
How we engage
• Real-time engagement through
VConnect
How we deliver value
• ₹894 Crores consolidated employee
benefit expense
• They are our biggest strength • Positive and enabling work • Daily meetings and briefings • ₹1.20 Crores invested in employees’
and differentiator environment • Monthly town halls learning and development
• Safety and security • Timely internal communications • World-class performance
• Employee well-being • Published training calendar management and career
Employees • Employee committees and development programmes
The success and sustainability of our business depends on the support union meeting for employees
extended by our stakeholders. It is, therefore, crucial that we understand

• Customer loyalty and long‑term • Service quality • Direct feedback from guests • Focus on delivering superior
and respond to their needs and interests. We stay attuned to our relationships add to the distinctiveness • Differentiation and during and after each experience customer experiences, consistently
of our brands product relevance • Loyalty programme • Overall customer rating of 90% from
stakeholders’ needs through continuous dialogue, and by understanding • Their feedback helps us improve and • Safety and privacy • Real-time social across 1,61,071 customer reviews
the dynamic market requirements and global developments and predicting Customers
maintain our position in the industry • Ethical business practices
• Environmental impact
media engagement
• Periodic market research
future trends.
• Support from our shareholders • Financial performance • Quarterly investor calls, annual • 40% dividend declared
and investors is essential to finance and dividends investor meets, AGMs, public • Market capitalisation down by 7.6%
the growth and development of • Good governance and media announcements over the previous year
our Company • Transparency • Annual report and sustainability
• Growth and expansion disclosures
Shareholders • Operational and • A dedicated investor
resource efficiencies relations department
• Hotel owners are our partners • Business performance • Annual partner meets • Revenues shared with asset owners
in business operations and in • Health of assets • Ongoing communication from through licence fees and other
sustainability • Operational and resource the business development partnership models
• Alignment of priorities with owners efficiencies department • Emphasis on efficiency and
Owners and is critical for efficient operations and maintenance of infrastructure
Partners business performance
• Our suppliers provide materials and • Quality and availability of goods • Supplier development initiatives • 8 suppliers engaged in supplier
services that influence the quality of and services • Supplier feedback surveys development initiatives
our customers’ experiences • Resource efficiency throughout the year • 50% of suppliers are with IHCL for
• Supplier relationships ensure efficiency, • Supplier development • Annual suppliers’ meet over four years
quality, reliability and an ethical • Onboarding process and
value chain constantly open communication
23,02,836 3 D299.19 Cr
Suppliers channels
TOTAL ROOM NIGHTS HERITAGE SITES UPKEEP CONTRIBUTION TO • A positive relationship with local • Livelihood opportunities • CSR partnerships • Invested ₹2.63 Crores as CSR funds
EXCHEQUER communities ensures our social licence • Environmental protection • Minimisation of our towards ongoing livelihoods and
to operate • Community development environmental footprint heritage-linked programmes in
• Furthering the livelihoods, heritage • Preservation of culture • Community welfare programmes communities through CSR
Our engagement methods are customised to meet the needs of each stakeholder group. We maintain an and culture of regions we operate in and heritage • Participation in neighbourhood • Supported 8,500+ livelihoods of
open-door policy for stakeholder interaction so that the concerned parties can easily access the appointed Local are important for our destination’s associations the under-served communities
sustainability and our long-term • Annual volunteering calendar through our CSR programmes and
communities
representatives at individual hotels or within the corporate structure. business viability partnerships
• We comply with the regulations • Timely compliance with • Participation in government • Timely tax payment
governing our properties and engage regulations consultation programmes • High compliances with regulations
with regulators frequently to drive • Transparent and open • Representation through • Support government initiatives
important policies in the sector operations trade bodies
Employees Customers Shareholders Owners and • We partner the government in • Timely tax payments
Partners Government various policies and community • Support to various schemes of
and regulators improvement initiatives central and state governments
• A positive relationship with lenders • Timely repayment of both • Meetings • Maintaining high credit discipline
enables us to raise growth capital in a principal and interest • Ongoing communication and • Timely pre-payment of loans
timely and cost-effective manner • Adherence to a healthy relationship
• We have a credit rating of AA (Stable) credit discipline • Sharing regular updates on
by CARE and AA (negative) by ICRA • Timely updates on our financial financial performance
Suppliers Local Government Lenders
Lenders performance
communities and regulators
36 37
CREATE VALUE
MATERIALITY
Focused like always.

Strategy like never before.
Material matters have the potential to substantially affect, both positively and negatively, the
Company’s ability to create value and deliver on its strategy and investment case in the short,
medium and long term. We manage material matters by identifying, prioritising, responding
and reporting on them. After focused discussions with the Board and the management, we
have identified four broad areas of materiality for FY 2020-21. The assessment and validation
of the material issues were carried out with the highest levels of transparency and integrity to
ensure the accuracy of the outcome.
Our material topics
Scalability Environmental stewardship Social responsibility Environmental stewardship

We will continue to achieve revenue growth while The hotels under IHCL are getting stronger in the game of Our hotels are an active part of local life in the We undertake continuous value chain transformation to
overcoming the COVID-19 related challenges with our going green. There has been considerable growth in the destinations where we operate. We work with social modify our business every step of the way – right from
R.E.S.E.T 2020 strategy. use of renewable energy, waste treatment and reduction organisations to drive positive change through direct optimising our infrastructure processes and systems and
in water consumption in the hotel. IHCL has partnered with support and corporate volunteering. promoting local procurement to delivering competitive
EarthCheck, the world’s leading scientific benchmarking, customer service.
certification and advisory group for travel and tourism, for the
performance monitoring and verification.
Material Topics Material Topics Material Topics Material Topics
Economic Growth Customer Digitalisation Brand, Climate change, Water Circular Talent Employee Customer Social Diversity Procurement Sustainability
performance and scale delight Reputation and Energy and Economy management health and health and inclusion and and equal practices supply chain
Communication Emissions and retention safety safety development opportunity
Topic Definition Topic Definition Topic Definition Topic Definition

• Key economic performance parameters of the Company, • Optimise our energy management to reduce our specific • Attracting and retaining individuals with the right knowledge • Supporting the growth and capability development of our
covering the direct economic value generated, retained energy consumption and greenhouse gas (GHG) emissions and skills by providing them with rewarding careers and an suppliers and vendors, efficient procurement practices, and
and distributed • Effective water management to reduce our water use enriching experience emphasis on local and indigenous procurement
• Growth in inventory across multi-product, multi-segment intensity, including steps taken to recycle water • Ensuring the health and safety of all employees through risk • Holistic improvement in our supply chain that addresses the
categories to meet the emerging demands of the discerning • Minimising waste and maximising the end-of-life value to assessments, effective policies, timely interventions and environmental and social impact and externalities
traveller, through leveraging our business enablers decrease our natural resource footprint proactive trainings
• Exceeding customer expectations and creating a positive • Offering a healthy and safe experience to our customers by
emotional connect establishing robust infrastructure and well-trained staff at all
• Driving digital to strengthen competitiveness, achieve our premises
service excellence and make core operations faster, better • Upholding diversity and equal opportunity among all our
streamlined and more efficient employees through well-established policies, initiatives and
• Reimagining the brand landscape to build on the culture-building
opportunities across categories, protecting and enhancing • An inclusive and collaborative approach towards helping
reputation through effective communications improve the quality of life and giving back to the communities
we serve
38 39
WHAT OUR STRATEGY FOCUSES ON
Planning
like always.
Execution like
never before.
In this section
During the year, we devised a five-point strategy called R.E.S.E.T
2020 to handle the challenges caused by the unprecedented 42 R.E.S.E.T 2020 50 S - Spend optimisation
44 R - Revenue growth 52 E - Effective asset management
global crisis and aid us navigate through difficult times.
48 E - Excellence in guest well-being, 53 T - Thrift and financial prudence
experience and operations
40 41
| I N T E G R AT E D ANNUAL REPORT 2020-21 WHAT OUR
STRATEGY
FOCUSES ON
R.E.S.E.T 2020
Determined like always.

Resetting like never before.
R.E.S.E.T 2020 is a comprehensive five-point strategy
In February 2018, we embarked on the journey to realise our Aspiration that provides a transformative framework to help us
2022 strategy – to re-imagine, re-engineer and re-structure our business. overcome the impact of the pandemic and achieve
Within two years of outlining the strategy, we have driven strong revenue growth.
operational performance with significant improvement across all key
financial metrics like profitability, cash-flows, EBITDA margins and debt The strategy will focus on:
ratios in the current financial year. As we were tenaciously pursuing our
goals, we were hit by the COVID-19 pandemic, which demanded that
we change our strategy to emerge stronger from this storm. Thus, we
implemented R.E.S.E.T 2020.
Rapidly changing Shifting
market conditions government policies
Revenue growth
• Enhancing occupancies
• Exploring new avenues for
growth
• Expanding the portfolio Dynamic Re-imagining
customer needs business models
Thrift and financial Excellence in guest

prudence well-being, experience
• Reduction in corporate overheads and operations
• Renovation deferments • Tajness – A Commitment
• Raising liquidity Restrengthened
Implementing various Revenue enhancement and
• Transformational initiatives operational excellence creating alternative sources of
and new ways of working interventions required for revenue through a well-established
• Technological interventions safety and hygiene hospitality eco-system, cost
optimisation and other measure,
while being financially prudent
Effective asset Spend optimistaion

management • Optimisation of hotel spends
• Operations shutdown
• Monetisation of non-core assets
• Organisational and payroll
• Monetisation of hotel assets
optimisation
• Minimisation of lease costs
42 43
STRATEGY
FOCUSES ON
STRATEGIC FRAMEWORK
R E S E T
Revenue growth
We built multiple revenue streams, introduced innovations and focused
on improving cashflow generation of all group companies to enhance our
overall profitability.
Material issues Key risks

• Shorter time-to-market – detailed
market research not feasible
• New brands have lower brand recall
How did we achieve this

7Rivers Brewing Co.
We launched India’s first on-site brewpub called
7Rivers Brewing Co. at Taj MG Road, Bengaluru in
₹4.5 Crores
Revenue earned since launch till
partnership with AB InBev.
1. Introduced innovative F&B concepts March 31, 2021
Qmin
We launched Qmin, a food delivery platform to bring
a repertory of culinary experiences and dishes from
our restaurants to customers’ homes in Mumbai,
65,000+ 14 30 Hospitality@Home
Delhi, Kolkata, Bengaluru and Chennai. We added
pan-Asian, Indian and Thai comfort food and
sweet offerings to our menu. Customers can order
Meals served since
launch
Cities
presence
Hotels Through our Hospitality@Home services, people
can order some of the finest luxury products
from our iconic city hotels. This initiative allows
₹34 Crores
our guests to experience Tajness in the comfort
Revenue earned since launch till
their favourite dishes to their doorstep through
of their homes. This contactless delivery was March 31, 2021
the Qmin app. We also launched Qmin Shop, an
exclusive full-service gourmet walk-in store. With made available across Mumbai, Delhi, Bangalore,
high‑quality products, global flavours and a creatively Chennai, Hyderabad and Kolkata.
designed space, guests can now look forward to a
differentiated experience.
44 45
STRATEGY
FOCUSES ON
STRATEGIC FRAMEWORK
2. Explored enhancement of occupancies through focused need-based campaigns

• 4D – Dream, Drive, Discover and Delight: 4D is a new offering • One Tata initiative: We launched IHCL World of Privileges for
that allows guests to drive with their families and friends to all Tata group employees to purchase vouchers in exchange
discover, unwind and be one with nature. Guests can select for a bouquet of benefits which can be availed across IHCL
from our range of exclusive villas, bungalows, cottages or properties in future
suites across hotels, each offering an assurance of the highest
• Several other need-based campaigns were run from time to
standards of safety and hygiene
time, including suite surprises, new beginnings, Bizcation, 3R,
• Urban Getaways: We launched this innovative offer across Taj Wellness Retreats, etc.
Mumbai to encourage travellers to take a short and much-
needed break during these challenging times. Guests can
choose from a variety of experiences to enjoy a mini vacation
within the safety and comfort of the city
₹230 Crores 4. Re-imagination of existing brands
During the year, we revealed the re-imagined and re-designed Revenue recovery and improvement in
Contribution to enterprise revenue during the year through RevPAR (Domestic hotels)
embodiment of The Chambers. The new Chambers at Taj
these campaigns and promotional initiatives
Mahal, New Delhi offers classic elegance in a contemporary
setting in the capital’s landmark location with spectacular views 3,329
of the city’s skyline. With the recent launch of The Chambers
2,573
Global Membership, members can enjoy enhanced privileges 72
and benefits. The Chambers is located across seven marquee
Taj hotels in six cities, including Dubai, and will soon have its 1,061 52 TRevenue
presence in London and Bengaluru. as a % of
513 Last Year
28
We also, relaunched Epicure – our exclusive lifestyle membership 15
RevPAR
programme with new and enhanced features. Members can now Q1 Q2 Q3 Q4
enjoy a range of discounts on extravagant stays at iconic hotels, FY 2020-21 FY 2020-21 FY 2020-21 FY 2020-21
dining at award-winning restaurants, doorstep delivery of food
via the Qmin mobile application, spa therapies at Jiva spas and
salon services.
3. Continued growth momentum with new openings
• We signed 17 new hotels across brands:
1. Taj in Puri (Odisha), Kolkata, Patna (Bihar) and
• We relaunched Machan at Taj Mahal, New Delhi. The iconic
restaurant found its first outpost in Bengaluru at Taj West End ₹264 Crores
Shiroda (Maharashtra) Total contribution to consolidated
2. Vivanta in Hampi (Karnataka), Bangalore and Lucknow
3. SeleQtions in Tadoba Andhari Tiger Reserve (Maharashtra)
17 7 5 revenues due to effective
revenue initiatives
Hotels signed Hotels opened amã Stays & Trails
4. Six Ginger hotels in Chandigarh, Guwahati (Assam), opened
Aurangabad (Maharashtra), Bangalore and Cochin (Kerala)
46 47
STRATEGY
FOCUSES ON
STRATEGIC FRAMEWORK
R E S E T
Excellence in guest well-being,

experience and operations
In addition to driving scale, we also worked on ensuring the highest levels
of focus on guest and associate well-being, satisfaction and in achieving
better efficiencies across our operations.

2. Accelerated digital transformation 4. Taj for Family
• Health and safety during the pandemic
We are harnessing the power of digital and leveraging For associates whose livelihoods were adversely impacted
• Enhancing customer experience and
technologies to ensure minimal contact while offering our by loss of business, especially at their partner-owned hotels,
satisfaction with less resources
signature warmth and service excellence. We undertook some we launched a fund under ‘Taj For Family’ to extend requisite
• Delay in acceptance and adoption of digital transformation initiatives this year: monetary support in a transparent and fair manner.
new ways of working
• We rolled out I-Zest, a ‘zero-touch service transformation’
initiative that will further encourage social distancing 5. Protecting our employees
How did we achieve this among our guests and associates. It features a set of digital
As an immediate response, we undertook various steps to
solutions that are implemented across our Taj, Vivanta and
protect the health of employees and guests by implementing
SeleQtions properties.
renewed health and hygiene standards and complying with the
• We undertook various technology enhancements such as directives of the government and municipal authorities. New and
digital pre-check-in registrations and contactless access to the detailed standard operating procedures were articulated as a
rooms via optional digital key cards. comprehensive guide covering all areas of operations and service
design, factoring in social distancing, digital-first approach and
• Check-outs are being optimised with online invoicing services,
heightened precautionary processes for guests and employees.
which eliminates the need to use card machines.
We also launched an ‘Employee Well-being Programme’—a
• Digital menus have been installed across restaurants, enabling scalable app-based technology solution to positively impact
guests to order through QR codes and make digital payments. health—in association with HealthifyMe and an ‘Employee
Assistance Programme’, a confidential counselling service.
• We have introduced a contactless attendance system with
facial recognition and thermal sensor in 30+ hotels.
• Our aim is to optimise the digital and use it as an accelerator to
amplify customer experiences and customer loyalty.
3. Service to the nation

1. Introduced ‘Tajness – A Commitment Restrengthened’ Net Promoter Score (NPS) We have been at the forefront of helping fight the COVID-19
pandemic. We extended support to various states across the
As the world steps into the new normal, the spirit of Tajness Previous 12
66 country, including hosting the medical fraternity and providing
stands bolstered, propelled by the supreme importance it months
places on the safety and delight of its guests. ‘Tajness – A over 3 Million meals. The initiatives involved provision of meals
Previous 6 to medical practitioners, migrant workers and the police from
Commitment Restrengthened’ is a symbol of assurance of months
71
our trustworthy Indian hospitality, with an added comfort of our hotels and air catering facilities in partnership with the Taj
safety, hygiene and physical distancing. Previous 3 Public Service Welfare Trust. We opened the doors of various
72
months
hotels to medical professionals. These rooms helped doctors and
nurses spend less time commuting, thereby lowering the risk of
viral transmission.
48 49
STRATEGY
FOCUSES ON
STRATEGIC FRAMEWORK
R E S E T
2. Optimised payroll
Spend optimisation We revisited our existing processes to improve our team’s New ways of working and transformational initiatives
productivity and reduce wasteful expenditure arising from • Re-imagined ways of working in terms of a lean organisation
duplication of processes. Our aim is to simplify processes and structure, focus on multi-skilling and elimination of non‑value-
ensure meticulous expense management through technology added activities by embracing digital
upgradation to make us more efficient and competitive.
• Rolled out the A1 initiative – through which our multi-skilled
We leveraged opportunities across all cost heads to rationalise resources frontline workforce can contribute to multiple departments
We redeployed staff in new properties that are opening and
and optimise expenditure across all cost heads, including payroll and redeployed some of the corporate employees in other Tata group
depending on business need
various hotel operating cost heads. companies, multi-skilling. We also scaled our people in different • Cluster approach to operations including city-level
areas so they are able to work in different departments within an management committee structure to improve payroll
eight hour shift, and that’s the new way of working. optimisation efforts
• Delay in redeployment to new hotels
• Potential impact on hotel operations 1.53 1.14
Staff to room ratio - Staff to room ratio
April 2020 - March 2021
How did we achieve this New ways
Redeployments Multi-skilling of working
1. Reducing our hotel operating expenses
We reduced our hotel operating expenses this year by Fixed expenses per month
undertaking the following initiatives:
• Renegotiating the contracts entered into with various vendors, 163
suppliers and service providers
• Outsourcing certain functions that were undertaken internally
118 28%
Decline in fixed
• Centralising our back-end processes and leveraging costs
shared services
• Closure of hotels during times of low demand; re-routing
demand to a single hotel in a city
FY 2019-20 FY 2020-21
45%
• Optimising heat, light and power expenditure at the hotels Decline in total
*All numbers include fixed lease costs and costs
fixed corporate overheads
3. Leveraging partnership
We collaborated with Tata Power for supply of solar energy for all
Mumbai hotels as part of our strategy to focus on sustainable and
cost-efficient business practices. We signed a solar energy Power
₹420 Crores
Total contribution to consolidated
Purchase Agreement (PPA) with TP Kirnali Solar, a wholly owned
EBITDA due to effective spend
subsidiary of Tata Power. The agreement is valid for 25 years. The
optimisation initiatives
initiative is in line with our focus on implementing sustainable
and cost-efficient business practices, while leveraging group-wide
collaborations and competencies.
50 51
STRATEGY
FOCUSES ON
STRATEGIC FRAMEWORK
R E S E T R E S E T
Effective asset Thrift and

management financial prudence
One of the key aspects of the new strategic plan is to create shareholder At IHCL, identification of inefficiencies/redundancies is an ongoing process.
value by optimising our assets. We are focusing on maximising our It is our constant endeavour to address any bottlenecks across our entire
profitability by continuing to undertake renegotiation of contracts and operations and achieve better efficiencies. We took judicious steps to
lease rentals, while monetising assets. We are confident that this will be a ensure adequate cash flows while reducing our corporate overheads.
core contributor to our margin expansion.
Material issues Key risks • Cash mismanagement
• Mismatch in valuation expectation • Inefficient resource allocation
• Test of owner relationships

1. Minimised lease costs 4. Acquired 100% stake in ELEL

This year, we managed to achieve a lease rental waiver benefit of We signed a binding agreement to acquire 100% shareholding
₹49 Crores in our consolidated financials. in ELEL Hotels and Investments Limited (ELEL) for the iconic
1. Through prudent spending, our corporate projects and placed our bets on what had the
Hotel Sea Rock. This makes us the 100% leasehold owner of the
overheads declined by 39% during the year. We highest chances of positive contribution to
2. Achieved property tax waiver landmark Sea Rock Hotel site. reduced corporate overheads such as professional business performance.
Representations to BMC helped secure waiver of three months’ contracts, marketing spends, renegotiating annual 4. We proactively secured funding tie-ups with
property tax for Mumbai hotels from April-June 2020. 5. Restructured holding of African subsidiary maintenance contracts, technology support multiple banks to ensure that there is always
We restructured the holding of Taj Cape Town, which agreements, leased-line costs, reducing support sufficient liquidity to manage our commitments.
3. Sold non-core assets became a wholly owned subsidiary of IHCL, by acquiring staff of inbound and outbound call centres, travel
Unlocking value in non-core and latent assets is an ongoing 50% of the holding in Tata Africa Holding (TAH). expenses, etc.
process at IHCL. Sale of residential apartments contributed to an
incremental ₹21 Crores addition to our bottom line.
2. We deferred all non-essential renovations to
conserve liquidity and manage cash flow efficiently. ₹135 Crores
₹70 Crores 3. Prudence in resource allocation was exercised
at all avenues to focus on quality and impact as
against quantity and volume. We prioritised key
Savings in FY 2020-21 due to thrift and
financial prudence initiatives
Total contribution to consolidated EBITDA due to
effective asset management initiatives
52 53
HOW WE PRIORITISED ESG ISSUES
Minimising impact
like always.
Working responsibly
like never before.
In this section
We recognise that we have a responsibility to conserve the
environment and protect the communities in which we operate 56 Environment 68 Board of Directors
60 Social 70 Senior management
to preserve destinations for future generations of travellers.
66 Governance 74 Risk management
54 55
PRIORITISED
ESG ISSUES
ENVIRONMENT
Conscious like always. Key achievements
Impactful like never before.

Water conservation Greenhouse emission Recycling waste Renewable energy
907,021 KL of water recycled 34,832 TCO2eq emission 1,397 tonnes of organic waste 27 IHCL hotels powered by
As an industry leader, we are aware of our responsibility towards = 363 standard Olympic-sized reduced = Taking 11,688 cars composed = 42 standard 20 renewable energy
swimming pools off the road feet shipping containers
the planet. We are committed towards operating in an environmentally
responsible manner while catering to the interests of our diverse
stakeholders. During the year, we took various measures to mitigate the
impact of our operations on the climate and environment and preserve the
planet for the future generations.
Single-use plastic
Material issues addressed Strategic priorities Avoided use of PET bottles by Highest number of EarthCheck Total number of EarthCheck
installing RO bottling plant in Platinum certified hotels certified hotels is 78
R E S E T 15 hotels globally – 47 hotels
Optimising use of natural resources such as energy and water

and managing waste efficiently are some of our priority focus
areas. We communicate our performance on these parameters
regularly through United Nations Global Compact and Business
Responsibility Reporting. We have maintained band C in
CDP—Carbon Disclosure Project—climate change response
and Band B in water response, thus setting benchmarks in the
hospitality industry.
Since 2008, a total of 78 EarthCheck certified hotels have generated significant savings by conserving water,
energy and installing organic waste convertors to reduce waste sent to landfill. During FY 2020-21, ~47 IHCL
Energy management
Energy consumption per guest night
hotels received EarthCheck Platinum certification which is a global benchmark in the hospitality industry. We are conscious of the impact of climate change on
communities and ecosystems, and we recognise that managing
• Recycled 907,021 KL of water, which is equivalent to 363 standard Olympic-sized swimming pools
our energy usage is one of the most effective ways of limiting 284.50 312.17 306.96 310.04
MJ/guest
• 26.7% of total water consumption was recycled and reused by the hotels grey water treatment in onsite
emissions. Further, the adoption of renewables and improved night
wastewater treatment facilities
energy efficiency also yields financial benefits for IHCL.
• Minimised waste sent to landfill by composting 1,397 tonnes of organic waste which is equivalent to 42 standard
20 feet shipping containers
• Reduced greenhouse gas emissions by adopting renewable energy at sites by 34,832 TCO2eq, which is equivalent
to taking 11,688 cars off the road
22%
Renewable
energy
FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21 (FY 2020-21)
56 57
PRIORITISED
ESG ISSUES
ENVIRONMENT
EarthCheck
IHCL joined EarthCheck, the world’s leading scientific
benchmarking and certification group for the tourism and travel
Partnered with International Finance Corporation (IFC)
industry, in 2008 and has ever since endeavoured to continuously to pilot a project on sustainable cooling and ventilation
deliver on its sustainable objectives. We have persistently worked
towards optimising energy and water usage and responsible The IFC project team designed and applied the proven Tech
waste management. In our journey towards sustainability, we Emerge process of identifying, curating and matching innovative
have achieved EarthCheck Certification for 78 of our hotels, which cooling solutions that align with our assessed HVAC technology
has generated significant savings. needs and related sustainability targets. This is the first-of-its‑kind
project in the global hospitality sector. It aims to:
While 47 IHCL hotels achieved EarthCheck Certified Platinum
recognition, 26 hotels received Gold and 5 hotels bagged Silver. • Assess, identify and match innovative cooling technology
For 12 continuous years, we have measured and monitored providers with our needs
the best practices in sustainability. Our 47 platinum certified
• Provide catalytic funding to accelerate the testing and validation
hotels are the largest in the global tourism industry – a perfect
of select sustainable cooling solutions in our hotels
resonance of our efforts. Waste management Enhancing biodiversity
• Help realise targeted savings relative to baseline on a
These certified hotels have generated significant savings by Our hotels operate in locations that are ecologically fragile as As a large-scale landholder, our approach to the preservation of
case-by-case basis
conserving water and energy and installing organic waste well as in dense urban areas. Communities and governments are land and protecting biodiversity is an integral part of the way we
convertors to reduce waste sent to landfill. • Help promote IHCL as a ‘green, safe and resilient’ hospitality increasingly demanding improved waste management practices, operate. We strive to improve natural habitats and encourage
brand in the post-pandemic landscape which are also essential for the well-being of employees and a culture of appreciation and respect for biodiversity across
• During the year, IHCL hotels together used a total of
guests. We view waste as a potential material that can begin our locations.
156,022,944 MJ from renewable energy sources both through
Solar energy PPA signed with Tata Power a new cycle of production, and we are relentlessly striving to
Green Power Agreements with their electricity providers as
improve waste management across our value chain.
well as onsite and offsite renewable energy, including wind We signed a solar energy Power Purchase Agreement (PPA) with Panna Tiger Reserve near Taj Pashangarh gets UNESCO’s
farms and solar panels. Thereby, we avoided 34,832 tCO2, TP Kirnali Solar Limited, a wholly owned subsidiary of The Tata Biosphere Reserve status
Dry waste generated in our premises is sent to licensed recyclers
equivalent to taking 11,688 cars off the road. Power Company Limited, in August 2020. The Taj Mahal Palace,
for safe handling. All our hazardous waste recyclers are certified About a decade ago, the number of tigers at Panna Tiger
Taj Lands’ End and Taj Wellington Mews will get ~60% energy
• We recycled and reused a total of 907,021 KL of water through by the pollution control board of the state in which the hotel is Reserve in Madhya Pradesh was zero. The main reason behind
from green source and will reduce nearly 22.9 million kg of CO2 the diminishing trend was poaching. The Pardhi community
rainwater harvesting and recycling of grey water through onsite located. Sludge from sewage treatment plants is safely disposed
emissions on an annual basis. This agreement is valid for a period of Panna hunted tigers as the sole means of their livelihood.
wastewater treatment plants. The amount of recycled and by the agencies contracted for the management of these units.
of 25 years. After hunting was banned, the community was pushed to the
reused water is equivalent to 363 Olympic‑sized swimming pools.
fringes and survived by engaging in poaching.
Eliminating single-use plastics
• Waste management is an integral part of our environment
We collaborated with Last Wilderness Foundation and Panna
management endeavours. We have installed in-house We are committed to phasing out single-use plastics across all our
Forest Department to pilot an inclusive tourism model for
composters at 41 hotels. This has prevented 1,397 tonnes properties and have been making steadfast progress towards this enabling alternate livelihood opportunities for the Pardhi
of organic waste from going into landfills, equivalent goal every year. We have reinforced our commitment towards community. We developed a unique tourist experience called
of 42 shipping containers 20-feet in size. sustainable business practices with the introduction of bottling ‘Walk with the Pardhis’ near Panna Tiger Reserve to enable
plants across hotels in Mumbai, Delhi, Bengaluru and Chennai in tourists to have an authentic engagement with the local
156,022,944 MJ India and in the Maldives and Sri Lanka.
We have installed bottling water plants at 15 of our hotels to

culture and give back to the ecosystem, thus participating in
the larger purpose and cause of biodiversity conservation and
inclusion. Our naturalists at the Taj Safaris have worked on
Renewable energy used in FY 2020-21 training the Pardhi community youth in polishing their skills to
reduce the use of plastic PET bottles. With this initiative we could
eliminate 0.2 Million kg of plastic from IHCL ecosystem. make them nature tour guides.
907,021 KL IHCL is also credited with the introduction of the country’s

Due to the stellar efforts on tiger conservation and increase
in tiger population from 0 to 50, Panna Tiger Reserve was
Water recycled through rainwater Water management first ever ‘Zero Single-Use Plastic Hotel’ – Taj Exotica
included in the global network of biosphere reserves by
harvesting in FY 2020-21 the United Nations Educational, Scientific and Cultural
Water is a critical and scarce resource for local communities and Resort & Spa, Andamans. With focus on sustainability Organization (UNESCO) in November 2020.
for our industry. We are aware of the increasing water stress to preserve the fragile ecosystem of the island, 72 beach
1,397 Tonnes in our areas of operation and the need to strive for maximum
water efficiency. We optimise our water consumption and work
villas at the resort have been constructed without felling
a single tree, and the resort has an onsite bottling plant,
a waste disposal system that converts wet waste to gas
Organic waste prevented from going hard to mitigate our impact on the availability of freshwater in
and compost, and a sanitation treatment plant to limit its
into landfills ecologically sensitive regions. carbon footprint.
58 59
PRIORITISED
ESG ISSUES
SOCIAL
Caring like always. COVID Marshalls: ‘Back to work’ training was supplemented
by the COVID Marshall process, which enabled robust
Digital initiatives undertaken
HR chatbot: One of the tasks of the HR team is answering employee
Empowering like never before. implementation of new processes. Cross-functional teams of

COVID Marshalls were created at each hotel to conduct daily
audits and ensure that hygiene, safety and physical distancing
queries. Employees mostly encounter similar challenges and ask
similar questions to HR professionals. Deploying a chatbot that
answers FAQs of employees can save the HR team’s time. This has
protocols are followed consistently by all stakeholders. The audit been achieved via a WhatsApp‑based chatbot or query resolution
findings were captured on a digital app ensuring easy escalations platform for all associates integrating it with the HRMS and its
and resolutions. ancillary applications to facilitate query resolution for all associates.
Our people and the relationships we build with the communities are the
foundations on which we grow and prosper. Through close collaboration VConnect: We worked with a technology partner to enable The chatbot assists associates in getting instant answers to their
‘VConnect’ the continuous engagement survey that is a queries without any dependencies on the HR team. It will also help
with our employees, alliances, partners and communities, we maintain our dynamic listening post also used by managers to engage with reduce the volume of queries and guide employees with regard to
social licence to operate and create shared value for all. the workforce across levels. This has led to an increase in raising HR-related tickets based on the bot’s response.
transparency and timeliness of communication. VConnect
Features
is available through a mobile app, biometric machines and
People the computer in eight Indian regional languages to ensure all • Compliance to hygiene norms set by the authorities
We recognise that having an engaged workforce is critical for IHCL to an inclusive workplace that brings out the best in all of us. We employees are able to provide their feedback anonymously. • Confidence and safety restoration among employees
to deliver value. We continue to prioritise the engagement of our continually strive to make our operations more efficient, while Concerns can also be escalated based on the matrix. • Real-time attendance and reports
people with focus on two specific areas – keeping our promise to creating a respectful work environment for each member of • Real-time temperature alerts to HR, security and HOD
our employees and making it safe to speak up. We are committed our team. Various training initiatives have been formulated as a means
Material issues addressed Strategic priorities

to instil brand standards and the Tajness ethos within
each employee. 52
Hotels live with the facial
E-learning: A customised learning path was created on the
recognition system
R E S E T learning platform LEAD and we had over 1,250 leaders who
actualised this learning path. We also launched the access to the Facial recognition system: Pre-COVID, all unit hotels were using
platform through the mobile app which had over 56% adoption. biometric devices to mark their attendance. Due to outbreak of
To enhance functional expertise, we collaborated with TYPSY COVID-19, there was emphasis on going contactless in all walks of
We have been recognised by Gallup for the 8th time as the themselves, especially during the period of lockdown, to ensure
for online video learning specific to the hospitality industry. life. Thus, we switched from fingerprint-based biometrics to the
winner of the Gallup Great place to work. Our culture of Tajness, that the organisation could cater to essential services and
The Netflix-style, all -you-can-consume library is designed to method of marking attendance using face‑based biometrics or
which reveals implicit trust and forging invaluable relationships quarantined guests. To recognise the outstanding contribution
encourage learners to develop their skills and discover their facial recognition. While adding face-based attendance, we also
by creating an emotional connect with our various stakeholders, accomplished by our frontliners, we launched multiple
passions. Learners have instant access to over 700 lessons and added an important element to detect the body temperature of an
is our core competence and a critical enabler for the success recognition programmes last year.
courses, which include downloadable resources, quizzes and associate while marking the attendance.
of our strategy. Our colleagues put the organisation ahead of
certificates. Over 6,000 of our frontline colleagues registered on
the platform and benefited from over 46,000 hours of learning. Employee Mobile App: The employee mobile app helps improve
HR efficiencies, making it easier for employees to complete basic
Tajness Re-strengthened and Back to Work Modules: To tasks. Rather than having to visit the HR office or calling the HR
combat the current scenario, our Centres of Excellence (COE) department, employees can access and make changes to their
and key personnel redefined existing standards to address the personal profiles, apply leave, mark attendance, etc. directly from
requirements of physical distancing, hygiene and safety of our the app. It provides employees with ease of access to applications,
guests and associates while staying true to the core of our service improve productivity and foster deeper connect and engagement
philosophy of ‘Tajness’. All associates were trained virtually and with HR as well as fellow associates.
through socially distanced classrooms, ensuring readiness to
deliver a safe and healthy workplace for all our stakeholders. The employee mobile app features have been extended to the web
portal, thus providing an omni-channel experience to employees.
BLEND: This virtual learning platform was scheduled for our
colleagues in F&B service of whom ~565 participated across 56 HR Helpdesk: The HR helpdesk feature will be integrated with the
hotels. The focus of the programme was to enhance knowledge Employee Mobile app and bot. The HR helpdesk will allow employees
for our F&B colleagues on alcoholic beverages such as bourbon, to raise an HR ticket, which will be answered by HR staff, helping
malts and Roku craft Japanese gin. These sessions included employees get their queries resolved in a timely manner by the
updated trivia, videos, storytelling and quizzes in learning formats, centralised team of the HR Helpdesk or individual HR staff. This feature
which created a healthy competitive spirit. will also let the HR team share documents with employees on request.
60 61
PRIORITISED
ESG ISSUES
SOCIAL
Safety
We reinforced our commitment to safety through the elevation M/s DNV-GL for Taj Wellington Mews, Chennai to understand
Building livelihoods
of two Area Security Heads to Corporate Director —Safety and operations-related risks for hotel/services apartment. This will
Security—one in each region. They will support the corporate form a template for future opening. We invested in creating high-quality intellect to support
COVID-19 response by the Taj Public
safety team in driving safety initiatives across the Company. The hospitality training across trades of F&B service, multi‑cuisine Service Welfare Trust (TPSWT)
IHCL Crisis Escalation Matrix was revisited to reflect organisational cooking, and housekeeping. Our module and trainers
FY 2020-21 employee health and safety performance have focused on screening students for interest levels in The COVID-19 pandemic had put immense pressure
structure changes and ensure that all safety and security
people‑centric jobs and on building attitudinal readiness, on the medical fraternity and frontline workers. Health
incidences are reported to those concerned.
To ensure a continuous focus on safety, we created and

9,690 76,615 confidence and life skills apart from domain skills training.
Despite the ongoing pandemic, in the current year 690+ youth
workers at government hospitals were busy day and night
treating patients and it was difficult for them to get meals
during the lockdown. TPSWT supported the COVID-19
implemented a Basic Safety Training Module for all hotels. Safety training Participants in have been trained at these centres. In partnership with
Tata STRIVE, we conduct Recognition of Prior Learning (RPL) disaster response programme. The initiative started
This will act as an induction as well as refresher module for all sessions safety training
training programme, which helps fill the gap and obtain a with support extended to eight hospitals in Mumbai
employees. Train the Trainer sessions have been conducted
certification from National Skill Development Corporation and Delhi each, two hospitals in Bangalore, and one
for effective and standardised dissemination of content.
Other training interventions by the Tata group Safety Office such
as The Occupational Safety, Health & Working Conditions Code,
1,641 0 (NSDC). Over 80 individuals were trained through RPL
programme in current year. Invested in creating high quality
intellect to support hospitality training across trades of
each in Coimbatore and Agra. TPSWT provided around
3 million meals to the health workers, police frontline and
migrant workers.
2020 and Other EHS Legislation Updates and Motor Vehicle Health awareness Fatalities F&B service, multi-cuisine cooking, and housekeeping. Our
Business Travel on Roads and On-site vehicle movement have sessions conducted module and trainers have focused on screening students for The Trust also supported the stay of health workers and
been well attended by our safety champions. Over 100 employees interest levels in people- centric jobs & on building attitudinal other frontline workers so that they rest close to their
participated in the Annual Tata Group Safety and Health Conclave. readiness, confidence and life skills apart from domain
place of work without having the fear of spreading the
Teams at hotels continue to drive health, safety and security skills training.
infection among their family members. Over 70,000 room
awareness sessions continuously, thus ensuring unwavering focus.
nights were utilised across the country in this regard.
Community welfare
A pre-opening/project stage safety audit was completed by
TPSWT recognises the fact that the medical fraternity
We enable community livelihoods through home stays;
serving covid patients in government hospitals were in
excursions/tourist trails in rural, interior and under-served tribal
dire need of medical equipment’s like ventilators.
belts through tourism-linked training and capability building
initiatives by our volunteers; and community immersion stints for
management trainees. Among the more recent initiatives is the The Trust also provided 30 state-of-the-art ventilators to
Walk with the Pardhis supported by Taj Safaris Pashan Garh near various COVID-19 hospitals.
Panna National Park.
Heritage conservation and promotion

3 Mn 30
Meals provided Ventilators provided to
Some of our key conservation and promotion projects include
hospitals
the Varanasi Weavers Project, beautification and landscaping at
the National Railway Museum and Gateway of India precinct,
Corporate social responsibility

Walk with the Pardhis, Tribal Culinary Heritage Preservation with
Tata Steel. Several of our palaces and resorts provide a pro-bono
70,000
platform to artisans, culture troupes and traditional home cooks. Room nights utilised by
We aim to build more capable, inclusive and resilient frontline workers
our core business strategy to empower communities and provide
communities through a shared approach that considers the Currently, 22 handloom households are actively producing Taj
opportunities for us to create common value across our footprint.
specific needs of each community. Our social strategy aligns with uniforms. We empower many such handloom and handicraft
artisans by retailing them through our in-house lifestyle
store, Khazana.
R E S E T
62 63
PRIORITISED
ESG ISSUES
SOCIAL
Taj for Family

The COVID-19 pandemic and its consequent worldwide travel Training programme for livelihood development for women under our brands – Taj, Vivanta and SeleQtions. I-ZEST’s I-DOCS: IHCL’s Digital Omnichannel Contact-centre Solution
restrictions and lockdowns have had a significant adverse impact in shelter homes in Delhi digital features will further ensure social distancing for both,
The room reservation process is managed in individual hotels through
on the global economy and, more specifically, on the hospitality guests and associates, while maintaining secure and seamless
Hotel Reservation Office (HRO) and at a centralised outsourced
industry. To support the livelihood of the impacted workers of Taj City Centre, Gurugram collaborated with Sahapedia to host a services. It provides:
facility known as Taj Reservations Worldwide (TRW). These centres
the hospitality sector, we created a Hospitality Benevolent Fund pilot training programme for women from homeless shelters in
predominantly manage voice calls as well as reservation emails.
through the ‘Taj For Family’ project under the umbrella of TPSWT. Delhi to skill them for hosting walks and become walk leaders. • Zero-touch check-ins and check-outs
This fund aims to financially support the distressed workers and The objective was to conduct in-depth local cultural tours for our
• Digital invoicing As a part of the digitisation strategy at IHCL, project I-DOCS was
reduce their struggle to the extent possible. Our employees, guests with these women at select IHCL hotels. IHCL conducted
conceptualised. This strategy included a digital transformation
associated hotels and various other persons have collectively trainings for 20 women trainees of Sahapedia who came from • Online payment options
at TRW and HRO with a single platform for both. It also included
risen to the occasion in this moment of crisis and contributed various locations in Delhi. The programme was spread across 12
• QR codes consolidation of HROs within the same city to have a city-based
generously in multiple ways to support their colleagues sessions and comprised field walks as well as classroom inputs,
regional reservation office (RRO) that enhances the experience
in distress. helping the participants gain knowledge (theory) as well as • Digital menus in restaurants
through an omni-channel approach. Its benefits include:
practical inputs.
• Intelligent conversation platform
The Taj for Family project is the first-of-its-kind by IHCL • Omni-channel experience from a guest perspective with
and could positively impact the lives of more than 7,000 Our team led the session on soft skills and guest experience for additional channels including WhatsApp, web chat, chatbot, etc.
beneficiaries. the participants. Our trainers helped the women understand We launched IHCL Response Assistant (IRA), an automated
• Uniform guest experience across all these platforms
the finer nuances of communication, presentation, body chatbot that serves as a virtual partner for all guest needs and
language, hygiene and guest experience. The sessions were highly is accessible via website and on WhatsApp. IRA is positioned • Synergy between TRW and HRO with call transfer between
appreciated by the participants as well as the programme leads. to open up new avenues of distribution, reach out to a larger RRO and TRW
audience and, most importantly, promote quick and digital
• Common city reservation number for a city RRO
customer transactions for all major needs. IRA comes with a host
of features that are already live. The bot will be upgraded with
The business advantages of such a unified approach would be:
many other features soon.
• Higher revenues: Cross-selling across multiple
Live features on the bot properties in the same city
• Stay management – Book, modify, cancel • Operational efficiency through a common
cloud-based platform across the RRO and TRW
• Loyalty zone with the ability to check points, past transactions,
memberships details, voucher management and book • Cost optimisation by combining these reservation centres
redemption stays
Itineraries, an extension to the proposition by Taj Holidays, provide a
We have come up with an initiative to support and scale business digital module to the traditional offline selling. Itineraries are pre-set
teams in their relations with customers by implementing an omni- travel programmes that traverse across multiple destinations that
channel customer engagement platform. The plan has been to have our presence. Guests can customise their entire trip as desired
design and deploy digital virtual agents or chatbots, which give and complete the booking online itself. Currently, 10+ itineraries are
support and solve repetitive customer queries, freeing up service live on the website with key focus on driveable destinations.
Customer engagement agents to handle more complex queries, provide better service to
Customers continue to be at the core of our activities, and we are Digitalisation the customers and thereby help raise productivity. Offers and loyalty programmes
now working towards providing them with hyper‑personalised • We provided our customers with brand-specific websites We relaunched Epicure, our exclusive lifestyle membership
experiences. We are deploying several tools such as digitalisation, The number of member/guests, interactions and bookings done programme, with new and enhanced features in December. Epicure
• We launched I-ZEST, our our zero-touch service transformation
data analytics, loyalty programmes and regular interactions, since September 2020 to March 2021: offers year-round savings on myriad services across Taj, Vivanta and
programme. It is a suite of digital solutions across our hotels
among others to enhance customer engagement. SeleQtions hotels globally.

1,553 71% 29% We launched several customised schemes including The Floor Is
Yours (book an entire floor), and ‘The Sky Is Yours’ (rooftop dining
Room nights Members Guests with a view) among others.
R E S E T Room nights Room nights
1,250 303
66
NPS score in FY 2020-21
64 65
PRIORITISED
ESG ISSUES
GOVERNANCE
Ethical like always. Board expertise
Diligent like never before.

The Board comprises qualified members who bring in the required skills, competence and expertise that allow them to
drive the business profitably and deliver maximum stakeholder value.
Mr. N. Chandrasekaran Mr. Puneet Chhatwal Mr. Nasser Munjee Ms. Vibha Paul Rishi
(Chairman of the Board)
At IHCL, we are committed to enhancing the long-term value for all

stakeholders by embracing the highest standards of ethical practices and
being a proactive corporate citizen. Our values guide our interactions with
our customers, colleagues and other key stakeholders.
Ms. Hema Ravichandar Mr. Venkataramanan Mr. Mehernosh Kapadia Mr. Venu Srinivasan
Governance structure Anantharaman
Our best-in-class governance practices
Our well-defined governance structure aligns each governance
element to the IHCL’s purpose and objectives. It is the • Implemented Tata Code of Conduct (TCoC) to ensure
responsibility of the Board and the committees to identify, that business is conducted ethically and responsibly
mitigate and manage risks and material issues.
• A diversified Board comprising Directors who practice
and hold good ethics and integrity in high regard
• Well-defined roles, responsibilities and accountabilities
Board
of the Board members and Management
Responsible for governance, ethics and sustainability
• Board evaluation as a tool to improve effectiveness Strategy/ Digital and Governance/ Sales and Human
Finance business information Hospitality
in the Board members, followed by a result-driven leadership technology regulatory and risk marketing resources
action plan
Commitees
• Effective and robust risk management framework
Responsible for identifying, mitigating and managing
ESG risks and material issues
overseen by the Risk Management Committee Key activities of the Board during the year
• Conducting business in a sustainable manner
Performance, strategy and implementation Compliance
• Embraced Integrated Reporting <IR> as a strategic
Corporate social responsibility framework designed to provide quantitative and • Direct, supervise and control the performance of IHCL • Monitoring and reviewing compliance of the Code of
Reviews IHCL’s sustainability performance, qualitative disclosures to our stakeholders Conduct for Prevention of Insider Trading and Whistle
• Provide leadership and guidance to the management
recommends realignments and reviews policies Blower Mechanism
governing the sustainability and CSR practices • Review strategic and business plans
• Review of Tata Business Excellence Model findings and monitor
• Aligning IHCL strategy and goals to its vision and the action plan
mission statements
Ensure efficient governance and ethical business practices Talent management
Board of Directors • Oversee maintenance of high standards of Tata values and • Reviewing the talent management, leadership development
ethical conduct of business and succession plan
IHCL’s diverse and determined leadership continues to steer the Age profile Diversity
Company towards profit and exceptional quality and service, • Monitor the responsibilities delegated to the Board • Ensuring organisational design meets aspirations and
despite the challenges.
100% 75% 25% Committees, to ensure proper and effective governance and
control of the Company’s activities
future requirements
56-70 years Male Female • Establish a framework for the assessment of risks
66 67
PRIORITISED
ESG ISSUES
BOARD OF DIRECTORS
Steering like always.

Spearheading like never before.
N. Chandrasekaran Vibha Paul Rishi Nasser Munjee Hema Ravichandar Venkataramanan Venu Srinivasan Mehernosh S. Kapadia Puneet Chhatwal
Anantharaman
Non-Executive Director Non-Executive, Non-Executive, Non-Executive, Non-Executive Director Non-Executive Director Managing Director and
and Chairman Independent Director Independent Director Independent Director Non-Executive, Chief Executive Officer
Independent Director
N S A R A R C N A C A N R S C S
A Audit Committee C Corporate Social Responsibility and S Stakeholders’ Relationship Committee Member
Sustainability Committee
N Nomination and Remuneration Committee Chairperson
R Risk Management Committee
68 69
PRIORITISED
ESG ISSUES
SENIOR MANAGEMENT
Leadership like always. Prabhat Verma

Executive Vice President – Operations (South India, International and
Execution like never before. Expressions)

Mr. Verma is overseeing the operations of South India, International
hotels and the retail brand EXPRESSIONS. He joined IHCL in 1990 as a
Management Trainee with the flagship Taj Mahal Palace & Towers. He has
been the General Manager of some of the leading hotels of IHCL. Prior
to his current role, he was the Senior Vice President - Operations, South.
Puneet Chhatwal He is a hotel management graduate from IHMCTAN Kolkata and has also
Managing Director and Chief Executive Officer attended the Executive Development Programme at IIM, Bangalore. He
is the recipient of many industry accolades including the ‘International
Mr. Chhatwal joined IHCL as the Managing Director and Chief Executive Cooperation between the UK and India Award’ (2012) at the House of
Officer in November 2017. He is a global professional with over three Parliament by Asian Voice, PATWA Award.
decades of leadership experience at highly acclaimed hotel groups in
Europe and North America.
Under his leadership, IHCL has embarked on a journey of re‑imagination to
achieve sustainable profitable growth. Prior to this, Mr. Chhatwal was the
Chief Executive Officer and Member of the Executive Board of Steigenberger
Hotels AG – Deutsche Hospitality. He was also the Chief Development Officer Giridhar Sanjeevi
of The Rezidor Hotel Group – Carlson Hotels Worldwide. Mr. Chhatwal is a Executive Vice President and Chief Financial Officer
graduate of both Delhi University and Institute of Hotel Management, Delhi. Mr. Sanjeevi has built a broad-based career over 34 years across multiple
He has completed an MBA in Hospitality from ESSEC, Paris and an Advanced businesses – consumer businesses, financial services, retail and pharma
Management Programme from INSEAD. in Asia and Europe. A Chartered Accountant and a MBA from IIM
Ahmedabad, he has won several awards and recently was inducted into
Mr. Chhatwal has won awards-, including the prestigious Carlson Fellowship the CFO India Hall of Fame for a lifetime of contribution to the world
and was rated as one of Europe’s 20 extraordinary minds in Sales, Marketing of finance.
and Technology - HSMAI European Awards 2014. He was also the First Alumni
included in the ESSEC-IMHI Hall of Honour 2014.
Rohit Khosla
Executive Vice President – Operations (North and West India)
Mr. Khosla joined IHCL in 1999 as Executive Assistant Manager, at the Suma Venkatesh
capital’s iconic landmark, Taj Palace, New Delhi, and has held several Executive Vice President – Real Estate and Development
positions within the group since then. Currently he oversees Hotels in
Northern, Eastern and Western states of India (Maharashtra, Gujarat, Ms. Venkatesh brings over 28 years of varied experience across engineering,
Delhi, Rajasthan, J&K, Punjab, Uttar Pradesh, Uttaranchal, Madhya financial services, real estate and hospitality sectors. She has worked across
Pradesh, West Bengal, Assam), Taj Tashi, Bhutan and the Operations different functions ranging advisory services, financial structuring and lending
of Taj Safaris in India and Nepal. He is a postgraduate from Institute of for infrastructure projects and contract negotiations, planning and development
Hotel Management, Mumbai and has been felicitated with numerous of real estate and hotel projects. She currently heads IHCL’s Development,
industry awards, including the Young Hotel General Manager in Technical Services and Projects functions and has been in the forefront of IHCL’s
2006 by the Federation of Hotel & Restaurant Associations of India initiatives for growth through greenfield developments, acquisitions, licences and
(FHRAI), General Manager of the Year in 2006 by ITM Institute of Hotel management contracts.
Management and DNA, and International Achiever of the Year award Ms. Venkatesh is an Electrical Engineer from VJTI, Mumbai and holds a Master’s
by PATWA at ITB Berlin, Germany in 2019. He is the Chairman of Tata degree in Management Studies from JBIMS in Mumbai. Additionally, she has
Network Forum – North, member of the Executive Committee of the attended specialised courses on Merger, Acquisition and Alliances Strategies
Hotel Association of India (HAI) and SKAL, also serves as a member of and Infrastructure Development and Financing.
the CII National Tourism Committee and The World Travel & Tourism
Council, India Initiative (WTTCII).
70 71
PRIORITISED
ESG ISSUES
SENIOR MANAGEMENT
Rajendra Misra Beejal Desai

Executive Vice President and General Counsel Senior Vice President – Corporate Affairs & Company Secretary (Group)
Mr. Misra brings nearly three decades of rich legal experience, having occupied Mr. Desai holds an L.L.B. degree from Mumbai University and is a Fellow Member
leadership positions in top Indian and multi-national corporations across of the Institute of the Company Secretaries of India. Mr. Desai has over 36 years
diversified sectors. Heading the Legal and the Asset Management functions, he of rich, extensive and cross-functional experience and specialises in the areas of
drives strategic initiatives, crafting legal strategy and managing organic and inorganic Secretarial, Legal, Corporate Governance, Corporate Affairs, Compliance & Investor
growth, apart from strategic litigation and IP management. He is an Alumnus of the relations. He has worked in leadership positions across diversified sectors, including
Leadership in Corporate Counsel programme from Harvard. He holds a Bachelor of Hospitality, Pharmaceuticals and Forging, among others. He has won several National
Laws degree from the University of Calcutta, and PGDPL from NALSAR. Mr. Misra and International awards, notably Golden Peacock Award for Excellence in Corporate
has been featured consistently by The Legal 500 in the GC Powerlist: India. He is also Governance – 2019 by Institute of Directors, London and Best Company Secretary–
featured in Forbes India list of Top General Counsel, and in the BW Legal World Top Leisure & Hospitality – Asia 2019 by Ethical Boardroom, London, among others.
100 General Counsel. He has been conferred with numerous awards and accolades
over the years.
S. Y. Raman
Vice President – Group Internal Audit
Gaurav Pokhariyal Mr. Raman has more than 32 years of work experience, all of which are with the Tata
Senior Vice President & Global Head – Human Resources Group - 16 years with Tata Global Beverages Limited and 16 years with IHCL. At IHCL,
he has served as Head of Finance at TajSATS Air Catering Limited, the erstwhile
An industry veteran, Mr. Pokhariyal brings to the table nearly three decades of Taj Business SBU and Taj GVK Hotels & Resorts Limited. His stints at Tata Global
prolific hands-on experience and an in-depth understanding of operational as well Beverages Limited included positions of Head of Finance in an overseas JV, CFO at
as people processes. He has essayed a number of critical roles along the way such Mount Everest Mineral Water Limited and CFO at Nourish Co Beverages Limited. He
as General Manager – The Taj Mahal Palace & Tower, Mumbai, Area Director - New is an Honours graduate in Commerce (from St Xavier’s College, Kolkata), a Chartered
Delhi & GM - Taj Palace, New Delhi, Senior Vice President - Operations Delhi, NCR Accountant, a Cost Accountant and a Company Secretary.
& Rajasthan, Senior Vice President - Operations NCR, Uttar Pradesh, Uttarakhand,
Jaipur & Ajmer and most recently, Senior Vice President – Operations, North.
Mr. Pokhariyal has an MBA in International Hospitality - Marketing and Innovation from
Ashish Seth
the Glion Institute of Higher Education, Switzerland, and a Diploma in Hotel Management
Senior Vice President – Materials and Project Development
from IHM Pusa.
Mr. Seth joined IHCL in 1996 as a Finance Executive straight from the ICAI campus.
In his current role, he handles all people operations at IHCL with a focus on strategic Over the last 24 years, he has worked on several facets of Finance, including Strategic
and innovative initiatives relating to organisational culture, business excellence, people Planning, Finance & Accounts, Budgeting & Statutory Compliance, Procurement,
enablement and employee centricity. Commercial and Project Development at various locations (including the US). He
is a Chartered Accountant as well as a CPA (the US) and holds Cost Accounting and
Company Secretary degrees too.
Parveen Chander Kumar

Senior Vice President - Sales & Marketing
Prior to this current role, Mr. Kumar was Area Director – West India and the
General Manager Taj Lands End, Mumbai with a portfolio of 10 hotels, 1,587 keys Vinay Deshpande
and a turnover of $ 101 million. With over two decades of experience, Mr. Kumar Senior Vice President and Head of Digital & IT
is a seasoned industry professional who brings with him an intense passion for Mr. Deshpande is a Tata group veteran and brings over 26 years of experience across
the industry. Digital, Technology and IT Consulting. He has worked extensively with International
His key strength lies in Hotel Operations, Food and Beverage, Revenue Management, as well as India-based customers and helped establish and grow several large client
Sales & Marketing and Finance. Areas, where he has achieved exceptional results relationships. He has worked across different functions within the IT industry and
and are: delivering strong financial performance, improving service standards and led several large transformation programmes. A technologist at heart, he loves
maintaining excellent relationships with stakeholders. problem‑solving and out-of-box solutions to technology challenges.
He is a Mechanical Engineer and holds a master’s degree in technology from Indian
Institute of Technology (IIT), Bombay. He has also done an Executive Leadership
Programme from Ross School of Business, University of Michigan.
72 73
PRIORITISED
ESG ISSUES
RISK MANAGEMENT
Proactive like always. Key risks and mitigation measures
Pre-emptive like never before. Type of risks

Business interruption inter alia on
account of pandemic
Mitigation steps
• R.E.S.E.T 2020 initiatives for the
current pandemic
Strategic priority
R E S E T
Material issues impacted
The pandemic has caused disruptions in • Hotels categorised into High,

the business environment resulting in Medium and Low based on
severe drop in revenues risk profile and appropriate
measures put in place
• Insure properties against force
We have devised and implemented a comprehensive risk management majeure
system that is integral to executing our strategy. We also foster a culture Inadequate returns from investments • Focused monitoring of business R E S E T
We have invested in overseas hotels and performances
of effective risk control and management by encouraging appropriate and greenfield projects and there is a risk that
monitored risk-taking. we may not generate enough returns
from them
Cyber risks • In-depth cyber risk assessment R E S E T
Risk management process Risks such as the recent global hacking and remedial action
incidents on hotel companies and • Cyber security training and
widespread use of apps, sites, vendor awareness programmes
sites, among others, may expose personal
Respond, and sensitive guest data
Monitor and Abuse of social media and other media
Identify risks manage and • Continuous monitoring of R E S E T
review by guests/staff/stakeholders comments in social media and
mitigate
The hospitality industry is more exposed timely responses provided
to social media, due to various direct
guest interfaces
Employee and customer well-being • Protective care, communication R E S E T
Risk management framework Due to pandemic, guests need assurance
in terms of hygiene and cleanliness of the
and counselling
• Customer Communication
hotel. The staff also needs to be trained
and tools need to be given to perform
BOARD OF DIRECTORS their duties
Data governance • Data warehouse and analytics R E S E T
Quality and democratisation of • Uniformity in inputting of data
data analytics
Complex organisation structure • Simplification of structure of R E S E T
Some of our hotel companies are legal entities (ongoing)
Risk Management Committee Audit Committee structured into various legal entities and
are in a subsidiary/associate relationship
• Responsible for developing and • Oversees how management monitors with the parent
monitoring the Group’s risk compliance with the Company’s risk Impact of climate change on • Continuous scanning of the R E S E T
management policies management policies and procedures organisation environment
The hotel industry is exposed to the • Use of renewable / alternate
climatic changes and risks arising out of energy
such events
Data Privacy • Internal audit and continuous R E S E T
Various regulations have been introduced monitoring
across geographies for protection of data • Data Processor/Controller
Internal Audit owner privacy agreements with all relevant
vendors
• Facilitates identification of risks and mitigants, if any • Changes in policies and processes
• Internal Audit conducted based on established Risk Control matrix
Economic Growth Customer Digitalisation Brand, Climate change, Water Circular

performance and scale delight reputation and energy and emissions economy
communication
Talent Employee Customer Diversity Social Procurement Sustainable

management health and health and and equal inclusion and practises supply chain
and retention safety safety opportunity development
74 75
| I N T E G R AT E D ANNUAL REPORT 2020-21 STATUTORY
REPORTS
Management Discussion
New mutations of the virus have given rise to another change in US administration, the UK’s deal with the EU post
COVID-19 wave in the fourth quarter of the year, affecting Brexit, extreme weather events and geo-political tensions
India, the United States of America (US), Brazil, Turkey and closer home.
France amongst other countries. While reported cases are
spiralling, the vaccines can reduce the severity and frequency The global economy is projected to grow at 6% in 2021,
and Analysis
of infections. There is a strong hope that an accelerated moderating to 4.4% in 2022. The US economy is projected
vaccination rollout, along with adherence to safety and to grow by 6.4% in 2021 and 3.5% in 2022, while the UK is
hygiene norms, will neutralise the spread of the virus and projected to grow by 5.3% in 2021 and 5.1% in 2022. The
bring back normalcy. The experience of countries leading IMF projects a 12.5% growth rate for India in 2021 and
this path, such as Israel and the United Kingdom (UK), should 6.9% in 2022 while China is projected to grow by 8.4% in
provide direction to countries lagging in their vaccination 2021 and 5.6% in 2022. Emerging and developing Asia is
programmes. projected to grow by 8.6% in 2021 and 6% in 2022. In Sri
Lanka, the economy is expected to grow by 4.0% in 2021
Global Economy: The Year in Review while the Maldives is expected to grow by 18.9%. (Source:
Economic Environment and Industry Insight IMF, World Economic Outlook, April 2021). In the US, the
In consequence of the pandemic and efforts to contain it, the
US$ 1.9 trillion economic package is expected to deliver a
Preamble organisations have looked inwardly at their supply chains and global economy contracted by 3.3% in 2020 as compared to
significant jump in employment and economic growth. As
other processes and, wherever possible, directed employees a growth of 2.8% in 2019. Advanced economies contracted
It has been over a year since COVID-19 was declared a per the Bank of England, with the UK aggressively pushing
to work from home for reasons of safety and health. Many by 4.7% while emerging markets and developing economies
global pandemic. The past year has seen more than 145 its vaccination programme, the country’s economic growth
organisations have restricted travel, conferences, events contracted by 2.2%. The US economy contracted by 3.5%
million infections. While the recovery rate has been a good could reach pre-pandemic levels comparatively quickly. In
and embarked on cost reduction and austerity measures to and that of the UK by 9.9% during the year. Emerging and
85%, more than 3 million fatalities have been registered. its March 2021 report, the World Bank has highlighted clear
protect their own cashflows and profitability. developing Asian economies contacted by 1.0%. Within this
Governments across the world responded to the pandemic signs of an economic rebound for south Asia, with per-capita
group, the Indian economy contracted by 8.0% while the
first with global travel advisories, suspension of visas and incomes expected to revert to their pre-COVID levels by
The pandemic severely impacted travel and tourism globally, economies of Sri Lanka, Maldives, Malaysia, Bhutan and Nepal
international flights, prohibition against mass gatherings, 2022. However, it has also highlighted that Bhutan, Sri Lanka,
causing the industry a loss of almost US$ 4.5 trillion. Domestic contracted by 3.6%, 32.2%, 5.6%, 0.8% and 1.9% respectively.
cancellation of sporting and cultural events, and then with Maldives, and Nepal, which are dependent on tourism, could
visitor spends decreased by 45% while international visitor China was the only large economy to register a 2.3% growth
closure of offices and educational institutions, halting of take significantly longer to recover depending on the pace
spends decreased by 69.4% compared to 2019 (Source: World in 2020 (Source: IMF, World Economic Outlook, April 2021).
inter-state transport, railways, and other measures to enforce of vaccination, reduction in infections and removal of travel
Travel & Tourism Council, Economic Impact Reports 2020). Most developed and large economies responded to the
lockdowns in their respective nations. The restrictions were restrictions. All estimates are subject to an adverse impact
With very little option, the hospitality industry explored ways pandemic by deploying measures to stimulate the economy
gradually lifted within a regulated environment. Actions of the recent wave of COVID-19 infections.
to survive this period by exploring new revenue opportunities through liquidity support, tax cuts and other regulatory
taken by governments differed basis their infrastructural changes. Economic output losses were particularly severe for
and optimising costs. A fallout of this has been the loss of 61.6
preparedness, number of testing done, reported number countries that rely on tourism and commodity exports and
million jobs globally, and there is threat of higher losses if
of cases and political consensus, but they all followed a for those with limited policy space to respond. The pandemic
government retention schemes are withdrawn before the
basic minimum approach with regard to social distancing, overshadowed all other major global events including the
industry revives. However, this did not prevent the industry
hygiene and call for wearing a mask. The pandemic and the
from supporting the medical fraternity and governments
consequent lockdowns had an immediate impact on most
in every possible way during the pandemic. Also, service
industries and sectors, leading to a steep decline in the gross
provided to guests continued despite the challenges in full
domestic product (GDP) of most countries. Several industries
compliance with the regulations and by ensuring the highest
had to re-invent their operating model and distribution
health and safety standards.
system to adapt to innovative ways of working. Several
76 77
REPORTS
Management Discussion and Analysis
Real GDP, Annual % Change Industry Insight When tourism does restart, UNWTO’s panel of experts
Actual Projection foresee growing demand for open-air and nature-based
Global Hospitality and Tourism Industry
2019 2020 2021 2022 tourism activities, with domestic tourism and ‘slow travel’
Global tourism suffered its worst-ever year in 2020, with
World Output 2.8 -3.3 6.0 4.4 experiences gaining increasing interest. (Source: UNWTO,
international arrivals dropping by 74% according to the latest
Advanced Economies 1.6 -4.7 5.1 3.6 Barometer January 2021)
data from the United Nations World Tourism Organization
USA 2.2 -3.5 6.4 3.5 (UNWTO). International arrivals at destinations worldwide
UK 1.4 -9.9 5.3 5.1 were a billion fewer in 2020 than in the previous year. This
Emerging Market & Developing Economies 3.6 -2.2 6.7 5.0 was due to an unprecedented fall in demand caused by the
Emerging and Developing Asia 5.3 -1.0 8.6 6.0 strict travel restrictions imposed by governments to curtail
India 4.0 -8.0 12.5 6.9 the spread of the pandemic. International tourist arrivals
China 5.8 2.3 8.4 5.6 (overnight visitors) dropped by 87% in January 2021, amid Changes in traveller behaviour in times
ASEAN-5 4.8 -3.4 4.9 6.1 new outbreaks and tighter travel restrictions following a of COVID-19
Emerging and Developing Europe 2.4 -2.0 4.4 3.9 decline of 85% in the quarter ended December 2020. In Asia-
Closer – Domestic tourism has shown positive signs
Sub Saharan Africa 3.2 -1.9 3.4 4.0 Pacific, the count dropped by 96% since the region continues
in many markets since people tend to travel closer.
Middle East and Central Asia 1.4 -2.9 3.7 3.8 to have the highest level of travel restrictions in place. Europe
Travellers go for ‘staycations’ or vacations close to home
Source: IMF World Economic Outlook, April 2021 and Africa both saw a decline of 85% in arrivals, while the
Middle East recorded a drop of 84%. International arrivals Get away – Nature, rural tourism and road trips
in the Americas decreased by 77% in January 2021. (Source: have emerged as popular travel choices due to travel
In its January 2021 report, the World Bank had forecast global covering 18 months of imports. Inflation, mainly driven by UNWTO, Barometer January 2021) limitations and the quest for open-air experiences
economic output to expand by 4% in 2021 and moderate food prices, remained above 6% for much of the year. India’s
to 3.8% in 2022. However, it expects recovery of global GDP is estimated to contract by 7.7% in FY 2020-21, with a New concerns – Health and safety measures and
Outlook
economic output to remain below pre-pandemic trends for sharp 15.7% decline in first half of the year and a minor 0.1% cancellation policies are consumers’ top concerns
Owing to a surge in COVID-19 cases and emergence of new
a prolonged period. It attributes the slower growth to the fall in the second half. Government consumption, improving variants, many countries have reintroduced stricter travel Last-minute bookings – These have increased due to
massive debt levels that have been accumulated over the private consumption and net exports have cushioned the restrictions, mandatory testing, quarantines, and in some volatility of pandemic-related events and the travel
past decade and recent stimulus packages, which, while economy in the second half. If taken sector-wise, agriculture cases, border closures and domestic lockdowns. This has restrictions
creating liquidity, cause inflationary pressures, thereby can be said to have performed better in comparison to impacted the resumption of international travel. Further,
exposing the global economy to financial market stress. The industries, with a growth of 3.4% during FY 2020-21. Industry Change in demographics – Travel
the pace of vaccinations has been slower than expected and recovery has been stronger among
World Bank highlighted that downside risks could increase and services are estimated to contract by 9.6% and 8.8% varies across countries. With 32% destinations worldwide with
if the spread of virus was not controlled or there was delay respectively during FY 2020-21. Within industry, mining is younger segments. ‘Mature’
complete border closure in early February, 2021 and another travellers and retirees are
in vaccine procurement and distribution. This could lead to estimated to contract by 12.4%, manufacturing by 9.4% and 34% with partial closure, UNWTO expects international
more severe and longer-lasting effects on potential output construction by 12.6%. The utilities sector has shown a sharp deferring travel plans
tourist arrivals to be down by 85% during January-March,
and financial stress following from high debt levels and weak recovery and is set to register a growth of 2.7% in FY 2020-21. 2021 over the same period in 2019, representing a loss of Sustainability, authenticity and
growth. The bank stated that limiting the spread of the virus, Within services, trade, hotels, transport and communication, about 260 million international arrivals. local hood – Travellers have
providing relief for vulnerable populations, and overcoming which together constitute one-third of overall services, are been giving more importance
vaccine-related challenges were the immediate priorities estimated to contract by 21.4%. Most experts do not see global travel returning to pre- to creating a positive impact
(Source: Global Economic Prospects-World Bank). pandemic levels before 2023. Amongst all regions, Asia-Pacific on local communities,
The Economic Survey projects India’s real GDP to grow is likely to see the highest rebound of international tourism. increasingly looking for
Indian Economy: The Year in Review by 11% in 2021-22, provided normalisation of economic UNWTO’s extended scenarios for 2021-2024 indicate that it authenticity
activities continues and the rollout of COVID-19 vaccines could take 2 1/2-4 years for international tourism to return to
The nation-wide lockdown caused a sharp contraction
gathers traction. If this is supplemented with a supply-side 2019 levels. In one scenario projected by it, there could be a
of 23.9% in GDP during Q1 FY 2021, recovering to a 7.5%
push from reforms, the easing of regulation, continued rebound in September 2021, with 22% increase in international
drop in Q2, together with improvement in all key economic
infrastructural investments, recovery of pent-up demand, arrivals. Another scenario sees a rebound in July 2021, with
indicators. Commencing from July 2020, the recovery has
increase in discretionary consumption, low-interest credit international arrivals increasing by 66% for 2021 compared
been V-shaped, as demonstrated by Quarter-on-Quarter GDP
disbursement and adequate liquidity, the Economic Survey to the historic lows of 2020. One optimistic scenario projects
growth, a sustained resurgence in high frequency indicators
projects that the economy can overtake the pre-pandemic arrivals at 55% below the pre-pandemic levels recorded in
such as power demand, E-way bills, GST collection, steel
levels of FY 2019-20 in another two years (Source: Economic 2019. The scenarios consider several factors such as a gradual
consumption, and so on. GST collections, in fact, reached
Survey 2020-21). However, these estimates are subject to any improvement of the epidemiological situation, continued
pre-COVID monthly levels following unlocking of industrial
adverse impact caused by the recent wave of the pandemic. rollout of the COVID-19 vaccine, a significant improvement in
and commercial activity. Imports contracted more sharply
than exports and foreign exchange reserves were at levels traveller confidence and a major lifting of travel restrictions,
particularly in Europe and the Americas.
78 79
REPORTS
Indian Hospitality and Tourism Industry The 13 Indian destinations tracked by STR, a global hospitality Outlook
data analytics firm, registered an occupancy of 49.6% in Q4
Foreign tourist arrivals (FTAs) in India, as per statistics With international arrivals dropping at an alarming rate due
FY 2021 as against 56.1% in Q4 FY 2019-20, with a 39% decline
provided by the Ministry of Tourism, averages at more than to travel restrictions and advisories from time to time, the
in Revenue per Available Room (RevPAR). As shown in the
10 million a year. During CY 2020, FTAs numbered 2.68 million demand for hospitality is expected to arise mainly from
chart below, during this period, Goa registered an occupancy
compared to 10.93 million in 2019. Of this, during April- the domestic sector. Within this sector, business travel has
of 70.1%, higher than 63.8% during the same period in the
December, 2020, FTAs were only 0.21 million tourist arrivals remained subdued and is being undertaken only for essential
previous year. Kolkata and Chandigarh area registered
compared to 7.75 million arrivals during the same period of purposes or return to hometowns. As restrictions on
occupancies near to their previous year levels. Among
the previous year, registering a drop of 97%. movement were relaxed, the industry saw pent-up demand
the cities with large room inventories, Delhi registered
emerging from a sudden urge to travel to leisure destinations,
an occupancy of 57.3% while that for Mumbai was 52.3%.
As per Horwath HTL Market Report: India Hotel Market mostly resorts, wellness centres, eco-tourism destinations
Occupancy for Gurugram, Chennai and Bengaluru was 46.3%,
Review 2020, during the calendar year, occupancy was and homestays within drivable distances.
48.8% and 39.2% respectively. Except for Goa, RevPARs at
34.5% with occupancy during the pandemic period of
most destinations remained subdued due to excessive supply
March to December, 2020 at 27.8%. However, occupancies Successive lockdowns, resulting in businesses moving to a
and limited demand.
started improving from October 2020, averaging 38% for the digital, work-from-home concept, ensured that the usual
period October-December, 2020. Leisure showed a positive business travel was drastically reduced. Some hospitality
revival in destinations such as Udaipur, Goa, Rajasthan, experts are of the opinion that in the long run, a significant
Agra, Mussoorie, Rishikesh, Coorg and Himachal, with city number of companies with mature digital adoption could
occupancies driven by staycations. Weddings were back, continue with the work-from-home approach or adopt a
though curtailed in size, while business travel and corporate hybrid approach. This would require the hotel industry to
events were marginal. recalibrate itself to adapt to this change. Given the recent
surge in COVID-19 cases in India and the US, it appears that
India Occupancy % and RevPAR by Cities for the Fourth Quarter the situation may not significantly improve for the hospitality
sector in the next couple of quarters. Beyond that, the outlook
of the industry will be closely tied to disciplined practices of
80.0 7,000
people, ability of local health authorities to contain the virus
70.0 6,000 within small pockets, control over new strains of the virus
60.0 and production, distribution and administration of vaccines.
5,000
50.0
4,000 Two things are certain. First, that guests’ preferences of
40.0 accommodation and dining would steer towards reputed
3,000
30.0 brands that embed hygiene and safety in their products and
2,000 services. Second, the hospitality sector with its resilience will
20.0
survive and adapt to the changing demands of hospitality in
10.0 1,000
the years to come.
0.0 0
Post-COVID trends in India’s

a
lhi
am
ur
ru
hi
ba
na
re
Go
at
ba
ba
c
ip
alu
De
Pu
Ko
en
um
gr
lk
hA
tourism industry
da
ra
Ja
Ko
ng
ru
Ch
w
de
em
M
ar
Gu
Ne
Be
Hy
di g
Ah
an
Leisure and Bleisure travel

Ch
Occ% FY 21 Occ% FY 20 RevPAR FY21 RevPAR FY20 Value-driven and immersive travel
Short-term rentals and homestays
Wellness tourism
Source: STR
Sustainable tourism
Phygital Meetings, Conferences, Incentive &
Events (MICE)
80 81
REPORTS
Review of the Business During the period of lockdown in Q1 FY 2020-21, demand was started witnessing green shoots of revival with domestic
predominantly from the ‘Vande Bharat Mission’, Government leisure tourism leading the way, even as international tourism
Operational Review by continuous improvement in performance while preserving of India’s quarantine requirements for people returning from remained stagnant due to cross-border travel restrictions.
the health of its balance sheet. IHCL has a portfolio of abroad, voluntarily quarantined corporate and individual The onset of the festive season brought much‐needed cheer
IHCL’s strategy – ‘Aspiration 2022’ – and its vision to become travelling guests, medical practitioners and frontliners, as people started travelling again to beat the lockdown and
221 hotels, including 165 operational hotels, of which
the most iconic and profitable hospitality company while international travellers awaiting return and corporate the work‐from‐home blues, especially to motorable leisure
more than 50 hotels were signed in the past two years and
providing world-class customer service and experience, business continuity teams operating out of hotels. As the destinations, indicating the first signs of a gradual recovery
17 hotels were opened during the same period. The strength
served the Company well during the past three years. It government begun easing the lockdown restrictions in June in the sector. However, the fourth quarter of the year saw
of its brands is reflected in the chart showing the Company’s
has directed its efforts at re-imagining its brandscape and 2020, economic activity started reviving slowly. However, demand tapering off with the resurgence in COVID-19 cases.
RevPAR, a key performance measure over the past 10 years
service portfolio, re-engineering margins, technology and several state governments put in place strict guidelines and First the US and then Europe reported new strains of the
in comparison with the market. Brand Finance’s Brand Value
people and re-structuring itself to simplify and scale. These standard operating procedures (SOPs) that differed across virus, followed by similar occurrences towards the last week
Report – India 2020 ranked IHCL’s flagship brand ‘Taj’ as the
have enabled the Company to grow its portfolio, diversify its states due to differential impact of the virus. As a result, of March 2021 in India.
nation’s strongest brand, positioned at #1 on the list of the
market presence and sustain its goal of expanding margins hospitality, fine dining and spas were amongst the last few
country’s strongest brands.
businesses to reopen. The chart on RevPAR performance for FY 2020-21 gives a
IHCL’s Past 10-year RevPAR Performance in Comparison to the Market snapshot of the premium that IHCL has been commanding
The strategy of IHCL – R.E.S.E.T. 2020 – introduced early in over the market during the recovery period.
the year, began paying rich dividends in such a challenging
`8,000
environment. In the third quarter of the year, the industry
`7,000
`6,000 IHCL’s RevPAR Performance as Compared to Market Performance for FY 2020-21

`5,000 `6,000
`4,000
`5,000
`3,000
`4,000
`2,000
`1,000 `3,000
`0
`2,000
10
-11
-12
-13
-14
-15
-16
-17
-18
-19
-20
-21
9-
17
11
12
13
16
15
18
10
14
19
20
`1,000
0
20
20
20
20
20
20
20
20
20
20
20
20
IHCL (standalone) Industry-Average 5 Star Hotels `0
Apr Mar Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Source: STR IHCL (standalone) Industry-Average 5 Star Hotels

Source: STR
82 83
REPORTS
R.E.S.E.T. 2020 – IHCL’s Response to COVID-19 Qmin, a gourmet food delivery service based on IHCL’s own transportation, spa, fitness centre and pool, and business payroll reductions and leave management assisted in
Qmin App, an industry first by an Indian hospitality brand, centre, factoring in social distancing, digital-first approach saving human resource costs. Group companies have
IHCL defined a five-point agenda named ‘R.E.S.E.T 2020’
across 14 cities. Qmin also introduced its offline segment and heightened precautionary processes for guests and accessed government support where available eg. in the
early in the year to address the challenges posed by the
with a Qmin Shop in Mumbai. There are plans to introduce employees. UK, the Company’s employees benefited from a Wage
unprecedented global crisis and help the Group navigate
Qmin food trucks in the near future. Subsidy Scheme, and in the US, it secured the benefit of
the difficult times with agility. R.E.S.E.T. 2020 represents
I-Zest, IHCL’s Zero-Touch Service Transformation, a suite of a Federal Employee Retention Credit for furloughed staff
Revenue Growth, Excellence, Spend Optimisation, Effective
Hospitality@Home, a programme by which hotels supply digital solutions comprising contactless check-ins and check-
Asset Management and Thrift and Financial Prudence. This • Optimising power and fuel by rationalising open floors
bakery, confectionery, gourmet hampers, wellness products outs, digital invoicing, online payment options and QR code
strategy has been designed to ensure that the Company is or wings at operating hotels and re-negotiating power
and laundry services to homes of its patrons. IHCL formed enabled digital menus in restaurants to ensure a seamless
able to survive, revive and thrive in times of the pandemic contracts, where possible. In certain states in India,
an alliance with Tata CLiQ to sell linen, beauty and grooming customer journey by minimising contact.
and beyond. the Group has taken benefit of waivers or deferrals in
products on their digital channels.
minimum demand of electricity charges
Taj for Family, a special employee benefit was launched
The actions of the Company under R.E.S.E.T. 2020 are:
Holiday promotions such as 4D – Dream.Drive.Discover. Groupwide to provide employees an avenue for vacationing • Securing benefits from waivers and holidays in rates and
Delight., Suites, New Beginnings, Urban Getaways targeted and experiencing the products and services they themselves taxes by local governments. Eg. in the UK, the Group
Revenue Growth:
at driving-distance holidays and younger travellers, IHCL work to deliver. benefited from business rates holiday on its London
The pandemic compelled the Company to reimagine its
World of Privileges aimed at Tata Group colleagues, Wellness properties. In Mumbai, the hotels taken over by the local
operating model in an environment which restricted guests
Retreats, Safe Escapes, Intimate Timeless Weddings, and Spend Optimisation: government for quarantine purposes were granted a
from visiting hotels. Along with the quarantine and medical
others. IHCL has instituted a robust spend optimisation programme waiver in property taxes for three months and in Delhi,
business, the Company explored newer avenues of revenue
to reduce fixed costs and optimise resources. While variable hotels secured an exemption in licence fee of liquor for
growth by developing innovative products and services to
Growth through expansion continued high on IHCL’s costs reduced with lower business volumes, the Company’s five months
cater to deliveries at homes of clients, resumption of leisure
agenda as it pursued its strategy of growing its portfolio and focus shifted to fixed costs. It took the following initiatives to
tourism by vacationers, staycations, workcations, driving • Renegotiating F&B ingredient contracts and exploring
pioneering new destinations in India. Despite challenges optimise expenses:
holidays, smaller social gatherings within norms, and others. alternative sources of procurement; pruning F&B offerings
posed by the pandemic, IHCL signed 14 hotels during the
All of this was undertaken by strictly ensuring the health, to essentials
year and opened seven new hotels and five amã bungalows. • Operating hotels for medical and quarantine purposes and
safety and hygiene of employees and guests and leveraging
During the year, The Connaught, New Delhi-IHCL SeleQtions, phased re-opening ensured that hotels operated optimally • Reducing discretionary spends on repairs, selling,
relevant technology to reduce physical touch points.
re-opened in November 2020 after extensive renovations. in city clusters. By the third quarter, a substantial number distribution, marketing and administration costs at hotels
New hotels were also opened in Darjeeling and Ahmedabad. of hotels were open for business and renegotiation of contracts for the longer term
Some of the innovative product and service offerings
Further, four new Ginger hotels at Kalinganagar, BKC-Mumbai,
contributing to revenue growth: • Optimising positions at hotels, multiskilling people and
Jamshedpur and Visakhapatnam were opened during the
discovering newer ways of working, freezing recruitment,
year. HVS Anarock has recently acknowledged IHCL for
amã Stays & Trails, a homestay brand was preferred by redeploying people to newly-opened hotels, voluntary
achieving the highest number of signings and openings in
families for exclusive and longer duration stays vis-à-vis
India in 2020. The Company re-launched the renovated
conventional hotels. The demand for homestays has been
Machan restaurant in Delhi and opened its first out-post in
greater since the successive lifting of lockdown restrictions
Bengaluru. It also opened India’s first on-site brewpub at
as families prefer to holiday together in a large holiday home
the Taj MG Road in Bengaluru. In its continued endeavour
environment. With the opening of five amã properties in the
towards diversity and inclusion, IHCL announced India’s first
current year, this portfolio now has 40 bungalows, including
all women-run luxury residences in Chennai – Taj Wellington
19 in operation.
Mews, which is scheduled to open shortly.
Ginger is now a portfolio of 78 hotels across 50 cities,
Excellence:
including 24 under development. With its refurbished hotels
Excellence has always been engrained in IHCL’s business
and new openings under the Lean Luxe model, the brand is
model. During the year, IHCL focused on the following areas
well poised to harness the opportunities offered by a new
of excellence:
normal. During the year, Ginger achieved 63% of its previous
year’s turnover, aided by a good recovery in accommodations,
Tajness, a commitment restrengthened of the warmth of
increased revenue from its new food and beverage outlets
IHCL’s signature hospitality together with the assurance of
and increased fees from managed properties. It also
safety and hygiene for a new normal. Detailed SOPs were
improved on its average yearly Tripadvisor rating at 4.72
re-drafted as a comprehensive guide covering all areas across
in comparison with the previous year, reinforcing positive
accommodation, food and beverage services, banqueting,
customer experiences.
84 85
REPORTS
Effective Asset Management: Compliance • Safeguarding tangible and intangible assets

Effective management of assets involved discussing lease • Managing risk environment, including operational,
agreements with lessors, and by mutual agreement or in IHCL deploys a robust internal check process to prevent and financial, social and regulatory risks
some cases judiciously invoking ‘force majeure’ clauses, limit the risk of non-compliance. The Company approaches
compliance from a proactive standpoint and believes in • Conformity with the Tata Code of Conduct
obtaining relief on lease costs during the lockdown period.
IHCL was able to successfully secure lease rent concessions responsive intervention. Compliance with laws and regulations The Board’s Audit Committee oversees the adequacy of the
for leased properties from several lessors, providing a much- is an essential part of its business operations and it adheres internal control environment through periodic reviews of
needed relief in cash outflows. In certain cases, relief in lease to all national and regional laws and regulations in such audit findings and by monitoring implementation of internal
rentals were secured for the next year as well. Monetisation diverse areas as product safety, product claims, trademark, audit recommendations through compliance reports. The
of non-core assets continued during the current year, albeit copyright, patents, competition, employee health and safety, statutory auditors have opined in their report that there are
with a lower quantum of apartment sales due to lower the environment, corporate governance, listing and disclosure, adequate internal controls over financial reporting at IHCL.
liquidity in the market and enforced lockdowns. employment and taxes. Nevertheless, it is focusing on
increasing awareness, documentation and supplementing the
Asset management included a continuous dialogue with expertise of internal professionals with that of independent Information Technology
property owners to assist them with cost optimisation consultants, as may be required from time to time. Read more on pages 22-23 of the Integrated Report
programmes and managing operational cashflows in times
when such assistance was most necessary for mutual benefit. Internal Control Systems and Their Environment, Health and Safety
Thrift and Financial Prudence: Adequacy Read more on pages 56-65 of the Integrated Report
Reducing corporate overheads by reviewing all cost
The Company has institutionalised an adequate system of
heads with prudence. Initiatives undertaken included
restructuring and redeployment of select corporate office internal controls, with documented procedures covering Risk Governance and Management
positions, reviewing contracts with professional consultants all corporate functions and hotel operating units. Internal Read more on pages 66-75 of the Integrated Report
and marketing spends, renegotiating annual maintenance controls provide reasonable assurance regarding the
contracts, technology support agreements, leased-line costs, effectiveness and efficiency of operations, the adequacy of
reducing support staff of inbound and outbound call centres, safeguards for assets, the reliability of financial controls, and
travel expenses, etc. compliance with applicable laws and regulations.
Deferring capital expenditure and renovations, unless The internal audit process (Taj Positive Assurance Model),
absolutely required, such as essential hotel maintenance or based on the audits of operating units and corporate
where a project is nearing completion, in order to reduce cash functions, provide positive assurance. It converges the
outflows and maintain liquidity. A fully-fitted lease model, as process framework, risk and control matrix and a scoring
in the case of Ginger, also optimises capital expenditure and matrix, covering all critical and important functions inter alia
minimises cash outflows, allowing the brand to expand and revenue management, hotel operations, purchase, finance,
grow without initial high capital outlays. human resources and safety. A framework for each functional
area is identified based on risk assessment and control, while
Raising liquidity through fresh borrowings to refinance allowing the unit to identify and mitigate high-risk areas.
maturing debt and meeting operational cash requirements; These policies and procedures are updated periodically and
also arranging lines of credit from banks and financial monitored by the Group Internal Audit. The Company aligns
institutions for unforeseen contingencies. all its processes and controls with best practices.
Internal controls are reviewed through the annual internal

audit process, which is undertaken for every operational unit
and all major corporate functions under the direction of the
Group Internal Audit. These reviews focus on:
• Identification of weaknesses and improvement areas

• Compliance with defined policies and processes
• Compliance with applicable statutes
86 87
REPORTS
Management Discussion and Analysis of Operating Results and Financial i) Room income for the year was lower by 58% from the covering more than 60 restaurants. During the periods of
previous year with an average occupancy at 39% and an lockdowns, several city hotels reached out to guests and
Positions average rate per room (ARR) of ₹7,351. On a sequential serviced them with culinary experiences at their homes
quarter basis, hotel occupancies dropped to a record low under the Hospitality@Home service. Hotels also focused
The Annual Report contains financial statements of the Company, both on a standalone and consolidated basis. An analysis of 20% in the first quarter, and 32% in the second quarter on adapting to customer requirements by hosting guests
of the financial affairs is discussed below under summarised headings. accompanied by a drop in ARR to 53% and 63% of the ARR for intimate timeless weddings in a safe and hygienic
in the same quarters of the previous year respectively. environment.
Results of Operations for the year ended March 31, 2021 Room income for this period was mainly from medical
Standalone Financial Results practitioners, frontline workers, quarantined travellers and
The following table sets forth financial information for the Company for the year ended March 31, 2021 some companies that operated their business continuity
plans from hotels. The Company’s strategy to pursue
(₹ crores)
revenue growth, including 4D drivable distance vacations,
Year ended
Particulars
bizcations, Safe Escapes and Wellness Retreats and a
March 31, 2021 March 31, 2020 general sense of confidence amongst domestic leisure
INCOME travellers during the festive season resulted in a rise in
Revenue from Operations 1,133.15 2,743.47 occupancies to 47% in the third quarter with a steady rise
Other Income 110.52 134.41 in ARRs. The momentum continued in the fourth quarter,
Total Income 1,243.67 2,877.88 with occupancies averaging to 57% and ARRs settling
EXPENDITURE at 69% of the same quarter in the previous year. The
Food and Beverages Consumed 107.93 235.74 Company’s hotels in leisure destinations led this growth
Employee Benefit Expenses 538.64 725.07 while city hotels began hosting small business travellers
Depreciation and Amortisation Expense 203.81 203.78 and events. The Company’s residential apartments in
Other Expenditure 583.48 1,021.60 Mumbai provided a good hedge to accommodation
Total Expenditure 1,433.86 2,186.19 revenue in a market inflicted by the pandemic.
PROFIT/(LOSS) BEFORE FINANCE COSTS AND TAX (190.19) 691.69 ii) F&B income for the year was lower by 63% from the
Finance Costs 294.79 237.55 previous year. A fall in occupancies contributed to lower
PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS AND TAX (484.98) 454.14 business from resident guests predominantly in the first
Exceptional Items (155.30) (16.40) two quarters of the year. Business from non-resident
PROFIT/(LOSS) BEFORE TAX (640.28) 437.74 guests shrunk mainly due to a regulated reduction in
Tax Expense/(Benefit) (115.50) 36.33 capacity in most states within the country and social
PROFIT/(LOSS) AFTER TAX (524.78) 401.41 distancing norms to curtail the spread of the virus. Against
the benchmarked covers of the previous year, the first
An analysis of major items of financial statements are given below: quarter of the current year saw a drop in covers to 20%,
which steadily rose during the subsequent quarters to
a) Income end the year at 49%. F&B price realisations also declined
The summary of total income is provided in the table below: due to a proportionately higher volume of quarantined
(₹ crores) guests and medical practitioners over non-resident guests
Year Ended staying on regulated all-inclusive pricing published by
Particulars % Change
March 31, 2021 March 31, 2020 local governments. An innovative food delivery service,
Room Income 471.55 1,135.51 (58) Qmin introduced in the second quarter, enhanced
Food, Beverage & Banqueting Income 401.80 1,091.72 (63) customer experience and augmented hotel F&B income
Other Operating Income 169.32 297.47 (43) by contactless delivery of signature and curated dishes
Management & Reimbursable fees 90.48 218.77 (59) in safe, hygienic and sustainable packaging to the homes
Non-operating Income 110.52 134.41 (18) of guests ordering from the Qmin App or through a call
Total Income 1,243.67 2,877.88 (57) on a toll-free number. Qmin has since reached 14 cities
Statistical information
Average Rate Per Room (₹) 7,351 10,734 (32)
Occupancy (%) 39 67 (28% pts)
88 89
REPORTS
iii) Other operating income primarily comprises income iv) Management and reimbursable fees at ₹90.48 crores were iii) Depreciation and Amortisation Expenses
from membership fees, rentals, spa and health club, lower by 59% from that earned in the previous year. The March 31, 2021 March 31, 2020 Change
laundry, transportation, telephone and business centre drop in basic management fees and reimbursable fees was (₹ crores) (₹ crores) (%)
rents among others. Other operating income decreased due to a reduction in the operating turnover of managed
Depreciation and Amortisation Expenses 203.81 203.78 -
by 43% over the previous year with declining spa, salon hotels and an even more significant decrease in incentive
and other accommodation dependent income due to fees, which are linked to operating margins of managed
a reduction in occupancies. The Company also saw hotels. Depreciation and amortisation costs for the year were at the same levels of the previous year.
a decline in fee income from its dining membership
v) Non-operating income decreased to ₹110.52 crores from iv) Other Expenditure
programme, The Chambers initiation fees, rentals from
₹134.41 crores in the previous year. Income in the current March 31, 2021
shops and showcases and export incentive income. Annual March 31, 2020 Change
year included lease rent concessions granted by lessors
membership fees from The Chambers marginally declined (₹ crores) (₹ crores) (%)
amounting to ₹26.79 crores, gain on fair valuation of a 297.35
while income from rental of office and other commercial Other Operating Expenses 532.56 44
financial liability for acquisition of shares in a company, 286.13
spaces continued at previous year’s levels. During the year, General Expenses 489.04 41
amounting to ₹23.06 crores, and a profit on disposal of
the Company accrued a benefit of ₹13.14 crores towards Total 583.48 1,021.60 43
non-core assets at ₹20.68 crores, which was lower than
reimbursement of state indirect taxes under a revenue
the previous year.
grant for the construction of a hotel. Other expenditure decreased by 43% from ₹1,021.60 crores to ₹583.48 crores in the current year.
b) Expenditure
The Company responded with agility to the unprecedented drop in revenues consequent to COVID-19. It promptly began Other operating expenses decreased from ₹532.56 crores in the previous year to ₹ 297.35 crores. This was primarily
reviewing fixed costs and discretionary spends, renegotiating contractual obligations, temporary closure of rooms or due to decreases in variable costs corresponding to lower business volumes, reflected in linen and room supplies,
hotels during the peak of the pandemic, phased re-opening of hotels with optimal manning and reduction of corporate transportation, commissions to travel agencies, credit card charges and costs of hosting banqueting events.
overheads. The Company’s efforts of spend optimisation, effective asset management and financial prudence have Shutting down floors within a hotel and temporary closure of select hotels within city clusters during the peak of
contributed to reducing fixed costs by approximately 21% from the previous year’s levels. This, coupled with declining the pandemic resulted in savings in semi-variable costs such as power and fuel, discretionary maintenance costs
variable costs due to lower business volumes, resulted in a decrease in Total Expenditure by 34% from ₹2,186.19 crores and expenses on security.
to ₹1,433.86 crores during the current year. Details of interventions under each expenditure head is explained below:
General expenses decreased from ₹489.04 crores in the previous year to ₹286.13 crores. Primary reasons for
i) Food and Beverages Consumed decrease in such costs were reduction in variable lease costs, linked to turnover of leased properties, waiver of
March 31, 2021 March 31, 2020 Change
property taxes and licence fees by certain local governments for a select period during the year; discontinuation
or reduction in the cost of consultancy contracts; reduction in inbound and outbound voice support centres and
(₹ crores) (₹ crores) (%)
technology service contracts. The Company also reviewed its advertising and marketing plans, focusing its spend
Food and Beverages Consumed 107.93 235.74 54 judiciously on campaigns and channels relevant to the consumer sentiment and new product launches, contributing
further to cost savings.
The decrease in consumption of food and beverages was variable to income from food, beverages and banqueting
business, which correspondingly decreased by 63% from the previous year. c) Finance Costs
ii) Employee Benefit Expenses and Payment to Contractors
Finance Costs 294.79 237.55 (24)
Employee Benefit Expenses and Payment to Contractors 538.64 725.07 26 Finance costs for the current year at ₹294.79 crores were higher than the preceding year by ₹57.24 crores, mainly
due to interest on increased borrowings during the year to maintain sufficient liquidity, interest on lease liabilities
Employee benefit expenses at ₹538.64 crores were lower than the previous year by ₹186.43 crores. In response to and other charges, including interest on income tax demands.
the COVID-19 pandemic, the Company has been compelled to take many steps to control employee and contractual
staff costs, many of which were fixed and contractual in nature. These included optimising manning at hotels,
redeployment of people to newly opened hotels and other Group companies, expiry of fixed term contracts,
voluntary salary reductions by employees and leave management. Reduction in variable pay and incentives also
contributed to savings in employee benefit expenses.
90 91
REPORTS
d) Exceptional Items h) Liquidity

Exceptional items include items as under: At the end of the year, the Company had a liquidity of ₹412.81 crores in cash, cash equivalents and current
(₹ crores) investments. It also had available undrawn bank credit lines of ₹710.00 crores aggregating to a total liquidity
Year Ended position of approximately ₹1,100.00 crores. This liquidity will be used by the Company to fund its operational cash
Particulars
March 31, 2021 March 31, 2020 requirements and financial obligations. Capital expenditure was limited to essential items only and renovations
Change in fair value of derivative contracts 25.00 (21.76) which were committed and near completion. The Company has also taken all steps to review its credit policy, extend
Provision for impairment of investment in subsidiaries that incurred losses (179.52) (68.98) credit judiciously and focus on cash and prepaid business terms.
Provision for impairment of investment in a Joint Venture (0.78) (1.39)
Profit on sale of investment in a Joint Venture company - 21.23 Cash Flow
(₹ crores)
Profit on sale of land and building - 54.50
March 31, 2021 March 31, 2020
Total (155.30) (16.40)
(₹ crores) (₹ crores)
Net Cash from/(used for) operating activities (53.21) 610.85
Exceptional items for the current year included a higher provision for operating losses of foreign subsidiaries while Net Cash from/(used for) investing activities (383.60) (332.96)
the previous year included a profit on sale of investment in a joint venture company and sale of land and building. Net Cash from/(used for) financing activities 338.66 (235.35)
Net Increase/(Decrease) in cash and cash equivalents (98.15) 42.54
e) Tax Expense
Tax expense for the previous year of ₹36.33 crores decreased to a tax benefit of ₹115.50 crores due to operating Operating Activities
losses consequent to the impact of COVID-19 allowed to be carried forward and set off against future profits. et cash used for operating activities during the year was ₹53.21 crores as compared to net cash of ₹610.85 crores generated
N
from operating activities in the previous year. This was attributable to the net loss incurred during the year due to COVID-19.
f) Profit/(Loss) after Tax
During the current year, the Company incurred a loss after accounting for tax benefits of ₹524.78 crores compared Investing Activities
to a Profit after Tax of ₹401.41 crores. This was due to a significant drop in the operating revenues of the Company uring the year, the net cash used for investing activities amounted to ₹383.60 crores, compared to ₹332.96 crores in the
D
due to a sudden limitation on global travel and tourism imposed by COVID-19, partially offset by reduction in previous year. The Company’s outlay on capital expenditure was ₹140.63 crores, a majority of which was for The Connaught,
variable costs and management interventions in reducing fixed costs. New Delhi, Taj Mahal Delhi and Taj Exotica, Andamans. The Company also invested ₹273.84 crores in a subsidiary during
the year to fund its hotel operations in US and repay debt borrowed by its South African subsidiary. Further, the Company
g) Gross Debt and Net Debt continued to monetise certain non-core assets, which resulted in an inflow of ₹25.82 crores while interest and dividend
March 31, 2021 March 31, 2020 Change received amounted to ₹19.30 crores.
Gross Debt 2,591.79 1,943.32 (33)
Less: Cash and Cash Equivalents* 38.42 146.62 (74)
Less: Current Investments 374.39 408.72 (8)
Net Debt 2,178.98 1,387.98 (57)
* includes balances greater than 3 months not earmarked or pledged
Gross debt increased during the year by ₹648.47 crores to ₹2,591.79 crores as the Company maintained adequate
liquidity during the year to meet its financial obligations and commitments. Liquidity positions were reinforced in
anticipation of expected reduction in cashflows due to reduced business volumes. Also, cash, cash equivalents and
current investments decreased by ₹142.53 crores. Resultantly, Net Debt increased by ₹791.00 crores to ₹2,178.98
crores. The Company met all its interest and principal repayment obligations in a timely manner during the year.
The Company’s credit rating has been revised from AA+ (Negative) to AA (Stable) by CARE in January 2021. Another
Credit Rating Agency, ICRA has maintained its rating at AA, but changed the outlook to ‘negative’ from the earlier
‘stable’.
92 93
REPORTS
Financing Activities Consolidated Results

uring the year, the net cash from financing activities was ₹338.66 crores as against ₹235.35 crores used in the previous
D
The following table sets forth the Consolidated Financial results for year ended March 31, 2021.
year. The financing activities comprised additional long-term borrowings by issue of debentures and term loans from banks (₹ crores)
and a financial institution amounting to ₹885.00 crores to refinance maturing debentures and build adequate liquidity to Year Ended
meet operating cash requirements and financial obligations. The Company redeemed 7.85% non-convertible debentures Particulars
March 31, 2021 March 31, 2020
on the due date amounting to ₹200.00 crores. The Company also paid dividend of ₹59.20 crores declared on the previous
year’s financial results, interest and borrowing costs of ₹190.51 crores and lease liabilities of ₹67.69 crores during the year. INCOME
Revenue from Operations 1,575.16 4,463.14
Key Financial Ratios for Standalone Financials Other Income 164.72 132.42
Year Ended Total Income 1,739.88 4,595.56
March 31, 2021 March 31, 2020
EXPENDITURE
Net Debt to Total Capital (Gross Debt less cash, cash equivalents and current investments / Net debt 0.34 0.23
and Net worth) Food and Beverages Consumed 143.82 370.56
Net Debt to Equity (Gross Debt less cash, cash equivalents and current investments / Equity Capital and 0.52 0.30 Employee Benefits Expenses 894.01 1,494.60
Other Equity)
Depreciation and Amortisation Expense 409.63 404.24
Interest Service Coverage Ratio (Profit/(Loss) before Tax + Net Finance Costs + Depreciation + Provision - 4.17
for diminution in the value of long-term Investments / Net Finance Costs) Other Expenditure 899.09 1,630.45
Net profit margin (Profit/(Loss) after tax / Turnover) -42.2% 13.9% Total Expenditure 2,346.55 3,899.85
Return on Net Worth (Profit/(Loss) after Tax / Average Equity Capital and Other Equity) -11.9% 8.9% PROFIT/(LOSS) BEFORE FINANCE COSTS AND TAX (606.67) 695.71
Return on Capital Employed (Profit/(Loss) Before Exceptional Items and Tax + Finance Costs / Average -2.5% 9.4% 402.82
Finance Costs 341.12
Capital Employed [Equity Capital + Other Equity + Non-Current Borrowings + Current Maturities of Non-
Current Borrowings + Current Borrowings+ Lease Liabilities]) PROFIT/(LOSS) BEFORE TAX, EXCEPTIONAL ITEMS AND SHARE OF PROFIT OF EQUITY (1,009.49) 354.59
ACCOUNTED INVESTEES
Current Ratio (Current Assets – Current Investments / Current Liabilities – Current maturities of long- 0.54 0.79
term borrowings – Liability on derivative contracts) Exceptional Items 159.95 40.95
Debtors Turnover Ratio [in Days] (Average Trade Receivables/ Average daily revenue from operations) 72 33 PROFIT/LOSS) BEFORE TAX, BEFORE SHARE OF PROFIT OF EQUITY ACCOUNTED INVESTEES (849.54) 395.54
129 64 AND NON-CONTROLLING INTERESTS
Inventory Turnover Ratio [in Days] (Average Inventories / Average daily cost of inventories recognised
as expense) Tax Expense/(Benefit) (155.33) 44.77
PROFIT/(LOSS) AFTER TAX, BEFORE SHARE OF PROFIT OF EQUITY ACCOUNTED INVESTEES AND (694.21) 350.77
T he Company continued to maintain a healthy capital structure to 64 days in the previous year as the Company’s consumption NON-CONTROLLING INTERESTS
as is evident from its ratios of Net Debt to Total Capital at of inventory declined with declining business volumes. Add : Share of Profit/(Loss) of Associates and Joint Ventures (net of tax) (101.42) 12.97
0.34 times and Net Debt to Equity at 0.52 times. These ratios PROFIT/(LOSS) FOR THE PERIOD (795.63) 363.74
increased marginally as the Company increased its borrowings Consolidated Financials Less : Non-Controlling interest in Subsidiaries (75.52) 9.32
to build its liquidity position. The impact of COVID-19 on the PROFIT/(LOSS) AFTER TAX ATTRIBUTABLE TO OWNERS OF THE COMPANY (720.11) 354.42
T he Consolidated Financial Statements comprise the
operating losses and Net margins of the Company resulted
Company and its subsidiaries (referred collectively as the
in a steep decline in the Interest Service Coverage Ratio as
‘Group’) and the Group’s interest in associates and joint Income
well as negative Net profit margin, Return on Net Worth
ventures prepared in accordance with Ind AS, as applicable Revenue from operations decreased by 65% from ₹4,463.14 crores to ₹1,575.16 crores. The operations and profitability of
and Return on Capital Employed percentages. Current Ratio
to the Company. The Consolidated Statements include the the Group were impacted by governments’ responses all over the world to curtail the COVID-19 pandemic which disrupted
decreased from 0.79 times in the previous year to 0.54 times
financial position of subsidiaries on a line-by-line basis and movement of goods, people and business activity except for essential and medical services during a major part of the year.
with a reduction in cash and bank balances and increase in
for joint ventures and associates by applying equity method The impact of the pandemic was severe in the key source markets of the US, the UK, Europe and within India. Other income
current liabilities. Debtors turnover ratio increased from 33
of accounting. increased by ₹32.30 crores from ₹132.42 crores in the previous year to ₹164.72 crores mainly due to lease rent concessions
days in the previous year to 72 days as frequent disruptions in
granted by lessors amounting to ₹35.05 crores, a gain on fair valuation of a financial liability for acquisition of shares in a
trade during the year due to lockdowns and other restrictions
company amounting to ₹23.06 crores and an exchange gain recorded on restatement of a borrowing in the Company’s South
slowed down customers’ ability to remit their dues on time.
African subsidiary due to appreciation of the South African Rand against the US Dollar. Offsetting these gains was a lower
Inventory turnover ratio was higher at 129 days as compared
profit on sale of non-core assets during the year.
94 95
REPORTS
Expenditure hours not worked subject to a maximum limit, a reduced VAT Operating Activities
Total expenditure decreased by ₹1,553.30 crores or 40% from rate on accommodation and a 50% discount up to £10 subsidy Net cash used in operating activities for the current year was ₹318.69 crores as against ₹823.47 crores generated in the
₹3,899.85 crores to ₹2,346.55 crores. The impact of COVID-19 to customers under the ‘Eat Out to Help Out’ Scheme. The previous year. The reduction in cash from operating activities was mainly due to operating losses induced by COVID-19, net
pandemic across the globe caused all Group companies to review Company’s subsidiary in the US received the benefit of an of savings in variable cost and fixed cost reductions executed by Group companies.
each component of fixed costs and contractual obligations. employee retention credit under a federal stimulus package
Actions taken across Group companies were similar to those in addition to a one-time cash relief provided directly to Investing Activities
explained in the paragraphs of ‘Expenditure’ under the section its qualifying employees by the US government. The US Cash used for investing activities was ₹119.66 crores in the current year mainly owing to previously planned project
‘Standalone Financial Results’. Certain countries were more subsidiary also re-negotiated the long-term lease for its expenditures which were not prudent to defer or cancel.
favourable towards business in general and the tourism industry. New York hotel and the management fee for services offered
The Group weighed all alternatives and secured advantage of under the management contract. Financing Activities
benefits announced by such countries either directly in its favour Financing activities across the Group amounted to ₹280.37 crores for the year mainly from long term loans and debentures.
or through its employees. Finance Costs The Company continued to repay its borrowings and service existing debt in a timely manner.
Finance costs, including interest on lease liabilities for the
Additionally, the policies of the UK government supported year ended March 31, 2021, at ₹402.82 crores was higher than Financial Ratios for Consolidated Financial Statements
the Company’s hotel in London in terms of a business the previous year by ₹61.7 crores due to increased funding Year Ended
rates (council tax) holiday for the entire year; a Corona Job adopted by the Group companies to improve liquidity and March 31, 2021 March 31, 2020
Retention Scheme (CJRS) which subsidised 80% of wages for other charges, including interest on income tax demands. Net Debt to Total Capital (Gross Debt less cash, cash equivalents and current investments / Net debt and 0.42 0.27
Net worth)
Exceptional Items Net Debt to Equity (Gross Debt less cash, cash equivalents and current investments / Equity Capital and 0.73 0.36
Other Equity)
Exceptional items include the following:
(₹ crores) Interest Service Coverage Ratio (Profit/(Loss) before Tax + Net Finance Costs + Depreciation + Provision # 3.48
for diminution in the value of long-term Investments / Net Finance Costs)
Year Ended
Net profit margin (Profit/(Loss) after tax / Turnover) -45.7 7.9%
March 31, 2021 March 31, 2020
Return on Net Worth (Profit/(Loss) after Tax / Average Equity Capital and Other Equity) -16.9% 7.1%
Change in fair value of derivative contracts 25.00 (21.76)
Return on Capital Employed (Profit/(Loss) Before Exceptional Items and Tax + Finance Costs / Average -6.2% 7.3%
Profit on sale of hotel property in a subsidiary 23.80 6.09
Capital Employed [Equity Capital + Other Equity + Non-Current Borrowings + Current Maturities of Non-
Exchange gain on long term borrowings/assets (net) 29.12 - Current Borrowings + Current Borrowings + Lease Liabilities])
Gain arising from acquiring controlling stake in a joint venture 82.03 - Current Ratio (Current Assets – Current Investments / Current Liabilities – Current maturities of long- 0.50 0.66
Profit on sale of investment in a joint venture company - 2.12 term borrowings – Liability on derivative contracts)
Profit on sale of land and building - 54.50 Debtors Turnover Ratio [in Days] (Average Trade Receivables/ Average daily revenue from operations) 59 25
Total 159.95 40.95 Inventory Turnover Ratio [in Days] (Average Inventories / Average daily cost of inventories recognised 155 61
as expense)
Profit/(Loss) after Tax attributable to Owners of the Company
# ratio is insignificant since numerator is negative for FY 2020-21
Loss after tax, non-controlling interest and share of profit of equity accounted investees for the year was ₹720.11 crores as
compared to a profit of ₹354.42 crores in the previous year. The global pandemic had a severe impact on travel and tourism during
the year, which resulted in Group companies reporting a significant drop in business during a major part of the year. Several cost
interventions contributed to improving operating performance, with some companies even breaking even or showing slender
profits at the operating level. However, most companies reported net losses after accounting for depreciation and finance costs.
Consolidated Cash Flow

The following table sets forth selected items from the consolidated cash flow statements:
(₹ crores)
Year Ended
March 31, 2021 March 31, 2020
Net Cash from/(used in) operating activities (318.69) 823.47
Net Cash from/(used) in investing activities (119.66) (501.88)
Net Cash from/(used) in financing activities 280.37 (265.38)
Net Increase/(Decrease) in cash and cash equivalents (157.98) 56.21
96 97
Financial Highlights
(` crores)
Standalone Consolidated
2020-21 2019-20 2020-21 2019-20
Total Income 1,243.67 2,877.88 1,739.88 4,595.56
Profit/(Loss) Before Tax and Exceptional Items (484.98) 454.14 (1,009.49) 354.59
Profit/(Loss) Before Tax (640.28) 437.74 (849.54) 395.54
Profit/ (Loss) After Tax, Non - controlling Interest & Share of

(524.78) 401.41 (720.11) 354.42
Associates & Joint Ventures
Total Assets 9,146.79 8,906.58 11,512.71 11,518.26
Equity Share Capital 118.93 118.93 118.93 118.93
Other Equity 4,089.45 4,464.63 3,529.51 4,237.88
Non-controlling interest - - 634.57 764.90
Total Equity 4,208.38 4,583.56 4,283.01 5,121.71
Borrowings 2,591.79 1,943.32 3,632.84 2,602.07
Net Debt 2,178.98 1,387.98 3,109.57 1,856.62
Net Debt : Equity Ratio 0.52:1 0.30:1 0.73:1 0.36:1
Book Value per Share of ` 1/- each - In ` 35.39 38.54 36.01 43.06
Earnings Per Share - Basic and Diluted - In ` (4.41) 3.38 (6.05) 2.98
Dividend proposed Per Share - In ` 0.40 0.50 0.40 0.50
98
STATUTORY
REPORTS
Board’s Report
To the Members,
The Directors take pleasure in presenting the Third Integrated Annual Report of The Indian Hotels Company Limited
(‘the Company’ or ‘IHCL’) along with the Audited Financial Statements for the Financial Year ended March 31, 2021. The
consolidated performance of the Company and its subsidiaries has been referred to wherever required.
1. Financial Results
(` crores)
Standalone Consolidated
2020-21 2019-20 2020-21 2019-20
Revenue 1,133.15 2,743.47 1,575.16 4,463.14
Other income 110.52 134.41 164.72 132.42
Total income 1,243.67 2,877.88 1,739.88 4,595.56
Expenses
Operating expenditure 1,230.05 1,982.41 1,936.92 3,495.61
Depreciation and amortisation expenses 203.81 203.78 409.63 404.24
Total Expenses 1,433.86 2,186.19 2,346.55 3,899.85
Profit/(Loss) before finance cost and tax (190.19) 691.69 (606.67) 695.71
Finance cost 294.79 237.55 402.82 341.12
Profit/(Loss) before Exceptional Items, Tax and share of
(484.98) 454.14 (1009.49) 354.59
equity accounted investees
Add/(Less): Exceptional Items (155.30) (16.40) 159.95 40.95
Profit/(Loss) before Tax (PBT) (640.28) 437.74 (849.54) 395.54
Tax expense (115.50) 36.33 (155.33) 44.77
Profit/(Loss) after Tax before share of equity accounted
(524.78) 401.41 (694.21) 350.77
investees
Add: Share of Profit/(Loss) of Associates and
Joint Ventures net of tax NA NA (101.42) 12.97
Profit/(Loss) for the year (524.78) 401.41 (795.63) 363.74
Attributable to:
Shareholders of the Company (524.78) 401.41 (720.11) 354.42
Non-Controlling Interest NA NA (75.52) 9.32
Opening Balance of Retained Earnings 808.52 603.77 152.26 154.00
Adjustment on account of transition to the new lease
- (106.43) - (264.32)
standard, net of taxes
Profit / (Loss) for the Year (524.78) 401.41 (720.11) 354.42
Other comprehensive income / (losses) 26.36 (16.04) 29.97 (17.67)
Total comprehensive income (498.42) 385.37 (690.14) 336.75
Dividend Paid (59.46)* (59.46) (59.46)* (59.46)
Tax on Dividend - (11.72) - (11.70)
Realised gain / (loss) on sale of investment transferred
- (3.01) 5.80 (3.01)
from OCI
Adjustments on account of change in non-controlling interest - - (169.16) -
Closing Balance of Retained Earnings 250.64 808.52 (760.70) 152.26
*Dividend declared in FY 2019-20 and paid during the year under review
99
2. Dividend Depreciation and Finance Costs

Depreciation at ` 203.81 crores was in line with
The Board recommended a dividend of ` 0.40 per fully
that of FY 2019-20. Finance costs for FY 2020-21 at
paid Equity Share on 118,92,58,445 Equity Shares of
` 294.79 crores was higher than FY 2019-20 cost
face value ` 1 each, for the year ended March 31, 2021
by ` 57.24 crores. This was mainly due to interest on
(Previous Year ` 0.50 per share).
increased borrowings to fund the Company’s operational
cash requirements and to a lesser extent, interest on
The dividend on Equity Shares is subject to the approval
lease liabilities.
of the Shareholders at the Annual General Meeting
(‘AGM’) scheduled to be held on Tuesday, June 22, 2021.
Exceptional Items
The dividend once approved by the Shareholders will be
Exceptional Items include an exchange gain on change
paid on and after Tuesday, June 29, 2021.
in fair value of cross currency swap derivative contracts
` 25.00 crores (Previous Year loss of ` 21.76 crores)
The dividend on Equity Shares if approved by the
and a provision for impairment due to losses in
Members, would involve a cash outflow of ` 47.57 crores
overseas subsidiaries of ` 179.52 crores (Previous Year
and shall be paid out of profits of the Company for
` 68.98 crores).
previous financial years forming a part of retained
earnings pursuant to Section 123(1) of the Companies
Borrowings
Act, 2013 ('the Act').
The total long-term borrowings stood at ` 2,576.79 crores
as on March 31, 2021 as against ` 1,943.32 crores as on
3. Transfer to Reserves
March 31, 2020.
Due to losses in FY 2020-21, no amount has been
transferred to Reserves. An amount of ` 32.39 crores Debentures
was transferred from Debenture Redemption Reserve During FY 2020-21, the Company raised 1,500, 7.50%
to General Reserve consequent to the redemption of Unsecured Non-convertible Redeemable Debentures of
Unsecured Non-convertible Redeemable Debentures of face value `10 lakhs each aggregating to ` 150 crores and
` 200 crores in April 2020. 3,000, 7.95% Unsecured Non-convertible Redeemable
Debentures of face value `10 lakhs each aggregating to
4. Company’s performance ` 300 crores for three years each.
On a standalone basis, the Total Income for FY 2020‑21
The Company also redeemed 2,000, 7.85% Unsecured
was ` 1,243.67 crores, which was lower than the
Non-Convertible Redeemable Debentures of face
previous year’s Total Income of ` 2,877.88 crores by 57%
value ` 10 lakhs each aggregating to ` 200 crores on
caused by the COVID-19 pandemic and efforts to curtail
April 20, 2020.
it. This had a severe impact on the economy in general
and travel and tourism in particular. Consequently, the
Capital Expenditure
Company reported a Loss after tax for FY 2020-21 of
During FY 2020-21, the Company’s outlay towards
` 524.78 crores in comparison with a Profit after tax of
capital expenditure was ` 140.63 crores.
` 401.41 crores for FY 2019-20.
Business Overview
On a consolidated basis, the Total Income for FY 2020‑21
An analysis of the Business and Financial Results are
was ` 1,739.88 crores, lower than the previous year’s
given in the Management Discussion and Analysis, which
Total Income of ` 4,595.56 crores by 62%. The Loss after
forms a part of the Annual Report.
tax attributable to shareholders and non-controlling
interests for FY 2020-21 was ` 795.63 crores as against
a Profit after Tax of ` 363.74 crores for FY 2019-20. The
Loss attributable to shareholders of the Company for
FY 2020-21 was ` 720.11 crores as against a profit for
the previous year of ` 354.42 crores.
100
STATUTORY
REPORTS
Board’s Report
5. Subsidiary Companies Pursuant to Section 134(5) of the Act, the Board of

Directors, to the best of its knowledge and ability,
The Company has 25 subsidiaries, 6 associates and 7 joint
confirm that:
venture companies as on March 31, 2021. There has
been no material change in the nature of the business i. In the preparation of the annual accounts, the
of the subsidiaries. applicable accounting standards have been
followed and there are no material departures;
During the year under review, Ideal Ice & Cold Storage
Company Limited has become a wholly-owned subsidiary ii. They have selected such accounting policies and
of IHCL, earlier being a subsidiary of Taida Trading & applied them consistently and made judgments
Industries Limited, an associate of the Company. and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs
The Company has also increased its shareholding in of the Company at the end of the financial year and
IHMS Hotels (SA) (Proprietary) Limited and is now of the loss of the Company for that period;
considered as a subsidiary of the Company, from earlier
being a Joint Venture. Consequently, Goodhope Palace iii. They have taken proper and sufficient care
Hotels (Proprietary) Limited which was a subsidiary of for the maintenance of adequate accounting
IHMS Hotels (SA) (Proprietary) Limited has become an records in accordance with the provisions of the
indirect subsidiary of the Company. Act for safeguarding the assets of the Company
and for preventing and detecting fraud and
Pursuant to the provisions of Section 129(3) of the other irregularities;
the Act a statement containing the salient features of
financial statements of the Company’s subsidiaries in iv. They have prepared the annual accounts on a going
Form No. AOC-1 is attached to the financial statements concern basis;
of the Company.
v. They have laid down internal financial controls to be
Further, pursuant to the provisions of Section 136 followed by the Company and such internal financial
of the Act, the financial statements of the Company, controls are adequate and operating effectively;
consolidated financial statements along with relevant
documents and separate audited financial statements in vi. They have devised proper systems to ensure
respect of subsidiaries, are available on the website of compliance with the provisions of all applicable
the Company at https://www.ihcltata.com/AGM/2021/ laws and that such systems are adequate and
AGM-FY2021/. operating effectively.
6. Directors’ Responsibility Statement 7. Directors and Key Managerial Personnel

Based on the framework of internal financial controls and In accordance with the requirements of the Act and the
compliance systems established and maintained by the Company’s Articles of Association, Mr. Puneet Chhatwal
Company, the work performed by the internal, statutory retires by rotation and being eligible, offers himself for
and secretarial auditors and external consultants, re-appointment. Relevant resolutions (Ordinary and
including the audit of internal financial controls over Special, as applicable) seeking shareholders’ approval
financial reporting by the statutory auditors and the forms part of the Notice.
reviews performed by management and the relevant
board committees, including the audit committee, the Pursuant to the provisions of Section 149 of the Act,
Board is of the opinion that the Company’s internal the Independent Directors have submitted declarations
financial controls were adequate and effective during that each of them meet the criteria of independence
FY 2020-21. as provided in Section 149(6) of the Act along with
Rules framed thereunder and Regulation 16(1)(b) of
the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
101
2015 (‘SEBI Listing Regulations’). In terms of Regulation these years, subject to the approval of the Members
25 (8) of SEBI Listing Regulations they have confirmed at this AGM. The details of the remuneration to be
that they are not aware of any circumstance or situation, paid for the FY 2020-21 are captured in the Corporate
which exist or may be reasonably anticipated, that could Governance Report.
impair or impact their ability to discharge their duties
with an objective independent judgment and without Pursuant to the provisions of Section 203 of the Act,
any external influence. The Board of directors of the the Key Managerial Personnel of the Company as on
Company has taken on record the declaration and March 31, 2021 are:
confirmation submitted by the independent directors
after undertaking due assessment of the veracity of the • Mr. Puneet Chhatwal - Managing Director &
same. There has been no change in the circumstances Chief Executive Officer
affecting their status as Independent Directors of
• Mr. Giridhar Sanjeevi - Executive Vice President &
the Company.
Chief Financial Officer
The Independent Directors of the Company have • Mr. Beejal Desai, Senior Vice President - Corporate
confirmed that they have registered their names in the Affairs & Company Secretary (Group)
data bank of Independent Directors maintained with
8. Number of Meetings of the Board
the Indian Institute of Corporate Affairs in terms of
Section 150 of the Act read with Rule 6 of the Companies Six meetings of the Board were held during the year
(Appointment & Qualification of Directors) Rules, 2014. under review. For details of meetings of the Board,
The Independent Directors of the Company possess the please refer to the Corporate Governance Report, which
requisite experience and hence shall not be required to forms a part of the Annual Report.
pass the online proficiency self-assessment test as per
the proviso to Rule 6(4) of the aforesaid rules. 9. Board Evaluation
The Board of Directors has carried out an annual
During the year under review, the Non-Executive
evaluation of its own performance, board committees,
Directors of the Company had no pecuniary relationship
and individual Directors pursuant to the provisions of
or transactions with the Company, other than sitting
the Act and SEBI Listing Regulations.
fees and reimbursement of expenses, if any incurred
by them for the purpose of attending meetings of the
The performance of the Board was evaluated by the
Board/Committee of the Company.
Board after seeking inputs from all the Directors on
the basis of criteria such as the Board Composition and
Recently, on March 18, 2021, the Ministry of Corporate
Structure; Degree of fulfilment of key responsibilities
Affairs had notified the amendments to Sections 149(9)
towards stakeholders (by way of monitoring corporate
and 197(3) of the Act by the Companies (Amendment)
governance practices, participation in the long-
Act, 2020 to enable companies faced with no profits/
term strategic planning, etc.); Effectiveness of board
inadequate profits to pay certain fixed remuneration to
processes, information and functioning, etc.; Extent
their Non-Executive Directors (including Independent
of co-ordination and cohesiveness between the Board
Directors) in accordance with the provisions of Schedule
and its Committees; and Quality of relationship between
V to the Act.
Board Members and the Management
In view of the valuable services being rendered by
The performance of the committees was evaluated
the Non-Executive Directors (including Independent
by the Board after seeking inputs from the committee
Directors) to the Company, the Board of Directors, on the
members on the basis of criteria such as the composition
recommendations of the Nomination and Remuneration
of committees, effectiveness of committee meetings, etc.
Committee ('NRC') approved a fixed remuneration to
be payable to them for FY 2020-21, 2021-22 and 2022-
In a separate meeting of Independent Directors,
23 in case of no profits/ inadequate profits in each of
performance of Non-Independent Directors, the board
102
STATUTORY
REPORTS
Board’s Report
as a whole and the Chairman of the Company was 12. Internal Financial Control Systems and their
evaluated, taking into account the views of Executive Adequacy
Directors and Non-Executive Directors.
The details in respect of internal financial control
and their adequacy are included in the Management
The Board and the NRC reviewed the performance of
Discussion and Analysis, which forms a part of the
individual Directors on the basis of criteria such as the
Annual Report.
contribution of the individual Director to the Board and
committee meetings like preparedness on the issues to
13. Audit Committee
be discussed, meaningful and constructive contribution
and inputs in meetings, etc. The details including the composition of the Audit
Committee including attendance at the Meetings and
The above criteria are broadly based on the Guidance terms of Reference are included in the Corporate
Note on Board Evaluation issued by the Securities and Governance Report, which forms a part of the
Exchange Board of India on January 5, 2017. Annual Report.
At the Board Meeting that followed the meeting of 14. Auditors
the Independent Directors and meeting of NRC, the
At the 116 th AGM held on August 21, 2017 the
performance of the Board, its Committees, and individual
Members approved appointment of B S R & Co. LLP
directors was also discussed. Performance evaluation of
('BSR'), Chartered Accountants (Firm Registration No.
Independent Directors was done by the entire Board,
101248W/W-100022) as Statutory Auditors of the
excluding the independent director being evaluated.
Company to hold office for a period of five years from
the conclusion of the 116th AGM till the conclusion of the
10.
Policy on Directors’ Appointment and
121st AGM, subject to ratification of their appointment
Remuneration and other Details
by Members at every AGM, if so required under the
The Company’s policy on directors’ appointment and Act. The requirement to place the matter relating to
remuneration and other matters provided in Section appointment of auditors for ratification by Members
178(3) of the Act has been disclosed in the Corporate at every AGM has been done away by the Companies
Governance Report, which is a part of this report and (Amendment) Act, 2017 with effect from May 7, 2018.
is also available on https://www.ihcltata.com/board_ Accordingly, no resolution is being proposed for
diversity_director_attributes.pdf and https://www. ratification of appointment of statutory auditors at the
ihcltata.com/Remuneration_Policy_KMP_Directors_ ensuing AGM and a note in respect of same has been
Employees.pdf. included in the Notice for this AGM.
11. Vigil Mechanism 15. Corporate Social Responsibility

The Company has revised the policy on Corporate
The Company has established the necessary vigil
Social Responsibility ('CSR') to include changes based
mechanism for directors and employees in confirmation
on Companies (Corporate Social Responsibility Policy)
with Section 177(9) of the Act and Regulation 22 of
Amendment Rules, 2021 and the revised policy was
SEBI Listing Regulations, to report concerns about
recommended by the CSR and Sustainability Committee
unethical behaviour. The details of the policy have been
and approved by the Board and the same can be
disclosed in the Corporate Governance Report, which
accessed on the Company’s website at https://www.
forms a part of the Annual Report and is also available
ihcltata.com/CSR_Policy.pdf.
on https://www.ihcltata.com/Whistle_Blower_Policy.
pdf.
The brief outline of the CSR policy of the Company
and the initiatives undertaken by the Company on CSR
activities during the year under review are set out in
Annexure I of this report in the format prescribed in
the Companies (Corporate Social Responsibility Policy)
103
Amendment Rules, 2021. For other details regarding the During the year under review, all Related Party
CSR and the Sustainability Committee, please refer to Transactions that were entered into were in the
the Corporate Governance Report, which is a part of Ordinary Course of Business and at Arms’ Length Basis.
this report. All transactions entered into with related parties were
approved by the Audit Committee.
16. Auditor’s Report and Secretarial Audit Report
Further in the FY 2020-21, there were no material
The Statutory Auditor’s Report and the Secretarial
transactions of the Company with any of its related
Auditor’s Report do not contain any qualifications,
parties. Therefore, the disclosure of Related Party
reservations, or adverse remarks or disclaimer.
Transactions as required under Section 134(3)(h) of the
Act in Form AOC-2 is not applicable to the Company for
Secretarial Auditor’s Report is attached to this report as
the FY 2020-21 and hence the same is not provided.
Annexure II.
20. Annual Return
17. Risk Management
As provided under Section 92(3) and 134(3)(a) of the Act,
The Board of Directors of the Company has formed a
read with Rule 12 of Chapter VII Rules of the Companies
Risk Management Committee to frame, implement and
(Management and Administration) Amendment Rules,
monitor the risk management plan for the Company.
2020, Annual Return in Form MGT-7 for FY 2020-21 is
The Committee is responsible for monitoring and
uploaded on the website of the Company and can be
reviewing the risk management plan and ensuring its
accessed at https://www.ihcltata.com/AGM/2021/
effectiveness. The Audit Committee has additional
AGM-FY2021/.
oversight in the area of financial risks and controls. The
major risks identified by the businesses and functions
21. Particulars of Employees
are systematically addressed through mitigating
actions on a continuing basis. The development and The information required under Section 197 of the Act
implementation of risk management policy has been read with Rule 5 of the Companies (Appointment and
covered in the Risk Management section, which forms Remuneration of Managerial Personnel) Rules, 2014, is
a part of the Annual Report. appended as Annexure III to this report.
18. Particulars of Loans, Guarantees or Investments The statement containing names of top ten employees
in terms of remuneration drawn and the particulars
Your Company falls within the scope of the definition
of employees as required under Section 197(12) of
“infrastructure company” as provided by the Act.
the Act read with Rule 5(2) and 5(3) of the Companies
Accordingly, the Company is exempt from the provisions
(Appointment and Remuneration of Managerial
of Section 186 of the Act with regards to Loans,
Personnel) Rules, 2014, is provided in a separate
Guarantees, Securities provided and Investments.
annexure forming part of this report. Further,
Therefore, no details are provided.
the report and the accounts are being sent to the
Members excluding the aforesaid annexure. In terms of
19. Related Party Transactions
Section 136 of the Act, the said annexure is open for
In line with the requirements of the Act and the SEBI inspection and any Member interested in obtaining a
Listing Regulations, the Company has formulated copy of the same may write to the Company Secretary.
a Policy on Related Party Transactions and the
same can be accessed on the Company’s website at 22. Disclosure Requirements
https://www.ihcltata.com/RPT.pdf.
As per SEBI Listing Regulations, the Corporate
Governance Report with the Practicing Company
104
STATUTORY
REPORTS
Board’s Report
Secretary’s Certificate thereon, and the Management 22% from 7% in the past five years. In this rapidly
Discussion and Analysis are attached as a separate transforming world, our sustainability goals will
section which forms a part of the Annual Report. certainly evolve as our industry grow and as per
the needs arising in the society.
As per Regulation 34 of the SEBI Listing Regulations,
the Business Responsibility Report forms a part of the B. Technology Absorption: There is no material
Annual Report. information on technology absorption to be
furnished. The Company continues to adopt and use
As per Regulation 43A of the SEBI Listing Regulations, the latest technologies to improve the efficiency
the Dividend Distribution Policy is disclosed in the and effectiveness of its business operations.
Corporate Governance Report and is uploaded on the
Company’s website at https://www.ihcltata.com/ C. Foreign Exchange Earnings and Outgo:
Dividend_Distribution_Policy.pdf. • Earnings : ` 56.74 crores
The Company has devised proper systems to ensure • Outgo : ` 47.32 crores
compliance with the provisions of all applicable
Secretarial Standards issued by the Institute of 25. Material changes and commitment affecting the
Company Secretaries of India and that such systems are financial position of the Company
adequate and operating effectively. The impact of COVID-19 on the Company’s financial
statements has been given in Note 2(d) of the notes
23. Deposits from Public to financial statements for the year ended March 31,
The Company does not accept and/or renew Fixed 2021 and the Company’s response to the situation
Deposits from the general public and shareholders. arising from the pandemic has been explained in the
There were no over dues on account of principal or Management Discussion and Analysis, which forms a
interest on public deposits other than the unclaimed part of the Annual Report.
deposits at the end of FY 2020-21 which is ` 45,000/-
(Previous year ` 260,000/-). 26. Significant and material orders passed by the
regulators
24. Particulars of Energy Conservation, Technology During the year under review, no significant material
Absorption and Foreign Exchange Earnings and orders were passed by the Regulators or Courts or
Outgo [Pursuant to Companies (Accounts) Rules, Tribunals impacting the going concern status and the
2014] Company’s operations. However, Members’ attention
A. Conservation of Energy: The Company has a is drawn to the Statement on Contingent Liabilities
longstanding history of stewardship through and Commitments in the Notes forming part of the
efficient management of all its assets and Financial Statement.
resources. The Company’s conscious efforts are
aligned with the Tata ethos of keeping communities 27. Cost Auditors
and environment at the heart of doing business. Maintenance of cost records as specified by the Central
In line with IHCL’s commitment to safeguard Government under Section 148 (1) of the Act is not
the environment, we have been the flagbearers applicable to the Company.
of responsible tourism through elimination of
two million plastic straws across all our properties.
Our renewable energy proportion has improved to
105
28. Disclosures in relation to the Sexual Harassment The Report also touches upon aspects such as
of Women at Workplace (Prevention, Prohibition organisation’s strategy, governance framework,
and Redressal) Act, 2013 (POSH Act) performance and prospects of value creation based on
the six forms of capital viz. financial capital, manufactured
The Company has always believed in providing a safe
capital, intellectual capital, human capital, social and
and harassment-free workplace for every individual
relationship capital and natural capital.
working in the Company. The Company has complied
with the applicable provisions of the POSH Act, and the
30. Acknowledgement
rules framed thereunder, including constitution of the
Internal Complaints Committee. The Company has in The Directors thank the Company’s customers,
place an Anti-Sexual Harassment Policy in line with the vendors, investors and academic partners for their
requirements of the POSH Act and the same is available continuous support.
on the Company's website at https://www.ihcltata.
com/POSH_Policy.pdf. The Directors also thank the Government of India,
Governments of various states in India, Governments
Status of complaints as on March 31, 2021
of various countries and concerned Government
Sl. Number of
No.
Particulars
Complaints
departments and agencies for their co-operation.
1. Number of complaints filed during the
9 The Directors regret the loss of life due to COVID-19
financial year
2. Number of complaints disposed off pandemic and are deeply grateful and have immense
8
during the financial year respect for every person who risked their life and safety
3. Number of complaints pending at the to fight this pandemic.
1
end of the financial year
The Directors appreciate and value the contribution
29. Integrated Report made by all our employees and their families and the
contribution made by every other member of the IHCL
With the corporate landscape rapidly evolving,
family, for making the Company what it is.
Integrated Reporting has been an ideal tool to
explore value creation. The Company being one of

the top companies in the country in terms of market
On behalf of the Board of Directors
capitalisation, has voluntarily provided Integrated
Report, which encompasses both financial and
N. Chandrasekaran
non-financial information to enable the Members Chairman
to take well informed decisions and have a better Mumbai, April 30, 2021 (DIN: 00121863)
understanding of the Company’s long-term perspective.
The Company has progressed in the journey of

Integrated Reporting and is focused on driving more
authentic, comprehensive and meaningful information
about all aspects of the Company’s performance and
value creation story delivering benefits for both internal
and external stakeholders.
106
STATUTORY
REPORTS
Annexure I
ANNUAL REPORT ON CSR ACTIVITIES
1. A brief outline on the Company’s Corporate Social of domain expertise from IHCL coupled with superior
Responsibility (CSR) policy of the Company approach to holistic youth development driven by
Tata STRIVE. The 13 IHCL Tata STRIVE Hospitality Skill
As one of the pioneers in the hospitality industry, your
Centres are located in Bengaluru, Jaipur, Varanasi,
company plays a vital role in contributing towards the
Trivandrum, Chhindwara, Mumbai, Hyderabad,
betterment of the society as well as the destinations
Pithoragarh, Chamoli, Pune, Mohali, Agartala, and Goa.
in which it operates. Your company is committed to
Despite these centers not being operated physically, the
further the legacy of ‘Giving Back to the Society’ and
determination of your company to run these through
focus on building livelihoods for the target communities
on-line mode was worth the effort and over 700 students
and geographies, supporting heritage and tourist
were able to benefit from this program, significantly
destinations and nurture the environment.
improving their employment prospects in the industry.
It is now precisely a year since the pandemic brought the
Your company recognizes that heritage and authentic
world and lives to a standstill. Upholding your company’s
cultural experiences create value for the industry and
values of Trust, Awareness, and Joy and in line with the
hence aims to preserve and promote these for the
Tata spirit of benevolence, your company sensed its
benefit of future generations through neighborhood
responsibility to reach out to the community and people
development programmes.
from the industry who were adversely impacted by the
pandemic resulting in loss of livelihood. The pandemic is
Your company has been promoting heritage conservation
continuing to reshape the global economy, present and
and cultural promotion projects;
the immediate future.
Heritage Conservation & Promotion:
Your company moved swiftly and led through these
challenging times with courage and conviction. Many
• Gateway of India precinct upkeep, Varanasi Ghat
of you have also come together in solidarity to volunteer
upkeep and National Railway Museum beautification
a helping hand for our colleagues and their families
who need aid and support in these trying times – truly • Natural & cultural heritage walk with Pardhi youth
demonstrating the Compassion, Unity and Care near Panna Forest Reserve
• Training women in Banarasi Silk Weaving
During this turbulent year, your company through
‘Taj Public Service Welfare Trust’ created positive • Promoting native culinary heritage in Jamshedpur,
impacts by means of various initiatives including Coorg, Guwahati
COVID-19 Disaster Response, Taj for Family, Meals to
Smiles, Healthcare professional support, and quarantine Further, your company is evaluating opportunities
centers. Three million meals were provided to migrant to promote and safeguard Indian Intangible Cultural
workers, medical staff, front line police workmen, over Heritage which includes measures to ensure the viability
70,000 room nights for health care staff was made of intangible cultural heritage, such as identification,
available, and 30 state-of-the-art Ventilators and PPE documentation, research, promotion, transmission,
kits were donated to Covid hospitals. revitalization of such heritage sites.
Even in these challenging times, your Company has The needs of local community are addressed by your
focused on building livelihoods in the country by company through various welfare activities such
skilling less-privileged, school dropout youth and by as donation of food, supporting charity homes and
handholding & offering business opportunities to micro orphanages which are components of Welfare programs.
enterprises, artisans and social organizations. These programs and initiatives are undertaken in
association with local partners, including communities,
Aimed at standardization and quality in skilling youth NGOs and government bodies, as appropriate.
in hospitality, the skilling partnership brings the best
107
The procurement team encourages local sourcing gift items for guests etc. In FY 2020-21 your company
with special focus on vendors from marginalized sourced ` 1.57 crore of products and services supporting
communities, small scale farmers, women self-help over 23 vendors from such underserved community
groups and people with disabilities. At the same time members thus supporting their livelihood. Additionally,
the company aims to develop its business operations to local art and culture troupes, artists and craftsmen are
be more socio-environmentally conscious and inclusive. provided a platform in the hotels to perform and sell
This generates dual impact of supporting livelihood their products.
of these artisans and encourages preservation of
traditional art forms. To this end your company works Despite the challenges brought in by the ongoing
with small scale entrepreneurs, women SHGs and NGOs pandemic, your company created multiple volunteering
income generation projects, to source select goods and opportunities to engage with the community
services. Some of the products sourced by your hotels through online modes by involving in various skilling
include fresh fish, fruits, vegetables, paper chef cap, and livelihood initiatives through the Tata engage
laundry bags, honey, candles, table napkins, duster and volunteering platform.
2. The composition of the CSR and Sustainability committee:

Sl. Designation/Nature of Number of meetings of CSR Number of meetings of CSR
Name of Director
No. Directorship Committee held during the year Committee attended during the year
1. Mr. Puneet Chhatwal - Chairman Managing Director & CEO 2 2
2. Mr. Nasser Munjee Independent Director 2 2
3. Ms. Hema Ravichandar Independent Director 2 2
3. Provide the web-link where Composition of CSR 5. Details of the amount available for set-off
committee, CSR Policy and CSR projects approved in pursuance of sub-rule (3) of rule 7 of the
by the board are disclosed on the website of the Companies (Corporate Social Responsibility
Company: Policy) Rules, 2014 and amount required for set
off for the financial year, if any:
a. Composition of the CSR committee shared above
and is available on the Company’s website on: Amount available for Amount required to be
Sl. Financial
https://www.ihcltata.com/investors/ No. Year
set-off from preceding set-off for the financial
financial years (in ` Cr) year, if any (in `)
Not Applicable
b. CSR policy:
https://www.ihcltata.com/CSR_Policy.pdf
6. Average net profit of the company as per section
c. CSR projects: 135(5): ` 379.88 crores
https://www.ihcltata.com/responsibility/ 7. (a) Two percent of average net profit of the
company as per section 135(5): ` 7.60 crores
4. Provide the details of Impact assessment of CSR
projects carried out in pursuance of sub-rule (b) Surplus arising out of the CSR projects or
(3) of rule 8 of the Companies (Corporate Social programmes or activities of the previous
Responsibility Policy) Rules, 2014, if applicable financial years: Not Applicable
(attach the report): Not Applicable (c) Amount required to be set off for the financial
year, if any: Not Applicable
(d) Total CSR obligation for the financial year
(7a+7b-7c): ` 7.60 crores
108
STATUTORY
REPORTS
Annexure I
8. a) CSR amount spent or unspent for the financial year:

Amount Unspent (in ` Crores)
Total Amount Spent for the Financial Year. Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule VII as
(in ` Crores) Account as per section 135(6) per second proviso to section 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer
17.26 Not Applicable
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Mode of
Location of the Amount Amount Implementation
Item from the Local project Amount transferred to – Through
Name allocated spent in Mode of
Sl. list of activities area Project Unspent CSR Account for
of the for the the current Implementation- Implementing Agency
No. in Schedule VII (Yes/ duration the project as per Section
Project project Financial Direct (Yes/No) CSR
to the Act No) 135(6) (in `)
State District (in `) Year (in `) Name Registration
number
Not Applicable
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Mode of
implementation–
Location of the project. Amount Through
Mode of implementing
Sl. Name of the Item from the list of activities in Local area spent for
implementation- agency
No. Project schedule VII to the Act (Yes/ No) the project
Direct (Yes/No)
(in ` crores) CSR
State District Name Registration
number
1. Building Vocational skilling & Yes * J&K * Uri 0.60 Direct+ with - -
Livelihoods promotion of livelihoods * Uttara khand* Pithoragarh, partners
Sch VII (ii) * UP Gopeshwar
* West Bengal * Varanasi
* Tripura * Midnapore East
* Manipur * Agartala
* Punjab * Chandel, Mohali
* MP * Chhindwara
* Rajasthan * Jaipur, Zawar,
* Maharashtra Chanderia
* Goa * Thane, Pune
* Karnataka * Goa
* Telangana * Bengaluru
* Kerala * Hyderabad
* Trivandrum
2. Supporting Promoting Education Yes * West Bengal * Kolkata 0.81 Direct+ with - -
Education Sch VII (ii) * Maharashtra * Mumbai partners
* Goa * Goa
* Karnataka * Bengaluru
* Delhi * Delhi
3. Responsible Environmental Yes Pan India Pan India 1.22 Direct+ with - -
Neighbour sustainability Sch VII (iv) partners
Restoration of buildings
and sites of historical
importance Sch VII (v)
4. Covid19 Relief Sch VII (xii) Disaster Yes Pan India Pan India 14.27 Direct+ with - -
and support Response & Relief Partners
TOTAL 16.90 - -
109
(d) Amount spent in Administrative Overheads: ` 0.36 crores

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the financial year (8b+8c+8d+8e): ` 17.26 crores
(g) Excess amount for set off, if any: ` 9.66 crores*
Sl. No. Particular Amount (in ` Crores)
(i) Two percent of average net profit of the company as per section 135(5) 7.60
(ii) Total amount spent for the financial year 17.26
(iii) Excess amount spent for the financial year [(ii)-(i)] 9.66
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any -
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 9.66*
*Note: The excess spends in FY 20-21 over the mandated spend is ` 9.66 Crores. Considering the loss incurred in FY 20-21, and estimated for the next two years,
the maximum carry forward which can be set-off against the CSR commitment for the next three years (i.e FY 21-22, 22-23 and 23-24) is estimated to be ` 3 Crores.
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Amount transferred to Amount spent in the Amount transferred to any fund specified under Schedule Amount remaining to be
Preceding VII as per section 135(6), if any
Sl. No. Unspent CSR Account Reporting financial spent in succeeding financial
financial year
under section 135 (6) (in `) year (in `) Name of the Fund Amount (in `) Date of transfer years. (in `)
Not Applicable
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Status of the
Financial year in Total amount Amount spent on the Cumulative amount spent
Name of the Project project -
Sl. No. Project ID which the project allocated for the project in the reporting at the end of reporting
Project duration Completed/
was commenced project (in `) financial year (in `) financial year (in `)
Ongoing
Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or
acquired through CSR spent in the financial year (asset-wise details):
(a) Date of creation or acquisition of the capital asset(s): None
(b) Amount of CSR spent for creation or acquisition of capital asset: NIL
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc. : Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset) : Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
section 135(5): Not Applicable
Sd/- Sd/-
Mr. Nasser Munjee Mr. Puneet Chhatwal
Independent Director Managing Director & Chief Executive Officer
Member, Corporate Social Responsibility Chairman, Corporate Social Responsibility
and Sustainability Committee and Sustainability Committee
(DIN: 00010180) (DIN: 07624616)
Mumbai, April 30, 2021
110
STATUTORY
REPORTS
Annexure II
Form No. MR-3

Secretarial Audit Report
For the financial year ended 31st March 2021
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To, (iv) Foreign Exchange Management Act, 1999 and the

The Members Rules and Regulations made thereunder to the
The Indian Hotels Company Limited extent of Overseas Direct Investment and External
Mandlik House, Mandlik Road, Mumbai — 400001 Commercial Borrowing;
We have conducted the Secretarial Audit for the compliance (v) The following Regulations and Guidelines prescribed
of applicable statutory provisions and the adherence to good under the Securities and Exchange Board of India Act,
corporate practices by The Indian Hotels Company Limited 1992 (‘SEBI Act’):
(hereinafter called ‘the Company’) for the year ended on
(a) The Securities and Exchange Board of India
March 31, 2021 (the ‘audit period’). Secretarial Audit was
(Substantial Acquisition of Shares and Takeovers)
conducted in a manner that provided us a reasonable basis
Regulations, 2011;
for evaluating the corporate conducts/statutory compliances
and expressing our opinion thereon given the present
(b) The Securities and Exchange Board of India
scenario of COVID-19 Pandemic and the relaxations given by
(Prohibition of Insider Trading) Regulations, 2015;
the Ministry Of Corporate Affairs/SEBI and other regulatory
Authorities in the Conduct of the Business of the Company
(c) The Securities and Exchange Board of India
during the year under review.
(Registrars to an Issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act
Based on our Remote verification of the Company’s books,
and dealing with client; and
papers, minute books, forms and returns filed with Statutory
Authorities and other records maintained by the Company as
(d) The Securities and Exchange Board of India
also the information provided by the Company, its officers,
(Listing Obligations and Disclosure Requirements)
agents and authorised representatives during the conduct
Regulations, 2015.
of Secretarial Audit, we hereby report that in our opinion,
the Company has, during the audit period complied with
(e) The Securities and Exchange Board of India (Issue
the statutory provisions listed hereunder and also that the
and Listing of Debt Securities) Regulations, 2008.
Company has proper Board - processes and compliance
mechanism in place to the extent, in the manner and subject
(vi) Other laws specifically applicable to the Company are:
to the reporting made hereinafter for the audit period
according to the provisions of: (a) Food Safety and Standards Act, 2006 and Food
Safety and Standards Rules, 2011; and
(i) The Companies Act, 2013 (the ‘Act’) and the Rules
made thereunder; (b) Food Safety and Standards (Packing & Labeling)
Regulations, 2011.
(ii) The Securities Contracts (Regulation) Act, 1956 and the
Rules made thereunder; We have also examined compliance with the applicable
clauses of the Secretarial Standards issued by the Institute
(iii) The Depositories Act, 1996 and the Regulations and of Company Secretaries of India related to Board meetings
by-laws framed thereunder; and General meetings together with the relaxations as given
in the wake of the COVID-19 Pandemic.
111
During the period under review, the Company has complied The Meetings of the Board of Directors and other Board
with the provisions of the Act, Rules, Regulations, Guidelines, committee meetings were held by Video Conferencing
Standards, etc. mentioned above. as allowed by adhering to the guidelines issued for such
meetings during the Pandemic. The decisions taken at the
During the period under review, provisions of the following meetings were carried through on the basis of majority and
regulations were not applicable to the Company: were properly entered in the respective Minutes books
and that the Minutes would be signed when the situation
• The Securities and Exchange Board of India (Share Based
becomes normal. Dissenting views/suggestions, if any, by
Employee Benefits) Regulations, 2014;
any member of the Board of Directors/ Committee were
• The Securities and Exchange Board of India (Delisting of properly recorded.
Equity Shares) Regulations, 2009;
We further report that-
• The Securities and Exchange Board of India (Buyback of
Securities) Regulations, 1998; and
There are adequate systems and processes in the Company
• The Securities and Exchange Board of India (Issue of commensurate with the size and operations of the Company
Capital and Disclosure Requirements) Regulations, 2009. to monitor and ensure compliance with the applicable laws,
rules, regulations, and guidelines.
• The Foreign Exchange Management Act, 1999 and the
Rules and Regulations made thereunder to the extent of
We further report that-
Foreign Direct Investment.
Except for what is stated above the Company has not
undertaken any specific events / actions having a major
We further report that –
bearing on the Company’s affairs in pursuance of the above
The Board of Directors of the Company is duly constituted
referred laws, rules, regulations, guidelines, standards.
with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. There was no change
For example:
in the composition of the Board during the year under review
(i) Redemption / buy-back of securities;
Adequate notice was given to all Directors to schedule the
(ii) Foreign Technical Collaborations.
Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and where the same were
For NEVILLE DAROGA & ASSOCIATES
given at shorter notice than seven days, prior consent thereof
NEVILLE K. DAROGA
were obtained and a system exists for seeking and obtaining
Place: Mumbai ACS No. 8663
further information and clarifications on the agenda items Date: April 28, 2021 C.P. No. 3823
before the meeting and for meaningful participation at UDIN:-A008663C000196279
the meeting.
112
STATUTORY
REPORTS
ANNEXURE A
To,
The Members
The Indian Hotels Company Limited
Secretarial Audit Report of even date is to be read along with this letter.
1. The management is responsible for compliance of applicable laws, rules, regulations, standards as applicable to
The Indian Hotels Company Limited. Our examination of the records and procedures was based on test check basis for
issuing the Secretarial Audit Report.
2. The management of the Company is responsible for the maintenance of secretarial and other records as applicable to
the Company under various laws. Our responsibility is to issue Secretarial Audit Report which is based on the relevant
records maintained and information / explanations as furnished to us by the Company and its officials. Wherever required
the management representation about compliance of laws as applicable to the Company including major events during
the audit period have been obtained from the management.
3. We have followed the laid down audit practices for verifying the correctness and the contents of the secretarial and
other records. The practices followed by us gave us reasonable basis to form our opinion for issuing the Secretarial
Audit Report.
4. We have not verified the authenticity and significance of the books and the financial accounts as maintained by
the company.
5. The Secretarial Audit Report does not give an assurance as to the future viability of the Company nor of the potency
and competency with which the management has conducted the affairs of the Company.
For: NEVILLE DAROGA & ASSOCIATES
Neville K. Daroga
Place: Mumbai ACS No. 8663
Date: April 28, 2021 C.P. No. 3823
113
Annexure III
Particulars of Employees
Information under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
a. The ratio of the Remuneration of each Director to the median Remuneration of the employees of the Company for the
financial year and percentage increase in Remuneration of each Director, Chief Executive Officer, Chief Financial Officer,
Company Secretary or Manager, if any, in the financial year:
% increase of Remuneration in Ratio to median

Name
2021 as compared to 2020## Remuneration
Non-Executive Directors
Mr. N. Chandrasekaran@ - -
Mr. Nasser Munjee# (3%) 9.25
Mr. Venkataramanan Anantharaman# (3%) 8.17
Ms. Hema Ravichandar# (3%) 9.32
Mr. Vibha Paul Rishi (18%) 8.10
Mr. Mehernosh Kapadia (22%) 7.42
Mr. Venu Srinivasan (4%) 7.21
Executive Director
Mr. Puneet Chhatwal - MD & CEO (50%) 165.46
Chief Financial Officer
Mr. Giridhar Sanjeevi – EVP & CFO (38%) 54.16
Company Secretary
Mr. Beejal Desai, Senior VP - Corporate Affairs & Company Secretary (Group) (27%) 28.54
@ As a policy, Mr. N Chandrasekaran, Chairman, has abstained from receiving remuneration from the Company.

# Appointed as Independent and Non-Executive Directors with effect from August 5, 2019

## For the purpose of these computations, remuneration has been considered based on accruals and payments relating to earlier years have been excluded.

b. The percentage increase in the median remuneration of employees in the financial year was (6%) due to no increments,
salary contributions made by employees and rationalisation of manpower on account of Pandemic.
c. The number of permanent employees on the rolls of Company as on March 31, 2021 was 5239.
d. Average Percentile increase already made in the salaries of employees other than the Managerial Personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances for increase in the managerial remuneration: (8%) due to
no increments, salary contributions made by employees and rationalisation of manpower on account of Pandemic.
e. It is affirmed that the remuneration is as per the Remuneration Policy for Directors, Key Managerial Personnel, and
other employees adopted by the Company.
114
STATUTORY
REPORTS
Corporate Governance Report

“You must be the change you wish to see in the world”
- Mahatma Gandhi
I. COMPANY’S PHILOSOPHY ON CORPORATE The Company has adopted a Code of Conduct for its
GOVERNANCE employees including the Managing Director. In addition,
the Company has adopted a Code of Conduct for its Non-
Effective corporate governance practices constitute
Executive Directors which includes Code of Conduct for
the strong foundation on which successful commercial
Independent Directors suitably incorporating the duties
enterprises are built to last. The Company’s philosophy
of Independent Directors as laid down in the Companies
on corporate governance oversees business strategies
Act, 2013 (‘the Act’) and the same is available on the
and ensures fiscal accountability, ethical corporate
Company’s website at https://www.ihcltata.com/
behaviour and fairness to all stakeholders comprising
Code_Of_Conduct_for_NED.pdf. The Company’s
regulators, employees, customers, vendors, investors,
corporate governance philosophy has been further
our environment and the society at large.
strengthened through the Tata Business Excellence
Model, the Company’s Code of Conduct for Prevention
Strong leadership and effective corporate governance
of Insider Trading and the Code of Corporate Disclosure
practices have been the Company’s hallmark inherited
Practices (‘Insider Trading Code’).
from the Tata culture and ethos.
The Company is in compliance with the requirements
The Indian Hotels Company Limited (‘IHCL’/ ‘the
stipulated under Regulation 17 to 27 read with
Company’) perceives corporate governance as a way of
Schedule V and clauses (b) to (i) of sub-regulation (2)
life that necessitates taking interests in every business
of Regulation 46 of Securities and Exchange Board of
decision and as something that is far beyond regulations
India (Listing Obligations and Disclosure Requirements)
and laws.
Regulations, 2015 (‘SEBI Listing Regulations’), as
applicable, with regard to corporate governance.
To us, good governance is something we have upheld
through our values, which predate the way that the
The Company’s governance guidelines cover aspects
conventional view of governance as a corporate
mainly relating to composition and role of the Board,
responsibility has gained ground. It is about ethics and
Chairman and Directors, Board diversity, and Committees
about truly honouring the fact of human existence and
of the Board. As per the Company’s policy on retirement
enterprise which has been our legacy. Our origins are
of Directors, the retirement age for Managing/ Executive
rooted in our Founder’s vision to join in the building of
Directors is 65 years, Non-Executive (Non-Independent)
a nation. Tajness is our mantra for excellent service, as
Directors is 70 years, and Non-Executive Independent
based on the three pillars of Trust, Awareness, and Joy
Directors is 75 years.
which is honoured in letter and spirit while engaging
with our guests, employees and partners.
The Company has also adopted Integrated Financial
Reporting on a voluntary basis in keeping with global
Our desire to nurture trust is at the centre of our
best practices.
relationships with suppliers, local communities, lenders,
and the government and regulators. Our attitude is
II. BOARD OF DIRECTORS
always about positive and proactive engagement.
The Company believes that an active, well-informed and
The Company will continue to focus its resources, independent board is necessary to ensure the highest
strengths and strategies to strengthen its resilience standards of corporate governance. At IHCL, the Board
and relevance in a rapidly changing world order, without is the apex decision-making body and hence, fully
deviating from its vision of becoming a truly global responsible for the strategic growth and development of
leader in offering Indian hospitality. Operating a best- our business as well as defining our strategic priorities.
in-class portfolio of hospitality brands replete with in Driven on the principles of ethics and accountability, the
Indian sensibilities, the Company will continue to deliver Board strives to work in best interest of the Company
sustainable value for all its stakeholders. and its stakeholders. It provides strategic direction,
115
leadership and guidance to the Company’s management iii. Independent Directors are Non-Executive Directors as
as also monitors the performance of the Company defined under Regulation 16(1)(b) of the SEBI Listing
with the objectives of creating long term value for the Regulations and Section 149(6) of the Act along with
Company’s stakeholders. rules framed thereunder. In terms of Regulation 25(8) of
the SEBI Listing Regulations, they have confirmed that
Size and Composition of the Board they are not aware of any circumstance or situation
Diversity is a key driver of quality, bringing a richness which exists or may be reasonably anticipated that
of experience, talent, competencies, as well as could impair or impact their ability to discharge their
managerial expertise. For the Board, diversity duties. Based on the declarations received from the
encompasses difference in perspective, experience, Independent Directors, the Board of Directors has
education, background, ethnicity, gender and other confirmed that they meet the criteria of independence
personal attributes. as mentioned under Regulation 16(1)(b) of the SEBI
Listing Regulations and that they are independent of
IHCL’s Board represents a mix of Executive and Non- the management.
Executive (including Independent Directors), which is
compliant with the Act and the SEBI Listing Regulations. iv. Six Board Meetings were held during the year under
review and the gap between two meetings did not
i. As on March 31, 2021, the Company has eight exceed one hundred and twenty days. The said meetings
Directors out of whom one is an Executive Director were held on: April 22, 2020, June 10, 2020, August
and seven are Non-Executive Directors. Of the 6, 2020, September 10, 2020, November 4, 2020 and
seven Non-Executive Directors, four (i.e. > 50%) are February 3, 2021. The necessary quorum was present
Independent Directors of which two are Women for all the meetings.
Directors. The profiles of Directors can be found on
https://www.ihcltata.com/investors/. The composition v. The names and categories of the Directors on the Board,
of the Board is in conformity with Regulation 17 of the their attendance at Board Meetings held during the year
SEBI Listing Regulations read with Section 149 of the Act under review and at the last Annual General Meeting
and Rules framed thereunder. (‘AGM’), name of other listed entities in which the
Director is a director and the number of Directorships
ii. None of the Directors on the Board holds directorships and Committee Chairpersonships / Memberships held
in more than ten public companies. None of the by them in other public limited companies (excluding
Independent Directors of the Company serve as directorships of private limited companies, foreign
Independent Directors in more than seven listed companies and companies registered under Section 8
companies. None of the Directors serving as a of the Act) as on March 31, 2021 are given herein below.
Whole-time Director/ Managing Director in any listed Further, none of them is a Member of more than ten
entity serves as an Independent Director of more than committees or Chairperson of more than five committees
three listed entities. Necessary disclosures regarding across all the public companies in which he/she is a
Committee positions in other public companies as on Director. For the purpose of determination of limit of the
March 31, 2021 have been made by the Directors. None Board Committees, Chairpersonship and Membership
of the Directors are related to each other. of the Audit Committee and Stakeholders’ Relationship
Committee only have been considered as per Regulation
26(1)(b) of the SEBI Listing Regulations.
116
STATUTORY
REPORTS
Number Whether Number of Number of Committee

of Board attended Directorships in other positions held in other
Name of the Meetings last AGM Public Companies Public Companies Directorship in other listed entity
Category
Director attended held on (Category of Directorship)
during July 27, Chairperson Member Chairperson Member
FY 2020-21 2020
Mr. N. Non-Independent, 6 Yes 6 - - - 1. Tata Steel Limited
Chandrasekaran Non‑Executive (Non‑Independent, Non‑Executive)
(Chairman) 2. Tata Motors Limited
DIN: 00121863 (Non‑Independent, Non‑Executive)
3. Tata Consumer Products Limited
(erstwhile Tata Global Beverages
Limited)
(Non‑Independent, Non‑Executive)
4. The Tata Power Company Limited
5. Tata Consultancy Services Limited
6. Tata Chemicals Limited
Mr. Puneet Non-Independent, 6 Yes 5 2 - 1 1. Taj GVK Hotels and Resorts Limited
Chhatwal Executive (Non Independent, Non‑Executive)
(Managing 2. Oriental Hotels Limited
Director and (Non Independent, Non‑Executive)
Chief Executive 3. Benares Hotels Limited
Officer) (Non‑Independent, Non‑Executive)
DIN: 07624616
Mr. Nasser Independent, 6 Yes 2 5 1 3 1. Ambuja Cements Limited
Munjee Non-Executive (Independent, Non‑Executive)
DIN: 00010180 2. Cummins India Limited
(Independent, Non‑Executive)
3. Housing Development Finance
Corporation Limited
4. DCB Bank Limited
Ms. Vibha Paul Independent, 6 Yes - 7 1 6 1. Escorts Limited
Rishi Non-Executive (Independent, Non‑Executive)
DIN: 05180796 2. Tata Chemicals Limited
3. ICICI Prudential Life Insurance
Company Limited
4. Asian Paints Limited
Ms. Hema Independent, 6 Yes - 2 1 3 1. Marico Limited
Ravichandar Non‑Executive (Independent, Non‑Executive)
DIN: 00032929 2. Bosch Limited
Mr. Independent, 6 Yes - 1 1 1 ‑
Venkataramanan Non‑Executive
Anantharaman
DIN: 01223191
Mr. Venu Non-Independent, 5 Yes 4 1 - 1 1. TVS Motor Company Limited
Srinivasan Non‑Executive (Managing Director)
DIN: 00051523 2. Sundaram‑Clayton Limited
(Managing Director)
Mr. Mehernosh Non‑Independent, 6 Yes 1 3 - 1 ‑
Kapadia Non‑Executive
DIN: 00050530
117
vi. During FY 2020-21, information as mentioned in Part viii. The Board periodically reviews the compliance reports
A of Schedule II of SEBI Listing Regulations, has been of all laws applicable to the Company.
placed before the Board for its consideration.
ix. Details of equity shares of the Company held by the
vii. During FY 2020-21, one meeting of the Independent Directors as on March 31, 2021 are given below:
Directors was held on March 16, 2021. The Independent
Number of
Directors, inter-alia, reviewed the performance of Name Category
Equity shares
Non-Independent Directors, Board as a whole and Mr. N. Non‑Executive 1,00,000
Chairman of the Company, taking into account the views Chandrasekaran Non‑Independent Director
of executive directors and non-executive directors. Mr. Mehernosh Non‑Executive 63,480
They also assessed the quality, quantity, timeliness Kapadia Non‑Independent Director
and adequacy of information between the Company’s
The Company has not issued any convertible instruments.
management and the Board.
x. Key Skills, Expertise and Competencies of the Board

The Board comprises qualified Members who bring in the required skills, competence and expertise that allow them
to make effective contribution to the Board and its committees. These Directors are nominated based on well-defined
selection criteria. The Nomination and Remuneration Committee (‘NRC’) considers, inter alia, key skills, qualifications,
expertise and competencies, whilst recommending to the Board the candidature for appointment of Director. The
Board of Directors have, based on the recommendations of the NRC, identified the following core key skills/expertise/
competencies of Directors as required in the context of business of the Company for its effective functioning which are
currently possessed by the Board Members of the Company and mapped against each of the Directors:
Strategy/ Digital and Governance/

Name and Category of the Sales & Human
Finance Business Information Regulatory and Hospitality
Director Marketing Resources
Leadership Technology Risk
Mr. N. Chandrasekaran       -
(Chairman of the Board)
Mr. Puneet Chhatwal   - -  - 
Mr. Nasser Munjee   -  -  -
Ms. Vibha Paul Rishi   -    -
Ms. Hema Ravichandar -  -  -  -
Mr. Venkataramanan   -  -  -
Anantharaman
Mr. Mehernosh Kapadia -  -   - 
Mr. Venu Srinivasan    -   -
118
STATUTORY
REPORTS
III. COMMITTEES OF THE BOARD

(i) The Board Committees are set up by the Board and are governed by its terms of reference which exhibit the scope,
composition, tenure, functioning and reporting parameters. The Board Committees play a crucial role in the governance
structure of the Company and have been constituted to deal with specific areas of concern for the Company that need
a closer review. The Committees operate under the direct supervision of the Board, and Chairpersons of the respective
committee’s report to the Board about the deliberations and decisions taken by the Committees. The recommendations
of the committees are submitted to the Board for approval. During the year under review, all recommendations of the
committees were approved by the Board. The minutes of the meetings of all committees of the Board are placed before
the Board for noting.
There are five Board Committees as on March 31, 2021, details of which are as follows:
Name of the
Extract of Terms of Reference Category and Composition Other Details
Committee
Audit Committee is constituted in line with the Name Category • Seven meetings of the Audit
Committee provisions of Regulation 18 of the SEBI Mr. Nasser Independent Committee were held during the
Listing Regulations and Section 177 of the Munjee Non-Executiveyear under review and the gap
Act. (Chairperson) between two meetings did not
• Oversight of the financial reporting exceed one hundred and twenty
Ms. Hema Independent
process. days.
Ravichandar Non-Executive
• Reviewing with the management, the • Committee invites such of
annual financial statements and auditors’ the executives as it considers
Mr. Independent appropriate, representatives of
report thereon before submission to the
Venkataramanan Non-Executive the statutory auditors and internal
Board for approval.
Anantharaman auditors, to be present at its
• Evaluation of the internal financial
controls and risk management systems meetings.
• Recommendation for appointment, Ms. Vibha Paul Independent • The Company Secretary acts as the
remuneration and terms of appointment Rishi Non-Executive Secretary to the Audit Committee.
of auditors of the Company. • Mr. Giridhar Sanjeevi, Executive
• Approve policies in relation to the Vice President and Chief Financial
implementation of the Insider Officer, is the Compliance Officer,
Trading Code and to supervise the to ensure compliance and effective
implementation of the same. implementation of the Insider
Trading Code.
• To consider matters with respect to the
Tata Code of Conduct, Anti-bribery and • Quarterly Reports are placed before
Anti-Corruption Policy and Gifts Policy. the Committee Meetings relating to
the Insider Trading Code.
• Mr. Nasser Munjee, Chairperson of
the Audit Committee, had attended
the previous AGM of the Company
which was held on July 27, 2020.
119
Name of the
Committee
Nomination & Committee is constituted in line with the • Three Nomination and
Remuneration provisions of Regulation 19 of the SEBI Name Category Remuneration Committee ('NRC')
Committee Listing Regulations and Section 178 of the Hema Independent, Meetings were held during the year
Act. Ravichandar Non-Executive under review.
• Recommend to the Board the setup (Chairperson) • The Company does not have any
and composition of the Board and its Employee Stock Option Scheme.
committees. Mr. N. Non-
• Details of Performance Evaluation
Chandrasekaran Independent,
• Recommend to the Board the Criteria and Remuneration Policy
Non-Executive
appointment /re-appointment of are provided below.
Directors and Key Managerial Personnel. Mr. Independent,
• Ms. Hema Ravichandar, Chairperson
Venkataramanan Non-Executive
• Support the Board and Independent of the NRC, had attended the
Anantharaman
Directors in evaluation of the previous AGM of the Company
performance of the Board, its which was held on July 27, 2020.
Committees and individual Directors.
• Recommend to the Board the
Remuneration Policy for Directors,
executive team or Key Managerial
Personnel as well as the rest of
employees.
• Oversee familiarisation programmes for
Directors.
Stakeholders’ Committee is constituted in line with the • Two meetings of the Stakeholders’
Relationship provisions of Regulation 20 of SEBI Listing Name Category Relationship Committee ('SRC') were
Committee Regulations and Section 178 of the Act. Ms. Vibha Paul Independent, held during the year under review.
The broad terms of reference are as under: Rishi Non-Executive • Details of Investor complaints and
• Consider and resolve the grievance of (Chairperson) Compliance Officer are provided
security holders. Mr. Puneet Managing below in the Report.
• Consider and approve issue of share Chhatwal Director & CEO • Ms. Vibha Paul Rishi, Chairperson
certificates, transfer and transmission of Mr. Mehernosh Non- of the SRC, had attended the
securities, etc. Kapadia Independent, previous AGM of the Company
Non-Executive which was held on July 27, 2020
Corporate Committee is constituted in line with the • Two meetings of the CSR and
Social provisions of Section 135 of the Act. Name Category Sustainability Committee were held
Responsibility • Formulate and recommend to the Board, Mr. Puneet Managing during the year under review.
(CSR) and a CSR Policy which shall contain guiding Chhatwal Director & CEO • The CSR Policy and the Sustainability
Sustainability principles for selection, implementation Policy are available on the
(Chairperson)
Committee and monitoring of CSR activities. Company’s website at https://
Mr. Nasser Independent,
• Formulating and recommending to the Munjee Non-Executive www.ihcltata.com/CSR_Policy.
Board, an Annual Action Plan for the pdf and https://www.ihcltata.
Ms. Hema Independent,
Company and having an oversight on its com/Sustainability_Policy.pdf
Ravichandar Non-Executive
implementation respectively.
• Recommend the amount of expenditure
to be incurred on the activities
mentioned in the CSR Policy.
• Monitor the CSR and Sustainability Policy.
• Review activities with regard to the
Health, Safety and Sustainability
initiatives of the Company.
120
STATUTORY
REPORTS
Name of the
Committee
Risk Committee is constituted in line with the • Two meetings of the Risk
Management provisions of Regulation 21 of the SEBI Name Category
Management Committee were held
Committee Listing Regulations. during the year under review.
Mr. Nasser Independent,
• Review the Company’s risk governance
Munjee Non-Executive
structure, risk assessment and risk
management practices and guidelines, (Chairperson)
policies and procedures for risk Mr. Independent,
assessment and risk management Venkataramanan Non-Executive
• Review and approve the Enterprise Risk Anantharaman
Management (ERM) framework Ms. Vibha Paul Independent,
Rishi Non-Executive
• Review the Company’s risk appetite and
strategy relating to key risks, including
market risk, cyber security risk, product
risk and reputational risk, as well as the
guidelines, policies and processes for
monitoring and mitigating such risks
The terms of reference of these committees are available on the website https://www.ihcltata.com/investors.
(ii) Stakeholders’ Relationship Committee – other maintenance of confidentiality and independence of

details behavior and judgement.
a. Name, designation and address of Compliance
Remuneration Policy:
Officer:
Remuneration policy of the Company is designed to
Mr. Beejal Desai create a high-performance culture. It enables the
Senior Vice President – Corporate Affairs & Company to attract, retain and motivate employees to
Company Secretary (Group) achieve results. Our business model promotes customer
The Indian Hotels Company Limited centricity and requires employee mobility to address
6th Floor, Express Towers, project needs. The remuneration policy supports such
Barrister Rajni Patel Marg, mobility through pay models that are compliant to
Nariman Point, Mumbai 400 021 local regulations. In each country where the Company
Telephone: +91 22 6137 1602 operates, the remuneration structure is tailored to the
regulations, practices and benchmarks prevalent in the
b. Details of Investor Complaints received and Hospitality industry.
redressed during FY 2020-21 are as follows:
The Company pays remuneration by way of salary,
Opening Received during Resolved during Closing
Balance the year the year Balance
benefits, perquisites and allowances (fixed component)
and commission (variable component) to its Managing
0 26 26 0
Director and the Executive Directors. Annual increments
are recommended by the Nomination and Remuneration
(iii) Nomination and Remuneration Committee - other
Committee within the salary scale approved by the
details
Board and Members and are effective April 1, each year.
Performance Evaluation Criteria for Independent
Directors: The Board of Directors, on the recommendation of the
The performance evaluation criteria for Independent Nomination and Remuneration Committee, decides the
directors is determined by the Nomination and commission payable to the Managing Director and the
Remuneration Committee. An indicative list of factors on Executive Directors out of the profits for the Financial
which evaluation was carried out includes participation Year and within the ceilings prescribed under the Act
and contribution by a director, commitment, effective and after seeking relevant approvals, based on the
deployment of knowledge and expertise, integrity and Board evaluation process considering the criteria such
121
as the performance of the Company as well as that of NRC, the Board of Directors at their meeting held on
the Managing Director and each Executive Director. In April 30, 2021 approved payment of remuneration to the
case of loss or where the net profits of the Company Non-Executive Directors and Independent Directors of
are inadequate for payment of profit-linked commission the Company in accordance with the limits provided
in any financial year, an incentive remuneration, not under Schedule V of the Act in case of no profits /
exceeding 200% of the basic salary, may be paid at the inadequate profits for a period of three Financial
discretion of the Board. Years commencing April 1, 2020 to be distributable in
accordance with the directions given by the Board of
The Company pays sitting fees of ₹ 30,000 per meeting Directors and shall be in addition to the fee payable to
to its Non-Executive Directors for attending meetings the Directors for attending the meetings of the Board or
of the Board and meetings of committees of the Committee thereof or for any other purpose whatsoever
Board. The Company also pays commission to the as may be decided by the Board, and reimbursement
Non-Executive Directors within the ceiling of one of expenses for participation in the Board and
percent of the net profits of the Company as computed other meetings.
under the applicable provisions of the Act, with the
approval of the Members. The said commission is The resolution approving the above proposal is being
decided each year by the Board of Directors, on the placed for approval of the Members in the Notice for
recommendation of the Nomination and Remuneration this AGM.
Committee and distributed amongst the Non-Executive
Directors based on the Board evaluation process, Details of the Remuneration for the year ended
considering criteria such as their attendance and March 31, 2021:
contribution at the Board and Committee meetings, as a. Non- Executive Directors:
well as the time spent on operational matters other than (₹ Lakhs)
at meetings. The Company also reimburses the out-of- Remuneration
Name Sitting Fees
pocket expense incurred by the Directors for attending for FY 2020-21*
the meetings. The Remuneration policy is available on Mr. N Chandrasekaran**

- 2.70
(Chairman)
https://www.ihcltata.com/Remuneration_Policy_
Mr. Nasser Munjee 35.00 5.40
KMP_Directors_Employees.pdf.
Ms. Hema Ravichandar 35.00 5.70
Mr. Venkataramanan
Recently, the Ministry of Corporate Affairs has notified Anantharaman
30.00 5.70
the amendments to Sections 149(9) and 197(3) of the Ms. Vibha Paul Rishi 30.00 5.40
Act by the Companies (Amendment) Act, 2020 to enable Mr. Mehernosh Kapadia 30.00 2.40
companies faced with no profits / inadequate profits to Mr. Venu Srinivasan 30.00 1.50
pay certain fixed remuneration to their Non-Executive Total 190.00 28.80
Directors and Independent Directors, in accordance
*Payment for FY 2020-21 in FY 2021-22, post shareholder’s approval
with the provisions of Schedule V of the Act.
**As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from
receiving remuneration from the Company
In view of the valuable services being rendered by the
said Directors to the Company, as recommended by the
b. Managing Director and Executive Director

Benefits, Performance
Incentive
Name of Director Salary Perquisites and Linked Commission ESPS Total
Remuneration*
Allowances Incentive
Mr. Puneet Chhatwal
Managing Director and Chief
Executive Officer 162.00 236.70 - - 324.00 - 722.7
(w.e.f. November 6, 2017 for a
period of five years)
*Incentive Remuneration for FY 2020-21 as part of minimum remuneration recommended by NRC (subject to members’ approval) but not paid
122
STATUTORY
REPORTS
The above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance,
as separate actuarial valuation / premium paid are not available.
Services of the Managing Director may be terminated by either party, giving the other party six months’ notice or the
Company paying six months’ salary in lieu thereof. There is no separate provision for payment of severance pay.
IV. Number of Committee Meetings Held and Attendance Records

Corporate Social
Nomination and Stakeholders’
Responsibility Risk Management
Name of the Committee Audit Committee Remuneration Relationship
and Sustainability Committee
Committee Committee
Committee
No. of meetings held 7 3 2 2 2
Date of meetings April 22, 2020, June 10, 2020, June 10, 2020, November 4, June 10, 2020, May 26, 2020,
August 6, 2020, October 20, 2020, November 4, 2020, February August 6, 2020. March 16,
November 4, 2020, February 3, 2020, March 3, 2021. 2021
2021, March 16, 2021. 16, 2021.
No. of Meetings Attended
Mr. N. Chandrasekaran NA 3 NA NA NA
Mr. Puneet Chhatwal NA NA 2 2 NA
Mr. Nasser Munjee 7 NA NA 2 2
Ms. Vibha Paul Rishi 7 NA 2 NA 2
Ms. Hema Ravichandar 7 3 NA 2 NA
Mr. Venkataramanan 7 3 NA NA 2
Anantharaman
Mr. Mehernosh Kapadia NA NA 2 NA NA
Whether quorum was present The necessary quorum was present for all the above Committee Meetings
for all the meetings
V. Policies, Affirmations and Disclosures

Particulars Regulations Details Website link for details/policy
Related party transactions Regulation 23 of There are no material related party transactions https://www.ihcltata.
the SEBI Listing during the year that have conflict with the interest of com/RPT.pdf
Regulations and as the Company. Transactions entered into with related
defined under the parties during the Financial Year were in the ordinary
Act course of business and at arms’ length basis and
were approved by the Audit Committee. The Board’s
approved policy for related party transactions is
uploaded on the website of the Company.
The Board has received disclosures from senior
management relating to material, financial and
commercial transactions where they and/or their
relatives have personal interest. There are no
materially significant related party transactions
which have potential conflict with the interest of the
Company at large.
Details of non - compliance Schedule V (C) 10(b) There were no cases of non-compliance during the last
by the Company, penalty, to the SEBI Listing three Financial Years.
strictures imposed on the Regulations
Company by the stock
exchange, or SEBI or any
statutory authority on any
matter related to capital
markets during the last
three financial years
123

Whistle Blower Policy and Regulation 22 of The Company has a Whistle Blower Policy and has https://www.ihcltata.com/
Vigil Mechanism the SEBI Listing established the necessary vigil mechanism for directors Whistle_Blower_Policy.pdf
Regulations and employees to report concerns about unethical
behavior. No person has been denied access to the
Chairman of the Audit Committee. The said policy has
been uploaded on the website of the Company.
Subsidiary Companies Regulation 24 of The Audit Committee reviews the consolidated https://www.ihcltata.com/
the SEBI Listing financial statements of the Company and the Policy_for_Determining_
Regulations investments made by its unlisted subsidiary companies. Material_Subsidairies.pdf
The minutes of the Board meetings along with a report
on significant developments of the unlisted subsidiary
companies are periodically placed before the Board of
Directors of the Company.
The Company has six material unlisted subsidiary
companies:
Domestic:
Piem Hotels Limited
Skydeck Properties and Developers Private Limited
ELEL Hotels and Investments Limited
Foreign:
United Overseas Holdings Inc.
St. James Court Hotel Limited
IHOCO BV
As required under Regulation 24(1) of the SEBI Listing
Regulations, Mr. Venkataramanan Anantharaman,
Independent Director of IHCL has been appointed on
the Board of IHOCO BV.
The Company has a policy for determining ‘material
subsidiaries’ which is disclosed on its website.
Policy on Determination of Regulation 30 of The Company has adopted a Policy on Determination https://www.ihcltata.com/
Materiality for Disclosures the SEBI Listing of Materiality for Disclosures. Materiality-Policy.pdf
Regulations
Policy on Archival and Regulation 9 of The Company has adopted a Policy on Archival and https://www.ihcltata.
Preservation of Documents the SEBI Listing Preservation of Documents. com/Archival-Policy.pdf
Regulations and https://www.ihcltata.
com/preservation_of_
documents.pdf
Reconciliation of Share Regulation 76 of A qualified Practicing Company Secretary carried out https://www.ihcltata.
Capital Audit Report the Securities and a share capital audit to reconcile the total admitted com/Reconciliation_
Exchange Board of equity share capital with the National Securities Sharecapital _AuditReport.
India (Depositories Depository Limited (‘NSDL’) and the Central Depository pdf
and Participants) Services (India) Limited (‘CDSL’) and the total issued
Regulations, 2018 and listed equity share capital. The audit report
and SEBI Circular confirms that the total issued / paid-up capital is in
No. D&CC / FITTC/ agreement with the total number of shares in physical
Cir- 16/2002 dated form and the total number of dematerialised shares
December 31, 2002. held with NSDL and CDSL.
124
STATUTORY
REPORTS

Code of Conduct Regulation 17 of The Members of the Board and Senior Management https://www.ihcltata.
the SEBI Listing Personnel have affirmed compliance with the Code com/Code_of_Corporate_
Regulations of Conduct applicable to them during the year ended Disclosure_Practices.pdf
March 31, 2021. The Annual Report of the Company
contains a certificate by the Managing Director and
Chief Executive Officer, on the compliance declarations
received from the Members of the Board and Senior
Management.
Dividend Distribution Policy Regulation 43A The Company has adopted the Dividend Distribution https://www.ihcltata.com/
of the SEBI Listing Policy Dividend_Distribution_
Regulations Policy.pdf
Terms of Appointment of Regulation 46 of Terms and conditions of appointment/ re-appointment https://www.ihcltata.com/
Independent Directors the SEBI Listing of Independent Directors are available on the T&C_of_Appointment_of_
Regulations and Company’s website. ID.pdf
Section 149 read
with Schedule IV of
the Act
Regulations 25(7) Details of familiarisation programme imparted to the https://www.ihcltata.
Familiarisation Programme and 46 of the SEBI Directors are available on the Company’s website. com/Familiarization_
Listing Regulations Programme_for_ID.pdf
Disclosure under the Sexual The details have been disclosed in the Business https://www.ihcltata.
Harassment of Women at Responsibility Report as well as Board’s Report com/POSH_Policy.pdf
Workplace (Prevention, forming part of the Annual Report
Prohibition and Redressal)
Act, 2013
VI. OTHER DISCLOSURES ii. Discretionary requirements under Schedule II Part E

of the SEBI Listing Regulations:
i. Remuneration to Statutory Auditors
B S R & Co. LLP, Chartered Accountants (Firm Registration 1. Audit Report:
No. 101248W/ W-100022) have been appointed as the For FY 2020-21, the Auditors have expressed an
Statutory Auditors of the Company. As required under unmodified opinion on the Financial Statements
Regulation 34 read with Part C of the Schedule V of of the Company. The Company continues to adopt
the SEBI Listing Regulations, the Total Fees paid by the best practices to ensure a regime of unmodified
Company and its Subsidiaries on a consolidated basis, Financial Statements.
to the statutory auditor and all entities in the network
2. Reporting of Internal Auditor:
firm/ entity of which the statutory auditor is a part are
The Internal Auditors of the Company report to
as under:
(₹ lakhs)
the Audit Committee of the Company, to ensure
By the By the Total
independence of the Internal Audit function.
Particulars
Company Subsidiaries Amount
Services as statutory iii. Disclosure of accounting treatment in preparation of
auditors (including 282.00 67.96 349.96 financial statements
quarterly audits) The Company follows Indian Accounting Standards
Tax audit 48.00 6.00 54.00 (Ind As) issued by the Ministry of Corporate Affairs in the
Services for tax matters - - - preparation of its financial statements.
SSAE16 and Other matters 11.10 208.13 219.23
Re-imbursement of
18.00 4.49 22.49
out‑of-pocket expenses
Total 359.10 286.58 645.68
125
iv. Details of utilisation of funds raised through and Exchange Board of India, Ministry of Corporate
preferential allotment or qualified institutions Affairs or any such statutory authority. The same is
placement as specified under Regulation 32(7A) of the annexed to this Report as Annexure I.
SEBI Listing Regulations
The Company did not raise any funds through preferential A compliance certificate on the requirements of
allotment or qualified institutions placement during the Corporate Governance has been received from the
year under review. Practising Company Secretary, which is annexed to this
Report as Annexure II.
v. Directors and Officers Liability Insurance (D&O) as
specified under Regulation 25(10) of the SEBI Listing VIII. GENERAL BODY MEETINGS
Regulations: i. General Meeting
The Company has taken a Directors and Officers
a. Annual General Meeting (AGM)
Liability Insurance (D&O) on behalf of all Directors
Financial
including Independent Directors, Officers, Managers Year
Date Time Venue
and Employees of the Company for indemnifying any of 2018 July 19, 3.00 Birla Matushri Sabhagar,
them against any liability in respect of any negligence, 2018 p.m. 19, Sir Vithaldas Thackersey
2019 June 20, Marg, New Marine lines,
default, misfeasance, breach of duty or breach of trust 2019 Mumbai – 400 020
for which they may be guilty in relation to the Company. 2020 July 27, Video Conferencing (‘VC’)/
2020 Other Audio Visual Means
(‘OAVM’)
vi. Disclosures of commodity price risks or foreign
exchange risks and commodity hedging activities
b. Extraordinary General Meeting:
specified under Schedule V (C) 10(g) to the SEBI Listing
No extraordinary general meeting of the Members
Regulations:
was held during FY 2020-21.
The Company does not deal in commodities and hence
the disclosure pursuant to the same is not required to be
c. Special Resolution:
given. The Company has a portfolio of foreign currency
• Special Resolution for Private Placement of
debt and derivatives in respect of which it faces exposure
Non-Convertible Debentures was passed at the
to fluctuations in currency. Net derivatives exposures
AGM held on July 19, 2018.
are kept within overall limits approved by the Board.
• No Special Resolution was passed at the AGM
The details of foreign exchange exposures as on held on June 20, 2019.
March 31, 2021 are disclosed in Notes to the
• Special Resolution for Re-appointment of
Financial Statements.
Ms. Vibha Paul Rishi as an Independent Director
of the Company was passed at the AGM held on
vii. Plant / Hotel Locations:
July 27, 2020.
The Company operates various hotels in India and
Abroad, details of which are annexed at the end of All the above Special Resolutions were passed with
this report the requisite majority.
VII. CERTIFICATIONS
ii. Details of special resolution passed through postal
In terms of Regulation 17(8) of the SEBI Listing
ballot, the persons who conducted the postal ballot
Regulations, the Managing Director & CEO and the CFO
exercise, details of the voting pattern and procedure
have issued a certificate to the Board with regard to the
of postal ballot:
propriety of the Financial Statements and other matters
No postal ballot was conducted during FY 2020-21.
stated in the said regulation, for the FY 2020-21.
iii. Details of special resolution proposed to be conducted
A certificate has been received from Practicing Company
through postal ballot:
Secretary Neville Daroga & Associates, that none of
None of the businesses proposed to be transacted at
the Directors on the Board of the Company has been
the ensuing AGM requires passing of a special resolution
debarred or disqualified from being appointed or
through postal ballot.
continuing as directors of companies by the Securities
126
STATUTORY
REPORTS
IX. INVESTOR RELATIONS policies, corporate governance, sustainability and

investor relations. There is a separate section on
Investor Relations at IHCL serves as a bridge for two way
‘Investor Relations’ where Members can access the
communication of information and insights between the
details of the Board, the Committees, Policies, Board
Company and the investment community. On one hand,
committee Charters, financial information, statutory
this seamless channel of communication enables the
filings, Shareholding information, details of unclaimed
investment community to be aware of the Company’s
dividend and shares transferred / liable to be transferred
business activities, strategy and prospects and allows
to IEPF, frequently asked questions, etc. In addition,
them to make an informed judgment about the Company.
various downloadable forms required to be executed
On the other hand, the Company receives invaluable
by the shareholders have also been provided on the
inputs and feedback from the investor community which
website of the Company.
are given due consideration and factored into future
plans and strategies.
nnual Report: The Annual Reports for FY 2020-21 are
A
being sent to all members who had registered their
Means of Communication:
email ids for the purpose of receiving documents /
IHCL recognises communication as a key element to the
communication in electronic mode with the Company
overall Corporate Governance framework, and therefore
and / or Depository Participants. The Annual Reports
emphasises on prompt, continuous, efficient and
are also available in the Investor Relations section on
relevant communication to all external constituencies.
the Company’s website https://www.ihcltata.com/
AGM/2021/ AGM-FY2021/.
F inancial Results: Quarterly, Half-yearly and Annual
results of the Company are published in leading English
Electronic Communication: The Company had during

and vernacular newspapers viz. Financial Express
FY 2020-21 sent various communications including
and Loksatta. Additionally, the results and other
Annual Reports, ECS intimation of dividend by email
important information are also periodically updated
to those shareholders whose email addresses were
on the Company’s website https://www.ihcltata.com/
registered with the Company / Depositories. In support
investors.
of the ‘Green Initiative’ the Company encourages
Members to register their email address with their
I nvestors / Analyst Meets: The Company hosts calls or
Depository Participant or the Company, to receive
meetings with institutional investors on request. Post
soft copies of the Annual Report, Notices and other
the quarterly results, an analyst meet / call is organised
information disseminated by the Company, on a real-
which provides a platform for the Management to
time basis without any delay.
answer questions and provide clarifications to investors
and analysts. The Company continues to interact with all
Scores: A centralised web based complaints redress

types of funds and investors in order to have a diversified
system ‘Scores’ which serves as a centralised database
shareholder base both in terms of geographical location
of all complaints received, enables uploading of Action
and investment horizon. Financial Results, Statutory
Taken Reports by the concerned companies and online
Notices, Press Releases and Presentations made to the
viewing by the investors of actions taken on complaint
institutional investors/ analysts after the declaration
and its current status.
of the quarterly, half-yearly and annual results are
submitted to the National Stock Exchange of India
eb-based Query Redressal System: Members may
W
Limited (NSE) and BSE Limited (BSE) as well as uploaded
utilise the facility extended by Link Intime India Private
on the Company’s website on a regular basis. The
Limited, the Registrar and Transfer Agent of the Company
Company also issues press releases from time to time.
for redressal of queries, by visiting their website
www.linkintime.co.in.
ebsite: The Company’s website is a comprehensive
W
reference on its leadership, management, vision,
127
General shareholder information iv. Date of Book Closure: June 16, 2021 to June 22, 2021
i. Annual General Meeting for Financial Year 2021 (both days inclusive)
Date : June 22, 2021
v. Record Date: June 15, 2021
Time : 3.00 p.m.
Venue : The Company is conducting meeting through
vi. Listing on Stock Exchanges:
Video Conferencing and Other Audio Visual
National Stock Exchange of India Limited
Means pursuant to the MCA Circulars dated
Exchange Plaza, C-1, Block G,
May 5, 2020 read with Circulars dated April
Bandra Kurla Complex Bandra (East),
8, 2020, April 13, 2020 and January 13, 2021
Mumbai 400 051
and as such there is no requirement to have a
venue for the AGM. For details please refer to BSE Limited
the Notice of this AGM. P. J. Towers, Dalal Street,
Mumbai 400 001
As required under Regulation 36(3) of the SEBI Listing ISIN : INE053A01029
Regulations and Secretarial Standard 2, details of
Director seeking re-appointment at this AGM are given vii. Stock Codes/Symbol
in the Annexure to the Notice of this AGM. NSE : INDHOTEL EQ
BSE : 500850
ii. Tentative Financial Calendar for FY 2021-22
Listing Fees as applicable have been paid.
Quarter ending 30th June, 2021 August 2021
Quarter ending 30th September, 2021 November 2021 viii. Corporate Identity Number (CIN) of the Company:
Quarter ending 31st December, 2021 February 2022 L74999MH1902PLC000183
Quarter ending 31st March, 2022 April 2022
iii. Financial Calendar

Year ending : March 31, 2021
AGM : June 22, 2021
Dividend Payment : The dividend, if approved, shall
be paid/credited on or after
June 29, 2021
ix. Market Price Data:

High Low (based on daily closing price) and number of equity shares traded during each month in the year 2021 on
NSE and BSE:
BSE NSE
Total number of Total number of
High (₹) Low (₹) High (₹) Low (₹)
equity shares traded equity shares traded
Apr/2020 85.00 69.05 2527428 85.00 69.00 60307103
May/2020 79.15 62.10 4792368 77.00 62.10 37947865
Jun/2020 96.80 79.00 7009474 96.50 79.00 77522493
Jul/2020 87.80 76.15 4010446 87.80 76.10 54056237
Aug/2020 112.35 76.25 7313387 112.50 76.35 136338767
Sep/2020 108.20 88.60 3524560 108.30 88.65 61100412
Oct/2020 102.75 93.00 10490818 102.90 93.00 72017429
Nov/2020 122.65 92.00 5960763 122.75 91.50 69579986
Dec/2020 139.00 112.50 4398180 139.25 113.20 65096950
Jan/2021 129.80 118.40 3649325 129.90 120.10 39922150
Feb/2021 133.00 117.50 4768362 133.00 118.00 57600972
Mar/2021 130.40 102.75 5663149 130.60 102.70 47608383
128
STATUTORY
REPORTS
Performance of the share price of the Company in comparison to the BSE Sensex:
IHCL NSE Share price IHCL BSE Share price
Month NSE Nifty BSE Sensex
- NSE - BSE
Apr'20 77.00 8972.43 77.03 30694.02
May'20 69.55 9202.80 70.63 31406.97
Jun'20 87.75 10048.75 87.90 34027.33
Jul'20 81.95 10820.50 81.98 36772.12
Aug'20 94.43 11338.25 94.30 38460.70
Sep'20 98.48 11204.15 98.40 37576.67
Oct'20 97.95 11686.25 97.88 39729.13
Nov'20 107.13 12351.63 107.33 42080.15
Dec'20 126.23 13493.83 125.75 46007.54
Jan'21 125.00 14175.15 124.10 48172.24
Feb'21 125.50 14546.75 125.25 49475.21
Mar'21 116.65 14800.35 116.58 50029.10
i.
Registrars and Transfer Agents iii. Share Transfer System:
Name and Address: Link Intime India Private Limited Transfers of equity shares in electronic form are
C-101, 247 Park, L.B.S. Marg, effected through the depositories with no involvement
Vikhroli West Maharashtra of the Company. The Directors and certain Company
Mumbai 400083 officials (including Chief Financial Officer and Company
Telephone: 022 4918 6270 Secretary) are authorised by the Board severally to
Fax: 022 4918 6060 approve transfers, which are noted at subsequent
E-mail: [email protected] Board Meetings.
Website: www.linkintime.co.in
ii. Place for acceptance of Documents: Documents will

be accepted at the above address between 10.00 a.m.
and 3.30 p.m. (Monday to Friday except bank holidays).
iv. Shareholding as on March 31, 2021:

a. Distribution of equity shareholding as on March 31, 2021:
Percentage Number of Percentage to total
Number of shares Holding
to capital accounts accounts
1 - 100 4736201 0.40 119464 54.25
101 - 500 14981226 1.26 57880 26.29
501 - 1000 13316636 1.12 17138 7.78
1001 - 5000 43823558 3.68 19607 8.90
5001 - 10000 24418003 2.05 3410 1.55
10001 - 20000 22219451 1.87 1600 0.73
20001 - 30000 10581413 0.89 430 0.20
30001 - 40000 5599088 0.47 161 0.07
40001- 50000 4057947 0.34 89 0.04
50001 -100000 10329752 0.87 150 0.07
100001 - above 1035195170 87.05 264 0.12
GRAND TOTAL 1189258445 100 220193 100
129
b. Categories of equity shareholding as on March 31, 2021

Number of equity Percentage of
Category
shares held holding
Promoters 453005131 38.09
Other Entities of the Promoter Group 31637119 2.66
Mutual Funds & UTI 234288148 19.7
Banks, Financial Institutions, States and Central Government 21325536 1.8
Insurance Companies 90713253 7.63
Foreign Institutional Investors and Foreign Portfolio Investors – Corporate 146252665 12.3
NRI's / OCB's / Foreign Nationals 8048392 0.68
Corporate Bodies / Trust 12999403 1.09
Indian Public & Others 188299233 15.83
Alternate Investment Fund 494039 0.04
IEPF account 2195526 0.18
GRAND TOTAL 1189258445 100
c. Top ten equity shareholder of the Company as on March 31, 2021:

Total Shareholding
Sr. Total Number of
Name of the Shareholder as % of total number
No. Equity Shares
of equity shares
1 Tata Sons Private Limited 453005131 38.09
2 Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund 51634325 4.3417
3 HDFC Trustee Company Ltd - A/C HDFC Mid - Cap Opportunities Fund 48309366 4.0621
4 ICICI Prudential Life Insurance Company
40949079 3.4432
Limited
5 SBI Magnum Multicap Fund 37890173 3.1860
6 Amansa Holdings Private Limited 30745648 2.5853
7 ICICI Prudential Midcap Fund 27645885 2.3246
8 Franklin India Prima Fund 26823087 2.2554
9 HDFC Life Insurance Company Limited 21869091 1.8389
10 Life Insurance Corporation Of India 21190914 1.7819
v. Dematerialisation of Shares and Liquidity:

The Company’s shares are compulsorily traded in dematerialised form on NSE and BSE. Equity shares of the Company
representing 99.15% of the Company’s equity share capital are dematerialised as on March 31, 2021. Under the Depository
System, the International Securities Identification Number (ISIN) allotted to the Company’s shares is INE053A01029.
130
STATUTORY
REPORTS
vi. Outstanding GDRs/ADRs/Warrants or any Convertible Instruments, Conversion Date and Likely Impact on Equity:
The Company has not issued any GDRs/ADRs/Warrants or any convertible instruments in the past and hence, as on
March 31, 2021, the Company does not have any outstanding GDRs/ADRs/Warrants or any convertible instruments.
The following Non-Convertible Debentures (NCD) are listed on NSE and BSE under the Wholesale Debt Market segment*:
Outstanding Credit Rating#

Date of
Description of Instruments Date of Allotment Debentures & ISIN No. Listed on
Redemption CARE ICRA
Amount in (₹)
9.95% (250 Crores) 27th July, 2011 27th July, 2021 2,500 INE053A07166 NSE AA AA
Secured Non‑convertible ₹ 250,00,00,000
Redeemable Debentures
10.10% (300 Crores) 18th Nov, 2011 18th Nov, 2021 3,000 INE053A07174 NSE AA AA
Secured Non-convertible ₹ 300,00,00,000
7.85% (495 Crores) 20th Jan, 2017 15th Apr, 2022 4,950 INE053A07182 NSE AA -
Secured Non-convertible ₹ 495,00,00,000
7.50% (150 Crores) 23rd Apr, 2020 23rd Apr, 2023 1,500 INE053A08107 NSE AA -
Unsecured Non-convertible ₹ 150,00,00,000
7.95% (300 Crores) 5th June, 2020 5th June, 2023 3,000 INE053A08115 NSE AA -
Unsecured Non-convertible ₹ 300,00,00,000
*Detailed information on the above debentures is included in the ‘Notes to Accounts’
# The
credit ratings obtained by the Company as per Regulation 34 read with Part C of the Schedule V of the SEBI Listing Regulations have been revised by
CARE during the year under review
Details of Debenture Trustees are given below:

Centbank Financial Services Limited Axis Trustee Services Limited
Debenture Trustee Section Debenture Trustee Section
Merchant Banking Department The Ruby, 2nd Floor (SW), 29, Senapati Bapat Marg,
Central Bank Building, 3rd floor, Dadar West, Mumbai - 400 028.
M.G. Road, Fort, Mumbai – 400023 Email ID: [email protected];
Email ID: [email protected]; [email protected]
[email protected]; [email protected]”
vii. Equity Shares in the Suspense Account:

In accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details
of equity shares in the suspense account are as follows:
Number of Number of equity
Particulars
shareholders shares
Aggregate number of shareholders and the outstanding shares in the suspense account lying as
- -
on April 1, 2020
Shareholders who approached the Company for transfer of shares from suspense account during
- -
the year
Shareholders to whom shares were transferred from the suspense account during the year - -
Shareholders whose shares are transferred to the demat account of the IEPF Authority as per
- -
Section 124 of the Act
Aggregate number of shareholders and the outstanding shares in the suspense account lying as
NIL NIL
on March 31, 2021
The voting rights on the shares outstanding in the suspense account as on March 31, 2021 shall remain frozen till the
rightful owner of such shares claims the shares.
131
viii. Transfer of Unclaimed/Unpaid Amounts to the The details of unclaimed dividends and shares
Investor Education and Protection Fund: transferred to IEPF during the FY 2020-21 are as follows:
Pursuant to Sections 124 and 125 of the Act read with
Amount of unclaimed
the Investor Education and Protection Fund Authority Financial Year dividend transferred
Number of shares
(Accounting, Audit, Transfer and Refund) Rules, 2016 (₹ Lakhs)
transferred
(‘IEPF Rules’), dividend, if not claimed for a consecutive 2012-13 3175741 351235
period of seven years from the date of transfer to
Unpaid Dividend Account of the Company, are liable to The Members who have a claim on above
be transferred to the Investor Education and Protection dividends and shares may claim the same from IEPF
Fund (‘IEPF’). Authority by submitting an online application in the
prescribed Form No. IEPF-5 available on the website
Further, all the shares in respect of which dividend www.iepf.gov.in and sending a copy of the same, duly
has remained unclaimed for seven consecutive years signed to the Company at investorrelations@tajhotels.
or more from the date of transfer to unpaid dividend com, along with requisite documents enumerated in the
account shall also be transferred to IEPF Authority. The Form No. IEPF-5. No claims shall lie against the Company
said requirement does not apply to shares in respect in respect of the dividend/shares so transferred
of which there is a specific order of Court, Tribunal
or Statutory Authority, restraining any transfer of The following table gives information relating to various
the shares. outstanding dividends and the dates by which they can
be claimed by the shareholders from the Company’s
In the interest of the shareholders, the Company Registrar and Transfer Agent:
sends periodical reminders to the shareholders to
claim their dividends in order to avoid transfer of For shareholders of The Indian Hotels Company
dividends/shares to IEPF Authority. Notices in this Limited:
regard are also published in the newspapers and the
Last date for claiming
details of unclaimed dividends and shareholders Financial Year Date of declaration
unpaid dividend
whose shares are liable to be transferred to the IEPF 2015-16 August 26, 2016 September 22, 2023
Authority, are uploaded on the Company’s website 2016-17 August 21, 2017 September 18, 2024
https://www.ihcltata.com/investors 2017-18 July 19, 2018 August 18, 2025
2018-19 June 20, 2019 July 27, 2026
In light of the aforesaid provisions, the Company has 2019-20 July 27, 2020 September 2, 2027
during the year under review, transferred to IEPF the
unclaimed dividends, outstanding for seven consecutive Address for Correspondence
years, of the Company. Further, shares of the Company, The Indian Hotels Company Limited
in respect of which dividend has not been claimed Mandlik House,
for seven consecutive years or more from the date of Mandlik Road
transfer to unpaid dividend account, have also been Mumbai 400 001
transferred to the demat account of IEPF Authority. Tel: 022-66395515
Designated e-mail address for Investor Services:
[email protected]
For queries on IEPF related matters:
[email protected]
132
STATUTORY
REPORTS
DECLARATION BY THE MANAGING DIRECTOR & CEO ON CODE OF CONDUCT

AS REQUIRED BY SCHEDULE V OF SECURITIES AND EXCHANGE BOARD OF INDIA
(LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
I, Puneet Chhatwal, Managing Director & CEO of the Company hereby declare that all the Members of Board of Directors
and Senior Management Personnel have affirmed compliance with Code of Conduct, as applicable to them, in respect of the
Financial Year ended March 31, 2021.
For The Indian Hotels Company Limited
Puneet Chhatwal
Managing Director and CEO
Mumbai, April 28, 2021 DIN: 07624616
133
Annexure I
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members
Mandlik House,
Mandlik Road,
Mumbai – 400 001
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
The Indian Hotels Company Limited having CIN L74999MH1902PLC000183 and having registered office at Mandlik House,
Mandlik Road, Mumbai – 400 001 (hereinafter referred to as ‘the Company’), produced before me/us by the Company for
the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of
the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
(DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company &
its officers and considering the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board
of India warranted due to the spread of the COVID-19 pandemic, We hereby certify that none of the Directors on the Board
of the Company as stated below for the Financial Year ending on March 31, 2021 have been debarred or disqualified from
being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate
Affairs, or any such other Statutory Authority.
Sr. Date of Appointment

Name of Director DIN
No. in Company
1. Mr. N Chandrasekaran 00121863 27/01/2017
2. Mr. Nasser Munjee 00010180 05/08/2019
3. Ms. Vibha Paul Rishi 05180796 10/09/2019
4. Ms. Hema Ravichandar 00032929 05/08/2019
5. Mr. Venkataramanan Anantharaman 01223191 05/08/2019
6. Mr. Venu Srinivasan 00051523 10/08/2018
7. Mr. Mehernosh Kapadia 00050530 10/08/2018
8. Mr. Puneet Chhatwal 07624616 06/11/2017
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management
of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an
assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has
conducted the affairs of the Company.
M/s Neville Daroga & Associates

ACS No. 8663
Mumbai, April 28, 2021 C.P. No. 3823
134
STATUTORY
REPORTS
Annexure II
PRACTISING COMPANY SECRETARIES’ CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members of
We have examined the compliance of the conditions of Corporate Governance by The Indian Hotels Company Limited
(‘the Company’) for the year ended on March 31, 2021, as stipulated under Regulations 17 to 27, clauses (b) to (i) of
sub- regulation (2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’).
The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. Our
examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring
compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, and the representations
made by the Directors and the Management and considering the relaxations granted by the Ministry of Corporate Affairs
and Securities and Exchange Board of India warranted due to the spread of the COVID-19 pandemic, we certify that the
Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations for the
year ended on March 31, 2021.
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency
or effectiveness with which the management has conducted the affairs of the Company.
M/s Neville Daroga & Associates

ACS No. 8663
Mumbai, April 28, 2021 C.P. No. 3823
135
Company-wise list of Hotels/Units

as at 10th May, 2021
Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms
The Indian Hotels Company Limited Subsidiary Companies Joint Venture Companies
The Taj Mahal Palace & Tower, Mumbai 543 Roots Corporation Limited Taj GVK Hotels & Resorts Limited
Taj Lands End, Mumbai 493 Ginger Hotel - Agartala 94 Taj Krishna, Hyderabad 260
Taj Wellington Mews, Mumbai 78 Ginger Hotel - Ahmedabad (Drive-in 93 Vivanta Hyderabad, Begumpet 181
Taj Mahal Hotel, New Delhi 292 Road) Taj Banjara, Hyderabad 122
Taj Palace, New Delhi 403 Ginger Hotel - Bangalore (Inner Ring 87 Taj Deccan, Hyderabad 151
Taj Bengal, Kolkata 229 Road)
Taj Club House, Chennai 220
Taj West End, Bengaluru 117 Ginger Hotel – Bhubaneshwar 160
Taj Chandigarh, Chandigarh 149
Taj Lake Palace, Udaipur 83 Ginger Hotel - Chennai (Vadapalani) 79
Taj Falaknuma Palace, Hyderabad 60 Ginger Hotel - Chennai (IITM) 81
Taj Kerala Hotels & Resorts Limited
Taj Exotica Resort & Spa, Goa 140 Ginger Hotel – Faridabad 91
Taj Kumarakom Resort & Spa, Kerala 28
Vivanta Aurangabad, Maharashtra 63 Ginger Hotel – Goa, Panaji 111
The Gateway Hotel Marine Drive 108
Taj Connemara, Chennai 147 Ginger Hotel – Guwahati 70
Ernakulam
Vivanta New Delhi, Dwarka 250 Ginger Hotel – Indore 95
Gateway Varkala - IHCL SeleQtions 30
Taj Fort Aguada Resort & Spa, Goa 143 Ginger Hotel – Jaipur 103
Taj Holiday Village Resort & Spa, Goa 142 Ginger Hotel – Jamshedpur 94
Kaveri Retreats and Resorts Limited
Taj Hari Mahal, Jodhpur 93 Ginger Hotel – Mangalore 79
Taj Madikeri Resort & Spa, Coorg 63
Vivanta Bengaluru, Whitefield 199 Ginger Hotel - Mumbai, Andheri MIDC 116
Taj Yeshwantpur, Bengaluru 327 Ginger Hotel – Mysore 98
Taj Karnataka Hotels & Resorts
Jai Mahal Palace, Jaipur 100 Ginger Hotel – Nashik 92
Limited
Taj Usha Kiran Palace, Gwalior 40 Ginger Hotel - Delhi (Rail Yatri Niwas) 115
Gateway Chikmagalur - IHCL SeleQtions 29
Vivanta Guwahati 150 Ginger Hotel - East Delhi (Vivek Vihar) 81
Vivanta Bengaluru, Residency Road 98 Ginger Hotel – Noida Sector 63 83
The Gateway Hotel Beach Road Calicut 74 Ginger Hotel – Pantnagar 98
Taj Safaris Limited
Savoy, Ooty - IHCL SeleQtions 40 Ginger Hotel - Pune (Wakad) 128
Ginger Hotel - Pune (Pimpri) 97
Mahua Kothi, A Taj Safari, Bandhavgarh 12
Taj Exotica Resort & Spa, Andamans 72 National Park
Taj Fateh Prakash Palace 65 Ginger Hotel – Surat 98
Banjaar Tola, A Taj Safari, Kanha National 18
The Connaught, New Delhi – IHCL 104 Ginger Hotel – Thane 46 Park
SeleQtions Ginger Hotel – Thiruvananthapuram 101 Pashan Garh, A Taj Safari, Panna National 12
Ginger Hotel – Vadodara 99 Park
Managed Properties Ginger TCS Cochin 38 Baghvan, A Taj Safari, Pench National 12
Taj Santacruz, Mumbai 279 Ginger TCS Nivant (Pune) 92 Park
Umaid Bhawan Palace, Jodhpur 70 Ginger TCS Siruseri 94
Rambagh Palace, Jaipur 78 Ginger Hotel – Noida Sector 63 (New) 96 Managed Properties - Safaris
Taj Bangalore, Bengaluru 154 Ginger Hotel – Vapi 90 Meghauli Serai, A Taj Safari, Chitwan 29
Taj Bekal Resort & Spa, Kerala 75 Ginger Hotel – Mumbai, Andheri East 142 National Park
Vivanta Dal View, Srinagar 84 Ginger Hotel - Lucknow 72
Taj City Centre, Gurugram 208 Ginger Hotel - Aurangabad 63 Taj SATS Air Catering Limited
Taj Green Cove Resort & Spa, Kovalam 59 Ginger Hotel - Sanand 104 Amritsar -
Vivanta Goa, Panaji 172 Ginger Hotel - Madgaon, Goa 39 Bangalore -
Vivanta Sawai Madhopur Lodge 36 Ginger Hotel - Patna 70 Delhi -
Vivanta Surajkund, NCR 286 Ginger Hotel - Kalinganagar 93 Goa -
Vivanta Vadodara 88 Ginger TCS - BKC 30 Kolkata -
The Gateway Resort Damdama Lake 78 Ginger Tata Steel - Jamshedpur 32 Mumbai -
Gurgaon
Vivanta Kolkata EM Bypass 197 Managed Properties - Ginger Taj Madras Flight Kitchen
The Gateway Hotel Gir Forest Junagadh 28 Ginger Hotel - Manesar 92 Chennai -
Vivanta Pune, Hinjawadi 150 Ginger Hotel - Katra, Jammu 80
Vivanta Chennai, IT Expressway 200 Ginger Hotel – Tirupur 91 TAL Maldives Resorts Private Limited
The Gateway Hotel M G Road 108 Ginger Hotel – Vizag 57 Taj Exotica Resort & Spa, Maldives 64
Vijayawada Ginger Hotel - Ahmedabad, Satellite 36
Taj Coral Resort & Spa, Maldives 62
136
STATUTORY
REPORTS
Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms Company/ Hotel/ Unit Rooms
Managed Properties Subsidiary Companies Associate Companies
The Gateway Hotel Ramgarh Lodge 14
Jaipur Managed Properties - Ginger Oriental Hotels Limited
Pratap Mahal, Ajmer - IHCL SeleQtions 88 Ginger Hotel - Ahmedabad, S.G. Road 44 Taj Coromandel, Chennai 212
Taj Corbett Resort & Spa, Uttarakhand 61 Ginger Hotel - Gurugram 77 Taj Fisherman’s Cove Resort & Spa, 149
Ginger Hotel - Goa, Dona Paula 24 Chennai
The Gateway Hotel Beach Road 95
Visakhapatnam Ginger Hotel - Vadodara (RCR) 41 Taj Malabar Resort & Spa, Kochi 95
Vivanta Katra 77 Ginger Hotel - Dwarka 98 Vivanta Coimbatore 178
Taj Aravali Resort & Spa, Udaipur 176 Ginger Hotel - Surat City Centre 98 Gateway, Coonoor - IHCL SeleQtions 32
Taj Theog Resort & Spa, Shimla 83 Ginger Hotel - Bangalore (Whitefield) 101 The Gateway Hotel Old Port Road 96
Taj Rishikesh Resort & Spa, Uttarakhand 79 Ginger Hotel – Puducherry 94 Mangalore
Cidade De Goa - IHCL SeleQtions 207 Ginger Hotel - Visakhapatnam, Gajuwaka 57 The Gateway Hotel Pasumalai Madurai 63
Devi Ratn, Jaipur – IHCL SeleQtions 62
Sawai Man Mahal, Jaipur 0 Benaras Hotels Limited TAL Lanka Hotels PLC
Taj Hotel & Convention Centre, Agra 239 Taj Nadesar Palace, Varanasi 14 Taj Samudra, Colombo 300
Taj Tirupati 62 Taj Ganges, Varanasi 130
Taj Hotel & Convention Centre, Goa 299 The Gateway Hotel Balaghat Road 34 Lanka Island Resorts Limited
Taj Skyline Ahmedabad 170 Gondia Taj Bentota Resort & Spa, Sri Lanka 160
Taj Chia Kutir Resort & Spa Darjeeling 72
Vivanta Thiruvananthapuram 108 United Overseas Holding, Inc.
Taj Dubai 296 The Pierre, A Taj Hotel, New York 189
Taj Pamodzi, Lusaka 192 Taj Campton Place, San Francisco 110
Taj Tashi, Bhutan 66
Vivanta Langkawi, Rebak Island 94 St James Court Hotels Limited
Vivanta Colombo, Airport Garden 208 Taj 51 Buckingham Gate Suites and 86
Residences, London
Vivanta Kathmandu 110
St. James’ Court, A Taj Hotel, London 329
Taj Jumeirah Lakes Towers 200
Subsidiary Companies Good Hope Palace Hotels

Proprietary Limited
Piem Hotels Limited
Taj Cape Town, South Africa 159
President, Mumbai - IHCL SeleQtions 287
Blue Diamond, Pune - IHCL SeleQtions 110
Taj International Hotels Limited
Taj Mahal, Lucknow 110
Bombay Brasserie -
Taj M G Road, Bengaluru 165
Quilon -
The Gateway Hotel Ambad Nashik 148
Tajview, Agra - IHCL SeleQtions 95
Taj Swarna, Amritsar 157
United Hotels Limited
Ambassador, New Delhi - IHCL 88
SeleQtions
137
Business Responsibility Report 2020-21

(Pursuant to Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Section A: General Information about the Company 10. Markets served by the Company - Local / State /
National / International:
1. Corporate Identity Number (CIN) of the company:
L74999MH1902PLC000183 International:
US: New York, San Francisco
2. Name of the Company: The Indian Hotels Company
UK: London
Limited (IHCL)
United Arab Emirates (UAE): Dubai
South Africa: Cape Town
3. Registered address: Mandlik House, Mandlik Road,
Zambia: Lusaka
Mumbai- 400001
Sri Lanka: Colombo, Bentota
Bhutan: Thimphu
4. Website: https://www.ihcltata.com/
Nepal: Chitwan, Kathmandu
Maldives
5. E-mail id: [email protected]
Malaysia: Langkawi
6. Financial Year reported: April 1, 2020 – March 31, 2021 National:
Agartala, Agra, Ahmedabad, Ajmer, Alleppey, Amritsar,
7. Sector(s) that the Company is engaged in
Aurangabad, Bandhavgarh, Bangalore, Bekal, Betul,
(industrial activity code-wise):
Bhubaneshwar, Calicut, Chandigarh, Chennai,
Group Description Chikmagalur, Cochin, Coimbatore, Coonoor, Coorg,
551 Short Term Accommodation activities Corbett, Darjeeling, Dwarka, Ernakulam, Faridabad,
561 Restaurants and mobile food service activities Goa, Gondia, Gurgaon, Guwahati, Gwalior, Havelock,
Hyderabad, Indore, Jaipur, Jamshedpur, Jodhpur,
8. List three key products / services that the company Junagadh, Kalinganagar, Kanha, Katra, Kolkata, Kovalam,
manufactures / provides (as in balance sheet): Kumarakom, Lonavala, Lucknow, Madikeri, Madurai,
1. Rooms Mangalore, Mumbai, Mysore, Nashik, New Delhi, Noida,
Ooty, Panna, Pantnagar, Patna, Pench, Pondicherry,
2. Food and beverage services Pune, Ranthambore, Rishikesh, Sanand, Shimla,
Srinagar, Surajkund, Surat, Thane, Tirupati, Tirupur,
9. Total number of locations where business activity is Trivandrum, Udaipur, Vadodara, Vapi, Varanasi, Varkala,
undertaken by the Company: Vijayawada, Vizag
Including Ginger and amã
Number of International Locations: 13 Section B: Financial Details of the Company as on
March 31, 2021
Number of National Locations: 78 (` Crores)
Sr. No Particulars FY 20-21
Excluding Ginger and amã 1. Paid up capital 118.93
Number of International Locations: 13 2. Total turnover 1243.67
3. Total profit after taxes (524.78)
Number of National Locations: 55 4. Total spending on Corporate Social
17.26
Responsibility (CSR)
5. List of activities in which expenditure in 4 above has

been incurred:
(1) Employment enhancing vocational skills training
(2) Livelihood enhancement projects
(3) Preservation and promotion of heritage sites
(4) Covid-19 response
138
STATUTORY
REPORTS
Section C: Other Details b) Details of the BR head:

1. Does the Company have any Subsidiary company / Sr.
No
Particulars Details
companies? 1. DIN Number Not Applicable
Yes. The Company has 25 Subsidiaries, 7 Joint Ventures (if applicable)
and 6 Associates as at March 31, 2021. 2. Name: Gaurav Pokhriyal
3. Designation: Senior Vice President –
Global Head Human Resources
2. Do the Subsidiary company / companies participate 4. Telephone Number 022-61371931
in the BR Initiatives of the parent company? 5. Email [email protected]
If yes, then indicate the number of such subsidiary
company(s).
2. Principle-wise (as per NVGs) BR Policy / policies
Yes. Major subsidiaries such as PIEM Hotels Limited, (Reply in Y / N):
Benares Hotels Limited and joint ventures like Oriental The National Voluntary Guidelines on Social,
Hotels Limited, United Hotels Limited and Taj SATS Environmental and Economic Responsibilities of
participate in company’s Corporate Responsibility and Business (NVGs) released by the Ministry of Corporate
Sustainability initiatives. Affairs are based on nine principles in the realm of
Business Responsibility. These are as under:
3. Do any other entity / entities (e.g. suppliers,
P1 Businesses should conduct and govern themselves
distributors etc.) that the Company does business
with Ethics, Transparency and Accountability
with; participate in the BR initiatives of the
Company? If yes, then indicate the percentage P2 Businesses should provide goods and services that
of such entity / entities? [Less than 30%, 30-60%, are safe and contribute to sustainability throughout
More than 60%] their life cycle.
No P3 Businesses should promote the well-being of
all employees
Section D: BR Information P4 Businesses should respect the interests of, and
be responsive towards all stakeholders, especially
1. Details of Director / Directors responsible for BR:
those who are disadvantaged, vulnerable
a) Details of the Director / Directors responsible for and marginalised.
implementation of the BR policy / policies:
P5 Businesses should respect and promote
The Corporate Social Responsibility and Sustainability human rights.
Committee of the Board of Directors is responsible for
P6 Businesses should respect, protect, and make
implementation of BR policies. The Members of the CSR
efforts to restore the environment.
Committee are as follows:
P7 Businesses, when engaged in influencing
DIN Number Name Designation
public and regulatory policy, should do so in a
07624616 Mr. Puneet Chhatwal Managing Director & responsible manner.
Chief Executive Officer
00010180 Mr. Nasser Munjee Independent Director P8 Businesses should support inclusive growth and
00032929 Ms. Hema Ravichandar Independent Director equitable development.
P9 Businesses should engage with and provide
value to their customers and consumers in a
responsible manner.
139
Business Responsibility Report
Principle-wise (as per NVGs) BR Policy / policies (Reply in Y / N):

Sr.
Particulars P1 P2 P3 P4 P5 P6 P7 P8 P9
No
1. Do you have a policy / policies for….. Y Y Y Y Y Y N Y Y
2. Has the policy been formulated in Y Y Y Y Y Y N Y Y
consultation with the relevant stakeholders?
3. Does the policy conform to any national / Y Y Y Y Y Y N Y Y
international standards? Industry UNGC & UNGC UNGC &
If Yes, Specify (50 words)* benchmarks Industry ITP
Benchmarks
Has the policy been approved by the Board? Y Y Y Y Y Y N Y Y
4. If yes, has it been signed by MD / Owner / Y Y Y Y Y Y N Y Y
CEO / appropriate Board Director?
5. Does the company have a specified Y Y Y Y Y Y N Y Y
committee of the Board/Director / Official to
oversee the implementation of the policy?
6. Indicate the link for the policy to be viewed The above policies can be located on this
online? link - https://www.ihcltata.com/investors/ - Link to be www.ihcltata.com
7. Has the policy been formally communicated Y Y Y Y Y Y N Y Y
to all relevant internal and external
stakeholders?
8. Does the company have inhouse structure to Y Y Y Y Y Y N Y Y
implement the policy/policies?
9. Does the company have a grievance Y Y Y Y Y Y N Y Y
Redressal mechanism related to the policy/
policies to address stakeholders’ grievances
related to the policy/policies?
10. Has the company carried out independent Y Y Y Y Y Y N Y Y
audit /evaluation of the working of this
policy by an internal or external agency?
2a. If answer to Sr. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
Sr. No Particulars P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The Company has not understood the
Principles
2. The Company is not at a stage where
it finds itself in a position to formulate
and implement the policies on specified
Principles
3. The Company does not have financial or
manpower resources available for the task
4. It is planned to be done within next six
months
5. It is planned to be done within next one
year
6. Any other reason (please specify) The Company will plan
to incorporate formal
policy in coming years
140
STATUTORY
REPORTS
3. Governance related to BR: 3. How many stakeholder complaints have been received
Indicate the frequency with which the Board of in the past financial year and what percentage was
Directors, Committee of the Board or CEO assesses satisfactorily resolved by the management? If so,
the BR performance of the Company. Within 3 months, provide details thereof, in about 50 words or so:
3-6 months, Annually, More than 1 year. 22 cases were received and none of them remain
pending for resolution.
The Company has a Board level CSR and Sustainability
Committee chaired by the MD / CEO and two Principle 2: Businesses should provide goods and
independent directors. This Committee meets services that are safe and contribute to sustainability
bi-annually to review the CSR and Sustainability throughout their life cycle
initiatives and on a need basis.
1. List up to 3 of your products or services whose design
has incorporated social or environmental concerns,
oes the Company publish a BR or a Sustainability
D
risks and/or opportunities.
Report? What is the hyperlink for viewing this report?
How frequently it is published? As a hospitality company, the rooms and F&B experience
provided to guests is our product and service. We
Yes. The Company reports annual to the United National
endeavour to integrate measures entailing energy and
Global Compact (UNGC), the Carbon Disclosure Project
water conservation, waste management, culturally and
(CDP) and will publish a sustainability report according
regionally sensitive designs and interiors of our hotels,
to the GRI Standards for 2020-21.
responsible purchases from local and marginalised
entrepreneurs, artisans and craftsmen, and local hiring.
T h e U N G C r e p o r t c a n b e a c c e s s e d a t
These are implemented right from the development
https://www.unglobalcompact.org/what-is-gc/
stage to operations of key hotels, particularly in
participants/9250-The-Indian-Hotels-Company-Ltd-
ecological and socially sensitive regions.
IHCL sustainabilit y repor t is available on
2. For each such product, provide the following details in
https://www.ihcltata.com/content/dam/tajhotels/
respect of resource use (energy, water, raw material
ihcl/sustainabilities/IHCL-Sustainability-Report-19.pdf
etc.) per unit of product (optional):
The consumption of energy, water and other resources
Section E: Principle-wise Performance
in our hotels is measured per guest night, in terms of
rinciple 1 Businesses should conduct and govern
P usage per consumer. The Company focuses on optimising
themselves with Ethics, Transparency and Accountability resource consumption to avoid wastages and minimise
our environmental impact.
QUESTIONS 1/2/3 DERIVED FROM PRINCIPLE 1
1. Does the policy relating to ethics, bribery and In 2020-21, IHCL hotels together used a total of
corruption cover only the Company? 156,022,944 MJ from renewable energy sources both
No, the policy relating to ethics, bribery and corruption through Green Power Agreements with their electricity
is extended to all stakeholders. providers as well as onsite and offsite renewable energy
including wind farms and solar panels. Thereby, the
2. Does it extend to the Group / Joint Ventures / Company avoided 34832 T of CO2, comparable to taking
Suppliers / Contractors / NGOs / Others? 11688 cars off the road.
Yes.
IHCL Hotels recycled and reused a total of 907,021 KL
of water through rain water harvesting and recycling
of grey water through onsite waste water treatment
plants. The amount of recycled and reused water is
equivalent to 363 Olympic sized Swimming Pools.
141
i. Reduction during sourcing/production/distribution IHCL Hotels recycled and reused a total of 907,021 KL
achieved since the previous year throughout the of water through rain water harvesting and recycling
value chain? of grey water through onsite waste water treatment
plants. The amount of recycled and reused water is
The steps implemented to improve resource efficiency
equivalent to 363 Olympic sized Swimming Pools.
and strengthen sustainability in the development and
operation of our hotels includes usage of advance
3. Does the company have procedures in place for
laundry chemical, chiller plant optimisation which
sustainable sourcing (including transportation)? If
increases energy efficiency, installing flameless burners
yes, what percentage of your inputs was sourced
and opting glass water bottles. Further, we encourage
sustainably? Also, provide details thereof, in about 50
the use of building materials that are recycled and
words or so.
locally extracted or manufactured wherever possible.
During the construction process, we ensure that waste The Company constantly endeavors to integrate
and debris is diverted from the landfills and send to sustainable practices into its supply chain. Given the
certified recycling agencies. widespread network of hotels, the Company understands
the importance of efficiently managing its supply
The company has also addressed to single use plastic chain. In this regard, the Company has revamped its
waste. As a part of IHCL’s endeavor to phase out single sourcing and distribution model. The traditional model
use plastic items and replacing them with biodegradable of procurement by individual hotels has been replaced
options. All plastic wrappers for in-room dry amenities by a unified warehousing and distribution management
in Taj hotels across the country have been replaced system. In the new system, orders from hotels are
with oxo-biodegradable wrapping. In addition, we have consolidated, leading to full truck load shipments from
replaced approx. 6,00,000 plastic straws with paper vendors to warehouse and from warehouse to hotels.
straw, and approx. 2,60,000 of plastic disposable This has reduced transportation due to consolidation
cutlery with wooden cutlery. IHCL has embarked on of shipments.
a digital transformation journey, wherein eliminating
paper trails has been one of the key focus areas. As a part This initiative has helped the Company improve its
of this initiative, the company has adopted e-signature supply chain efficiency and lower its carbon footprint,
to digitally sign and share documents, agreements, reduce stock inventories and optimise logistics by
which has resulted in saving costs towards, paper, print serving the hotel needs through regional hubs. The
& Printer consumables. As of date 8 hotels have been Central Warehousing programme covers 39 vendors and
added to digital signature platform in FY 20-21. 350 stock keeping units with the business turnover of
₹ 5 crores.
Our new programme QMIN which is a special Hospitality
at Home Program, has adopted to Biodegradable 4. Has the company taken any steps to procure goods
packaging for food delivery. and services from local & small producers, including
communities surrounding their place of work? If yes,
ii. Reduction during usage by consumers (energy, water) what steps have been taken to improve their capacity
has been achieved since the previous year? and capability of local and small vendors?
In 2020-21, IHCL hotels together used a total of IHCL encourages its hotels to source local produce from
156,022,944 MJ from renewable energy sources both small scale farmers, marginalised vendors, women self-
through Green Power Agreements with their electricity help groups, micro enterprises supporting differently
providers as well as onsite and offsite renewable energy abled and owned by socially backward communities.
including wind farms and solar panels. Thereby, the Some of the products sourced by our hotels include fresh
Company avoided 34832 T of CO2, comparable to taking fish, fruits, vegetables, Paper chef cap, laundry bags,
11688 cars off the road. honey, candles, and gift items for guests, table napkins,
dusters, dry snacks and pickles. Additionally, local art
142
STATUTORY
REPORTS
and culture troupes, artists and craftsmen are provided e-waste generated in our properties is given to recyclers
a platform in hotels to perform to guests and sell their certified by the Pollution Control Board. Hotels ensure
products. This generates the dual impact of supporting sewage treatment before disposing water into municipal
the livelihood of these artisans and encouraging the sewers and also reuse treated water, as appropriate.
preservation of traditional art forms.
In response to the global concerns about plastic
Out of 23 such vendors partner some of the Company’s
pollution and marine micro-plastics, the Company has
key not for profit partners include Cancer Patients Aid committed to phasing out single-use plastics & has
Association, SRISHTI, etc. In FY 2020-21, hotels sourced already eliminated plastic straws from all its properties.
` 157 lakhs amount of products. It has also phased out PET bottles from the following
properties. Qmin, one of our signature delivery initiative
This initiative is facilitated by the Corporate Materials launched in FY 2020-21 is using only Biodegradable
Group and hotel materials team along with the CSR packaging for food delivery.
team. In the initial stages, the company volunteers
help build the capacities of small scale vendors by Principle 3: Businesses should promote the well-being
handholding them. IHCL’s teams help the vendors of all employees
refine their product and quality control measures to
1. Please indicate the Total number of employees:
meet Taj standards. They also provide the vendors
Permanent FTC Contractual Total
with market linkages both within the Taj network and
externally. Additionally, training is given in the areas 5239 1290 1549 8078
of hygiene, sanitation and food safety management Note:
practices for budding entrepreneurs dealing in food The above numbers are IHCL standalone. IHCL Group / Network numbers
products. Ethics, anti-corruption and human rights are including Ginger & Taj SATS Limited is 25906
also areas that are emphasised on during the training.

IHCL’s Corporate Materials Team also assist in facilitating 2. Please indicate the Total number of employees hired
financial support to less privileged vendor’s and support on temporary/contractual/casual basis:
in building capacity. Total hiring done in FY 2020-21: 175
5.
Does the company have a mechanism to recycle Details Executive Staff FTC Expat Trainee Apprentice Total
IHCL 12 - 42 1 27 93 175
products and waste? If yes, what is the percentage of Standalone
recycling of products and waste (separately as <5%,
The above numbers are IHCL standalone.
5-10%, >10%). Also, provide details thereof, in about
50 words or so.
3. Please indicate the Number of permanent women
Waste management is an integral part of our employees: 796
environment management endeavors. We have installed
in house composters at 41 hotels. This has prevented 4. Please indicate the Number of permanent employees
1397 tonnes of organic waste from going into landfills, with disabilities: The declaration of disability is voluntary
the equivalent of 42 shipping containers of 20 feet size. on the part of the employee. There are currently 12
employees who have declared having disabilities.
Some of the other notable waste management projects
implemented by the Company include the conversion 5. Do you have an employee association that is recognised
of waste kitchen oil to Biodiesel & Glycerin, and the by management? In 17 hotels we have registered trade
conversion of organic waste to compost and biogas. union which the management recognises as the staff
Hotels safely dispose hazardous waste like burnt oil and representative council.
waste lubricant oil by giving it to authorised vendors. All
143
6. What percentage of your permanent employees is Principle 4: Businesses should respect the interests
members of this recognised employee association? of, and be responsive towards all stakeholders,
Out of the total number of permanent employees, 42.03% especially those who are disadvantaged, vulnerable and
are part of these recognised employee association marginalised
1. Has the Company mapped its internal and external
7. Please indicate the Number of complaints relating to
stakeholders? Yes / No
child labour, forced labour, involuntary labour, sexual
Yes, the Company has mapped its internal and
harassment in the last financial year and pending, as
external stakeholders.
on the end of the financial year.
No. of complaints No. of complaints
Category filed during the pending as on end of
2. Out of the above, has the Company identified
financial year the financial year the disadvantaged, vulnerable and marginalised
Child labour/forced NIL NIL stakeholders?
labour/involuntary labour As one of the pioneers in the hospitality industry,
Sexual harassment 9 1 case pending the company plays a vital role in contributing
closure as towards the betterment of the society as well as the
investigation
underway
destinations in which it operates. The Company has
identified disadvantaged, vulnerable and marginalised
Discriminatory NIL NIL
employment stakeholders, these include rural, less-privileged, school
dropout, differently abled, marginalised youth and
women; indigenous artisans, cancer-affected families,
8. What percentage of your under mentioned employees disaster victims and other such groups – from target
were given safety & skill up-gradation training in the geographies identified from time to time. Based on
last year? this identification, the Company has mapped its target
Safety training is conducted at all hotels and includes beneficiary groups for its CSR programs. Additionally,
training of both permanent as well as contractual as part of the Tata Group Affirmative Action Program,
workforce. Special focus on awareness sessions related the Company also supports communities from
to Covid-19 Guidelines / Protocols and adherence at less-privileged sections of Scheduled Castes and
work place. Scheduled Tribes.
Sr. No Category Safety Training Received
3. Are there any special initiatives taken by the Company
1. Permanent Employees 100%
to engage with the disadvantaged, vulnerable and
2. Permanent Women 100%
Employees marginalised stakeholders? If so, provide details
3. Casual/Temporary/ 100% thereof, in about 50 words or so.
Contractual Employees It is now precisely a year since the pandemic brought
4. Employees with Disabilities 100% the world and lives to a halt. Upholding IHCL’s values of
Trust, Awareness, and Joy and in line with the Tata spirit
of benevolence, IHCL sensed its responsibility to reach
out to the community and people from the industry who
were adversely impacted by the pandemic resulting in
loss of livelihood. The pandemic is continuing to reshape
the global economy, present and the immediate future.
During this turbulent year 2020, the company through

its disaster response vehicle the ‘Taj Public Service
Welfare Trust’ created positive impacts through various
144
STATUTORY
REPORTS
initiatives including COVID-19 Disaster Response, Taj Here is a broad summary of all our key initiatives
for Family, Meals to Smiles, Healthcare professional enabling such vulnerable community groups:
support, and quarantine centres. 3 million meals
Sr.
provided to migrant workers, medical staff, front line No.
CSR Programme No. of Beneficiaries
police workmen, provided 70,000 plus room nights 1 DIRECT 750 plus
for health care staff, donated PPE’s and 30 state - of - 8000 plus
2 INDIRECT
art Ventilators.
Apart from this the company has focused on Building Principle 5: Businesses should respect and promote
Livelihoods in the country by skilling less- privileged, human rights
school dropout youth and by extending handholding
1. Does the policy of the Company on human rights
& business opportunities to micro enterprises, artisans
cover only the company or extend to the Group / Joint
& social impact organisations. Further playing the role
Ventures /Suppliers / Contractors / NGOs / others?
of knowledge and quality assurance partner in training
The Policy is applicable to the Company, its Subsidiaries
centres run directly by Tata Strive, the Company has
and other stakeholders.
also invested in creating high quality infrastructure
to support hospitality training across trades of F&B
2. How many stakeholder complaints have been
service, food production & bakery, and housekeeping.
received in the past financial year and what percent
Our module and trainers have focused on screening
was satisfactorily resolved by the management?
students for interest levels in people- centric jobs &
Sum of No of complaints pending as on Sum of No of complaints pending as
on building attitudinal readiness, confidence and life end of the Financial Year 2020-21 on end of the Financial Year 2020-21
skills apart from domain skills training. The 13 IHCL Tata
0 -
STRIVE Hospitality Skill Centres located in Bengaluru,
Jaipur, Varanasi, Trivandrum, Chhindwara, Mumbai,
Principle 6: Businesses should respect, protect, and
Hyderabad, Pithoragarh, Chamoli, Pune, Mohali,
make efforts to restore the environment
Agartala, and Goa. Despite the ongoing pandemic, in
the current year 700 plus youth have been trained at 1. Does the policy related to Principle 6 cover only the
these centres. The Company in partnership with Tata company or extends to the Group / Joint Ventures /
STRIVE conducts Recognition of Prior Learning (‘RPL’) Suppliers / Contractors / NGOs / Others?
training program, which helps fill the gap and obtain
The Company’s environmental vision is extended to its
a certification from NSDC- National Skill Development
partners and subsidiary companies. All hotels within the
Corporation. Over 80 individuals were trained through
Company’s portfolio prescribe and are encouraged to
RPL program in the current year.
adhere to the Company’s environmental vision.
Further in this skilling space, focus has been on
2. Does the company have strategies/ initiatives to
vocational training & certification of aspiring youth to
address global environmental issues such as climate
enable them to be work-ready & engage in productive
change, global warming, etc.? Y/N. If yes, please give
livelihoods in hospitality industry. This is taken forward
hyperlink for webpage etc.
by collaborating with TISS- Tata Institute of Social
Science, and the youth from underprivileged socio- Yes. The company has identified opportunities to reduce
economic backgrounds & remote hinterlands. its environment footprint and therefore reduce the
impact of operations on the environment. A key initiative
We recognise that heritage and authentic cultural in this regard is switching to renewable energy sources.
experiences create value for our industry. We aim to At present, 22% of the Company’s energy consumption
preserve and promote these sites for future generations is from renewable sources.
through neighbourhood development programmes.
145
T h e U N G C r e p o r t c a n b e a c c e s s e d a t Principle 7: Businesses, when engaged in influencing

https://www.unglobalcompact.org/participation/ public and regulatory policy, should do so in a
report/cop/create-and-submit/advanced/420965 responsible manner
1. Is your company a member of any trade and chamber
The 2019-20 sustainability report is uploaded on the
or association? If Yes, name only those major ones
website & available on the following link.
that your business deals with:
t t p s : // w w w . i h c l t a t a . c o m /c o n t e n t /d a m /
h
Yes, IHCL is part of a number of associations. Key
tajhotels/ihcl/sustainabilities/IHCL-Sustainability-
associations are noted below:
Report-2019-20.pdf
• Hotel Association of India

2020-21 report shall be published soon & available on
• CII - Confederation of Indian Industry
the website.
• FICCI - The Federation of Indian Chambers of
3. Does the company identify and assess potential Commerce and Industry
environmental risks? Y/N
• WTTC - World Travel and Tourism Council
Yes
• Indo-German Chamber of Commerce
4. Does the company have any project related to Clean • The Council of EU Chambers of Commerce In India
Development Mechanism?
• Bersin Membership
If so, provide details thereof, in about 50 words or so.
Also, if yes, whether any environmental compliance • World Tourism Forum Lucerne
report is filed?
• The Chamber of Tax Consultants
No
• The Institute of Company Secretaries of India
5. Has the company undertaken any other initiatives • Pacific Asia Travel Association India Chapter
on – clean technology, energy efficiency, renewable
• British Business Promotion Association
energy, etc. Y/N. If yes, please give hyperlink for web
page etc. • Federation of Indian Export Organisation
Yes. The company is sourcing 22% of total energy from • Hospitality Technology Next Generation
renewable sources of energy
• Services Export Promotion Council
6. Are the Emissions/Waste generated by the company • Institute of Directors
within the permissible limits given by CPCB/SPCB for
• Indian Institute of Corporate Affairs
the financial year being reported?
• The Indian Society of Advertisers
Yes
• Association of Domestic Tour Operators of India
7. Number of show cause/ legal notices received from
• Travel Agents Association of India
CPCB/SPCB which are pending (i.e. not resolved to
satisfaction) as on end of Financial Year.
None are pending.
146
STATUTORY
REPORTS
2. Have you advocated / lobbied through above IHCL has always been on the forefront of leading change
associations for the advancement or improvement of and has been proactively working with all associations
public good? Yes / No. If yes specify the broad areas to support industry and the community.
Our Managing Director and Chief Executive Officer
Principle 8: Businesses should support inclusive growth
is the President of HAI and the Chairman of National
and equitable development.
Committee for Tourism and Hospitality, CII.
1. Does the Company have specified programmes/
Under his leadership, CII and HAI have taken several initiatives/projects in pursuit of the policy related to
measures to tackle the COVID-19 crisis: Principle 8? If yes, details there of?
• Provide suggestions to the Government on the health As articulated earlier
and safety norms to be part of the new normal at all
hotels in India. 2. Are the programmes/projects undertaken through
in-house team/own foundation/external NGO/
• Suggestions and support to the Government for safe
government structures/any other organisation?
gradual opening up of the industry.
The Company’s CSR programs are implemented by
• Recommendations on policy changes to help the lives
in-house CSR and HR teams, volunteers, and in
and livelihoods of all impacted associates working in
partnership with NGOs, other Tata Companies and
the travel and tourism industry.
Government bodies in various locations.
• Representations to Central and State Governments
as well as the Reserve Bank of India to help hotels 3. Have you done any impact assessment of your
survive the COVID-19 related financial challenges. initiative?
• Representations to the Governments for accordance Following the launch of certain new CSR programmes
of industry and infrastructure status to the last year and modified processes for others, a next round
hospitality sector. of impact assessment shall be planned in due course.
147
4. What is your company’s direct contribution to community development projects? Amount in INR and the details of
the projects undertaken.
The manner in which the amount was spent during the Financial Year 2020-21 is detailed in table below-
(In ` Crores)
Projects or Programs
(1) Local area or other Amount spent
Amount
(2) S pecify the state and district on the projects Cumulative
Outlay Amount Spent:
where projects or programs were or program Expenditure
Sr. CSR Project or Activity Sector in which project is (budget) Direct or through
undertaken Subhead: up to the
No. identified covered project or implementing
(1) Direct reporting
program agency
Expenditure period
State District wise
(2) Overheads
1 Building Livelihoods Vocational skilling & * J&K * Uri 3.25 0.60 0.60 Direct + with
promotion of livelihood * Uttara khand * Pithoragarh, partners
Sch VII (ii) * UP Gopeshwar
* West Bengal * Varanasi
* Tripura * Midnapore
* Manipur East
* Punjab * Agartala
* MP * Chandel,
* Rajasthan Mohali
* Maharashtra * Chhindwara
* Goa * Jaipur, Zawar,
* Karnataka Chanderia
* Telangana * Thane, Pune
* Kerala * Goa
* Bengaluru
* Hyderabad
* Trivandrum
2 Supporting Education Promoting Education * West Bengal * Kolkata 1.92 0.81 0.81 Direct + with
Sch VII (ii) * Maharashtra * Mumbai partners
* Goa * Goa
* Karnataka * Bengaluru
* Delhi * Delhi
3 Being a Responsible Environmental Pan India Pan India 2.43 1.22 1.22 Direct + with
Neighbour Sustainability partners
Sch VII (iv)
Restoration of buildings
and sites of historical
importance
Sch VII (v)
Support towards
eradicating poverty &
malnutrition
Sch VII (i)
Disaster Response &
Relief
4 Covid19 Relief and Sch VII (xii) Pan India Pan India 14.27 14.27 Direct + with
support Disaster Response & partners
Relief
Sub- total 7.60 16.90 16.90
Overhead for various 0.36 0.36
CSR initiatives
Total CSR Spend 7.60 17.26 17.26
148
STATUTORY
REPORTS
Implementing Agencies 3. Is there any case filed by any stakeholder against
IHCL’s CSR programs are implemented by in-house the company regarding unfair trade practices,
CSR and HR teams, volunteers, and in partnership with irresponsible advertising and/or anti-competitive
NGOs, other Tata Companies and Government bodies in behaviour during the last five years and pending as on
various locations. The Company engages with many like- end of financial year? If so, provide details thereof, in
minded not for profit partners & institutions like the Tata about 50 words or so.
Institute of Social Sciences, Tata Community Initiatives
No
Trust HWA- Human Welfare Association, Ganga Seva
Nidhi, Tata Memorial Hospital, The Last Wilderness
4. Did your Company carry out any consumer survey /
Foundation, Head Held High Foundation, etc.
consumer satisfaction trends?
5. Have you taken steps to ensure that this community Digital played a lead role to keep our ears to the ground.
development initiative is successfully adopted by the
community? Please explain in 50 words, or so. Given our digital focus and forward Integration to know
customers better, we were able to map consumer
The company representatives and volunteers undertake
sentiments through the following ways in a more real
direct community engagements and support with
time basis -
counselling, exposure visits & regular hand-holding,
as and where required for sustainable & effective
1. Third party platforms that provides guest
programme management.
satisfaction scores and how our hotels rank in
markets within our comp set. This live information
Principle 9: Businesses should engage with and provide
is integrated to our channels and serves as a
value to their customers and consumers in a responsible
constant quality check for our hotels.
manner
1. What percentage of customer complaints/consumer 2. Taj Live - constant monitoring, addressal within
cases are pending as on the end of financial year? 15 minutes and sentiment analysis adds to the
The Company receives guest complaints that are dealt data point.
with from time to time and handled to closure but none Taj Brand had been ranked No. 1 in the list of the
of them have converted to a consumer complaint in the strongest Indian brands by Brand Finance in its
financial year 2020-21. As such there are no consumer 'India 100 2020' report.
cases filed for the financial year ended March 31, 2021.
2. Does the company display product information on

the product label, over and above what is mandated
as per local laws? Yes/No/N.A. /Remarks (additional
information)
Not Applicable
149
Independent Auditors’ Report

To the Members of The Indian Hotels Company Limited
Report on the Audit of the Standalone Financial Key Audit Matters

Statements Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Opinion
standalone financial statements of the current period. These
We have audited the standalone financial statements of
matters were addressed in the context of our audit of the
The Indian Hotels Company Limited (“the Company”), which
standalone financial statements as a whole, and in forming
comprise the standalone balance sheet as at 31 March 2021,
our opinion thereon, and we do not provide a separate
and the standalone statement of profit and loss (including
opinion on these matters.
other comprehensive income), standalone statement of
changes in equity and standalone statement of cash flows
i. Impact of COVID-19 pandemic on Going Concern
for the year then ended, and notes to the standalone financial
Refer Note 44 – “Going Concern” and Note 2(d)
statements, including a summary of significant accounting
“Estimation related to COVID-19” of the standalone
policies and other explanatory information (hereinafter
financial statements
referred to as “the standalone financial statements”).
During the year, the business of the Company was
In our opinion and to the best of our information and
significantly impacted due to COVID-19. Significant
according to the explanations given to us, the aforesaid
number of hotels were not operating for the first six
standalone financial statements give the information
months on account of restrictions imposed due to
required by the Companies Act, 2013 (‘the Act’) in the manner
lockdowns; with lifting of lockdown restrictions all the
so required and give a true and fair view in conformity with
hotels started operating from second half of the year.
the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31 March 2021, and loss
Presently, various state Governments have imposed
and other comprehensive income, changes in equity and its
restrictions due to the resurgence of COVID-19
cash flows for the year ended on that date.
cases, which has significantly impacted business of
the Company.
Basis for Opinion
We conducted our audit in accordance with the Standards
The Company has assessed the impact of COVID-19
on Auditing (SAs) specified under section 143(10) of the Act.
on the future cash flow projections. The Company
Our responsibilities under those SAs are further described in
has also prepared a range of scenarios to estimate
the Auditor’s Responsibilities for the Audit of the Standalone
financing requirements.
Financial Statements section of our report. We are
independent of the Company in accordance with the Code
In view of the above, we identified impact of COVID-19
of Ethics issued by the Institute of Chartered Accountants of
on going concern as a key audit matter.
India together with the ethical requirements that are relevant
to our audit of the standalone financial statements under
How our audit addressed the key audit matter
the provisions of the Act and the Rules thereunder, and we
Our audit procedures included the following:
have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe • O
btained an understanding of the key controls
that the audit evidence we have obtained is sufficient relating to the Company’s forecasting process
and appropriate to provide a basis for our opinion on the
• C
ompared the forecasted statement of profit and
standalone financial statements.
loss and cash flows with the Company’s business plan
approved by the board of directors
Emphasis of matter
We draw attention to Note 2(d) to the standalone • O
btained an understanding of key assumptions
financial statements, which describes the possible adopted by the Company in preparing the forecasted
effect of uncertainties relating to COVID-19 pandemic statement of profit and loss and cash flow and assessed
on the Company’s financial performance as assessed by the consistency thereof with our expectations based
the Management. on our understanding of the Company’s business
• A
ssessed the forecasted standalone statement
Our opinion is not modified in respect of the above matter.
of profit and loss and cash flow by considering
150
FINANCIAL
STATEMENTS
Independent Auditors’ Report (Contd.)

plausible changes to the key assumptions adopted assumptions used in making such estimates, and the
by the Company allowance for impairment.
• Per formed the following procedures as • C
ompared the carrying values of the Company’s
mitigating factors: investment in subsidiaries, associates and joint
ventures with their respective net asset values and
₋ Obtained understanding of new borrowing facilities
assessed the performance and their outlook.
proposed to be availed including additional credit
pronounced under government scheme. • E valuated key assumptions in the Company’s
valuation models used to determine recoverable
₋ Assessed Government’s efforts to counter the impact
amount including assumptions of projected
of resurgence in COVID-19 cases and the impact of the
EBITDA, growth rate, room occupancy, room rate,
same on future projections;
projected capital expenditure, discount rates. We
• Assessed disclosures made in the standalone financial involved our internal valuation experts to help
statements with regard to the above. Refer to note us in evaluation of key assumptions and valuation
44 and 2(d). methods. We also evaluated the forecasts based on
historical performance.
ii. Valuation of Investments
We assessed the related disclosures in Note 6(a) of the
The Company has investments in subsidiaries, joint
standalone financial statements.
ventures and associates. These investments are
accounted for at cost less any provision for impairment.
Other information
The Company evaluates the indicators of impairment
The Company’s Management and Board of Directors are
of the said investments regularly by reference to the
responsible for the other information. The other information
requirements under Ind AS 36 Impairment of Assets.
comprises the information included in the Company’s annual
report, but does not include the financial statements and our
The Company carries out impairment assessment for
auditors’ report thereon.
each investment by:
• C
omparing the carrying value of each investment Our opinion on the standalone financial statements does not
with the net worth of each company based on latest cover the other information and we do not express any form
financial statements of assurance conclusion thereon.
• C
omparing the performance of the investee
In connection with our audit of the standalone financial
companies with projections used for valuations and
statements, our responsibility is to read the other
approved business plans
information and, in doing so, consider whether the other
information is materially inconsistent with the standalone
The recoverable amounts of the above investments
financial statements or our knowledge obtained in the audit
are estimated in order to determine the extent of the
or otherwise appears to be materially misstated. If, based
impairment loss. As impairment assessment involves
on the work we have performed, we conclude that there is
significant assumptions and judgment, we regard this
a material misstatement of this other information, we are
as a key audit matter.
required to report that fact. We have nothing to report in
this regard.
Refer to note 6(a) – “Investments” of the standalone
financial statements.
Management’s and Board of Directors’ Responsibility for
the Standalone Financial Statements
The Company’s Management and Board of Directors are
responsible for the matters stated in section 134(5) of the
• A
ssessed the indications of impairment of investments Act with respect to the preparation of these standalone
in subsidiaries, joint ventures and associates. We financial statements that give a true and fair view of the state
have also examined the basis of estimates of the of affairs, loss and other comprehensive income, changes in
recoverable amounts of these investments, the equity and cash flows of the Company in accordance with the
151

accounting principles generally accepted in India, including or error, design and perform audit procedures responsive
the Indian Accounting Standards (Ind AS) prescribed under to those risks, and obtain audit evidence that is sufficient
section 133 of the Act. This responsibility also includes and appropriate to provide a basis for our opinion. The risk
maintenance of adequate accounting records in accordance of not detecting a material misstatement resulting from
with the provisions of the Act for safeguarding of the assets fraud is higher than for one resulting from error, as fraud
of the Company and for preventing and detecting frauds and may involve collusion, forgery, intentional omissions,
other irregularities; selection and application of appropriate misrepresentations, or the override of internal control.
accounting policies; making judgments and estimates that
• Obtain an understanding of internal control relevant
are reasonable and prudent; and design, implementation
to the audit in order to design audit procedures that
and maintenance of adequate internal financial controls,
are appropriate in the circumstances. Under section
that were operating effectively for ensuring the accuracy
143(3)(i) of the Act, we are also responsible for expressing
and completeness of the accounting records, relevant to the
our opinion on whether the Company has adequate
preparation and presentation of the standalone financial
internal financial controls with reference to the financial
statements that give a true and fair view and are free from
statements in place and the operating effectiveness of
material misstatement, whether due to fraud or error.
such controls.
In preparing the standalone financial statements, the • Evaluate the appropriateness of accounting policies used
Management and Board of Directors are responsible for and the reasonableness of accounting estimates and
assessing the Company’s ability to continue as a going related disclosures in standalone financial statements
concern, disclosing, as applicable, matters related to going made by the Management and Board of Directors.
concern and using the going concern basis of accounting
• Conclude on the appropriateness of the Management
unless the Board of Directors either intends to liquidate
and Board of Directors’ use of the going concern basis of
the Company or to cease operations, or has no realistic
accounting and, based on the audit evidence obtained,
alternative but to do so.
whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the
The Board of Directors is also responsible for overseeing the
Company’s ability to continue as a going concern. If
Company’s financial reporting process.
we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the
Auditor’s Responsibilities for the Audit of the Standalone
related disclosures in the standalone financial statements
Financial Statements
or, if such disclosures are inadequate, to modify our
Our objectives are to obtain reasonable assurance about
opinion. Our conclusions are based on the audit evidence
whether the standalone financial statements as a whole
obtained up to the date of our auditor’s report. However,
are free from material misstatement, whether due to fraud
future events or conditions may cause the Company to
or error, and to issue an auditor’s report that includes our
cease to continue as a going concern.
opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance • Evaluate the overall presentation, structure and content
with SAs will always detect a material misstatement when of the standalone financial statements, including the
it exists. Misstatements can arise from fraud or error and disclosures, and whether the standalone financial
are considered material if, individually or in the aggregate, statements represent the underlying transactions and
they could reasonably be expected to influence the economic events in a manner that achieves fair presentation.
decisions of users taken on the basis of these standalone
financial statements. We communicate with those charged with governance
regarding, among other matters, the planned scope and
As part of an audit in accordance with SAs, we exercise timing of the audit and significant audit findings, including
professional judgment and maintain professional skepticism any significant deficiencies in internal control that we identify
throughout the audit. We also: during our audit.
• Identify and assess the risks of material misstatement of
the standalone financial statements, whether due to fraud
152
FINANCIAL
STATEMENTS

We also provide those charged with governance with a (d) in our opinion, the aforesaid standalone
statement that we have complied with relevant ethical financial statements comply with the Indian
requirements regarding independence, and to communicate Accounting Standards (Ind AS) prescribed
with them all relationships and other matters that may under section 133 of the Act;
reasonably be thought to bear on our independence, and
where applicable, related safeguards. (e) on the basis of the written representations
received from the directors as on 31 March
From the matters communicated with those charged with 2021 taken on record by the Board of
governance, we determine those matters that were of Directors, none of the directors is disqualified
most significance in the audit of the standalone financial as on 31 March 2021 from being appointed as
statements of the current period and are therefore the key a director in terms of section 164(2) of the Act;
audit matters. We describe these matters in our auditors’
report unless law or regulation precludes public disclosure (f) with respect to the adequacy of the internal
about the matter or when, in extremely rare circumstances, financial controls with reference to the
we determine that a matter should not be communicated financial statements of the Company and the
in our report because the adverse consequences of doing operating effectiveness of such controls, refer
so would reasonably be expected to outweigh the public to our separate Report in “Annexure B”;
interest benefits of such communication.
(B) With respect to the other matters to be included in
Report on Other Legal and Regulatory Requirements the Auditors’ Report in accordance with Rule 11 of
1 As required by the Companies (Auditor’s Report) the Companies (Audit and Auditors) Rules, 2014, in
Order, 2016 (‘the Order’), issued by the Central our opinion and to the best of our information and
Government in terms of section 143(11) of the Act, according to the explanations given to us:
we give in “Annexure A”, a statement on the matters
i. the Company has disclosed the impact of
specified in the paragraphs 3 and 4 of the Order, to the
pending litigations as at 31 March 2021 on its
extent applicable.
financial position in its standalone financial
statements – Refer Note 29 and Note 37 to
2 (A) As required by section 143(3) of the Act, we
the standalone financial statements;
report that:
(a) We have sought and obtained all the ii. the Company has made provision, as required
information and explanations which to the under the applicable law or accounting
best of our knowledge and belief, were standards, for material foreseeable losses,
necessary for the purposes of our audit; if any, on long-term contracts, including
derivative contracts – Refer Note 17 to the
(b) In our opinion, proper books of account standalone financial statements;
as required by law have been kept by the
Company so far as it appears from our iii. there has been no delay in transferring
examination of those books; amounts, required to be transferred, to the
Investor Education and Protection Fund by
(c) The standalone balance sheet, the standalone the Company during the year ended 31 March
statement of profit and loss (including other 2021; and
comprehensive income), the standalone
statement of changes in equity and the iv. the disclosures in the standalone financial
standalone statement of cash flows dealt with statements regarding holdings as well as
by this report are in agreement with the books dealings in specified bank notes during the
of account; period from 8 November 2016 to 30 December
2016 have not been made in these financial
statements since they do not pertain to the
financial year ended 31 March 2021.
153

(C) With respect to the matter to be included in the Auditors’ shareholders which the Company proposes to obtain
Report under section 197(16): in the forthcoming Annual General Meeting. The
Ministry of Corporate Affairs has not prescribed other
We draw attention to Note 40 to the standalone details under Section 197(16) which are required to be
financial statements for the year ended 31 March commented upon by us.
2021 according to which the managerial remuneration
paid/payable to the Managing Director and CEO of the For B S R & Co. LLP
Company amounting to Rs 7.23 crores and consequently Chartered Accountants
the total managerial remuneration for the financial year Firm’s Registration No: 101248W/W-100022
amounting to Rs 7.23 crores exceeds the prescribed
limits under Section 197 read with Schedule V to the Tarun Kinger
Act by Rs 5.91 crores. As per the provisions of the Act, Partner
the excess remuneration is subject to approval of the Mumbai Membership No: 105003
30 April 2021 ICAI UDIN: 21105003AAAABV2898
154
FINANCIAL
STATEMENTS
Annexure A to the Independent Auditors’ Report

31 March 2021
With reference to the Annexure A referred to in the or unsecured, to companies, firms, limited liability
Independent Auditors’ Report to the members of the partnerships or other parties covered in the register
Company on the standalone financial statements for the year maintained under section 189 of the Companies Act,
ended 31 March 2021, we report the following: 2013 (the Act). Accordingly, paragraphs 3(iii)(a), (b) and
(c) of the Order are not applicable to the Company.
(i) (a) The Company has maintained proper records
showing full particulars, including quantitative
(iv) In our opinion and according to the information and
details and situation of fixed assets (Property, plant
explanation given to us, the Company has not granted
and equipments).
any loans, or provided any guarantees or security to
(b) The Company has a regular programme of physical the parties covered under section 185 of the Act. The
verification of its fixed assets (Property, plant Company has complied with the provisions of section
and equipments) by which all the fixed assets 186 of the Act in respect of the loans given, investments
(Property, plant and equipments) are verified in and guarantees made. The Company has not provided
a phased manner over a period of three years. In any security to the parties covered under section 186 of
accordance with this program, a portion of the the Act.
fixed assets (Property, plant and equipments) has
been physical verified by the Management during (v) In our opinion, and according to the information and
the year. No material discrepancies have been explanations given to us, the Company has not accepted
noticed on such verification. In our opinion, this deposits as per the directives issued by the Reserve
periodicity of physical verification is reasonable Bank of India and the provisions of sections 73 to 76 or
having regard to the size of the Company and the any other relevant provisions of the Act and the rules
nature of its assets. framed thereunder. Accordingly, paragraph 3(v) of the
Order is not applicable to the Company.
(c) According to the information and explanations
given to us and on the basis of our examination
(vi) The Central Government has not prescribed
of the records of the Company, the title deeds,
maintenance of cost records under section 148(1) of
comprising all the immovable properties of land
the Act. Accordingly, paragraph 3(vi) of the Order is not
and buildings, are held in the name of the Company
applicable to the Company.
as at the balance sheet date except in respect of
one commercial / residential building aggregating
(vii) (a) According to the information and explanations
to Rs 0.75 crores (Gross block Rs 1.30 crores)
given to us and on the basis of our examination of
constructed on the leased land, which is in the
the records of the Company, amounts deducted
possession of the Company, acquired pursuant to a
/ accrued in the books of account in respect of
scheme of amalgamation of TIFCO Holding Limited
undisputed statutory dues including provident
(a wholly owned subsidiary). The lease of the said
fund, employees state insurance, income-tax, duty
land has expired in the year 2000. Erstwhile TIFCO
of customs, value added tax, goods and service tax,
Holdings Limited has filed a writ Petition in High
cess and other material statutory dues have been
Court of Mumbai on 15 January 2013 for renewal
generally regularly deposited during the year with
of lease.
the appropriate authorities.
(ii) Inventory has been physically verified by the Management
According to the information and explanations
during the year. In our opinion, the frequency of such
given to us, no undisputed amounts payable
verification is reasonable. The discrepancies noticed on
in respect of provident fund, employees’ state
verification between the physical stocks and the book
insurance, income-tax, duty of customs, value
records were not material and have been properly dealt
added tax, goods and service tax, cess and other
with in books of account.
material statutory dues were in arrears as at
31 March 2021 for a period of more than six months
(iii) According to the information and explanations given
from the date they became payable.
to us the Company has not granted any loans, secured
155

31 March 2021
(b) According to the information and explanations given to us, there are no dues of income-tax, sales tax, service tax,
duty of customs and value added tax and goods and service tax as at 31 March 2021, which have not been deposited
with the appropriate authorities on account of any dispute, except as stated below:
(` crores)
Amount not
Amount Period to which
Name of Act Nature of Dues Deposited Forum where dispute is pending
Demanded amount relates
Under Disputes
Sales Tax and Tax, Penalty 20.30 18.84 2005 - 2009 to Deputy Commissioner
Value Added and Interest 2010 - 2011
Tax 1.54 0.88 2011 - 2012 to Additional Commissioner
2015 - 2016
0.04 0.04 1994 - 1995 Commissioner
1.71 1.61 2011 – 2012 Commissioner
3.08 2.57 2003-2004, 2007- Deputy Commissioner
2008, 2008-2009,
2011-2012 to
2016-2017
9.46 8.80 2012-2013 to Commissioner
2015-2016
The Income Tax, Penalty 25.16 5.01 2007 – 2008, Commissioner (Appeals)
Tax Act, 1961 and Interest 2012 - 2013,
2013 – 2014,
2016 – 2017,
2017- 2018
2.21 2.21 2012 – 2013, Assessing Officer
2010 – 2011,
2012 – 2013,
2013 – 2014
184.94 180.37 2010 – 2011, Appellate Tribunal
2012 – 2013,
2014 – 2015
The Finance Service Tax, 1.19 1.01 2008 – 2009 to Joint Commissioner
Act, 1994 Penalty and 2009-2010
Interest 0.15 0.15 2012-2015 Assistant Commissioner of Service Tax
13.53 12.51 2014-2015 to Customs Excise and Service tax Appellate Tribunal
2015-2016
(viii) In our opinion and according to the information and (x) According to the information and explanations given
explanations given to us, the Company has not defaulted to us, no fraud by the Company and no material fraud
in repayment of loans to banks, financial institutions, on the Company by its officers or employees has been
and dues to debenture holders. The Company did noticed or reported during the course of our audit.
not have any outstanding dues to government during
the year. (xi) According to the information and explanations given
to us and based on our examination of the records
(ix) According to the information and explanations given to of the Company, the Company has paid / provided
us, the term loans have been applied by the Company for managerial remuneration in accordance with the
during the year for the purposes for which they were requisite approvals mandated by the provisions of
raised. The Company has not raised any moneys by way Section 197 read with Schedule V to the Act for the
of initial public offer or further public offer (including year ended 31 March 2021, except for Rs 5.91 crores of
debt instruments) during the year. remuneration paid / payable to its Managing Director
156
FINANCIAL
STATEMENTS

31 March 2021
and CEO which is in excess of the limits prescribed by preferential allotment or private placement of shares
under Section 197 read with Schedule V of the Act. As or fully or partly convertible debentures during the
per the provisions of the Act, the excess remuneration year. Accordingly, paragraph 3(xiv) of the Order is not
is subject to approval of the shareholders which the applicable to the Company.
Company proposes to obtain in the forthcoming Annual
General Meeting. (xv) According to the information and explanations given to
us and based on our examination of the records of the
(xii) In our opinion and according to the information and Company, the Company has not entered into any non-
explanations given to us, the Company is not a Nidhi cash transactions with directors or persons connected
company and the Nidhi Rules, 2014 are not applicable with them. Accordingly, paragraph 3(xv) of the Order is
to it. Accordingly, paragraph 3(xii) of the Order is not not applicable to the Company.
applicable to the Company.
(xvi) In our opinion and according to the information and
(xiii) According to the information and explanations given to explanations given to us, the Company is not required
us and based on our examination of the records of the to be registered under section 45-IA of the Reserve Bank
Company, transactions with the related parties are in of India Act, 1934. Accordingly, paragraph 3(xvi) of the
compliance with sections 177 and 188 of the Act. The Order is not applicable to the Company.
details of such related party transactions have been
disclosed in the standalone financial statements as For B S R & Co. LLP
required under Indian Accounting Standard (Ind AS) 24 Chartered Accountants
- Related Party Disclosures. Firm’s Registration No: 101248W/W-100022
(xiv) According to the information and explanations given Tarun Kinger

to us and based on our examination of the records Partner
of the Company, the Company has not made any Mumbai Membership No: 105003
30 April 2021 ICAI UDIN: 21105003AAAABV2898
157
Annexure B to the Independent Auditors’ Report

31 March 2021
(Referred to in our report of even date) Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s
Report on the internal financial controls with
internal financial controls with reference to financial
reference to the aforesaid standalone financial
statements based on our audit. We conducted our audit in
statements under clause (i) of sub-section 3 of section
accordance with the Guidance Note and the Standards on
143 of the Companies Act, 2013
Auditing, prescribed under section 143(10) of the Act, to the
(Referred to in paragraph 2(A)(f) under ‘Report on extent applicable to an audit of internal financial controls
Other Legal and Regulatory Requirements’ section of with reference to financial statements. Those Standards
our report of even date) and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain
Opinion
reasonable assurance about whether adequate internal
We have audited the internal financial controls with reference
financial controls with reference to financial statements
to financial statements of The Indian Hotels Company Limited
were established and maintained and whether such controls
(“the Company”) as of 31 March 2021 in conjunction with our
operated effectively in all material respects.
audit of the standalone financial statements of the Company
for the year ended on that date.
Our audit involves performing procedures to obtain audit
evidence about the adequacy of the internal financial controls
In our opinion, the Company has, in all material respects,
with reference to financial statements and their operating
adequate internal financial controls with reference to
effectiveness. Our audit of internal financial controls with
financial statements and such internal financial controls
reference to financial statements included obtaining an
were operating effectively as at 31 March 2021, based on
understanding of such internal financial controls, assessing
the internal financial controls with reference to financial
the risk that a material weakness exists, and testing and
statements criteria established by the Company considering
evaluating the design and operating effectiveness of internal
the essential components of internal control stated in the
control based on the assessed risk. The procedures selected
Guidance Note on Audit of Internal Financial Controls Over
depend on the auditor’s judgement, including the assessment
Financial Reporting issued by the Institute of Chartered
of the risks of material misstatement of the standalone
Accountants of India (the “Guidance Note”).
financial statements, whether due to fraud or error.
Management’s Responsibility for Internal Financial
We believe that the audit evidence we have obtained is
Controls
sufficient and appropriate to provide a basis for our audit
The Company’s Management and the Board of Directors
opinion on the Company’s internal financial controls with
are responsible for establishing and maintaining internal
reference to financial statements.
financial controls based on the internal financial controls with
reference to financial statements criteria established by the
Meaning of Internal Financial controls with Reference to
Company considering the essential components of internal
Standalone Financial Statements
control stated in the Guidance Note. These responsibilities
A company’s internal financial controls with reference
include the design, implementation and maintenance of
to financial statements is a process designed to provide
adequate internal financial controls that were operating
reasonable assurance regarding the reliability of financial
effectively for ensuring the orderly and efficient conduct
reporting and the preparation of financial statements for
of its business, including adherence to company’s policies,
external purposes in accordance with generally accepted
the safeguarding of its assets, the prevention and detection
accounting principles. A company’s internal financial
of frauds and errors, the accuracy and completeness of the
controls with reference to financial statements include those
accounting records, and the timely preparation of reliable
policies and procedures that (1) pertain to the maintenance
financial information, as required under the Companies Act,
of records that, in reasonable detail, accurately and fairly
2013 (hereinafter referred to as “the Act”).
158
FINANCIAL
STATEMENTS
Annexure B to the Independent Auditors’ Report

31 March 2021
reflect the transactions and dispositions of the assets of the of controls, material misstatements due to error or fraud
company; (2) provide reasonable assurance that transactions may occur and not be detected. Also, projections of any
are recorded as necessary to permit preparation of financial evaluation of the internal financial controls with reference to
statements in accordance with generally accepted accounting financial statements to future periods are subject to the risk
principles, and that receipts and expenditures of the company that the internal financial controls with reference to financial
are being made only in accordance with authorisations of statements may become inadequate because of changes in
Management and directors of the company; and (3) provide conditions, or that the degree of compliance with the policies
reasonable assurance regarding prevention or timely or procedures may deteriorate.
detection of unauthorised acquisition, use, or disposition of
the company’s assets that could have a material effect on the For B S R & Co. LLP
financial statements. Chartered Accountants
Firm’s Registration No: 101248W/W-100022
Inherent Limitations of Internal Financial Controls with
reference to Standalone Financial Statements Tarun Kinger
Because of the inherent limitations of internal financial Partner
controls with reference to financial statements, including Mumbai Membership No: 105003
the possibility of collusion or improper Management override 30 April 2021 ICAI UDIN: 21105003AAAABV2898
159
Standalone Balance Sheet

as at March 31, 2021
(` crores)
Note March 31, 2021 March 31, 2020
ASSETS
Non-current assets
Property, plant and equipment 3 2,492.03 2,421.66
Capital work-in-progress 51.72 136.87
Right-of-Use assets 4 846.41 860.51
Intangible assets 5 (a) 21.15 29.19
Intangible assets under development - 0.93
Financial assets
Investments 6 (a) 3,964.18 3,742.78
Loans 7 (a) 5.05 5.35
Other financial assets 8 (a) 313.28 94.85
Advance income tax (net) 175.48 189.85
Other non-current assets 9 (a) 291.44 313.40
8,160.74 7,795.39
Current assets
Inventories 10 52.25 59.10
Financial assets
Investments 6 (b) 445.49 408.72
Trade receivables 11 196.96 250.94
Cash and cash equivalents 12 33.32 131.47
Other Balances with Banks 13 6.66 16.73
Loans 7 (b) 4.53 4.22
Other financial assets 8 (b) 161.14 145.79
Other current assets 9 (b) 84.63 90.48
984.98 1,107.45
Assets classified as held for sale 3 (iv) 1.07 3.74
986.05 1,111.19
Total 9,146.79 8,906.58
EQUITY AND LIABILITIES
Equity
Equity share capital 14 118.93 118.93
Other equity 15 4,089.45 4,464.63
Total Equity 4,208.38 4,583.56
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 16 (a) 1,938.79 1,708.61
Lease liabilities 33 978.72 956.22
Other financial liabilities 17 (a) 23.72 197.18
Provisions 18 (a) 62.03 86.70
Deferred tax liabilities (net) 19 72.80 179.69
3,076.06 3,128.40
Current liabilities
Borrowings 16 (b) 15.00 -
Trade payables 20
Dues of small enterprises and micro enterprises 8.17 3.10
Dues of creditors other than small enterprises and micro enterprises 195.21 252.07
Other financial liabilities 17 (b) 1,284.00 581.06
Provisions 18 (b) 136.15 122.20
Other current liabilities 21 199.61 197.54
1,862.35 1,194.62
Total 9,146.79 8,906.58
The accompanying notes form an integral part of the standalone financial statements 1 - 45
As per our report of even date as attached For and on behalf of the Board
For B S R & Co. LLP N. Chandrasekaran Puneet Chhatwal
Chartered Accountants Chairman Managing Director & CEO
Firm Registration No: 101248W/W-100022 DIN: 00121863 DIN: 07624616
Tarun Kinger Nasser Munjee

Partner Director
Membership No. 105003 DIN: 00010180
Giridhar Sanjeevi Beejal Desai

Mumbai, April 30, 2021 Executive Vice President & Senior Vice President - Corporate Affairs
Chief Financial Officer & Company Secretary (Group)
160
FINANCIAL
STATEMENTS
Standalone Statement of Profit and Loss

for the year ended March 31, 2021
(` crores)
INCOME
Revenue from operations 22 1,133.15 2,743.47
Other income 23 110.52 134.41
Total income 1,243.67 2,877.88
EXPENSES
Food and beverages consumed 24 107.93 235.74
Employee benefit expenses and payment to contractors 25 538.64 725.07
Finance costs 26 294.79 237.55
Depreciation and amortisation expenses 5 (b) 203.81 203.78
Other operating and general expenses 27 583.48 1,021.60
Total expenses 1,728.65 2,423.74
Profit/ (Loss) before exceptional items and tax (484.98) 454.14
Exceptional items 28 (155.30) (16.40)
Profit/ (Loss) before tax (640.28) 437.74
Tax expense 39
Current tax - 162.38
Deferred tax credit (115.50) (126.05)
Total (115.50) 36.33
Profit/ (Loss) after tax (524.78) 401.41
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss

Remeasurement of defined benefit obligation 34.97 (21.25)
Change in fair value of equity instruments designated irrevocably as Fair Value
182.70 (107.94)
Through Other Comprehensive Income
Add/ (Less):- income tax credit/ (expense) (8.61) 5.21
Other comprehensive income for the year, net of tax 209.06 (123.98)
Total comprehensive income for the year (315.72) 277.43
Earnings per share: 42

Basic and Diluted - (`) (4.41) 3.38
Face value per equity share - (`) 1.00 1.00
The accompanying notes form an integral part of the standalone financial statements 1 - 45


Partner Director

161
Standalone Statement of Changes in Equity

(` crores)
a) Equity
b) Other Equity
Share Capital
Items of Other
Reserves and Surplus Comprehensive
Income Other Total
Particulars Equity Share
Equity Equity Equity
Capital
Subscribed Instruments
Capital Securities General Other Retained
through Other
Reserve Premium Reserve reserves Earnings
Comprehensive
Income
Balance as at March 31, 2019 118.93 43.91 2,702.06 459.99 398.40 603.77 156.68 4,364.81 4,483.74
Adjustment on account of transition to
- - - - - (106.43) - (106.43) (106.43)
the new lease standard, net of taxes
Restated balance at the beginning of
118.93 43.91 2,702.06 459.99 398.40 497.34 156.68 4,258.38 4,377.31
the reporting period (April 1, 2019)
Profit for the year ended March 31,
- - - - - 401.41 - 401.41 401.41
2020
Other Comprehensive Income for the
- - - - - (16.04) (107.94) (123.98) (123.98)
year ended March 31, 2020, net of taxes
Total Comprehensive Income for the
- - - - - 385.37 (107.94) 277.43 277.43
period ended March 31, 2020
Realised loss on sale of investment
transferred from Other Comprehensive - - - - - (3.01) 3.01 - -
Income to Retained Earnings
Transfer from Debenture Redemption
- - - 130.50 (130.50) - - - -
Reserve to General Reserve
Dividends (Refer Note 45) - - - - - (59.46) - (59.46) (59.46)
Tax on Dividend - - - - - (11.72) - (11.72) (11.72)
Profit/ (Loss) for the year ended
- - - - - (524.78) - (524.78) (524.78)
March 31, 2021
- - - - - 26.36 182.70 209.06 209.06
- - - - - (498.42) 182.70 (315.72) (315.72)
period ended March 31, 2021
- - - 32.39 (32.39) - - - -
Dividends (Refer Note 45) - - - - - (59.46) - (59.46) (59.46)
The accompanying notes form an integral part of the standalone financial statements (Refer Notes 1 - 45).


Partner Director

162
FINANCIAL
STATEMENTS
Standalone Statement of Cash Flows

(` crores)
March 31, 2021 March 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES

Profit/ (Loss) before tax (640.28) 437.74
Adjustments to reconcile net profit to net cash provided by operating activities:
Gain on investments carried at fair value through statement of profit and loss (2.51) (0.28)
Profit on sale of Current Investments (5.32) (9.00)
Provision for impairment of investment in a subsidiary/ joint venture 180.30 70.37
Exchange (Gain)/ Loss on Long term borrowing/Assets (net) (0.13) 0.38
Fair valuation (Gain)/ Loss on derivative contracts (25.00) 21.76
Depreciation and amortisation expenses on Property, plant and equipment 171.68 173.29
Depreciation and amortisation expenses on Right-of-Use assets 32.13 30.49
Net (Gain)/ Loss on disposal of Property, plant and equipment (21.32) (141.18)
Net (Gain)/ Loss on Sale of Long Term Investments - (21.23)
Assets written off 3.27 6.91
Allowance for doubtful debts and advances 9.81 3.64
Dividend income (7.43) (13.90)
Interest income (37.86) (12.92)
Finance costs 294.79 237.55
Provision for disputed claims 9.99 1.83
Provision for Employee Benefits 8.80 (2.97)
611.20 344.74
Cash Operating Profit before working capital changes (29.08) 782.48
Adjustments for (increase)/ decrease in operating assets:

Inventories 6.85 (7.89)
Trade receivables 44.91 (3.92)
Other financial assets 19.95 21.35
Other assets 4.40 (49.39)
76.11 (39.85)
Adjustments for increase/ (decrease) in operating liabilities:
Trade payables (52.90) 64.40
Other financial liabilities (70.59) (10.48)
Other liabilities 8.90 5.34
(114.59) 59.26
Cash Generated From/(Used In) Operating Activities (67.56) 801.89
Income taxes (paid)/ refund 14.35 (191.04)
Net Cash Generated From/(Used In) Operating Activities (A) (53.21) 610.85
CASH FLOW FROM INVESTING ACTIVITIES

Payments for purchase of property, plant and equipment (140.63) (327.83)
Proceeds from disposal of property, plant and equipment 28.08 164.92
Capital subsidy received from Government - 40.69
Purchase of current investments (1,473.25) (1,861.60)
Sale of current investments 1,515.41 1,655.60
Purchase of non-current investments (289.52) (9.71)
Sale of Investment in Joint Venture - 29.79
Advance for purchase of investments (50.00) -
Carried Over (409.91) (308.14)
163
Standalone Statement of Cash Flows (Contd.)

(` crores)
March 31, 2021 March 31, 2020
Brought over (409.91) (308.14)

Interest received 11.86 8.71
Dividend received 7.43 13.90
Long-term deposits placed for Hotel properties (3.04) (47.38)
Long-term deposits repaid by related parties 0.30 -
Short-term deposits placed with related parties (1.11) (3.55)
Short-term deposits repaid by related parties - 13.00
Short-term deposits placed with others - (0.20)
Short-term deposits repaid by others 0.80 0.36
Bank Balances not considered as Cash and cash equivalents 10.07 (9.66)
Net Cash Generated From/(Used In) Investing Activities (B) (383.60) (332.96)
CASH FLOW FROM FINANCING ACTIVITIES

Dividend including unclaimed dividend (including tax on dividend in previous period) (59.20) (70.99)
Payment of lease liability (including Interest) (67.69) (45.23)
Interest and other borrowing costs paid (190.51) (124.03)
Settlement of cross currency Interest rate swap (net) 0.40 (121.99)
Proceeds from long-term borrowings 885.00 695.00
Repayment of long-term borrowings (244.00) (560.87)
Proceeds from short-term borrowings 15.00 98.64
Repayment of short-term borrowings - (105.02)
Unclaimed dividend/ deposits/ interest transferred to Investors Education and Protection Fund (0.34) (0.86)
Net Cash Generated From/(Used In) Financing Activities (C) 338.66 (235.35)
Net Increase/ (Decrease) In Cash and cash equivalents (A + B + C) (98.15) 42.54

Cash and Cash Equivalents - Opening 131.47 88.93
Cash and Cash Equivalents - Closing 33.32 131.47
The accompanying notes form an integral part of the standalone financial statements (Refer Notes 1 - 45).


Partner Director

164
FINANCIAL
STATEMENTS
Notes to Standalone Financial Statements

Note 1. Corporate Information (c) Critical Accounting Estimates and Judgements

The preparation of these financial statements in
The Indian Hotels Company Limited (“IHCL” or the
conformity with the recognition and measurement
“Company”), is primarily engaged in the business of owning,
principles of Ind AS requires management to make
operating & managing hotels, palaces and resorts.
judgements, estimates and assumptions, that affect the
reported balances of assets and liabilities, disclosures
The Company is domiciled and incorporated in India in 1902
relating to contingent liabilities as at the date of the
and has its registered office at Mandlik House, Mandlik Road,
financial statements and the reported amounts of
Mumbai – 400 001, India. It is promoted by Tata Sons Private
income and expenses for the years presented. Actual
Limited (formerly Tata Sons Limited), which holds a significant
results may differ from these estimates.
stake in the Company.
Estimates and underlying assumptions are reviewed
The financial statements for the year ended March 31, 2021
on an ongoing basis. Revisions to accounting estimates
were approved by the Board of Directors and authorised for
are recognised in the period in which the estimates are
issue on April 30, 2021.
revised and in any future periods affected.
Note 2. Basis of Preparation, Critical Accounting
In particular, information about significant areas
Estimates and Judgements, Significant Accounting
of estimation, uncertainty and critical judgments
Policies and Recent Accounting Pronouncements
in applying accounting policies that have the most
The financial statements have been prepared on the significant effect on the amounts recognised in the
following basis: financial statements pertain to:
(a) Statement of Compliance • Useful Lives of Property, Plant and Equipment
These financial statements have been prepared in and Intangible Assets: The Company has estimated
accordance with Indian Accounting Standards (“Ind AS”) useful life of each class of assets based on the
as prescribed under Section 133 of the Companies Act, nature of assets, the estimated usage of the asset,
2013 read with Companies (Indian Accounting Standards) the operating condition of the asset, past history of
Rules, 2015 and other provisions of the Companies Act, replacement, anticipated technological changes, etc.
2013 as amended from time to time. The Company reviews the useful life of property, plant
and equipment and Intangible assets as at the end of
(b) Basis of Preparation each reporting period. This reassessment may result
These financial statements have been prepared on in change in depreciation expense in future periods.
a historical cost basis, except for certain financial
• Impairment Testing: Property, plant and equipment,
instruments which are measured at fair value at the
Right-of-Use assets and intangible assets that are
end of each reporting period. Historical cost is generally
subject to depreciation/ amortisation are tested
based on the fair value of the consideration given in
for impairment periodically including when events
exchange for goods and services. Fair value is the price
occur or changes in circumstances indicate that the
that would be received to sell an asset or paid to transfer
recoverable amount of the cash generating unit is
a liability in an orderly transaction between market
less than its carrying value. The recoverable amount
participants at the measurement date.
of cash generating units is higher of value-in-use and
fair value less cost to sell. The calculation involves
All assets and liabilities are classified as current and
use of significant estimates and assumptions which
non-current as per Company’s normal operating cycle
includes turnover and earnings multiples, growth
of 12 months which is based on the nature of business
rates and net margins used to calculate projected
of the Company. Current Assets do not include elements
future cash flows, risk-adjusted discount rate, future
which are not expected to be realised within 1 year and
economic and market conditions.
Current Liabilities do not include items which are due
after 1 year, the period of 1 year being reckoned from • Impairment of Investments: The Company reviews
the reporting date. its carrying value of investments carried at cost or
amortised cost annually, or more frequently when
165
Notes to Standalone Financial Statements (Contd.)

there is indication for impairment. If the recoverable • Litigation: From time to time, the Company is subject
amount is less than its carrying amount, the to legal proceedings, the ultimate outcome of each
impairment loss is accounted for. being always subject to many uncertainties inherent
in litigation. A provision for litigation is made when
• Income Taxes: Deferred tax assets are recognised
it is considered probable that a payment will be
to the extent that it is regarded as probable that
made and the amount of the loss can be reasonably
deductible temporary differences can be realised.
estimated. Significant judgement is made when
The Company estimates deferred tax assets and
evaluating, among other factors, the probability
liabilities based on current tax laws and rates
of unfavorable outcome and the ability to make a
and in certain cases, business plans, including
reasonable estimate of the amount of potential loss.
management’s expectations regarding the manner
Litigation provisions are reviewed at each accounting
and timing of recovery of the related assets. Changes
period and revisions made for the changes in facts
in these estimates may affect the amount of deferred
and circumstances.
tax liabilities or the valuation of deferred tax assets
and thereby the tax charge in the Statement of Profit • Defined Benefit Plans: The cost of the defined
and Loss. benefit plans and the present value of the defined
benefit obligation are based on actuarial valuation
Provision for tax liabilities require judgements on
using the projected unit credit method. An actuarial
the interpretation of tax legislation, developments
valuation involves making various assumptions that
in case laws and the potential outcomes of tax audits
may differ from actual developments in the future.
and appeals which may be subject to significant
These include the determination of the discount rate,
uncertainty. Therefore the actual results may vary
future salary increases and mortality rates. Due to
from expectations resulting in adjustments to
the complexities involved in the valuation and its
provisions, the valuation of deferred tax assets, cash
long term nature, a defined benefit obligation is
tax settlements and therefore the tax charge in the
highly sensitive to changes in these assumptions. All
Statement of Profit and Loss.
assumptions are reviewed at each Balance Sheet date.
• Loyalty Programme: The Company estimates the fair
• Leases:
value of points awarded under the Loyalty programme
Critical Judgements in determining the Lease
by applying statistical techniques. Inputs include
Term: Ind AS 116 requires lessees to determine the
making assumptions about expected breakages, the
lease term as the non-cancellable period of a lease
mix of products that will be available for redemption
adjusted with any option to extend or terminate the
in the future and customer preferences, redemption
lease, if the use of such option is reasonably certain.
at own hotels and other participating hotels.
The Company makes an assessment on the expected
The Company assesses whether the loyalty points lease term on a lease-by-lease basis and thereby
provide a material right to the customer that needs assesses whether it is reasonably certain that any
to be accounted for as a separate performance options to extend or terminate the contract will be
obligation. The Company determines that the loyalty exercised. In evaluating the lease term, the Company
points provide a material right that the customer considers factors such as any significant leasehold
would not exercise without entering into the contract. improvements undertaken over the lease term,
costs relating to the termination of the lease and the
• Fair Value Measurement of Derivative and other
importance of the underlying asset to Company’s
Financial Instruments: The fair value of financial
operations taking into account the location of the
instruments that are not traded in an active market
underlying asset and the availability of suitable
is determined by using valuation techniques. This
alternatives. The lease term in future periods is
involves significant judgements in the selection of
reassessed to ensure that the lease term reflects the
a method in making assumptions that are mainly
current economic circumstances.
based on market conditions existing at the Balance
Sheet date and in identifying the most appropriate Ciritical Judgements in determining the Discount
estimate of fair value when a wide range of fair value Rate: The discount rate is generally based on the
measurements are possible. incremental borrowing rate specific to the lease
166
FINANCIAL
STATEMENTS

being evaluated or for a portfolio of leases with Significant Accounting Policies

similar characteristics.
(e) Revenue Recognition
(d) Estimation Uncertainty relating to the Global Health Revenue is recognised at an amount that reflects
Pandemic on COVID-19: the consideration to which the Company expects to
On March 11, 2020, the World Health Organisation be entitled in exchange for transferring the goods or
declared COVID-19 outbreak as a pandemic. Responding services to a customer i.e. on transfer of control of the
to the potentially serious threat that this pandemic has to goods or service to the customer. Revenue from sales
public health, the Indian Government has taken a series of goods or rendering of services is net of Indirect taxes,
of measures to contain the outbreak, which included returns and discounts.
imposing multiple ‘lock-downs’ across the country, from
March 22, 2020, and extended up to June 30, 2020. Income from Operations
Rooms, Food and Beverage & Banquets: Revenue is
The business has been severely impacted during the recognised at the transaction price that is allocated to
year on account of COVID-19. The Company witnessed the performance obligation. Revenue includes room
softer revenues due to the lockdown imposed during revenue, food and beverage sale and banquet services
the first six months of the year and a significant number which is recognised once the rooms are occupied, food
of the Company’s hotels had to be shut down. With the and beverages are sold and banquet services have been
unlocking of restrictions, all the Company’s hotels have provided as per the contract with the customer.
been opened and business is expected to gradually
improve across all hotels. During the second half of the S pace and Shop rentals: Rentals basically consists
year, the Company witnessed some signs of recovery of of rental revenue earned from letting of spaces for
demand, especially in leisure destinations. Whilst there retails and office at the properties. These contracts for
has been a second wave of the COVID-19 pandemic in rentals are generally of short term in nature. Revenue
the last few months in some States, there has also been is recognised in the period in which services are
increased vaccination drive by the Government and the being rendered.
Company continues to closely monitor the situation.
ther Allied services: In relation to laundry income,
O
The Company has also assessed the possible impact communication income, health club income, airport
of COVID-19 in preparation of the standalone financial transfers income and other allied services, the revenue
statements, including but not limited to its assessment has been recognised by reference to the time of
of liquidity and going concern assumption, recoverable service rendered.
values of its financial and non-financial assets and impact
on revenues and costs. The Company has considered anagement and Operating fees: Management
M
internal and external sources of information and has fees earned from hotels managed by the Company
performed sensitivity analysis on the assumptions used are usually under long-term contracts with the hotel
and based on current estimates, expects to recover the owner. Under Management and Operating Agreements,
carrying amount of these assets. The impact of COVID-19 the Company’s performance obligation is to provide
may be different from that estimated as at the date hotel management services and a license to use the
of approval of these standalone financial statements Company’s trademark and other intellectual property.
and the Company will continue to closely monitor any
material changes to future economic conditions. Management and incentive fee is earned as a percentage
of revenue and profit and are recognised when earned
The Company has adequate funds at its disposal and in accordance with the terms of the contract based on
the Management is confident of securing additional the underlying revenue, when collectability is certain
financing, as required, for the next 12 months to enable and when the performance criteria are met. Both are
the Company to meet its debts and obligations as they treated as variable consideration.
fall due. Accordingly, the financial statements of the
Company have been prepared on a going concern basis.
167

Membership Fees: Membership fee income majorly

(f) Employee Benefits
consists of membership fees received from the loyalty i. Short term-Employment Benefits:
program and Chamber membership fees. Income is The costs of all short-term employee benefits (that
earned when the customer enrols for membership are expected to be settled wholly within 12 months
programs. In respect of performance obligations satisfied after the end of the period in which the employees
over a period of time, revenue is recognised at the render the related service) are recognised during
allocated transaction price on a time-proportion basis. the period in which the employee renders the
related service. The accruals for employee
L oyalty Program: The Company operates loyalty
entitlements to benefits such as salaries, bonuses
programme, which provides a material right to customers and annual leave represent the amounts which
that they would not exercise without entering into a the Company has a present obligation to pay as a
contract and the eligible customers earns points based result of the employee’s services and the obligation
on their spending at the hotels. The points so earned by can be measured reliably. The accruals have been
such customers are accumulated. The revenues related calculated at undiscounted amounts based on
to award points is deferred and a contract liability is current salary levels at the Balance Sheet date.
created and on redemption/ expiry of such award
points, revenue is recognised at pre-determined rates. ii. Post-Employment Benefits:
Defined Contribution Plans
Contract Balances A defined contribution plan is a post-employment
a) Contract Assets benefit plan under which an entity pays fixed
A contract asset is the right to consideration in contributions into a separate entity and will
exchange for goods or services transferred to the have no legal or constructive obligation to pay
customer. If the Company performs by transferring further amounts.
goods or services to a customer before the
a) Provident and Family pension fund
customer pays consideration or before payment is
The eligible employees of the Company are
due, a contract asset is recognised for the earned
entitled to receive post-employment benefits
consideration that is conditional.
in respect of provident and family pension
fund, in which both the employees and the
b) Contract Liabilities
Company make monthly contributions at
A contract liability is the obligation to transfer
a specified percentage of the employee’s
services to a customer for which the Company
eligible salary (currently 12% of employee’s
has received consideration from the customer. If a
eligible salary). The contributions are made
customer pays consideration before the Company
to the provident fund managed by the trust
transfers goods or services to the customer, a
set up by the Company, or to the Regional
contract liability is recognised when the payment is
Provident Fund Commissioner (RPFC) which
made. Contract liabilities are recognised as revenue
are charged to the Statement of Profit and
when the Company performs under the contract.
Loss as incurred.
Interest
In respect of contribution to RPFC, the
Interest income is accrued on a time proportion basis
Company has no further obligations beyond
using the effective interest rate method.
making the contribution, and hence, such
employee benefit plan is classified as
Dividend
Defined Contribution Plan. The Company’s
Dividend income is recognised when the Company’s
contribution is recognised as an expense in
right to receive the amount is established.
the Statement of Profit and Loss.
b) Superannuation
The Company has a defined contribution plan
for eligible employees, wherein it annually
168
FINANCIAL
STATEMENTS

contributes a sum equivalent to a defined based on the projected unit credit method.
percentage of the eligible employee’s annual Actuarial gains and losses are recognised
basic salary to a fund administered by the immediately in Other Comprehensive Income
trustees. The Company recognises such and reflected in retained earnings and will
contributions as an expense in the year in not be reclassified to the Statement of Profit
which the corresponding services are received and Loss.
from the employee.
The Company also has separate funded
Defined Benefit Plans and unfunded schemes, which guarantee a
A defined benefit plan is a post-employment minimum pension to certain categories of
benefit plan other than a defined contribution plan. employees. The Company accounts for the
The Company’s net obligation in respect of defined net present value of its obligations therein,
benefit plans is calculated by estimating the amount based on an independent external actuarial
of future benefit that employees have earned in valuation, carried out as at the Balance Sheet
the current and prior periods, discounting that date, which is determined on the basis of the
amount and deducting the fair value of any plan projected unit credit method. Actuarial gains
assets. The calculation of defined benefit obligation and losses are recognised immediately in
is performed annually by a qualified actuary using Other Comprehensive Income and reflected in
the projected unit credit method. retained earnings and will not be reclassified
to the Statement of Profit and Loss.
a) Gratuity Fund
The Company makes annual contributions to
c) Provident Fund Trust
gratuity funds administered by the trustees
In respect of contribution to the trust set up by
for amounts notified by the funds. The
the Company, since the Company is obligated
Gratuity plan provides for lump sum payment
to meet interest shortfall, if any, with respect
to vested employees on retirement, death
to covered employees, such employee benefit
or termination of employment of an amount
plan is classified as Defined Benefit Plan. Any
based on the respective employee’s last
obligation in this respect is measured on the
drawn salary and tenure of employment.
basis of independent actuarial valuation.
The Company accounts for the net present
value of its obligations for gratuity benefits,
Other Long-term Employee Benefits – The Company
based on an independent actuarial valuation,
provides for encashment of leave or leave with pay
determined on the basis of the projected unit
subject to certain rules. The employees are entitled
credit method, carried out as at the Balance
to accumulate leave subject to certain limits for
Sheet date. The obligation determined as
future encashment / availment. The Company
aforesaid less the fair value of the plan
makes provision for compensated absences based
assets is reported as a liability or asset as
on an independent actuarial valuation carried out
of the reporting date. Actuarial gains and
at the end of the year. Actuarial gains and losses are
losses are recognised immediately in Other
recognised in the Statement of Profit and Loss.
Comprehensive Income and reflected in
retained earnings and will not be reclassified
(g) Property, Plant and Equipment
to the Statement of Profit and Loss.
Property, plant and equipment are stated at cost, less
accumulated depreciation (other than freehold land)
b) Post-Retirement Pension Scheme and
and accumulated impairment losses, if any.
Medical Benefits
The net present value of the Company’s
All property, plant and equipment are initially recorded
obligation towards post retirement pension
at cost. Cost includes the acquisition cost or the cost
scheme for retired whole time directors
of construction, including duties and non-refundable
and post-employment medical benefits to
taxes, expenses directly related to bringing the asset to
qualifying employees is actuarially determined,
169

the location and condition necessary for making them to leasehold buildings are depreciated on the basis of
operational for their intended use and, in the case of their estimated useful lives or the expected lease period,
qualifying assets, the attributable borrowing costs (refer whichever is lower.
note no. 2(p)). Initial estimate of costs of dismantling
and removing the item and restoring the site on which Freehold land is not depreciated.
it is located is also included if there is an obligation to
restore it. First time issues of operating supplies for a The assets’ useful lives and residual values are reviewed
new hotel property, consisting of linen and chinaware, at the Balance Sheet date and the effect of any changes
glassware and silverware (CGS) are capitalised and in estimates are accounted for on a prospective basis.
depreciated over their estimated useful life.
An item of property, plant and equipment is derecognised
Subsequent expenditure relating to property, plant and upon disposal or when no future economic benefits are
equipment is capitalised only when it is probable that expected to arise from the continued use of the asset.
future economic benefits associated with these will Any gain or loss arising on the disposal or retirement of
flow to the Company and the cost of the item can be an item of property, plant and equipment is determined
measured reliably. as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the
An asset’s carrying amount is written down immediately Statement of Profit and Loss.
to its recoverable amount if the asset’s carrying amount
is greater than its estimated recoverable amount. Proportionate depreciation is charged for the addition
and disposal made during the year.
Depreciation is charged to the Statement of Profit and
Loss so as to expense the cost of assets (other than For transition to Ind AS, the Company has elected to
freehold land and properties under construction) less continue with the carrying value of all of its property,
their residual values over their useful lives, using the plant and equipment recognised as of April 1, 2015
straight line method, as per the useful life prescribed in (transition date) measured as per the previous GAAP
Schedule II to the Companies Act, 2013 except in respect and use that carrying value as its deemed cost as of the
of the following categories of assets, in whose case the transition date.
life of the assets had been re-assessed as under based on
technical evaluation, taking into account the nature of Capital work in progress represents projects under
the asset, the estimated usage of the asset, the operating which the property, plant and equipment are not yet
conditions of the asset, past history of replacement, ready for their intended use and are carried at cost
anticipated technological changes, manufacturers’ determined as aforesaid.
warranties and maintenance support, etc.
(h) Intangible Assets
Estimated
Class of Assets
Useful Life Intangible assets include cost of acquired software
Buildings 30 to 80 years and designs, and cost incurred for development of the
Plant and Equipment 5 to 20 years Company’s website and certain contract acquisition
Electrical Installation and Equipment 20 years costs. Intangible assets are initially measured at
Hotel Wooden Furniture 15 years acquisition cost including any directly attributable costs
End User devices – Computers, Laptops etc. 6 years of preparing the asset for its intended use.
Operating supplies (issued on opening of a 2 to 3 years
new hotel property) Expenditure on projects which are not yet ready
Other Miscellaneous Hotel Assets 4 years for intended use are carried as intangible assets
under development.
In respect of buildings on leasehold land, depreciation
is based on the tenure which is lower of the life of the Intangible assets with finite lives are amortised over
buildings or the expected lease period. Improvements their estimated useful life and assessed for impairment
170
FINANCIAL
STATEMENTS

whenever there is an indication that the intangible asset Lease Liabilities

may be impaired. Intangible assets with indefinite useful The lease liability is initially measured at the present
lives are tested for impairment at least annually, and value of the lease payments to be made over the lease
whenever there is an indication that the asset may be term. The lease payments include fixed payments
impaired. The estimated useful life used for amortising (including ‘in-substance fixed’ payments) and variable
intangible assets is as under: lease payments that depend on an index or a rate, less
any lease incentives receivable. ‘In-substance fixed’
Class of Assets Estimated Useful Life
payments are payments that may, in form, contain
Website Development Cost 5 years
variability but that, in substance, are unavoidable. In
Software and Licences 6 years
calculating the present value of lease payments, the
Service and Operating Rights 10 years
Company uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit
An intangible asset is de-recognised on disposal, or when
in the lease is not readily determinable.
no future economic benefits are expected to arise from
the continued use of the asset. Gains or losses arising
The lease term includes periods subject to extension
from de-recognition of an intangible asset, measured as
options which the Company is reasonably certain to
the difference between the net disposal proceeds and
exercise and excludes the effect of early termination
the carrying amount of the asset, and are recognised
options where the Company is reasonably certain that
in the Statement of Profit and Loss when the asset
it will not exercise the option. Minimum lease payments
is derecognised.
include the cost of a purchase option if the Company is
reasonably certain it will purchase the underlying asset
For transition to Ind AS, the Company has elected to
after the lease term.
continue with carrying value of all of its intangible assets
recognised as of April 1, 2015 (transition date) measured
After the commencement date, the amount of lease
as per the previous GAAP and use that carrying value as
liabilities is increased to reflect the accretion of interest
its deemed cost as of the transition date.
and reduced for lease payments made. In addition, the
carrying amount of lease liabilities is re-measured if
(i) Leases
there is a modification, a change in the lease term, a
On inception of a contract, the Company assesses
change in the ‘in-substance fixed’ lease payments or as
whether it contains a lease. A contract contains a
a result of a rent review or change in the relevant index
lease when it conveys the right to control the use of
or rate.
an identified asset for a period of time in exchange
for consideration. The right to use the asset and the
Variable Lease
obligation under the lease to make payments are
Variable lease payments that do not depend on an index
recognised in the Company’s statement of financial
or a rate are recognised as an expense in the period
position as a right-of-use asset and a lease liability.
over which the event or condition that triggers the
payment occurs.
Right to Use Assets
The right- of-use asset recognised at lease
Short-term Leases and Leases of Low-Value Assets
commencement includes the amount of lease liability
The Company has opted not to apply the lease accounting
recognised, initial direct costs incurred, and lease
model to intangible assets, leases of low‑value assets or
payments made at or before the commencement date,
leases which have a lease term of 12 months or less and
less any lease incentives received. Right-of-use assets
don’t contain purchase option. Costs associated with
are depreciated over the shorter of the asset’s estimated
such leases are recognised as an expense on a straight-
useful life and the lease term. Right-of-use assets are
line basis over the lease term.
also adjusted for any re-measurement of lease liabilities
and are subject to impairment testing. Residual value is
reassessed annually.
171

Presentation of Lease Payments in Cash Flow amount, but so that the increased carrying amount does
Statements: not exceed the carrying amount that would have been
Lease payments are presented as follows in the determined had no impairment loss been recognised
Company’s statement of cash flows: for the asset (or cash-generating unit) in prior years. A
reversal of an impairment loss is recognised immediately
• Short-term lease payments, payments for leases of
in the Statement of Profit and Loss.
low-value assets and variable lease payments that
are not included in the measurement of the lease
(k) Foreign Currency Translation
liabilities are presented within cash flows from
The functional currency and presentation currency of
operating activities;
the Company is Indian Rupee (`).
• Payments for the interest element of recognised
lease liabilities are included in ‘interest paid’ within Initial Recognition
cash flows from financing activities; and On initial recognition, all foreign currency transactions
are recorded by applying to the foreign currency amount
• Payments for the principal element of recognised
the exchange rate between the reporting currency and
lease liabilities are presented within cash flows from
the foreign currency at the date of the transaction.
financing activities.
Subsequent Recognition
COVID-19-related rent concessions
As at the reporting date, non-monetary items which
In the current year, the Company has applied the
are carried at historical cost and denominated in a
amendments to Ind AS 116 that are effective for an
foreign currency are reported using the exchange rate
annual period that begins on or after April 1, 2020. Refer
at the date of the transaction. All non-monetary items
Note 2(w).
which are carried at fair value denominated in a foreign
currency are retranslated at the rates prevailing at the
(j) Impairment of Assets
date when the fair value was determined.
Assets that are subject to amortisation are reviewed
for impairment periodically including whenever events
Income and expenses in foreign currencies are recorded
or changes in circumstances indicate that the carrying
at exchange rates prevailing on the date of the
amount may not be recoverable. An impairment loss is
transaction. Foreign currency denominated monetary
recognised for the amount by which the asset’s carrying
assets and liabilities are translated at the exchange rate
amount exceeds its recoverable amount.
prevailing on the Balance Sheet date and exchange gains
and losses arising on settlement and restatement are
Recoverable amount is the higher of fair value less costs
recognised in the Statement of Profit and Loss.
of disposal and value in use. In assessing value in use,
the estimated future cash flows are discounted to their
(l) Inventories
present value using a pre-tax discount rate that reflects
Stock of food and beverages and stores and operating
current market assessments of the time value of money
supplies are carried at the lower of cost (computed on
and the risks specific to the asset for which the estimates
a Weighted Average basis) or net realisable value. Net
of future cash flows have not been adjusted.
realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of
If the recoverable amount of an asset (or cash-generating
completion and selling expenses. Cost includes the fair
unit) is estimated to be less than its carrying amount, the
value of consideration paid including duties and taxes
carrying amount of the asset (or cash-generating unit)
(other than those refundable), inward freight, and other
is reduced to its recoverable amount. An impairment
expenditure directly attributable to the purchase. Trade
loss is recognised immediately in the Statement of Profit
discounts and rebates are deducted in determining the
and Loss.
cost of purchase.
When an impairment loss subsequently reverses, the
(m) Government Grants
carrying amount of the asset (or a cash-generating unit)
Government grants are recognised in the period to
is increased to the revised estimate of its recoverable
which they relate when there is reasonable assurance
172
FINANCIAL
STATEMENTS

that the grant will be received and that the Company Deferred income tax assets are recognised to the
will comply with the attached conditions. extent that it is probable that taxable profit will be
available against which the deductible temporary
Government grants are recognised in the Statement of differences and the carry forward of unused tax
Profit and Loss on a systematic basis over the periods in credits and unused tax losses can be utilised.
which the Company recognises as expenses the related
costs for which the grants are intended to compensate. Deferred tax liabilities and assets are measured
at the tax rates that are expected to apply in the
Government grants related to assets are presented in period in which the liability is settled or the asset
the balance sheet by deducting the grant in calculating realised, based on tax rates (and tax laws) that have
the carrying amount of the asset. been enacted or substantially enacted by the end
of the reporting period.
(n) Income Taxes
Income tax expense comprises current tax expense Deferred tax assets and liabilities are offset when
and the net change in the deferred tax asset or there is a legally enforceable right to set off current
liability during the year. Current and deferred tax tax assets against current tax liabilities and when
are recognised in the Statement of Profit and Loss, they relate to income taxes levied by the same
except when they relate to items that are recognised taxation authority and the Company intends to
in Other Comprehensive Income or directly in equity, settle its current tax assets and liabilities on a
in which case, the current and deferred tax are also net basis.
recognised in Other Comprehensive Income or directly
in equity, respectively. Minimum Alternative Tax (“MAT”) credit forming
part of deferred tax assets is recognised as an asset
(i) Current Tax: only when and to the extent there is convincing
Current tax expenses are accounted in the same evidence that the Company will pay normal
period to which the revenue and expenses income tax during the specified period. Such asset
relate. Provision for current income tax is made is reviewed at each Balance Sheet date and the
for the tax liability payable on taxable income carrying amount of the MAT credit asset is written
after considering tax allowances, deductions and down to the extent there is no longer a reasonable
exemptions determined in accordance with the certainty to the effect that the Company will pay
applicable tax rates and the prevailing tax laws. normal income tax during the specified period.
Current tax assets and current tax liabilities are (o) Provisions, Contingent Liabilities and Contingent
offset when there is a legally enforceable right Assets
to set off the recognised amounts and there is an Provisions are recognised when the Company has a
intention to settle the asset and the liability on a binding present obligation. This may be either legal
net basis. because it derives from a contract, legislation or other
operation of law, or constructive because the Company
(ii) Deferred Tax : created valid expectations on the part of third parties
Deferred income tax is recognised using the by accepting certain responsibilities. To record such
balance sheet approach. Deferred tax assets and an obligation it must be probable that an outflow of
liabilities are recognised for deductible and taxable resources will be required to settle the obligation and
temporary differences arising between the tax a reliable estimate can be made for the amount of the
base of assets and liabilities and their carrying obligation. The amount recognised as a provision and
amount in financial statements, except when the the indicated time range of the outflow of economic
deferred tax arises from the initial recognition of benefits are the best estimate (most probable outcome)
goodwill, an asset or liability in a transaction that of the expenditure required to settle the present
is not a business combination and affects neither obligation at the balance sheet date, taking into account
accounting nor taxable profits or loss at the time the risks and uncertainties surrounding the obligation.
of the transaction.
173

Non-current provisions are discounted if the impact (r) Earnings per Share
is material. Basic earnings per share is computed by dividing the
profit or loss after tax by the weighted average number
Contingent liabilities are disclosed when there is of equity shares outstanding during the year adjusting
a possible obligation arising from past events, the the bonus element for all the reported period arising on
existence of which will be confirmed only by the account of issue of equity shares on rights and including
occurrence or non-occurrence of one or more uncertain potential equity shares on compulsory convertible
future events not wholly within the control of the debentures. Diluted earnings per share is computed
Company or a present obligation that arises from past by dividing the profit / (loss) after tax as adjusted for
events where it is either not probable that an outflow dividend, interest and other charges to expense or
of resources will be required to settle the obligation or income (net of any attributable taxes) relating to the
a reliable estimate of the amount cannot be made. dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic
A contingent asset is not recognised but disclosed in earnings per share.
the financial statements where an inflow of economic
benefit is probable. (s) Exceptional Items
The Company discloses certain financial information
Provisions, contingent assets and contingent liabilities both including and excluding exceptional items. The
are reviewed at each balance sheet date. presentation of information excluding exceptional
items allows a better understanding of the underlying
(p) Borrowing Costs operating performance of the Company and provides
General and specific borrowing costs directly attributable consistency with the Company’s internal management
to the acquisition or construction of qualifying assets reporting. Exceptional items are identified by virtue of
that necessarily takes substantial period of time to either their size or nature so as to facilitate comparison
get ready for their intended use or sale, are added to with prior periods and to assess underlying trends in the
the cost of those assets, until such time as the assets financial performance of the Company. Exceptional items
are substantially ready for their intended use or sale. can include, but are not restricted to, gains and losses
Borrowing costs consist of interest and other costs that on the disposal of assets/ investments, impairment
the Company incurs in connection with the borrowing charges, exchange gain/ (loss) on long term borrowings/
of funds. assets and changes in fair value of derivative contracts.
Interest income earned on temporary investment (t) Financial Instruments

of specific borrowings pending their expenditure on (I) Financial Assets
qualifying assets is deducted from the borrowing costs Initial Recognition and Measurement
eligible for capitalisation. Borrowing costs that are not Financial assets are recognised when, and only
directly attributable to a qualifying asset are recognised when, the Company becomes a party to the
in the Statement of Profit and Loss using the effective contractual provisions of the financial instrument.
interest method. The Company determines the classification of its
financial assets at initial recognition.
(q) Statement of Cash Flows
Cash flows are reported using the indirect method, When financial assets are recognised initially,
whereby profit/ (loss) before tax is adjusted for the they are measured at fair value, plus, in the case
effects of transactions of non cash nature and any of financial assets not at fair value through profit
deferrals or accruals of past or future cash receipts or loss directly attributable transaction costs.
or payments. Cash flow for the year are classified by Transaction costs of financial assets carried at fair
operating, investing and financing activities. value through profit or loss are expensed in the
174
FINANCIAL
STATEMENTS

Classification included as a part of the Company’s income

• Cash and Cash Equivalents – Cash comprises in the Statement of Profit and Loss using
cash on hand and demand deposits with banks. the effective interest rate method.
Cash equivalents are short-term balances (with
an original maturity of three months or less from (iii) Financial Assets at Fair Value through
the date of acquisition), highly liquid investments Profit or Loss (FVTPL)
that are readily convertible into known amounts Assets that do not meet the criteria for
of cash and which are subject to insignificant risk amortised cost or FVOCI are measured
of changes in value. at fair value through profit or loss. A gain
or loss on such debt instrument that is
• Debt Instruments - The Company classifies its
subsequently measured at FVTPL and is
debt instruments as subsequently measured
not part of a hedging relationship as well
at amortised cost, fair value through Other
as interest income is recognised in the
Comprehensive Income or fair value through
profit or loss based on its business model for
managing the financial assets and the contractual
• Equity Instruments - The Company subsequently
cash flow characteristics of the financial asset.
measures all equity investments (other than
(i) Financial Assets at Amortised Cost the investment in subsidiaries, joint ventures
Financial assets are subsequently measured and associates which are measured at cost) at
at amortised cost if these financial assets fair value. Where the Company has elected to
are held for collection of contractual cash present fair value gains and losses on equity
flows where those cash flows represent investments in Other Comprehensive Income
solely payments of principal and interest. (“FVOCI”), there is no subsequent reclassification
Interest income from these financial assets of fair value gains and losses to profit or loss.
is included as a part of the Company’s Dividends from such investments are recognised
income in the Statement of Profit and Loss in the Statement of Profit and Loss as other
using the effective interest rate method. income when the Company’s right to receive
payment is established.
(ii) Financial Assets at Fair Value through
Other Comprehensive Income (FVOCI) T he Company has made an irrevocable election
Financial assets are subsequently measured to present in Other Comprehensive Income
at fair value through Other Comprehensive subsequent changes in the fair value of equity
Income if these financial assets are held for investments that are not held for trading.
collection of contractual cash flows and for
selling the financial assets, where the assets’ hen the equity investment is derecognised,
W
cash flows represent solely payments of the cumulative gain or loss previously recognised
principal and interest. Movements in the in Other Comprehensive Income is reclassified
carrying value are taken through Other from Other Comprehensive Income to the
Comprehensive Income, except for the Retained Earnings directly.
recognition of impairment gains or losses,
interest revenue and foreign exchange De-recognition
gains or losses which are recognised in A financial asset is derecognised only when the
the Statement of Profit and Loss. When Company has transferred the rights to receive cash
the financial asset is derecognised, flows from the financial asset. Where the Company
the cumulative gain or loss previously has transferred an asset, the Company evaluates
recognised in Other Comprehensive Income whether it has transferred substantially all risks and
is reclassified from Other Comprehensive rewards of ownership of the financial asset. In such
Income to the Statement of Profit and Loss. cases, the financial asset is derecognised. Where the
Interest income on such financial assets is Company has not transferred substantially all risks
175

and rewards of ownership of the financial asset, depends on whether the derivative is designated
the financial asset is not derecognised. Where the as a hedging instrument, and if so, the nature
Company retains control of the financial asset, the of the item being hedged and the type of hedge
asset is continued to be recognised to the extent relationship designated. The fair value changes of
of continuing involvement in the financial asset. derivatives which are not designated as a hedging
instrument are accounted through Statement of
(II) Financial Liabilities Profit and Loss. During the years reported, no
Initial Recognition and Measurement hedge relationship was designated.
Financial liabilities are recognised when, and
only when, the Company becomes a party to the Equity Instruments
contractual provisions of the financial instrument. An equity instrument is any contract that evidences
The Company determines the classification of its a residual interest in the assets of an entity after
financial liabilities at initial recognition. deducting all of its liabilities. Equity instruments
issued by the Company are recognised at the
All financial liabilities are recognised initially at proceeds received, net of direct issue costs.
fair value, plus, in the case of financial liabilities
not at fair value, through profit or loss directly Repurchase of the Company’s own equity
attributable transaction costs. instruments is recognised and deducted directly
in equity. No gain or loss is recognised in the
Subsequent Measurement Statement of Profit and Loss on the purchase,
After initial recognition, financial liabilities that are sale, issue or cancellation of the Company’s own
not carried at fair value through profit or loss are equity instruments.
subsequently measured at amortised cost using
the effective interest method. Gains and losses (III) Impairment of Financial Assets
are recognised in the Statement of Profit and Loss The Company assesses, at each reporting date,
when the liabilities are derecognised, and through whether a financial asset or a group of financial
the amortisation process. assets is impaired. Ind AS-109 on Financial
Instruments, requires expected credit losses to
De-recognition be measured through a loss allowance. For trade
A financial liability is de-recognised when the receivables only, the Company recognises expected
obligation under the liability is discharged or lifetime losses using the simplified approach
cancelled or expires. When an existing financial permitted by Ind AS-109, from initial recognition of
liability is replaced by another from the same the receivables. For other financial assets (not being
lender on substantially different terms, or the terms equity instruments or debt instruments measured
of an existing liability are substantially modified, subsequently at FVTPL) the expected credit losses
such an exchange or modification is treated as are measured at the 12 month expected credit
a de-recognition of the original liability and the losses or an amount equal to the lifetime expected
recognition of a new liability, and the difference in credit losses if there has been a significant increase
the respective carrying amounts is recognised in in credit risk since initial recognition.
the Statement of Profit and Loss.
(u) Financial Guarantee Contracts
Derivatives A financial guarantee contract is a contract that requires
Derivatives are initially recognised at fair value the issuer to make specified payments to reimburse the
on the date a derivative contract is entered into holder for a loss it incurs because a specified debtor fails
and are subsequently re-measured to their fair to make payments when due in accordance with the
value at the end of each reporting period. The terms of a debt instrument.
accounting for subsequent changes in fair value
176
FINANCIAL
STATEMENTS

Financial guarantee contracts issued by the Company change applying Ind AS 116 if the change were not a
are measured at their fair values and recognised as lease modification.
income in the Statement of Profit and Loss.
The practical expedient applies only to rent concessions
Where guarantees in relation to loans or other payables occurring as a direct consequence of COVID-19 and only
of group companies are provided for no compensation, if all of the following conditions are met:
the fair value are accounted for as contributions and
• T he change in lease payments results in revised
recognised as part of cost of investment.
consideration for the lease that is substantially the
same as, or less than, the consideration for the lease
(v) Business Combinations
immediately preceding the change;
Business combinations of entities under common
control are accounted using the “pooling of interests” • A
ny reduction in lease payments affects only
method and assets and liabilities are reflected at the payments originally due on or before June 30, 2021
predecessor carrying values and the only adjustments (a rent concession meets this condition if it results in
that are made are to harmonise accounting policies. The reduced lease payments on or before June 30, 2021
figures for the previous periods are restated as if the and increased lease payments that extend beyond
business combination had occurred at the beginning of June 30, 2021); and
the preceding period irrespective of the actual date of
• T here is no substantive change to other terms and
the combination.
conditions of the lease.
(w) Recent Accounting Pronouncements
The Company has applied the practical expedient
New and Amended Standards adopted by the
retrospectively to all eligible rent concessions and has
Company:
not restated prior period figures. The Company has
In the current year, the Company has applied the below
benefited from waiver of lease payments of ` 26.79
crores (including those leases where the Company
annual period that begins on or after April 1, 2020:
availed the above practical expedients) on certain
hotel properties/ office premises. The waiver of lease
The Company has adopted the amendments to
payments has been accounted for as “Other Income”
Ind AS 116 for the first time in the current year. The
in the statement of profit or loss. The Company has
amendments provide practical relief to lessees in
derecognised the part of the lease liability that has been
accounting for rent concessions occurring as a direct
extinguished by the forgiveness of lease payments.
consequence of COVID-19, by introducing a practical
expedient to Ind AS 116. The practical expedient permits
New Standards or Other Amendments Issued but not
a lessee to elect not to assess whether a COVID-19-
yet Effective:
related rent concession is a lease modification. A lessee
Ministry of Corporate Affairs (“MCA”) notifies new
that makes this election shall account for any change
standard or amendments to the existing standards.
in lease payments resulting from the COVID-19-related
There is no such notification which would have been
rent concession the same way it would account for the
applicable from April 1, 2021.
177

Note 3 : Property, plant and equipment (owned, unless otherwise stated)

(` crores)
Buildings
Freehold Plant and Furniture Office
(Refer Footnote Vehicles Total
Land Equipment and Fixtures Equipment
(i), (iii) & (iv))
Cost
At April 1, 2019 134.25 1,571.63 912.66 316.57 51.88 6.82 2,993.81
Additions - 88.13 70.46 23.23 9.51 3.68 195.01
Adjustments - (24.29) (15.58) - - - (39.87)
Disposals 5.62 20.76 5.87 1.43 0.61 0.32 34.61
At March 31, 2020 128.63 1,614.71 961.67 338.37 60.78 10.18 3,114.34
Additions 22.11 115.44 68.55 29.80 3.55 0.40 239.85
Disposals - 6.96 4.36 0.53 0.57 0.43 12.85
At March 31, 2021 150.74 1,723.19 1,025.86 367.64 63.76 10.15 3,341.34
Depreciation
At April 1, 2019 - 172.85 245.35 89.87 28.80 2.30 539.17
Charge for the year - 54.81 71.12 27.27 8.27 0.72 162.19
Disposals - 4.31 2.83 0.70 0.56 0.28 8.68
At March 31, 2020 - 223.35 313.64 116.44 36.51 2.74 692.68
Disposals - 1.06 3.14 0.37 0.53 0.39 5.49
At March 31, 2021 - 279.64 377.62 144.27 44.54 3.24 849.31
Net Block
At March 31, 2020 128.63 1,391.36 648.03 221.93 24.27 7.44 2,421.66
At March 31, 2021 150.74 1,443.55 648.24 223.37 19.22 6.91 2,492.03
Footnotes :
(i) Cost includes improvements to buildings constructed on leasehold land ` 1,276.24 crores (Previous year ` 1,165.97 crores).
(ii) For details of pledged assets refer Note 16, footnote (ii).
(iii) Includes Building amounting to ` 0.75 crore (Previous year ` 0.77 crore) acquired on amalgamation of TIFCO Holdings Ltd. is pending to be transferred in the
name of the Company.
(iv) Disposals include adjustment of ` 1.07 crores (Previous year ` 3.74 crores) comprising of residential flats, re-classified as held for sale.
178
FINANCIAL
STATEMENTS

Note 4 : Right-of-use assets

(` crores)
Buildings Leasehold Land Office Premises Total
Cost
At April 1, 2019 716.96 82.71 35.60 835.27
Additions 28.44 - - 28.44
Reassessment of leases 29.23 - - 29.23
At March 31, 2020 774.63 82.71 35.60 892.94
Additions - 8.96 - 8.96
Reassessment of leases - - 10.27 10.27
At March 31, 2021 774.63 91.67 45.87 912.17
Amortisation
At April 1, 2019 - - - -
Charge for the year 24.33 1.10 7.00 32.43
(Refer Footnote (i))
At March 31, 2020 24.33 1.10 7.00 32.43
At March 31, 2021 49.13 2.26 14.37 65.76
Net Block
At March 31, 2020 750.30 81.61 28.60 860.51
At March 31, 2021 725.50 89.41 31.50 846.41
Footnote :
(i) Amortisation includes ` 1.20 crores (Previous year ` 1.94 crores) which is capitalised during the year.
(ii) The Company’s leased assets mainly comprise land and hotel properties and offices. Leases contain a wide range of different terms and conditions. The term
of property leases ranges from 1 to 198 years. Many of the Company’s property leases contain extension or early termination options, which are used for
operational flexibility.
One of the land lease agreement with the Government has expired and is in an advanced stage of renewal. In the absence of a definitive agreement and
uncertainty about the timing of the cash flows, this lease is not included in the calculation of Right-of-Use assets and corresponding Lease liabilities. The
rental for this land continues to be provided as lease expense on a best estimate.
(iii) Amounts recognised in profit or loss:
The following amounts were recognised as expense:
(` crores)
March 31, 2021 March 31, 2020
Depreciation of Right-of-use Assets 32.13 30.49
Expense relating to variable lease payments 37.42 120.76
Interest on lease liabilities 82.40 77.36
Total recognised in the Company’s statement of profit and loss 151.95 228.61
Variable lease payments are payable under certain of the Company’s hotel leases and arise where the Company is committed to making additional lease payments
that are contingent on the performance of the hotels. (Refer Note 33 (c))
179

Note 5 (a) : Intangible assets (acquired)

(` crores)
Website Software Service and
Total
Development Cost (Refer Footnote (i)) Operating Rights
Cost
At April 1, 2019 21.20 39.31 12.07 72.58
Additions 1.17 0.96 6.47 8.60
Disposals - - 0.04 0.04
At March 31, 2020 22.37 40.27 18.50 81.14
Additions 0.46 1.05 0.01 1.52
Disposals - - - -
At March 31, 2021 22.83 41.32 18.51 82.66
Amortisation
At April 1, 2019 13.01 24.72 3.15 40.88
Disposals - 0.01 0.02 0.03
At March 31, 2020 17.31 30.30 4.34 51.95
At March 31, 2021 21.34 34.63 5.54 61.51
Net Block
At March 31, 2020 5.06 9.97 14.16 29.19
At March 31, 2021 1.49 6.69 12.97 21.15
Footnote :
(i) Software includes Customer Reservation System and other licensed software.
Note 5 (b) : Depreciation and amortisation expenses

(` crores)
March 31, 2021 March 31, 2020
Depreciation on Property, Plant and Equipment 162.12 162.19
Depreciation of Right-of-use Assets 32.13 30.49
Amortisation on Intangible Assets 9.56 11.10
Total 203.81 203.78
180
FINANCIAL
STATEMENTS

Note 6 : Investments
March 31, 2021 March 31, 2020

Face Value Holdings Holdings
As at (` crores) As at (` crores)
(a) Non Current Investments

Fully Paid Unquoted Equity Investments
Investments in Subsidiary Companies (at cost)
KTC Hotels Ltd. ` 10 6,04,000 0.70 6,04,000 0.70
Roots Corporation Ltd. ` 10 5,65,67,994 101.11 5,65,67,994 101.11
Taj International Hotels (H.K.) Ltd. US $ 1 23,00,00,000 1,111.98 23,00,00,000 1,111.98
IHOCO BV US $ 1
2,63,82,855 2,390.41 2,31,93,201 2,116.00
(31,89,654 shares allotted during the year)
United Hotels Ltd. ` 10 46,20,000 1.50 46,20,000 1.50
Piem Hotels Ltd. ` 10 19,64,770 89.87 19,64,770 89.87
Inditravel Ltd. ` 10 3,39,009 0.34 3,39,009 0.34
Taj Enterprises Ltd. ` 100 46,698 7.05 46,596 7.02
(102 shares purchased during the year)
Taj Trade & Transport Co. Ltd. ` 10 16,16,999 3.20 16,16,999 3.20
Skydeck Properties and Developers Private Ltd ` 10 89,30,32,160 1,168.88 89,30,32,160 1,168.88
Ideal Ice and Cold Storage Company Limited ` 10
(Refer footnote (vii)) (9,74,654 shares purchased during 9,79,654 - - -
the year at ` 610/-)
4,875.04 4,600.60
Investments in Joint Ventures (at cost)
Taj Karnataka Hotels & Resorts Ltd. ` 10 10,98,740 1.10 10,98,740 1.10
Taj Kerala Hotels & Resorts Ltd. ` 10
1,91,41,093 20.66 1,41,51,663 15.67
(49,89,430 shares allotted during the year on rights basis)
Taj SATS Air Catering Ltd. ` 10 88,74,000 61.82 88,74,000 61.82
Taj Safaris Ltd. ` 10 1,85,50,122 17.76 1,85,50,122 17.76
Kaveri Retreats and Resorts Ltd. ` 10 1,31,76,467 44.80 1,31,76,467 44.80
Zarrenstar Hospitality Private Ltd. `1 1 - 1 -
146.14 141.15
Investments in Associate Companies (at cost)
BJETS Pte Ltd. US$ 1 2,00,00,000 102.59 2,00,00,000 102.59
Taida Trading & Industries Ltd. ` 100 26,912 0.27 26,912 0.27
Taj Madurai Ltd. ` 10 9,12,000 0.95 9,12,000 0.95
103.81 103.81
Fully Paid Quoted Equity Investments :
Investments in Subsidiary Company (at cost)
Benares Hotels Ltd. ` 10 6,43,825 2.66 6,43,825 2.66
2.66 2.66
Investments in Joint Ventures (at cost)
Taj GVK Hotels & Resorts Ltd. `2 1,60,00,400 40.34 1,60,00,400 40.34
40.34 40.34
Investments in Associate Companies (at cost)
Oriental Hotels Ltd. `1 5,09,72,910 50.37 5,09,72,910 50.37
50.37 50.37
Carried over 5,218.36 4,938.93
181

Note 6 : Investments (contd.)
March 31, 2021 March 31, 2020

Brought over 5,218.36 4,938.93

Gross Investment in Subsidiaries, Joint Ventures and Associates 5,218.36 4,938.93
Less : Provision for Impairment in value of Investments (Refer
1,646.09 1,465.79
Footnote (iv))
Net Investment in Subsidiaries, Joint Ventures and Associates 3,572.27 3,473.14
Investments in Other Companies (Refer Footnote (v))
Carried at fair value through Other Comprehensive Income:
Hotels and Restaurant Co-op. Service Society Ltd. (` 1,000/-) ` 50 20 - 20 -
Tata Services Ltd. (Refer Footnote (vi)) ` 1,000 421 0.03 421 0.03
Tata Sons Private Ltd. (Refer Footnote (vi)) ` 1,000 4,500 25.00 4,500 25.00
TRIL Infopark Ltd. (Refer Footnote (vi) and Footnote (ii) of Note ` 10
- - 7,11,00,000 71.10
6 (b))
Kumarakruppa Frontier Hotels Private Ltd. ` 10 96,432 7.92 96,432 7.48
Taj Air Ltd. ` 10 1,59,90,200 4.61 1,59,90,200 4.01
MPower Information Systems Pvt. Ltd. ` 10 4,98,000 - 4,98,000 -
Tata Industries Ltd (Refer Footnote (vi)) ` 100 42,74,590 55.73 42,74,590 55.73
Tata International Ltd. ` 1,000
12,000 34.57 8,000 18.11
(4,000 shares allotted during the year on rights basis)
TP Kirnali Solar Limited (Refer footnote (viii)) ` 10
40,63,410 4.06 - -
(40,63,410 shares purchased during the year)
131.92 181.46
Fully Paid Quoted Equity Investments :
Investments in Other Companies (Refer Footnote (v))
HDFC Bank Ltd. `1 5,000 0.75 5,000 0.43
India Tourism Development Corporation Ltd. ` 10 67,50,275 259.24 67,50,275 87.75
Asian Hotels (North) Ltd. ` 10 2 - 2 -
Asian Hotels (East) Ltd. ` 10 2 - 2 -
Asian Hotels (West) Ltd. ` 10 2 - 2 -
EIH Ltd. `2 37 - 37 -
Hotel Leela Venture Ltd. `2 25 - 25 -
259.99 88.18
Total Investment in Equity instruments 3,964.18 3,742.78
Investment in Preference Shares (carried at amortised costs)
Central India Spinning Weaving & Manufacturing Co. Ltd. ` 500 50 - 50 -
(10% unquoted Cumulative Preference Shares) (` 27,888/-)
Investment in Others (carried at amortised costs)
National Savings Certificate (` 45,000/-) - -
Hindusthan Engineering & Industries Ltd (` 70/-) ` 10 7 - 7 -
- -
Total Non-current Investments - Net 3,964.18 3,742.78
182
FINANCIAL
STATEMENTS


Footnotes :
(i) Aggregate carrying amount of Quoted Investments 353.36 181.55
Market value of Quoted Investments 633.05 428.55
(ii) Aggregate carrying amount of Unquoted Investments 5,256.91 5,027.02
(iii) Aggregate amount of impairment in value of investments 1,646.09 1,465.79
(iv) The cash losses in one of its properties in the United States of America and in South Africa, has led the Company to reassess the recoverable amount of its
investment in IHOCO BV, a wholly owned subsidiary. During the year, the Company recognised an impairment loss of ` 179.52 crores (Previous year ` 68.98
crores) in the Statement of Profit and Loss which has been classified under “Exceptional items” (Refer Note 28).
(v) For these investments, the Company has elected the fair value through Other Comprehensive Income irrevocable option since these investments are not
held for trading.
(vi) For these investments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and
cost represents the best estimate of fair value within that range.
(vii) During the year, the Company acquired 9,74,654 shares of Ideal Ice and Cold Storage Company Limited at fair value from an associate and it became a wholly
owned subsidiary.
(viii) During the year, the Company invested 26% as mandated in TP Kirnali Solar Limited, a subsidiary of Tata Power Limited in order to obtain captive solar power
supply for one of its hotel in Mumbai. The Company does not have control nor have any power to participate in financial and operating policy decision in TP
Karnali Solar Limited.
(ix) The fair value hierarchy and classification are disclosed in Note 34.
March 31, 2021 March 31, 2020

Units As at (` crores) Units As at (` crores)
(b) Current Investments
Carried at fair value through profit and loss:
Investments in Mutual Fund Units (Unquoted)
TATA Overnight Fund Direct Plan Growth 8,21,000 89.16 9,01,949 95.04
Axis Overnight Fund 6,09,783 66.34 - -
HDFC Overnight Fund Direct Growth 61,458 18.79 1,76,783 52.49
HDFC Overnight Fund Regular Growth 54,640 16.61 84,699 25.03
ICICI Prudential Overnight Direct Growth 56,28,415 62.46 75,25,540 81.09
SBI Overnight Fund Direct Growth 1,55,381 52.08 2,15,211 70.02
Aditya Birla Sun Life Overnight Fund Direct Plan Growth 2,00,355 22.30 5,72,604 61.85
Aditya Birla Sun Life Liquid Overnight Regular Plan Growth - - 2,15,127 23.20
Kotak Overnight Fund 4,24,858 46.65 - -
374.39 408.72
TRIL Infopark Ltd. (Face value ` 10) (Refer Footnote (ii)) 7,11,00,000 71.10 -
445.49 408.72
Footnotes :
(i) Aggregate amount of Unquoted Investments: 445.49 408.72
(ii) Transfer of shares is restricted due to option granted for 10 years upto July, 2021 to Tata Realty and Infrastructure Ltd. (“TRIL”) for repurchase of the shares
at par value. TRIL has deposited a sum of ` 71.10 crores (Previous year ` 71.10 crores) as Option Deposit (Refer Note 17(b)), which shall be adjusted upon
exercise of the option or refunded. TRIL has expressed it’s desire of exercising the option before the option expiry date, subject to necessary approvals.
183

Note 7 : Loans
(` crores)
March 31, 2021 March 31, 2020
(a) Non Current Loans at amortised costs
(Unsecured, considered good unless stated otherwise)
Loans to Related Parties (Refer Note 40)
Considered good 5.05 5.35
Balances having significant increase in credit risk - -
Credit impaired 3.17 3.17
8.22 8.52
Less: Allowance for credit impaired 3.17 3.17
5.05 5.35
(b) Current Loans at amortised costs
Loans to Related Parties (Refer Note 40) 4.53 3.42
Others - 0.80
4.53 4.22
Note 8 : Other financial assets

(` crores)
March 31, 2021 March 31, 2020
(a) Non Current Financial Assets
Long-term security deposits placed for Hotel Properties at amortised costs
Related Parties (Refer Note 40) 0.12 0.11
External Parties 42.23 68.19
42.35 68.30
Less: Allowance for doubtful deposits 2.00 2.00
40.35 66.30
Deposits with Public Bodies and Others at amortised costs
Related parties (Refer Note 40) 0.56 0.56
Public Bodies and Others 21.15 26.10
21.71 26.66
Less: Allowance for doubtful deposits 0.02 0.02
21.69 26.64
Contractual Financial Assets (Refer Footnote) 250.00 -
Deposits with Banks (Refer Note 13) 0.39 0.39
Others 0.85 1.52
313.28 94.85
Footnote:
During the year, the Company has signed a binding contract for acquisition of balance equity stake of 14.28% in ELEL Hotels & Investments Ltd (“ELEL”), a step down
subsidiary, from its existing shareholders for a consideration of ` 250 crores payable in a phased manner on achievement of certain agreed milestones but not
later than the end of December 2021. This will make the Company 100% leasehold owner of the landmark Sea rock hotel site by December 31, 2021. Consequent
to this acquisition, ELEL will become a wholly owned step down subsidiary of the Company. Considering the terms of the said agreement, the transaction has
been accounted as a forward contract as per Ind AS 109 – Financial Instruments and a financial liability of ` 250 crores has been recognised at its present value.
184
FINANCIAL
STATEMENTS

Note 8 : Other financial assets (contd.)

(` crores)
March 31, 2021 March 31, 2020
(b) Current Financial Assets
Deposit with public bodies and others
Related Parties - -
Others 29.39 27.95
29.39 27.95
Other advances
Considered doubtful 3.02 2.28
17.28 10.00
Less: Allowance for doubtful advances 3.02 2.28
14.26 7.72
Interest receivable
Others 0.51 0.50
0.53 0.99
Other receivables
Others 16.63 16.77
116.96 109.13
161.14 145.79
Note 9 : Other assets

(` crores)
March 31, 2021 March 31, 2020
(a) Other Non Current Assets
Capital Advances 14.62 29.12
Prepaid Expenses 146.81 116.29
Deposits adjustable against future rent payments 3.81 4.25
Incentive receivable 24.02 67.80
Deposits with Government Authoritites 102.18 95.94
291.44 313.40
(b) Other Current Assets
Prepaid Expenses 39.60 38.34
Indirect tax recoverable 23.28 29.57
Advance to Suppliers 9.08 21.00
Advance to Employees 1.42 1.32
Deposits adjustable against future rent payments 0.25 0.25
Incentive receivable 11.00 -
84.63 90.48
185

Note 10 : Inventories (at lower of cost and net realisable value)

(` crores)
March 31, 2021 March 31, 2020
Food and Beverages 26.22 32.15
Stores and Operating Supplies 26.03 26.95
52.25 59.10
Footnote:
i) The cost of inventories recognised as an expense amounted to ` 157.61 crores (Previous year ` 313.78 crores).
ii) The cost of inventories recognised as an expense includes ` 1.06 crores (Previous year ` 0.43 crores) in respect of write down of inventories to net
realisable value.
Note 11 : Trade receivables

(` crores)
March 31, 2021 March 31, 2020
Unsecured
223.45 268.73
Less : Allowance for credit impaired 26.49 17.79
196.96 250.94
Footnote:
i) Allowance for credit impaired
Opening Balance 17.79 15.46
Add: Allowance during the year 9.07 3.56
26.86 19.02
Less: Bad Debts written off/ Reversal of allowances no longer required 0.37 1.23
Closing Balance 26.49 17.79
(ii) Trade Receivables include debts due from Directors - ` Nil (Previous year - ` Nil) in the ordinary course of business.
(iii) For related party balances refer Note 40.
Note 12 : Cash and cash equivalents

(` crores)
March 31, 2021 March 31, 2020
Cash on hand 1.38 2.06
Cheques, Drafts on hands, Funds in transit 1.69 0.51
Balances with bank in current account 20.25 28.88
Balances with bank in call and short-term deposit accounts
10.00 100.02
(original maturity less than 3 months)
33.32 131.47
186
FINANCIAL
STATEMENTS

Note 13 : Other balances with banks

(` crores)
March 31, 2021 March 31, 2020
Call and Short-term deposit accounts 5.10 15.15
Deposits pledged with others 0.79 0.73
Margin money deposits 0.09 0.09
Earmarked balances 1.07 1.15
7.05 17.12
Less: Term Deposit with Bank maturing after 12 months from the balance sheet date and other
Earmarked/Margin Money/Pledged deposits classified as Non-Current Financial Asset 0.39 0.39
(Refer Note 8 (a))
6.66 16.73
Note 14 : Equity share capital

(` crores)
March 31, 2021 March 31, 2020
Authorised Share Capital
200,00,00,000 (Previous year - 200,00,00,000) Equity Shares of ` 1 each 200.00 200.00
200.00 200.00
Issued Share Capital
118.93 118.93
Subscribed and Paid Up
118,92,58,445 (Previous Year - 118,92,58,445) Equity Shares of ` 1 each, Fully Paid 118.93 118.93
(Refer Footnote (iii)) 118.93 118.93
Footnotes:
(i) The Company has one class of equity shares having a par value of ` 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
(ii) Shareholders holding more than 5% shares in the Company :
March 31, 2021 March 31, 2020

No. of shares % of Holding No. of shares % of Holding
Equity shares of ` 1 each fully paid
Tata Sons Private Limited 45,30,05,131 38.09 45,30,05,131 38.09
Reliance Capital Trustee Company Limited * * 8,41,68,733 7.08
HDFC Trustee Company Limited * * 7,97,96,753 6.71
* less than 5%
(iii) 49,027 (Previous year - 49,027) Equity Shares were issued but not subscribed to as at the end of the respective years and have been kept in abeyance pending
resolution of legal dispute.
(iv) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares
bought back for the period of 5 years immediately preceding the balance sheet date Nil (Previous year - Nil)
(v) Equity Shares held by associates
March 31, 2021 March 31, 2020

Oriental Hotels Limited 7,52,398 0.06 7,52,398 0.06
Taida Trading and Industries Limited 1,87,818 0.02 1,87,818 0.02
Taj Madurai Limited 11,25,393 0.09 11,25,393 0.09
187

Note 15 : Other equity

(` crores)
March 31, 2021 March 31, 2020
(a) Reserves & Surplus
Capital Reserve
Opening and Closing Balance 43.91 43.91
Reserve on Transfer of Equity to Entities under Common Control
Capital Redemption Reserve
Securities Premium
Opening and Closing Balance 2,702.06 2,702.06
Debenture Redemption Reserve
Less : Transfer to General Reserve (32.39) (130.50)
General Reserve
Add : Transfer from Debenture Redemption Reserve 32.39 130.50
Retained Earnings
Less: Adjustment on account of transition to the new lease standard, net of taxes - (106.43)
Add: Profit/ (Loss) for the year (524.78) 401.41
Less: Realised loss on sale of investment transferred from Other Comprehensive Income - (3.01)
Add/(Less): Remeasurements of post employment benefit obligation, net of tax (item of other
26.36 (16.04)
comprehensive income recognised directly in retained earnings)
Less : Final Dividend (59.46) (59.46)
Less : Tax on Dividend (net) - (11.72)
Total 3,855.00 4,412.88
(b) Other Comprehensive Income
Equity Instruments fair valued through Other Comprehensive Income
Add: Change in fair value of equity instruments designated irrevocably as fair value through Other
182.70 (107.94)
Comprehensive Income
Less: Realised loss on sale of investment transferred from Other Comprehensive Income - 3.01
4,089.45 4,464.63
Footnote:
Description of nature and purpose of each reserve
a) Capital Reserve: Capital reserve mainly consists of reserves transferred on amalgamation of subsidiaries in earlier years.
b) Capital Redemption Reserve: Capital Redemption Reserve was created on redemption of Preference shares in earlier years.
c) Reserve on Transfer of Equity to Entities under Common Control: It consists of gain on transfer of equity shares between entities under common control.
d) Securities Premium: Securities premium represents the premium charged to the shareholders at the time of issuance of equity shares. The securities premium
can be utilised based on the relevant requirements of the Companies Act, 2013.
e) ebenture Redemption Reserve: The Company created Debenture Redemption Reserve out of the profits which is available for the purpose of redemption
D
of debentures. On redemption of debentures, the same will be transferred to General Reserve.
f) eneral Reserve: General reserve was created from time to time by way of transfer of profits from retained earnings for appropriation purposes based on
G
the provisions of the Companies Act prior to its amendment.
g) Equity Instruments through Other Comprehensive Income: This represents the cumulative gains and losses arising on the revaluation of investments in
equity instruments measured at fair value through other comprehensive income, under an irrevocable option, net of amounts reclassified to retained earnings
when such investments are disposed off.
188
FINANCIAL
STATEMENTS

Note 16 : Borrowings
(` crores)
Effective March 31, 2021 March 31, 2020
Rate of Maturity Amortised Amortised
Interest (%) Face Value Face Value
cost cost
(a) Long term borrowings
Non Convertible Debentures (NCDs)
Secured
a) 7.85% Non-Convertible Debentures 7.85 April 15, 2022 495.00 494.72 495.00 494.35
b) 10.10% Non-Convertible Debentures 10.10 November 18, 2021 300.00 300.00 300.00 300.00
c) 9.95% Non-Convertible Debentures 9.95 July 27, 2021 250.00 250.00 250.00 250.00
1,045.00 1,044.72 1,045.00 1,044.35
Unsecured
a) 7.85% Non-Convertible Debentures 7.85 April 20, 2020 - - 200.00 199.96
b) 7.50% Non-Convertible Debentures 7.50 April 23, 2023 150.00 149.26 - -
c) 7.95% Non-Convertible Debentures 7.95 June 5, 2023 300.00 296.42 - -
450.00 445.68 200.00 199.96
1,495.00 1,490.40 1,245.00 1,244.31
Term Loan from Banks
Secured (Refer Footnote (iv)) 834.65 694.34
834.65 694.34
Term Loan from Others
Secured (Refer Footnote (v)) 247.20 -
247.20 -
Loans (Unsecured)
From Related Party (Refer Note 40) 4.54 4.67
4.54 4.67
2,576.79 1,943.32
Less: Current maturities of Long term
borrowings (shown under Other Current 638.00 234.71
financial liabilities) (Refer Note 17(b))
1,938.79 1,708.61
(b) Short term borrowings
Short Term Borrowings from Related Parties
15.00 -
(Refer Note 40)
15.00 -
Total Borrowings 2,591.79 1,943.32
Footnotes:
(i) Non Convertible Debentures - Secured include:
a) 4,950, 7.85% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 495 crores, allotted on January 20, 2017 are repayable at par after
the end of 5th year from the date of allotment i.e on April 15, 2022.
b) 3,000, 10.10% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 300 crores, allotted on November 18, 2011 are repayable at par
on November 18, 2021 i.e at the end of 10 th year from the date of allotment. This has been classified under current maturities of long term borrowings.
c) 2,500, 9.95% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 250 crores, allotted on July 27, 2011 are repayable at par on July
27, 2021 i.e at the end of 10 th year from the date of allotment. This has been classified under current maturities of long term borrowings.
(ii) All the Secured Non-Convertible Debentures are rated, listed and secured by a pari passu first charge created on all the property, plant and equipment of
the Company, both present and future.
189

Note 16 : Borrowings (contd.)

(iii) Non Convertible Debentures - Unsecured include:
a) 2,000, 7.85% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 200 crores, allotted on April 20, 2017 have been fully redeemed
on due date i.e. April 20, 2020. In the previous year, this was classified under current maturities of long term borrowings.
b) 1,500, 7.50% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 150 crores, allotted on April 23, 2020 are repayable at par on
April 23, 2023 i.e at the end of 3rd year from the date of allotment.
c) 3,000, 7.95% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 300 crores, allotted on June 05, 2020 are repayable at par on
June 05, 2023 i.e at the end of 3rd year from the date of allotment.
(iv) Term Loan from Banks (Secured) include:

a) Secured term loan from a bank amounting to ` 475 crores ( Previous year ` 365 crores ) is repayable over a period of 6 years from the date of first
drawdown i.e. December 06, 2019 and has the final maturity date of December 6, 2025. This loan is linked to MCLR of the bank and currently carries
an average interest rate of 7.80%. The Company has created partial charge, on pari-passu basis, on certain identified immovable properties against
this loan. The current maturity of the said loan amounting to ` 50 crores has been classified under current maturities of long term borrowings.
b) Secured term loan from a bank amounting to ` 361 crores ( Previous year ` 330 crores ) is repayable over a period of 6 years from the date of first
an average interest rate of 7.50%. The Company has created charge, on pari-passu basis, on certain identified immovable properties against this loan.
The current maturity of the said loan amounting ` 38 crores has been classified under current maturities of long term borrowings.
(v) Term Loan from Others (Secured) include:

Secured term loan from a Financial Institution amounting to ` 250 crores drawn on September 28, 2020 is repayable in 28 equal successive quarterly
installment from the end of 27th month, from the month in which the first utilisation occurs with the final maturity date of September 30, 2029. This loan
is linked to benchmark rate of the institution and currently carries an interest rate of 8.70%. Shares in one of the Subsidiary have been pledged as security
for this loan by two other Subsidiaries. Further, the Company is required to create charge on certain identified immovable properties, belonging to another
subsidiary, by December 31, 2021 or in the absence of this, any other suitable immovable assets to the satisfaction of the lender. (Refer Note 40).
(vi) Disclosure of changes in liabilities arising from financing activities (read with cash flow statement)
This section sets out an analysis of net debt and the movement in net debt for each of the periods presented below.
Financial liability statement

(` crores)
March 31, 2021 March 31, 2020
a) Net debt
Cash and cash equivalents 33.32 131.47
Current investments 374.39 408.72
Bank Balances (Excluding Earmarked balances) 5.10 15.15
Total Liquid investment (a) 412.81 555.34
Long term borrowings (including current maturities shown under
2,576.79 1,943.32
Other Current financial liabilities)
Short term borrowings 15.00 -
Gross Debt (b) 2,591.79 1,943.32
Net Debt ((b) - (a)) 2,178.98 1,387.98
b) Other financial liabilities
Liability on derivative contracts 152.62 177.22
Interest accrued but not due / Unclaimed interest 70.18 53.57
Total Other financial liabilities 222.80 230.79
Grand Total 2,401.78 1,618.77
190
FINANCIAL
STATEMENTS


` crores
Liquid Assets Liabilities from Financing activities
Interest
Bank accrued but
Cash Balances not due / Total
Current
and cash (Excluding Gross Debt Net Debt Derivatives Unclaimed
Investments
equivalents Earmarked interest
balances)
(e) = (d)-(a)- (h) =
(a) (b) (c) (d) (f) (g)
(b)-(c) (e)+(f)+(g)
Net Debt as at March 31, 2019 88.93 5.10 193.43 1,784.05 1,496.59 277.45 52.44 1,826.48
Cash flows 42.54 10.05 206.00 127.78 (130.81) (121.99) (0.03) (252.83)
Foreign exchange adjustments - - - 0.38 0.38 - - 0.38
Interest / Other Borrowing Cost - - - 31.83 31.83 - 124.93 156.76
Interest / Other Borrowing Cost paid - - - (0.72) (0.72) - (123.31) (124.03)
Transferred to IEPF - - - - - - (0.46) (0.46)
Other non- cash movements:
Fair value adjustments realised/
- - 9.29 - (9.29) 21.76 - 12.47
unrealised
Cash flows (98.15) (10.05) (42.16) 656.00 806.36 0.40 - 806.76
Foreign exchange adjustments - - - (0.13) (0.13) - - (0.13)
Interest / Other Borrowing Cost - - - 2.23 2.23 - 197.52 199.75
Interest / Other Borrowing Cost paid - - - (9.63) (9.63) - (180.88) (190.51)
Other non- cash movements:
Fair value adjustments realised/
- - 7.83 - (7.83) (25.00) - (32.83)
unrealised
Note 17 : Other financial liabilities

(` crores)
March 31, 2021 March 31, 2020
(a) Other Non Current financial liabilities
Liability on derivative contracts - 177.22
Deposits from others
Unsecured 5.00 14.84
Employee related liabilities - 5.12
Other Contractual Liabilities (Refer Note 31(ii)) 18.72 -
23.72 197.18
(b) Other Current financial liabilities
Current maturities of long term borrowings (Refer Note 16 (a))
Debentures 550.00 199.96
Term Loan From Banks 88.00 34.75
638.00 234.71
Liability on derivative contracts 152.62 -
Contract Liability towards Loyalty Programmes (Refer Note 32 (iii) (b)) 47.57 49.18
Other Contractual Liabilities (Refer Note 31(ii)) 165.14 -
Other Payables
Others 3.08 6.12
3.70 8.73
Carried over 1,007.03 292.62
191

Note 17 : Other financial liabilities (contd.)

(` crores)
March 31, 2021 March 31, 2020
Brought over 1,007.03 292.62
Option Deposit received against purchase of shares (Secured)
71.10 71.10
(Refer Footnote (ii) of Note 6 (b))
90.34 86.20
Interest accrued but not due on borrowings 70.18 53.54
Creditors for capital expenditure 14.29 20.09
Unclaimed dividend (Refer Footnote (ii)) 1.06 1.12
Unclaimed matured deposits and interest accrued thereon (Refer Footnote (ii)) - 0.03
Unclaimed matured debentures and interest accrued thereon ` 25,153 - -
(Previous year - ` 25,153) (Refer Footnote (ii))
Employee related liabilities 54.60 85.53
Others 46.50 41.93
1,284.00 581.06
Footnotes:
(i) The fair value hierarchy and classification are disclosed in Note 34.
(ii) A sum of ` 0.34 crores (Previous year - ` 0.86 crores) due for transfer to the Investor Education and Protection Fund during the year has been transferred
and there are no dues in this respect which have remained unpaid as at the Balance Sheet date.
Note 18 : Provisions
(` crores)
March 31, 2021 March 31, 2020
(a) Non Current provisions
Employee Benefit Obligation
Compensated absences 28.81 31.04
Gratuity (Refer Note 36) 6.24 27.75
Post-employment medical benefits (Refer Note 36) 6.84 6.92
Post-retirement pension (Refer Note 36) 20.14 20.99
62.03 86.70
(b) Current provisions
Employee Benefit Obligation
Post-employment medical benefits (Refer Note 36) 0.46 0.43
Post-retirement pension (Refer Note 36) 1.59 1.21
23.28 24.78
Provision for disputed claims (Refer Footnote (i) ) 112.87 97.42
136.15 122.20
Footnote:
(i) Provision for disputed claims includes the following:
(` crores)
Opening Balance Addition/ (Deletion) Closing Balance
For taxes, levies and duties 97.01 15.45 112.46
95.18 1.83 97.01
For contractual matters 0.41 - 0.41
0.41 - 0.41
As at March 31, 2021 97.42 15.45 112.87
As at March 31, 2020 95.59 1.83 97.42
a) The above matters are under litigation/ negotiation and the ultimate outcome and timing of the cash flows, if any, cannot be currently determined.
b) Figures in italics are in respect of previous periods.
192
FINANCIAL
STATEMENTS

Note 19 : Deferred tax liabilities (net)

(` crores)
March 31, 2021 March 31, 2020
Deferred Tax Liabilities:
Property, plant and equipment & Intangible assets 292.71 299.27
Unamortised borrowing costs 2.20 0.34
Fair valuation changes of derivative contracts 0.27 -
Unrealised gain on equity shares carried at fair value through Other Comprehensive Income
6.18 3.85
Gain/Loss on Fair Value of Non-equity Instruments - FVTPL 0.63 0.07
301.99 303.53
Deferred Tax Assets:
Provision for Employee Benefits 19.87 33.73
Allowance for doubtful debts/ advances 8.23 4.67
Unused tax losses (Business) 110.31 -
Fair valuation changes of derivative contracts - 5.93
Right-of-Use assets (net of Lease Liabilities) 52.07 46.67
Unrealised loss on equity shares carried at fair value through Other Comprehensive Income
6.18 3.85
Reward Points 11.89 12.31
Others 15.87 13.34
229.19 123.84
72.80 179.69
Footnotes:
(i) Deferred tax assets on account of changes in fair value of investments routed through OCI has been restricted to the extent of deferred tax liability
on this account.
(ii) Refer Note 39 for detailed disclosures.
Note 20 : Trade payables

(` crores)
March 31, 2021 March 31, 2020
Dues of small enterprises and micro enterprises (Refer Footnote (i) and (ii)) 8.17 3.10
Dues of creditors other than small enterprises and micro enterprises:
Vendor Payables 83.83 103.27
Accrued expenses and others 111.38 148.80
195.21 252.07
203.38 255.17
Footnotes:
(i) The amount due to Micro and Small Enterprises as defined in the “The Micro, Small and Medium Enterprises Development Act, 2006” has been determined
to the extent such parties have been identified on the basis of information collected by the Management.
(ii) The disclosures relating to Micro and Small Enterprises are as under:
(` crores)
March 31, 2021 March 31, 2020
(a) The principal amount remaining unpaid to supplier as at the end of the accounting year 8.17 3.10
(b) The interest due thereon remaining unpaid to supplier as at the end of the accounting year - -
(c) The amount of interest paid in terms of Section 16, along with the amount of payment made to the
- -
supplier beyond the appointed day during the year
(d) The amount of interest due and payable for the year - -
(e) The amount of interest accrued and remaining unpaid at the end of the accounting year - -
(f) The amount of further interest due and payable even in the succeedingyear, until such date when the
- -
interest dues as above are actually paid
193

Note 21 : Other current liabilities

(` crores)
March 31, 2021 March 31, 2020
Income received in advance (Refer Footnote (i)) 25.00 25.41
Deferred Revenue (Refer Footnote (i)) 58.28 66.76
Advances collected from customers (Refer Footnote (i)) 94.90 62.57
Statutory dues (Refer Footnote (ii)) 21.43 42.80
199.61 197.54
Footnote:
(i) For detailed disclosure relating to Ind AS 115 - Revenue from Contracts with Customers refer Note 32 (iii).
(ii) Statutory dues includes amount payable towards indirect taxes, tax deducted at source and employee related dues.
Note 22 : Revenue from operations

(` crores)
March 31, 2021 March 31, 2020
Room Income, Food, Restaurants and Banquet Income 873.35 2,227.22
Shop rentals 27.96 35.23
Membership fees 77.38 114.77
Management and operating fees 90.48 218.77
Other Operating Income (Refer Footnote (ii)) 63.98 147.48
1,133.15 2,743.47
Footnote:
(i) For detailed disclosure relating to Ind AS 115 - Revenue from Contracts with Customers refer Note 32.
(ii) Other Operating Income includes ` 13.14 crores being grant of indirect taxes refund accrued based on approval received under Mega claim scheme
for a hotel unit. (Refer Note 29(d))
Note 23 : Other income

(` crores)
March 31, 2021 March 31, 2020
Interest Income from financial assets at amortised cost
Deposits with banks 4.45 6.03
Deposits with Related Parties (Refer Note 40) 1.11 1.35
Amortisation of Interest on security deposits 3.40 2.72
Others 23.44 0.58
32.40 10.68
Interest on Income Tax Refunds 5.46 2.24
37.86 12.92
Dividend Income from Investments
- from Investments in Subsidiaries, Joint Ventures and Associates which are measured at cost 6.74 7.04
- from Investments that are fair valued through Other Comprehensive Income 0.69 6.86
7.43 13.90
Profit on disposal of Property, plant and equipment (Net) 21.32 86.68
Gain on investments carried at fair value through statement of profit and loss 2.51 0.28
Profit on sale of Investments (Net) 5.32 9.00
Exchange Gain (Net) - 1.11
Others (Refer Footnote) 36.08 10.52
110.52 134.41
Footnote:
Includes waiver of lease payments of ` 26.79 crores on certain hotel properties/ office premises. Refer Note 2(i)
194
FINANCIAL
STATEMENTS

Note 24 : Food and beverages consumed

(` crores)
March 31, 2021 March 31, 2020
Opening Stock 32.15 25.86
Add : Purchases 102.00 242.03
134.15 267.89
Less : Closing Stock 26.22 32.15
107.93 235.74
Note 25 : Employee benefit expenses and payment to contractors

(` crores)
March 31, 2021 March 31, 2020
Salaries, Wages, Bonus etc. 416.70 529.89
Company's Contribution to Provident and Other Funds (Refer Note 36) 27.16 47.68
Reimbursement of Expenses on Personnel Deputed to the Company 24.94 25.41
Payment to Contractors 29.27 47.84
Staff Welfare Expenses 40.57 74.25
538.64 725.07
Footnote:
Employee benefit expenses of ` 0.28 crores (Previous year ` 2.02 crores) to the extent attributable to construction or renovation of hotel buildings has been capitalised.
Note 26 : Finance costs

(` crores)
March 31, 2021 March 31, 2020
Interest Expense at effective interest rate on borrowings which are measured at amortised cost 199.75 156.67
Add : Other borrowing costs - 0.09
199.75 156.76
Interest cost on Lease liability 82.40 77.36
On Tax Demands 6.43 2.77
Other interest costs 6.48 0.66
295.06 237.55
Less : Interest Capitalised (Refer Footnote) 0.27 -
294.79 237.55
Footnote:
The Company has capitalised the Interest cost on borrowings relating to certain qualifying assets.
195

Note 27 : Other operating and general expenses

(` crores)
March 31, 2021 March 31, 2020
(i) Operating expenses consist of the following :
Linen and Room Supplies 17.41 32.37
Catering Supplies 16.56 19.35
Other Supplies 6.21 5.04
Fuel, Power and Light (net) 109.17 174.63
Repairs to Buildings 23.91 39.31
Repairs to Machinery 33.12 46.50
Repairs to Others 3.89 8.69
Linen and Uniform Washing and Laundry Expenses 7.65 14.64
Security charges and Others 18.32 32.65
Guest Transportation 11.29 35.84
Travel Agents’ Commission 22.89 43.66
Discount to Collecting Agents 9.58 19.72
Other Operating Expenses 17.35 60.16
297.35 532.56
(ii) General expenses consist of the following :
Rent 23.80 12.45
Lease cost (Refer Footnote (ii) and Note 33) 37.42 120.76
Rates and Taxes 45.23 70.85
Insurance 13.17 7.26
Advertising and Publicity 27.63 73.16
Printing and Stationery 3.55 7.03
Passage and Travelling 1.49 8.99
Provision for Doubtful Debts/ Bad debts written off 9.07 2.97
Expenditure on Corporate Social Responsibility (Refer Footnote (iii)) 14.26 7.56
Professional Fees 22.58 37.49
Outsourced Support Services 39.48 62.70
Exchange Loss (Net) 0.40 -
Payment made to Statutory Auditors (Refer Footnote (iv)) 3.62 3.71
Directors’ Remuneration, Fees and Commission 1.69 3.20
Other Expenses (Refer Footnote (vi)) 42.74 70.91
286.13 489.04
583.48 1,021.60
Footnote:
(i) The following direct expenses incurred during the year and to the extent attributable to construction or renovation of hotel buildings have been capitalised:
(` crores)
March 31, 2021 March 31, 2020
Fuel, power and light 0.20 0.32
Other expenses (Net) - 2.90
0.20 3.22
(ii) Lease cost includes ` 6.21 crores (Previous year ` 4.96 crores) towards amortisation of Lease premium on account of measurement of interest free refundable
security deposits at amortised cost.
196
FINANCIAL
STATEMENTS

Note 27 : Other operating and general expenses (contd.)

(iii) The gross amount required to be spent by the Company during the year is ` 7.60 crores (Previous year ` 7.43 crores). The Company has spent ` 17.26 crores
(Previous year ` 7.56 crores) on projects other than construction/ acquisition of assets. The entire amount has been disbursed/ committed prior to the end
of the financial year. Out of the excess amount spent, the Company has carried forward ` 3.00 crores to next years to offset against the mandatory spend
in subsequent 3 years.
(` crores)
March 31, 2021 March 31, 2020
Details of Expenditure on Corporate Social Responsibility:
(a) Gross amount required to be spent by the company during the year 7.60 7.43
(b) Amount approved by the Board to be spent during the year 7.60 7.43
(c) Amount spent during the year on:
CSR Project or Activities identified
(i) Building Livelihoods 0.60 2.81
(ii) Supporting Education 0.81 1.45
(iii) Being a Responsible Neighbour 1.22 3.30
(iv) COVID-19 Relief and support 14.27 -
(v) Other administrative overheads 0.36 -
17.26 7.56
Less: Excess amount spent carried forward to next year 3.00 -
Total 14.26 7.56
(d) Amount unspent Nil Nil
(iv) Payment made to Statutory Auditors:

(` crores)
March 31, 2021 March 31, 2020
As auditors 2.82 2.82
As tax auditors 0.48 0.48
For other services 0.11 0.12
For out-of pocket expenses 0.18 0.29
GST on above [Net of credit availed - ` 0.64 crores (Previous year - ` 0.61 crores)] 0.03 -
3.62 3.71
(v) Other expenses include Assets written off - ` 3.27 crores (Previous year - ` 6.91 crores).
Note 28 : Exceptional Items

(` crores)
March 31, 2021 March 31, 2020
Exceptional Items comprises the following:
Provision for impairment of investment in subsidiaries that incurred losses
(179.52) (68.98)
(Refer Note 6(a), Footnote (iv))
Provision for impairment in the value of investment in a Joint Venture (0.78) (1.39)
Profit on sale of investment in a Joint Venture company - 21.23
(155.30) (16.40)
197

Note 29 : Contingent Liabilities (to the extent not provided for) and Contingent Assets:
The Company is involved in a number of appellate, judicial and arbitration proceedings (including those described below)
concerning matters arising in the course of conduct of the Company’s businesses and is exposed to other contingencies
arising from having issued guarantees to lenders of its subsidiaries and other entities. Some of these proceedings in respect
of matters under litigation are in early stages, and in some other cases, the claims are indeterminate.
(a) On Account of Matters in Dispute:

Amounts in respect of claims (excluding interest and penalties) asserted by various revenue authorities on the Company,
in respect of taxes, etc., which are in dispute, are as under:
(` crores)
March 31, 2021 March 31, 2020
Income tax 226.92 203.79
Entertainment tax 2.22 2.22
Sales tax / State Value added tax 19.30 15.57
Property tax 206.65 195.33
Service tax 15.61 1.51
Others 30.09 23.67
Footnote:
i) In respect of Income Tax matters, the Company has ongoing disputes with Income Tax Authorities relating to treatment of certain items/ adjustments
carried out by the Department. The Company’s appeals are pending before various Appellate Authorities. Most of these disallowances/ adjustments,
being repetitive in nature, have been raised by the income tax authorities consistently in most of the years. Cash outflows for the above are determinable
only on receipt of judgements pending with various authorities/ Tribunals. The Company expects to sustain its position on ultimate resolution
of the appeals.
ii) In respect of regulatory matters please refer Note 37.
(b) On Account of Lease Agreements:

In respect of a plot of land provided to the Company under a lease agreement, on which the Company has constructed
a hotel, the lessor has made a claim of ` 527.24 crores to date, (13 times the previous annual rental) for increase in the
rentals with effect from 2006-07. The Company believes these claims to be untenable. The Company has contested the
claim based upon legal advice, by filing a suit in the Honourable High Court of Judicature at Bombay on grounds of the
lessor’s inconsistent stand on automatic renewal of lease, levy of lease rentals and method of computing such lease
rent, within the terms of the then existing lessor’s policy as also a Supreme Court judgment on related matters. Even
taking recent enactments into consideration, in the opinion of the Company, the computation cannot stretch beyond
` 147.03 crores (excluding interest / penalty), and this too is being contested by the Company on merit.
Further, a “Notice of Motion” has been filed by the Company before the Honourable High Court of Judicature at Bombay,
inter alia, for a stay against any further proceedings by the lessor, pending a resolution of this dispute by the Honourable
Bombay High Court, and the Company has obtained a stay order from the court.
(c) Others:
Management is generally unable to reasonably estimate a range of possible loss for proceedings or disputes other than
those included in the estimate above, including where:
(i) plaintiffs / parties have not claimed an amount of money damages, unless management can otherwise determine
an appropriate amount;
(ii) the proceedings are in early stages;
(iii) there is uncertainty as to the outcome of pending appeals or motions or negotiations; and
(iv) there are significant factual issues to be resolved; and/or there are novel legal issues presented
198
FINANCIAL
STATEMENTS

Note 29 : Contingent Liabilities (to the extent not provided for) and Contingent Assets (contd.)
The Company’s management does not believe, based on currently available information, that the outcomes of the above
matters will have a material adverse effect on the Company’s financial position, though the outcomes could be material
to the Company’s operating results for any particular period, depending, in part, upon the operating results for such
period. It is not practicable for the Company to estimate the timings of cash flows, if any, in respect of the above.
(d) Claims filed by the Company:

The Company had invested in a Greenfield Project in Guwahati, Assam which is eligible as “Mega Project” under the
Industrial and Investment Policy of Assam, 2014 and is entitled to apply for the revenue grant under the Assam Industrial
Policy. The Company had made application for the grant/subsidy which is essentially is the form of reimbursement of
SGST and Luxury Tax paid for a period of 10 years upto a maximum of 150% of the original capital outlay.
During the year, the Company’s application was processed by the Industries Department of State Government of Assam
and “Eligibility and Entitlement Certificate” was issued by Commissioner of Taxes, Guwahati, Assam.
On the basis of entitlement certificate, the Company accrued income of ` 12.69 crores towards reimbursement of taxes
for the past years & ` 0.45 crores for the current financial year which has been recognised in “Other Operating Income”.
This grant is expected to be received by the Company once the verification of claims/ scrutiny & assessment of the
previous year’s taxes is completed by the said department.
Note 30 : Guarantees Given

i) Guarantees/ Letters of Comfort given by the Company in respect of loans obtained by other companies and outstanding
as on March 31, 2021 - ` 411.58 crores (Previous year - ` 403.79 crores).
ii) The Company has given letter of support to certain subsidiaries during the year.
Note 31 : Capital Commitments

i) Commitments includes the amount of purchase order (net of advance) issued to parties for completion of assets.
Estimated amount of contracts remaining to be executed on capital account net of capital advances and not provided
for is ` 215.86 crores (Previous year - ` 236.46 crores).
ii) During the year, the Company has entered into a definitive agreement to purchase the balance 14.28% stake in ELEL
Hotels and Investments Ltd (ELEL), a step down subsidiary, from its existing shareholders for a total consideration of
` 250 crores. Consequently, on completion of the transaction, ELEL will become a wholly owned subsidiary of IHCL.
The transaction has been accounted as a forward contract/ derivative instrument as per Ind AS 109 – Financial
Instruments and a financial liability of ` 250 crores has been recognised at its present value.
The Company paid an advance consideration of ` 50 crores for the acquisition and balance has to be paid in stages on
achievement of certain milestones but not later than end of December 31, 2021.
199

Note 32 : Revenue from Contracts with Customers

The Company’s revenue primarily comprises of Revenue from Hotel operations, Management and Operating Fee and
Membership fees income as tabulated below.
i) Details of revenue from contracts with customers recognised by the Company, net of indirect taxes in its Statement
of Profit and Loss:
(` crores)
March 31, 2021 March 31, 2020
Revenue from operations
Revenue from contract with customers
Room Revenue, Food & Beverages and Banquets 873.35 2,227.22
Management fee 90.48 218.77
Membership fee 77.38 114.77
Other revenue from contract with customers 72.27 145.97
1,113.48 2,706.73
Other operating revenue
Export Incentive 0.44 26.94
Other revenue 19.23 9.80
19.67 36.74
Total Revenue from operations 1,133.15 2,743.47
ii) Disaggregate Revenue

The following table presents Company revenue disaggregated by type of revenue stream and by reportable segment:
(` crores)
March 31, 2021 March 31, 2020
Revenue based on geography
India 1,102.79 2,660.98
Overseas 10.69 45.75
1,113.48 2,706.73
Other Operating Revenue
India 19.67 36.74
Overseas - -
19.67 36.74
1,133.15 2,743.47
Revenue based on product and services
Room Revenue 471.55 1,135.50
Food & Beverages and Banquets 401.80 1,091.72
Management fee (including reimbursement) 90.48 218.77
Membership fee 77.38 114.77
Others revenue from contract with customers 72.27 145.97
1,113.48 2,706.73
Export Incentives 0.44 26.94
19.67 36.74
1,133.15 2,743.47
200
FINANCIAL
STATEMENTS

Note 32 : Revenue from Contracts with Customers (contd.)

iii) Contract Balances
The contract liabilities primarily relate to the unredeemed customer loyalty points and the advance consideration
received from customers for which revenue is recognised when the performance obligation is over/ services delivered.
a) Advance Collections is recognised when payment is received before the related performance obligation is satisfied.
This includes advances received from the customer towards rooms/restaurant/banquets. Revenue is recognised
once the performance obligation is met i.e. on room stay/ sale of food and beverage / provision of banquet services.
It also includes membership fee received for Chambers Membership, Epicure membership and Spa and Health Club
Memberships and disclosed as Income received in advance.
b) Loyalty programme liability represents the liability of the Company towards the points earned by the members.
(` crores)
March 31, 2021 March 31, 2020
Contract liabilities
Income received in advance 25.00 25.41
Deferred Revenue 47.28 48.93
Advances collected from customers 94.90 62.57
Loyalty programme liability 47.57 49.18
214.75 186.09
Footnote: Considering the nature of business of the Company, the above contract liabilities are generally materialised as revenue within the same
operating cycle.
Note 33 : Leases – Ind AS 116

The Company has taken land and immovable properties on lease which are generally long term in nature with varying terms,
escalation clauses and renewal rights expiring within five to one hundred and ninety eight years. On renewal, the terms of
the leases are renegotiated.
a) Total Lease Liabilities are Analysed as under:
(` crores)
March 31, 2021 March 31, 2020
Current * 24.21 38.65
Non-current 978.72 956.22
Total 1002.93 994.87
* The Current Portion of the lease liability is excluding the interest component on the lease liability. Actual Lease Payments (including notional interest as
per Ind AS 116) would be ` 93.47 crores. Refer note (b) below for the Maturity Analysis of the Lease Payments.
b) Exposure to Future Cash Flows:

The following are the undiscounted contractual cash flows of lease liabilities. The payment profile has been based on
management’s forecasts and could in reality be different from expectations:
(` crores)
March 31, 2021 March 31, 2020
Maturity analysis:
Less than 1 year 93.47 103.24
Between 1 and 5 years 375.90 372.04
More than 5 years 6,104.86 6,150.36
Total 6,574.23 6,625.64
201

Note 33 : Leases – Ind AS 116 (contd.)

In addition, in certain circumstances the Company is committed to making additional lease payments that are contingent
on the performance viz. gross operating profits, revenues etc. of the hotels that are being leased for which no lease
liability has been recognised as it is contingent in nature.
c) Overall Lease Rentals (including provisions and amount adjusted against advances) for the year ended March 31,
2021 are as below:
(` crores)
March 31, 2021 March 31, 2020
Minimum Lease Payments/ Fixed Rentals 62.13 91.89
Contingent rents 37.42 120.76
Total 99.55 212.65
The payment of lease liability as disclosed in the cash flow statement also includes payment towards interest.
Note 34 : Financial Instruments Measurements and Disclosures

a) Financial Instruments by Category:
(` crores)
FVTPL FVTOCI Amortised cost Total carrying value
Financial assets:
Measured at fair value
Investments (Refer Footnote):
Equity shares - 463.01 - 463.01
Mutual fund units 374.39 - - 374.39
Total 374.39 463.01 - 837.40
Not measured at fair value
Trade Receivables - - 196.96 196.96
Cash and cash equivalents - - 33.32 33.32
Other Balances with Banks - - 6.66 6.66
Loans - - 9.58 9.58
Security Deposits - - 91.43 91.43
Other financial assets - - 382.99 382.99
- - 720.94 720.94
Total 374.39 463.01 720.94 1,558.34
Financial liabilities:
Derivative instruments 152.62 - - 152.62
Borrowings - - 2,591.79 2,591.79
Lease Liabilities - - 1,002.93 1,002.93
Trade Payables including Creditors for capital
- - 217.67 217.67
expenditure
Deposits - - 95.34 95.34
Other financial liabilities - - 407.47 407.47
Total 152.62 - 4,315.20 4,467.82
Footnote:
The above excludes investments in subsidiaries, joint ventures and associates amounting to ` 3572.27 crores. Also, refer Note 30 for guarantees given
by the Company.
202
FINANCIAL
STATEMENTS

Note 34 : Financial Instruments Measurements and Disclosures (contd.)

(` crores)
FVTPL FVTOCI Amortised cost Total carrying value
Financial assets:
Investments (Refer Footnote):
Equity shares - 269.64 - 269.64
Total 408.72 269.64 - 678.36
Trade Receivables - - 250.94 250.94
Cash and cash equivalents - - 131.47 131.47
Other Balances with Banks - - 16.73 16.73
Loans - - 9.57 9.57
Security Deposits - - 120.89 120.89
Other financial assets - - 119.75 119.75
- - 649.35 649.35
Total 408.72 269.64 649.35 1,327.71
Derivative instruments 177.22 - - 177.22
Borrowings - - 1,943.32 1,943.32
Lease Liabilities - - 994.87 994.87
Trade Payables including Creditors for capital
- - 275.26 275.26
expenditure
Deposits - - 101.04 101.04
Other financial liabilities - - 245.18 245.18
Total 177.22 - 3,559.67 3,736.89
Footnote:
The above excludes investments in subsidiaries, joint ventures and associates amounting to ` 3,473.14 crores. Also, refer Note 30 for guarantees given
by the Company.
b) Fair Value Hierarchy

The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis, it
also includes the financial instruments which are measured at amortised cost for which fair values are disclosed.
(` crores)
Level 1 Level 2 Level 3 Total
Financial assets:
Investments:
Equity shares 259.99 - 203.02 463.01
Total 634.38 - 203.02 837.40
Not measured at fair value (Refer Footnotes)
Total 634.38 - 203.02 837.40
203


(` crores)
Derivative instruments - 152.62 - 152.62
Borrowings
Non Convertible Debentures - 1,541.10 - 1,541.10
Total - 1,693.72 - 1,693.72
Footnote:
(i) The Company has not disclosed the fair value of financial instruments such as trade receivables, trade payables, short term loans, deposits etc. because
their carrying amounts are a reasonable approximation of fair value.
(ii) The carrying amounts of the borrowings (excluding non-convertible debentures) that are not measured at fair value are reasonable approximation of
fair value, as they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.

(` crores)
Financial assets:
Investments:
Equity shares 88.18 - 181.46 269.64
Total 496.90 - 181.46 678.36
Total 496.90 - 181.46 678.36
Derivative instruments - 177.22 - 177.22
Borrowings
Non Convertible Debentures - 1,271.73 - 1,271.73
Total - 1,448.95 - 1,448.95
Footnotes:
(i) The Company has not disclosed the fair value of financial instruments such as trade receivables, trade payables, short term loans, deposits etc. because
their carrying amounts are a reasonable approximation of fair value.
(ii) The carrying amounts of the borrowings (excluding non-convertible debentures) that are not measured at fair value are reasonable approximation of fair
value, as they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.
c) Fair Value Hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This
includes listed equity instruments, traded debentures and mutual funds that have quoted price/ declared NAV. The
fair value of all equity instruments (including debentures) which are traded in the stock exchanges is valued using
the closing price as at the reporting period.
204
FINANCIAL
STATEMENTS


(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded
bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included
in level 2.
(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included
in level 3. Fair values are determined in whole or in part using a valuation model based on assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based
on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.
d) Inter level transfers:

There are no transfers between levels 1 and 2 as also between levels 2 and 3 during the year.
e) Valuation Technique used to Determine Fair Value

Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices for the equity instruments
• the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves
• the fair value of non convertible debentures is valued using FIMMDA guidelines.
• the fair value for the cross currency swaps/principal swap is determined using forward exchange rates at the balance
sheet date
• the fair value of certain unlisted shares are determined based on the income approach or the comparable market
approach. For these unquoted investments categorised under Level 3, their respective cost has been considered as an
appropriate estimate of fair value because of a wide range of possible fair value measurements and cost represents
the best estimate of fair value within that range.
• the fair value of the remaining financial instruments is determined using the discounted cash flow analysis
f) Reconciliations of Level 3 Fair Values

The following table shows reconciliation from the opening balances to closing balances for Level 3 fair values:
(` crores)
Assets
Equity Instruments
Balance as at April 1, 2019 187.97
Net change in fair value (unrealised) (6.51)
Balance as at March 31, 2020 181.46
Add: Shares purchased during the year 10.66
Net change in fair value (unrealised) 10.90
205

Note 35 : Financial Risk Management

Risk Management Framework
The Company’s Board of Directors has the overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Board of Directors has established a Risk Management Committee, which is responsible for
developing and monitoring the Company’s risk management policies. The Committee reports regularly to the Board of
Directors on its activities.
The Company’s risk management policies are established to identify and analyse the risk faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company’s Audit Committee
oversees how management monitors compliance with the Company’s risk management policies and procedures, and reviews
the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is
assisted in its oversight role by the internal audit team. The internal audit team undertakes both regular and ad hoc reviews
of risk management controls and procedures, the results of which are reported to the audit committee.
The Company has exposure to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk;
• Market risk
a) Credit Risk
Credit risk arises from the possibility that customers or counterparty to financial instruments may not be able to
meet their obligations. To manage this, the Company periodically assesses the financial reliability of customers, taking
into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts
receivable. Credit risks arises from cash and cash equivalents, deposits with banks, financial institutions and others, as
well as credit exposures to customers, including outstanding receivables.
The Company’s policy is to place cash and cash equivalents and short term deposits with reputable banks and
financial institutions
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness
before entering into contract. Credit limits are established for each customer, reviewed regularly and any sales exceeding
those limits require approval from the appropriate authority. There are no significant concentrations of credit risk within
the Company.
b) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity
is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both
normal and stressed conditions, without incurring unacceptable losses or risking damage to Company’s reputation.
Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis
of expected cash flows to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom
on its undrawn committed borrowing facilities at all times so that the Company does not breach borrowing limits or
covenants on any of its borrowing facilities, Such forecasting takes into consideration the Company’s debt financing
plans, covenant compliance and compliance with internal statement of financial position ratio targets. Also refer note 44.
206
FINANCIAL
STATEMENTS

Note 35 : Financial Risk Management (contd.)

i) Financing Arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
(` crores)
March 31, 2021 March 31, 2020
Expiring within one year:
Bank overdraft and Short-term loans 110.00 80.00
Long-term Bank loans 600.00 355.00
Total 710.00 435.00
The bank overdraft facilities may be drawn at any time by the Company.
The breakup of the borrowings into fixed and floating interest rates is as follows:
(` crores)
March 31, 2021 March 31, 2020
Fixed interest rate 1,494.94 1,248.98
Floating interest rate 1,096.85 694.34
Total 2,591.79 1,943.32
ii) Maturities of Financial Liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include contractual redemption premium payments on low coupon debentures.
(` crores)
Due in Due in Due in 3rd Due after
March 31, 2021 Total
1st year 2nd year to 5th year 5th year
Non-derivative financial liabilities:
Borrowings (including redemption premium) 653.00 600.86 1,217.14 129.54 2,600.54
Trade and other payables 217.67 - - - 217.67
Interest on the borrowings 190.00 118.06 150.09 20.42 478.57
Other financial liabilities 408.91 2.57 19.46 - 430.94
Total 1,469.58 721.49 1,386.69 149.96 3,727.72
Derivative financial liabilities 152.62 - - - 152.62
Lease liabilities 93.47 94.58 281.32 6,104.86 6,574.23
Financial guarantee contracts 155.45 38.79 195.39 21.95 411.58
Total financial liabilities 1,871.12 854.86 1,863.40 6,276.77 10,866.15
(` crores)
Due in Due in Due in 3rd Due after
March 31, 2020 Total
1st year 2nd year to 5th year 5th year
Borrowings (including redemption premium) 234.75 619.50 912.00 178.42 1,944.67
Trade and other payables 255.17 - - - 255.17
Interest on the borrowings 151.74 119.65 116.27 11.86 399.52
Other financial liabilities 298.57 7.66 4.41 0.44 311.08
Total 940.23 746.81 1,032.68 190.72 2,910.44
Derivative financial liabilities - 177.22 - - 177.22
Lease liabilities 103.24 94.44 277.60 6,150.36 6,625.64
Financial guarantee contracts 115.29 14.31 128.78 - 258.38
Total financial liabilities 1,158.76 1,032.78 1,439.06 6,341.08 9,971.68
207


iii) Capital Risk Management
The Company manages its capital to ensure that it will be able to continue as a going concern. The structure is
managed to maintain an investment grade credit rating, to provide ongoing returns to shareholders and to service
debt obligations, whilst maintaining maximum operational flexibility.
Consistent with others in the industry, the Company monitors capital on the basis of the gearing ratio. This ratio
is calculated as net debt divided by Equity. Net debt is calculated as total borrowings (including ‘current and non-
current term loans’ as shown in the balance sheet) less cash and cash equivalents and current investments.
(` crores)
Borrowings 16 2,591.79 1,943.32
Less: Cash and cash equivalents 12 33.32 131.47
Less: Call and Short-term deposit accounts 13 5.10 15.15
Less: Current Investments in mutual funds 6 (b) 374.39 408.72
Net debt 2,178.98 1,387.98
Equity 14/15 4,208.38 4,583.56
Gearing ratio 0.52 0.30
c) Market Risk
Market risk is the risk that the changes in market prices such as foreign exchange rates, interest rates and equity prices
will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
The Company uses derivatives to manage its exposure to foreign currency risk and interest rate risk. All such transactions
are carried out within the guidelines set by the risk management committee.
i) Foreign Currency Risk
The predominant currency of the Company’s revenue and operating cash flows is Indian Rupees (INR). The
Company’s reported debt has an exposure to borrowings held in US dollars. Further, the Company has foreign
currency exposure for its investments (equity and shareholder’s loan) in its international subsidiaries. Movements
in foreign exchange rates can affect the Company’s reported profit, net assets.
The Company’s investment in foreign subsidiaries is offset partially by US dollar denominated derivative instruments
and bank loan which mitigates the foreign currency risk arising from the subsidiary’s net assets.
The Company uses interest rate swaps and currency swaps to hedge its exposure in foreign currency and interest
rates. The information on derivative instruments is as follows:-
Derivative Instruments outstanding:

March 31, 2021 March 31, 2020
Nature of derivative Notional principal Fair values Notional principal Fair values
(US$ million) (` crores) (US$ million) (` crores)
Cross currency Interest rate Swap 55.17 152.62 55.17 177.22
Total 55.17 152.62 55.17 177.22
208
FINANCIAL
STATEMENTS


Sensitivity
For the year ended March 31, 2021 and March 31, 2020, every 3% depreciation in the exchange rate between
the Indian rupee and US dollar, shall reduce the Company’s profit before tax by approximately 1.54% and
2.19% respectively.
For the year ended March 31, 2021 and March 31, 2020, every 3% appreciation in the exchange rate between
the Indian rupee and US dollar, shall increase the Company’s profit before tax by approximately 2.39% and
4.06% respectively.
The above derivative is maturing in July, 2021 and the last reset of interest rate has been done in July, 2020. There
will be no further reset of interest rate from March till July, 2021 and hence the sensitivity is not computed.
Un-Hedged Foreign currency exposure receivable/ (payable):

Currency March 31, 2021 March 31, 2020
United States Dollar (Million) (0.62) (0.62)
Sensitivity
For the year ended March 31, 2021 and March 31, 2020, every 3% depreciation/ appreciation in the exchange rate
between the Indian rupee and US dollar, shall affect the Company’s profit before tax by approximately 0.03 % and
0.03 % respectively.
ii) Interest rate risk

The Company adopts a policy to hedge the interest rate movement in order to mitigate the risk with regards to
floating rate linked loans based on the market outlook on interest rates. This is achieved partly by entering into
fixed rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the
variability in cash flows attributable to interest rate risk.
The total borrowing at variable rate was ` 1,096.85 crores as at March 31, 2021 (Previous year - ` 694.34 crores).
The carrying value of the long term debt approximates fair value since the current interest rate approximates the
market rate.
iii) Other market price risks

The Company’s exposure to equity securities price risk arises from investments held by the Company and classified
in the balance sheet as fair value through Other Comprehensive Income. If the equity prices of quoted investments
are 3% higher/ lower, the Other Comprehensive Income for the year ended March 31, 2021 would increase/
decrease by 3.73% (for the year ended March 31, 2020: increase/ decrease by 2.26%).
d) Risk towards Global Pandemic COVID-19

Financial instruments carried at fair value as at March 31, 2021 is ` 837.40 crores and financial instruments carried at
amortised cost as at March 31, 2021 is ` 720.94 crores. A significant part of the financial assets are classified as Level 1
having fair value of ` 634.38 crores as at March 31, 2021. The fair value of these assets is marked to an active market
which factors the uncertainties arising out of COVID-19. The financial assets carried at fair value by the Company are
mainly investments in equity shares of listed entities wherein the uncertainties arising out of COVID-19 has already been
factored by the stock market as at March 31, 2021 and liquid debt securities wherein no material volatility is expected.
209


Trade receivables of ` 196.96 crores as at March 31, 2021 forms a significant part of the financial assets carried at
amortised cost. Trade receivables do not have any concentrated risk and the Company does expect to recover these
outstanding in due course. Further, adequate credit loss provision has been created based on the policy of the Company.
The Company has specifically evaluated the potential impact with respect to customers in Airline and Travel Agents
segments which could have an immediate impact though the outstanding is not significant. Further, the Company
expects that there could be some delay in payments from trade receivables, over and above the credit cycle. Basis
the management’s internal assessment and the provisioning policy of the Company, the allowance for doubtful trade
receivables of ` 26.49 crores as at March 31, 2021 is considered adequate.
Note 36 : Employee Benefits

(a) The Company has recognised the following expenses as defined contribution plan under the head “Company’s
Contribution to Provident Fund and Other Funds” (net of recoveries):
(` crores)
March 31, 2021 March 31, 2020
Provident Fund 9.84 10.98
Superannuation Fund 4.15 3.88
Total 13.99 14.86
(b) The Company Operates Post Retirement Defined Benefit Plans as follows:-
a. Funded :
i. Provident Fund
ii. Post Retirement Gratuity
iii. Pension to Employees – Post retirement minimum guaranteed pension scheme for certain categories of
employees, which is funded by the Company and the employees.
b. Unfunded :
i. Pension to Executive Directors and Employees – Post retirement minimum guaranteed pension scheme for
select existing and retired executive directors and certain categories of employees, which is unfunded.
ii. Post Employment Medical Benefits to qualifying employees
(c) Provident Fund:

The Company operates Provident Fund Scheme through a Trust – ‘The Indian Hotels Company Limited Employees
Provident Fund’ (‘the Plan’), set up by the Company and for certain categories contributions are made to State Plan.
The Plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution by
the employer and employee together with the interest accumulated thereon are payable to employees at the time of
separation from the Company or retirement, whichever is earlier. The benefit vests immediately on rendering of the
services by the employee. In terms of the guidance note issued by the Institute of Actuaries of India for measurement of
provident fund liabilities, the actuary has provided a valuation of provident fund liability and based on the assumptions
provided below, there is no shortfall as at March 31, 2021 and March 31, 2020.
210
FINANCIAL
STATEMENTS

Note 36 : Employee Benefits (contd.)

The details of fund and plan asset position are given below:
(` crores)
March 31, 2021 March 31, 2020
Plan Assets as at period end 687.57 634.96
Present Value of Funded Obligation at period end 687.57 634.96
Amount recognised in the Balance Sheet - -
Assumptions used in determining the present value obligation of the interest rate guarantee under the
Deterministic Approach:
March 31, 2021 March 31, 2020
Guaranteed Rate of Return 8.50% 8.50%
Discounted Rate for remaining term to Maturity of Investment 6.80% 6.55%
Expected Rate of Return on Investment 8.70% 8.61%
The Company contributed ` 11.80 crores and ` 13.15 crores towards provident fund to the Plan during the year ended
March 31, 2021 and March 31, 2020 respectively and the same has been recognised in the statement of profit and loss.
In light of the Supreme Court judgement dated February 28, 2019 regarding the definition of wages for calculation of
Provident fund contribution, the Company as advised, on a prudent basis, has provided for the liability prospectively
from date of judgement.
(d) Pension Scheme for Employees:

The Company has formulated a funded pension scheme for certain employees. The actuarial liability arising on the above,
after allowing for employees’ contribution is determined as at the year end, on the basis of uniform accrual benefit, with
demographic assumptions taken as Nil.
(e) The above defined benefit plans typically expose the Company to actuarial risks such as: investment risk, interest
rate risk, longevity risk and salary risk.
Investment risk The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference
to government security yields prevailing as at the Balance Sheet date. If the return on plan asset is below this rate, it
will create a plan deficit. The current plan has a relatively balanced mix of investments in equity, government securities,
bonds and other debt instruments. Due to the long-term nature of the plan liabilities, the Trustees of the Fund consider
it appropriate that a reasonable portion of the plan assets should be invested in equity securities to leverage the return
generated by the Fund.
Interest risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in
the return on the plan’s debt investments.
Longevity risk The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and after their employment. An increase in the life expectancy of the plan participants will
increase the plan’s liability.
Salary risk The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan’s liability.
211


Defined Benefit Plans – As per Actuarial Valuation on March 31, 2021:-
(i) Amount to be Recognised in Balance Sheet and Movement in Net Liability
(` crores)
Post
Pension Pension Pension
Gratuity Employment
Top-up Director Staff
Funded Medical Benefits
Unfunded Unfunded Funded
Unfunded
Present Value of Funded Obligations 197.71 - - - 8.08
203.51 - - - 8.26
Present Value of Unfunded Obligations - 7.30 3.30 18.44 -
- 7.35 3.62 18.58 -
Fair Value of Plan Assets 191.47 - - - 11.18
(175.76) - - - (10.73)
Amount not recognised due to asset limit - - - - 1.05
- - - - 0.84
6.24 7.30 3.30 18.44 (2.05)
Net (Asset) / Liability
27.75 7.35 3.62 18.58 (1.63)
(ii) Expenses recognised in the Statement of Profit and Loss

(` crores)
Post
Gratuity Employment
Unfunded
Current Service Cost 11.30 0.11 0.20 - 0.17
10.24 0.09 0.15 - 0.15
Past service Cost - - - - -
- - - - -
Interest Cost 1.34 0.47 0.24 1.20 (0.11)
0.84 0.49 0.19 1.21 (0.12)
12.64 0.58 0.44 1.20 0.06
Total
11.08 0.58 0.34 1.21 0.03
Footnote:
Amount charged to the Statement of Profit and Loss in respect of gratuity is net of recovery ` 1.02 crores (Previous year ` 1.77 crores).
212
FINANCIAL
STATEMENTS


(iii) Expenses Recognised in Other Comprehensive Income (OCI)
(` crores)
Post
Gratuity Employment
Unfunded
Remeasurements due to actuarial loss/
(gain) arising from:
Changes in financial assumptions (1.88) (0.11) (0.06) (0.25) (0.09)
10.88 0.62 0.37 1.47 0.54
Changes in demographic assumptions - - - - -
- - - - -
Experience adjustments (5.11) (0.31) 0.18 0.10 (0.19)
6.17 (0.07) 0.66 0.41 (0.40)
Actual return on plan assets less interest on (27.17) - - - (0.24)
plan assets 0.77 - - - (0.18)
Adjustment to recognise the effect of asset - - - - 0.16
ceiling - - - - 0.02
(34.16) (0.42) 0.12 (0.15) (0.36)
Total
17.82 0.55 1.03 1.88 (0.02)
(iv) Reconciliation of Defined Benefit Obligation

(` crores)
Post
Gratuity Employment
Unfunded
Opening Defined Benefit Obligation 203.51 7.35 3.62 18.58 8.26
180.29 6.61 2.65 16.62 7.91
10.24 0.09 0.15 - 0.15
Past Service Cost - - - - -
- - - - -
Interest Cost 12.18 0.47 0.24 1.20 0.53
12.35 0.49 0.19 1.21 0.56
10.88 0.62 0.37 1.47 0.54
- - - - -
6.17 (0.07) 0.66 0.41 (0.40)
Benefits Paid (22.29) (0.21) (0.88) (1.19) (0.60)
(18.07) (0.39) (0.40) (1.13) (0.50)
Liabilities assumed/(settled) - - - - -
1.65 - - - -
Closing Defined Benefit Obligation 197.71 7.30 3.30 18.44 8.08
203.51 7.35 3.62 18.58 8.26
213


(v) Reconciliation of Fair Value of Plan Assets
(` crores)
Post
Gratuity Employment
Unfunded
Opening Fair Value of Plan Assets 175.76 - - - 10.73
161.69 - - - 10.15
Interest on Plan Assets 10.83 - - - 0.69
11.51 - - - 0.74
Remeasurements due to:
Actual return on plan assets less interest on 27.17 - - - 0.23
plan assets (0.77) - - - 0.18
Contribution by Employer - 0.21 0.88 1.19 0.13
19.75 0.39 0.40 1.13 0.16
Benefits Paid (22.29) (0.21) (0.88) (1.19) (0.60)
(18.07) (0.39) (0.40) (1.13) (0.50)
Assets acquired/(settled) - - - - -
1.65 - - - -
Closing Fair Value of Plan Assets 191.47 - - - 11.18
175.76 - - - 10.73
Expected Employer's contribution/ outflow 15.00 - - - -
next year 15.00 - - - -
(vi) Actuarial Assumptions
Post
Gratuity Employment
Unfunded
Discount rate (p.a.) in % 6.80% 6.80% 6.80% 6.80% 6.80%
6.65% 6.65% 6.65% 6.65% 6.65%
Salary Escalation Rate (p.a.) in % 4%-5% - 4.00% - -
4%-5% - 4.00% - -
Pension Escalation Rate (p.a.) in % - - - 4.00% -
- - - 4.00% -
Annual increase in healthcare costs (p.a.) in % - 6.00% - - -
- 6.00% - - -
Mortality Table *
Mortality table in service Table 1 Table 1 Table 1 NA NA
Table 1 Table 1 Table 1 NA NA
Mortality table in retirement NA Table 2 Table 2 Table 2 Table 2
NA Table 2 Table 2 Table 2 Table 2
* Table 1 – Indian Assured Lives Mortality (2012-14) Ult table
Table 2 – UK Published S1PA Mortality table
214
FINANCIAL
STATEMENTS


(vii) Disaggregation of Plan Assets (Managed by an Insurance Company)
a) Gratuity Funded
March 31, 2021 March 31, 2020
Quoted Unquoted Total Quoted Unquoted Total
% %
` crores ` crores ` crores ` crores ` crores ` crores
Government Debt
93.52 - 93.52 49% 94.16 - 94.16 54%
Instruments
Other Debt Instruments 52.31 - 52.31 27% 41.01 - 41.01 23%
Other Equity Instruments 33.01 - 33.01 17% 30.53 - 30.53 17%
Others 12.17 0.46 12.63 7% 9.80 0.26 10.06 6%
Total 191.01 0.46 191.47 100% 175.50 0.26 175.76 100%
b) Pension Staff Funded

March 31, 2021 March 31, 2020
Quoted Unquoted Total Quoted Unquoted Total
% %
Government Debt
4.72 - 4.72 42% 4.82 - 4.82 45%
Instruments
Others - 2.65 2.65 24% - 0.98 0.98 9%
Total 8.53 2.65 11.18 100% 9.75 0.98 10.73 100%
(viii) Sensitivity Analysis (for each defined benefit plan)

Gratuity Pension Top up Pension Staff Funded
March 31, 2021 March 31, 2021 March 31, 2021
March 31, 2021 Discount Salary Discount Life Discount Life Pension
rate Escalation rate rate Expectancy rate Expectancy rate
(%) (%) (%) (%) (%) (%) (%)
Impact of increase in 50 bps on DBO (3.04) 3.29 (6.08) (3.58)
Impact of decrease in 50 bps on DBO 3.23 (3.12) 6.65 3.85
Impact of life expectancy 1 year decrease (1.90)
Impact of life expectancy 1 year Increase 1.82
Post- Employment Medical Benefits Unfunded Pension Director Unfunded

March 31, 2021 March 31, 2021
Life Health care Discount Life Pension
Discount rate
Expectancy Cost rate Expectancy rate
(%) (%) (%) (%) (%)
Impact of increase in 50 bps on DBO (4.68) (4.37)
Impact of decrease in 50 bps on DBO 5.10 4.72
Impact of life expectancy 1 year decrease (3.61) (4.19)
Impact of life expectancy 1 year Increase 3.43 4.04
Defined benefit obligation on pension
(8.70)
decrease rate minus 100 bps
10.02
increase rate plus 100 bps
Defined benefit obligation on healthcare
(4.45)
costs rate minus 100 bps
5.23
costs rate plus 100 bps
215


Gratuity Pension Top up Pension Staff Funded
March 31, 2020 March 31, 2020 March 31, 2020
March 31, 2020 Discount Salary Discount Life Discount Life Pension
rate Escalation rate rate Expectancy rate Expectancy rate
(%) (%) (%) (%) (%) (%) (%)
Impact of increase in 50 bps on DBO (3.04) 3.28 (5.87) (3.74)
Impact of decrease in 50 bps on DBO 3.23 (3.12) 6.41 4.01
Impact of life expectancy 1 year
(1.93)
decrease
Impact of life expectancy 1 year
1.85
Increase
Post- Employment Medical Benefits Unfunded

Pension Director UnfundedMarch 31, 2020
March 31, 2020
Life Health care Discount Life Pension
Discount rate
Expectancy Cost rate Expectancy rate
(%) (%) (%) (%) (%)
Impact of increase in 50 bps on DBO (4.85) (4.54)
Impact of decrease in 50 bps on DBO 5.29 4.93
Impact of life expectancy 1 year decrease (3.52) (4.02)
Impact of life expectancy 1 year Increase 3.35 3.88
(9.03)
decrease rate minus 100 bps
10.45
increase rate plus 100 bps
(4.61)
costs rate minus 100 bps
5.44
costs rate plus 100 bps
(ix) Movement in Asset Ceiling

(` crores)
March 31, 2021 March 31, 2020
Opening value of asset ceiling 0.84 0.76
Interest on Opening balance of asset ceiling 0.05 0.06
Remeasurement due to:
Change in Surplus/(deficit) 0.16 0.02
Closing value of asset ceiling 1.05 0.84
Footnote: Figures in italics under (i) to (vii) are of the previous year.
216
FINANCIAL
STATEMENTS


(x) Expected Future Benefit Payments:
(` crores)
Post
Gratuity Employment
Unfunded
Within one year 43.31 0.46 - 1.26 0.77
40.89 0.43 - 1.21 0.71
Between one and five years 76.04 2.06 2.11 5.34 3.03
84.80 1.99 3.06 5.17 2.87
After five years 214.38 14.85 2.09 33.60 11.54
213.18 15.18 1.83 34.70 12.11
Weighted average duration of the 6.27 9.77 12.85 9.08 7.05
Defined Benefit Obligation (in years) 6.26 10.13 12.33 9.46 7.36
Due to the restrictions in the type of investments that can be held by the gratuity and pension fund as per the
prevalent regulations, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively.
The estimate of future salary increases, considered in actuarial valuation, takes into account inflation, seniority,
promotions and other relevant factors. The above information has been certified by the actuary and has been
relied upon by the Auditors.
CODE ON SOCIAL SECURITY, 2020:

The Code on Social Security, 2020 (‘the Code’) relating to employee benefits received Presidential assent on
September 28, 2020. The Ministry of Labour and Employment has released draft rules for the Code on November
13, 2020 and invited suggestions from the stakeholders. The date of implementation of the Code is yet to be notified
by the Government and when implemented will impact the contributions by the Company towards benefits such
as Provident Fund, Gratuity etc. The Company will assess the impact of the Code and give effect in the financial
results when the Code and Rules thereunder are notified.
Note 37 : Other Regulatory Matters

The Company, on a review of its foreign operations had, in the past, made voluntary disclosures to the appropriate regulator,
of what it considered to be possible irregularities, in relation to foreign exchange transactions relating to the period prior
to 1998. Arising out of such disclosures, the Company received show cause notices and the Company had replied to the
notices. Prior to 2018, the Company has received adjudication cum demand of ` 10.89 crores on certain matters which has
been disputed by the Company. This has been disclosed as Contingent Liability. The Company has filed appeal against the
adjudication cum demand, and the appeal is pending. During the financial year 2018-19, the Company received adjudication
cum demand aggregating ` 1.12 crores on three other matters being contested. The Company has filed appeals against these
adjudication cum demand orders and the same are pending. For the balance Show Cause Notices, adjudication proceedings
are pending.
217

Note 38 : Deposits and Advances in the Nature of Loans to Subsidiaries, Joint Ventures and Associates
(` crores)
Maximum amount Balance Maximum amount Balance
Particulars outstanding during Outstanding as on outstanding during Outstanding as on
the year March 31, 2021 the previous year March 31, 2020
Subsidiaries
PIEM Hotels Ltd. - - 10.00 -
Joint Ventures
Taj Karnataka Hotels & Resorts Ltd. 5.35 5.05 5.35 5.35
Taj Safaris Ltd. - - 3.00 -
Associates
Taida Trading and Industries Ltd. 7.70 7.70 6.59 6.59
Note 39 : Tax Disclosures

i) Income Tax recognised in the Statement of Profit and Loss:
(` crores)
March 31, 2021 March 31, 2020
Current Tax
In respect of the current year - 155.69
In respect of earlier years - 6.69
- 162.38
Deferred Tax
In respect of the current year (115.50) (34.24)
Adjustment to deferred tax attributable to changes in tax rates and laws * - (86.99)
In respect of earlier years - (4.82)
(115.50) (126.05)
Total tax expense recognised in the current year relating to continuing operations (115.50) 36.33
* During the previous year, the Company has elected to exercise the option permitted under section 115BAA of the Income tax act, 1961 as introduced by
the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company has recognised provision for income tax for the year ended March 31, 2020
and re-measured its opening deferred tax liability at the reduced tax rate. The full impact of the re-measurement of the opening deferred tax liabilities
amounting to ` 86.99 crores has been recognised in the statement of Profit and Loss account for the year ended March 31, 2020.
The Company reviews its income tax treatments in order to determine its impact on the financial statements. As a practice, where the interpretation of
income tax law is not clear, management relies on the some or all of the following factors to determine the probability of its acceptance by the tax authority:
• Strength of technical and judicial argument and clarity of the legislation;
• Past experience related to similar tax treatments in its own case;
• Legal and professional advice or case law related to other entities.
After analysing above factors for each of such uncertain tax treatments, where the Company expects that the probability to sustain its position on ultimate
resolution of such uncertain tax treatment is remote, the Company ensures that such uncertain tax positions are adequately provided for in the Company’s
financial Statements.
218
FINANCIAL
STATEMENTS

Note 39 : Tax Disclosures (contd.)

ii) A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to
the profit before tax is summarised below:
(` crores)
March 31, 2021 March 31, 2020
Profit/ (Loss) before tax from continuing operations (a) (640.28) 437.74
Income tax rate as applicable (b) 25.17% 25.17%
Calculated taxes based on above, without any adjustments for deductions [(a) x (b)] (161.15) 110.17
Permanent tax differences due to:
Effect of income that is exempt from taxation - (3.50)
Effect of income that are not taxable in determining taxable profit (5.80) -
Effect of expenses that are not deductible in determining taxable profit 5.66 7.42
Tax impact on Impairment losses on investments that are not deductible 45.38 17.71
Effect on deferred tax balances due to the change in income tax rate from 34.94% to 25.17%
- (86.99)
(effective from April 1, 2019)
Tax on Income on which special tax rate is applied - (15.73)
Others 0.41 5.38
(115.50) 34.46
Prior year taxes as shown above - 1.87
Income tax expense recognised in the Statement of Profit and Loss (115.50) 36.33
iii) Income tax recognised in other comprehensive income:

(` crores)
March 31, 2021 March 31, 2020
Current Tax
Tax impact on profit on sale of investment in equity shares at fair value
- -
through Other Comprehensive Income
Deferred tax
(a) Arising on income and expenses recognised in other comprehensive income:
Net fair value gain on investments in equity shares at fair value through Other
Comprehensive Income - -
8.61 (5.21)
(b) Arising on income and expenses reclassified from equity to profit or loss:
Relating to financial assets measured at fair value through other
comprehensive income - -
Total income tax recognised in other comprehensive income 8.61 (5.21)
(c) Bifurcation of the income tax recognised in other comprehensive income into:
Items that will not be reclassified to profit or loss 8.61 (5.21)
Items that may be reclassified to profit or loss - -
8.61 (5.21)
iv) The following is the analysis of deferred tax assets/ (liabilities) presented in the balance sheet:
(` crores)
March 31, 2021 March 31, 2020
Deferred Tax assets 229.19 123.84
Deferred Tax liabilities (301.99) (303.53)
Net Deferred Tax Liability (72.80) (179.69)
219


Significant components of net deferred tax assets and liabilities for the year ended March 31, 2021 are as follows:
(` crores)
Recognised in the Recognised in
March 31, 2021 Opening Balance statement of profit other comprehensive Closing balance
and loss income
Deferred tax assets/ (liabilities):
Property, plant and equipment & Intangible Assets (299.27) 6.56 - (292.71)
Unrealised gain/ loss on non-equity instruments carried
(0.07) (0.56) - (0.63)
at fair value through P&L
Unamortised borrowing cost (0.34) (1.86) - (2.20)
Unrealised gain on equity shares carried at fair value
(3.85) - (2.33) (6.18)
Fair valuation changes of derivative contracts 5.93 (6.20) - (0.27)
Provision for Employee Benefits 33.73 (5.25) (8.61) 19.87
Unused tax losses (Business) - 110.31 - 110.31
Right-of-Use assets (ROU) Net of Lease Liability 46.67 5.40 - 52.07
Reward Points 12.31 (0.42) - 11.89
Provision for disputed claims 3.34 1.43 - 4.77
Allowance for Doubtful Debts 4.48 2.19 - 6.67
Allowance for Doubtful Advances 0.19 1.37 - 1.56
Unrealised loss on equity shares carried at fair value
3.85 - 2.33 6.18
Others 13.34 2.53 - 15.87
Total Deferred Tax Liabilities (179.69) 115.50 (8.61) (72.80)
(` crores)
Recognised in the
statement of profit and loss Recognised in
Adjustment
Opening Impact of other Closing
March 31, 2020 on adoption of
Balance change in comprehensive balance
Others Ind AS 116
Income Tax income
Rate
Deferred tax assets/ (liabilities):
Property, plant and equipment & Intangible Assets (445.78) 124.71 21.80 - - (299.27)
Unrealised gain/ loss on non-equity instruments
- - (0.07) - - (0.07)
carried at fair value through P&L
Unamortised borrowing cost (0.37) 0.10 (0.07) - - (0.34)
Unrealised gain on equity shares carried at fair value
(5.53) 1.55 - 0.13 - (3.85)
Fair valuation changes of derivative contracts (2.25) 0.63 7.55 - - 5.93
Provision for Employee Benefits 35.90 (10.04) 2.66 5.21 - 33.73
Right-of-Use assets (ROU) Net of Lease Liability - (15.99) 5.49 - 57.17 46.67
Reward Points 14.82 (4.15) 1.64 - - 12.31
Provision for disputed claims 11.67 (3.26) (5.07) - - 3.34
Allowance for Doubtful Debts 5.32 (1.49) 0.65 - - 4.48
Allowance for Doubtful Advances - - 0.19 - - 0.19
Unrealised loss on equity shares carried at fair value
5.53 (1.55) - (0.13) - 3.85
Others 12.57 (3.52) 4.29 - - 13.34
Total Deferred Tax Liabilities (368.12) 86.99 39.06 5.21 57.17 (179.69)
220
FINANCIAL
STATEMENTS


A deferred tax asset of ` 106.38 crores has been recognised by the Company for the unused tax losses in the current
year. These losses essentially represents business losses and unabsorbed depreciation.
The recoverability of the deferred tax assets has been assessed based on:
• Internal budgets, profit forecasts prepared by management, after duly considering the potential impact of COVID-19
in the future business of the Company.
• applying tax principles to those forecasts; and
• following the methodology required by Ind AS 12 – Income Taxes.
Based on the assessments as above, the management determines that ` 110.31 crores deferred tax assets on unused tax
losses of ` 438.31 crores (comprising carried forward tax business loss of ` 269.44 crores and unabsorbed depreciation
tax loss of ` 153.23 crores), should reverse well within the statutory time limit. Under tax law, unabsorbed depreciation
tax losses do not expire and business losses expires in 8 years. These losses can be fully set-off against future taxable
profits, and accordingly based on the reasonable certainty that sufficient future taxable income would be generated
considering the size of the Company, its growth trajectory and past performance history during normal times, appropriate
amount of deferred tax asset has been created during the year. The management will continue to monitor and review
these assets based on the profit forecasts in future.
Note 40 : Related Party Disclosures

(a) The names of related parties of the Company are as under:
i. Company having significant influence
Name of the Company Country of Incorporation
Tata Sons Pvt. Ltd. (including its subsidiaries and joint ventures) India
ii. Subsidiary Companies

Domestic
KTC Hotels Ltd. India
United Hotels Ltd. India
Roots Corporation Ltd. India
Taj Enterprises Ltd. India
Taj Trade and Transport Co Ltd. India
Benares Hotels Ltd. India
Inditravel Ltd. India
Piem Hotels Ltd. India
Northern India Hotels Ltd. India
Skydeck Properties and Developers Pvt. Ltd. India
Sheena Investments Pvt. Ltd. India
ELEL Hotels & Investments Ltd. India
Luthria & Lalchandani Hotel & Properties Pvt. Ltd. India
Ideal Ice & Cold Storage Company Limited1 India
1 became a subsidiary w.e.f. March 19, 2021
221

Note 40 : Related Party Disclosures (contd.)

International
IHOCO BV Netherlands
United Overseas Holding Inc. and its subsidiaries United States of America
St. James Court Hotel Ltd. United Kingdom
Taj International Hotels Ltd. United Kingdom
Taj International Hotels (H.K.) Ltd. Hong Kong
PIEM International (H.K.) Ltd. Hong Kong
IHMS Hotels (SA) (Proprietary) Ltd.1 South Africa
Good Hope Palace Hotels Proprietary Limited1 South Africa
1 Ceased to be a joint venture and is now Subsidiary w.e.f. June 30, 2020
iii. Joint Ventures

Domestic
Taj Sats Air Catering Ltd. and its Subsidiaries India
Taj Karnataka Hotels & Resorts Ltd. India
Taj Kerala Hotels & Resorts Ltd. India
Taj GVK Hotels & Resorts Ltd. India
Taj Safaris Ltd. India
Kaveri Retreats and Resorts Ltd. India
Zarrenstar Hospitality Private Limited India
International
TAL Hotels & Resorts Ltd. and its Subsidiaries Hong Kong
iv. Associates
Domestic
Oriental Hotels Limited and its subsidiaries India
Taj Madurai Limited India
Taida Trading & Industries Ltd. and its subsidiaries India
International
Lanka Island Resort Ltd. Sri Lanka
TAL Lanka Hotels PLC Sri Lanka
BJETS Pte Ltd., Singapore Singapore
v. Key Management Personnel

Particulars Relation
Puneet Chhatwal Managing Director & CEO
vi. Post Employment Benefit Plans

Particulars
The Indian Hotels Company Limited Employees Provident Fund
The Indian Hotels Company Limited Superannuation Scheme
The Indian Hotels Employees Gratuity Trust
222
FINANCIAL
STATEMENTS


(b) The details of related party transactions during the year ended March 31, 2021 and March 31, 2020 are as follows :
(` crores)
Company
Key Post
having Joint
Management Subsidiaries Associates # Retirement
significant Ventures#
Personnel benefit plans
influence *
Interest income - - - 0.63 0.48 -
- - 0.28 0.58 0.49 -
Interest expense 0.65 - - - - -
- - - - - -
Dividend income 4.50 - 0.94 1.29 - -
4.60 - 3.39 2.69 0.96 -
Dividend Paid 23.59 - - 0.10 - -
22.61 - - 0.10 - -
Operating / Licence fees expense - - 0.15 - - -
- - 0.30 - - -
Management and Operating Fees Income 0.94 - 21.30 9.22 10.98 -
1.94 - 68.15 24.39 29.34 -
Purchase of goods and services 45.45 - 9.36 0.43 1.33 -
60.99 - 17.05 1.03 1.41 -
Sale of goods and services 13.93 - 2.25 - 0.93 -
39.27 - 4.09 0.14 0.84 -
Deputed Staff reimbursements 0.04 - 7.33 3.07 4.10 -
- - 8.03 3.50 4.78 -
Other Cost reimbursements 0.04 - 1.16 0.09 0.17 -
0.60 - 1.60 0.31 0.46 -
Loyalty expense (Net of redemption credit) - - 0.68 0.38 0.02 -
0.07 - 9.98 3.79 1.36 -
Deputed Staff Out 0.81 - 18.91 11.15 10.84 -
0.23 - 23.69 14.15 15.74 -
Contribution to Funds - - - - - 16.45
- - - - - 48.09
Inter Corporate Deposit (“ICD”) Placed - - - 1.11 - -
- - - 0.55 3.00 -
ICD Encashed - - - - 0.30 -
- - 10.00 - 3.00 -
ICD Taken 15.00 - - - - -
- - - - - -
Purchase of Shares 6.60 - 273.87 - 4.99 -
- - 6.72 - 2.99 -
Sale of Shares - - - - - -
- - - - 29.79 -
Remuneration Paid / Payable - 7.23 - - - -
(Refer Footnote (ii) & (iii)) - 14.57 - - - -
Guarantees/Letter of Comfort withdrawn - - 109.75 - - -
- - - - - -
Guarantees/Letter of Comfort extended and - - 117.55 - - -
utilised - - 60.60 - 27.94 -
Guarantees/Letter of Comfort extended - - 485.01 - - -
but not utilised - - - - - -
223


The details of amount due to or from related parties as at March 31, 2021 and March 31, 2020 are as follows:
(` crores)
Company
Key Post
having Joint
Management Subsidiaries Associates # Retirement
significant Ventures#
Personnel benefit plans
influence *
Trade Receivables (Refer Note 11) 4.24 - 10.17 9.84 24.19 -
6.63 - 17.53 10.33 24.19 -
Trade Payables (Refer Note 20) 5.96 - 2.39 0.14 1.00 -
14.70 - 1.72 1.74 0.04 -
Other Receivables/(Other Payables) 0.57 - 84.54 5.15 9.46 -
(Refer Note 8 and Note 17) 0.74 - 84.00 1.70 3.32 -
Interest Receivable - - - 0.02 - -
(Refer Note 8) - - - 0.45 0.04 -
Interest Payable 0.06 - - - - -
(Refer Note 17) - - - - - -
Deposits Receivable 0.08 - 3.98 7.70 5.05 -
(Refer Note 7 and Note 8) 0.08 - 3.98 6.59 5.35 -
Deposits Payable 15.05 - 4.54 - - -
(Refer Note 16) 0.05 - 4.67 - - -
Option Deposit 71.10 - - - - -
(Refer Note 6(b)(ii)) 71.10 - - - - -
Guarantees/Letter of Comfort utilised and - - 411.58 - - -
outstanding (Refer Note 30) - - 112.97 - 290.82 -
Guarantees/Letter of Comfort extended - - 485.01 - - -
but not utilised
- - - - - -
(Refer Note 30)
* including its subsidiaries and joint ventures

# including its subsidiaries
Footnotes:
(i) Figures in italics are of the previous period.
(ii) Managerial remuneration excludes provision for gratuity and compensated absences, since these are provided on the basis of an actuarial valuation
for the Company as a whole.
(iii) The remuneration paid/ payable to Managing Director & CEO for the years ended March 31, 2021 and March 31, 2020 is ` 7.23 crores and ` 14.57 crores,
respectively. For the year ended March 31, 2021, remuneration includes ` 3.24 crores of incentive remuneration, being part of minimum remuneration,
which is accrued based on recommendation by the Nomination and Remuneration Committee. The total managerial remuneration for the financial
year (amounting to ` 7.23 crores) exceeds the prescribed limits under Section 197 read with Schedule V to the Companies Act, 2013 by ` 5.91 crores.
As per the provisions of the Act, the excess remuneration is subject to approval of the shareholders which the Company proposes to obtain in the
forthcoming Annual general Meeting.
224
FINANCIAL
STATEMENTS


(c) Statement of Material Transactions
(` crores)
Name of the Company March 31, 2021 March 31, 2020
Company having substantial interest and its subsidiaries and joint ventures:
Tata Sons Pvt. Ltd.

Dividend income 4.50 4.50
Dividend paid 22.65 21.66
Sale of goods and services 3.06 6.63
Tata Consultancy Services Ltd.

Trade Payables 3.91 7.05
Purchase of goods and services 18.62 36.16
Tata Communications Ltd.

Tata Realty and Infrastructure Ltd.

Deposit Closing position – Option Deposit 71.10 71.10
Tata AIA Life Insurance Company Ltd.

Tata AIG General Insurance Company Ltd.

Tata SIA Airlines Ltd.

Tata International Limited

Interest expense 0.65 -
Deposit Payable 15.00 -
Interest Payable 0.06 -
Remuneration to Key Management Personnel

Mr. Puneet Chhatwal 7.23 14.57
225


(` crores)
Subsidiaries:
KTC Hotels Ltd.

Operating/Licence Fees expense 0.15 0.30
Deposit given outstanding 3.50 3.50
Benares Hotels Ltd

Other Receivable / (Payable) (0.19) (0.58)
Loyalty expense (Net of redemption credit) 0.15 0.46
Piem Hotels Ltd.

Trade Receivables 5.97 9.39
Operating fees income 14.19 34.29
Deputed Staff Out 15.31 18.83
Deputed Staff Reimbursement 5.80 6.45
Other Cost reimbursements 0.90 1.07
Skydeck Properties and Developers Private Limited

Other receivables/(Other payables) 79.88 79.61
Shared pledged on behalf * -
* shares held in its subsidiaries, namely, ELEL Hotels & Investments Ltd. and Sheena Investments Pvt. Ltd., have been pledged as security to enable the
Company to obtain term loan from a financial institution. (Refer Note 16, Footnote (v))
United Overseas Holdings Inc.

Guarantees/Letter of Comfort extended and utilised 117.55 60.60
Guarantees/Letter of Comfort extended but not utilised 51.23 -
Guarantees/ Letter of Comfort given on behalf and outstanding – Closing position 230.52 112.97
St. James Court Hotel Ltd

Guarantees/Letter of Comfort extended but not utilised 433.78 -
Taj International Hotels (H.K.) Ltd.

Deposit Payable 4.54 4.67
IHOCO BV
Purchase of Shares 273.84 -
Good Hope Palace Hotels Proprietary Limited

Guarantees/ Letter of Comfort withdrawn 109.75 -
Guarantees/ Letter of Comfort given on behalf and outstanding – Closing position 181.07 290.82
226
FINANCIAL
STATEMENTS


(` crores)
Joint Ventures:
Taj GVK Hotels & Resorts Ltd.

Operating Fees income 4.41 12.65
Deputed Staff Reimbursement 2.43 3.16
Taj Sats Air Catering Ltd.

Taj Karnataka Hotels & Resorts Ltd.

Interest income 0.48 0.48
ICD Encashed 0.30 -
Other receivables/(Other payables) (0.07) (0.11)
Kaveri Retreat & Resorts Limited

Other receivables/(Other payables) (0.34) (0.47)
Taj Safaris Ltd.

Associates:
Taida Trading & Industries Ltd.

Interest Income 0.63 0.58
Interest Receivable 0.02 0.45
ICD Placed 1.11 0.55
Oriental Hotels Ltd.

Dividend Income 1.02 2.55
Deputed Staff reimbursement 3.07 3.50
Post-employment benefit plans

Contribution to Superannuation Fund 4.65 4.89
Contribution to Provident Fund 11.80 23.45
Contribution to Gratuity Fund - 19.75
227

Note 41. Segment Information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The Managing Director and Chief Executive Officer who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the chief operating decision-maker. From the internal
organisation of the Company’s activities and consistent with the internal reporting provided to the chief operating decision-
maker and after considering the nature of its services, the ultimate customer availing those services and the methods used
by it to provide those services, “Hotel Services” has been identified to be the Company’s sole operating segment. Hotel
Services include “Revenue from Operations” including Management and Operating Fees where hotels are not owned or
leased by the Company. The organisation is largely managed separately by property based on centrally driven policies and
the results and cash flows of the period, financial position as of each reporting date aggregated for the assessment by the
Managing Director and Chief Executive Officer. The Company’s management reporting and controlling systems principally
use accounting policies that are the same as those described in Note 2 in the summary of significant accounting policies
under Ind AS. As the Company is engaged in a single operating segment, segment information that has been tabulated below
is Company-wide:
(` crores)
Revenue from Hotel Services by Non-current assets
Country location of customers (see footnote below)
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
India 1,122.46 2,697.72 3,878.23 3,952.41
Overseas locations 10.69 45.75 - -
Total 1,133.15 2,743.47 3,878.23 3,952.41
Footnote: Non-current assets exclude financial assets.
No single customer contributes 10% or more of the Company’s total revenue for the years ended March 31, 2021 and March 31, 2020.
Note 42 : Earnings Per Share (EPS):

Earnings Per Share is calculated in accordance with Ind AS 33 – ‘Earnings Per Share’.
March 31, 2021 March 31, 2020

Profit/ (Loss) after tax (` crores) (524.78) 401.41
Weighted average number of Equity Shares 118,92,58,445 118,92,58,445
Earnings Per Share:
Basic and Diluted (`) (4.41) 3.38
Face Value per Equity Share (`) 1.00 1.00
228
FINANCIAL
STATEMENTS

Note 43 : The List of Investments in Subsidiaries, Joint Ventures and Associates are as given below:
a. Subsidiary Companies
March 31, 2021 March 31, 2020

Principal place of
business/ Country Held directly by Held directly by
Effective Holding Effective Holding
of incorporation Parent or through Parent or through its
(%) (%)
its subsidiaries (%) subsidiaries (%)
Domestic
Benares Hotels Limited India 53.70 51.68 53.70 51.68
Inditravel Limited India 96.67 78.88 96.67 78.86
KTC Hotels Limited India 100.00 100.00 100.00 100.00
Northern India Hotels Limited India 94.17 48.56 94.17 48.56
Piem Hotels Limited India 51.57 51.57 51.57 51.57
Roots Corporation Limited India 67.11 63.74 67.11 63.74
Taj Enterprises Limited India 93.40 93.40 93.19 93.19
Taj Trade & Transport Limited India 89.51 73.03 89.51 73.03
United Hotels Limited India 55.00 55.00 55.00 55.00
Skydeck Properties & Developers India
100.00 100.00 100.00 100.00
Private Limited
Sheena Investments Private Limited India 100.00 100.00 100.00 100.00
ELEL Hotels & Investments Limited India 85.72 85.72 85.72 85.72
Luthria & Lalchandani Hotels and India
87.15 87.15 87.15 87.15
Properties Private Limited
Ideal Ice & Cold Storage Company India
100.00 100.00 - -
Limited
March 31, 2021 March 31, 2020

Principal place of
(%) (%)
International
IHOCO BV Netherlands 100.00 100.00 100.00 100.00
United Overseas Holding Inc United States of
100.00 100.00 100.00 100.00
America
Piem International (H.K.) Ltd. Hong Kong 100.00 51.57 100.00 51.57
St. James Court Hotel Ltd. United Kingdom 89.39 72.25 89.39 72.25
Taj International Hotels (H.K.) Ltd. Hong Kong 100.00 100.00 100.00 100.00
Taj International Hotels Ltd. United Kingdom 100.00 100.00 100.00 100.00
IHMS Hotels (SA)(Pty) Ltd. South Africa 100.00 100.00 - -
Good Hope Palace Hotels South Africa
100.00 100.00 - -
Proprietary Ltd.
229

Note 43 : The List of Investments in Subsidiaries, Joint Ventures and Associates are as given below: (contd.)
b. Joint Ventures
March 31, 2021 March 31, 2020

Principal place of
(%) (%)
Domestic
Taj SATS Air Catering Ltd. India 51.00 51.00 51.00 51.00
Taj Karnataka Hotels & Resorts Ltd. India 49.40 44.27 49.40 44.27
Taj Kerala Hotels & Resorts Ltd. India 28.78 28.78 28.30 28.30
Taj GVK Hotels & Resorts Ltd. India 25.52 25.52 25.52 25.52
Taj Safaris Ltd. India 45.42 41.81 45.42 41.81
Kaveri Retreat & Resorts Ltd. India 50.00 50.00 50.00 50.00
Zarrenstar Hospitality Private Ltd. India 50.00 50.00 50.00 50.00
International
TAL Hotels & Resorts Ltd. Hong Kong 28.26 27.49 28.26 27.49
IHMS Hotels (SA)(Pty) Ltd. South Africa - - 50.00 50.00
c. Associates
March 31, 2021 March 31, 2020

Principal place of
(%) (%)
Domestic
Oriental Hotels Ltd. India 37.05 35.67 37.05 35.67
Taj Madurai Ltd. India 26.00 26.00 26.00 26.00
Taida Trading and Industries Ltd. India 48.74 34.78 48.74 34.78
International
BJets Pte Ltd. Singapore 45.69 45.69 45.69 45.69
Lanka Island Resorts Limited Sri Lanka 24.66 24.66 24.66 24.66
TAL Lanka Hotels PLC Sri Lanka 24.62 24.62 24.62 24.62
Footnote:
All the above investments have been accounted at cost in accordance with the provisions of Ind AS – 27 “Separate Financial Statements”
230
FINANCIAL
STATEMENTS

Note 44 : Going Concern

Negative working capital:
As at the year end, the Company’s current liabilities have exceeded its current assets by ` 876.30 crores primarily on account
of current maturities of long term borrowings aggregating ` 638.00 crores and liability on derivative and other contracts
aggregating ` 317.76 crores falling due within 12 months following the balance sheet date. Management is confident of its
ability to generate adequate cash inflows from operations and also utilise long term funds available to meet its obligations
on due date.
Impact of COVID-19
The Company is facing significant uncertainties due to COVID-19 which has impacted the operations of the Company adversely
throughout the year. Management has assessed the impact of existing and anticipated effects of COVID-19 on the future cash
flow projections and has prepared a range of scenarios to estimate future financing requirements.
As on the reporting date, the Company has undrawn sanctioned lines of credit aggregating ` 710.00 crores which is estimated
as sufficient to meet the estimated cash requirements during the next twelve months and the Company is current on all its
Debt obligations. However as the COVID-19 situation still continues, as an abundant precaution, the Management is exploring
means to secure additional financing to fulfil its long-term/ working capital requirements. Also refer note 2 (d) Estimation
uncertainty relating to the global health pandemic on COVID-19.
Based on aforesaid assessment, management believes that as per estimates made conservatively, the Company will continue
as a going concern and will be able to discharge its liabilities and realise the carrying amount of its assets as on March 31, 2021.
Note 45 : Dividends
Dividends paid during the year ended March 31, 2021 out of Retained Earnings was ` 0.50 per equity share for the year ended
March 31, 2020, aggregating to ` 59.46 crores.
The dividends declared by the Company are based on the profits available for distribution as reported in the standalone
financial statements of the Company. Accordingly, the retained earnings reported in these financial statements may not
be fully distributable. As of March 31, 2021, retained earnings not transferred to reserves available for distribution was
` 250.64 crores.
On April 30, 2021, the Board of Directors of the Company have proposed a final dividend of ` 0.40 per equity share in respect
of the year ended March 31, 2021, subject to the approval of shareholders at the Annual General Meeting. If approved, the
dividend would result in a cash outflow of ` 47.57 crores.


Partner Director

Mumbai, April 30, 2021 Executive Vice President & Senior Vice President - Corporate Affairs &
Chief Financial Officer Company Secretary (Group)
231

FINANCIAL STATISTICS
Capital Accounts
Reserves and Gross Block Net Block
Share
Year Surplus (Other Borrowings (Including (Including Investments
Capital
Equity) Right-of-Use assets) Right-of-Use assets)
1978-79 3.07 5.41 6.17 17.81 12.68 0.55
1979-80 * 5.09 5.58 5.56 20.48 14.31 0.74
1980-81 5.09 8.53 7.76 25.01 17.60 1.10
1981-82 ** 6.90 9.20 8.87 28.79 20.06 1.13
1982-83 *** 6.35 12.34 26.71 49.54 39.22 2.65
1983-84 6.35 17.45 32.25 58.48 44.40 3.77
1984-85 6.35 22.23 42.20 67.77 44.55 11.70
1985-86 a 7.85 28.70 38.82 71.69 53.72 6.21
1986-87 7.85 32.73 53.58 89.73 67.56 5.53
1987-88 + 9.86 41.97 63.47 107.70 80.08 6.90
1988-89 9.86 48.54 74.06 127.39 93.56 9.34
1989-90 !! 14.78 51.44 97.13 161.28 119.95 11.19
1990-91 14.78 56.77 121.07 178.61 128.43 12.37
1991-92 14.78 73.72 123.53 194.44 135.89 13.76
1992-93 !!! 19.96 124.44 106.86 210.68 142.53 16.93
1993-94 19.96 165.65 100.86 234.64 156.21 32.54
1994-95 æ 39.92 205.84 245.05 293.59 201.92 36.04
1995-96 = 45.12 567.16 200.18 384.01 273.21 142.09
1996-97 45.12 671.86 219.75 500.10 364.08 214.80
1997-98 45.12 767.68 197.31 581.48 414.57 218.09
1998-99 45.12 844.35 178.42 665.67 466.77 259.09
1999-00 45.12 913.96 432.32 842.01 606.86 337.75
2000-01 45.12 980.10 555.31 942.16 665.06 422.13
2001-02 45.12 844.13 809.21 946.15 655.08 541.34
2002-03 45.12 842.17 799.50 985.71 677.77 571.64
2003-04 45.12 844.79 1412.46 1159.69 813.13 600.83
2004-05 ¶ 50.25 1081.80 1052.03 1290.70 885.20 607.01
2005-06 ¶ 58.41 1657.83 544.34 1308.34 843.01 656.57
2006-07 60.29 1738.39 943.94 2014.34 1360.05 962.81
2007-08 60.29 1956.29 1134.18 2072.16 1371.60 977.58
2008-09 Ω 72.34 2975.29 1766.47 2362.23 1585.40 2026.88
2009-10 72.35 2616.87 2650.55 2408.32 1561.26 2445.63
2010-11 & 75.95 3028.59 2341.44 2605.18 1725.74 3026.78
2011-12 75.95 3176.70 2679.38 2830.66 1838.75 3622.19
2012-13 § 80.75 3226.90 2522.27 2861.65 1756.46 3369.14
2013-14 80.75 2613.09 2690.60 2910.27 1697.41 2761.64
2014-15 80.75 2534.40 3208.99 3329.33 2011.80 2977.96
2015-16 ± 98.93 2276.65 2157.65 2267.37 2142.27 1954.71
2016-17 98.93 2668.27 2048.98 2456.58 2187.53 3029.15
2017-18 ¥ 118.93 4275.03 1783.88 2814.61 2398.50 4161.46
2018-19 118.93 4364.81 1784.05 3066.39 2486.34 4112.70
2019-20 118.93 4464.63 1943.32 4088.42 3311.36 4151.50
2020-21 118.93 4089.45 2591.79 4336.17 3359.59 4409.67
* Issue of Bonus Shares in the Ratio 4:5 = Issue of Global Depository Shares
** Issue of Bonus Shares in the Ratio 2:5 ¶ Conversion of foreign currency bonds into share capital.
*** After redemption of Preference Share of ` 0.55 crore Split of Shares of face value ` 10/- each to share of Face value ` 1/- each
a After conversion of a part of the 15,000,000 Ω After Right issue of Shares in the Ratio of 1:5
Convertible debenture at a premium of ` 15/- per share & Allotment of Shares on preferential basis to promoters
+ After conversion of a part of the 20,01,121 § Conversion of Warrants into Equity on exercise of warrants
Convertible debenture at a premium of ` 15/- per share ± After conversion of 18,18,01,228
!! After issue of bonus share in the Ratio 1:2 Compulsorily Convertible Debentures at a premium of ` 54/- per share
!!! After Right issue of Shares in the Ratio of 1:3 ¥ After Right issue of Shares in the Ratio of 1:5
æ Issue of Bonus Shares in the Ratio of 1:1
232
FINANCIAL
STATEMENTS

FINANCIAL STATISTICS
Revenue accounts
Other Total Net Rate of
Expenditure Profit/(Loss) Net
Gross Tax Comprehen- Comprehen- Transfer Dividend
Year (including Depreciation before Profit/(Loss) Dividend
Revenue Expenses sive sive to General on Ordinary
Interest) Tax for the year
Income Income Reserves Shares
` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores ` crores %
1978-79 18.42 13.63 0.69 4.10 1.40 2.70 2.02 â 0.68 25.00
1979-80 26.49 18.59 1.04 6.86 3.63 3.23 2.18 â 1.05 25.00
1980-81 31.54 23.13 1.24 7.17 3.17 4.00 2.95 â 1.45 22.00
1981-82 36.09 26.72 1.33 8.04 4.10 3.94 2.49 â 1.45 22.00
1982-83 42.98 36.87 1.62 4.49 0.00 4.49 2.99 â 1.50 23.00
1983-84 54.69 43.79 3.80 7.10 0.40 6.70 5.11 1.59 25.00
1984-85 65.50 55.39 2.66 7.45 1.08 6.37 4.78 1.59 25.00
1985-86 78.48 69.32 3.44 7.66 1.60 6.06 4.22 1.84 25.00
1986-87 93.05 79.68 4.25 9.12 2.75 6.37 4.02 2.35 30.00
1987-88 105.69 90.98 5.55 9.16 2.40 6.76 4.23 2.53 30.00
1988-89 117.72 100.61 6.24 10.87 1.50 9.37 6.42 2.96 30.00
1989-90 141.50 120.93 7.80 12.77 1.25 11.52 7.83 3.70 25.00
1990-91 159.11 139.42 9.11 10.58 1.55 9.03 5.33 3.70 25.00
1991-92 206.79 169.52 ++8.85 27.58 6.50 21.08 16.75 5.17 35.00
1992-93 239.21 188.24 9.77 41.20 9.00 32.20 24.86 8.68 50.00
1993-94 301.92 223.49 10.90 67.53 15.50 52.03 41.21 13.97 70.00
1994-95 381.88 263.20 13.67 105.11 23.00 82.11 60.15 21.96 55.00
1995-96 547.36 347.42 20.37 179.57 39.00 140.57 107.10 33.47 75.00
1996-97 613.33 405.67 27.18 180.48 33.60 146.48 104.70 38.35 85.00
1997-98 623.91 427.53 32.42 163.96 26.00 137.96 95.78 38.35 85.00
1998-99 623.34 435.36 33.84 154.14 35.00 119.14 76.57 38.35 85.00
1999-00 650.91 482.49 37.69 130.73 17.50 113.23 70.66 @ 38.35 85.00
2000-01 742.92 560.47 45.16 137.29 20.50 116.79 67.07 45.12 100.00
2001-02 617.55 589.81 47.49 98.14 17.44 80.70 40.00 36.09 80.00
2002-03 609.91 575.43 38.98 53.80 13.72 40.48 7.50 31.58 70.00
2003-04 727.09 646.89 48.58 80.20 19.55 60.65 8.57 36.09 80.00
2004-05 896.23 754.55 56.77 141.68 35.82 105.86 11.00 50.25 100.00
2005-06 1154.80 890.90 65.90 272.00 88.22 183.78 20.00 77.95 130.00
2006-07 1618.83 1146.47 91.44 474.64 152.25 322.39 35.00 96.46 160.00
2007-08 1823.16 1254.11 85.48 580.47 203.01 377.46 38.00 114.54 190.00
2008-09 1706.52 1348.42 94.46 362.30 128.27 234.03 30.00 86.81 120.00
2009-10 1520.36 1358.48 104.14 218.25 65.15 153.10 15.31 72.35 100.00
2010-11 1737.14 1509.90 108.40 221.45 80.20 141.25 14.13 75.95 100.00
2011-12 1864.72 1628.69 113.90 229.92 84.57 145.35 14.54 75.95 100.00
2012-13 1924.79 1701.67 125.02 (209.79) 66.82 (276.61) - * 69.40 80.00
2013-14 1977.33 1761.13 122.26 (520.90) 69.59 (590.49) - - -
2014-15 2103.60 1873.02 117.85 1.88 83.90 (82.02) - - -
2015-16 2374.12 2088.32 126.02 152.89 68.74 84.15 71.40 155.55 - 29.68 30.00
2016-17 2459.58 2079.74 151.31 262.04 118.86 143.18 124.43 267.61 - 34.62 35.00
2017-18 2639.34 2148.58 151.34 284.23 136.46 147.77 29.23 177.00 - 47.57 40.00
2018-19 2870.91 2209.61 169.10 417.54 153.84 263.70 (120.59) 143.11 - 59.47 50.00
2019-20 2877.88 2219.96 203.78 437.74 36.33 401.41 (123.98) 277.43 - 59.46 50.00
2020-21 1243.67 1524.84 203.81 (640.28) (115.50) (524.78) 209.06 (315.72) - $$ 47.57 40.00
â Preference and Ordinary Dividend

++ After deducting ` 0.84 crores towards excess provision of depreciation for previous year.
@ Ordinary / Interim dividend for the year
* Includes ` 4.80 crores dividend paid for previous year
$$ Dividend Proposed
233
Independent Auditors’ Report

Report on the Audit of the Consolidated Financial Emphasis of matter

Statements We draw attention to Note 2(e) to the consolidated
financial statements, which describes the possible effect of
Opinion
uncertainties relating to COVID-19 pandemic on the Group’s
We have audited the consolidated financial statements of
financial performance as assessed by the management.
The Indian Hotels Company Limited (hereinafter referred
to as the ‘Holding Company”) and its subsidiaries (Holding
Our opinion is not modified in respect of the above matter.
Company and its subsidiaries together referred to as “the
Group”), its associates and its joint ventures, which comprise
Key Audit Matters
the consolidated balance sheet as at 31 March 2021, and the
Key audit matters are those matters that, in our professional
consolidated statement of profit and loss (including other
judgment, were of most significance in our audit of the
comprehensive income), consolidated statement of changes
consolidated financial statements of the current period.
in equity and the consolidated statement of cash flows for
These matters were addressed in the context of our audit
the year then ended, and notes to the consolidated financial
of the consolidated financial statements as a whole, and
statements, including a summary of significant accounting
in forming our opinion thereon, and we do not provide a
policies and other explanatory information (hereinafter
separate opinion on these matters.
referred to as “the consolidated financial statements”).
i. Impact of COVID-19 pandemic on Going Concern
In our opinion and to the best of our information and
Refer Note 47 – “Going Concern” and Note 2(e)
according to the explanations given to us, and based on
“Estimation related to COVID-19” of the consolidated
the consideration of reports of other auditors on separate
financial statements
financial statements of such subsidiaries, associates and joint
ventures as were audited by other auditors, the aforesaid
During the year, the business of the Group was
consolidated financial statements give the information
significantly impacted due to COVID-19. Significant
required by the Companies Act 2013, (‘the Act’) in the manner
number of hotels were not operating for the first six
so required and give a true and fair view in conformity with
months on account of restrictions imposed due to
the accounting principles generally accepted in India, of the
lockdowns; with lifting of lockdown restrictions all the
consolidated state of affairs of the Group, its associates and
hotels started operating from second half of the year.
joint ventures as at 31 March 2021, of its consolidated loss
and other comprehensive income, consolidated changes in
Presently, various state Governments have imposed
equity and consolidated cash flows for the year then ended.
restrictions due to the resurgence of COVID-19 cases,
which has significantly impacted business of the Group.
Basis for Opinion
We conducted our audit in accordance with the Standards on
The Group has assessed the impact of COVID-19 on the
Auditing (SAs) specified under section 143(10) of the Act. Our
future cash flow projections. The Group has also prepared
responsibilities under those SAs are further described in the
a range of scenarios to estimate financing requirements.
Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are
In view of the above, we identified impact of COVID-19
independent of the Group, its associates and joint ventures
on going concern as a key audit matter.
in accordance with the ethical requirements that are relevant
to our audit of the consolidated financial statements in terms
of the Code of Ethics issued by the Institute of Chartered
Accountants of India and the relevant provisions of the Act,
and we have fulfilled our other ethical responsibilities in • Obtained an understanding of the key controls
accordance with these requirements. We believe that the relating to the Group’s forecasting process
audit evidence obtained by us along with the consideration
• Compared the forecasted statement of profit and
of audit reports of the other auditors referred to in sub
loss and cash flows with the Group’s business plan
paragraph (a) of the “Other Matters” paragraph below, is
approved by the board of directors
sufficient and appropriate to provide a basis for our opinion
on the consolidated financial statements.
234
FINANCIAL
STATEMENTS

• Obtained an understanding of key assumptions How our audit addressed the key audit matter
adopted by the Group in preparing the forecasted We performed an evaluation of managements’
statement of profit and loss and cash flow and assessed assessment of the Group’s CGU. Further, our evaluation
the consistency thereof with our expectations based included discussion with management, review of the
on our understanding of the Group’s business internal reporting structure, the decision making process
and how resources are allocated among business units of
• Assessed the forecasted income statement and cash
the Group. We subsequently evaluated the impairment
flow by considering plausible changes to the key
assessment made by management to also ensure they
assumptions adopted by the Group
were in accordance with Ind AS.
• Per formed the following procedures as
Our procedures included challenging management
mitigating factors:
on the suitability of the impairment model and
₋ Obtained understanding of new borrowing reasonableness of the assumptions through performing
proposed to be availed including additional credit the following:
pronounced under government scheme;
• Benchmarking the key market related assumptions
₋ Assessed Government’s efforts to counter the in management’s valuation models with industry
impact of resurgence in COVID-19 cases and the comparators and assumptions made in prior years
impact of the same on future projections; including revenue and margin trends, capital
expenditure on network assets and spectrum,
• Assessed disclosures made in the consolidated
market share and customer churn, against
financial statements with regard to the above. Refer
external data where available, utilizing our internal
to notes 47 and 2(e).
valuation specialists;
ii. Goodwill – evaluation of adequacy of provision for • Recalculation of the discount rate by our internal
impairment of goodwill valuation specialists using external information and
As a result of past acquisitions, the Group carries comparison to management’s assumptions;
capitalised goodwill aggregating ` 610.97 Crores.
• Testing the mathematical accuracy of the cash flow
model and agreeing relevant data to the Board
Management performs an impairment assessment on
approved strategic long-term plan;
an annual basis as required by Ind AS 36 Impairment
of Assets. • Assessing the reliability of management’s forecast
through a review of actual performance against
For the Cash generating units (CGUs) which contain previous forecasts;
goodwill, the determination of recoverable amount,
• Assessing and validating the appropriateness of the
being the higher of fair value less costs to sell and value-
disclosures made in the financial statements.
in-use, requires judgement on the part of management
in both identifying and then valuing the relevant CGUs.
Other information
Recoverable amounts of these CGU’s are based on
The Holding Company’s management and Board of Directors
management’s view of variables such as future average
are responsible for the other information. The other
revenue per available room, room occupancy, room
information comprises the information included in the
rates, rate per cover etc. and operating expenditure and
Holding Company’s annual report but does not include the
the most appropriate discount rate.
financial statements and our auditors’ report thereon.
Refer to note 5 – “Goodwill” and note 6 – “Intangible
Our opinion on the consolidated financial statements does
assets” of the consolidated financial statements.
not cover the other information and we do not express any
We considered goodwill impairment to be key audit form of assurance conclusion thereon.
matter due to the extent of judgement and assumptions
involved in the assessment process.
235

In connection with our audit of the consolidated financial Board of Directors either intends to liquidate the Company
statements, our responsibility is to read the other information or to cease operations, or has no realistic alternative but to
and, in doing so, consider whether the other information do so.
is materially inconsistent with the consolidated financial
statements or our knowledge obtained in the audit or The respective Board of Directors of the companies included
otherwise appears to be materially misstated. If, based on in the Group and of its associates and joint ventures is also
the work we have performed and based on the work done/ responsible for overseeing the financial reporting process of
audit report of other auditors, we conclude that there is a each company.
material misstatement of this information, we are required
to report the fact. We have nothing to report in this regard. Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements
Management and Board of Director’s Responsibilities for Our objectives are to obtain reasonable assurance about
the Consolidated Financial Statements whether the consolidated financial statements as a whole
The Holding Company’s Management and Board of Directors are free from material misstatement, whether due to fraud
are responsible for the preparation and presentation of or error, and to issue an auditor’s report that includes our
these consolidated financial statements in terms of the opinion. Reasonable assurance is a high level of assurance,
requirements of the Act that give a true and fair view of the but is not a guarantee that an audit conducted in accordance
consolidated state of affairs, consolidated loss and other with SAs will always detect a material misstatement when
comprehensive income, consolidated statement of changes it exists. Misstatements can arise from fraud or error and
in equity and consolidated cash flows of the Group including are considered material if, individually or in the aggregate,
its associates and joint ventures in accordance with the they could reasonably be expected to influence the economic
accounting principles generally accepted in India, including decisions of users taken on the basis of these consolidated
the Indian Accounting Standards (Ind AS) specified under financial statements.
section 133 of the Act. The respective Management and
Board of Directors of the companies included in the Group As part of an audit in accordance with SAs, we exercise
and of its associates and joint ventures are responsible for professional judgment and maintain professional skepticism
maintenance of adequate accounting records in accordance throughout the audit. We also:
with the provisions of the Act for safeguarding the assets
• Identify and assess the risks of material misstatement
of each company and for preventing and detecting frauds
of the consolidated financial statements, whether due
and other irregularities; the selection and application of
to fraud or error, design and perform audit procedures
appropriate accounting policies; making judgments and
responsive to those risks, and obtain audit evidence that
estimates that are reasonable and prudent; and the design,
is sufficient and appropriate to provide a basis for our
implementation and maintenance of adequate internal
opinion. The risk of not detecting a material misstatement
financial controls, that were operating effectively for
resulting from fraud is higher than for one resulting from
ensuring the accuracy and completeness of the accounting
error, as fraud may involve collusion, forgery, intentional
records, relevant to the preparation and presentation of
omissions, misrepresentations, or the override of
the consolidated financial statements that give a true and
internal control.
fair view and are free from material misstatement, whether
due to fraud or error, which have been used for the purpose • Obtain an understanding of internal control relevant to
of preparation of the consolidated financial statements by the audit in order to design audit procedures that are
the Management and Directors of the Holding Company, appropriate in the circumstances. Under section 143(3)
as aforesaid. (i) of the Act, we are also responsible for expressing our
opinion on internal financial controls with reference to
In preparing the consolidated financial statements, the the consolidated financial statements and the operating
respective Management and Board of Directors of the effectiveness of such controls based on our audit.
companies included in the Group and of its associates and
• Evaluate the appropriateness of accounting policies used
joint ventures are responsible for assessing the ability of
and the reasonableness of accounting estimates and
each company to continue as a going concern, disclosing,
related disclosures made by the Management and Board
as applicable, matters related to going concern and using
of Directors.
the going concern basis of accounting unless the respective
236
FINANCIAL
STATEMENTS

• Conclude on the appropriateness of Management and findings, including any significant deficiencies in internal
Board of Directors use of the going concern basis of control that we identify during our audit.
accounting in preparation of consolidated financial
statements and, based on the audit evidence obtained, We also provide those charged with governance with a
whether a material uncertainty exists related to events statement that we have complied with relevant ethical
or conditions that may cast significant doubt on the requirements regarding independence, and to communicate
appropriateness of this assumption. If we conclude that with them all relationships and other matters that may
a material uncertainty exists, we are required to draw reasonably be thought to bear on our independence, and
attention in our auditors’ report to the related disclosures where applicable, related safeguards.
in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our From the matters communicated with those charged with
conclusions are based on the audit evidence obtained up governance, we determine those matters that were of
to the date of our auditors’ report. However, future events most significance in the audit of the consolidated financial
or conditions may cause the Group and its associates and statements of the current period and are therefore the key
joint ventures to cease to continue as a going concern. audit matters. We describe these matters in our auditors’
report unless law or regulation precludes public disclosure
• Evaluate the overall presentation, structure and content
about the matter or when, in extremely rare circumstances,
of the consolidated financial statements, including the
we determine that a matter should not be communicated
disclosures, and whether the consolidated financial
in our report because the adverse consequences of doing
statements represent the underlying transactions and
so would reasonably be expected to outweigh the public
events in a manner that achieves fair presentation.
interest benefits of such communication.
• Obtain sufficient appropriate audit evidence regarding
the financial information of such entities or business Other Matters
activities within the Group and its associates and joint (a) We did not audit the financial statements of sixteen
ventures to express an opinion on the consolidated subsidiaries, whose financial statements reflect total
financial statements. We are responsible for the direction, assets of ` 2,483.15 crores as at 31 March 2021, total
supervision and performance of the audit of financial revenues of ` 222.54 crores and total net loss after tax
information of such entities included in the consolidated (before consolidation adjustments) of ` 102.65 crores
financial statements of which we are the independent and net cash outflows amounting to ` 4.22 crores
auditors. For the other entities included in the consolidated for the year ended on that date, as considered in the
financial statements, which have been audited by other consolidated financial statements. The consolidated
auditors, such other auditors remain responsible for the financial statements also include the Group’s share of
direction, supervision and performance of the audits net loss (and other comprehensive income) of ` 67.36
carried out by them. We remain solely responsible for crores for the year ended on that date, as considered
our audit opinion. Our responsibilities in this regard are in the consolidated financial statements, in respect of
further described in para (a) of the section titled ‘Other six associates and seven joint ventures, whose financial
Matters’ in this audit report. statements have not been audited by us. These financial
statements have been audited by other auditors whose
We believe that the audit evidence obtained by us along reports have been furnished to us by the Management
with the consideration of audit reports of the other and our opinion on the consolidated financial statements,
auditors referred to in sub-paragraph (a) of the Other in so far as it relates to the amounts and disclosures
Matters paragraph below, is sufficient and appropriate to included in respect of these subsidiaries, joint ventures
provide a basis for our audit opinion on the consolidated and associates and our report in terms of sub-section
financial statements. (3) of section 143 of the Act, in so far as it relates to the
aforesaid subsidiaries, joint ventures and associates is
We communicate with those charged with governance of based solely on the reports of the other auditors.
the Holding Company and such other entities included in
the consolidated financial statements of which we are the (b) Certain of these subsidiaries, associates and joint
independent auditors regarding, among other matters, the ventures are located outside India whose financial
planned scope and timing of the audit and significant audit statements and other financial information have been
237

prepared in accordance with accounting principles account maintained for the purpose of preparation
generally accepted in their respective countries and of the consolidated financial statements;
which have been audited by other auditors under
generally accepted auditing standards applicable in their d) in our opinion, the aforesaid consolidated financial
respective countries. The Company’s management has statements comply with the Ind AS specified under
converted the financial statements of such subsidiaries, section 133 of the Act;
associates and joint ventures located outside India
from accounting principles generally accepted in their e) on the basis of the written representations received
respective countries to accounting principles generally from the directors of the Holding Company as
accepted in India. We have audited these conversion on 31 March 2021 taken on record by the Board
adjustments made by the Company’s management. of Directors of the Holding Company and the
Our opinion in so far as it relates to the balances and reports of the statutory auditors of its subsidiary
affairs of such subsidiaries, associates and joint ventures companies, associate companies and joint ventures
located outside India is based on the report of other incorporated in India, none of the directors of the
auditors and the conversion adjustments prepared by Group companies, its associate companies, and
the management of the Company and audited by us. joint ventures incorporated in India is disqualified
as on 31 March 2021 from being appointed as a
Our opinion on the consolidated financial statements, and director in terms of section 164(2) of the Act;
our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with f) with respect to the adequacy of the internal
respect to our reliance on the work done and the reports of financial controls with reference to financial
the other auditors. statements of the Holding Company, its subsidiary
companies, associate companies and joint
Report on Other Legal and Regulatory Requirements ventures incorporated in India and the operating
A. As required by section 143(3) of the Act, based on effectiveness of such controls, refer to our separate
our audit and on the consideration of reports of the Report in “Annexure A”;
other auditors on separate financial statements of
such subsidiaries, associates and joint ventures as were B. With respect to the other matters to be included in
audited by other auditors, as noted in the ‘Other Matters’ the Auditors’ Report in accordance with Rule 11 of
paragraph, we report, to the extent applicable, that: the Companies (Audit and Auditors’) Rules, 2014, in
our opinion and to the best of our information and
a) we have sought and obtained all the information
according to the explanations given to us and based on
and explanations which to the best of our
the consideration of the reports of the other auditors
knowledge and belief were necessary for the
on separate financial statements of the subsidiaries,
purposes of our audit of the aforesaid consolidated
associates and joint ventures, as noted in the ‘Other
financial statements;
Matters’ paragraph:
b) in our opinion, proper books of account as required
i. The consolidated financial statements disclose the
by law relating to preparation of the aforesaid
impact of pending litigations as at 31 March 2021
consolidated financial statements have been kept
on the consolidated financial position of the Group,
so far as it appears from our examination of those
its associates and joint ventures. Refer Note 32 and
books and the reports of the other auditors;
Note 42 to the consolidated financial statements.
c) the consolidated balance Sheet, the consolidated
ii. Provision has been made in the consolidated
statement of profit and loss (including other
financial statements, as required under the
comprehensive income), the consolidated
applicable law or Ind AS, for material foreseeable
statement of changes in equity and consolidated
losses, on long-term contracts including derivative
statement of cash flows dealt with by this Report
contracts. Refer Note 21 to the consolidated
are in agreement with the relevant books of
financial statements in respect of such items
238
FINANCIAL
STATEMENTS

as it relates to the Group, its associates and remuneration is subject to approval of the shareholders
joint ventures. which the Holding Company proposes to obtain in the
forthcoming Annual General Meeting.
iii. There has been no delay in transferring amounts
to the Investor Education and Protection Fund Further, in our opinion and according to the information
by the Holding Company and its subsidiary and explanations given to us and based on the reports
companies, associate companies and joint ventures of the statutory auditors of such subsidiary companies,
incorporated in India during the year ended 31 associate companies and joint ventures incorporated in
March 2021; India which were not audited by us, the remuneration
paid/payable during the current year by such subsidiary
iv. The disclosures in the consolidated financial companies, associate companies and joint ventures
statements regarding holdings as well as dealings to its directors is in accordance with the provisions of
in specified bank notes during the period from 8 Section 197 of the Act. In our opinion and according
November 2016 to 30 December 2016 have not to the information and explanations given to us, the
been made in the financial statements since they remuneration paid to any director by a subsidiary
do not pertain to the financial year ended 31 March company and a joint venture incorporated in India, is not
2021. in excess of the limit laid down under Section 197 of the
Act. The Ministry of Corporate Affairs has not prescribed
(C) With respect to the matter to be included in the Auditor’s other details under Section 197(16) which are required
report under section 197(16): to be commented upon by us and other auditors.
We draw your attention to Note 43 to the consolidated
For B S R & Co. LLP
financial statements for the year ended March 31, 2021
Chartered Accountants
according to which the managerial remuneration paid/
payable to the CEO and Managing Director of the Holding
Company amounting to ` 7.23 crores and consequently Tarun Kinger
the total managerial remuneration for the financial year Partner
amounting to ` 7.23 crores exceed the prescribed limits Mumbai Membership No: 105003
under Section 197 read with Schedule V to the Act by 30 April 2021 ICAI UDIN: 21105003AAAABX4982
` 5.91 crores. As per the provisions of the Act, the excess
239
Annexure ‘A’
to the Independent Auditors’ Report on the consolidated financial statements of The Indian Hotels Company Limited
Report on the internal financial controls with the accuracy and completeness of the accounting records,
reference to the aforesaid consolidated financial and the timely preparation of reliable financial information as
statements under clause (i) of sub-section 3 of section required under the Companies Act 2013 (hereinafter referred
143 of the Companies Act, 2013 (“the Act”) to as “the Act”)
(Referred to in paragraph 1(f) under ‘Report on Other
Auditors’ Responsibility
Legal and Regulatory Requirements’ section of our
Our responsibility is to express an opinion on the internal
report of even date)
financial control with reference to consolidated financial
Opinion statements based on our audit. We conducted our audit in
In conjunction with our audit of the consolidated financial accordance with the Guidance Note and the Standards on
statements of the Company as of and for the year ended 31 Auditing, prescribed under Section 143(10) of the Act, to the
March 2021, we have audited the internal financial controls extent applicable to an audit of internal financial controls
with reference to consolidated financial statements of The with reference to consolidated financial statements. Those
Indian Hotels Company Limited (“hereinafter referred to as Standards and the Guidance Note require that we comply
“the Holding Company”) and such companies incorporated in with ethical requirements and plan and perform the audit
India under the Companies Act, 2013 which are its subsidiary to obtain reasonable assurance about whether adequate
companies, its associate companies and its joint ventures as internal financial controls with reference to consolidated
of that date. financial statements were established and maintained and
if such controls operated effectively in all material respects.
In our opinion, the Holding Company and such companies
incorporated in India which are its subsidiary companies, Our audit involves performing procedures to obtain audit
its associate companies and joint venture companies, have, evidence about the adequacy of the internal financial controls
in all material respects, adequate internal financial controls with reference to consolidated financial statements and their
with reference to consolidated financial statements and operating effectiveness. Our audit of internal controls with
such internal financial controls were operating effectively reference to consolidated financial statements included
as at 31 March 2021, based on the internal financial controls obtaining an understanding of internal financial controls with
with reference to consolidated financial statements criteria reference to consolidated financial statements, assessing
established by such companies considering the essential the risk that a material weakness exists, and testing and
components of such internal controls stated in the Guidance evaluating the design and operating effectiveness of internal
Note on Audit of Internal Financial Controls Over Financial controls based on the assessed risk. The procedure selected
Reporting issued by the Institute of Chartered Accountants depend on the auditor’s judgment, including the assessment
of India (the “Guidance Note”). of the risks of material misstatement of the consolidated
financial statements, whether due to fraud or error.
Management’s Responsibility for Internal Financial
Controls We believe that the audit evidence we have obtained and
The respective Company’s management and Board of the audit evidence obtained by the other auditors of the
Directors are responsible for establishing and maintaining relevant subsidiary companies, associate companies and
internal financial controls with reference to consolidated joint ventures, which are companies incorporated in India,
financial statements based on the criteria established by the in terms of their reports referred to in the Other Matters
respective Company considering the essential components paragraph below, is sufficient and appropriate to provide a
of internal controls stated in the Guidance Note. These basis for our audit opinion on the Company’s internal control
responsibilities include the design, implementation and systems over financial reporting.
maintenance of adequate internal financial controls, that
were operating effectively for ensuring the orderly and Meaning of Internal Financial Controls with reference to
efficient conduct of its business, including adherence to Consolidated Financial Statement
the respective company’s policies, the safeguarding of its A company’s internal financial control with reference to
assets, the prevention and detection of frauds and errors, consolidated financial statements is a process designed to
240
FINANCIAL
STATEMENTS
Annexure ‘A’ (Contd.)

to the Independent Auditors’ Report on the consolidated financial statements of The Indian Hotels Company Limited
provide reasonable assurance regarding the reliability of override of controls, material misstatements due to error or
financial reporting and the preparation of financial statements fraud may occur and not be detected. Also, projections of any
for external purposes in accordance with generally accepted evaluation of the internal financial controls with reference
accounting principles. A company’s internal financial control to consolidated financial statements to future periods are
with reference to consolidated Ind AS financial statement subject to the risk that the internal financial controls with
includes those policies and procedures that: reference to consolidated financial statements may become
inadequate because of changes in conditions, or that
(1) pertain to the maintenance of records that, in reasonable
the degree of compliance with the policies or procedures
detail, accurately and fairly reflect the transactions and
may deteriorate.
dispositions of the assets of the company;
(2)
provide reasonable assurance that transactions Other Matters
are recorded as necessary to permit preparation of Our aforesaid report under section 143(3)(i) of the Act on
financial statements in accordance with generally the adequacy and operating effectiveness of the internal
accepted accounting principles, and that receipts and financial controls with reference to consolidated financial
expenditures of the company are being made only in statements in so far as it relates to its thirteen subsidiary
accordance with authorizations of management and companies, its three associates and its six joint ventures
directors of the company; and which are companies incorporated in India, is based on the
corresponding reports of the auditors of such companies
(3) provide reasonable assurance regarding prevention or
incorporated in India.
timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a
For B S R & Co. LLP
material effect on the financial statements.
Chartered Accountants
Inherent Limitations of Internal Financial Controls with
reference to consolidated financial statements Tarun Kinger
Because of the inherent limitations of internal financial Partner
controls with reference to consolidated financial statements, Mumbai Membership No: 105003
including the possibility of collusion or improper management 30 April 2021 ICAI UDIN: 21105003AAAABX4982
241
Consolidated Balance Sheet

as at March 31, 2021
(` crores)
ASSETS
Non-current assets
Property, Plant and Equipment 3 5,728.00 5,270.65
Capital work-in-progress 164.99 243.15
Right-of-Use assets 4 1,529.74 1,583.28
Goodwill 5 610.97 614.58
Intangible assets 6 568.99 590.34
Intangible assets under development - 0.93
Investments accounted using the equity method 7 578.37 672.35
Financial assets
Investments 8(a) 456.17 318.00
Loans 9(a) 5.05 16.65
Other financial assets 10(a) 78.19 118.36
Deferred tax assets (net) 11(a) 117.98 76.50
Advance income tax (net) 203.40 227.85
Other non-current assets 12(a) 316.98 348.31
10,358.83 10,080.95
Current assets
Inventories 13 92.88 93.61
Financial assets
Investments 8(b) 448.63 436.24
Trade receivables 14 219.84 290.02
Cash and cash equivalents 15 94.27 250.82
Other balances with banks 16 59.36 64.76
Loans 9(b) 16.68 4.77
Other financial assets 10(b) 88.95 160.98
Other current assets 12(b) 132.20 132.37
1,152.81 1,433.57
Assets classified as held for sale 3(vi) 1.07 3.74
1,153.88 1,437.31
Total 11,512.71 11,518.26
EQUITY AND LIABILITIES
Equity
Equity share capital 17 118.93 118.93
Other equity 18 3,529.51 4,237.88
Equity attributable to owners of the company 3,648.44 4,356.81
Non-controlling interests 634.57 764.90
Total equity 4,283.01 5,121.71
Liabilities
Non-current liabilities
Borrowings 19(a) 2,223.83 2,125.80
Lease liabilities 35 1,846.38 1,842.57
Other financial liabilities 21(a) 25.71 201.37
Provisions 22(a) 91.74 121.09
Deferred tax liabilities (net) 11(b) 78.05 186.85
Other non-current liabilities 23(a) 15.93 18.05
4,281.64 4,495.73
Current liabilities
Borrowings 19(b) 242.53 166.25
Trade payables 20 317.81 389.32
Other financial liabilities 21(b) 1,875.97 819.89
Provisions 22(b) 170.76 154.46
Current income tax liabilities (net) 34.95 33.77
Other current liabilities 23(b) 266.93 280.99
2,948.06 1,900.82
Total liabilities 7,229.70 6,396.55
Total 11,512.71 11,518.26
The accompanying notes form an integral part of the consolidated financial statements 1 - 49
ICAI Firm Registration No: 101248W/W-100022 DIN: 00121863 DIN: 07624616

Partner Director

Executive Vice President & Senior Vice President - Corporate Affairs
242
FINANCIAL
STATEMENTS
Consolidated Statement of Profit and Loss

(` crores)
INCOME
Revenue from operations 24 1,575.16 4,463.14
Other income 25 164.72 132.42
Total income 1,739.88 4,595.56
EXPENSES
Food and beverages consumed 143.82 370.56
Employee benefit expense and payment to contractors 26 894.01 1,494.60
Finance costs 27 402.82 341.12
Depreciation and amortisation expenses 28 409.63 404.24
Other operating and general expenses 29 899.09 1,630.45
Total expenses 2,749.37 4,240.97
Profit/(Loss) before exceptional items, tax and share of profit of equity accounted investees (1,009.49) 354.59
Exceptional items 30 159.95 40.95
Profit/(Loss) before tax and share of profit of equity accounted investees (849.54) 395.54
Tax expense
Current tax 1.01 169.15
Deferred tax credit (156.34) (124.38)
Total tax expense (155.33) 44.77
Profit/(Loss) after tax before share of profit of equity accounted investees (694.21) 350.77
Share of Profit/(Loss) of associates and joint venture (net of tax) (101.42) 12.97
Profit/(Loss) for the year (795.63) 363.74
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or loss
Change in fair value of equity instruments designated irrevocably as fair value through
209.90 (118.25)
other comprehensive income
Share of other comprehensive income in associates and joint ventures (net of tax) 2.92 (3.66)
Add/(Less) : Income tax credit/(expense) on the above (11.78) 6.47
Net other comprehensive income not to be reclassified subsequently to profit or loss 238.66 (136.96)
Items that will be reclassified subsequently to profit or loss
Exchange differences on translating the financial statement of foreign operations 31.20 116.47
Share of other comprehensive income in associates and joint ventures (net of tax) (2.59) 12.93
Add/(Less) : Income tax credit/(expense) on the above - -
Net other comprehensive income to be reclassified subsequently to profit or loss 28.61 129.40
Other comprehensive income for the year, net of tax 267.27 (7.56)
Total comprehensive income for the year (528.36) 356.18
Profit/(Loss) for the year attributable to:
Owners of the company (720.11) 354.42
Non-controlling interests (75.52) 9.32
(795.63) 363.74
Total comprehensive Income for the year attributable to:
Owners of the company (479.75) 344.60
Non-controlling interests (48.61) 11.58
(528.36) 356.18
Earnings per share : 46
Basic and Diluted - (`) (6.05) 2.98
Face value per equity share - (`) 1.00 1.00
The accompanying notes form an integral part of the consolidated financial statements 1 - 49

Partner Director

243
Consolidated Statement of Changes in Equity
244
(` crores)
|
a) Equity
Share Capital b) Other Equity
Reserves and Surplus Items of Other Comprehensive Income
Exchange
Equity differences on
Capital Instruments translating the Equity
Equity Share Reserve on through Other financial statement Total attributable Non
Capital Capital Consolida- Securities General Other Retained Comprehensive of foreign Other to owners of Controlling Total
I N T E G R AT E D
Subscribed Reserve tion Premium Reserve reserves Earnings Income operations Equity the company Interests Equity
Balance as at April 1, 2019 118.93 43.91 111.81 2,702.05 561.98 324.60 (110.32) 206.01 124.36 3,964.40 4,083.33 755.83 4,839.16
Profit for the year ended March 31, 2020 - - - - - - 354.42 - - 354.42 354.42 9.32 363.74
- - - - - - (17.67) (114.77) 122.62 (9.82) (9.82) 2.26 (7.56)
- - - - - - 336.75 (114.77) 122.62 344.60 344.60 11.58 356.18
year ended March 31, 2020
Dividend - - - - - - (59.46) - - (59.46) (59.46) (3.17) (62.63)
Tax on Dividend - - - - - - (11.70) - - (11.70) (11.70) 0.66 (11.04)
- - - - 130.50 (130.50) - - - - - - -
Realised loss on sale of investment
transferred from Other Comprehensive - - - - - - (3.01) 3.01 - - - - -
Income
Change in ownership interests in
ANNUAL REPORT 2020-21
- - (0.24) - - - - - - (0.24) (0.24) - (0.24)

Joint venture
Change in ownership interests in
- - - - 0.08 0.20 - - - 0.28 0.28 - 0.28
subsidiaries
Balance as at March 31, 2020 118.93 43.91 111.57 2,702.05 692.56 194.30 152.26 94.25 246.98 4,237.88 4,356.81 764.90 5,121.71
Loss for the year ended March 31, 2021 - - - - - - (720.11) - - (720.11) (720.11) (75.52) (795.63)
- - - - - - 29.97 195.81 14.58 240.36 240.36 26.91 267.27
- - - - - - (690.14) 195.81 14.58 (479.75) (479.75) (48.61) (528.36)
year ended March 31, 2021
Adjustment on account of change in
holding of Minority Interest - - - - - - (169.16) - - (169.16) (169.16) (80.87) (250.03)
(Refer Note 33 (ii))
Dividend - - - - - - (59.46) - - (59.46) (59.46) (0.85) (60.31)
- - - - 32.39 (32.39) - - - - - - -
Realised Gain on sale of investment
transferred from Other Comprehensive - - - - - - 5.80 (5.80) - - - - -
Income
Balance as at March 31, 2021 118.93 43.91 111.57 2,702.05 724.95 161.91 (760.70) 284.26 261.56 3,529.51 3,648.44 634.57 4,283.01
The accompanying notes form an integral part of the consolidated financial statements (Refer Note 1 - 49)
Partner Director
Executive Vice President & Senior Vice President - Corporate Affairs &
Chief Financial Officer Company Secretary (Group)
FINANCIAL
STATEMENTS
Consolidated Statement of Cash Flows

(` crores)
March 31, 2021 March 31, 2020
CASH FLOW FROM OPERATING ACTIVITIES

Profit / (Loss) Before Tax (849.54) 395.54
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortisation expenses on Property, plant and equipment 347.66 334.99
Depreciation and amortisation expenses on Right-of-Use assets 61.97 69.25
Gain arising out of acquiring controlling stake in a joint venture (82.04)
Profit on sale of investments (5.63) (9.82)
Profit on sale of a hotel property (25.74) -
Profit on disposal of Property, plant and equipment (18.58) (136.86)
Allowance for Doubtful Debts and advances 12.51 6.65
Dividend Income (5.43) (7.32)
Interest Income (44.79) (18.67)
Finance Cost 248.51 184.23
Interest on lease liability 154.31 156.89
Exchange (Gain)/ Loss on Long term borrowing/Assets (net) (56.38) 2.61
Assets written off 3.29 6.91
Provision no longer required written back - (0.17)
Provision for Employee Benefits 11.32 (2.09)
Gain on investments carried at fair value through statement of profit and loss (2.51) (0.28)
Fair valuation (Gain)/ Loss on derivative contracts (25.00) 21.76
584.16 610.61
Cash Operating Profit before working capital changes (265.38) 1,006.15
Adjustments for increase / decrease in operating assets and liabilities:
Inventories 11.67 (13.21)
Other financial assets 107.38 (29.05)
Other financial liabilities (195.72) 65.75
(76.67) 23.49
Cash Generated from Operating Activities (342.05) 1,029.64
Income taxes refund/(paid) 23.36 (206.17)
Net Cash Generated From Operating Activities (A) (318.69) 823.47
CASH FLOW FROM INVESTING ACTIVITIES
Payments for purchase of property, plant & equipment (215.47) (487.39)
Proceeds from disposal of property, plant and equipment 28.30 175.39
Capital subsidy received from Government 1.10 40.69
Purchase of current investments (1,512.32) (1,934.32)
Proceeds from sale / redemption of current investments 1,579.30 1,712.12
Purchase of non-current investments (73.00) (3.36)
Disposal of long term investment 11.31 29.79
Interest received 17.60 15.68
Dividend received (includes dividend from joint ventures and associates) 6.98 13.92
Bank Balances not considered as Cash & Cash Equivalents 14.60 (17.53)
Long Term Deposits refunded/ (placed) (6.22) -
Short term Loans (given) /repaid by other company - 3.89
Proceeds from sale of hotel properties 31.69 -
Long-term deposits placed for hotel properties (3.04) (47.38)
Short-term deposits placed with Others Companies (0.49) (3.38)
Net Cash Generated /(Used) In Investing Activities (B) (119.66) (501.88)
Carried over (438.35) 321.59
245
Consolidated Statement of Cash Flows (Contd.)

(` crores)
March 31, 2021 March 31, 2020
Brought over (438.35) 321.59

CASH FLOW FROM FINANCING ACTIVITIES
Loan arrangement expenses (0.15) (0.14)
Interest and other borrowing costs paid (232.08) (155.45)
Payment of lease liability (including Interest) (138.93) (136.12)
Proceeds from long-term borrowings 1,040.57 732.30
Repayment of long-term borrowings (402.24) (637.80)
Proceeds from short-term borrowings 100.02 283.18
Repayment of short-term borrowings (25.98) (155.02)
Dividend and (including tax on dividend in previous period and Unclaimed dividend) (60.05) (75.73)
Settlement of cross currency Interest rate swap (net) (0.79) (120.60)
Net Cash Generated/(Used) In Financing Activities (C) 280.37 (265.38)
Net Increase/(Decrease) In Cash and Cash Equivalents (A + B + C) (157.98) 56.21

Cash and Cash Equivalents - Opening 250.82 189.29
Add: Opening cash balance of Subsidiary on acquisition 1.60 -
Exchange difference on translation of foreign currency cash and cash equivalents (0.17) 5.32
Cash and Cash Equivalents - Closing 94.27 250.82
Refer Note 19 (viii) for movement in financing activity

The accompanying notes form an integral part of the consolidated financial statements (Refer Note 1 - 49)


Partner Director

246
FINANCIAL
STATEMENTS
Notes to Consolidated Financial Statements

Note 1. Corporate Information of the Group. Current Assets do not include elements
which are not expected to be realised within 1 year and
The Indian Hotels Company Limited (“IHCL” or the
Current Liabilities do not include items which are due
“Company”), and its subsidiaries (referred collectively as
after 1 year, the period of 1 year being reckoned from
the “Group”) is primarily engaged in the business of owning,
the reporting date.
operating & managing hotels, palaces and resorts. These
consolidated financial statements of the Group also include
(c) Principles of Consolidation and Equity Accounting
the Group’s interest in associates and joint ventures.
(i) Subsidiaries
Subsidiaries are entities (including structured entities)
The Company is domiciled and incorporated in India in 1902
over which the Group has control. The Group controls
and has its registered office at Mandlik House, Mandlik
an entity when the Group is exposed to, or has rights
Road, Mumbai –400 001, India. It is promoted by Tata Sons
to, variable returns from its involvement with the entity
Private Limited (Formerly Tata Sons Limited), which holds a
and has the ability to affect those returns through its
significant stake in the Company.
power to direct the relevant activities of that entity.
Subsidiaries are fully consolidated from the date on
These consolidated financial statements for the year ended
which control is transferred to the Group.
March 31, 2021 were approved by the Board of Directors and
authorised for issue on April 30, 2021.
The Group combines the financial statements of the
parent and its subsidiaries line by line adding together
Note 2. Basis of Preparation, Principles of
like items of assets, liabilities, equity, income and
Consolidation and Equity Accounting, Critical
expenses. Intra-Group transactions, balances and
Accounting Estimates and Judgements, Significant
unrealised gains on transactions between entities
Accounting Policies and Recent Accounting
within the Group are eliminated. Unrealised losses
Pronouncements
are also eliminated unless the transaction provides
The consolidated financial statements have been prepared evidence of an impairment of the transferred asset.
on the following basis: Accounting policies of subsidiaries have been changed
where necessary to ensure consistency with the policies
(a) Statement of Compliance
adopted by the Group. Non-controlling interests in the
These consolidated financial statements have been
results and equity of subsidiaries are shown separately
prepared in accordance with Ind AS as prescribed
in the Consolidated Statement of Profit and Loss,
under section 133 of the Companies Act, 2013 read
Consolidated Statement of Changes in Equity and the
with Companies (Indian Accounting Standards) Rules,
Consolidated Balance Sheet respectively.
2015 and other provisions of the Companies Act, 2013
as amended from time to time.
(ii) Joint ventures, associates and equity method
accounting
(b) Basis of Preparation
Joint ventures are joint arrangements whereby the
The Consolidated financial statements have been
parties that have joint control of the arrangements have
prepared on the historical cost basis, except for certain
rights to the net assets and obligations for the liabilities,
financial instruments that are measured at fair value
relating to the arrangement. Interests in joint ventures
at the end of each reporting period. Historical cost is
are accounted for using the equity method, after
generally based on the fair value of the consideration
initially being recognised at cost in the Consolidated
given in exchange for goods and services. Fair value is
Balance sheet.
the price that would be received to sell an asset or paid
to transfer a liability in an orderly transaction between
Associates are entities over which the Group has
market participants at the measurement date.
significant influence but not control or joint control.
Investments in associates are accounted for using
All assets and liabilities are classified as current and
the equity method of accounting, after initially being
non-current as per company’s normal operating cycle
recognised at cost.
of 12 months which is based on the nature of business
247
Notes to Consolidated Financial Statements (Contd.)

Under the equity method of accounting, the investments fair value becomes the initial carrying amount for the
are initially recognised at cost and adjusted thereafter purposes of subsequently accounting for the retained
to recognise the Group’s share of the post-acquisition interest as an associate, joint venture or financial asset.
profits or losses of the investee in the Consolidated In addition, any amounts previously recognised in
Statement of Profit and Loss, and the Group’s share Other Comprehensive Income in respect of that entity
of Other Comprehensive Income of the investee in are accounted for as if the Group had directly disposed
Other Comprehensive Income. Dividends received of the related assets or liabilities. This may mean that
or receivable from associates and joint ventures are amounts previously recognised in Other Comprehensive
recognised as a reduction in the carrying amount of Income are reclassified to the Statement of Profit and
the investment. When the Group’s share of losses in Loss. If the ownership interest in a joint venture or an
an equity-accounted investment equals or exceeds its associate is reduced but joint control or significant
interest in the entity, including any other unsecured influence is retained, only a proportionate share of the
long-term receivables, the Group does not recognise amounts previously recognised in Other Comprehensive
further losses, unless it has incurred obligations or made Income are reclassified to the Statement of Profit and
payments on behalf of the other entity. Unrealised gains Loss where appropriate.
on transactions between the Group and its Associates
and its Joint Ventures are eliminated to the extent of (iv) Goodwill
the Group’s interest in these entities. Unrealised losses a. Goodwill comprises the portion of the purchase
are also eliminated unless the transaction provides price for an acquisition that exceeds the Group’s
evidence of an impairment of the asset transferred. share in the identifiable assets, with deductions for
Accounting policies of equity accounted investees have liabilities, calculated on the date of acquisition.
been changed where necessary to ensure consistency
with the policies adopted by the Group. The carrying b. Goodwill arising from the acquisition of associates
amounts of equity accounted investments are tested and joint ventures is included in the carrying value
for impairment. of the investment in associates and joint ventures.
The financial statements of subsidiaries, joint ventures c. Goodwill is deemed to have an indefinite useful life
and associates consolidated are drawn upto the same and is reported at acquisition value with deduction
reporting date as that of the Company except one of for accumulated impairments. An impairment test
the associate and joint venture which has the reporting of goodwill is conducted once every year or more
date of December 31, 2020. often if there is an indication of a decrease in value.
The impairment loss on goodwill is reported in the
(iii) Changes in ownership interests Consolidated Statement of Profit and Loss.
The Group treats transactions with non-controlling
interests that do not result in a loss of control as d. Goodwill on acquisition of the foreign subsidiaries
transactions with equity owners of the Group. A is restated at the rate prevailing at the end of
change in ownership interest results in an adjustment the year.
between the carrying amounts of the controlling
and non-controlling interests to reflect their relative (d) Critical Accounting Estimates and Judgements
interests in the subsidiary. Any difference between the The preparation of consolidated financial statements
amount of the adjustment to non-controlling interests in conformity with the recognition and measurement
and any consideration paid or received is recognised principles of Ind AS requires management to make
within equity. judgements, estimates and assumptions that affect the
reported amounts of assets and liabilities, disclosures
When the Group ceases to consolidate an equity account of contingent liabilities at the date of the financial
for an investment because of a loss of control, joint statements and the reported amounts of revenue and
control or significant influence, any retained interest in expenses for the years presented. Actual results may
the entity is re-measured to its fair value with the change differ from these estimates.
in carrying amount recognised in profit or loss. This
248
FINANCIAL
STATEMENTS

Estimates and underlying assumptions are reviewed recovery of the related assets. Changes in these
on an ongoing basis. Revisions to accounting estimates estimates may affect the amount of deferred tax
are recognised in the period in which the estimates are liabilities or the valuation of deferred tax assets and
revised and in any future periods affected. the tax charges in the Consolidated Statement of
Profit and Loss.
In particular, information about significant areas
Provision for tax liabilities require judgements on
of estimation, uncertainty and critical judgments
the interpretation of tax legislation, developments
in applying accounting policies that have the most
in case law and the potential outcomes of tax audits
significant effect on the amounts recognised in the
and appeals which may be subject to significant
financial statements pertain to:
uncertainty. Therefore the actual results may vary
• Useful lives of property, plant and equipment and from expectations resulting in adjustments to
intangible assets: The Group has estimated useful provisions, the valuation of deferred tax assets, cash
life of each class of assets based on the nature tax settlements and the tax charge in the Consolidated
of assets, the estimated usage of the asset, the Statement of Profit and Loss.
operating condition of the asset, past history of
• Loyalty programme: The Group estimates the fair
replacement, anticipated technological changes, etc.
value of points awarded under the Loyalty programme
The Group reviews the useful life of property, plant
by applying statistical techniques. Inputs include
and equipment and Intangible assets as at the end of
making assumptions about expected breakages, the
each reporting period. This reassessment may result
mix of products that will be available for redemption
in change in depreciation expense in future periods.
in the future and customer preferences, redemption
• Impairment testing: Property, plant and equipment, at own hotels and other participating hotels.
Right-of-Use assets and Intangible assets that are
The group assessed whether the loyalty points provide
subject to amortisation/depreciation are tested
a material right to the customer that needs to be
for impairment when events occur or changes in
accounted for as a separate performance obligation.
circumstances indicate that the recoverable amount
The group determines that the loyalty points provide
of the cash generating unit is less than its carrying
a material right that the customer would not exercise
value. The recoverable amount of cash generating
without entering into the contract.
units is higher of value-in-use and fair value less cost
to sell. The calculation involves use of significant • Fair value measurement of derivative and other
estimates and assumptions which includes turnover financial instruments: The fair value of financial
and earnings multiples, growth rates and net margins instruments that are not traded in an active market
used to calculate projected future cash flows, is determined by using valuation techniques. This
risk-adjusted discount rate, future economic and involves significant judgements in the selection of
market conditions. a method in making assumptions that are mainly
based on market conditions existing at the Balance
• Impairment of investments: The Group reviews
Sheet Date and in identifying the most appropriate
its carrying value of investments annually, or more
estimate of fair value when a wide range of fair value
frequently when there is indication for impairment.
measurements are possible.
If the recoverable amount is less than its carrying
amount, the impairment loss is accounted for. • Litigation: From time to time, the Group is subject
to legal proceedings the ultimate outcome of each
• Income Taxes: Deferred tax assets are recognised
being always subject to many uncertainties inherent
to the extent that it is regarded as probable that
in litigation. A provision for litigation is made when
deductible temporary differences can be realised.
it is considered probable that a payment will be
The Group estimates deferred tax assets and liabilities
made and the amount of the loss can be reasonably
based on current tax laws and rates and in certain
estimated. Significant judgement is made when
cases, business plans, including management’s
evaluating, among other factors, the probability
expectations regarding the manner and timing of
of unfavorable outcome and the ability to make a
249

reasonable estimate of the amount of potential loss. suitable alternatives. The lease term in future periods
Litigation provisions are reviewed at each accounting is reassessed to ensure that the lease term reflects
period and revisions made for the changes in facts the current economic circumstances.
and circumstances.
Critical judgements in determining the discount
• Defined benefit plans: The cost of the defined rate: The discount rate is generally based on the
benefit plans and the present value of the defined incremental borrowing rate specific to the lease
benefit obligation are based on actuarial valuation being evaluated or for a portfolio of leases with
using the projected unit credit method. An actuarial similar characteristics.
valuation involves making various assumptions that
(e) Estimation Uncertainty due to COVID-19:
may differ from actual developments in the future.
On March 11, 2020, the World Health Organisation
These include the determination of the discount rate,
declared COVID-19 outbreak as a pandemic. Responding
future salary increases and mortality rates. Due to
to the potentially serious threat that this pandemic has to
the complexities involved in the valuation and its
public health, the Indian Government has taken a series
long term nature, a defined benefit obligation is
of measures to contain the outbreak, which included
highly sensitive to changes in these assumptions.
imposing multiple ‘lock-downs’ across the country, from
All assumptions are reviewed at each Balance
March 22, 2020, and extended up to June 30, 2020.
Sheet Date.
Business operations in the various international markets
• Determination of control: The group has exercised its where the Group operates have also been impacted to
judgement not to consolidate entities with majority varying extent based on the spread of the pandemic
holding where the group does not have any power or and the restrictions on business activities placed by the
control over or exposure to entity and does not have respective foreign Governments.
any rights to variable returns from its involvement
with the entity. Also, for all strategic investments in The lockdowns and restrictions imposed on various
entities where there is a contractual agreement in activities due to COVID – 19 pandemic have posed
the form of joint venture agreement were classified challenges to all the businesses of the Group and its joint
as joint venture. ventures and associates.
• Recognition of deferred tax liability on
The business has been severely impacted during the year
undistributed profits: The extent to which the
on account of COVID-19. The Group witnessed softer
group can control the timing of reversal of deferred
revenues due to the lockdown imposed during the first
tax liability on undistributed profit of its subsidiaries
six months of the year and a significant number of the
requires judgement.
Group’s hotels had to be shut down. With the unlocking
• Leases: of restrictions, all the Group’s hotels have been opened
Critical judgements in determining the lease term: and business is expected to gradually improve across
Ind AS 116 requires lessees to determine the lease all hotels. During the second half of the year, the Group
term as the non-cancellable period of a lease adjusted witnessed some signs of recovery of demand, especially
with any option to extend or terminate the lease, if the in leisure destinations. Whilst there has been a second
use of such option is reasonably certain. The group wave of the COVID-19 pandemic in the last few months
makes an assessment on the expected lease term on in some of the countries where the Group operates,
a lease-by-lease basis and there by assesses whether there has also been increased vaccination drive by the
it is reasonably certain that any options to extend or respective Governments and the Group continues to
terminate the contract will be exercised. In evaluating closely monitor the situation.
the lease term, the group considers factors such as
any significant leasehold improvements undertaken The Group has also assessed the potential impact
over the lease term, costs relating to the termination of COVID-19 on its capital and financial resources,
of the lease and the importance of the underlying profitability, liquidity position, ability to service debt
asset to group’s operations taking into account the and other financing arrangements, supply chain and
location of the underlying asset and the availability of demand for its services. Various steps have been
250
FINANCIAL
STATEMENTS

initiated to raise finances from banks and institutions for ther Allied services: In relation to the, laundry
O
working capital needs and long term fund requirements income, communication income, health club income,
and the Group is in a comfortable liquidity position to airport transfers income and other allied services, the
meet its commitments. revenue has been recognised by reference to the time
of service rendered.
The Group has also assessed the potential impact of
COVID-19 on the carrying value of property, plant anagement and Operating fees: Management fees
M
& equipment, right of use assets, intangible assets, earned from hotels managed by the Group are usually
investments, trade receivables, inventories, and other under long-term contracts with the hotel owner. Under
current assets appearing in the financial statements of Management and Operating Agreements, the Company’s
the Group. In developing the assumptions and estimates performance obligation is to provide hotel management
relating to the future uncertainties in the economic services and a license to use the Company’s trademark
conditions because of this pandemic, the Group as at the and other intellectual property.
date of approval of these Financial statements has used
internal and external sources of information and based Management and incentive fee is earned as a percentage
on current estimates, expects to recover the carrying of revenue and profit and are recognised when earned
amounts of these assets. The impact of the global health in accordance with the terms of the contract based on
pandemic may be different from that estimated as at the underlying revenue, when collectability is certain
the date of approval of these financial statements and and when the performance criteria are met. Both are
the Group will continue to closely monitor any material treated as variable consideration.
changes to future economic conditions.
Membership Fees: Membership fee income majorly

Significant accounting policies consists of membership fees received from the loyalty
(f) Revenue Recognition program and Chamber membership fees. Income is
Revenue is recognised at an amount that reflects the earned when the customer enrolls for membership
consideration to which the Group expects to be entitled programs. In respect of performance obligations satisfied
in exchange for transferring the goods or services to over a period of time, revenue is recognised at the
a customer i.e. on transfer of control of the goods or allocated transaction price on a time-proportion basis.
service to the customer. Revenue from sales of goods
or rendering of services is net of Indirect taxes, returns L oyalty program: The Group operates loyalty
and discounts. programme, which provides a material right to customers
that they would not exercise without entering in to a
Income from operations contract and the eligible customers earns points based
Rooms, Food and Beverage & Banquets: Revenue is on their spending at the hotels. The points so earned by
recognised at the transaction price that is allocated to such customers are accumulated. The revenues related
the performance obligation. Revenue includes room to award points is deferred and a contract liability is
revenue, food and beverage sale and banquet services created and on redemption/ expiry of such award
which is recognised once the rooms are occupied, food points, revenue is recognised at pre-determined rates.
and beverages are sold and banquet services have been
provided as per the contract with the customer. Contract balances
a) Contract assets
S pace and shop rentals: Rentals basically consists A contract asset is the right to consideration in
of rental revenue earned from letting of spaces for exchange for goods or services transferred to the
retails and office at the properties. These contracts for customer. If the Group performs by transferring
rentals are generally of short term in nature. Revenue goods or services to a customer before the
is recognised in the period in which services are customer pays consideration or before payment is
being rendered. due, a contract asset is recognised for the earned
consideration that is conditional.
251

b) Contract liabilities set up by the Group, or to the Regional Provident

A contract liability is the obligation to transfer Fund Commissioner (RPFC) which are charged to
services to a customer for which the Group has the Statement of Profit and Loss as incurred.
received consideration from the customer. If a
customer pays consideration before the Company Employee benefits arising out of contributions
transfers goods or services to the customer, a towards Provident Fund and Family Pension
contract liability is recognised when the payment is Scheme to Regional Provident Fund Commissioner
made. Contract liabilities are recognised as revenue or the Central Provident Commissioner and
when the Group performs under the contract. Social Security etc. paid/payable during the year
are recognised as expense in the Statement of
Interest Profit and Loss account in the period in which the
Interest income is accrued on a time proportion basis employee renders services.
using the effective interest rate method.
Eligible employees of some of the overseas
Dividend components of the Group are members of defined
Dividend income is recognised when the Group’s right contribution plans. These plans, in addition to
to receive the amount is established. employee contribution, require the Group to make
contributions equivalent to a pre-define percentage
(g) Employee Benefits of each eligible participant’s plan compensation
i. Short term Employee Benefits for each year. The Group may also make a profit
The costs of all short-term employee benefits (that are sharing contribution of uniform percentage of
expected to be settled wholly within 12 months after eligible participant’s plan compensation based
the end of the period in which the employees render on profit as defined. The Group recognised such
the related service) are recognised during the period contribution as an expense in the year in which the
in which the employee renders the related service. employee renders service.
The accruals for employee entitlements to benefits
such as salaries, bonuses and annual leave represent b) Superannuation
the amounts which the Group has a present obligation The Group has a defined contribution plan for
to pay as a result of the employee’s services and the eligible employees of its domestic components,
obligation can be measured reliably. The accruals have wherein it annually contributes a sum equivalent
been calculated at undiscounted amounts based on to a defined percentage of the eligible employee’s
current salary levels at the Balance Sheet date. annual basic salary to a fund administered by the
trustees. The Group recognises such contributions
ii. Post-Employment Benefits: as an expense in the year in which the corresponding
Defined Contribution Plans services are received from the employees.
A defined contribution plan is a post-employment benefit
plan under which an entity pays fixed contributions into c) Others
a separate entity and will have no legal or constructive The Group also has separate funded and unfunded
obligation to pay further amounts. schemes, which guarantee a minimum pension
to certain categories of employees. The Group
a) Provident and family pension fund accounts for the net present value of its obligation
The eligible employees of domestic components of therein, based on independent external actuarial
the Group are entitled to receive post-retirement valuations carried out at the Balance Sheet date.
benefits in respect of provident fund and family
pension fund a defined contribution plan, in which Certain international subsidiaries operate a defined
both employees and the Group make monthly contribution pension scheme and the pension
contributions at a specified percentage of the charge represents the amounts paid/payable
covered employees’ salary (currently 12% of by them to the fund in the period in which the
employees’ eligible salary). The contributions are employee renders services.
made to the provident fund managed by the trust
252
FINANCIAL
STATEMENTS

Defined benefit plans of certain overseas hotel properties. The plan is

A defined benefit plan is a post-employment benefit funded in a manner such that contributions are
plan other than a defined contribution plan. The Group’s set at a level that is expected to be sufficient to
net obligation in respect of defined benefit plans is pay the benefits falling due in the same period. It
calculated by estimating the amount of future benefit is not practicable to determine the present values
that employees have earned in the current and prior of the Group’s obligations as the covered hotel
periods, discounting that amount and deducting the properties have not received information from the
fair value of any plan assets. The calculation of defined plan’s administrator. In the absence of sufficient
benefit obligation is performed annually by a qualified information the plan has been accounted as if it
actuary using the projected unit credit method. was a defined contribution plan.
a) Gratuity The Group also has separate funded and unfunded

The Group accounts for the net present value schemes, which guarantee a minimum pension
of its obligations for gratuity benefits, based on to certain categories of employees. The Group
independent actuarial valuations, determined accounts for the net present value of its obligations
on the basis of the projected unit credit method, therein, based on an independent external actuarial
carried out as at the Balance Sheet date. The valuation, carried out as at the Balance Sheet date,
obligation determined as aforesaid less the fair which is determined on the basis of the projected
value of the plan assets is reported as a liability unit credit method. Actuarial gains and losses are
or asset as of the reporting date. Actuarial gains recognised immediately in Other Comprehensive
and losses are recognised immediately in Other Income and reflected in retained earnings and
Comprehensive Income and reflected in retained will not be reclassified to the Statement of Profit
earnings and will not be reclassified to the and Loss.
c) Provident Fund Trust
In case of funded scheme, the Group makes annual In respect of contribution to the trust set up by
contributions to gratuity funds administered by the Group, since the Group is obligated to meet
the trustees for amounts notified by the funds interest shortfall, if any, with respect to covered
in respect of eligible employee in case of certain employees, such employee benefit plan is classified
domestic components and the parent / company. as Defined Benefit Plan. Any obligation in this
respect is measured on the basis of independent
b) Post-Retirement Pension Scheme and Medical actuarial valuation.
Benefits
The net present value of the Group’s obligation Other Long-term Employee Benefits
towards post retirement pension scheme for retired The Group provides for encashment of leave or leave
whole time directors and post- employment medical with pay subject to certain rules. The employees are
benefits to qualifying employees is actuarially entitled to accumulate leave subject to certain limits
determined, based on the projected unit credit for future encashment/ availment. The Company makes
method. Actuarial gains and losses are recognised provision for compensated absences based on an
immediately in the Other Comprehensive Income independent actuarial valuation carried out at the end
and reflected immediately in retained earnings and of the year. Actuarial gains and losses are recognised in
will not be reclassified to the Statement of Profit the Statement of Profit and Loss.
and Loss.
(h) Property, Plant and Equipment
The Group also participates in an industry-wide Property, plant and equipment are stated at cost less
defined benefit plan which provides pension accumulated depreciation (other than freehold land)
linked to final salaries in respect of employees and accumulated impairment losses, if any.
253

All property, plant and equipment are initially recorded Class of Assets
Estimated
at cost. Cost includes the acquisition cost or the cost Useful Life
of construction, including duties and non-refundable End User devices – Computers, Laptops etc. 6 years
taxes, expenses directly related to bringing the asset to Operating supplies (issued on opening of a
2 to 3 years
new hotel property)
the location and condition necessary for making them
Other miscellaneous hotel assets 4 years
operational for their intended use and, in the case of
qualifying assets, the attributable borrowing costs
(refer note no. 2(q) below). Initial estimate of costs of In respect of buildings on leasehold land, depreciation
dismantling and removing the item and restoring the is based on the tenure which is lower of the life of the
site on which it is located is also included if there is an buildings or the expected lease period. Improvements
obligation to restore it. First time issues of operating to leasehold buildings are depreciated on the basis of
supplies for a new hotel property, consisting of linen their estimated useful lives or the expected lease period,
and chinaware, glassware and silverware (CGS) are whichever is lower.
capitalised and depreciated over their estimated
useful life. Freehold land is not depreciated.
Subsequent expenditure relating to property, plant The assets’ useful lives and residual values are reviewed
and equipment is capitalised only when it is probable at the Balance Sheet date and the effects of any changes
that future economic benefits associated with these in estimates are accounted for on a prospective basis.
will flow to the Group and the cost of the item can be
measured reliably. An item of property, plant and equipment is derecognised
upon disposal or when no future economic benefits are
An asset’s carrying amount is written down immediately expected to arise from the continued use of the asset.
to its recoverable amount if the asset’s carrying amount Any gain or loss arising on the disposal or retirement of
is greater that its estimated recoverable amount. an item of property, plant and equipment is determined
as the difference between the sales proceeds and the
Indian Entities carrying amount of the asset and is recognised in the
Depreciation is charged to Statement of Profit and Loss Statement of Profit and Loss. Proportionate depreciation
so as to expense the cost of assets (other than freehold is charged for the addition and disposal made during
land and properties under construction) less their the year.
residual values over their useful lives, using the straight
line method, as per the useful life prescribed in Schedule For transition to Ind AS, the Company has elected to
II to the Companies Act, 2013 except in respect of the continue with the carrying value of all of its property,
following categories of assets, in whose case the life plant and equipment recognised as of April 1, 2015
of the assets had been re-assessed as under based on (transition date) measured as per the previous GAAP
technical evaluation, taking into account the nature of and use that carrying value as its deemed cost as of the
the asset, the estimated usage of the asset, the operating transition date.
conditions of the asset, past history of replacement,
anticipated technological changes, manufacturers’ Capital work in progress represents projects under
warranties and maintenance support, etc. which the property, plant and equipment’s are not yet
ready for their intended use and are carried at cost
The estimated useful lives of the assets are as follows: determined as aforesaid.
Class of Assets
Estimated International Entities
Useful Life
Depreciation on assets is provided at Straight Line
Building 30 to 80 years
Method (SLM) based on the estimated useful life
Plant and Equipment 5 to 20 years
detailed below. In respect of improvements in the
Electrical Installation and Equipment 20 years
nature of structural changes and major refurbishment
Hotel Wooden Furniture 15 years
254
FINANCIAL
STATEMENTS

to buildings occupied on lease, depreciation is provided proceeds and the carrying amount of the asset, and are
for over the period of the lease. recognised in the Statement of Profit and Loss when the
asset is derecognised.
Long term lease hold property Over the term of lease For transition to Ind AS, the Company has elected to
Plant and Equipment 5 to 20 years continue with carrying value of all of its intangible assets
Electrical Installation and Equipment 20 years recognised as of April 1, 2015 (transition date) measured
as per the previous GAAP and use that carrying value as
In respect of Leasehold Buildings, depreciation on its deemed cost as of the transition date.
buildings on leased properties is based on the tenure
which is lower of the life of the buildings or the expected (j) Impairment of Assets
lease period. Improvements to buildings are depreciated Goodwill which has an indefinite useful life is not
on the basis of their estimated useful lives. Freehold subject to amortisation and is tested annually for
land is not depreciated. impairment. Assets that are subject to amortisation are
reviewed for impairment whenever events or changes
(i) Intangible Assets in circumstances indicate that the carrying amount may
Intangible assets include cost of acquired software and not be recoverable. An impairment loss is recognised
designs, cost incurred for development of the Company’s for the amount by which the asset’s carrying amount
website and certain contract acquisition costs including exceeds its recoverable amount.
the lease rights acquisition costs. Intangible assets are
initially measured at acquisition cost including any Recoverable amount is the higher of fair value less costs
directly attributable costs of preparing the asset for its of disposal and value in use. In assessing value in use,
intended use. the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects
Expenditure on projects which are not yet ready current market assessments of the time value of money
for intended use are carried as intangible assets and the risks specific to the asset for which the estimates
under development. of future cash flows have not been adjusted.
Intangible assets with finite lives are amortised over If the recoverable amount of an asset (or cash-generating
their estimated useful economic life and assessed for unit) is estimated to be less than its carrying amount, the
impairment whenever there is an indication that the carrying amount of the asset (or cash-generating unit)
intangible asset may be impaired. Intangible assets with is reduced to its recoverable amount. An impairment
indefinite useful lives are tested for impairment at least loss is recognised immediately in the Statement of Profit
annually, and whenever there is an indication that the and Loss.
asset may be impaired. The estimated useful life used
for amortising for other intangible assets is as under: When an impairment loss subsequently reverses, the
carrying amount of the asset (or a cash-generating unit)
is increased to the revised estimate of its recoverable
Website Development Cost 5 years
amount, so that the increased carrying amount does
Software and Licences 6 years
Service and Operating Rights 10 years
not exceed the carrying amount that would have been
Over the term of
determined had no impairment loss been recognised
Leasehold property rights for the asset (or cash-generating unit) in prior years. A
lease
reversal of an impairment loss is recognised immediately
An intangible assets is derecognised on disposal, or in the Statement of Profit and Loss.
when no future economic benefits are expected to
arise from the continued use of the asset. Gains or (k) Foreign Currency Translation
losses arising from derecognition of an intangible asset, Functional and presentation currency
measured as the difference between the net disposal The functional currency and presentation currency of
the Company is Indian Rupee (`).
255

Initial Recognition lease to make payments are recognised in the Group

On initial recognition, all foreign currency transactions statement of financial position as a right-of-use asset
are recorded by applying to the foreign currency amount and a lease liability.
the exchange rate between the reporting currency and
the foreign currency at the date of the transaction. Right to Use Assets
The right-of-use asset recognised at lease commencement
Subsequent Recognition includes the amount of lease liability recognised,
As at the reporting date, non-monetary items which initial direct costs incurred, and lease payments made
are carried at historical cost and denominated in a at or before the commencement date, less any lease
foreign currency are reported using the exchange rate incentives received. Right-of-use assets are depreciated
at the date of the transaction. All non-monetary items to a residual value over the shorter of the asset’s
which are carried at fair value denominated in a foreign estimated useful life and the lease term. Right-of-use
currency are retranslated at the rates prevailing at assets are also adjusted for any re-measurement of
the date when the fair value was determined. Foreign lease liabilities and are subject to impairment testing.
currency denominated monetary assets and liabilities Residual value is reassessed annually.
are translated at the exchange rate prevailing on the
Balance Sheet date and exchange gains and losses Lease Liabilities
arising on settlement and restatement are recognised in The lease liability is initially measured at the present
the Statement of Profit and Loss. Income and expenses value of the lease payments to be made over the lease
in foreign currencies are recorded at exchange rates term. The lease payments include fixed payments
prevailing on the date of the transaction. (including ‘in-substance fixed’ payments) and variable
lease payments that depend on an index or a rate, less
Translation of financial statements of foreign any lease incentives receivable. ‘In-substance fixed’
operations payments are payments that may, in form, contain
Assets and liabilities of foreign entities are translated variability but that, in substance, are unavoidable. In
into Indian Rupees on the basis of the closing exchange calculating the present value of lease payments, the
rates as at the end of the year. Income and expenditure Group uses its incremental borrowing rate at the lease
and cash flow are generally translated using average commencement date if the interest rate implicit in the
exchange rates for the period unless those rates do not lease is not readily determinable.
approximate the actual exchange rates at the dates
of specific transactions, in which case the exchange The lease term includes periods subject to extension
rates as at the dates of transaction are used. All options which the Group is reasonably certain to
resulting exchange differences are recognised in Other exercise and excludes the effect of early termination
Comprehensive Income. options where the Group is reasonably certain that it
will not exercise the option. Minimum lease payments
On consolidation, exchange differences arising from include the cost of a purchase option if the Group is
the translation of any net investment in foreign entities reasonably certain it will purchase the underlying asset
are recognised in Other Comprehensive Income. When after the lease term.
a foreign operation is sold, the associated exchange
differences are reclassified to the Statement of Profit After the commencement date, the amount of lease
and Loss, as a part of gain or loss on sale. liabilities is increased to reflect the accretion of interest
and reduced for lease payments made. In addition, the
(l) Lease carrying amount of lease liabilities is re-measured if
On inception of a contract, the Group assesses whether there is a modification, a change in the lease term, a
it contains a lease. A contract contains a lease when change in the ‘in-substance fixed’ lease payments or as
it conveys the right to control the use of an identified a result of a rent review or change in the relevant index
asset for a period of time in exchange for consideration. or rate.
The right to use the asset and the obligation under the
256
FINANCIAL
STATEMENTS

Variable Lease (n) Government Grants

Variable lease payments that do not depend on an index Government grants are recognised in the period to
or a rate are recognised as an expense in the period which they relate when there is reasonable assurance
over which the event or condition that triggers the that the grant will be received and that the Group will
payment occurs. comply with the attached conditions.
Short-term leases and leases of low-value assets Government grants are recognised in the Statement of
The Group has opted not to apply the lease accounting Profit and Loss on a systematic basis over the periods
model to intangible assets, leases of low‑value assets in which the Group recognises as expenses the related
or leases which have a term of less than 12 months. costs for which the grants are intended to compensate.
Costs associated with these leases are recognised as an Government grants which are essentially in the
expense on a straight-line basis over the lease term. nature of reimbursements are netted of against the
related expenses.
Presentation of lease payments in Cash Flow
Statements: Government grants related to assets are presented in
Lease payments are presented as follows in the Group the balance sheet by deducting the grant in calculating
statement of cash flows: the carrying amount of the asset.
• Short-term lease payments, payments for leases of
(o) Income Taxes
low-value assets and variable lease payments that
Income tax expense comprises of current tax expense
are not included in the measurement of the lease
and the net change in the deferred tax asset or
liabilities are presented within cash flows from
liability during the year. Current and deferred tax
operating activities;
are recognised in the Statement of Profit and Loss,
• Payments for the interest element of recognised except when they relate to items that are recognised
lease liabilities are included in ‘interest paid’ within in Other Comprehensive Income or directly in equity,
cash flows from financing activities; and in which case, the current and deferred tax are also
recognised in Other Comprehensive Income or directly
• Payments for the principal element of recognised
in equity, respectively.
lease liabilities are presented within cash flows from
financing activities.
Current tax
Current Tax expenses are accounted in the same period
COVID-19-related rent concessions
to which the revenue and expenses relate. Provision for
In the current year, the Group has applied the
current income tax is made for the tax liability payable
on taxable income after considering tax allowances,
annual period that begins on or after 1 April 2020 Refer
deductions and exemptions determined in accordance
Note 2(x).
with the applicable tax rates at the end of the reporting
period in the countries where the company and its
(m) Inventories
subsidiaries and its associates and joint ventures operate
Stock of food and beverages and stores and operating
and generate taxable income.
supplies are carried at the lower of cost (computed on
a Weighted Average basis) or net realisable value. Net
Current tax assets and current tax liabilities are offset
realisable value is the estimated selling price in the
when there is a legally enforceable right to set off the
ordinary course of business less the estimated costs
recognised amounts and there is an intention to settle
of completion and selling expenses. Cost includes the
the asset and the liability on a net basis.
cost of fair value of consideration paid including duties
and taxes (other than those refundable), inward freight,
Deferred tax
and other expenditure directly attributable to the
Deferred tax is recognised using the balance sheet
purchase. Trade discounts and rebates are deducted in
approach. Deferred tax assets and liabilities are
determining the cost of purchase.
recognised for deductible and taxable temporary
257

differences arising between the tax base of assets when and to the extent there is convincing evidence
and liabilities and their carrying amount in financial that the Company will pay normal income tax during the
statements. However, deferred tax liabilities are not specified period. Such asset is reviewed at each Balance
recognised if they arise from the initial recognition of Sheet date and the carrying amount of the MAT credit
the goodwill. The deferred tax is also not accounted if asset is written down to the extent there is no longer a
it arises from initial recognition of an asset or liability in reasonable certainty to the effect that the Company will
a transaction other than a business combination that at pay normal income tax during the specified period.
the time of the transaction affects neither accounting
profit nor taxable profits/(taxable loss). (p) Provisions, Contingent Liabilities and Contingent
Assets
Deferred tax assets are recognised to the extent that it Provisions are recognised when the Group has a binding
is probable that future taxable profit will be available present obligation. This may be either legal because it
against which the deductible temporary differences and derives from a contract, legislation or other operation
the carry forward of unused tax credits and unused tax of law, or constructive because the Group created valid
losses can be utilised. Therefore, in case of a history of expectations on the part of third parties by accepting
recent losses, the Group recognises a deferred tax asset certain responsibilities. To record such an obligation it
only to the extent that it has sufficient taxable temporary must be probable that an outflow of resources will be
differences or there is other convincing evidence that required to settle the obligation and a reliable estimate
sufficient taxable profit will be available against which can be made for the amount of the obligation. The
such deferred tax assets can be realised. Deferred tax amount recognised as a provision and the indicated
assets positions are reviewed at each reporting date and time range of the outflow of economic benefits are
are recognised/reduced to the extent that it is probable/ the best estimate (most probable outcome) of the
no longer probable respectively that the related tax expenditure required to settle the present obligation at
benefit will be realised. the Balance Sheet date, taking into account the risks and
uncertainties surrounding the obligation. Non-current
Deferred tax liabilities are generally recognised for all provisions are discounted if the impact is material.
taxable temporary differences except in respect of
taxable temporary differences between the carrying Contingent liabilities are disclosed when there is
amount and the tax bases of investments in subsidiaries, a possible obligation arising from past events, the
associates and interests in joint ventures where the existence of which will be confirmed only by the
timing of the reversal of the temporary difference can occurrence or non-occurrence of one or more uncertain
be controlled and it is probable that the temporary future events not wholly within the control of the
difference will not reverse in the foreseeable future. Group or a present obligation that arises from past
events where it is either not probable that an outflow
Deferred tax liabilities and assets are measured at the of resources will be required to settle the obligation or
tax rates that are expected to apply in the period in a reliable estimate of the amount cannot be made.
which the liability is settled or the asset realised, based
on tax rates (and tax laws) that have been enacted or A contingent asset is not recognised but disclosed in
substantively enacted by the end of the reporting period. the financial statements where an inflow of economic
benefit is probable.
Deferred tax assets and liabilities are offset when there
is a legally enforceable right to set off current tax assets Provisions, contingent assets and contingent liabilities
against current tax liabilities and when they relate to are reviewed at each balance sheet date.
income taxes levied by the same taxation authority and
the Group intends to settle its current tax assets and (q) Borrowing Costs
liabilities on a net basis. General and specific borrowing costs directly attributable
to the acquisition or construction of qualifying assets
Minimum Alternative Tax (“MAT”) credit forming part that necessarily takes substantial period of time to
of deferred tax asset is recognised as an asset only get ready for their intended use or sale, are added to
258
FINANCIAL
STATEMENTS

the cost of those assets, until such time as the assets impairment charges, exchange gain/ (loss) on long
are substantially ready for their intended use or sale. term borrowings/ assets and changes in fair value of
Borrowing costs consist of interest and other costs that derivative contracts.
the Group incurs in connection with the borrowing
of funds. (u) Financial Instruments
a. Financial assets
Interest income earned on temporary investment Initial recognition and measurement
of specific borrowings pending their expenditure on Financial assets are recognised when, and only when,
qualifying assets is deducted from the borrowing costs the Group becomes a party to the contractual provisions
eligible for capitalisation. Borrowing costs that are not of the financial instrument. The Group determines the
directly attributable to a qualifying asset are recognised classification of its financial assets at initial recognition.
in the Statement of Profit and Loss using the effective
interest method. When financial assets are recognised initially, they are
measured at fair value, plus, in the case of financial
(r) Statement of cash flows assets not at fair value through profit or loss, directly
Cash flows are reported using the indirect method, attributable transaction costs. Transaction costs of
whereby profit/ (loss) before tax is adjusted for the financial assets carried at fair value through profit or
effects of transactions of non-cash nature and any loss are expensed in the Statement of Profit and Loss.
deferrals or accruals of past or future cash receipts
or payments. Cash flows for the year are classified by Classification
operating, investing and financing activities. • Cash and cash equivalents - Cash comprises cash
on hand and demand deposits with banks. Cash
(s) Earnings per share equivalents are short-term balances (with an original
Basic earnings per share is computed by dividing the maturity of three months or less from the date of
Profit or Loss after tax by the weighted average number acquisition), highly liquid investments that are readily
of equity shares outstanding during the year adjusting convertible into known amounts of cash and which
the bonus element for all the reported period arising on are subject to insignificant risk of changes in value.
account of issue of equity shares on rights and including
potential equity shares on compulsory convertible • Debt Instruments - The Group classifies its debt
debentures. Diluted earnings per share is computed instruments as subsequently measured at amortised
by dividing the profit / (loss) after tax as adjusted for cost, fair value through Other Comprehensive
dividend, interest and other charges to expense or Income or fair value through profit or loss based on
income (net of any attributable taxes) relating to the its business model for managing the financial assets
dilutive potential equity shares, by the weighted average and the contractual cash flow characteristics of the
number of equity shares considered for deriving basic financial asset:
earnings per share.
i. Financial assets at amortised cost
Financial assets are subsequently measured at
(t) Exceptional items
amortised cost if these financial assets are held
The Group discloses certain financial information
for collection of contractual cash flows where
both including and excluding exceptional items. The
those cash flows represent solely payments of
presentation of information excluding exceptional
principal and interest. Interest income from
items allows a better understanding of the underlying
these financial assets is included as a part of the
operating performance of the Group and provides
Group’s income in the Statement of Profit and
consistency with the Group’s internal management
Loss using the effective interest rate method.
reporting. Exceptional items are identified by virtue of
either their size or nature so as to facilitate comparison
ii. Financial assets at Fair Value through Other
with prior periods and to assess underlying trends in the
Comprehensive Income (“FVOCI”)
financial performance of the Group. Exceptional items
Financial assets are subsequently measured at
can include, but are not restricted to, gains and losses
fair value through Other Comprehensive Income
on the disposal of properties/significant undertakings,
if these financial assets are held for collection
259

of contractual cash flows and for selling the Other Comprehensive Income is reclassified from
financial assets, where the assets’ cash flows Other Comprehensive Income to the Retained
represent solely payments of principal and Earnings directly.
interest. Movements in the carrying value are
taken through Other Comprehensive Income, De-recognition
except for the recognition of impairment gains A financial asset is derecognised only when the Group
or losses, interest revenue and foreign exchange has transferred the rights to receive cash flows from
gains or losses which are recognised in the the financial asset. Where the Group has transferred an
Statement of Profit and Loss. When the financial asset, the Group evaluates whether it has transferred
asset is derecognised, the cumulative gain or loss substantially all risks and rewards of ownership of
previously recognised in Other Comprehensive the financial asset. In such cases, the financial asset is
Income is reclassified from Other Comprehensive derecognised. Where the Group has not transferred
Income to the Statement of Profit and Loss. substantially all risks and rewards of ownership of the
Interest income on such financial assets is financial asset, the financial asset is not derecognised.
included as a part of the Company’s income Where the Group retains control of the financial asset,
in the Statement of Profit and Loss using the the asset is continued to be recognised to the extent of
effective interest rate method. continuing involvement in the financial asset.
iii. Financial assets at Fair Value through Impairment of financial assets

Statement of Profit and Loss (“FVTPL”) The Group assesses, at each reporting date, whether a
Assets that do not meet the criteria for amortised financial asset or a group of financial assets is impaired.
cost or FVOCI are measured at fair value through Ind AS-109 on Financial Instruments requires expected
profit or loss. A gain or loss on such debt credit losses to be measured through a loss allowance.
instrument that is subsequently measured at For trade receivables only, the Group recognises
FVTPL and is not part of a hedging relationship expected lifetime losses using the simplified approach
as well as interest income is recognised in the permitted by Ind AS-109, from initial recognition of
Statement of Profit and Loss. the receivables. For other financial assets (not being
equity instruments or debt instruments measured
• Equity Instruments - The Group subsequently subsequently at FVTPL) the expected credit losses are
measures all equity investments (other than the measured at the 12 month expected credit losses or an
investment in joint ventures and associates which amount equal to the lifetime expected credit losses if
are measured using equity method of accounting) at there has been a significant increase in credit risk since
fair value. Where the Group has elected to present initial recognition.
fair value gains and losses on equity investments in
Other Comprehensive Income, there is no subsequent b. Financial liabilities
reclassification of fair value gains and losses to Initial recognition and measurement
Statement of Profit and Loss. Dividends from such Financial liabilities are recognised when, and only
investments are recognised in the Statement of Profit when, the Group becomes a party to the contractual
and Loss as other income when the Group’s right to provisions of the financial instrument. The Group
receive payment is established. determines the classification of its financial liabilities at
initial recognition.
The Group has made an irrevocable election to
present in Other Comprehensive Income subsequent
All financial liabilities are recognised initially at fair
changes in the fair value of equity investments not
value plus in the case of financial liabilities not at
held for trading.
fair value through profit or loss, directly attributable
When the equity investment is derecognised, the transaction costs.
cumulative gain or loss previously recognised in
260
FINANCIAL
STATEMENTS

Subsequent measurement (v) Financial guarantee contracts

After initial recognition, financial liabilities that are A financial guarantee contract is a contract that requires
not carried at fair value through profit or loss are the issuer to make specified payments to reimburse the
subsequently measured at amortised cost using holder for a loss it incurs because a specified debtor fails
the effective interest method. Gains and losses are to make payments when due in accordance with the
recognised in the Statement of Profit and Loss when terms of a debt instrument.
the liabilities are derecognised, and through the
amortisation process. Financial guarantee contracts issued by the Company
are measured at their fair values and recognised as
De-recognition income in the Statement of Profit and Loss.
A financial liability is de-recognised when the obligation
under the liability is discharged or cancelled or expires. ( w) Business combination
When an existing financial liability is replaced by another The Group uses the “acquisition method” of accounting
from the same lender on substantially different terms, to account for its business combinations as per which
or the terms of an existing liability are substantially the identifiable assets or liabilities (and contingent
modified, such an exchange or modification is treated liabilities) assumed are recognised at their fair values
as a de-recognition of the original liability and the (with limited exceptions). Goodwill is measured as the
recognition of a new liability, and the difference in the excess of the sum of the consideration transferred, the
respective carrying amounts is recognised in Statement amount of non-controlling interests of the acquire,
of Profit and Loss. and the fair value of the acquirer’s previously held
equity interests in the acquiree over the net of the
Derivatives contracts acquisition date amounts of identifiable assets acquired
Derivatives are initially recognised at fair value on and the liabilities assumed. If those amounts are less
the date a derivative contract is entered into and than the fair value of the net identifiable assets of the
are subsequently re-measured to their fair value at business acquired, the difference is recognised in Other
the end of each reporting period. The accounting for Comprehensive Income and accumulated in equity
subsequent changes in fair value depends on whether as Capital Reserve provided there is clear evidence
the derivative is designated as a hedging instrument, of the underlying reasons for classifying the business
and if so, the nature of the item being hedged and the combination as a bargain purchase. In other cases, the
type of hedge relationship designated. The fair value bargain purchase gain is recognised directly in equity as
changes of derivatives which are not designated as a Capital Reserve.
hedging instrument are accounted through Statement
of Profit and Loss. During the years reported, no hedge Transaction costs incurred (other than debt / equity
relationship was designated. instrument related) in connection with a business
combination, such as legal fees, due diligence fees and
Equity instruments other professional and consulting fees are expensed
An equity instrument is any contract that evidences a as incurred.
residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by the If the Group obtains control over one or more entities
Company are recognised at the proceeds received, net that are not businesses, then the bringing together
of direct issue costs. of those entities are not business combinations. The
cost of acquisition is allocated among the individual
Repurchase of the Company’s own equity instruments is identifiable assets and liabilities of such entities, based
recognised and deducted directly in equity. No gain or on their relative fair values at the date of acquisition.
loss is recognised in Statement of Profit and Loss on the Such transactions do not give rise to goodwill and no
purchase, sale, issue or cancellation of the Company’s non-controlling interest is recognised.
own equity instruments.
261

In case of business combinations involving entities The practical expedient applies only to rent concessions
under common control, the above policy done not occurring as a direct consequence of COVID-19 and only
apply. Business combinations of entities under common if all of the following conditions are met:
control are accounted using the “pooling of interests”
• The change in lease payments results in revised
method and assets and liabilities are reflected at the
consideration for the lease that is substantially the
predecessor carrying values and the only adjustments
same as, or less than, the consideration for the lease
that are made are to harmonise accounting policies. The
immediately preceding the change;
figures for the previous periods are restated as if the
business combination had occurred at the beginning of • A
ny reduction in lease payments affects only
the preceding period irrespective of the actual date of payments originally due on or before 30 June 2021
the combination (a rent concession meets this condition if it results in
reduced lease payments on or before 30 June 2021
(x) Recent accounting pronouncements and increased lease payments that extend beyond
New and amended standards adopted by the Group: 30 June 2021); and
In the current year, the Group has applied the below
• There is no substantive change to other terms and
conditions of the lease.
annual period that begins on or after 1 April 2020:
The Group has applied the practical expedient
The Group has adopted the amendments to Ind AS 116
retrospectively to all eligible rent concessions and
for the first time in the current year. The amendments
has not restated prior period figures. The Group has
provide practical relief to lessees in accounting for
benefited from waiver of lease payments of ` 35.05
rent concessions occurring as a direct consequence of
crores (including those leases where the Company
COVID-19, by introducing a practical expedient to Ind AS
availed the above practical expedients) on certain
116. The practical expedient permits a lessee to elect not
hotel properties/ office premises. The waiver of lease
to assess whether a COVID-19-related rent concession is
payments has been accounted for as “Other Income”
a lease modification. A lessee that makes this election
in the statement of profit or loss. The Company has
shall account for any change in lease payments resulting
derecognised the part of the lease liability that has been
from the COVID-19-related rent concession the same
extinguished by the forgiveness of lease payments.
way it would account for the change applying Ind AS 116
if the change were not a lease modification.
New Standards or other amendments issued but not
yet effective:
Ministry of Corporate Affairs (“MCA”) notifies new
standard or amendments to the existing standards.
There is no such notification which would have been
applicable from April 1, 2021.
262
FINANCIAL
STATEMENTS

Note 3 : Property, plant and equipment (owned, unless otherwise stated)

(` crores)
Buildings Furniture & Office
Freehold (Refer Plant and fixtures Equipment
Vehicles Total
Land Footnote i and machinery (Refer (Refer
vi) Footnote ii) Footnote ii)
Cost
Gross carrying value
As at April 1, 2019 265.17 3,995.57 1,314.53 608.21 72.93 10.58 6,266.99
Translation adjustment
8.77 110.62 2.20 10.48 0.83 - 132.90
(Refer Footnote iii)
Additions (Refer Footnote iv) - 133.71 111.49 58.63 14.85 3.68 322.36
Adjustments (Refer Footnote vii) - (24.29) (15.58) - - - (39.87)
Disposals (Refer Footnote vi) 8.32 33.87 10.98 5.83 0.91 0.32 60.23
At March 31, 2020 265.62 4,181.74 1,401.66 671.49 87.70 13.94 6,622.15
(3.04) 58.33 3.92 5.25 (0.40) - 64.06
Addition on acquisition
64.80 384.19 39.11 28.03 2.69 - 518.82
(Refer Footnote viii)
Additions (Refer Footnote iv) 22.11 153.29 90.27 39.35 4.64 0.40 310.06
Disposals (Refer Footnote vi) 1.35 12.97 8.25 1.53 1.51 0.43 26.04
At March 31, 2021 348.14 4,764.58 1,526.71 742.59 93.12 13.91 7,489.05
Accumulated Depreciation
As at April 1, 2019 - 430.32 346.36 213.22 40.34 3.57 1,033.81
- 15.22 0.95 7.49 0.62 - 24.28
Disposals - 5.22 4.21 4.34 0.70 0.28 14.75
At March 31, 2020 - 571.09 448.12 275.95 51.98 4.36 1,351.50
- 5.61 1.56 2.66 (0.23) - 9.60
Addition on acquisition
- 34.77 22.29 24.97 2.41 - 84.44
(Refer Footnote viii)
Disposals - 1.41 4.76 0.82 1.41 0.39 8.79
At March 31, 2021 - 758.88 568.92 363.21 64.83 5.21 1,761.05
Net Block
At March 31, 2020 265.62 3,610.65 953.54 395.54 35.72 9.58 5,270.65
At March 31, 2021 348.14 4,005.70 957.79 379.38 28.29 8.70 5,728.00
Footnotes :
(i) Cost includes improvements to buildings constructed on leasehold land ` 3,190.73 crores; (Previous year ` 2,999.78 crores)
(ii) Furniture, Fixtures and Office Equipment as at the year end include assets acquired on finance lease: Cost ` 5.30 crore (Previous year ` 4.90 crore), Accumulated
Depreciation ` 2.28 crores (Previous year ` 1.27 crores), Depreciation for the year ` 0.87 crore (Previous year ` 0.48 crore) and carrying value as at the
reporting date of ` 3.02 crores (Previous year ` 3.63 crores).
(iii) Adjustment on account of foreign exchange translation difference on opening balance and depreciation charge for the year is reflected as “Translation Adjustment”.
(iv) Addition includes ` 1.00 crores (Previous year ` 1.51 crores) on account of interest cost on borrowings capitalised on certain qualifying assets (Refer Note 27).
(v) For details of pledged assets refer Note 19 footnote (ii).
(vi) Disposals include adjustment of ` 1.07 crores (Previous year - ` 3.74 crores) comprising of residential flats, re-classified as held for sale.
(vii) Claims received during previous year is directly attributable to specific assets amounting to ` 39.87 crores has been reduced/adjusted against the respective
assets and accordingly depreciation in future years would be lower.
(viii) During the year, Group has acquired entire stake in a jointly controlled entity, IHMS SA Pty limited (“IHMS SA”) consequently IHMS SA along with its subsidiary
has become a wholly owned subsidiaries and due to which net block increase by ` 434.38 crores.
263

Note 4 : Right-of-use assets

(` crores)
Leasehold Land Buildings Office Premises Total
Cost
As at April 1, 2019 (Refer Note 35) 194.53 1,511.83 35.60 1,741.96
Reassessment of leases - 29.23 - 29.23
Additions - 46.37 - 46.37
Disposals 0.15 170.63 - 170.78
At March 31, 2020 194.38 1,416.80 35.60 1,646.78
Translation adjustment (Refer Footnote iii) - 6.35 - 6.35
Addition on acquisition (Refer Footnote v) - 6.48 0.43 6.91
Additions 9.58 1.96 10.27 21.81
Disposals 0.03 24.37 - 24.40
At March 31, 2021 203.93 1,407.22 46.30 1,657.45
Accumulated Amortisation
As at April 1, 2019 (Refer Note 35) - - - -
Translation adjustment (Refer Footnote iii) - 1.36 - 1.36
Charge for the year (Refer Footnote i) 3.34 61.96 7.00 72.30
Disposals - 10.16 - 10.16
At March 31, 2020 3.34 53.16 7.00 63.50
Translation adjustment (Refer Footnote iii) - 0.14 0.02 0.16
Addition on acquisition (Refer Footnote v) - 1.37 0.23 1.60
Charge for the year (Refer Footnote i) 3.63 52.05 7.49 63.17
Disposals - 0.72 - 0.72
At March 31, 2021 6.97 106.00 14.74 127.71
Net Block
At March 31, 2020 191.04 1,363.64 28.60 1,583.28
At March 31, 2021 196.96 1,301.22 31.56 1,529.74
Footnote :
(i) Amortisation includes ` 1.20 crores (Previous year ` 1.94 crores) which is capitalised during the year.
(ii) The Company’s leased assets mainly comprise land and hotel properties and offices. Leases contain a wide range of different terms and conditions. The term
of property leases ranges from 1 to 198 years. Many of the Company’s property leases contain extension or early termination options, which are used for
operational flexibility.
One of the land lease agreement with the Government has expired and is in an advanced stage of renewal. In the absence of a definitive agreement and
uncertainty about the timing of the cash flows, this lease is not included in the calculation of Right-of-Use Assets and corresponding Lease liabilities. The rental
for this land continues to be provided as lease expense on a best estimate.
(iii) Adjustment on account of foreign exchange translation difference on opening balance and depreciation charge for the year is reflected as “Translation Adjustment”.
(iv) Variable lease payments are payable under certain of the Company’s hotel leases and arise where the Company is committed to making additional lease
payments that are contingent on the performance of the hotels. (Refer Note 35 (c))
(v) During the year, Group has acquired entire stake in a jointly controlled entity, IHMS SA Pty limited (“IHMS SA”) consequently IHMS SA along with its subsidiary
Note 5 : Goodwill
(` crores)
March 31, 2021 March 31, 2020
Add : Foreign Exchange fluctuation for the year (3.61) 31.52
Less : Adjustment on account of additional stake in a subsidiary - (0.41)
Footnote :
The Group tests goodwill for impairment at least annually, or more frequently if events or changes in circumstances indicate that it might be impaired. For the
purpose of impairment testing, goodwill, which arose on acquisition of the assets/entities, is allocated to a cash generating unit “CGU” representing the lowest
level with the Group at which goodwill is monitored for internal management reporting purposes.
264
FINANCIAL
STATEMENTS

Note 5 : Goodwill (contd.)

The recoverable value of the CGU is determined on the basis of ‘fair value less cost to sell’. The Group determined fair values using the market approach, when
available and appropriate, or the income approach, or a combination of both. The Group assesses the valuation methodology based upon the relevance and
availability of the data at the time the valuation is performed. If multiple valuation methodologies are used, the results are weighted appropriately.
Valuations using the market approach are derived from metrics of publicly traded companies or historically completed transactions of comparable businesses.
The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and
diversity of products and services.
Goodwill mainly comprises of ` 427.17 crores (Previous year - ` 430.78 crores) allocated to the International business (United Kingdom) and ` 130.99 crores (Previous
year - ` 130.99 crores) allocated to a component of domestic business. The estimated fair value of these CGUs is based on market value of property. The remaining
amount of goodwill of ` 52.81 crores (Previous year - ` 52.81 crores) relates to different CGUs which is individually immaterial.
Note 6 : Other intangible assets

(` crores)
Leasehold property Software and
Website Service and
rights (acquired) licences Total
development cost Operating Rights
(Refer Footnote iii) (Refer Footnote i)
Cost
As at April 1, 2019 633.22 21.50 54.94 3.70 713.36
Translation adjustment (Refer Footnote ii) 0.99 - - 0.34 1.33
Additions 6.67 1.16 2.54 - 10.37
Disposals 0.04 - 0.01 - 0.05
At March 31, 2020 640.84 22.66 57.47 4.04 725.01
Translation adjustment (Refer Footnote ii) (0.34) - - (0.12) (0.46)
Addition on acquisition (Refer Footnote iv) - - 1.75 - 1.75
Additions 0.04 0.45 1.27 - 1.76
Disposals 0.03 - 0.02 - 0.05
At March 31, 2021 640.51 23.11 60.47 3.92 728.01
Accumulated Amortisation
As at April 1, 2019 58.14 13.05 32.87 3.70 107.76
Translation adjustment (Refer Footnote ii) 0.88 - - 0.34 1.22
Charge for the year 13.75 4.30 7.67 - 25.72
Disposals 0.01 - 0.02 - 0.03
At March 31, 2020 72.76 17.35 40.52 4.04 134.67
Translation adjustment (Refer Footnote ii) (0.32) - - (0.12) (0.44)
Addition on acquisition (Refer Footnote iv) - - 1.49 - 1.49
Charge for the year 12.84 4.03 6.49 - 23.36
Disposals 0.03 - 0.03 - 0.06
At March 31, 2021 85.25 21.38 48.47 3.92 159.02
Net Block
At March 31, 2020 568.08 5.31 16.95 - 590.34
At March 31, 2021 555.26 1.73 12.00 - 568.99
Footnotes :
(i) Software includes Customer Reservation System and other licensed software.
(ii) Adjustment on account of foreign exchange translation difference on opening balance and depreciation charge for the year is reflected as “Translation Adjustment”.
(iii) Leasehold property rights mainly consists of lease acquisition rights for the hotel property including land. Refer Note 2(i) for accounting policy.
(iv) During the year, Group has acquired entire stake in a jointly controlled entity, IHMS SA Pty limited (“IHMS SA”) consequently IHMS SA along with its subsidiary
265

Note 7 : Investments accounted using the equity method

March 31, 2021 March 31, 2020
Break up of investments in joint ventures and associate (carrying value determined using the equity method of accounting) as below :-
Equity investments in joint venture companies
(a)
(Refer Note 36(c))
Fully paid unquoted equity investments
Taj Kerala Hotels & Resorts Ltd.
` 10 19,141,094 14.72 14,151,664 13.95
(49,89,430 shares acquired during the year)
Taj SATS Air Catering Ltd. ` 10 8,874,000 41.78 8,874,000 69.95
Taj Karnataka Hotels & Resorts Ltd. (Refer footnote (iii)) ` 10 1,398,740 - 1,398,740 -
Taj Safaris Ltd. ` 10 29,720,502 9.13 29,720,502 9.04
Kaveri Retreat & Resorts Ltd. ` 10 13,176,467 45.24 13,176,467 43.49
Zarrenstar Hospitality Private Ltd `1 1 - 1 -
IHMS Hotels (SA) (Proprietary) Ltd. (Refer footnote (iii), (vi)) ZAR 1 - - 86,739,958 -
TAL Hotels and Resorts Ltd. US $ 1 4,946,282 105.35 4,946,282 124.74
Total Aggregate unquoted investments 216.22 261.17
Fully paid quoted equity investments
Taj GVK Hotels & Resorts Ltd. ` 10 16,000,400 115.66 16,000,400 123.21
Total Aggregate quoted investments 115.66 123.21
Total Investments carrying value 331.88 384.38
Equity investments in associate companies
(b)
(Refer Note 36(c))
Taj Madurai Ltd. ` 10 912,000 4.94 912,000 4.04
Taida Trading & Industries Ltd. (Refer footnote (iv)) ` 100 65,992 - 65,992 -
Lanka Island Resorts Ltd. LKR 10 19,965,525 29.90 19,965,525 33.40
Bjets Pte Ltd. (Refer footnote (iv)) US $ 1 20,000,000 - 20,000,000 -
Total Aggregate unquoted investments 34.84 37.44
Fully paid quoted equity investments
Oriental Hotels Ltd. (Refer footnote (v)) ` 10 66,166,530 210.40 66,166,530 238.99
TAL Lanka Hotels Plc LKR 10 34,375,640 1.25 34,375,640 11.54
Total Aggregate quoted investments 211.65 250.53
Total Investments in joint ventures and associates 578.37 672.35
Footnotes :

Aggregate amount of impairment in value of investments - -
(ii) Aggregate carrying amount of Unquoted Investments 251.06 298.61
(iii) The carrying value of these investments is carried at nil value as the Group’s interest using equity method in these entities are reduced to zero. The Group has
also picked up additional losses under the equity method to the extent of the Group’s other exposures in terms of loans given and Fees/dues Outstanding’s.
(Refer Note no 21(b)).
(iv) The carrying amount of these investments has been reported as nil, as the Group’s share of losses exceeds the cost/carrying value.
(Refer Note 36(c))
(v) Includes 1.25% (Previous year 5.40%), of the shares held in the form of Global Depository Receipts (GDR).
(vi) During the year, Group has acquired entire stake in IHMS SA Pty limited (“IHMS SA”) consequently IHMS SA along with its subsidiary has become a wholly
owned subsidiaries. (Refer Note 37)
266
FINANCIAL
STATEMENTS

Note 8 : Investments
March 31, 2021 March 31, 2020
(a) Non current

Equity investments in other companies (Non current)
Tata Industries Ltd. (Refer Footnote (v) ` 100 42,74,590 55.73 42,74,590 55.73
Tata International Ltd (addition during the year) ` 1000 12,000 34.57 8,000 18.11
Tata Sons Private Ltd. (Refer Footnote (v) ` 1000 4,500 25.00 4,500 25.00
Kumarakruppa Frontier Hotels Private Ltd. ` 10 96,432 7.92 96,432 7.48
Taj Air Ltd. ` 10 2,22,40,200 6.41 2,22,40,200 5.58
TP Kirnali Solar Limited (Refer footnote (vi))
` 10 40,63,410 4.06 - -
(40,63,410 shares purchased during the year)
Tata Services Ltd. ` 1000 421 0.04 421 0.04
TRIL Infopark Ltd. (Refer Footnote iii) ` 10 - - 7,11,00,000 71.10
MPOWER Information Systems Private Ltd. * ` 10 5,28,000 - 5,28,000 -
Smile and Care Products Private Ltd. * ` 10 49,800 - 49,800 -
Saraswat Co-operative Bank Ltd. * ` 10 2,000 - 2,000 -
Damania Airways Ltd.* ` 10 500 - 500 -
Bombay Mercantile Co-operative Bank Ltd. * ` 30 333 - 333 -
Hotels and Restaurant Co-op. Service Society Ltd. * ` 50 20 - 20 -
Hindustan Engineering & Industries Ltd. * ` 10 7 - 7 -
133.73 183.04
Fully paid quoted equity investments:
India Tourism Development Corporation Ltd. ` 10 67,50,275 259.24 67,50,275 87.75
Titan Company Ltd. ` 1 4,00,000 62.30 5,00,000 46.67
Tulip Star Hotels Ltd. ` 10 35,800 0.14 35,800 0.09
HDFC Bank Ltd. ` 1 5,000 0.75 5,000 0.43
Graviss Hospitality Ltd. ` 2 4,500 0.01 4,500 0.01
EIH Ltd. * ` 2 37 - 37 -
Hotel Leela Venture Ltd. * ` 2 25 - 25 -
Asian Hotels (North) Ltd. * ` 10 2 - 2 -
Asian Hotels (East) Ltd. * ` 10 2 - 2 -
Asian Hotels (West) Ltd. * ` 10 2 - 2 -
322.44 134.95
Investment in Preference Shares
(carried at amortised costs)
Central India Spinning Weaving & Manufacturing
` 500 50 - 50 -
Company Ltd. *
(10% unquoted Cumulative Preference Shares)
Investment in Others (carried at amortised costs)
Hindusthan Engineering & Industries Ltd * ` 10 7 - 7 -
National Savings Certificate * - 0.01
- 0.01
* Value of these investments individually is less than ` 50,000
Footnotes :
(ii) Aggregate carrying amount of Unquoted Investments and Others 133.73 183.05
(iii) Reclassified to current investment (Refer Note 8 (b) (iii)).
(iv) The fair value hierarchy and classification are disclosed in Note 38(b).
(v) For these investments, cost has been considered as an appropriate estimate of fair value because of a wide range of possible fair value measurements and
cost represents the best estimate of fair value within that range.
(vi) During the year, the Group invested 26% as mandated in TP Kirnali Solar Limited, a subsidiary of Tata Power Limited in order to obtain captive solar power
supply for some of its hotel in Mumbai. The Group does not have control nor have any power to participate in financial and operating policy decision of TP
Kirnali Solar Limited.
267


(` crores)
March 31, 2021 March 31, 2020
(b) Current
Investments carried at fair value through profit and loss:
Investments in mutual fund units (unquoted) 377.53 436.24
377.53 436.24
TRIL Infopark Ltd. (Face value ` 10), (7,11,00,000 shares) (Refer Footnote (iii)) 71.10 -
71.10 -
Investments carried at fair value through Other Comprehensive Income:
Equity investments in other entities (unquoted)
BAHC 5 Pte Ltd. (Refer Footnote (ii)) - -
1 (Previous year - 1) equity shares of US $ 1 each (` 73 (Previous year ` 75))
Total Current investments 448.63 436.24
Footnote :
(i) Aggregate carrying amount of Unquoted Investments 448.63 436.24
(ii) This investment are temporarily held for disposal in near future (Refer Note 36(a)(ii)(b))
(iii) Transfer of shares is restricted due to option granted for 10 years upto July, 2021 to Tata Realty and Infrastructure Ltd. for repurchase of the shares at par
value. Tata Realty and Infrastructure Ltd. has deposited a sum of ` 71.10 crores has been transferred to current (Previous year ` 71.10 crores shown under
non current) as Option Deposit, which shall be adjusted upon exercise of the option or refunded. As the exercise option is in July 2021, it has been reclassified
as current investment (Refer Note 43 (c)).
Note 9 : Loans
(` crores)
March 31, 2021 March 31, 2020
(a) Non Current Loans at amortised costs
Loans to Related Parties (Refer Note 43)
8.32 19.92
5.05 16.65
(b) Current Loans at amortised costs
Loans
Others 0.63 1.35
16.68 4.77
268
FINANCIAL
STATEMENTS

Note 10 : Other financial assets

(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Long-term security deposits placed for hotel properties at amortised costs
Long-term security deposits placed for hotel properties at amortised costs 49.77 75.02
49.77 75.02
Less : Allowance for doubtful deposits 2.00 2.00
47.77 73.02
Deposits with Public Bodies and Others at amortised costs
27.74 32.71
Less : Allowance for doubtful deposits 0.02 0.02
27.72 32.69
Deposits with banks (Refer Note 16) 1.61 10.81
Interest receivable 0.04 0.08
Others 1.05 1.76
78.19 118.36
(b) Current
Deposit with public bodies and others
31.11 29.70
Other advances
Considered doubtful 3.07 2.32
22.23 16.19
Less : Allowance for doubtful advances 3.07 2.32
19.16 13.87
Interest receivable
Others 1.34 6.72
1.36 7.21
Other receivable
Others 21.52 27.08
37.32 110.20
88.95 160.98
269

Note 11 : Deferred tax assets (net)

(` crores)
March 31, 2021 March 31, 2020
(a) Deferred tax assets:
Allowance for doubtful debts 0.56 0.44
Provision for employee benefits 1.99 4.18
Right-of-use assets (net of Lease Liabilities) 8.06 6.22
Unused tax losses (Business) 112.51 70.67
MAT credit entitlement 20.43 20.43
Others 5.51 2.80
Total (A) 149.06 104.74
Deferred tax liabilities:
Property, Plant and equipment & Intangible Assets 27.74 27.71
Unrealised gain on equity shares carried at fair value through Other Comprehensive Income 3.21 0.38
Others 0.13 0.15
Total (B) 31.08 28.24
Net Deferred tax assets (A-B) (Refer Footnote i) 117.98 76.50
Footnotes :
(i) Deferred tax assets and deferred tax liabilities of entities within the group have been offset as they relate to the same governing taxation laws.
(ii) For details in deferred tax balances, Refer Note 40.
(` crores)
March 31, 2021 March 31, 2020
(b) Deferred tax liabilities:
Property, Plant and equipment & Intangible Assets 300.69 307.31
Unamortised borrowing costs 2.20 0.34
Fair valuation changes of derivative contracts 0.27 -
Others 0.63 0.07
Total (A) 303.79 307.72
Deferred tax assets:
Allowance for doubtful debts 8.43 4.78
Provision for employee benefits 19.97 33.84
Right-of-use assets (net of Lease Liabilities) 52.65 47.23
Unused tax losses (Business) 112.11 -
Fair valuation changes of derivative contracts - 5.93
Reward Points 11.90 12.31
Provision for Contingencies 4.77 3.34
Others 15.91 13.44
Total (B) 225.74 120.87
Net Deferred tax liabilities (A-B) (Refer Footnote i) 78.05 186.85
Footnotes :
(i) Deferred tax liabilities and deferred tax assets of entities within the group have been offset as they relate to the same governing taxation laws.
(ii) For details in deferred tax balances, Refer Note 40.
270
FINANCIAL
STATEMENTS

Note 12 : Other assets

(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Capital advances 17.89 35.66
Prepaid expenses 150.31 120.32
Deposits with government authorities 117.67 111.41
Incentive receivables 27.30 76.67
Others 3.81 4.25
316.98 348.31
(b) Current
Prepaid expenses 53.61 58.86
Indirect tax recoverable 41.97 43.53
Advances to suppliers 17.38 26.95
Loans and advances to employee 1.92 2.01
Incentive receivables 15.76 0.77
Others 1.56 0.25
132.20 132.37
Total other assets 449.18 480.68
Note 13 : Inventories (At lower of cost or net realisable value)

(` crores)
March 31, 2021 March 31, 2020
Food and Beverages 43.66 51.26
Stores and Operating Supplies 41.29 42.35
Apartment held for sale 7.93 -
92.88 93.61
Note 14 : Trade Receivables

(` crores)
March 31, 2021 March 31, 2020
(Unsecured) (Refer Note 43 for Related Party Disclosures) 219.84 290.02
Considered good - -
Significant increase in credit risk 38.72 26.63
38.72 26.63
Footnote:
Allowance for credit impaired
Add: Allowance during the year 11.76 5.90
38.39 35.71
Less: Bad Debts written off/ Reversal of allowances no longer required 0.33 (9.08)
271

Note 15 : Cash and Cash Equivalents

(` crores)
March 31, 2021 March 31, 2020
Cash on hand 2.73 3.89
Cheques, drafts on hands 1.71 0.59
Balances with banks in current account 62.48 129.72
Balances with bank in call and short-term deposit accounts (original maturity less than 3 months) 27.35 116.62
94.27 250.82
Note 16 : Other Balances with banks

(` crores)
March 31, 2021 March 31, 2020
Deposits pledged with others 0.99 8.73
Margin money deposits 6.42 6.41
Earmarked balances 2.09 2.04
60.97 75.57
Less : Term deposit with banks maturing after 12 months from the Balance Sheet date and other
earmarked / margin money / pledged deposits classified as non-current 'Other financial asset' 1.61 10.81
(Refer Note 10(a))
59.36 64.76
Note 17 : Equity Share capital

(` crores)
March 31, 2021 March 31, 2020
Authorised Share Capital
200.00 200.00
Issued Share Capital
118.93 118.93
Subscribed and Paid Up
118,92,58,445 (Previous Year - 118,92,58,445) Equity Shares of ` 1 each, Fully Paid 118.93 118.93
(Refer Footnote (iv)) 118.93 118.93
Footnotes:
(i) The Company has one class of equity shares having a par value of ` 1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
(ii) Reconciliation of the shares outstanding at the beginning and at the end of the year
March 31, 2021 March 31, 2020

No. of shares ` crores No. of shares ` crores
As at the beginning of the year 118,92,58,445 118.93 118,92,58,445 118.93
Add : Shares issued during the year - - - -
As at the end of the year 118,92,58,445 118.93 118,92,58,445 118.93
272
FINANCIAL
STATEMENTS

Note 17 : Equity Share capital (contd.)

(iii) Shareholders holding more than 5% shares in the Company :
March 31, 2021 March 31, 2020

Tata Sons Private Limited 45,30,05,131 38.09 45,30,05,131 38.09
Reliance Capital Trustee Company Limited * * 8,41,68,733 7.08
HDFC Trustee Company Limited * * 7,97,96,753 6.71
* less than 5%
(iv) 49,027 (Previous year - 49,027) Equity Shares were issued but not subscribed to as at the end of the respective years and have been kept in abeyance pending
resolution of legal dispute.
(v) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares
bought back for the period of 5 years immediately preceding the balance sheet date Nil (Previous year - Nil)
(vi) Equity Shares held by associates :
March 31, 2021 March 31, 2020

Oriental Hotels Limited 7,52,398 0.06 7,52,398 0.06
Taida Trading and Industries Limited 1,87,818 0.02 1,87,818 0.02
Taj Madurai Limited 11,25,393 0.09 11,25,393 0.09
273

Note 18 : Other equity

(` crores)
March 31, 2021 March 31, 2020
a) Reserves and surplus
Capital Reserve (Refer Footnote (a) below)
Capital Reserve on Consolidation (Refer Footnote (b) below)
Less : Change in ownership in a Joint venture - (0.24)
Securities Premium (Refer Footnote (c) below)
Opening and Closing Balance 2,702.05 2,702.05
Other Reserves
Capital Redemption Reserve (Refer Footnote (d) below)
Add : Change in ownership - 0.20
Debenture Redemption Reserve (Refer Footnote (e) below)
Less : Transfer to General Reserve (32.39) (130.50)
Other Reserve (Refer Footnote (f) below)
Opening and Closing Balance (3.89) (3.89)
161.91 194.30
General Reserve (Refer Footnote (g) below)
Add : Transfer from Debenture Redemption Reserve 32.39 130.50
Add : Change in ownership - 0.08
Retained Earnings
Less: Adjustment on account of transition to the new lease standard, net of taxes - (264.32)
Less : Adjustment on account of change in holding of Minority Interest (Refer Note 33 (ii)) (169.16)
Add : Profit/(Loss) for the year (720.11) 354.42
Less : Final Dividend (59.46) (59.46)
Less : Tax on Dividend (net) - (11.70)
Less: Realised Gain/(loss) on sale of investment transferred from Other Comprehensive Income 5.80 (3.01)
Less: Remeasurements of post employment benefit obligation, (item of other comprehensive
38.89 (22.92)
income recognised directly in retained earnings)
Add : Tax on remeasurements of post employment benefit obligation (8.92) 5.25
Closing Balance (760.70) 152.26
Total 2,983.69 3,896.65
b) Other Comprehensive Income (Refer Footnote (h) below)
(Refer Statement of changes in equity for the reclassification adjustments to retained earnings)
Equity Instruments fair valued through Other Comprehensive Income 284.26 94.25
Exchange differences on translating the financial statement of foreign operations 261.56 246.98
545.82 341.23
3,529.51 4,237.88
274
FINANCIAL
STATEMENTS

Note 18 : Other equity (contd.)

Footnote:
Description of nature and purpose of each reserve
a) Capital Reserve: Capital reserve mainly consists of reserves transferred on amalgamation of subsidiaries in earlier years.
Capital Reserve on Consolidation : During acquisition, the excess of net assets taken, over the cost of consideration paid is treated as capital reserve on
b)
account of acquisition.
Securities Premium: Securities premium represents the premium charged to the shareholders at the time of issuance of equity shares. The securities premium
c)
can be utilised based on the relevant requirements of the Companies Act, 2013.
d) Capital Redemption Reserve: Capital Redemption Reserve was created on redemption of Preference shares in earlier years.
e) ebenture Redemption Reserve: The Company created Debenture Redemption Reserve out of the profits which is available for the purpose of redemption
D
of debentures. On redemption of debentures, the same will be transferred to General Reserve.
f) ther Reserve: These expenses relates to share issue expenses incurred by one of its subsidiary company in accordance with IND AS 32 : Financial
O
Instruments Presentation
g) eneral Reserve: General reserve was created from time to time by way of transfer of profits from retained earnings for appropriation purposes based on
G
the provisions of the Companies Act prior to its amendment.
h) ther Comprehensive Income: This represents the cumulative gains and losses arising on the revaluation of investments in equity instruments measured
O
at fair value through other comprehensive income, under an irrevocable option, net of amounts reclassified to retained earnings when such investments
are disposed off.
Note 19 : Borrowings
(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Debentures
Non convertible debentures
Secured (Refer Footnote ii) 1,044.72 1,044.36
Unsecured (Refer Footnote iii) 445.68 199.96
1,490.40 1,244.32
Term loans
From Banks
Secured (Refer Footnote iv) 1,649.61 1,187.84
From Other parties
Secured (Refer Footnote v) 247.20 -
1,896.81 1,187.84
Others 3.10 3.66
Total 3,390.31 2,435.82
Less: Current maturities of Long term borrowings (Refer Note 21 (b)) 1,166.48 310.02
Total non current borrowings 2,223.83 2,125.80
(b) Current
Loans repayable on demand
From Bank
Secured (Refer Footnote vi) 25.42 -
Unsecured (Refer Footnote vi) 0.64 12.40
26.06 12.40
Other short-term loans
From Bank
Secured (Refer Footnote vii(a)) 10.00 -
Unsecured (Refer Footnote vii(b)) 151.47 113.85
161.47 113.85
From Related parties (Refer Note 43)
Unsecured (Refer Footnote vii(c)) 55.00 40.00
55.00 40.00
Total 216.47 153.85
Total current borrowings 242.53 166.25
275


Footnotes :
(i) Details of borrowings as at:
(` crores)
Effective March 31, 2021 March 31, 2020
Rate of Maturity Face Amortised Face Amortised
Interest (%) Value cost Value cost
Debentures
Non convertible debentures (NCDs)
Secured
7.85% Non convertible debentures 7.85 April 15, 2022 495.00 494.72 495.00 494.36
10.10% Non convertible debentures 10.10 November 18, 2021 300.00 300.00 300.00 300.00
9.95% Non convertible debentures 9.95 July 27, 2021 250.00 250.00 250.00 250.00
1,045.00 1,044.72 1,045.00 1,044.36
Unsecured
7.85% Non-Convertible Debentures 7.85 April 20, 2020 - - 200.00 199.96
7.50% Non-Convertible Debentures 7.50 April 23, 2023 150.00 149.26 - -
7.95% Non-Convertible Debentures 7.95 June 5, 2023 300.00 296.42 - -
450.00 445.68 200.00 199.96
1,495.00 1,490.40 1,245.00 1,244.32
Term loan from banks
Secured (Refer Footnote iv) - 1,649.61 - 1,187.84
Term loans from other parties
Secured (Refer Footnote v) - 247.20 - -
Others 3.10 3.66
1,495.00 3,390.31 1,245.00 2,435.82
Short term borrowings (Refer Footnote vi and vii) - 242.53 - 166.25
Total Borrowings 1,495.00 3,632.84 1,245.00 2,602.07
(ii) Non convertible debentures - secured include:
a) 4,950, 7.85% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 495 crores, allotted on January 20, 2017 are repayable at par after
the end of 5th year from the date of allotment i.e. on April 15, 2022
b) 3,000, 10.10% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 300 crores, allotted on November 18, 2011 are repayable at par
on November 18, 2021 i.e. at the end of 10 th year from the date of allotment. This has been classified under current maturities of long term borrowings.
c) 2,500, 9.95% Secured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 250 crores, allotted on July 27, 2011 are repayable at par on July
27, 2021 i.e. at the end of 10 th year from the date of allotment. This has been classified under current maturities of long term borrowings.
All the Secured Non convertible debentures are rated, listed and secured by a pari passu first charge created on all the property, plant and equipment
of the Company, both present and future.
(iii) Non convertible debentures - unsecured include:
a) 2,000, 7.85% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 200 crores, allotted on April 20, 2017 have been fully redeemed
on due date i.e. April 20, 2020. In the previous year, this was classified under current maturities of long term borrowings.
b) 1,500, 7.50% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 150 crores, allotted on April 23, 2020 are repayable at par on
April 23, 2023 i.e. at the end of 3rd year from the date of allotment.
c) 3,000, 7.95% Unsecured Non-Convertible Debentures of ` 10 lakhs each aggregating ` 300 crores, allotted on June 05, 2020 are repayable at par on
June 05, 2023 i.e. at the end of 3rd year from the date of allotment.
(iv) Term Loan from Banks (Secured) include:
a) Secured term loan from a bank amounting to ` 475 crores (Previous year ` 365 crores) is repayable over a period of 6 years from the date of first
an average interest rate of 7.80%. The Company has created partial charge, on pari-passu basis, on certain identified immovable properties against
this loan. The current maturity of the said loan amounting to ` 50 crores has been classified under current maturities of long term borrowings.
b) Secured term loan from a bank amounting to ` 361 crores (Previous year ` 330 crores) is repayable over a period of 6 years from the date of first
an average interest rate of 7.50%. The Company has created charge, on pari-passu basis, on certain identified immovable properties against this loan.
The current maturity of the said loan amounting ` 38 crores has been classified under current maturities of long term borrowings.
276
FINANCIAL
STATEMENTS


c) Piem had obtained secured term loan from banks amounting to ` 36 crores is repayable over a period of 6 years (including moratorium of one year)
from the date of the first drawdown with the final maturity date of December 11, 2026. This loan is linked to MCLR of the bank and currently carries
an average interest rate of 8.75%. The Company is in the process of creating a charge on certain immovable properties against this loan.
d) Roots Corporation Limited (RCL), a subsidiary of the Company, had obtained a secured loan facility from Kotak Bank for ` 75 crores which carries
variable interest rate of 6 month MCLR + 30bps (effective interest as at March 31, 2021 8.05% (Previous year 8.5%) payable at monthly rests. Principal
amount is repayable in quarterly instalments up to March 2022. Outstanding loan as at March 31, 2020 ` 22.50 crores (Previous Year ` 42 crores).
RCL has created a charge by way of hypothecation and mortgage of 2 hotel properties namely Ginger Nashik, Ginger Bhubaneshwar and Property,
Plant and Equipment contained therein
Further, RCL had obtained loan of ` 50 crores from HDFC Bank Ltd which carries variable interest rate of 1 year MCLR + 5bps (effective interest as at
March 31, 2020 7.65% (Previous year 8.7%) payable at monthly rest. Principal amount payable in 2 equal quarterly instalments of ` 1 crore and 16
quarterly instalments of ` 3 crores each. The repayment schedule started from July 2020. Outstanding loan as at March 31, 2021 ` 45 crores (Previous
Year ` 50 crores).
RCL has created a charge by way of hypothecation and mortgage of one hotel property namely Ginger Mangalore. RCL is in a process to create a charge
by way of hypothecation and mortgage of one hotel property namely Ginger Trivandrum.
e) St James Court Hotels Limited, an overseas subsidiary of the company, had undertaken a new loan of £ 44.5 million in the year 2017 at a floating rate
of 3 month Sterling LIBOR + 1.65%. Repayments of this loan are £ 1.5 million per annum (payable quarterly) with the balance repayable in August 19,
2021. As at the year end March 31, 2021 balance outstanding is £ 37.75 million (Previous year £ 39.25 million) out of which repayable within a year is
£ 37.75 million (Previous year £ 1.50 million).
Further in 2018, a new revolving loan facility was taken for £ 15 Million at a floating rate of 3 month Sterling LIBOR + 1.85%, against which the company
had drawn down £11 Million which is repayable on August 08, 2021. The company has now signed a term sheet for refinancing of the term loan, falling
due in August 2021, with Standard Chartered Bank and Barclays Bank.
These loans are secured against the St James Court Hotel.
f) United Overseas Inc., a Wholly owned subsidiary has entered into a loan agreement with Bank of Baroda, New York branch on February 12, 2021, for
a total loan amount of $ 30 million. The term of the loan is six years, i.e., till March 31, 2027. As per the agreement the Company has to withdraw the
entire amount of $ 30 million on or before June 30, 2021. UOH has withdrawn an amount of $ 6 million as of March 31, 2021 at an effective interest
rate of 4.04%. This facility has been mortgaged by its subsidiary’s hotel property, Taj Campton place, San Francisco property.
g) The Group acquired 100% controlling interest in Good Hope Palace Hotels Proprietary Limited (GHPH) on June 30, 2020. As a part of Business combination,
loan outstanding in GHPH amounting to US$ 24 m is also added to the borrowings of the company. This loan is repayable on July 31, 2023 and carries
interest @ 6 month US LIBOR plus 2.25% which is calculated half yearly. The property, plant and equipment of GHPH are held as security for this loan.
(v) Term Loan from others (Secured) include:
Secured term loan from a Financial Institution amounting to ` 250 crores drawn on September 28, 2020 is repayable in 28 equal successive quarterly instalment
from the end of 27th month from the month in which the first utilisation occurs with the final maturity date of September 30, 2029. This loan is linked to
benchmark rate of the institution and currently carries an interest rate of 8.70%. The Group has pledged its entire investment in ELEL Hotels & Investments
Limited (ELEL) as security for this loan. Further, the Group is required to create charge on certain identified leasehold immovable properties belonging to
ELEL by December 31, 2021 or in the absence of this, any other suitable immovable assets to the satisfaction of the lender.
Short Term Loans :

(vi) Loans repayable on demand
Loans repayable on demand from bank, consists of overdraft facility.
(vii) Other short-term loans includes (Unsecured)
a) Roots Corporation Limited (RCL), a subsidiary of the Company, had obtained a secured short term loan facility from Axis Bank for ` 10 crores which
carries variable interest rate of 6 month MCLR + 0.75bps (effective interest as at March 31, 2021 8.2%) payable at monthly rests. Principal amount
is repayable at the end of the tenure. Outstanding loan as at March 31, 2021 ` 10 crores. The Company is in a process to create a charge by way of
hypothecation and mortgage of one hotel property namely Ginger Agartala and assets contained therein for this facility.
b) United Overseas Inc., a Wholly owned subsidiary has availed $ 15 million of credit agreement from J.P. Morgan Bank which expired on Dec 23, 2020
and was further renewed for a period of 1 year. At March 31, 2021, entire $15 million was drawn down and outstanding on credit facility. The weighted
average interest rate of the outstanding loans was approximately 4.31% and 3.87% for the year ending March 31, 2021 and March 31, 2020 respectively.
On April 30, 2020, UOH obtained further uncommitted temporary facility for short term loans from JP Morgan Chase Bank, North America, amounting
to $ 7,000,000. The amount outstanding on this facility as of March 31, 2021 was $ 5,500,000 having an average interest of approximately 4.25%.
c) Loan from related parties consists of an inter-corporate deposits obtained by the Group which carries interest of 8% to 9% p.a. having a balance tenor
of 3-6 months with an option of early repayment.
277


(viii) Disclosure of changes in liabilities arising from financing activities (read with cash flow statement)
This section sets out an analysis of net debt and the movement in net debt for each of the periods presented below:
(` crores)
March 31, 2021 March 31, 2020
a) Net debt
Cash and cash equivalents 94.27 250.82
Current investments 377.53 436.24
Total Liquid investment (a) 523.27 745.45
Long term borrowings (including current maturities shown under Other Current financial liabilities) 3,390.31 2,435.82
Short term borrowings 242.53 166.25
Gross Debt (b) 3,632.84 2,602.07
Net Debt ((b) - (a)) 3,109.57 1,856.62
b) Other financial liabilities
Liability on derivative contracts 153.86 179.68
Interest accrued but not due / Unclaimed interest 73.20 56.49
Total Other financial liabilities 227.06 236.17
Grand Total 3,336.63 2,092.79
` crores
Liabilities from Financing
Liquid Assets
activities
Interest
Cash Gross Debt Net Debt accrued Total
Current Bank
and cash Derivatives but not due /
Investments Balance
equivalents Unclaimed
interest
(e) = (d)-(a)- (h) =
(a) (b) (c) (d) (f) (g)
(b)-(c) (e)+(f)+(g)
Cash flows 56.21 222.20 10.91 222.66 (66.66) (121.99) - (188.65)
Interest expense - - - 31.83 31.83 - 152.40 184.23
Interest paid - - - (0.72) (0.72) - (154.73) (155.45)
Other non- cash movements: - 4.28 4.28
Added to Borrowings
Fair value adjustments - 2.83 - - (2.83) 21.76 - 18.93
Foreign Currency Translation Difference 5.32 - - 22.32 17.00 0.49 0.24 17.73
Cash flows (157.98) (67.00) (6.92) 712.42 944.32 (0.79) - 943.53
Interest expense - - - 2.23 2.23 - 238.88 241.11
Interest paid - - - (9.63) (9.63) - (222.45) (232.08)
Added to Borrowings
On acquisition of subsidiary - - - 297.56 297.56 - - 297.56
Fair value adjustments - 8.29 - - (8.29) (25.00) - (33.29)
Foreign Currency Translation Difference 1.43 - - 28.19 26.76 (0.03) 0.28 27.01
278
FINANCIAL
STATEMENTS

Note 20 : Trade Payables (Refer Note 43 for Related Party Disclosures)

(` crores)
March 31, 2021 March 31, 2020
Vendor payables 157.52 190.90
Accrued expenses and others 160.29 198.42
317.81 389.32
Note 21 : Other financial liabilities

(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Liability on derivative contracts - 179.68
Deposits from others 6.99 15.34
Creditors for capital expenditure - 1.23
Employee related liabilities - 5.12
Other contractual liability (Refer Note 33(ii)) 18.72 -
25.71 201.37
(b) Current
Current maturities of long-term borrowings (Refer Note 19 (a))
Debentures 550.00 199.96
Term loan from banks 615.59 109.27
Others 0.89 0.79
1,166.48 310.02
Liability on derivative contracts 153.86 -
Other contractual liability (Refer Note 33(ii)) 165.14
Contract Liability towards loyalty programmes (Refer Note 31(iii) (b))) 47.57 49.18
Other payables
From related parties (Refer Note 43) 0.55 1.93
From other parties 3.27 7.40
3.82 9.33
Additional liability on account of loss in joint ventures to the extent of exposure (Refer Note 7(a)(iii)) 1.45 79.82
Option Deposit received against purchase of shares (Secured) (Refer Note 8(b)(iii)) 71.10 71.10
96.27 91.15
Interest accrued but not due on borrowings 73.20 56.46
Creditors for capital expenditure 22.24 32.41
Unclaimed dividends 1.51 1.58
Unclaimed matured deposits and interest accrued thereon - 0.03
Unclaimed matured debentures and interest accrued thereon ` 25,153 (Previous Year - ` 25,153) - -
Employee related liabilities 68.03 115.13
Other liabilities 76.40 74.78
1,875.97 819.89
Footnotes:
The fair value hierarchy and classification are disclosed in Note 38.
279

Note 22 : Provisions
(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Provision for employee benefits (Refer Note 41)
Gratuity 9.33 30.90
Post-employment medical benefits 6.84 6.92
Post-retirement pension 20.14 20.98
91.74 121.09
(b) Current
Provision for employee benefits (Refer Note 41)
Gratuity 0.17 2.03
Post-employment medical benefits 0.46 0.43
Post-retirement pension 1.59 1.22
Other employee benefits 2.84 0.75
27.69 29.13
Provision for others
Provision for disputed dues (Refer Footnote i) 143.07 125.33
143.07 125.33
170.76 154.46
Footnote:
(i) Provision for disputed dues include provisions for the following:
(` crores)
Opening Balance Additions Utilisation Closing Balance
Disputed claims for taxes, levies and duties 122.75 19.67 1.93 140.49
119.37 20.74 17.36 122.75
Dispute on contractual matters 0.41 - - 0.41
0.41 - - 0.41
Dispute in respect of employee benefits 2.17 - - 2.17
2.17 - - 2.17
Total 125.33 19.67 1.93 143.07
121.95 20.74 17.36 125.33
a) The above matters are under litigation / negotiation and the ultimate outcome and timing of the cash flows, if any cannot be currently determined.
b) Figures in italics are in respect of previous year.
Note 23 : Other current liabilities

(` crores)
March 31, 2021 March 31, 2020
(a) Non current
Advances collected from customers 15.93 18.05
15.93 18.05
(b) Current
Income received in advance (Refer Footnote (i)) 34.91 33.50
Deferred Revenue (Refer Footnote (i)) 58.28 66.76
Advances collected from customers (Refer Footnote (i)) 143.67 124.08
Statutory dues (Refer Footnote (ii)) 30.07 56.65
266.93 280.99
Footnote:
(i) Refer Note 31(iii) for detailed disclosure relating to Ind AS 115 - Revenue from contract with customers.
(ii) Statutory dues includes amount payable towards indirect taxes, tax deducted at source and employee related dues.
280
FINANCIAL
STATEMENTS

Note 24 : Revenue from Operations (Refer Note 31(i), (ii))

(` crores)
March 31, 2021 March 31, 2020
Rooms, restaurants and banquets income 1,247.92 3,866.06
Management and operating fees 136.45 212.70
Other operating income 79.20 221.97
Total 1,575.16 4,463.14
Note 25 : Other Income

(` crores)
March 31, 2021 March 31, 2020
Interest Income from financial assets at amortised cost
Inter-corporate deposits 1.10 1.56
Deposits with banks 8.39 9.90
Others 29.16 4.73
38.65 16.19
Interest on income tax refunds 6.14 2.48
44.79 18.67
Dividend Income from Investments
from Investments that are fair valued through Other Comprehensive Income 5.40 7.24
from Investments that are fair valued through Profit and Loss 0.03 0.08
Profit on disposal of Property, plant and equipment (Net) 18.58 82.36
Profit on sale of current investment 5.63 9.82
Gain on investments carried at fair value through profit and loss 2.51 0.40
Exchange gain (Net) 28.26 -
Others 59.52 13.85
Total 164.72 132.42
Note 26 : Employee Benefit Expenses and Payment to Contractors

(` crores)
March 31, 2021 March 31, 2020
Salaries, wages, bonus etc. 712.56 1,171.41
Company's contribution to provident and other funds (Refer Note 22, 41) 43.18 64.97
Reimbursement of expenses on personnel deputed to the company 46.19 51.52
Payment to contractors 35.43 98.46
Staff welfare expenses 56.65 108.24
Total 894.01 1,494.60
281

Note 27 : Finance Costs

(` crores)
March 31, 2021 March 31, 2020
Interest expense
Interest Expense at effective interest rate on borrowings which are measured at amortised cost 242.47 182.19
Add/(Less) : Settlements on interest rate swap contracts (1.36) 0.40
241.11 182.59
Interest on Lease liability 154.31 156.89
On income tax demand 6.43 2.77
Other borrowing costs 1.97 0.38
403.82 342.63
Less : Interest capitalised (Refer Footnote) 1.00 1.51
Total 402.82 341.12
Footnote :
The Group has capitalised the interest cost on borrowings relating to qualifying assets including within capital work in progress
Note 28 : Depreciation and Amortisation Expenses

(` crores)
March 31, 2021 March 31, 2020
Depreciation on Property, Plant and Equipment 324.30 308.16
Depreciation of Right-of-use Assets * 61.97 70.36
Amortisation on Intangible Assets 23.36 25.72
Total 409.63 404.24
* Amortisation charge for the year excludes ` 1.20 crores (Previous year ` 1.94 crores) which is capitalised during the year.
Note 29 : Operating and General Expenses

(` crores)
March 31, 2021 March 31, 2020
(a) Operating expenses consist of the following :
Linen and room supplies 27.59 66.13
Catering supplies 20.37 28.04
Other supplies 7.11 6.38
Fuel, power and light 172.85 269.87
Repairs to buildings 32.09 56.77
Repairs to machinery 51.10 73.78
Repairs to others 16.70 30.04
Linen and uniform washing and laundry expenses 20.47 47.56
Security charges and Others 28.22 48.46
Guest transportation 16.08 44.96
Travel agents’ commission 37.16 100.01
Discount to collecting agents 12.99 48.14
Other operating expenses 29.93 111.94
Total 472.66 932.08
Carried Over 472.66 932.08
282
FINANCIAL
STATEMENTS

Note 29 : Operating and General Expenses (contd.)

(` crores)
March 31, 2021 March 31, 2020
Brought Over 472.66 932.08
(b) General expense consist of the following :
Rent (Refer Note 35) 32.69 22.31
Licence fees (Refer Note 35) 60.32 145.90
Rates and taxes 70.97 120.93
Insurance 26.33 17.61
Advertising and publicity 29.74 104.79
Printing and stationery 6.18 12.40
Passage and travelling 2.55 16.58
Allowance for doubtful debts and Bad debts written off 11.76 5.90
Expenditure on corporate social responsibility 14.79 8.27
Professional fees 44.36 56.47
Support services 43.02 67.40
Exchange loss (Net) - 1.08
Payment made to statutory auditors (Refer Footnote below) 7.84 7.72
Directors’ fees and commission 2.12 4.07
Other expenses 73.76 106.94
Total 426.43 698.37
899.09 1,630.45
Footnote:
Payment made to statutory auditors:
(` crores)
March 31, 2021 March 31, 2020
As auditors 6.32 6.42
For other services (including tax audit and company law matters) 1.30 0.92
Expenses and incidentals 0.22 0.38
7.84 7.72
Note 30 : Exceptional Items

(` crores)
March 31, 2021 March 31, 2020
Exceptional Items comprises of the following :
Exchange Gain / (Loss) on long term borrowings/assets (net) 29.12 -
Profit on sale of investment in a Joint Venture company - 2.12
Profit on sale of hotel property in a subsidiary 23.80 6.09
Gain arising out of acquiring controlling stake in a joint venture 82.03 -
Total 159.95 40.95
283

Note 31 : Revenue from Contracts with Customers and Assets/Liabilities

The Group’s revenue primarily comprises of Revenue from Hotel operations, Management and Operating Fee and Membership
fees income as tabulated below.
i) Details of revenue from contracts with customers recognised by the Company, net of indirect taxes in its statement
of Profit and Loss:
(` crores)
March 31, 2021 March 31, 2020
Revenue from operations
Room Revenue, Food & Beverages and Banquets 1,247.92 3,866.06
Management & Operating fees 136.45 212.70
1,495.96 4,241.17
Other operating revenue
Export Incentive 0.41 30.20
79.20 221.97
Total Revenue from operations 1,575.16 4,463.14
ii) Disaggregate Revenue

The following table presents Company revenue disaggregated by type of revenue stream and by reportable segment:
(` crores)
March 31, 2021 March 31, 2020
Revenue based on geography
India 1,354.02 3,206.09
Overseas 141.94 1,035.08
1,495.96 4,241.17
India 76.17 187.97
Overseas 3.03 34.00
79.20 221.97
1,575.16 4,463,14
Revenue based on product and services
Room Revenue 702.48 2,133.14
Food & Beverages and Banquets 545.44 1,732.92
Management & Operating fees 136.45 212.70
1,575.16 4,241.17
Export Incentives 0.41 30.20
79.20 221.97
1,575.16 4,463.14
284
FINANCIAL
STATEMENTS

Note 31 : Revenue from Contracts with Customers and Assets/Liabilities (contd.)

iii) Contract balances
The contract liabilities primarily relate to the unredeemed customer loyalty points and the advance consideration
received from customers for which revenue is recognised when the performance obligation is over/ services delivered.
a) Advance Collections is recognised when payment is received before the related performance obligation is satisfied.
This includes advances received from the customer towards rooms/restaurant/banquets. Revenue is recognised
once the performance obligation is met i.e. on room stay/ sale of food and beverage / provision of banquet services.
It also includes membership fee received for Chambers Membership, Epicure membership and Spa and Health Club
Memberships and disclosed as Income received in advance.
b) Contract liability towards Loyalty programme represents the liability of the Company towards the points earned
by the members.
(` crores)
March 31, 2021 March 31, 2020
Contract liabilities
Income received in advance 34.91 33.50
Advance collections from customer 159.60 142.13
Deferred Revenue 58.28 66.76
Contract Liability towards loyalty programmes 47.57 49.18
300.36 291.57
Footnote:
Considering the nature of business of the Group, the above contract liabilities are generally materialised as revenue within the
same operating cycle.
Note 32 : Contingent Liabilities (to the extent not provided for) and contingent assets
The Group is involved in a number of appellate, judicial and arbitration proceedings (including those described below)
concerning matters arising in the course of conduct of the Group’s businesses and is exposed to other contingencies arising
from having issued guarantees to lenders of its subsidiaries and other entities. Some of these proceedings in respect of
matters under litigation are in early stages, and in some other cases, the claims are indeterminate.
(a) On account of matters in disputes :

Amounts in respect of claims (excluding interest and penalties) asserted by various revenue authorities on the Company
and the Group, in respect of taxes, etc., which are in dispute, and not provided for, are as under:
(` crores)
March 31, 2021 March 31, 2020
Income Tax 260.70 238.24
Luxury tax 1.60 1.39
Entertainment tax 2.23 2.23
Sales tax / VAT 20.29 16.09
Property and Water tax 241.68 226.21
Service tax 22.24 10.23
Others 30.24 24.04
The Group is a defendant in various legal actions and a party to claims as above, plus interest thereon, which arose
during the ordinary course of business. The Group’s management believes based on the facts presently known, that the
results of these actions will not have a material impact on the Company’s financial statements. It is not practicable for
the Group to estimate the timings of cash flows, if any, in respect of the above.
285

Note 32 : Contingent Liabilities (to the extent not provided for) and contingent assets (contd.)
(b) On account of lease agreements:
In respect of a plot of land provided to the Company under a lease agreement, on which the Company has constructed
a hotel, the lessor has made a claim of ` 527.24 crores to date, (13 times the previous annual rental) for increase in the
rentals with effect from 2006-07. The Company believes these claims to be untenable. The Company has contested the
claim based upon legal advice, by filing a suit in the Honourable High Court of Judicature at Bombay on grounds of the
lessor’s inconsistent stand on automatic renewal of lease, levy of lease rentals and method of computing such lease
rent, within the terms of the then existing lessor’s policy as also a Supreme Court judgment on related matters. Even
taking recent enactments into consideration, in the opinion of the Company, the computation cannot stretch beyond
` 147.03 crores (excluding interest / penalty), and this too is being contested by the Company on merit.
Further, a “Notice of Motion” has been filed by the Company before the Honourable High Court of Judicature at Bombay,
inter alia, for a stay against any further proceedings by the lessor, pending a resolution of this dispute by the Honourable
Bombay High Court, and the Company has obtained a stay order from the court.
(c) Other claims against the Group not acknowledge as debt :

(i) Legal and statutory matters ` 4.98 crores (March 31, 2020 - ` 4.98 crores)
(ii) Management is generally unable to reasonably estimate a range of possible loss for proceedings or disputes other
than those included in the estimates above, including where:
a) plaintiffs / parties have not claimed an amount of money damages, unless management can otherwise
determine an appropriate amount;
b) the proceedings are in early stages;
c) there is uncertainty as to the outcome of pending appeals or motions or negotiations;
d) there are significant factual issues to be resolved; and/or there are novel legal issues presented
The Group’s Management does not believe, based on currently available information, that the outcomes of the above
matters will have a material adverse effect on the Group’s financial position, though the outcomes could be material to
the Group’s operating results for any particular period, depending, in part, upon the operating results for such period.
It is not practicable for the Company to estimate the timings of cash flows, if any, in respect of the above.
(d) Claims filed by the Group:

Policy. The Company had made application for the grant/subsidy which is essentially is the form of reimbursement of
SGST and Luxury Tax paid for a period of 10 years upto a maximum of 150% of the original capital outlay.
During the year, the Company’s application was processed by the Industries Department of State Government of Assam
and “Eligibility and Entitlement Certificate” was issued by Commissioner of Taxes, Guwahati, Assam.
On the basis of entitlement certificate, the Company accrued income of ` 12.69 crores towards reimbursement of taxes
for the past years & ` 0.45 crore for the current financial year which has been recognised in “Other Operating Income”.
This grant is expected to be received by the Company once the verification of claims/ scrutiny & assessment of the
previous year’s taxes is completed by the said department
(e) In respect of one domestic subsidiary, for the proposed construction of a hotel on the plot of land, a Public Interest
Litigation (PIL) has been filed against the Union of India and Others (including the Company/Group), interalia, challenging
the various permissions / approvals. The Group is contesting the PIL on merits, and the matter is pending. The Group
has not commenced construction pending regulatory and other approvals.
286
FINANCIAL
STATEMENTS

Note 33 : Capital Commitments

i) Commitments includes the amount of purchase order (net of advance) issued to parties for completion of assets.
Estimated amount of contracts remaining to be executed on capital account (net of capital advances) and not provided
for is ` 283.30 crores (March 31, 2020 - ` 306.96 crores).
ii) During the year, the Company has entered into a definitive agreement to purchase the balance 14.28% stake in ELEL
Hotels and Investments Ltd (ELEL), a step down subsidiary, from its existing shareholders for a consideration of ` 250
crores over a period of two years in a phased manner on achievement of certain milestones and not later than end of
December 2021. Consequent to this acquisition, ELEL will become a wholly owned step down subsidiary of the Company.
Further, on recognition of the financial liability, the non-controlling interest has been de-recognised and the difference
between the two has been recognised within equity, amounting to ` 169.16 crores.
The transaction has been accounted as a forward contract as per Ind AS 109 – Financial Instruments and a financial liability
of ` 250 crores has been recognised at its present value.
The Company paid an advance consideration of ` 50 crores for the acquisition and balance has to be paid in stages on
achievement of certain milestones but not later than end of December 31, 2021.
Note 34 : Guarantees and Undertakings given

Guarantees given by the Group and outstanding as on March 31, 2021 - ` 13.31 crores (March 31, 2020 - ` 13.25 crores).
Also, refer to note 36(c)(ii) for Guarantees on behalf of certain joint ventures.
Note 35 : Leases – Ind AS 116

The Group has taken land and immovable properties on lease which are generally long term in nature with varying terms,
escalation clauses and renewal rights expiring within five to one hundred and ninety eight years. On renewal, the terms of
the leases are renegotiated.
a) Total lease liabilities are analysed as follows:

(` crores)
March 31, 2021 March 31, 2020
Denominated in the following currencies:
Rupees 1,445.28 1,459.17
US dollars 276.09 290.71
Sterling 159.67 148.83
Others 4.45 -
Total 1,885.49 1,898.71
Analysed as:
Current * 39.11 56.14
Non-current 1,846.38 1,842.57
Total 1,885.49 1,898.71
* The Current Portion of the lease liability is excluding the interest component on the lease liability. Actual Lease Payments (including notional interest as
per Ind AS 116) would be ` 177.20 crores. Refer note (b) below for the Maturity Analysis of the Lease Payments.
287

Note 35 : Leases – Ind AS 116 (contd.)

b) Exposure to future cash flows:
The following are the undiscounted contractual cash flows of lease liabilities. The payment profile has been based on
management’s forecasts and could in reality be different from expectations:
Maturity analysis:
(` crores)
March 31, 2021 March 31, 2020
Less than 1 year 177.20 188.91
More than 5 years 9,094.75 9,129.32
Total 9,988.75 10,021.78
In addition, in certain circumstances the Group is committed to making additional lease payments that are contingent
on the performance viz. gross operating profits, revenues etc. of the hotels that are being leased for which no lease
liability has been recognised as it is contingent in nature.
c) Overall lease rentals (including provisions and amount adjusted against advances) for the year ended March 31,
2021 are as below:
(` crores)
March 31, 2021 March 31, 2020
Minimum Lease Payments/ Fixed Rentals 135.48 179.27
Contingent rents 52.33 145.90
Total 187.80 325.17
Note 36 : Interest in Other Entities

a) Subsidiaries
i) The parent’s subsidiaries at March 31, 2021 are set out below. Unless otherwise stated, they have share capital consisting
solely of equity shares that are held by the group and the effective ownership of the group is enumerated in the table
below. The country of incorporation or registration is also their principal place of business.
(%)
Effective Ownership interest Ownership interest held by
Country of held by the Group non‑controlling interests
Incorporation
Domestic
Benares Hotels Ltd. India 51.68 51.68 48.32 48.32
ELEL Hotels & Investments Ltd. ^ India 85.72 85.72 14.28 14.28
Inditravel Ltd.@ India 78.88 78.86 21.12 21.14
Ideal Ice and Cold Storage Company Ltd.# India 100.00 - - -
KTC Hotels Ltd. India 100.00 100.00 - -
Luthria & Lalchandani Hotels and Properties Private Ltd.^ India 87.15 87.15 12.85 12.85
Northern India Hotels Ltd. India 48.56 48.56 51.44 51.44
Piem Hotels Ltd. India 51.57 51.57 48.43 48.43
Roots Corporation Ltd. India 63.74 63.74 36.26 36.26
Sheena Investments Private Ltd. India 100.00 100.00 - -
Skydeck Properties & Developers Private Ltd. India 100.00 100.00 - -
Taj Enterprises Ltd.@ India 93.40 93.19 6.60 6.81
Taj Trade & Transport Ltd.@ India 73.03 73.03 26.97 26.97
United Hotels Ltd. India 55.00 55.00 45.00 45.00
288
FINANCIAL
STATEMENTS

Note 36 : Interest in Other Entities (contd.)

(%)
Effective Ownership interest Ownership interest held by
Country of held by the Group non‑controlling interests
Incorporation
International
IHOCO BV Netherlands 100.00 100.00 - -
IHMS Hotels (SA) Proprietary Ltd.* South Africa 100.00 - - -
Good Hope Palace Hotels Proprietary Ltd.* South Africa 100.00 - - -
Piem International (HK) Ltd. Hong Kong 51.57 51.57 48.43 48.43
United
St. James Court Hotel Ltd. 72.25 72.25 27.75 27.75
Kingdom
Taj International Hotels (HK) Ltd. Hong Kong 100.00 100.00 - -
United
Taj International Hotels Ltd. 100.00 100.00 - -
Kingdom
United States
United Overseas Holding Inc. 100.00 100.00 - -
of America
@ The Group has acquired additional stake in Taj enterprise Ltd. whereby the Group’s holding has increased to 93.40% from 93.19% and consequently, there
are changes in the effective holding in certain subsidiaries.
# The Group has acquired 100% stake in Ideal Ice and Cold Storage Company Ltd on March 19, 2021.
^ The Group has entered into a definitive agreement to purchase the balance 14.28% stake in ELEL Hotels and Investments Ltd (ELEL) and hence, for the
purpose of consolidation of its accounts, effective holding of ELEL and its step down subsidiary, Luthria & Lalchandani Hotels and Properties Private Ltd is
considered as 100%. (Refer Note 33(ii)).
* Refer note 37 on acquisition of IHMS Hotels (SA) Proprietary Ltd and Good Hope Palace Hotels Proprietary Ltd w.e.f. July 1, 2020.
ii) Significant judgements and assumptions:

a. The management have concluded that the group controls Northern India Hotels Limited, even though it holds less
than half of the effective interest of this subsidiary. This is because the group is the largest shareholder and the
direct ownership in this company is 94.15% through Piem Hotels Limited, a subsidiary in which the group holds
51.57%.
b. The investment in BAHC 5, a company incorporated in Singapore in which the group holds 100% issued equity
shares, is a temporary investment that is presently held for disposal. In the view of the management, the Group
does not have any power or control over or exposure to this entity. It does not have any rights to variable returns
from its involvement with this entity and thus the financial statements of this entity are not consolidated.
c. The Group holds 51% of the equity share capital of Taj SATS Air Catering Ltd. However, as per the contractual
arrangement in the form of joint venture agreement, the group considers it has joint control over the net assets
of this entity and has been reclassified as joint venture.
d. The Company has executed a definitive agreement to purchase the balance 14.28% stake in ELEL Hotels and
Investments Ltd (ELEL) on or before December 31, 2021 and accordingly, recognised derivative assets and liabilities
in its books. The management is of the view that, in substance, Group exercise full control of ELEL and its step
down subsidiary, Luthria & Lalchandani Hotels and Properties Private Ltd have been consolidated accordingly. The
resultant adjustment for non-controlling interest has been given in other equity Refer Note 33(ii).
e. The Group has not consolidated TP Kirnali Solar Limited as an “Associate” as Management believes that it does not
have control nor have any power to participate in financial and operating policy decision of TP Kirnali Solar Limited.
This investment is solely in order to obtain captive solar power supply for some of it hotels in Mumbai.
289


b) Non-controlling interests (‘NCI’)
i) The summarised financial information for each subsidiary that has non-controlling interests that are material to the
Group are set out below. The amounts disclosed for each subsidiary are before inter-company eliminations or other
adjustment :-
(` crores)
ELEL Hotels and St. James Court Hotel
PIEM Hotels Limited Roots Corp Limited
Investments Limited Limited
Summarised Balance Sheet
March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020 2021 2020
Current Assets 46.45 76.06 41.48 53.83 6.46 8.44 8.36 34.69
Current Liabilities 106.06 121.47 137.79 99.08 57.91 56.65 514.52 90.57
Net Current Assets (59.61) (45.41) (96.31) (45.25) (51.45) (48.21) (506.16) (55.88)
Non-Current Assets 752.53 769.31 646.07 682.10 607.76 618.67 1,290.22 1,200.32
Non-Current Liabilities 113.49 101.66 404.39 442. 24 0.76 0.76 144.53 488.49
Net Non-Current Assets 639.04 667.65 241.67 239.86 607.00 617.91 1145.69 711.83
Net Assets 579.43 622.24 145.36 194.61 555.55 569.70 639.54 655.94
Accumulated NCI 280.61 301.35 52.71 70.56 - 81.35 177.47 182.02
(` crores)
Summarised Statement Investments Limited Limited
of Profit and Loss March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020 2021 2020
Revenue 154.01 389.32 134.86 212.65 0.19 0.27 43.20 351.54
Profit/(Loss) for the year (68.76) 7.97 (49.38) (22.77) (14.15) (14.26) (67.27) 28.53
Other Comprehensive Income 25.95 (9.20) 0.14 0.13 - - 50.87 23.54
Total Comprehensive Income (42.81) (1.23) (49.24) (22.64) (14.15) (14.26) (16.41) 52.07
Total Comprehensive Income
(20.73) (0.60) (17.86) (8.21) (0.51) (2.04) (4.55) 14.45
allocated to NCI
Dividend paid to NCI - 1.85 - - - - - -
(` crores)
Summarised Statement Investments Limited Limited
of Cash Flows March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,
2021 2020 2021 2020 2021 2020 2021 2020
Cash Flows from Operating
(40.24) 40.93 18.74 83.08 3.44 (2.56) (36.74) 85.28
Activities
Cash Flows from / (used in)
8.18 (48.58) 29.30 (46.62) 2.07 2.59 (20.22) (29.54)
Investing Activities
Cash Flows from / (used in)
30.53 5.66 (47.44) (40.54) (0.08) (0.08) 34.90 (52.32)
Financing Activities
Net Increase/(Decrease) in
(1.53) (1.99) 0.60 (4.08) 5.43 (0.04) (22.06) 3.43
Cash & cash Equivalents
290
FINANCIAL
STATEMENTS


ii) Individually immaterial non-controlling interest(“NCI”):
(` crores)
March 31, 2021 March 31, 2020
Aggregate carrying amount of individually immaterial 123.78 129.61
Aggregate amount of NCI’s share of profits/loss (5.13) 7.83
Aggregate amount of NCI’s share of other comprehensive Income 0.17 0.14
Aggregate amount of NCI’s share of total comprehensive Income (4.96) 7.97
c) Interests in associates and joint ventures

i) Details of the associates and joint ventures of the group as at March 31, 2021 and 2020 are set out below. The entities
below have share capital consisting solely of equity shares, which are held directly by the group. The country of
incorporation or registration is also their principal place of business. The Group follows equity method of accounting
for the measuring its investments/interests in associates and joint ventures, the details of which are as below :-
(` crores)
Country of Effective Carrying amount Quoted fair value
Incorporation Holding “%” March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Joint Ventures
Taj SATS Air Catering Ltd. India 51.00 41.78 69.95 * *
India 44.27 - - * *
(Refer Note no 21(b))
Taj Kerala Hotels & Resorts Ltd. India 28.78 14.72 13.95 * *
Taj GVK Hotels & Resorts Ltd. India 25.52 115.66 123.21 174.72 165.44
Taj Safaris Ltd. India 41.81 9.13 9.04 * *
Kaveri Retreat & Resorts Ltd. India 50.00 45.24 43.49 * *
Zarrenstar Hospitality Private Ltd India 50.00 - - * *
TAL Hotels & Resorts Ltd. Hong Kong 27.49 105.35 124.74 * *
IHMS Hotels (SA)(Pty) Ltd.
South Africa 50.00 - - * *
(Refer Note no 21(b) & 37)
331.88 384.38 174.72 165.44
Associates
Oriental Hotels Ltd. India 35.67 210.40 238.99 150.53 114.14
Taj Madurai Ltd. India 26.00 4.94 4.04 * *
Taida Trading and Industries Ltd. India 34.78 - - * *
BJets Pte Ltd Singapore 45.69 - - * *
Lanka Island Resorts Ltd Sri Lanka 24.66 29.90 33.40 * *
TAL Lanka Hotels PLC Sri Lanka 24.62 1.25 11.54 15.28 10.29
246.49 287.97 165.81 124.43
Total 578.37 672.35 340.53 289.87
* Unlisted entity – no quoted price available
ii) Commitments and contingent liabilities in respect of associates and joint ventures
(` crores)
March 31, 2021 March 31, 2020
Commitment to provide funding for joint ventures capital commitments, if called - 145.41
Capital Commitment for joint ventures and associate 2.08 7.73
Guarantees given by joint ventures and associates 1.09 1.41
Share of contingent liabilities in joint ventures and associates 38.43 37.30
291


iii) Summarised financial information for associates and joint ventures
The summarised financial information for those joint ventures and associates that are material to the Group are set out
below. The information disclosed reflects the amounts presented in the financial statements of the relevant associates
and joint ventures and not of the Group’s share of those amount. They have amended to reflect adjustments made
when using equity method for the differences in accounting policies.
(` crores)
Taj GVK Hotels and Taj SATS Air Catering
TAL Hotels and Resorts Ltd Oriental Hotels Ltd
Resorts Limited Limited
December 31 December 31 March 31, March 31, March 31, March 31, March 31, March 31,
2020 * 2019 * 2021 2020 2021 2020 2021 2020
Current assets
Cash and cash equivalents 0.15 0.68 2.99 2.19 43.11 66.42 23.65 46.22
Other assets 41.14 49.25 87.34 162.10 39.00 39.65 56.81 58.35
41.29 49.93 90.33 164.29 82.10 106.07 80.46 104.57
Non-current assets 775.89 798.95 232.47 243.00 681.85 756.59 690.31 915.63
Total assets 817.19 848.88 322.80 407.29 763.96 862.66 770.77 1020.20
Current liabilities
63.28 41.15 6.07 14.10 22.17 19.74 38.94 43.24
(excluding trade payables)
Other liabilities 153.32 160.08 60.95 65.76 63.98 62.38 43.52 235.72
216.60 201.23 67.02 80.16 86.15 82.12 82.46 278.97
Non-current Liabilities
116.53 135.98 0.99 1.75 83.33 81.39 219.63 191.85
(excluding trade payables)
Other liabilities 112.01 110.03 24.77 40.12 257.12 291.28 18.04 18.60
228.54 246.01 25.76 41.88 340.45 372.67 237.67 210.45
Total liabilities 445.14 447.24 92.79 122.03 426.60 454.79 320.13 489.42
Net assets 372.05 401.63 230.02 285.25 337.36 407.87 450.64 530.78
Footnote:
* The latest available financial statement of this entity is only up to December 31, 2020 and accordingly has been used for the purpose of the preparation of
the consolidated financial statement of the Company.
iv) Reconciliation of carrying amounts

(` crores)
Resorts Limited Limited
December 31 December 31 March 31, March 31, March 31, March 31, March 31, March 31,
2020 * 2019 * 2021 2020 2021 2020 2021 2020
Net Assets 372.05 401.63 230.02 285.25 337.36 407.87 450.64 530.78
Group's Share 25.52% 25.52% 51.00% 51.00% 27.49% 27.49% 35.67% 35.67%
Share of Net assets 94.96 102.51 117.31 145.48 92.74 112.12 160.74 189.33
Goodwill 20.70 20.70 - - 12.62 12.62 49.66 49.66
Unrealised Gain - - (75.53)# (75.53)# - - - -
Carrying Amount 115.66 123.21 41.78 69.95 105.35 124.74 210.40 238.99
# Unrealised gain represents profit on sale of air catering business by the Group to Taj SATS on a slump sale basis on October 1, 2001 and sale of air catering
business of Taj Madras flight Kitchen.
292
FINANCIAL
STATEMENTS


v) Summary Statement of Profit and Loss
(` crores)
Summarised Statement Resorts Limited Limited
of Profit and Loss December 31 December 31 March 31, March 31, March 31, March 31, March 31, March 31,
2020 * 2019 * 2021 2020 2021 2020 2021 2020
Revenue 127.09 330.75 152.51 395.24 105.28 273.50 123.12 298.83
Depreciation 16.67 16.57 16.58 14.48 39.02 40.48 28.75 27.70
Interest Income 0.44 0.28 1.33 1.47 0.49 0.18 3.10 5.00
Interest Expense 20.15 22.59 1.52 1.21 31.34 38.85 22.00 24.02
Income Tax Expense (6.80) 18.29 (20.22) 2.84 6.43 (8.35) (21.96) 0.20
Profit/(Loss) for the year (29.05) 35.83 (59.82) 28.46 (69.57) (8.26) (71.28) (8.26)
(0.54) (0.08) 4.59 (2.13) (0.78) 24.75 (5.30) 17.92
for the year
Total Comprehensive Income
(29.59) 35.76 (55.23) 26.33 (70.35) 16.49 (76.58) 9.66
for the year
Dividend Received - 0.96 - - - 1.95 1.27 3.19
* Refer Footnote of Note 36 (c)(iii) above
vi) Individually immaterial joint ventures and associates

(` crores)
March 31, 2021 March 31, 2020
Aggregate carrying amount of individually immaterial 105.17 115.46
Aggregate amount of the group’s share of profit/loss (18.95) (5.47)
Aggregate amount of the group’s share of other comprehensive Income 0.28 (2.67)
Aggregate amount of the group’s share of total comprehensive Income (18.67) (8.14)
Footnote:
The financial statements of joint ventures and associates consolidated are drawn upto the same reporting date as of the Company except in case of a joint
venture and an associate company where the financial statements have been drawn upto December 31, 2020.
Note 37 : Acquisition of IHMS (SA) Hotels Pty Ltd (“IHMS SA”)

IHMS (SA) Hotels Pty Ltd (“IHMS SA”) was joint venture between the Group and Tata Africa Holdings Limited. On June 30, 2020,
IHOCO BV (a wholly owned subsidiary of IHCL) acquired remaining 50% stake in IHMS. The business acquisition was conducted
by entering into a share purchase agreement for a total consideration of $1 (`75) and assumption of all the debt in IHMS SA.
IHMS through its wholly owned subsidiary Good Hope Palace Proprietary Limited (“GHPH”) owns Taj Cape Town, South Africa,
a 159 keys luxury property in the commercial hub of Cape Town. As a result of the acquisition, IHMS and GHPH became a
100% step down subsidiary of IHCL with effect from July 1, 2020.
293

Note 37 : Acquisition of IHMS (SA) Hotels Pty Ltd (“IHMS SA”) (contd.)
The following table summarises the consideration paid for IHMS and the amounts of the assets acquired and liabilities
assumed recognised at the acquisition date:
(` crores)
Net assets acquired
Land 64.80
Building 349.32
Other Property Plant and Equipment 20.52
Right of use assets 5.31
Lease Liability (5.54)
Net Working Capital (6.83)
Fair value of Tangible Assets acquired 427.59
Fair Value of Intangible Assets Acquired -
Total fair value of tangible and intangible assets acquired (A) 427.59
Price paid per legal agreements (` 75) -
Add: Fair value of debt obligations 427.59
Total Purchase consideration (B) 427.59
Goodwill (A - B) -
Note 38 : Financial Instruments Measurements and Disclosures

a) Financial instruments by category:
(` crores)
FVTPL FVOCI Amortised cost Total carrying value
2021 2020 2021 2020 2021 2020 2021 2020
Financial assets:
Investments
(Refer Footnote below):
Equity shares - - 527.27 318.00 - - 527.27 318.00
Mutual fund units 377.53 436.24 - - - - 377.53 436.24
Total 377.53 436.24 527.27 318.00 - - 1,004.80 754.24
Trade receivables - - - - 219.84 290.02 219.84 290.02
Cash and cash equivalents - - - - 94.27 250.82 94.27 250.82
Other balances with banks - - - - 60.97 75.56 60.97 75.56
Loans - - - - 21.73 21.42 21.73 21.42
Other financial assets - - - - 165.53 268.54 165.53 268.54
- - - - 562.34 906.36 562.34 906.36
Total 377.53 436.24 523.21 318.00 562.34 906.36 1,467.14 1,660.60
Derivative instruments 153.86 179.68 - - - - 153.86 179.68
Borrowings - - - - 3,632.84 2,602.07 3,632.84 2.602.07
Lease Liabilities 1,885.49 1,898.71 1,885.49 1,898.71
Trade payables - - - - 317.81 389.32 317.81 389.32
Other financial liabilities - - - - 581.34 531.56 581.34 531.56
Total 153.86 179.68 - - 6,417.48 5,421.66 6,571.34 5,601.34
Footnotes:
a. The above excludes investments in joint ventures and associates amounting to ` 578.37 crores (March 31, 2020 - ` 672.35 crores) which are accounted
as per equity method.
b. FVTPL = Fair Value Through Profit and Loss and FVOCI = Fair Value Through Other Comprehensive Income.
294
FINANCIAL
STATEMENTS


b) Fair value hierarchy
The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis,
it also includes the financial instruments which are measured at amortised cost for which fair values are disclosed.
(` crores)
Level 1 Level 2 Level 3 Level 4
2021 2020 2021 2020 2021 2020 2021 2020
Financial assets:
Investments:
Equity shares 322.44 134.95 - - 204.83 183.05 527.27 318.00
Mutual fund units 377.53 436.24 - - - - 377.53 436.24
Total 699.97 571.19 - - 204.83 183.05 1,004.80 754.24
Derivative instruments - - 153.86 179.68 - - 153.86 179.68
(Refer Footnotes below)
Borrowings
Non-convertible debentures - - 1,541.10 1,271.73 - - 1,541.10 1,271.73
Total - - 1,694.96 1,451.41 - - 1,694.96 1,451.41
Footnotes:
a. The Company has not disclosed the fair value of certain short term financial instruments such as trade receivables, trade payables, short term loans,
deposits etc. as their carrying amounts are a reasonable approximation of fair value.
b. The carrying amounts of the borrowings excluding non-convertible debentures that are not measured at fair value are reasonable approximation of
fair value, as they are floating rate instruments that are re-priced to market interest rates on or near the end of the reporting period.
c. The Investments measured at fair value and falling under fair value hierarchy level 3 are valued based on valuation reports provided by external valuers
with the exception of two investments, where cost has been considered as an appropriate estimate of fair value because of a wide range of possible
fair value measurements and cost represents the best estimate of fair values within that range. The investments other than those whose fair values
approximate cost are individually immaterial.
c) Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:
a. L evel 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This
includes listed equity instruments, traded debentures and mutual funds that have quoted price / declared NAV.
The fair value of all equity instruments (including debentures) which are traded in the stock exchanges is valued
using the closing price as at the reporting period.
b. L evel 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded
bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included
in level 2.
c. L evel 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included
in level 3. Fair values are determined in whole or in part using a valuation model based on assumptions that are
neither supported by prices from observable current market transactions in the same instrument nor are they based
on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.
295


d) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices for the equity instruments
• the fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on
observable yield curves
• the fair value of non-convertible debentures is valued using FIMMDA guidelines
• the fair value for the cross currency swaps/principal swap is determined using forward exchange rates at the balance
sheet date
• certain long term unlisted shares have been considered at their respective cost as an appropriate estimate of fair
value because of a wide range of possible fair value measurements and cost represents the best estimate of fair
value within that range. All other unlisted shares are determined based on the income approach or the comparable
market approach. These unquoted investments categorised under Level 3.
• the fair value of the remaining financial instruments is determined using the discounted cash flow analysis.
e) Inter level transfers:

There are no transfers between levels 1 and 2 as also between levels 2 and 3 during the year.
f) Reconciliations of level 3 fair values

The following table shows reconciliation from the opening balances to closing balances for Level 3 fair values:
(` crores)
Equity instruments
Net change in fair value (unrealised) (6.47)
Addition/ (deletion) during the year 10.66
Net change in fair value (unrealised) 11.12
Note 39 : Financial Risk Management

Risk management framework
The Company’s Board of Directors has the overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Board of Directors has established a Risk Management Committee, which is responsible for
developing and monitoring the Group’s risk management policies. The Committee reports regularly to the Board of Directors
on its activities.
The Company’s risk management policies are established to identify and analyse the risk faced by the Group, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Group’s activities. The Company’s Audit Committee oversees
how management monitors compliance with the Company’s risk management policies and procedures, and reviews the
adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted
in its oversight role by the internal audit team. The Internal audit team undertakes both regular and ad hoc reviews of risk
management controls and procedures, the results of which are reported to the audit committee.
296
FINANCIAL
STATEMENTS


The Group has exposure to the following risks arising from financial instruments:
• Credit risk;
• Liquidity risk;
• Market risk
a) Credit risk
Credit risk arises from the possibility that customers or counterparty to financial instruments may not be able to
meet their obligations. To manage this, the Group periodically assesses the financial reliability of customers, taking
into account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts
receivable. Credit risks arises from cash and cash equivalents, deposits with banks, financial institutions and others, as
well as credit exposures to customers, including outstanding receivables.
The Group’s policy is to place cash and cash equivalents and short term deposits with reputable banks and
financial institutions.
The Company has established a credit policy under which each new customer is analysed individually for creditworthiness
before entering into contract. Sale limits are established for each customer, reviewed regularly and any sales exceeding
those limits require approval from the appropriate authority. There are no significant concentrations of credit risk within
the Group.
b) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to Group’s reputation.
Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis
of expected cash flows to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom
on its undrawn committed borrowing facilities at all times so that the Company does not breach borrowing limits or
covenants on any of its borrowing facilities, Such forecasting takes into consideration the Company’s debt financing
plans, covenant compliance and compliance with internal statement of financial position ratio targets.
i) Financing arrangements
The Group had access to certain undrawn borrowing facilities at the end of the reporting period. Major facilities
are listed below:
(` crores)
March 31, 2021 March 31, 2020
Expiring within one year:
Bank overdraft 112.04 94.34
Short term bank loans 70.35 102.56
Long-term bank loans 797.93 355.00
Expiring beyond one year - -
Total 980.33 551.90
The bank overdraft facilities may be drawn at any time by the respective companies in the Group.
297


In addition to above, the Group has also executed a facility agreement with certain banks/financial institution to
avail loan in one of its overseas subsidiary to the extent of GBP 56 million, which will be essentially used to re-
finance existing loans. The same has not been drawn down yet.
The Group continues to engage with the banks and financial institutions and evaluating options to raise money for
future operation needs.
ii) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross, undiscounted and exclude future contractual interest payments.
(` crores)
Carrying
Due in Due in Due in 3rd to Due after
value as at Total
1st year 2nd year 5th year 5th year
March
Borrowings 3,632.84 1,419.85 810.96 1,290.91 138.54 3,660.26
(including redemption premium) 2,602.07 479.88 1,006.96 942.00 178.42 2,607.26
1,885.49 177.20 179.32 537.48 9,094.75 9,988.75
Lease liability
1,898.71 188.91 177.08 526.47 9,129.32 10,021.78
317.81 317.81 - - - 317.81
Trade and other payables
389.32 389.32 - - - 389.32
72.45 72.45 72.45
Interest Accrued on borrowings
56.46 56.46 56.46
508.89 486.86 2.57 19.46 - 508.89
Other Financial liabilities
475.10 475.10 - - - 475.10
6,417.48 2,474.17 992.85 1,847.85 9,233.29 14,548.16
Total
5,421.66 1,687.87 1,303.69 1,584.74 9,319.60 13,895.90
153.86 153.86 - - - 153.86
Derivative instruments
179.68 2.45 177.23 - - 179.68
- - - - - -
Financial guarantee contract
- 2.32 14.31 128.78 - 145.41
6,571.34 2,628.03 992.85 1,847.85 9,233.29 14,702.02
Total financial liabilities
5,601.34 1,692.64 1,495.23 1,713.52 9,319.60 14,220.99
Figures in italics are of the previous year.
The Group management periodically monitors its Interest Service Cover Ratio to manage the liquidity risk towards
the repayment of the interest liability. The interest cover ratio for the Group for the year ending March 31, 2021
and March 31, 2020 was (0.18) and 3.48 respectively.
The formula used for the calculation of Interest Service Cover ratio (which has been computed on a trailing twelve-
month basis) is as below:
Interest Service Coverage Ratio = (Profit before tax + Interest (Net) + Provision for diminution in long term investment
+ Depreciation)/Interest (Net)
298
FINANCIAL
STATEMENTS


iii) Capital Risk Management
The Group manages its capital to ensure that it will be able to continue as a going concern. The structure is managed
to maintain an investment grade credit rating, to provide ongoing returns to shareholders and to service debt
obligations, whilst maintaining maximum operational flexibility.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is
calculated as net debt divided by Equity. Net debt is calculated as total borrowings (including ‘current and non-
current term loans’ as shown in the balance sheet) less cash and cash equivalents and current investment.
(` crores)
Borrowings 19 3,632.84 2,602.07
Less: Cash and cash equivalents 15 94.27 250.82
Less: Call and short term deposits 16 51.47 58.39
Less: Current investments 8(b) 377.53 436.24
Net debt 3,109.57 1,856.62
Total Equity 17/18 4,283.01 5121.71
Gearing ratio 0.73 0.36
c) Market risk
Market risk is the risk that the changes in market prices such as foreign exchange rates, interest rates and equity
prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
The Company uses derivatives to manage its exposure to foreign currency risk and interest rate risk. All such transactions
are carried out within the guidelines set by the risk management committee.
i) Foreign Currency risk

The predominant currency of the Group’s revenue and operating cash flows is Indian Rupees (`). The Company’s
reported debt has an exposure to borrowings held in US dollars. Movements in foreign exchange rates can affect
the Company’s reported profits and net assets.
The Group uses forward exchange contracts, interest rate swaps, currency swaps and options to hedge its exposure
in foreign currency and interest rates. The information on derivative instruments is as follows:-
Derivative Instruments outstanding:

March 31, 2021 March 31, 2020
Nature of Derivative Currency Currency Fair values Currency Fair values
million ` crores million ` crores
Cross currency Interest rate Swap (CCS) US$ 55.17 152.62 55.17 177.23
Interest Rate Swap (IRS) GBP 20.00 1.24 20.00 2.45
Total 153.86 179.68
299


Sensitivity
In relation to the CCS, for the year ended March 31, 2021 and March 31, 2020, every 3% depreciation in the exchange
rate between the Indian rupee and US dollar, shall reduce the Group’s profit before tax by approximately 1.57% and
2.19% respectively. For the year ended March 31, 2021 and March 31, 2020, every 3% appreciation in the exchange
rate between the Indian rupee and US dollar, shall increase the Group’s profit before tax by approximately 2.44%
and 4.46% respectively. The above derivative is maturing in July, 2021 and the last reset of interest rate has been
done in July, 2020. There will be no further reset of interest rate from March till July, 2021 and hence, the sensitivity
is not computed
The above relates to the Company and foreign currency risk in respect of other components is insignificant.
Un-Hedged Foreign currency exposure payable:
Currency March 31, 2021 March 31, 2020

United States Dollar (Million) 0.62 0.62
Sensitivity
For the year ended March 31, 2021 and March 31, 2020, every 3% depreciation/ appreciation in the exchange rate
between the Indian rupee and US dollar, shall affect the Company’s profit before tax by approximately 0.03 % and
0.03 % respectively.
ii) Interest rate risk

The Group adopts a policy to hedge the interest rate movement in order to mitigate the risk with regards to floating
rate linked loans based on the market outlook on interest rates. This is achieved partly by entering into fixed rate
instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in
cash flows attributable to interest rate risk.
The total borrowing at variable rate was ` 2,048.48 crores as at March 31, 2021 (March 31, 2020 - ` 1,316.08 crores).
The carrying value of the long term debt approximates fair value since the current interest rate approximates the
market rate.
iii) Other market price risks

The Group’s exposure to equity securities’ price risk arises from investments held by the Group and classified in
the balance sheet as fair value through Other Comprehensive Income. If the equity prices of quoted investments
are 3% higher/ lower, the equity for the year ended March 31, 2021 would increase/ decrease by ` (9.67) crores
(for the year ended March 31, 2020: increase/ decrease by ` 4.05 crores).
300
FINANCIAL
STATEMENTS

Note 40 : Income Tax Disclosure

i) Income Tax recognised in the Statement Profit and Loss:
(` crores)
March 31, 2021 March 31, 2020
Current Tax
In respect of the current year 2.16 163.17
In respect of earlier years (1.15) 5.98
1.01 169.15
Deferred Tax
In respect of the current year
MAT credit - (1.17)
Other items (155.94) (21.02)
Adjustment to deferred tax attributable to changes in tax rates and laws* - (97.37)
In Respect of earlier years (0.40) (4.82)
(156.34) (124.38)
Total tax expense recognised in the current year (155.33) 44.77
* During the previous year, some of the eligible companies in the Group has elected to exercise the option permitted under section 115BAA of the Income
tax act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 and the full impact of the re-measurement of the opening deferred tax
liabilities amounting to ` 87.42 crores has been recognised in the statement of Profit and Loss account for the year ended March 31, 2020.
The Group reviews its income tax treatments in order to determine its impact on the financial statements. As a practice,
where the interpretation of income tax law is not clear, management relies on the some or all of the following factors
to determine the probability of its acceptance by the tax authority:
• Strength of technical and judicial argument and clarity of the legislation;
• Past experience related to similar tax treatments in its own case;
• Legal and professional advice or case law related to other entities.
After analysing above factors for each of such uncertain tax treatments, where the Company expects that the probability
to sustain its position on ultimate resolution of such uncertain tax treatment is remote, the Company ensures that such
uncertain tax positions are adequately provided for in the Company’s financial Statements.
301

Note 40 : Income Tax Disclosure (contd.)

ii) A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to
the profit before tax is summarised below:
(` crores)
March 31, 2021 March 31, 2020
Profit/(Loss) before tax (a) (849.54) 395.54
Income tax rate as applicable in India (b) 25.17% 25.17%
Calculated taxes based on above, without any adjustments for deductions [(a) x (b)] (213.81) 99.55
Permanent tax differences due to:
Effect of income that is exempt from taxation (0.04) (1.89)
Income considered to be capital in nature under tax and tax provisions - (0.27)
Effect of expenses that are not deductible in determining taxable profit 9.84 11.53
Expense considered to be capital in nature under tax and tax provisions 5.18 5.14
Income subject to lower rate of income tax - (10.66)
Deferred tax asset not recognised in Statement of Profit and Loss 65.87 29.60
Fair value gain on acquisition of a joint venture (20.65) -
Effect on deferred tax balances due to the change in income tax rate (0.56) (97.37)
Effect of previously unrecognised and unused tax losses and deductible temporary differences
(0.04) (0.03)
now recognised as deferred tax assets
Difference (net) in tax rates between the company and components/ Jurisdiction 5.38 2.94
Others items, individually not material (4.95) 5.07
(153.78) 43.61
Prior year taxes as shown above (1.55) 1.16
Income tax expense recognised in the Statement of Profit and Loss (155.33) 44.77
iii) Income tax recognised in Other Comprehensive Income:

(` crores)
March 31, 2021 March 31, 2020
Current Tax
Tax impact on profit on sale of investment in equity shares at fair value - -
Deferred tax
Arising on income and expenses recognised in Other Comprehensive Income:
Net fair value gain on investments in equity shares at fair value through
2.58 (1.19)
Total income tax recognised in Other Comprehensive Income 11.78 (6.47)
Bifurcation of the income tax recognised in Other Comprehensive Income into:
Items that will not be reclassified to profit or loss 11.78 (6.47)
11.78 (6.47)
iv) The following is the analysis of deferred tax assets/ (liabilities) presented in the balance sheet:
(` crores)
March 31, 2021 March 31, 2020
Deferred Tax assets (net) 117.98 76.50
Deferred Tax liabilities (net) (78.05) (186.85)
Net Deferred Tax Liability 39.93 (110.35)
302
FINANCIAL
STATEMENTS


(` crores)
Recognised in the Statement of
Profit and Loss (net) Recognised Adjustment
MAT Exchange
Opening in Other on adoption Closing
Impact of credit difference
Balance Comprehensive of Ind AS balance
change in Others utilised (net)
Income (net) 116
Income Tax Rate
Deferred tax (liabilities)/
assets:
Property, Plant and equipment (335.02) - 6.65 - - - (0.06) (328.43)
& Intangible Assets (484.72) 130.42 19.31 - - - (0.03) (335.02)
Right-to-Use Assets Net of 53.45 - 7.26 - 60.71
Lease Liability - (16.94) 6.48 63.91 53.45
(0.34) - (1.86) - - - - (2.20)
Unamortised borrowing cost
(0.37) 0.10 (0.07) - - - - (0.34)
Provision for Employee 38.02 - (6.86) (9.20) - 21.96
Benefits 38.87 (10.52) 4.39 5.28 - 38.02
Fair valuation changes of 5.93 - (6.20) - - - - (0.27)
derivative contracts (2.26) 0.63 7.56 - - - - 5.93
Unrealised gain on equity
shares carried at fair value (0.38) - - (2.83) - - - (3.21)
through Other Comprehensive (1.57) - - 1.19 - - - (0.38)
Income
20.43 - - - - - - 20.43
MAT Credit Entitlement
19.34 - (0.08) - - 1.17 - 20.43
Unused tax losses (Business) 70.67 - 148.18 - - - 5.77 224.62
(net) 73.52 6.92 (12.12) - - - 2.35 70.67
5.23 - 3.76 - - - - 8.99
Allowance for doubtful debts
5.85 (1.56) 0.94 - - - - 5.23
12.31 - (0.41) - - - 11.90
Reward Points
14.83 (4.15) 1.63 - - - 12.31
3.33 - 1.44 - - - 4.77
Provision for Contingencies
11.67 (3.26) (5.08) - - - 3.33
16.02 - 4.38 0.25 - - 0.01 20.66
Others
17.51 (4.27) 2.89 - - - (0.11) 16.02
(110.35) - 156.34 (11.78) - - 5.72 39.93
Total Deferred Tax Liability
(307.33) 97.37 25.85 6.47 63.91 1.17 2.21 (110.35)
Figures in italics are of the previous year.
v) A deferred tax asset of ` 148.18 crores has been recognised by the Group for the unused tax losses during the current
year. These losses essentially represents business losses and unabsorbed depreciation.
The recoverability of the deferred tax assets has been assessed based on:
• Internal budgets, profit forecasts prepared by management, after duly considering the potential impact of Covid-19
in the future business of the Company.
• applying tax principles to those forecasts; and
• following the methodology required by Ind AS 12 – Income Taxes.
303


Based on the assessments as above, the management determines that deferred tax assets created on unused tax losses
(business losses and unabsorbed depreciation) should reverse well within the statutory time limit. These losses can be
fully set-off against future taxable profits earned by the respective companies in the Group, and accordingly based on
the reasonable certainty that sufficient future taxable income would be generated considering the size of the company,
it growth trajectory and past performance history during normal times, appropriate amount of deferred tax asset has
been created during the year. The management will continue to monitor and review these assets based on the profit
forecasts in future.
vi) Deferred tax asset amounting to ` 701.95 crores and ` 657.28 crores as at March 31, 2021 and March 31, 2020 respectively
in respect of unused tax losses have not been recognised by the Group. The tax loss carry-forwards of ` 3,261.28 crores
and ` 3,064.04 crores as at March 31, 2021 and March 31, 2020, respectively, relates to certain subsidiaries on which
deferred tax asset has not been recognised by the Group, because there is a lack of reasonable certainty that these
subsidiaries may generate future taxable profits. Approximately, ` 687.25 crores and ` 412.52 crores as at March 31,
2021 and March 31, 2020 respectively of these tax losses has carry-forwards is not currently subject to expiration
dates. The remaining tax loss carry-forwards of approximately ` 2,574.03 crores and ` 2,651.52 crores as at March 31,
2021 and March 31, 2020 respectively, expires in various years through fiscal 2038. Deferred tax assets on unused tax
losses have been recognised by certain subsidiaries to the extent of profits arising from the reversal of existing taxable
temporary differences.
vii) Deferred income tax liabilities are recognised for all taxable temporary differences except in respect of taxable temporary
differences associated with investments in subsidiaries where the timing of the reversal of the temporary difference can
be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Accordingly,
deferred income tax liabilities on cumulative earnings of subsidiaries amounting to ` 1,391.01 crores and ` 1,554.13
crores as at March 31, 2021 and March 31, 2020, respectively has not been recognised. Further, it is not practicable to
estimate the amount of the unrecognised deferred tax liabilities for these undistributed earnings.
Note 41 : Employee Benefits

(a) The Group has recognised the following expenses as defined contribution plan under the head “Company’s Contribution
to Provident Fund and Other Funds” (net of recoveries):
(` crores)
March 31, 2021 March 31, 2020
Provident Fund 23.28 26.04
Superannuation Fund 4.19 3.92
Total 27.47 29.96
Multi-Employer Benefit Plans

One of the international subsidiaries, United Overseas Holding Inc., along with its LLP’s namely “the New York LLC” is a
party to the Industrywide Collective Bargaining Agreement between the New York Hotel Trades Council (“NYC Union”)
and the Hotel Association of New York City, Inc. The collective bargaining agreement provides for union sponsored
multi-employer defined benefit plans (the “Plans”) to which the New York LLC makes contributions for the benefit of
their employees covered by the collective bargaining agreements. The New York LLC has not received information from
the Plans’ administrators to determine their share of unfunded benefit obligations, if any. The New York LLC has not
undertaken to terminate, withdraw or partially withdraw from the Plans. The risks of participating in the multi-employer
plan are different from a single-employer plan in the following aspects:
(i) Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of
other participating employers.
304
FINANCIAL
STATEMENTS


(ii) If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by
the remaining participating employers.
(iii) If an employer chooses to stop participating in some of its multi-employer plans, the employer may be required to
pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
The New York LLC’s participation in the Plans for the year ended December 31, 2020 and 2019 is outlined in the
table below. The “EIN Number” column provides the Employer Identification Number (EIN). The most recent Pension
Protection Act (PPA) zone status available is for the Plans’ year-end at December 31, 2020 and 2019.
The zone status is based on information that the New York LLC received from the Plans and is certified by the actuaries
of the Plans. Among other factors, pension plans in the red zone are generally less than 65% funded, pension plans
in the yellow zone are less than 80% funded, and pension plans in the green zone are at least 80% funded. The “FIP/
RP Status Pending/Implemented” column indicates pension plans for which a financial improvement plan (FIP) or a
rehabilitation plan (RP) is pending or has been implemented. The New York LLC’s contributions to its respective Plans
did not exceed more than 5% of the total contributions to the Plans by all participating employers. The following is a
summary of the Plans to which the New York LLC make contributions for the benefit of their employees covered by the
collective bargaining agreements.
Pension Protection Act Contribution by the Company

Zone Status FIP/RP Status for the year ended
Plan
Plans EIN Number Pending/
Number December 31, December 31,
2020 2019 Implemented
2020 US $ 2019 US $
New York LLC
Pension Fund (i) 13-1764242 001 Green Green Yes 1,859,270 4,046,529
Health Benefits Fund (ii) 13-6126923 501 NA NA Yes 7,569,220 7,954,067
Prepaid Legal Services Fund (iii) 13-3418414 508 NA NA Yes 54,253 76,968
Total - New York LLC 9,482,743 12,077,564
(i) New York Hotel Trades Council and Hotel Association of New York City, Inc. Pension Fund
(ii) New York Hotel Trades Council and Hotel Association of New York City, Inc. Health Benefits Fund
(iii) New York Hotel Trades Council and Hotel Association of New York City, Inc. Prepaid Legal Services Fund
Defined Contribution 401(k) Plans

United Overseas Holding Inc. and its LLC’s, wholly owned subsidiaries in the United States of America, have defined
contribution plans for the benefit of their eligible employees pursuant to Section 401(k) of the Internal Revenue Code. In
addition to employee 401(k) contributions, the plans require employer contributions of 3% of each eligible participant’s
plan compensation for each year. The employer may also make a profit sharing contribution of a uniform percentage
of eligible participants’ plan compensation based on profits as defined. The employer contributions charged to the
Company’s and the Subsidiaries’ operations for the years ended March 31, 2021 and 2020 are as follows:
(US $)
March 31, 2021 March 31, 2020
San Francisco LLC 40,586 110,987
New York LLC 95,073 188,498
Company 20,718 31,950
Total Employer Contributions 156,377 331,435
305


(b) The Group operates post retirement defined benefit plans as follows :-
(i) Funded :
• Provident Fund
• Post Retirement Gratuity
• Pension to Employees – Post retirement minimum guaranteed pension scheme for certain categories of
employees, which is funded by the Company and the employees.
(ii) Unfunded :
• Post Retirement Gratuity
• Pension to Executive Directors and Employees – Post retirement minimum guaranteed pension scheme for select
existing and retired executive directors and certain categories of employees, which is unfunded.
• Post Employment Medical Benefits to qualifying employees
(c) Provident Fund:

The Company operates Provident Fund Scheme through a trust – ‘The Indian Hotels Company Limited Employees
Provident Fund’ (‘the Plan’), set up by the Company and for certain categories contributions are made to State Plan.
The Plan guarantees minimum interest at the rate notified by the Provident Fund Authorities. The contribution by
the employer and employee together with the interest accumulated thereon are payable to employees at the time of
separation from the Company or retirement, whichever is earlier. The benefit vests immediately on rendering of the
services by the employee. In terms of the guidance note issued by the Institute of Actuaries of India for measurement of
provident fund liabilities, the actuary has provided a valuation of provident fund liability and based on the assumptions
provided below, there is no shortfall as at March 31, 2021 and March 31, 2020.
The details of fund and plan asset position are given below:
(` crores)
March 31, 2021 March 31, 2020
Plan Assets as at period end 687.57 634.96
Present Value of Funded Obligation at period end 687.57 634.96
Amount recognised in the Balance Sheet - -
Assumptions used in determining the present value obligation of the interest rate guarantee under the
Deterministic Approach:
(` crores)
March 31, 2021 March 31, 2020
Guaranteed Rate of Return 8.50% 8.50%
Discounted Rate for remaining term to Maturity of Investment 6.80% 6.55%
Expected Rate of Return on Investment 8.70% 8.61%
The Company contributed ` 11.80 crores and ` 13.15 crores towards provident fund during the year ended March 31,
2021 and March 31, 2020 respectively and the same has been recognised in the statement of profit and loss.
In light of the Supreme Court judgement dated February 28, 2019 regarding the definition of wages for calculation of
Provident fund contribution, the Company as advised, on a prudent basis, has provided for the liability prospectively
from date of judgement.
306
FINANCIAL
STATEMENTS


(d) Pension Scheme for Employees:
The Group has formulated a funded pension scheme for certain employees. The actuarial liability arising on the above,
after allowing for employees’ contribution is determined as at the year end, on the basis of uniform accrual benefit,
with demographic assumptions taken as Nil.
(e) The above defined benefit plans typically expose the Group to actuarial risks such as: investment risk, interest rate
risk, longevity risk and salary risk.
a. Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by
reference to government security yields prevailing as at the Balance Sheet date. If the return on plan asset is
below this rate, it will create a plan deficit. The current plan has a relatively balanced mix of investments in equity,
government securities, bonds and other debt instruments. Due to the long-term nature of the plan liabilities, the
Trustees of the Fund consider it appropriate that a reasonable portion of the plan assets should be invested in
equity securities to leverage the return generated by the Fund.
b. Interest risk
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase
in the return on the plan's debt investments.
c. Longevity risk
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan's liability.
d. Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan's liability.
(f) Defined Benefit Plans – As per Actuarial Valuation on March 31, 2021 :-
(i) Amount to be recognised in Balance Sheet and movement in net liability
(` crores)
Post
Gratuity Employment
Unfunded
226.38 - - - 8.08
Present Value of Funded Obligations
231.97 - - - 8.26
2.43 7.30 3.30 18.44 -
Present Value of Unfunded Obligations
2.32 7.35 3.62 18.58 -
Fair Value of Plan Assets (219.69) - - - (11.18)
(201.82) - - - (10.73)
Amount not recognised due to asset limit - - - - 1.05
- - - - 0.84
Net (Asset) / Liability 9.12 7.30 3.30 18.44 (2.05)
32.47 7.35 3.62 18.58 (1.63)
307


(ii) Expenses recognised in the Statement of Profit & Loss
(` crores)
Post
Gratuity Employment
Unfunded
13.50 0.11 0.20 - 0.17
Current Service Cost
12.21 0.09 0.15 - 0.15
- - - - -
Past service Cost
- - - - -
Interest Cost 1.59 0.47 0.24 1.20 (0.11)
1.00 0.49 0.19 1.21 (0.12)
Total 15.09 0.58 0.44 1.20 0.06
13.21 0.58 0.34 1.21 0.03
(iii) Expenses recognised in Other Comprehensive Income (OCI)

(` crores)
Post
Gratuity Employment
Unfunded
Remeasurements during the period due to:
12.45 0.62 0.37 1.47 0.54
0.04 - - - -
5.39 (0.07) 0.66 0.41 (0.40)
Actual return on plan assets less interest on (28.42) - - - (0.24)
plan assets 0.23 - - - (0.18)
Adjustment to recognise the effect of asset - - - - 0.16
ceiling - - - - 0.02
Expenses recognised (36.81) (0.42) 0.12 (0.15) (0.36)
18.08 0.55 1.03 1.88 (0.02)
308
FINANCIAL
STATEMENTS


(iv) Reconciliation of Defined Benefit Obligation
(` crores)
Post
Gratuity Employment
Unfunded
Opening Defined Benefit Obligation 234.29 7.35 3.62 18.58 8.26
207.93 6.61 2.65 16.62 7.91
12.21 0.09 0.15 - 0.15
Past Service Cost - - - - -
- - - - -
Interest Cost 14.05 0.47 0.24 1.20 0.53
14.31 0.49 0.19 1.21 0.56
12.45 0.62 0.37 1.47 0.54
0.04 - - - -
5.39 (0.07) 0.66 0.41 (0.40)
Benefits Paid (24.67) (0.21) (0.88) (1.19) (0.60)
(19.97) (0.39) (0.40) (1.13) (0.50)
Liabilities assumed 0.02 - - - -
1.93 - - - -
Closing Defined Benefit Obligation 228.81 7.30 3.30 18.44 8.08
234.29 7.35 3.62 18.58 8.26
(v) Reconciliation of Fair Value of Plan Assets

(` crores)
Post
Gratuity Employment
Unfunded
Opening Fair Value of Plan Assets 201.82 - - - 10.73
186.19 - - - 10.15
Interest on Plan Assets 12.46 - - - 0.74
13.31 - - - 0.74
Remeasurements due to:
Actual return on plan assets less interest on 28.42 - - - 0.23
plan assets (0.23) - - - 0.18
Contribution by Employer 1.65 0.21 0.88 1.19 0.13
20.87 0.39 0.40 1.13 0.16
Benefits Paid (24.67) (0.21) (0.88) (1.19) (0.60)
(19.97) (0.39) (0.40) (1.13) (0.50)
Assets acquired - - - - -
1.66 - - - -
Closing Fair Value of Plan Assets 219.69 - - - 11.23
201.82 - - - 10.73
Expected Employer's contribution/ outflow 17.00 - - - -
next year 17.10 - - - -
309


(vi) Actuarial Assumptions
Post
Gratuity Employment
Unfunded
Discount rate (p.a.) in % 6.80% 6.80% 6.80% 6.80% 6.80%
6.65% 6.65% 6.65% 6.65% 6.65%
Salary Escalation Rate (p.a.) in % 4.00-5.00% - 4.00% - -
4.00-5.00% - 4.00% - -
Pension Escalation Rate (p.a.) in % - - - 4.00% -
- - - 4.00% -
Annual increase in healthcare costs (p.a.) in % - 6.00% - - -
- 6.00% - - -
Mortality Table *
Mortality table in service(LIC) Table 1 Table 1 Table 1 NA NA
Table 1 Table 1 Table 1 NA NA
Mortality table in retirement(LIC) NA Table 2 Table 2 Table 2 Table 2
NA Table 2 Table 2 Table 2 Table 2
* Table 1 – Indian Assured Lives Mortality (2012-14) Ult table

Table 2 – UK Published S1PA Mortality rate
(vii) Disaggregation of Plan Assets (Managed by an Insurance Company)

a) Gratuity Funded
(` crores)
March 31, 2021 March 31, 2020
Quoted Unquoted Total % Quoted Unquoted Total %
Government Debt
93.96 - 93.96 43% 94.60 - 94.60 47%
Instruments
Other Debt Instruments 52.31 0.09 52.40 24% 41.19 0.09 41.28 20%
Property - - - - - - - -
Insurer managed funds - 24.46 24.46 11% - 22.70 22.70 11%
Others 12.80 3.07 15.86 7% 0.62 12.10 12.72 6%
Total 192.07 27.62 219.69 100% 166.94 34.89 201.83 100%
b) Pension Staff Funded

(` crores)
March 31, 2021 March 31, 2020
Quoted Unquoted Total % Quoted Unquoted Total %
Government Debt
4.72 - 4.72 42% 4.82 - 4.82 45%
Instruments
Others - 2.65 0. 98 24% - 0.98 0. 98 9%
Total 8.53 2.65 11.18 100% 9.75 0.97 10.73 100%
310
FINANCIAL
STATEMENTS


(viii) Sensitivity Analysis (for each defined benefit plan)
(%)
Gratuity Pension Top up
Salary Salary Salary
Discount Discount Discount Life Discount
Escalation Escalation Escalation
rate rate rate Expectancy rate
rate rate rate
Impact of increase in 50 bps on DBO (3.08) 3.33 (3.08) 3.32 (6.08) - (5.87) -
Impact of decrease in 50 bps on DBO 3.27 (3.16) 3.27 (3.15) 6.65 - 6.41 -
Impact of life expectancy 1 year decrease - - - - - (1.90) - (1.93)
Impact of life expectancy 1 year Increase - - - - - 1.82 - 1.85
(%)
Pension Staff Funded
March 31, 2021 March 31, 2020
Discount Life Discount Life
Pension rate Pension rate
rate Expectancy rate Expectancy
Impact of increase in 50 bps on DBO (3.58) - - (3.74) - -
Impact of decrease in 50 bps on DBO 3.85 - - 4.01 - -
(%)
Post- Employment Medical Benefits Unfunded
March 31, 2021 March 31, 2020
Discount Life Health Discount Life Health
rate Expectancy care Cost rate Expectancy care Cost
Impact of life expectancy 1 year decrease - (3.61) - - (3.52) -
Impact of life expectancy 1 year Increase - 3.43 - - 3.35 -
Defined benefit obligation on healthcare costs
- - (4.45) - - (4.61)
rate minus 100 bps
Defined benefit obligation on healthcare costs
- - 5.23 - - 5.44
rate plus 100 bps
(%)
Pension Director Unfunded
March 31, 2021 March 31, 2020
Discount Life Health Discount Life Health
rate Expectancy care Cost rate Expectancy care Cost
Impact of life expectancy 1 year decrease - (4.19) - - (4.02) -
Impact of life expectancy 1 year Increase - 4.04 - - 3.88 -
Defined benefit obligation on pension increase
- - (8.70) - - (9.03)
rate minus 100 bps
Defined benefit obligation on pension increase
- - 10.02 - - 10.45
rate plus 100 bps
(ix) Movement in Asset Ceiling

(` crores)
March 31, 2021 March 31, 2020
Opening Value of asset ceiling 0.84 0.76
Interest on Opening balance of asset ceiling 0.05 0.06
Remeasurement due to:
change in Surplus/(deficit) 0.16 0.02
Closing value of asset ceiling 1.05 0.84
Footnote: Figures in italics under (i) to (vi) are of the previous year.
311


(x) Expected future benefit payments:
(` crores)
Post
Gratuity Employment
Unfunded
Within one year 48.11 0.46 - 1.26 0.77
45.89 0.43 - 1.21 0.71
Between one and five years 88.91 2.06 2.11 5.34 3.03
98.02 1.99 3.06 5.17 2.87
After five years 251.70 14.85 2.09 33.60 11.54
248.48 15.18 1.83 34.70 12.11
Weighted average duration of the Defined 6.43 9.77 12.85 9.08 7.05
Benefit Obligation (in years) 6.39 10.13 12.33 9.46 7.36
Due to the restrictions in the type of investments that can be held by the gratuity and pension fund as per the prevalent regulations, it is not possible
to explicitly follow an asset-liability matching strategy to manage risk actively
The estimate of future salary increases, considered in actuarial valuation, takes into account inflation, seniority, promotions and other relevant factors.
The above information has been certified by the actuary and has been relied upon by the Auditors.
Note 42 : Other Regulatory Matters

The Company, on a review of its foreign operations had, in the past, made voluntary disclosures to the appropriate regulator,
of what it considered to be possible irregularities, in relation to foreign exchange transactions relating to the period prior
to 1998. Arising out of such disclosures, the Company received show cause notices and the Company had replied to the
notices. Prior to 2018, the Company has received adjudication cum demand of ` 10.89 crores on certain matters which has
been disputed by the Company. This has been disclosed as Contingent Liability. The Company has filed appeal against the
adjudication cum demand, and the appeal is pending. During the financial year 2018-19, the Company received adjudication
cum demand aggregating ` 1.12 crores on three other matters being contested. The Company has filed appeals against these
adjudication cum demand orders and the same are pending. For the balance Show Cause Notices, adjudication proceedings
are pending.
Note 43 : Related Party Disclosures

(a) The names of related parties of the Group are as under:
i. Company having significant influence
Tata Sons Private Ltd. (including its subsidiaries and joint ventures)
ii. Associates and Joint Ventures

The names of all the associates and joint ventures are given in Note 36 (c)
iii. Key Management Personnel

Key managerial personnel comprise the whole-time directors of the Company, who have the authority and responsibility for
planning, directing and controlling the activities of the Company and the Group.
Following are the Key Management Personnel: Relation
Puneet Chhatwal Managing Director & CEO
iv. Post Employment benefit plans

The Indian Hotels Company Ltd. Employees Provident Fund
The Indian Hotels Company Ltd. Superannuation Scheme
The Indian Hotels Employees Gratuity Trust
Taj Residency Employees Provident fund Trust (Bangalore unit)
Piem Hotel Employees Gratuity Trust
Taj Residency Hotel Employees Gratuity Trust
312
FINANCIAL
STATEMENTS


(b) The details of related party transactions during the year ended March 31, 2021 and March 31, 2020 are as follows:
(` crores)
Company having
Key Management Associates and Joint Post Retirement
significant
Personnel Ventures# benefit plans
influence*
Interest expense 4.76 - - -
1.53 - 0.94 -
Interest income - - 2.11 -
- - 2.03 -
Dividend Paid 23.59 - 0.10 -
22.61 - 0.10 -
Dividend income 4.50 - 1.52 -
4.60 - 6.40 -
Operating/ License Fees expenses - - - -
0.21 - - -
Operating fees income 11.68 - 20.20 -
12.73 - 55.20 -
Purchase of goods and services 52.18 - 2.04 -
72.02 - 2.60 -
Sale of goods and services 24.19 - 1.53 -
56.28 - 1.01 -
Purchase of shares 6.60 - 4.99 -
- - 2.99 -
Sale of shares - - - -
- - 29.79 -
Deputed staff reimbursements 0.04 - 8.10 -
- - 9.52 -
Deputed staff out 0.98 - 22.73 -
0.23 - 30.80 -
Other cost reimbursements 0.05 - 0.26 -
0.60 - 0.78 -
Loyalty expense (Net of redemption credit) - - 0.40 -
0.07 - 5.15 -
Contribution to funds - - - 17.63
- - - 49.09
Inter Corporate Deposit (“ICD”) Raised 30.00 - - -
55.00 - 23.00 -
ICD Repaid 15.00 - - -
15.00 - 35.00 -
ICD Placed - - 1.11 -
- - 3.55 -
ICD Encashed - - 0.30 -
- - 3.00 -
Remuneration paid / payable - 7.23 - -
(Refer Footnote (ii) & (iii)) - 14.57 - -
313


(` crores)
Company having
Key Management Associates and Joint Post Retirement
significant
Personnel Ventures# benefit plans
influence*
Trade receivables (Refer Note 14) 6.35 - 33.51 -
10.00 - 34.52 -
Trade payables (Refer Note 20) 8.84 - 1.30 -
17.56 - 2.00 -
Other Receivable/ (Other Payable) 0.57 - 14.91 -
(Refer Note 10 and 21) 0.74 - 80.73 -
Interest Receivable - - 0.02 -
(Refer Note 10) - - 0.49 -
Interest Payable 0.06 - - -
(Refer Note 21) 0.08 - - -
Loan Receivable - - 12.75 -
(Refer Note 9) - - 23.24 -
Allowance for doubtful loan - - 3.17 -
(Refer Note 9) - - 3.17 -
Option Deposit 71.10 - - -
(Refer Note 21) 71.10 - - -
Deposits Payable 55.05 - - -
(Refer Note 19) 40.05 - - -
Deposits Receivable 0.08 - 10.98 -
(Refer Note 10) 0.08 - - -
* Including its subsidiaries and joint ventures
# Including its subsidiaries
Footnotes:
(i) Figures in italics are of the previous periods.
(ii) Managerial remuneration excludes provision for gratuity and compensated absences, since these are provided on the basis of an actuarial valuation
for the Company’s liability to all its employees.
(iii) The remuneration paid/ payable to Managing Director & CEO for the years ended March 31, 2021 and March 31, 2020 is ` 7.23 crores and ` 14.57
crores, respectively. For the year ended March 31, 2021, remuneration includes ` 3.24 crores of incentive remuneration, being part of minimum
remuneration, which is accrued based on recommendation by the Nomination and Remuneration Committee. The total managerial remuneration for
the financial year (amounting to ` 7.23 crores) exceed the prescribed limits under Section 197 read with Schedule V to the Companies Act, 2013 by
` 5.91 crores. As per the provisions of the Act, the excess remuneration is subject to approval of the shareholders which the Company proposes to
obtain in the forthcoming Annual general Meeting.
(iv) From time to time key management personnel of the group including directors of entities, which they have control or significant influence, may purchase
services from the group, those purchase are on the same terms and conditions as those entered into with other group employees or customers.
314
FINANCIAL
STATEMENTS


(c) Statement of Material Transactions
(` crores)
March 31, 2021 March 31, 2020
Company having substantial interest and its subsidiaries and joint ventures
Tata Sons Private Limited
Dividend income 4.50 4.50
Dividend paid 22.65 21.66
Trade payables - 4.09
Other cost reimbursements 0.04 0.57
Deposits Receivable - 0.08
Tata SIA Airlines Limited

Tata AIG General Insurance Company Limited

Tata Realty and Infrastructure Limited

Option Deposit 71.10 71.10
Tata Zambia Limited

Operating / Licence fees expense - 0.21
Tata Consultancy Services Limited

Operating fees income 10.75 -
Trade receivables 1.89 3.57
Trade payables 6.54 9.57
Tata Communications Ltd.

Tata International Limited

Interest expense 0.65 -
ICD Raised 15.00 -
Interest Payable 0.06 -
Deposit outstanding 15.00 -
Purchase of shares 6.60 -
Taj Air Limited

Interest expense 4.10 1.53
ICD Raised 15.00 55.00
ICD Repaid 15.00 15.00
Interest Payable - 0.08
Deposit outstanding 40.00 40.00
Remuneration to Key Management Personnel

Puneet Chhatwal 7.23 14.57
315


(` crores)
March 31, 2021 March 31, 2020
Associates
Deputed staff reimbursement 3.48 4.11
Deputed staff out 11.06 14.68
Trade receivables 9.70 8.37
Other Receivable / (Payable) 4.83 -
Dividend Income 1.25 3.28
Taida Trading & Industries Ltd.

Interest receivable 0.02 0.45
ICD Placed 1.11 0.55
Loan Receivable 7.70 6.59
Allowance for doubtful loan 3.17 3.17
Joint Ventures
Taj GVK Hotels & Resorts Ltd.
Deputed staff reimbursement 2.73 3.56
Deputed staff out 5.22 8.42
Taj Kerala Hotels & Resorts Ltd.

Deputed staff reimbursement 0.91 -
Loyalty expense (Net of redemption credit) 0.05 -
Purchase of shares 4.99 -

ICD Encashed 0.30 -
Loyalty expense (Net of redemption credit) 0.06 -
Taj SATS Air Catering Ltd.

Interest expense - 0.94
Sale of shares - 29.79
ICD Raised - 23.00
ICD Encashed - 35.00
Other Receivable / (Payable) - (0.89)
Taj Safaris Ltd.

Purchase of Shares - 2.99
ICP Encashed - 3.00
ICD Placed - 3.00
316
FINANCIAL
STATEMENTS


(` crores)
March 31, 2021 March 31, 2020
Kaveri Retreat & Resorts Limited
Other receivable/(Other payable) (0.35) (0.50)
TAL Hotels & Resorts Ltd.

Dividend income - 2.03
Operating fees income - 7.14
Other cost reimbursements 0.04 -
Other receivable/(Other payable) - (0.27)
IHMS Hotels (SA)(Pty) Ltd.

Trade Receivable - 5.87
Other Receivable - 75.56
Post-employment benefits plans

Contribution to superannuation fund 4.65 4.89
Contribution to provident fund 11.80 23.45
Contribution to Gratuity Fund - 19.75
Note 44 : Segment Information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
maker. The Managing Director and Chief Executive Officer of the Company who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the chief operating decision-maker. From the
internal organisation of the Group’s activities and consistent with the internal reporting provided to the chief operating
decision-maker and after considering the nature of its services, the ultimate customer availing those services and the methods
used by it to provide those services, “Hotel Services” has been identified to be the Group’s sole operating segment. Hotel
Services include “Revenue from Operations” including Management and Operating Fees where hotels are not owned or leased
by the Group. The organisation is largely managed separately by property based on centrally driven policies and the results
and cash flows of the period, financial position as of each reporting date aggregated for the assessment by the Managing
Director and Chief Executive Officer. The Group's management reporting and controlling systems principally use accounting
policies that are the same as those described in Note 2 in the summary of significant accounting policies under Ind AS. As
the Group is engaged in a single operating segment, segment information that has been tabulated below is Group-wide:
(` crores)
Revenue from Hotel Services by
Non-current assets (see footnote below)
location of operations
Country
India 1,430.19 3,394.06 5,793.52 5,982.76

U.S.A. 96.82 665.63 1,050.16 1,118.33
U.K. 42.42 403.45 1,236.13 1,163.40
Other Overseas locations 5.73 - 432.29 0.02
Total 1,575.16 4,463.14 8,512.10 8,264.51
Footnote: Non-current assets exclude financial assets, deferred tax assets and goodwill.
No single customer contributes more than 10% or more of the Group’s total revenue for the years ended March 31, 2021 and March 31, 2020.
317

Note 45 : Additional Information as Required under Schedule III to the Companies Act, 2013, of Enterprises
consolidated as Subsidiary / Associates / Joint Ventures
Net assets, i.e.,
Share in other Share in total
total assets minus total Share in profit or loss
comprehensive income comprehensive income
liabilities
Name of the entity of the Group
As % of As % of As % of As % of
consolidated ` crores consolidated ` crores consolidated ` crores consolidated ` crores
net assets profit or loss profit or loss profit or loss
Parent
The Indian Hotels Company Ltd. 92.71% 3,970.57 (72.87)% (524.78) 86.98% 209.06 (65.81)% (315.72)
Subsidiaries
Indian
Piem Hotels Ltd. 13.35% 571.83 (9.55)% (68.76) 10.80% 25.95 (8.92)% (42.81)
Benares Hotels Ltd. 1.69% 72.23 (0.73)% (5.23) 0.05% 0.13 (1.06)% (5.10)
United Hotels Ltd. 0.43% 18.35 (0.77)% (5.51) 0.17% 0.42 (1.06)% (5.09)
Roots Corporation Ltd. 3.39% 145.36 (6.86)% (49.38) 0.05% 0.13 (10.27)% (49.25)
Inditravel Ltd. 0.12% 4.98 (0.11)% (0.76) 0.01% 0.03 (0.15)% (0.73)
Taj Trade & Transport Company Ltd. 0.17% 7.08 (0.55)% (3.97) 0.01% 0.02 (0.82)% (3.95)
KTC Hotels Ltd. 0.07% 2.87 0.03% 0.19 - - 0.04% 0.19
Northern India Hotels Ltd. 0.78% 33.32 0.34% 2.42 - - 0.50% 2.42
Taj Enterprises Ltd. 0.13% 5.67 (0.22)% (1.59) - - (0.33)% (1.59)
Skydeck Properties and Developers
10.50% 449.58 0.02% 0.12 - - 0.03% 0.12
Private Ltd.
Sheena Investments Private Ltd. 0.07% 2.91 0.01% 0.08 - - 0.02% 0.08
ELEL Hotels and Investments Ltd. 12.97% 555.55 (1.96)% (14.15) - - (2.95)% (14.15)
Luthria and Lalchandani Hotel and
- (0.04) - - - - - -
Properties Private Ltd.
Ideal Ice & Cold Storage Company Ltd. - (0.01) - - - - - -
Foreign
United Overseas Holdings Inc. 10.97% 470.00 (33.55)% (241.60) - - (50.36)% (241.60)
St. James Court Hotel Ltd. 14.93% 639.54 (9.34)% (67.27) - - (14.02)% (67.27)
Taj International Hotels Ltd. 0.04% 1.58 (1.08)% (7.77) - - (1.62)% (7.77)
Taj International Hotels (H.K.) Ltd. 3.08% 131.96 0.33% 2.37 - - 0.49% 2.37
Piem International (HK) Ltd. 3.62% 155.25 (3.07)% (22.08) - - (4.60)% (22.08)
IHOCO BV. 51.63% 2,211.15 (38.96)% (280.55) - - (58.48)% (280.55)
IHMS Hotels (SA) Proprietary Ltd.
1.89% 80.76 (0.04)% (0.30) - - (0.06)% (0.30)
(Refer Footenote ii)
Good Hope Palace Hotels Proprietary
2.37% 101.55 4.85% 34.93 - - 7.28% 34.93
Limited
Non-controlling interests in all
634.57 75.52 (26.91) 48.61
subsidiaries
318
FINANCIAL
STATEMENTS

Note 45 : Additional Information as Required under Schedule III to the Companies Act, 2013, of Enterprises
consolidated as Subsidiary / Associates / Joint Ventures (contd.)
Net assets, i.e.,
Share in other Share in total
total assets minus total Share in profit or loss
comprehensive income comprehensive income
liabilities
Name of the entity of the Group
As % of As % of As % of As % of
consolidated ` crores consolidated ` crores consolidated ` crores consolidated ` crores
net assets profit or loss profit or loss profit or loss
Associates (Investment as per the
equity method)
Indian
Oriental Hotels Ltd. 4.91% 210.40 (3.53)% (25.42) (0.02)% (0.04) (5.31)% (25.46)
Taj Madurai Ltd 0.12% 4.95 0.02% 0.11 0.45% 1.07 0.25% 1.18
Taida Trading & Industries Ltd
- - - - - - - -
(Refer Footnote i)
Foreign
Lanka Island Resorts Ltd. 0.70% 29.90 (0.40)% (2.89) (0.03)% (0.07) (0.62)% (2.96)
TAL Lanka Hotels Plc 0.03% 1.25 (1.39)% (10.02) (0.07)% (0.18) (2.13)% (10.20)
Bjets Pte Ltd. (Refer Footnote i) - - - - - - - -
Joint Ventures (Investment as per the

equity method)
Indian
Taj GVK Hotels and Resorts Ltd. 2.70% 115.66 (1.03)% (7.41) (0.06)% (0.14) (1.57)% (7.55)
Taj Kerala Hotels and Resorts Ltd. 0.34% 14.72 (0.60)% (4.30) 0.03% 0.08 (0.88)% (4.22)
Taj SATS Air Catering Ltd. 0.98% 41.78 (4.24)% (30.51) 0.97% 2.34 (5.87)% (28.17)
Taj Karnataka Hotels and Resorts Ltd. (0.03)% (1.45) 0.01% 0.10 - - 0.02% 0.10
Taj Safaris Ltd. 0.21% 9.13 0.01% 0.05 0.01% 0.03 0.02% 0.08
Kaveri Retreat & Resorts Ltd 1.06% 45.24 0.24% 1.75 - - 0.36% 1.75
Zarrenstar Hospitality Private Ltd - - - - - - - -
Foreign
IHMS Hotels (SA)(Pty) Ltd. (Refer
- - (0.52)% (3.77) - - (0.79)% (3.77)
Footnote ii)
TAL Hotels & Resorts Ltd. 2.46% 105.35 (2.66)% (19.12) (0.07)% (0.17) (4.02)% (19.29)
Consolidation Adjustments /
(153.18)% (6,560.53) 77.68% 559.39 11.90% 28.61 122.56% 588.00
Eliminations
TOTAL 100.00% 4,283.01 100.00% (720.11) 100.00% 240.36 100.00% (479.75)
Footnotes:
i) The carrying value of these investments in Associates has been reported as Nil, as the Group's share of losses exceeds the cost of investments.
ii) IHMS Hotels (SA)(Pty) Ltd. has been accounted as Joint venture till june 30, 2020. Persuant to it becoming a subsidiary on July 1, 2020, it has been accounted
as a subsidiary from the date of acquisition.
Note 46 : Earnings Per Share (EPS):

Earnings Per Share is calculated in accordance with Ind AS 33 – ‘Earnings Per Share’.
March 31, 2021 March 31, 2020
Profit/(Loss) after tax (owner’s share) – (` crores) (720.11) 354.42
Weighted average number of Equity Shares 118,92,58,445 118,92,58,445
Earnings Per Share - Basic and Diluted - (`) (6.05) 2.98
Face Value per Equity Share (`) 1 1
319

Note 47 : Going Concern

Negative working capital:
As at the year end, the group’s current liabilities have exceeded its current assets by ` 1,794.18 crores primarily on account
of current maturities of long term borrowings aggregating ` 1,166.48 crores and liabilities on account of derivative and
other contracts aggregating to ` 319 crores falling due within 12 months following the balance sheet date. The Group has
secured additional financing for the next 12 months to prevent disruption of the operating cash flows and enable the Group
meet its debts and obligations as they fall due. Accordingly, the financial statements of the Group are prepared on a going
concern basis.
Impact of COVID – 19
The Group and its associates and joint ventures faces significant uncertainties due to COVID-19 which have impacted the
operations of these entities adversely starting from the month of March 2020 onwards. Management of the individual entities
has assessed the impact of existing and anticipated effects of COVID-19 on the future cash flow projections and has prepared
a range of scenarios to estimate financing requirements.
Subsequent to the reporting date, the group has undrawn lines of credit aggregating ` 980.33 crores. In addition, the group
continues to engage with the banks and financial institutions and evaluating options to raise money for future operation
needs. Also refer note 2 (e) Estimation uncertainty due to COVID-19.
Based on aforesaid assessment, management believes that as per estimates made conservatively, the group will continue as
a going concern and will be able to discharge its liabilities and realise the carrying amount of its assets as at March 31, 2021.
Note 48 : Government Grants

a) Government grants for the purpose of supporting businesses during the Covid 19 pandemic:
i. Corona Virus Job Retention Scheme in the United Kingdom (UK):
St James Court Limited (SJCL) and Taj International Hotels Limited (TIHL), subsidiaries of the Group in UK, have
received grants of ` 35.50 crores (£ 3.67 million) and ` 9.67 crores (£ 1.00 million) under the Government’s furlough
scheme during the year. These grants are given for specified staff over a specified period of time during which they
are not permitted to work for the company due to the pandemic. The grant is not repayable provided the conditions
of grant have been met. The Group believes it has met all the required conditions. The amounts reimbursed to the
companies for the furloughed staff are netted off against the company’s payroll cost.
ii. Business Rates Relief Scheme (UK):

Under this scheme, property taxes were levied at nil rate for the eligible business. St James Court Limited received
benefits under the Business Rates holiday from the government, amounting to ` 27.67 crores (£2.86 million) for FY
2020-21.
iii. Employee Retention Card Scheme in the United States of America (USA):
United Overseas Holding Inc. (UOH), wholly owned subsidiary, availed benefits under the furlough scheme given
by the Federal government under the COVID 19 stimulus package which allows businesses to take credit of the
wages paid to employees on furlough and not working. UOH has accrued ` 22.72 crores ($ 3.07 million) for the
scheme. The amounts reimbursed to the companies for the furloughed staff are netted off against the company’s
payroll cost.
320
FINANCIAL
STATEMENTS

Note 48 : Government Grants (contd.)

b) Revenue grant under the Assam Industrial Policy
Policy. During the year, on receipt of the requisite eligibility certificate from the regulatory authority, the Company
accrued income of ` 12.69 crores towards reimbursement of taxes for the past years & ` 0.45 crore for the current
financial year which has been recognised in “Other Operating Income”. This grant is expected to be received by the
Company once the verification of claims/ scrutiny & assessment of the previous year’s taxes is completed by the said
department. (Refer Note 32 (d))
Note 49 : Dividends
Dividends paid during the year ended March 31, 2021 out of Retained Earning was ` 0.50 per equity share for the year ended
March 31, 2020, aggregating to ` 59.46 crores.
The dividends declared by the Company are based on the profits available for distribution as reported in the standalone
financial statements of the Company. Accordingly, the retained earnings reported in these financial statements may not
be fully distributable. As of March 31, 2021, retained earnings not transferred to reserves available for distribution was
` 250.64 crores.
On April 30, 2021, the Board of Directors of the Company have proposed a final dividend of ` 0.40 per share in respect of
the year ended March 31, 2021, subject to the approval of shareholders at the Annual General Meeting. If approved, the
dividend would result in a cash outflow of ` 47.57 crores.


Partner Director

321
Form AOC - I
322
(Pursuant to first provison to sub-section (3) of section 129 of the Companies Act, 2013, read with rule 5 of Companies (Accounts) Rules, 2014)
Statement Containing Salient Features of the Financial Statement of Subsidiaries/ Associate Companies / Joint Ventures
|
Part "A" : Subsidiaries

Profit/
The date since when Provision Profit/
Sr. Reporting Share Reserves Total Total Invest- Total (Loss) Proposed Effective
Name of Subsidiary Company subsidiary was for (Loss) after
No Currency Capital & Surplus Assets Liabilities ments Income before Dividend shareholding
acquired taxation taxation
taxation
₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores %
I N T E G R AT E D
Indian
1 Piem Hotels Ltd. March 13, 1968 INR 3.81 575.61 798.97 219.55 156.20 154.01 (96.21) (27.45) (68.76) - 51.57%
2 Benares Hotels Ltd. November 03, 1971 INR 1.30 70.93 90.89 18.66 - 24.81 (6.97) (1.74) (5.23) - 51.68%
3 United Hotels Ltd. November 07, 1950 INR 8.40 9.95 38.62 20.27 1.81 15.95 (7.33) (1.82) (5.51) - 55.00%
4 Roots Corporation Ltd. December 24, 2003 INR 94.03 51.33 687.54 542.18 - 134.86 (49.38) - (49.38) - 63.74%
5 Inditravel Ltd. February 19, 1981 INR 0.72 15.43 16.69 0.54 7.00 0.21 (0.86) (0.10) (0.76) - 78.88%
6 Taj Trade & Transport Co Ltd. November 02, 1977 INR 3.47 5.48 16.70 7.75 4.77 3.94 (3.97) - (3.97) - 73.03%
7 KTC Hotels Ltd. December 22, 1984 INR 0.60 2.27 5.66 2.79 - 0.35 0.25 0.06 0.19 - 100.00%
8 Northern India Hotels Ltd. August 18, 1971 INR 0.44 32.88 33.54 0.22 0.10 3.55 3.23 0.81 2.42 - 48.56%
9 Taj Enterprises Ltd. July 18, 1979 INR 0.50 5.17 7.37 1.70 0.07 3.10 (2.05) (0.46) (1.59) - 93.40%
Skydeck Properties and
10 May 13, 1998 INR 893.03 (443.46) 529.48 79.91 528.61 1.28 0.16 0.04 0.12 - 100.00%
Developers Private Ltd.
11 Sheena Investments Private Ltd. February 12, 1990 INR 1.00 1.91 2.94 0.03 0.40 0.13 0.11 0.03 0.08 - 100.00%
12 ELEL Hotels and Investments Ltd. July 09, 1979 INR 2.82 552.72 614.21 58.67 0.32 0.19 (14.15) - (14.15) - 85.72%
Luthria and Lalchandani Hotel
13 February 18, 2008 INR 0.01 (0.05) 0.01 0.05 - - - - - - 87.15%
and Properties Private Ltd.
Ideal Ice & Cold Storage
14 March 19, 2021 INR 0.98 (1.78) 0.04 0.84 - - - - - - 100.00%
Company Ltd.
Foreign
15 United Overseas Holdings Inc. August 24, 2015 USD 1,501.83 (1,031.83) 1,083.87 613.87 - 103.42 (241.51) 0.09 (241.60) - 100.00%
16 St. James Court Hotel Ltd. February 17, 2000 GBP 570.25 69.28 1,298.58 659.05 - 43.20 (76.23) (8.96) (67.27) - 72.25%
17 Taj International Hotels Ltd. July 5, 1995 GBP - 1.58 36.71 35.13 - 12.54 (9.23) (1.46) (7.77) - 100.00%
Taj International Hotels (H.K.)
18 December 02, 1980 USD 1,683.14 (1,551.18) 132.04 0.08 - 2.47 2.37 - 2.37 - 100.00%
Ltd.
19 Piem International (HK) Ltd. September 08, 1994 USD 58.54 176.12 234.73 0.07 232.64 0.01 (0.10) - (0.10) - 51.57%
20 IHOCO BV. December 18, 1997 USD 193.07 1,719.86 1,914.23 1.30 1,887.32 4.84 (279.44) 1.11 (280.55) - 100.00%
IHMS Hotels (SA) (Proprietary)
21 July 1, 2020 ZAR 85.70 (4.94) 80.76 - - - (0.30) - (0.30) - 100.00%
Ltd. (Refer note (iii))
Good Hope Palace Hotels
22 July 1, 2020 ZAR 147.81 (343.77) 150.95 346.91 - 31.29 34.93 - 34.93 - 100.00%
Proprietary Ltd. (Refer note (iii))
Footnotes:
i) The financial statements of all subsidiaries are drawn upto the same reporting date as that of the Parent Company, i.e., March 31, 2021
ii) Names of subsidiaries which are yet to commence operations - None
iii) During the year, Group has acquired entire stake in IHMS Hotels (SA) (Proprietary) Ltd ("IHMS SA") consequently IHMS SA along with its subsidiary has become a wholly owned subsidiaries.
iv) Exchange rates as at 31.03.2021: 1 USD = ` 73.18; 1 GBP = ` 100.88; 1 ZAR = ` 4.94
v) Average exchange rate for the year (for Profit & Loss items): 1 USD = ` 74.0228; 1 GBP = ` 96.7392; 1 ZAR = ` 4.5412
Part "B" : Associates and Joint Ventures
Shares held by the company
Networth Profit/ loss for the year
on the year end Reason
Date on which attributable to Description
Considered in why the
the Associate or shareholding of how
Sr. Latest Audited No. of Consolidation Not associate/
Name of Associates/ Joint Ventures Joint Venture was Amount of Extent of as per latest there is
No. Balance sheet date shares (to the extent Considered in joint venture
associated or Investment Holding audited significant
(Refer of Group's Consolidation is not
acquired Balance Sheet influence
Note vi) effective consolidated
shareholding)
` crores % ` crores ` crores ` crores
Indian
1 March 31, 2021 September 18, 1970 66,166,530 122.19 35.67% 160.74 (25.42) - Note (iii) -
(Refer note (vii))
2 Taj Madurai Ltd March 31, 2021 March 16, 1990 912,000 0.95 26.00% 4.90 0.11 - Note (iii) -
Taida Trading & Industries Ltd
3 March 31, 2021 July 09, 1959 65,992 0.62 34.78% - - - Note (iii) -
(Refer note (v))
Foreign
4 Lanka Island Resorts Ltd. March 31, 2021 May 26, 1995 19,965,525 38.15 24.66% 8.18 (2.89) - Note (iii) -
5 TAL Lanka Hotels Plc March 31, 2021 June 14, 1980 34,375,640 18.72 24.62% 1.93 (10.02) - Note (iii) -
6 Bjets Pte Ltd. (Refer note (v)) December 31, 2020 November 28, 2007 20,000,000 102.59 45.69% - - - Note (iii) -
Indian
7 Taj GVK Hotels and Resorts Ltd. December 31, 2020 February 02, 1995 16,000,400 40.34 25.52% 94.95 (7.41) - Note (iv) -
8 Taj Kerala Hotels and Resorts Ltd. March 31, 2021 May 07, 1991 14,151,664 20.66 28.78% 12.96 (4.30) - Note (iv) -
9 Taj SATS Air Catering Ltd. March 31, 2021 August 28, 2001 8,874,000 61.82 51.00% 117.31 (30.51) -
10 Taj Karnataka Hotels and Resorts Ltd. March 31, 2021 February 15, 1995 1,398,740 1.40 44.27% (1.49) 0.10 - Note (iv) -
11 Taj Safaris Ltd. March 31, 2021 October 07, 2004 29,720,502 28.93 41.81% 6.99 0.05 - Note (iv) -
12 Kaveri Retreat & Resorts Ltd March 31, 2021 October 25, 2005 13,176,467 44.80 50.00% 35.74 1.75 - Note (iv) -
Zarrenstar Hospitality Private Ltd
13 March 31, 2021 February 05, 2020 1 - 50.00% Note (iv) -
(Refer note (i))
Foreign
IHMS Hotels (SA) (Proprietary) Ltd.
14 March 31, 2021 June 07, 2006 86,739,958 - 50.00% - (3.77) - Note (iv) -
(Refer note (viii))
15 TAL Hotels & Resorts Ltd. March 31, 2021 March 16, 2001 4,946,282 38.03 27.49% 92.73 (19.12) - Note (iv) -
Notes: For and on behalf of the Board

i) Names of Associates/ Joint Venture which are yet to commence operations - Zarrenstar
Hospitality Private Ltd. N. Chandrasekaran Puneet Chhatwal
ii) Names of Associates/ Joint Venture which have been liquidated or sold during the year - Nil Chairman Managing Director & CEO
iii) There is significant influence due to percentage(%) of share holding (more than 20%). DIN: 00121863 DIN: 07624616
iv) These are joint ventures.
v) The carrying value of these investments in Associates has been reported as Nil, as the Group's share Giridhar Sanjeevi Nasser Munjee
of losses exceeds the cost of investments. Executive Vice President & Director
vi) Number of shares includes shares held directly by Parent or through its subsidiaries. Chief Financial Officer DIN: 00010180
vii) This includes 22,34,860 number of shares held in the form of Global Depository Receipts (GDR).
viii) During the year, Group has acquired entire stake in IHMS Hotels (SA) (Proprietary) Ltd ("IHMS SA") Beejal Desai
consequently IHMS SA along with its subsidiary has become a wholly owned subsidiaries. Senior Vice President -
ix) Exchange rates as at 31.03.2021:
Corporate Affairs & Company
FINANCIAL
1 USD = ` 73.18; 1 LKR = ` 0.3643; 1 ZAR = ` 4.94

Secretary (Group)
STATEMENTS
x) Average exchange rate for the year (for Profit & Loss items):
323
1 USD = ` 74.0228; 1 LKR = ` 0.3901; 1 ZAR = ` 4.5412
Consolidated Financial Statistics
324
Capital Accounts Revenue Accounts
Reserves Earning Earning
Net Other Total Net
and Expenditure Profit/ Per Share Per Share
|
Share Gross Invest- Gross Deprecia- Tax Profit/ Compre- Compre- Transfer
Surplus Borrowings Net Block (including (Loss) (Basic) * (Diluted)*
Year Capital Block ments Revenue tion Expenses (Loss) for hensive hensive to General
(Other Interest) before Tax
the year @ Income @ Income @ Reserves
Equity)
₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores ₹ crores in ₹ in ₹
2001-02 45.12 981.09 1,436.65 1,934.43 1,538.47 404.47 826.97 825.41 78.85 30.99 17.67 21.80 10.60 4.83 4.83
2002-03 45.12 1,023.08 1,374.91 2,002.40 1,569.72 390.22 894.74 887.51 75.65 26.96 18.03 28.07 5.95 6.22 6.22
I N T E G R AT E D
2003-04 45.12 1,025.40 2,074.97 2,158.55 1,646.08 432.12 1,039.76 1,004.41 87.83 80.51 28.34 71.99 6.07 15.96 15.47
2004-05 ¶ 50.25 1,269.92 1,969.33 2,950.18 2,263.48 457.06 1,337.94 1,198.53 111.73 139.67 60.23 128.50 11.00 25.55 22.47
2005-06 ¶ 58.41 1,873.73 1,500.95 3,160.73 2,334.34 581.93 1,874.73 1,570.19 127.35 314.07 90.35 248.74 20.00 42.58 42.41
2006-07 60.29 2,036.33 2,055.14 4,416.09 3,382.08 514.27 2,601.13 2,076.87 160.67 532.55 196.52 370.31 35.00 6.14 6.14
2007-08 60.29 2,188.83 3,466.83 4,646.45 3,514.37 1,541.94 3,012.62 2,416.84 167.62 560.52 246.98 354.98 38.00 5.43 5.43
2008-09 Ω 72.34 3,105.55 4,646.88 5,376.11 4,072.03 2,407.68 2,756.63 2,615.91 188.53 158.51 155.77 12.46 35.09 0.15 0.15
2009-10 # 72.35 2,352.80 4,460.69 5,814.15 4,373.49 1,905.42 2,562.53 2,659.71 218.54 (33.69) 84.71 (136.88) 18.94 (1.99) (1.99)
2010-11 & 75.95 2,570.13 4,243.01 6,120.25 4,529.51 2,505.81 2,932.20 2,920.9 227.89 23.23 92.10 (87.26) 16.67 (1.19) (1.19)
2011-12 α 75.61 2,893.72 3,803.28 7,276.94 5,216.09 1,903.90 3,514.90 3,365.81 255.07 147.57 121.75 3.06 26.75 0.04 0.04
2012-13 § 80.75 2,898.53 3,817.64 7,736.01 5,382.94 1,563.30 3,803.52 3,664.88 288.42 (291.79) 98.96 (430.24) 5.28 (5.40) (5.40)
2013-14 80.75 2,555.71 4,252.01 8,357.90 5,634.70 1,427.21 4,125.94 3,983.26 308.13 (412.16) 110.95 (553.85) 3.45 (6.86) (6.86)
2014-15 80.75 2,146.47 5,074.48 8,693.44 5,820.74 1,586.90 4,287.35 4,166.92 291.29 (232.48) 114.60 (378.10) 1.65 (4.68) (4.68)
2015-16 ₸ 98.93 2,481.32 4,526.09 6,475.09 6,187.97 1,515.24 4,122.78 3,846.45 284.82 (91.17) 90.63 (231.08) 45.54 (185.54) - (2.34) (2.34)
2016-17 98.93 2,418.76 3,382.98 5,792.33 5,259.83 1,243.71 4,075.51 3,734.78 299.37 30.58 113.74 (63.20) 34.70 (28.50) - (0.60) (0.60)
2017-18 Ω 118.93 4,062.17 2,427.43 6,415.82 5,597.11 1,511.42 4,165.28 3,702.24 301.20 184.29 121.06 100.87 117.25 218.12 - 0.91 0.91
2018-19 118.93 4,229.07 2,325.98 6,980.35 5,838.78 1,335.14 4,595.38 3,872.40 327.85 401.71 157.12 286.82 (59.81) 227.01 - 2.41 2.41
2019-20 118.93 4,237.88 2,602.07 8,993.94 7,444.27 1,426.59 4,595.56 3,836.73 404.24 395.54 44.77 354.42 (9.82) 344.60 130.58 2.98 2.98
2020-21 118.93 3,529.51 3,632.84 9,874.51 7,826.73 1,483.17 1,739.88 2,339.74 409.63 (849.54) (155.33) (720.11) 240.36 (479.75) 32.39 (6.05) (6.05)
¶ Convension of foreign currency bonds into share capital.

Split of Shares of face value ` 10/- each to share of Face value ` 1/- each
Ω After Right issue of Shares in the Ratio of 1:5
# Issue of Equity Shares, being warrants exercised pursuant to Rights Issue of Equity shares
& Allotment of Shares on Preferential basis to Promoters
α Reduction due to Equity Shares owned by entities prior to their becoming subsidiaries
§ Conversion of Warrants into Equity Shares on exercise of warrants
₸ After conversion of 18,18,01,228 Compulsorily Convertible Debentures into Equity Shares at a premium of ` 54 per share
@ Attributable to owners of the company
* Earning Per Share is after extraordinary item
Notice
Notice is hereby given that the Hundred and Twentieth (120th) him for FY 2020-21 being the amount in excess of the
Annual General Meeting of The Indian Hotels Company limits prescribed under the provisions of Section 197
Limited will be held on Tuesday, June 22, 2021, at 3.00 p.m. read with Schedule V to the Act in view of no profits
IST through Video Conferencing / Other Audio Visual Means for FY 2020-21 and to waive recovery of the above
to transact the following business: mentioned sum from him, to the extent it exceeds the
statutory limit laid down under the Act and also approve
ORDINARY BUSINESS: the consequential retention thereof by him;
1. To receive, consider and adopt the Audited Financial
RESOLVED FURTHER THAT the Board of Directors or
Statements of the Company for Financial Year ended
a Committee thereof, be and is hereby, authorised
March 31, 2021, together with the Reports of the Board
to take such steps as may be necessary - statutory,
of Directors and the Auditors thereon.
contractual or otherwise, in relation to the above, to
settle all matters arising out of and incidental thereto,
2. To receive, consider and adopt the Audited Consolidated
to sign and execute deeds, applications, documents and
Financial Statements of the Company for Financial Year
writings that may be required, on behalf of the Company
ended March 31, 2021, together with the Report of the
and generally to do all such other acts, deeds, matters
Auditors thereon.
and things as may be necessary, proper, expedient or
incidental for giving effect to this Resolution.”
3. To declare a dividend on Equity Shares for FY 2020-21.
6. A
pproval for payment of Minimum Remuneration in
4. To appoint a Director in place of Mr. Puneet Chhatwal
case of no profits / inadequate profits to Mr. Puneet
(DIN: 07624616) who retires by rotation and, being
Chhatwal (DIN: 07624616), Managing Director & Chief
eligible, offers himself for re-appointment.
Executive Officer from April 1, 2021 upto the remainder
of his current term i.e. November 5, 2022
SPECIAL BUSINESS:
To consider and, if thought fit, to pass the following
5. Approval and ratification for payment of
resolution as a Special Resolution:
Minimum Remuneration to Mr. Puneet Chhatwal
(DIN: 07624616), Managing Director & Chief Executive
“RESOLVED THAT pursuant to the provisions of Section
Officer for FY 2020-21
197, 198 read with Schedule V and other applicable
To consider and, if thought fit, to pass the following provisions, if any, of the Companies Act, 2013 (‘the
resolution as a Special Resolution: Act’) (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force)
“RESOLVED THAT pursuant to the provisions of Section and the Companies (Appointment and Remuneration
197, 198 read with Schedule V and other applicable of Managerial Personnel) Rules, 2014, as amended
provisions, if any, of the Companies Act, 2013 (‘the from time to time and in furtherance of the Ordinary
Act’) (including any statutory modification(s) or Resolution passed by the Members at the Annual
re-enactment(s) thereof for the time being in force) General Meeting of the Company held on July 19, 2018,
and the Companies (Appointment and Remuneration the Members do hereby accord their approval to pay
of Managerial Personnel) Rules, 2014, as amended from the Minimum Remuneration to Mr. Puneet Chhatwal
time to time and in furtherance of the Ordinary Resolution (DIN: 07624616), Managing Director & Chief Executive
passed by the Members at the Annual General Meeting Officer as per the terms of his appointment and
of the Company held on July 19, 2018, the Members remuneration as contained in his employment contract
do hereby ratify and confirm the remuneration of for the period April 1, 2021 upto the remainder of his
` 7,22,69,867 paid/payable to Mr. Puneet Chhatwal current term i.e. November 5, 2022 in case of no profits
(DIN: 07624616), Managing Director and Chief Executive /inadequate profits for FY 2021-22 and FY 2022-23;
Officer for FY 2020-21 as Minimum Remuneration as
per the terms of his appointment and remuneration RESOLVED FURTHER THAT the Board of Directors or
as contained in his employment contract including in a Committee thereof, be and is hereby, authorised
particular an amount of ` 5,90,26,777 paid / payable to to take such steps as may be necessary - statutory,
325
contractual or otherwise, in relation to the above, to 13, 2021 (collectively referred to as “MCA Circulars”)
settle all matters arising out of and incidental thereto, and Securities and Exchange Board of India (“SEBI”)
to sign and execute deeds, applications, documents and vide its circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79
writings that may be required, on behalf of the Company dated May 12, 2020 in relation to “Additional relaxation
and generally to do all such other acts, deeds, matters in relation to compliance with certain provisions of
and things as may be necessary, proper, expedient or SEBI (Listing Obligations and Disclosure Requirements)
incidental for giving effect to this Resolution.” Regulations 2015 – Covid-19 pandemic” and circular
no. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January
7. Payment of Remuneration to Non-Executive Directors 15, 2021 in relation to “Relaxation from compliance
with certain provisions of the SEBI (Listing Obligations
To consider and if thought fit, to pass the following
and Disclosure Requirements) Regulations, 2015 due
resolution as an Ordinary Resolution: -
to the CoVID -19 pandemic” (collectively referred to
as “SEBI Circulars”) permitted the holding of the AGM
“RESOLVED THAT pursuant to the provisions of Section
through VC / OAVM, without the physical presence
197, 149 and other applicable provisions, if any, of the
of the Members at a common venue. In compliance
Companies Act, 2013 (‘the Act’) (including any statutory
with the applicable provisions of the Act (including
amendment, modification or re-enactment thereof for
any statutory modification or re-enactment thereof
the time being in force), the rules, regulations, directions,
for the time being in force) read with Rule 20 of the
and notifications issued/ framed thereunder and
Companies (Management and Administration) Rules,
Schedule V thereto, read with the Articles of Association
2014, as amended from time to time, read with the MCA
of the Company, and basis the recommendation of
Circulars, SEBI Circulars and pursuant to Regulation 44 of
the Nomination and Remuneration Committee at its
the SEBI (Listing Obligations & Disclosure Requirements)
meeting held on April 28, 2021, and approval by the
Regulations, 2015 (“SEBI Listing Regulations”) the AGM
Board of Directors of the Company at its meeting held on
of the Company is being held through VC/OAVM on
April 30, 2021, consent of the Members be and is
Tuesday, June 22, 2021 at 3.00 p.m. (IST). The deemed
hereby accorded for payment of Remuneration to the
venue for the 120th AGM will be Mandlik House, Mandlik
Non-Executive Directors (including Independent
Road, Colaba, Mumbai 400 001.
Directors) of the Company in case of no profits /
inadequate profits in accordance with the limits
2. PURSUANT TO THE PROVISIONS OF THE ACT, A
prescribed under Schedule V to the Act and the same be
MEMBER ENTITLED TO ATTEND AND VOTE AT THE
paid to and distributed amongst the said Non-Executice
AGM IS ENTITLED TO APPOINT A PROXY TO ATTEND
Directors (including Independent Directors) of the
AND VOTE ON HIS/HER BEHALF AND THE PROXY NEED
Company in such amounts or proportions and in such
NOT BE A MEMBER OF THE COMPANY. SINCE THIS AGM
manner as may be directed by the Board of Directors
IS BEING HELD PURSUANT TO THE MCA CIRCULARS
of the Company for the three Financial Years 2020-21,
THROUGH VC OR OAVM, THE REQUIREMENT OF
2021-22 and 2022-23”
PHYSICAL ATTENDANCE OF MEMBERS HAS BEEN
DISPENSED WITH. ACCORDINGLY, IN TERMS OF THE
NOTES:
MCA CIRCULARS AND THE SEBI CIRCULAR, THE FACILITY
1. In view of the outbreak of COVID-19 pandemic and FOR APPOINTMENT OF PROXIES BY THE MEMBERS
its continuation in the current year, the Ministry of WILL NOT BE AVAILABLE FOR THIS AGM AND HENCE
Corporate Affairs (“MCA”) has vide its circular nos. THE PROXY FORM, ATTENDANCE SLIP AND ROUTE MAP
14/2020 and 17/2020 dated April 8, 2020 and April 13, OF AGM ARE NOT ANNEXED TO THIS NOTICE.
2020 respectively, in relation to “Clarification on passing
of ordinary and special resolutions by companies under 3. Institutional Investors, who are Members of the
the Companies Act, 2013 (‘Act’) and the rules made Company, are encouraged to attend and vote at the
thereunder on account of the threat posed by Covid-19”, 120 th AGM through VC/OAVM facility. Corporate
circular no. 20/2020 dated May 5, 2020 in relation to Members and Institutional Investors intending to
“Clarification on holding of annual general meeting (AGM) appoint their authorised representatives pursuant to
through video conferencing (VC) or other audio visual Sections 112 and 113 of the Act, as the case maybe,
means (OAVM)” and Circular no. 02/2021 dated January to attend the AGM through VC or OAVM or to vote
326
Notice
through remote e-Voting are requested to send a has been uploaded on the website of the Company at
certified copy of the Board Resolution to the Scrutiniser https://www.ihcltata.com/AGM/2021/AGM-FY2021/
by e-mail at [email protected] with a copy marked to and may also be accessed from the relevant section of
[email protected]. the websites of the Stock Exchanges i.e. BSE Limited
and the National Stock Exchange of India Limited at
4. In case of joint holders, the Member whose name w w w.bseindia.com and w w w.nseindia.com
appears as the first holder in the order of names as per respectively. AGM Notice is also available on the website
the Register of Members of the Company will be entitled of NSDL at www.evoting.nsdl.com.
to vote at the AGM.
10. Book Closure and Dividend:
5. The attendance of the Members attending the AGM
The Company has fixed Tuesday, June 15, 2021 as
through VC/OAVM will be counted for the purpose of
the ‘Record Date’ for determining entitlement of
reckoning the quorum under Section 103 of the Act.
Members to final dividend for Financial Year ended
March 31, 2021, if approved at the AGM. The
6. As per the provisions of Clause 3.A.II. of the General
Register of Members and the Share Transfer Books
Circular No. 20/ 2020 dated May 5, 2020, the matters of
of the Company will be closed from Wednesday,
Special Business as appearing at Item Nos. 5 to 7 of the
June 16, 2021 to Tuesday, June 22, 2021; (both days
accompanying Notice, are considered to be unavoidable
inclusive). The dividend of ` 0.40 per equity share of
by the Board and hence, forming part of this Notice.
` 1 each (40%), if declared at the AGM, will be paid
subject to deduction of tax at source (‘TDS’) on or after
7. The Explanatory Statement pursuant to Section 102 of
Tuesday, June 29, 2021 as under:
the Act setting out material facts concerning the business
under Item Nos. 5 to 7 of the Notice are annexed hereto. (a) To all the Beneficial Owners as at the end of the
The relevant details, pursuant to Regulations 26(4) and day on Tuesday, June 15, 2021 as per the list of
36(3) of the SEBI Listing Regulations and Secretarial beneficial owners to be furnished by the NSDL and
Standards on General Meetings issued by the Institute Central Depository Services (India) Limited (‘CDSL’)
of Company Secretaries of India, in respect of the in respect of the shares held in electronic form; and
Director seeking re-appointment at this AGM is also
annexed. Requisite declaration has been received from (b) To all Members in respect of shares held in physical
the Director for seeking re-appointment. form after giving effect to valid transmission and
transposition in respect of valid requests lodged
8. The Members can join the AGM in the VC/OAVM mode with the Company as of the close of business hours
30 minutes before and 15 minutes after the scheduled on Tuesday, June 15, 2021.
time of the commencement of the Meeting by following
the procedure mentioned in the Notice. The Members 11. At the 116th AGM held on August 21, 2017, the Members
will be able to view the proceedings on National approved appointment of B S R & Co. LLP, Chartered
Securities Depository Limited’s (‘NSDL’) e-Voting website Accountants (Firm Registration No. 101248W/
at www.evoting.nsdl.com. The facility of participation W-100022) as Statutory Auditors of the Company to hold
at the AGM through VC/OAVM will be made available to office for a period of five years from the conclusion of
at least 1,000 Members on a first come first served basis that AGM till the conclusion of the 121st AGM, subject to
as per the MCA Circulars. ratification of their appointment by Members at every
AGM, if so required under the Act. The requirement to
9. In line with the MCA Circulars dated May 5, 2020 and place the matter relating to appointment of auditors for
January 13, 2021 and SEBI Circulars dated May 12, 2020 ratification by Members at every AGM has been done
and January 15, 2021, the Notice of the AGM along away by the Companies (Amendment) Act, 2017 with
with the Annual Report 2020-21 is being sent only effect from May 7, 2018. Accordingly, no resolution
through electronic mode to those Members whose is being proposed for ratification of appointment of
email addresses are registered with the Company / Statutory Auditors at the 120th AGM.
Depositories. The Notice convening the 120 th AGM
327
12. Pursuant to the Finance Act, 2020, dividend income 14. Members holding shares in electronic form may please
is taxable in the hands of the Shareholders w.e.f. note that their bank details as furnished by the respective
April 1, 2020 and the Company is required to deduct Depositories to the Company will be considered for
income tax from dividend paid to the Members at remittance of dividend as per the applicable regulations
prescribed rates in the Income Tax Act, 1961 (‘the IT Act’). of the Depositories and the Company will not entertain
In general, to enable compliance with TDS requirements, any direct request from such Members for change/
Members are requested to complete and / or update addition/deletion in such bank details. Accordingly, the
their Residential Status, Permanent Account Number Members holding shares in demat form are requested
(‘PAN’), Category as per the IT Act with their Depository to update their Electronic Bank Mandate with their
Participants (‘DPs’) or in case shares are held in physical respective DPs. Further, please note that instructions, if
form, with the Company / its RTA by sending documents any, already given by Members in respect of shares held
at its e-mail ID [email protected] or update in physical form, will not be automatically applicable to
the same by visiting the link : https://linkintime. the dividend paid on shares held in electronic form.
co.in/formsreg/submission-of-form-15g-15h.html
on or before Tuesday, June 8, 2021 in order to enable 15. The Members who are unable to receive the
the Company to determine and deduct appropriate dividend directly in their bank accounts through
TDS / withholding tax rate. No communication/ Electronic Clearing Service or any other means, due to
documents on the tax determination / deduction shall non-registration of the Electronic Bank Mandate,
be considered post 11:59 PM (IST) of Tuesday, June the Company shall dispatch the dividend warrant/
8, 2021. For the detailed process, please click here: Bankers’ cheque/ demand draft to such Members upon
https://www.ihcltata.com/AGM/2021/TDS/. normalization of postal services and other activities.
13. Further, in order to receive the dividend in a timely 16. As per Regulation 40 of the SEBI Listing Regulations,
manner, Members holding shares in physical form as amended, securities of listed Companies can be
who have not updated their mandate for receiving transferred only in dematerialised form with effect
the dividends directly in their bank accounts through from April 1, 2019, except in case of request received
Electronic Clearing Service or any other means, are for transmission or transposition of securities. In
requested to follow the below instructions and send view of this and to eliminate all risks associated with
the details latest by Tuesday, June 8, 2021: physical shares and for ease of portfolio management,
Members holding shares in physical form are requested
Physical 1) Visit the link https://linkintime.co.in/emailreg/ to consider converting their holdings to dematerialised
Holding email_register.html under Bank detail form. Members can contact Company’s Registrars
Registration - fill in the following details relating
to bank account in which the dividend is to be
and Transfer Agent, Link Intime India Private Limited
received: (‘RTA’) at [email protected] for assistance
(i) Name of Bank; in this regard. Members may also refer to Frequently
(ii) Bank Account Number and Asked Questions (‘FAQs’) on the Company’s website
(iii) 11 digit IFSC Code; https://www.ihcltata.com/investors/.
2) upload a self-attested scanned copy of the PAN
Card; 17. Members are requested to note that, dividends if not
3) upload a self-attested scanned copy of any encashed for a consecutive period of 7 years from the
document (such as AADHAR Card, Passport) date of transfer to Unpaid Dividend Account of the
in support of the address of the Member as Company, are liable to be transferred to the Investor
registered with the Company; Education and Protection Fund (‘IEPF’). The shares in
4) upload a self-attested scanned copy of cancelled respect of such unclaimed dividends are also liable
cheque leaf bearing the name of the Member or
to be transferred to the demat account of the IEPF
first holder, in case shares are held jointly
Authority. In view of this, Members/Claimants are
328
Notice
requested to claim their dividends from the Company, holding shares in electronic form are requested to
within the stipulated timeline. The Members, whose submit the details to their respective DP only and not
unclaimed dividends/shares have been transferred to the Company or RTA.
to IEPF, may claim the same by making an application
to the IEPF Authority, in Form No. IEPF-5 available on 21. Members holding shares in physical form, in identical
www.iepf.gov.in. The Members / Claimants can file only order of names, in more than one folio are requested to
one consolidated claim in a financial year as per the IEPF send to the Company or RTA, the details of such folios
Rules. For details, please refer to corporate governance together with the share certificates for consolidating
report which is a part of this Annual Report. their holdings in one folio. A consolidated share
certificate will be issued to such Members after making
18. Members are requested to intimate changes, if any, requisite changes.
pertaining to their name, postal address, e-mail
address, telephone/mobile numbers, PAN, registering 22. To prevent fraudulent transactions, Members are advised
of nomination, power of attorney registration, to exercise due diligence and notify the Company of any
Bank Mandate details, etc., to their DPs in case the change in address or demise of any Member as soon as
shares are held in electronic form and to the RTA at possible. Members are also advised to not leave their
[email protected] in case the shares demat account(s) dormant for long. Periodic statement
are held in physical form, quoting your folio no. of holdings should be obtained from the concerned
Further, Members may note that SEBI has mandated Depository Participant and holdings should be verified
the submission of PAN by every participant in from time to time.
securities market.
23. Documents for inspection will be available electronically,
19. As per the provisions of Section 72 of the Act, the facility without any fee, from the date of circulation of the
for making nomination is available for the Members Notice of AGM up to the date of AGM. Members
in respect of the shares held by them. Members seeking to inspect such documents can send an e-mail
who have not yet registered their nomination are to [email protected] stating their DP/
requested to register the same by submitting Form Client ID or Folio Nos.
No. SH-13. If a Member desires to cancel the earlier
nomination and record fresh nomination, he/she may 24. To support the ‘Green Initiative’, Members who have
submit the same in Form No. SH-14. The said form not yet registered their email addresses are requested
can be downloaded from the Company’s website at to register the same with their DPs in case the shares are
http://www.ihcltata.com/investors/ (under ‘Investor held by them in electronic form and with the Company
Relations’ section). Members are requested to submit in case the shares are held by them in physical form.
the said form to their DP in case the shares are held by
them in electronic form and to the RTA at rnt.helpdesk@ 25. P
rocess for registering email addresses to receive this
linkintime.co.in in case the shares are held in physical Notice of AGM and Annual Report electronically and
form, quoting your folio no. cast votes electronically:
(i) R
egistration of email addresses with Link In-time
20. The format of the Register of Members prescribed by
Private Limited: The Company has made special
the MCA under the Act requires the Company/RTA to
arrangements with the RTA for registration of
record additional details of Members, including their
e-mail addresses of those Members (holding shares
PAN details, e-mail address, bank details for payment
either in electronic or physical form) who wish to
of dividend etc. A form for capturing additional details
receive this Notice electronically and cast votes
is available on the Company’s website under the section
electronically. Eligible Members whose e-mail
‘Investor Relations’. Members holding shares in physical
addresses are not registered with the Company/
form are requested to submit the filled in form to the
DPs are required to provide the same to the RTA on
Company at [email protected] or to
or before 5:00 p.m. IST on Tuesday, June 8, 2021.
the RTA in physical mode, after restoring normalcy or
in electronic mode at [email protected],
as per instructions mentioned in the form. Members
329
Process to be followed for registration of e-mail • In case shares are held in demat mode, please
address is as follows: provide DP ID-Client ID (8 digit DP ID + 8 digit
Client ID or 16 digit beneficiary ID), Name,
a) V isit the link: https://linkintime.co.in/emailreg/ client master or copy of Consolidated Account
email_register.html
statement, self-attested scanned copy of PAN
b) Select the Company name viz. The Indian Hotels
card, self-attested scanned copy of Aadhar Card.
Company Limited;
c) Enter the DP ID & Client ID / Physical Folio Number
If you are an Individual shareholder holding
and PAN number. In the event the PAN details are not securities in demat mode, you are requested to
available on record for Physical Folio, Member to enter refer to the login method explained at step 1 (A)
one of the Share Certificate numbers; i.e. Login method for e-Voting and joining virtual
d) Upload a self-attested copy of PAN card for meeting for Individual shareholders holding
authentication. If PAN details are not available in the securities in demat mode.
system, the system will prompt the Member to upload
a self-attested copy of the PAN card for updation; • I n t e r m s o f S E B I c i r c u l a r d a t e d
e) Enter your e-mail address and mobile number; December 9, 2020 on e-Voting facility provided
f) The system will then confirm the e-mail address for by Listed Companies, Individual shareholders
receiving this AGM Notice. holding securities in demat mode are allowed
to vote through their demat account maintained
After successful submission of the e-mail address, with Depositories and Depository Participants.
NSDL will e-mail a copy of this AGM Notice and Shareholders are required to update their mobile
Annual Report for FY 2020-21 along with the number and email ID correctly in their demat
e-Voting user ID and password. In case of any account in order to access e-Voting facility.
queries, Members may write to rnt.helpdesk@
linkintime.co.in or [email protected]. 26. Process and manner for Members opting for
e-Voting is as under:-
(ii) R
egistration of e-mail address permanently
with Company/DP: Members are requested to I. Pursuant to the provisions of Section 108 of the Act
register their e‑mail address with their concerned read with Rule 20 of the Companies (Management
DPs, in respect of electronic holding and with the and Administration) Rules, 2014 (as amended) and
RTA, in respect of physical holding, by writing to Regulation 44 of the SEBI Listing Regulations (as
them at [email protected]. Further, amended), and the MCA Circulars, the Company is
those Members who have already registered their providing facility of remote e-Voting to its Members
e-mail addresses are requested to keep their e-mail in respect of the business to be transacted at the
addresses validated/updated with their DPs / RTA AGM. For this purpose, the Company has entered
to enable servicing of notices / documents / Annual into an agreement with NSDL for facilitating voting
Reports and other communications electronically through electronic means, as the authorised
to their e-mail address in future. agency. The facility of casting votes by a member
using remote e-Voting system as well as remote
(iii) Alternatively, those Shareholders who have not e-Voting during the AGM will be provided by NSDL.
registered their email addresses are required to
send an email request to [email protected] along II. Members of the Company holding shares either in
with the following documents for procuring user id physical form or in electronic form as on the cut-
and password for e-Voting for the resolutions set off date of Tuesday, June 15, 2021 may cast their
out in this Notice: vote by remote e-Voting. The remote e-Voting
period commences on Friday, June 18, 2021 at
• In case shares are held in physical mode, please 9.00 a.m. (IST) and ends on Monday, June 21, 2021
provide Folio No., Name of shareholder, scanned at 5.00 p.m. (IST). The remote e-Voting module shall
copy of the share certificate (front and back), be disabled by NSDL for voting thereafter. Once
self-attested scanned copy of PAN card, self- the vote on a resolution is cast by the Member,
attested scanned copy of Aadhar Card. the Member shall not be allowed to change it
330
Notice
subsequently. The voting rights of the Members 48 hours from the conclusion of the AGM. The
(for voting through remote e-Voting before the result declared along with the Scrutiniser’s report
AGM and remote e-Voting during the AGM) shall be shall be communicated to the stock exchanges on
in proportion to their share of the paid-up equity which the Company’s shares are listed, NSDL, and
share capital of the Company as on the cut-off date RTA and will also be displayed on the Company’s
of Tuesday, June 15, 2021. website at https://www.ihcltata.com/investors/.
III. Members will be provided with the facility for VII. The instructions for members for attending the
voting through electronic voting system during the AGM through VC/OAVM are as under:
video conferencing proceedings at the AGM and
i. The Members will be provided with a facility
Members participating at the AGM, who have not
to attend the AGM through VC/OAVM
already cast their vote by remote e-Voting, will be
through the NSDL e-Voting system. Members
eligible to exercise their right to vote during such
may access the same by following the steps
proceedings of the AGM. Members who have cast
mentioned below for ‘Access to NSDL e-Voting
their vote by remote e-Voting prior to the AGM
system’. The link for VC/OAVM will be available
will also be eligible to participate at the AGM but
in ‘Member login’ where the EVEN of Company
shall not be entitled to cast their vote again on such
will be displayed. After successful login, the
resolution(s) for which the member has already
Members will be able to see the link of ‘VC/
cast the vote through remote e-Voting.
OAVM link’ placed under the tab ‘Join Annual
General Meeting’ against the name of the
IV. A person whose name is recorded in the Register
Company. On clicking this link, the Members
of Members or in the Register of Beneficial Owners
will be able to attend and participate in
maintained by the depositories as on the cut-off
the proceedings of the AGM through a live
date only shall be entitled to avail the facility
webcast of the meeting and submit votes on
of remote e-Voting before the AGM as well as
announcement by the Chairman.
remote e-Voting during the AGM. Any person
holding shares in physical form and non-individual
ii. Members may join the Meeting through
shareholders, who acquires shares of the Company
Laptops, Smartphones, Tablets and iPads for
and becomes a Member of the Company after the
better experience. Further, Members will be
dispatch of the Notice and holding shares as on the
required to use Internet with a good speed
cut-off date, i.e. Tuesday, June 15, 2021 may obtain
to avoid any disturbance during the Meeting.
the User ID and password by sending a request at
Members will need the latest version of
[email protected].
Chrome, Safari, Internet Explorer 11, MS
Edge or Firefox. Please note that participants
V. The Chairman shall, at the AGM, at the end of
connecting from Mobile Devices or Tablets
discussion on the resolutions on which voting is
or through Laptops connecting via mobile
to be held, allow voting, by use of remote e-Voting
hotspot may experience Audio/Video loss due
system for all those Members who are present
to fluctuation in their respective network. It is
during the AGM through VC/OAVM but have not
therefore recommended to use stable Wi-Fi or
cast their votes by availing the remote e-Voting
LAN connection to mitigate any glitches.
facility. The remote e-Voting module during
the AGM shall be disabled by NSDL for voting
iii. Members are encouraged to submit their
15 minutes after the conclusion of the Meeting.
questions in advance with regard to the
financial statements or any other matter to
VI. The Scrutinizer will submit his report to the
be placed at this AGM, from their registered
Chairman or to any other person authorised by the
e-mail address, mentioning their name, DP
Chairman after the completion of the scrutiny of
ID and Client ID number /folio number and
the e-Voting (votes cast during the AGM and votes
mobile number, to reach the Company’s e-mail
casted through remote e-Voting), not later than
address at [email protected]
331
before 3.00 p.m. (IST) on Friday, June 18, 2021. (9:00 a.m. IST) and Friday, June 18, 2021
Such queries will be appropriately responded (5:00 p.m. IST). The Company reserves the right
by the Company. to restrict the number of speakers depending
on the availability of time for the AGM.
iv. Members who would like to express their
views/ask questions as a speaker at the v. Members who need assistance before
Meeting may pre-register themselves by or during the AGM, can contact NSDL on
sending a request from their registered [email protected] or call on toll free nos. :-
e-mail address mentioning their names, DP ID 1800 1020 990 and 1800 22 44 30 or contact
and Client ID/folio number, PAN and mobile Mr. Amit Vishal, Senior Manager – NSDL at
number at investorrelations@tajhotels. [email protected] or Ms. Pallavi Mhatre,
com between Wednesday, June 16, 2021 Manager, NSDL at [email protected].
VIII. The instructions for e-voting before / during the AGM are as under:
The way to vote electronically on NSDL e-Voting system consists of ‘Two Steps’ which are mentioned below:
Step 1: Access to NSDL e-Voting system at https://www.evoting.nsdl.com/
A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of the Circular issued by the Securities Exchange Board of India dated 9th December 2020, in relation to e-Voting
facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote
through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to
update their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual 1. If you are already registered for NSDL IDeAS facility, please visit the e-Services website of NSDL. Open web
Shareholders holding browser by typing the following URL: https://eservices.nsdl.com/ either on a Personal Computer or on a mobile.
securities in demat Once the home page of e-Services is launched, click on the “Beneficial Owner” icon under “Login” which is
mode with NSDL. available under “IDeAS” section. A new screen will open. You will have to enter your User ID and Password. After
successful authentication, you will be able to see e-Voting services. Click on “Access to e-Voting” under e-Voting
services and you will be able to see e-Voting page. Click on options available against company name or e-Voting
service provider - NSDL and you will be re-directed to NSDL e-Voting website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
2. If the user is not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com.
Select “Register Online for IDeAS” Portal or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.
com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click
on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen will open. You will
have to enter your User ID (i.e. your sixteen digit demat account number held with NSDL), Password/OTP and
a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on options available against company name or e-Voting
service provider - NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
Individual 1. Existing users who have opted for Easi / Easiest, they can login through their user id and password. Option will be made
Shareholders holding available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest are
securities in demat https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
mode with CDSL 2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu. The Menu will have links
of e-Voting service provider i.e. NSDL. Click on NSDL to cast your vote.
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/
Registration/EasiRegistration
4. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN No. from
a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered
Mobile & Email as recorded in the demat Account. After successful authentication, user will be provided links for
the respective ESP i.e. NSDL where the e-Voting is in progress.
332
Notice
Type of shareholders Login Method

Individual You can also login using the login credentials of your demat account through your Depository Participant registered
Shareholders with NSDL/CDSL for e-Voting facility. Once login, you will be able to see e-Voting option. Once you click on e-Voting
(holding securities option, you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see
in demat mode) e-Voting feature. Click on options available against company name or e-Voting service provider-NSDL and you will
login through be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual
their depository meeting & voting during the meeting.
participants
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at above
mentioned website.
elpdesk for Individual Shareholders holding securities

H 4. Your User ID details are given below:
in demat mode for any technical issues related to login
Manner of holding shares
through Depository i.e. NSDL and CDSL:- i.e. Demat (NSDL or CDSL) Your User ID is:
or Physical
Login Method Helpdesk details
i) For Members 8 Character DP ID followed by 8
Individual Members facing any technical issue who hold shares Digit Client ID
Shareholders holding in login can contact NSDL helpdesk by in demat account For example if your DP ID
securities in demat sending a request at [email protected] with NSDL. is IN300*** and Client ID is
mode with NSDL or call at toll free no.: 1800 1020 990 and 12****** then your user ID is
1800 224 430 IN300***12******
Individual Members facing any technical ii) For Members 16 Digit Beneficiary ID
Shareholders issue in login can contact CDSL who hold shares For example if your Beneficiary ID
holding securities in helpdesk by sending a request at in demat account is 12************** then your
demat mode with [email protected] with CDSL. user ID is 12**************
CDSL or contact at 022-23058738 or iii) For Members EVEN Number followed by Folio
022-23058542-43 holding shares in Number registered with the
Physical Form. Company.
B) Log-in method for e-Voting for the Members other than For example if Folio Number
Individual Members holding securities in Demat mode is 001*** and EVEN is 116038
then user ID is 116038001***
and Members holding securities in physical mode
1. Visit the e-Voting website of NSDL. Open 5. Your password details are given below:
web browser by t yping the following: i) If you are already registered for e-Voting, then
https://www.evoting.nsdl.com/ either on a you can use your existing password to login
Personal Computer or on a mobile. and cast your vote.
2. Once the home page of e-Voting system is launched, ii) If you are using NSDL e-Voting system for the
click on the icon ‘Login’ which is available under first time, you will need to retrieve the ‘initial
‘Shareholders’ section. password’ which was communicated to you.
Once you retrieve your ‘initial password’, you
3. A new screen will open. You will have to enter your need to enter the ‘initial password’ and the
User ID, your Password and a Verification Code as system will force you to change your password.
shown on the screen.
iii) How to retrieve your ‘initial password’?
If your e-mail ID is registered in your demat
account or with the Company, your ‘initial
password’ is communicated to you on your
e-mail ID. Trace the e-mail sent to you from
NSDL from your mailbox. Open the e-mail and
333
open the attachment i.e. a .pdf file. Open the ii. Select ‘EVEN’ of company for which you wish to cast
.pdf file. The password to open the .pdf file your vote during the remote e‑Voting period and casting
is your 8 digit Client ID for NSDL account, last your vote during the General Meeting. For joining virtual
8 digits of Client ID for CDSL account or folio meeting, you need to click on ‘VC/OAVM’ link placed
number for shares held in physical form. The under ‘Join General Meeting’.
.pdf file contains your ‘User ID’ and your ‘initial
password’. iii. Now you are ready for e-Voting as the Voting page opens.
6. If you are unable to retrieve or have not received the iv. Cast your vote by selecting appropriate options i.e.
‘initial password’ or have forgotten your password: assent or dissent, verify/modify the number of shares for
which you wish to cast your vote and click on ‘Submit’
a) Click on ‘Forgot User Details/Password?’ and also ‘Confirm’ when prompted.
(If you are holding shares in your demat
account with NSDL or CDSL) option available v. Upon confirmation, the message ‘Vote cast successfully’
on www.evoting.nsdl.com. will be displayed.
b) ‘Physical User Reset Password?’ (If you are vi. You can also take the printout of the votes cast by you
holding shares in physical mode) option by clicking on the print option on the confirmation page.
available on www.evoting.nsdl.com.
vii. Once you confirm your vote on the resolution, you will
c) If you are still unable to get the password by not be allowed to modify your vote.
aforesaid two options, you can send a request
at [email protected] mentioning your demat I nstructions for e-Voting during the AGM are as under:
account number/folio number, your PAN, your i. The procedure for remote e-Voting during the AGM is
name and your registered address. same as the instructions mentioned above for remote
e-Voting since the Meeting is being held through VC/
d) Members can also use the OTP (One Time OAVM.
Password) based login for casting the votes
on the e-Voting system of NSDL ii. Only those Members/ Shareholders, who will be present
in the AGM through VC/OAVM facility and have not cast
7. After entering your password, tick on Agree their vote on the Resolutions through remote e-Voting
to ‘Terms and Conditions’ by selecting on the and are otherwise not barred from doing so, shall be
check box. eligible to vote through e-Voting system in the AGM.
8. Now, you will have to click on ‘Login’ button. General Guidelines for Members
i. Institutional/ Corporate Shareholders (i.e. other than
9. After you click on the ‘Login’ button, Home page of
individuals, HUF, NRIs, etc.) are required to send scanned
e-Voting will open.
copy (PDF/JPG Format) of the relevant Board Resolution/
Authority letter etc. with attested specimen signature of
Step 2: Cast your vote electronically and join the AGM on NSDL
the duly authorised signatory(ies) who are authorised
e-Voting system.
to vote, to the Scrutiniser by e-mail to kkdlegal@gmail.
How to cast your vote electronically and join the AGM on com, with a copy marked to [email protected].
NSDL e-Voting system?
ii. It is strongly recommended not to share your password
i. After successful login at Step 1, you will be able to with any other person and take utmost care to keep your
see all the companies ‘EVEN’ in which you are holding password confidential. Login to the e-Voting website
shares and whose voting cycle and General Meeting is will be disabled upon five unsuccessful attempts to
in active status. key in the correct password. In such an event, you
334
Notice
will need to go through the ‘Forgot User Details/Password?’ or ‘Physical User Reset Password?’ option available on
www.evoting.nsdl.com to reset the password.
iii. In case of any queries /grievances pertaining to remote e-Voting (before the AGM and during the AGM), you may refer
to the Frequently Asked Questions (FAQs) for shareholders and e-Voting user manual for shareholders available in the
download section of www.evoting.nsdl.com or call on the toll-free numbers: 1800 1020 990 /1800 224 430 or send a
request at [email protected]. In case of any grievances connected with facility for e-Voting, please contact Ms. Pallavi
Mhatre, Manager, NSDL, 4th Floor, ‘A’ Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,
Mumbai 400 013. Email: [email protected].
By Order of the Board of Directors
Beejal Desai
Senior Vice President
Corporate Affairs & Company Secretary (Group)
Mumbai, April 30, 2021 F.C.S No.: 3320
Registered Office:
Mandlik House,
Mandlik Road,
Mumbai 400 001.
CIN: L74999MH1902PLC000183
Tel.: 022 66395515 Fax: 022 22027442
Email: [email protected]
Website: www.ihcltata.com
335
EXPLANATORY STATEMENT • Telecommunication facilities including

broadband, internet and mobile as per Rules of
The Explanatory Statement pursuant to Section 102 of the
the Company
Companies Act, 2013 (‘the Act’), given hereunder sets out
all material facts relating to the special business mentioned • Housing loan as per Rules of the Company.
at Item Nos. 5 to 7 of the accompanying Notice dated
(d) Other perquisites and allowances given below
April 30, 2021.
subject to a maximum of 55% of basic salary per
annum. This includes:
Item Nos. 5 & 6
• Medical allowance, 8.33%
Members had approved, at the 117th Annual General Meeting
held on July 19, 2018, the appointment of Mr. Puneet • Leave Travel Concession/Allowance, 8.33%
Chhatwal, by way of Ordinary Resolution, as the Managing
• Other Allowances, 33.34%
Director & CEO (‘Mr. Chhatwal’ or ‘MD’) of the Company for a
tenure of five years commencing from November 6, 2017 up • Personal Accident Insurance @ actuals, as
to November 5, 2022 including the terms of his remuneration applicable for the Members of the Executive
as summarised below: Committee Level of the Company & Annual club
membership/joining fees for one club, both
Remuneration: subject to a cap of 5%.
A) Basic Salary:
(e) Contribution to Provident Fund, Superannuation

Current Basic Salary of ` 13.50 lakhs per month; Upto Fund or Annuity Fund and Gratuity as per the Rules
a maximum of ` 22 lakhs per month. The annual of the Company. In case of no contribution to the
increments will be decided by the Board based on the Superannuation Fund, the same would be payable
recommendation of the Nomination and Remuneration as an allowance as per the Rules of the Company.
Committee (‘NRC’) and will be performance-based and
take into account the Company’s performance as well, (f) Transfer and relocation expenses as per the terms
within the said maximum amount. of Agreement entered into between the Company
and Mr. Chhatwal.
B) Benefits, Perquisites & Allowances:
C) Commission:
Details of Benefits, Perquisites and Allowances are
as follows: In addition to the Salary, Benefits, Perquisites and
Allowances, Mr. Chhatwal would be paid such
(a) Rent-free residential accommodation (furnished or
remuneration by way of Commission, calculated
otherwise) with the Company bearing the cost of
with reference to the net profits of the Company in a
repairs, maintenance, society charges and utilities
particular Financial Year, as may be determined by the
(e.g. gas, electricity and water charges) for the
Board, subject to overall ceilings stipulated in Section
said accommodation.
197 of the Act. The specific amount payable to the MD
& CEO will be based on his performance as evaluated by
(b) Special Allowance at 85% of Basic Salary per annum.
the Board or the NRC and approved by the Board and
will be payable annually after the annual accounts have
(c) Hospitalisation, Transport, Telecommunication and
been approved by the Board and Members.
other facilities as under:
• Hospitalisation and major medical expenses Addendum to Remuneration Agreement dated
incurred for self and family March 26, 2018, added the following para at the end of
the above clause:
• Car with driver provided, maintained by the
Company for official and personal use as per
“Mr. Chhatwal’s commission amount is linked to his Cost
Rules of the Company
to Company. His commission will be equal to total of
basic salary + allowances.”
336
Notice
D) Incentive Remuneration: The above remuneration approved at the time of his

appointment was commensurate with the remuneration
Such Incentive Remuneration not exceeding 200% of
of expatriates appointed at CEO/MD level of similar
salary to be paid annually at the discretion of the Board,
sized multinationals taking into consideration the
based on certain performance criteria and such other
responsibilities shouldered by him, was based on his
parameters as may be considered appropriate from time
past remuneration and was subjected to a comparison
to time. Incentive Remuneration would be payable only
of the CEO remuneration in the Global Hospitality
when the Company cannot pay Commission.
Industry as per survey conducted by Aon Hewitt CEO
Market pricing report for the Global hospitality Industry,
E) Additional Performance Bonus:
2017 covering 11 Global hospitality majors.
To be paid at the end of 2, 4 and 5 years based on
measurable improvement criteria set out by the Board Mr. Chhatwal being a German national and non-resident
as detailed in the Agreement entered into between the of India, his appointment along with appropriate
Company and Mr. Chhatwal. disclosure of his terms of remuneration was approved by
the Central Government. Payment of remuneration to
Plan Period: Five years Mr. Chhatwal for the period from November 6, 2017 to
March 31, 2020 was well within the statutory limits/limits
(a) First payout at the end of FY 2019-20 which shall
approved by the Members, the details of which can be
include the prorated payout for the period worked
referred at Point No. II (b) of ‘The statement containing
in 2017-18
additional information as required under Schedule V to
(b) Second payout at the end of FY 2021-22 the Act’ under the head ‘Past Remuneration’.
(c) Final Payout at the end of FY 2022-23
Whilst the COVID-19 pandemic took a heavy toll on
lives, it had an adverse impact on economies across
Plan:
the world. One of the worst hit sectors was hospitality.
The plan is linked to The pandemic brought the sector to a standstill with
record-low single digit occupancies in April 2020 during
(a) EBITDA growth Year on Year,
the nation-wide lockdown in India. The outbreak of the
(b) The strategic plan targets – ‘Aspiration 2022’ COVID-19 pandemic and the measures adopted by the
health authorities to mitigate its spread have impacted
• Turnover (` crores),
our economy and the Company’s operations, such as
• PAT (` crores) and travel restrictions, lockdown and quarantine measures.
These measures required the Company to temporarily
• Return on Equity (%)
shut down its operations for few months during FY 2020.
This has negatively impacted the Company’s financial
EBITDA growth has a weightage of 40% and ‘Aspiration
performance during the year under review and also
2022’ targets have the remaining 60% weightage, with
its liquidity position. The pace of easing of lockdown,
equal weightage to Turnover, PAT and Return on Equity.
demand from customers and availability of raw materials
also had an impact on the Company’s performance in FY
F) Minimum Remuneration:
2020-21.
Notwithstanding anything to the contrary herein
contained, where in any Financial Year during the Despite multiple innovations, interventions and
currency of the tenure of Mr. Chhatwal, the Company has initiatives on the part of the industry to stimulate
no profits or its profits are inadequate, the Company will demand and grow revenues, HVS Anarock estimated
pay remuneration by way of Salary, Benefits, Perquisites that the sector closed the year 2020 with an occupancy
and Allowances and Incentive Remuneration as specified of around 33 – 36%, reflecting a decline of 31 - 33
above, subject to further approvals as required under percentage points compared to 2019. To tackle the
Schedule V to the Act, or any modification(s) thereto. falling demand and occupancies, hotels across India
were forced to reduce their tariffs significantly to
attract business, thus, pulling down RevPAR to around
337
` 1,500 - ` 1,800 in 2020, reflecting a decline of the Act please refer to point no. I (d) of ‘The statement
57-59%. HVS Anarock estimates that the Indian containing additional information as required under
hospitality sector (including organised, unorganised, Schedule V to the Act’ under the head ‘General
and semi-organised segments) has incurred a total Information’.
revenue loss of approximately ` 90,000 crores in 2020
on account of the pandemic. 2. Pursuant to the provisions of Section 197 read with
Schedule V to the Act, in respect of the payment
While the hotels are re-opening gradually and of managerial remuneration in case of no profits /
large-scale vaccination is expected to bring normalcy to inadequate profits as calculated under Section 198 of
the Company’s operations and revenue in due course, the Act, the Company may pay such remuneration over
there are uncertainties including those associated with the ceiling limit as specified in Schedule V, provided the
new vaccines and the new strains of the COVID-19 virus Members’ approval by way of a Special Resolution has
which is more than ever virulent. Hence, the spill over been taken for payment of Minimum Remuneration
effects of the pandemic could be felt for the next few for a period not exceeding three years, compliance
years as well. Considering the ongoing second wave of disclosure requirements and other conditions
and stringent lockdown measures being implemented stated therein.
once again by the Government, the Company may have
inadequate profits for FY 2021-22 and FY 2022-23 as 3. Any sums paid in excess of the said statutory limit become
well, hence member’s approval is also being sought for refundable to the Company and until such sums become
the said period too. refundable, they are held in trust for the Company by
the director, unless the Company waives recovery of
In view of the aforesaid situation and no profits as the said amount by way of a Special Resolution passed
computed under Section 198 of the Act for Managerial by the Members. At the time of recommending and
Remuneration for FY 2020-21 and the anticipated losses approving the terms of remuneration of Mr. Chhatwal,
in the subsequent years, the approval of the Members the COVID-19 pandemic and its adverse impact on
is now being sought for: the Company’s profitability were not anticipated and
therefore no Special Resolution was passed for the
• ratifying the payment of Minimum Remuneration
appointment of Mr. Chhatwal.
to Mr. Puneet Chhatwal, Managing Director & Chief
Executive Officer due to losses for FY 2020-21 and
It may be noted that as per the terms of the agreement
the consequent waiver of recovery of the Minimum
with Mr. Chhatwal, the following Incentive Remuneration
Remuneration that is in excess of the prescribed limit
(‘IR’) would be paid to Mr. Chhatwal in place of
as contained in proposed resolution.
Commission as part of Minimum Remuneration in the
• payment of Minimum Remuneration to Mr. Puneet years the Company has no profits / inadequate profits as
Chhatwal (DIN: 07624616), Managing Director & Chief approved by the Board based on the recommendations
Executive Officer in case of no profits inadequate of the NRC. The IR of the previous year which has been
profits from April 1, 2021 upto the remainder of his accrued in the books of accounts would be due and paid
current term i.e. November 5, 2022 as contained in to Mr. Chhatwal post approval of the Members.
proposed resolution of this Notice.
• IR for FY 2020-21: ` 3.24 crores (@ 200% of Basic
Salary) is due and payable post approval of members.
A. In respect of Item No. 5 of the Notice dealing with the
payment of Minimum Remuneration to Mr. Chhatwal for
4. The following is the calculation for payment of
FY 2020-21, it is stated that:
remuneration to Mr. Chhatwal in view of no profits for
1. The Company recorded a loss for FY 2020-21 of FY 2020-21:
` 524.78 crores on a standalone basis. The Company
(a) Mr. Chhatwal’s Remuneration for FY 2020-21 :
incurred a loss of ` 503.80 crores for FY 2020-21 as
` 7.23 crores
calculated under Section 198 of the Act for the payment
of Managerial Remuneration as per the provisions of
(b) Maximum limit prescribed under Schedule V on his
Section 197 read with Schedule V to the Act and the
remuneration: ` 1.32 crores#
rules thereunder. For details on relevant profits under
338
Notice
(c) Incentive Remuneration FY 2020-21 recommended b.

Date or expected date of commencement of
by NRC and Board but not paid, being in excess of commercial production:
prescribed limits (subject to members’ approval): The Company was incorporated on April 1, 1902. The
` 3.24 crores Company had since then commenced its business.
(d) Excess Paid beyond prescribed Schedule V limit: c.

In case of new Companies, expected date of
` 2.67 crores commencement of activities as per project approved
by financial institutions appearing in the prospectus:
(e) Total Excess Paid / Payable beyond prescribed
Not Applicable
Schedule V limit: ` 5.91 crores
# The maximum limit prescribed is calculated based on the Effective d. Financial Performance based on given indicators:
Capital of ` 1493.09 crores as per Schedule V to the Act. (`/ crores)
FY FY FY FY
Particulars
B. In respect of Item No. 6 of the Notice dealing with the 2020-21 2019-20 2018-19 2017-18
payment of Minimum Remuneration to Mr. Chhatwal in Revenue from

1133.15 2743.47 2780.41 2583.95
Operations (Gross)
case of no profits / inadequate profits for FY 2021-22, and
Profit/(Loss) for the
FY 2022-23 it is stated that: (524.78) 401.41 263.70 147.77
year
5. The unprecedented weak trends witnessed on account Profit/(Loss) under
(503.80) 385.36 498.92 379.07
of COVID-19 pandemic in FY 2020-21 is expected to Section 198
continue in FY 2021-22 and FY 2022-23. While the overall
Note: Above amounts are extracted from financial statements of the
performance of the hoteliering industry remained Company on standalone basis.
subdued in FY 2020-21, we expect a gradual recovery
from H2 FY 2021-22 on the backdrop of large vaccination It may be noticed from the above table that there is
drives, pent-up travel demand, increase in domestic significant reduction in the Company’s operating
tourism, opening of International borders and overall performance and financial results in FY 2020-21,
interventions from the Government. primarily due to COVID-19 which has impacted the
hospitality sector adversely as most of the hotels
6. Members attention is being drawn to the Management were shut down in the first six months of the year
Discussion and Analysis section for the various steps due to lockdown imposed by the Government. The
being taken to mitigate risks and improve performance. Company has posted EBITDA of ` 13.62 crores in
Considering the current economic scenario wherein the FY 2020-21 as compared to ` 895.47 crores in
Company may have a situation of inadequate profits FY 2019-20 on standalone basis.
or no profits as calculated under Section 198 of the
Act, the Board of Directors at its Meeting held on e. Foreign Investment or collaborations, if any:
April 30, 2021 felt it prudent to approach the Members Details of Foreign Investments as at March 31, 2021
of the Company seeking their approval by way of Special Face Value No of shares ` crores
Resolution for payment of minimum remuneration to Taj International
US $ 1 2300,00,000 1,111.98
Mr. Chhatwal from April 1, 2021 upto the remainder of Hotels (H.K.) Ltd.
his term in the event of no profits / inadequate profits. IHOCO BV US $ 1 263,82,855 2,390.41
BJETS Pte Ltd.,
US $ 1 200,00,000 102.59
Singapore
THE STATEMENT CONTAINING ADDITIONAL INFORMATION AS
REQUIRED UNDER SCHEDULE V TO THE ACT
II. Information about the Appointee
I. General Information
a. Background details:
a. Nature of Industry:
Aged 57, Mr. Puneet Chhatwal is the Managing Director
The Company is engaged in the business of hoteliering. and CEO of Indian Hotels Company Limited (‘IHCL’) with
339
effect from November 6, 2017. He holds an MBA in Superbrands (among top 50 brands) and was the winner
International Hospitality from Institut De Management of 2016 Grand Prix for the most progressive Company
Hotelier International (IMHI) (Cornell-Essec) France. He at Worldwide hospitality Awards in Paris besides being
has also completed his Advanced Management Program chosen as the Best Employer and Service Champion for
from INSEAD at Fountainbleau, France and Singapore 5 years in a row.
and also holds a degree from the Institute of Hotel
Management, New Delhi. He is perceived as a recognised team builder focusing
on relationships, people and teams. He is credited with
Mr. Chhatwal is a Hospitality industry veteran, with an having a detailed understanding of board function in
experience of over three decades. Before joining IHCL he minority and sliver equity partnerships, joint ventures
was the Chief Executive Officer of Deutsche Hospitality or other partnerships. He was successful in completing
/ Steigenberger Hotels AG. In his association with over 500 contracts in the last 25 years in Europe, Middle
Steigenberger Hotels AG, the group witnessed a growth East, Africa and Asia. Mr. Chhatwal has launched and
of more than 50% in portfolio along with increased re-launched various consumer brands (hospitality) and
presence in gateway destinations. During Mr. Chhatwal’s umbrella brand (B2B).
tenure, the hotel was accredited amongst Germany’s
b. Past remuneration:
(`/ Lakhs)
From November 6, 2017
Particulars FY 2020-21 FY 2019-20 FY 2018-19
to March 31, 2018
Salary 162.00 162.00 148.20 59.69
Perquisites & Allowances (Includes payment in lieu of Superannuation) 217.26 367.21 312.66 105.05
Commission, Additional Performance Bonus & Incentive Remuneration 324.00 ^ 908.21 650.49 265.98
Retirals 19.44 19.44 17.78 7.16
Total Remuneration under Schedule V 722.70* 1456.86 1129.13 437.88
Less: Permissible Limit Payable by a Company with inadequate profits 132.43 NA NA NA
Waiver of Excess Remuneration Paid / Payable 590.27 NA NA NA
Profit/(Loss) as per Section 198 (503.80) 385.36 498.92 379.07
Notes:
^Incentive Remuneration for FY 2020-21 recommended by NRC and Board (subject to Members’ approval) but not paid.
*The remuneration for FY 2020-21 marks a 50% reduction as compared to the previous year.
c. Job profile and his suitability: EBITDA margin enhancement as well as stimulating the
growth in portfolio in an asset smart model.
Mr. Chhatwal is the CEO and MD of the Company
since November 6, 2017 and is entrusted with the
Mr. Chhatwal provides IHCL with profound knowledge
overall responsibility of IHCL’s operations in India and
in hoteliering and cultural transformation by filling in
International markets. At IHCL, Mr. Chhatwal envisioned
critical gaps, on-boarding the right talent and creating
ASPIRATION 2022, a comprehensive strategic framework
a culture of performance in the organisation. Under
with the key objective of becoming the most iconic and
Aspiration 2022, he has re-imagined IHCL’s brand
profitable hospitality Company in South Asia. This pivotal
architecture in order to unlock the power of all brands,
programme was based on the three-pronged strategy
focus on enabling growth as well as create value for the
of Re-structuring, Re-engineering, and Re-imagining
entire stakeholder ecosystem. This move has helped
the Company’s portfolio whilst maximising stakeholder
Taj to be recognised as the nation’s strongest brand by
value and providing a clear roadmap for profitable
Brand Finance 2020. Mr. Chhatwal is responsible for
growth. Mr. Chhatwal was instrumental in sharpening
steering the profitable growth of the organisation as
the organisation’s focus on financial performance and
it continues to be positioned as a strong India based
340
Notice
hospitality ecosystem with strategic presence in select d. Remuneration proposed:

overseas destinations.
In monetary terms the Minimum Remuneration for the
3 years’ period is given hereunder:
During COVID-19, Mr. Chhatwal’s leadership helped IHCL
navigate through the challenging time with the launch of (`/ crores)
R.E.S.E.T 2020. Some major steps taken by the Company Particulars FY 2020-21
FY 2021-22 FY 2022-23
(Estimated) (Estimated)
under Mr. Chhatwal’s leadership during Aspiration to
April to Nov 5, 2022
Execution and R.E.S.E.T 2020 are summarised in point (Estimated)
no. b under the heading ‘Other Information’ given below. Salary 1.62 1.78 1.18
The Board is of the view that Mr. Chhatwal’s experience Perquisites and
and expertise in the global hospitality sector, is greatly 2.18 3.61 2.36
Allowances
beneficial to the Company and the remuneration Incentive Remuneration 3.24 3.56 2.35
payable to him is commensurate with his qualifications Retirals 0.19 0.21 0.14
and experience. Total Remuneration 7.23 9.16 6.03
Notes:
Increments, Perquisites and Allowances are based on assumption of
positive business outlook in the second half of FY 2021-22 and subject to
recommendation by the NRC and approval of the Board of Directors.
e. Comparative remuneration profile with respect to industry, size of the Company, profile of the position and person
(in case of expatriates the relevant details would be with respect to the country of his origin):
The following table benchmarks Mr. Chhatwal’s remuneration with respect to CEOs of 8 global hospitality sector
companies each of whom have an annual revenue higher than IHCL*. The typical company in the peer set has an annual
revenue which is 3-4 times higher than the annual revenue of IHCL.
These companies are headquartered overseas, and the remuneration data in the table is in US dollars.
This benchmark data has been provided by Aon, an independent global compensation consultant.
All figures in USD
Pay-Mix
10th Percentile 25th Percentile 50th Percentile 75th Percentile 90th Percentile
Fixed: STI: LTI
5,008,990 6,210,953 12,069,581 16,449,119 25,342,795 7:11:82
* As per IHCL’s Integrated Annual Report 2019-20, IHCL’s consolidated annual revenue for FY 2019-20 is ` 4,596 Cr or $622.85 million. (1 USD= 73.79 INR)
f. Pecuniary relationship directly or indirectly with extraordinary minds in Sales, Marketing and Technology
the Company, or relationship with the managerial - HSMAI European Awards 2014. He was also the First
personnel, if any: Alumni included in the ESSEC-IMHI Hall of Honor 2014.
The other achievements of the Company are laid out at
Except for drawing remuneration in his professional
page no. 28 of this Annual Report.
capacity, there is no other pecuniary relationship with
the Company or with the managerial personnel of
III. Other Information
the Company.
a. Reasons of loss or inadequate profits:
g. Recognition and Awards: Members are requested to refer to point no. A and B
Mr. Chhatwal has won awards including the prestigious above in the Explanatory Statement providing reasons
Carlson Fellowship and was rated as one of Europe’s 20 for weak financial performance.
341
b. Steps taken or proposed to be taken for improvement: • With improvement in financial performance, the
net debt to EBITDA ratio also improved significantly
• Execution of Aspiration 2022:
from 6.47 in March 2016 to 1.74 in March 2020.
IHCL defined its aspiration to be the most iconic
and profitable hospitality Company in South Asia. • In just over two years from the launch of
The Company not only sought to further reinforce Aspiration 2022, IHCL added around 50 new hotels
the iconic status of its brands and products but also to its portfolio thus reaching a key milestone
set sight on improving the financial performance of 200 hotels in its portfolio across brands by
significantly. This was articulated as a target of March 2020. IHCL’s portfolio today stands at 217
800 bps in margin expansion in five years. But the hotels with 52 in pipeline.
Company did not ignore growth, instead stimulating
• IHCL’s most iconic brand Taj was rated as India’s
it with a target of 15 new hotels to be added to
Strongest Brand by Brand Finance in 2020.
its portfolio every year across brands, eventually
resulting in a 50-50 owned vs managed portfolio.
• R.E.S.E.T 2020:
The strategy was cascaded across the organisation to
• During the pandemic, under Mr. Chhatwal’s
align all associates on these overarching objectives.
leadership, IHCL was able to quickly course
correct and launch its revamped strategy aptly
• Strategic Initiatives:
named R.E.S.E.T 2020 to press the RESET button
• Re-imagining Brandscape to make the twin
and not only survive the crisis but also revive and
transition of shifting from a hotels only business
thrive in the post pandemic times. IHCL employed
to a hospitality ecosystem and from a branded
a concept called ‘Stragility’ to quickly execute its
house to a house of brands under the corporate
R.E.S.E.T 2020 strategy with necessary agility to
aegis of IHCL.
reap results.
• Re-structuring Portfolio through scaling up in
• Multiple Revenue initiatives have been executed as
the number of hotels (15 new signings p.a.),
a part of R.E.S.E.T 2020 to grow hotel occupancies
simplification of holding structure to eliminate
through focused marketing campaigns like 4D and
non-value adding activities as well as sell non-core
to explore new alternate avenues for growth (e.g.
assets like residential apartments and non-core
Qmin, Hospitality @ Home, 7Rivers etc).
land parcels which could further release capital
and unlock future growth. • Amid crisis, the Excellence in safety of our guests
and employees has been our top-most priority
• Re-engineering Financial Performance to achieve
and the Company has taken several measures to
the 800 bps EBITDA margin expansion.
ensure their well-being under the aegis of Tajness
• Through regular strategy and culture meets among – A Commitment Restrengthened. Guest safety
the senior leadership team, the Company fostered a protocols and processes including appropriate
culture of collaboration, performance and success sanitisation and social distancing were put in
as One IHCL. This culture has been referred to as place. IHCL leveraged technology to introduce
Tajness with the core values being defined as ‘T’rust, contact-less service experiences for our guests
‘A’wareness and ‘J’oy (in short TAJ). during the pandemic (I-ZEST).
• The Company took all necessary measures to
• Results of Aspiration 2022:
optimise Spends and rationalise resources across
• Focused execution of Aspiration 2022 helped the
hotel operations and corporate overheads.
Company turn around its financial performance
after six years of losses and in just over two years • The Company further discussed with all its lessors
of Aspiration 2022, IHCL demonstrated consistent and secured waivers or deferments of lease rentals
improvement in profitability and achieved close during the lockdown period. This Effective asset
to 700 bps EBITDA margin expansion as against management helped the organisation release
its stated target of 800 bps margin expansion by much needed cash through waiver of lease rentals
2022/23. and monetisation of non-core assets.
342
Notice
• Thrift and financial prudence measures have also Minimum Remuneration to Mr. Chhatwal for approval
included deferral of Capex & Renovations unless by the Members of the Company.
absolutely required and raising liquidity levels to
sail through the crisis of the pandemic. E xcept for Mr. Chhatwal and/or his relatives, no other
Director, Key Managerial Personnel or their respective
• IHCL, with its 117+ years of legacy and unbeatable
relatives are, in any way, concerned or interested, financially
brand equity, continues to be in a position of
or otherwise, in the said resolutions.
strength to overcome this crisis and capture future
growth opportunities in an optimal manner and
Item No. 7
is presently drafting the path to resurgence post
COVID-19: From RESET 2020 to ROUTE 2025. The Members of the Company had at their meeting held
on June 20, 2019 approved payment of commission not
c. Expected increase in productivity and profits in exceeding one percent of the net profits of the Company
measurable terms: calculated in accordance with the provisions of Section 198
of the Companies Act, 2013 (‘the Act’) to the Non-Executive
The Company is focused on implementing various Directors of the Company and such payments would be
strategic initiatives aimed at stimulating revenue growth, made in respect of the profits of the Company for each year
re-enforcing operational excellence and continuing the commencing on or after April 1st as directed by the Board of
optimisation in fixed costs in order to emerge stronger Directors of the Company.
post COVID-19. Though the hospitality industry has been
one of the most adversely impacted industries globally, Recently, on March 18, 2021, the Ministry of Corporate
in anticipation of revival of the global economy in general Affairs has notified the amendments to Sections 149(9)
and the Indian economy in particular, the aforesaid and 197(3) of the Act by the Companies (Amendment)
steps taken / to be taken by the Company as mentioned Act, 2020 to enable Companies faced with no profits or
in point no. b of ‘Other Information’ is expected to inadequate profits to pay certain fixed remuneration to their
significantly improve the Company’s performance and Non-Executive Directors (‘NEDs’) and Independent Directors
profitability in the coming years. (‘IDs’), in accordance with the provisions of Schedule V to
the Act. To give effect to the amendments made to Sections
According to Section (II)(B)(ii) of Schedule V to the Act, 149(9) and 197(3), a concurrent amendment was also made to
the Company has not defaulted in payment of dues to any Schedule V to the Act through Notification No. S.O.
bank or public financial institution or non-convertible 1256(E), issued by the Ministry of Corporate Affairs on
debenture holders or other secured creditor. March 18, 2021. This notification has prescribed the limits of
the remuneration payable to NEDs and IDs, in the event of
Taking into consideration the above and the terms of no profits or inadequate profits. Under Item (A) of Section II
appointment and remuneration (including payment of of Part II of Schedule V to the Act, in the event of no profits
Minimum Remuneration) of Mr. Chhatwal and based or inadequate profits NEDs and IDs can receive remuneration
on the recommendations of the NRC, the Board of in accordance with the limits prescribed therein, which are
Directors at its meeting held on April 30, 2021, accorded based on the ‘effective capital’ of the Company. The following
its approval to the said proposals. limits have been prescribed for the remuneration payable to
NEDs and IDs:
Electronic copies of the Agreement executed by the
Company with Mr. Chhatwal setting out the terms Where the effective capital is Limits for yearly remuneration payable to
(in `): NEDs and IDs (in `).
and conditions of his appointment, and other relevant
Negative or less than 5 crores. 12 Lakhs
documents pertaining to these resolutions would be
5 crores and above but less 17 Lakhs
available for inspection by the Members. Please refer to than 100 crores.
the note given in the Notice on inspection of documents. 100 crores and above but less 24 Lakhs
than 250 crores.
The Board commends the Special Resolutions at Item 250 crores and above. 24 Lakhs plus 0.01% of the effective
No. 5 and 6 of the accompanying Notice for payment of capital in excess of 250 crores.
343
The remuneration in accordance with the above limits can be Consequently, the Company has incurred a loss as computed
paid upon satisfaction of the following conditions: under Section 197 read with 198 of the Act and cannot pay
commission to the Non-Executive Directors in such a scenario
(i) Payment of remuneration is approved by a resolution
as per the Members’ Resolution dated June 20, 2019.
passed by the Board and, in the case of a Company
covered under sub-section (1) of Section 178, also by
However, under the current legal framework, post the
the NRC;
amendments notified by the Ministry of Corporate Affairs
on March 18, 2021, the Company may now pay a fixed
(ii) The Company has not committed any default in payment
remuneration to its NEDs and IDs to incentivise them for
of dues to any bank or public financial institution or
their time, contribution, rich experience and critical guidance
non-convertible debenture holders or any other secured
provided at Board Meetings.
creditor, and in case of default, the prior approval of
the bank or public financial institution concerned or the
In view of the valuable services being rendered by the NEDs
non-convertible debenture holders or other secured
and IDs to the Company, as recommended by the NRC, the
creditor, as the case may be, has been obtained by
Board of Directors at their meeting held on April 30, 2021
the Company before obtaining the approval of the
approved payment of remuneration to the NEDs and IDs of
shareholders in the general meeting;
the Company in accordance with the limits provided under
Schedule V to the Act in case of no profits or inadequate
(iii) Payment of remuneration is approved by the
profits for the three Financial Years 2020-21, 2021-22 and
shareholders by way of an Ordinary Resolution.
2022-23. This remuneration will be distributed amongst all
or some of the Directors in accordance with the directions
The outbreak of the COVID-19 pandemic had confronted
given by the Board of Directors and shall be in addition to
the hospitality industry with an unprecedented challenge.
the fee payable to the Directors for attending the meetings
Strategies to flatten the COVID-19 curve such as community
of the Board or Committee thereof or for any other
lockdowns, social distancing, stay-at-home orders, travel
purpose whatsoever as may be decided by the Board, and
and mobility restrictions had resulted in prolonged closure
reimbursement of expenses for participation in the Board
of many hospitality businesses. This had resulted in low
and other meetings.
occupancies / shutdowns of IHCL hotels Pan India, negatively
impacting the financial performance of the Company and
its liquidity.
THE STATEMENT CONTAINING ADDITIONAL INFORMATION AS REQUIRED UNDER SCHEDULE V TO THE ACT
For details regarding point no. I pertaining to General Information and point no. III pertaining to Other Information, as
provided in Schedule V to the Act, the Members may refer to the details provided above in the explanatory statement to
Item Nos. 5 & 6
344
Details regarding information about the appointee as provided in Schedule V to the Act are as under:
Particulars Mr. Nasser Munjee# Ms. Vibha Paul Rishi## Ms. Hema Ravichandar # Mr. V. Anantharaman# Mr. Venu Srinivasan@ Mr. Mehernosh Kapadia
Background Details, Job Profile The details for each of these Directors can be found on the website of the company at https://www.ihcltata.com/investors/
and Suitability
Past Remuneration (`)

FY 20: 41,80,000 43,30,000 42,10,000 36,80,000 30,30,000 41,80,000
FY 19: NA 47,40,000 NA NA 15,30,000 20,90,000*
FY 18: NA 44,70,000 NA NA NA 3,46,80,903**
Remuneration Proposed Upto ` 42 Lakhs Upto ` 42 Lakhs Upto ` 42 Lakhs Upto ` 42 Lakhs Upto ` 39 Lakhs Upto ` 39 Lakhs
Comparative remuneration The remuneration has been considered by the NRC and the Board of Directors of the Company and is in line with the remuneration being drawn by similar positions in the hotel
profile with respect to industry, industry
size of the Company, profile
of the position and person (in
case of expatriates the relevant
details would be with respect
to the country of his origin):
Pecuniary relationship The Non-Executive Directors do not have any pecuniary relationship with the Company except to the extent of Sitting Fees, Commission or Remuneration, as applicable, and
directly or indirectly with the reimbursement of out of pocket expenses received by them for attending the meetings.
company, or relationship with
the managerial personnel or
other director, if any.
Recognition and Rewards Mr. Munjee was adjudged None Ms. Ravichandar has None In recognition of None
best Independent Director won several awards and his contribution to
by the Asian centre for accolades including three manufacturing, R&D,
Corporate Governance “HR Professional of the technology and quality
and Sustainability. He was Year” awards, listings excellence, Mr. Srinivasan
also awarded the Indian amongst the “25 Most was conferred with ‘Doctor
Business Leader of the Powerful Women in of Science’ by the University
year 2014 by Horasis in India”, “25 Hottest Young of Warwick, UK in the year
Switzerland. Executives of the Year” 2004 and by The Indian
and “Successful Women Institute of Technology,
Professionals in IT”. Kharagpur, in the year 2009.
She was also conferred He was bestowed with the
with the “Outstanding Ishikawa-Kano award in
HR Professional of the the year 2012 by the Asian
Year” by the National Network of Quality, the apex
HRD Network. She has body for quality in Asia which
held positions in industry covers 18 countries including
bodies, including on the Japan, China, India, Korea
National Executive Board and Thailand.
of NHRDN. She has also
served on several award For his contribution
juries. to Leadership and
Management, he was
conferred with JRD Tata
Corporate Leadership Award
by the All India Management
Association in the year
2005, and the Jamsetji Tata
Lifetime Achievement award
by the Indian Society for
Quality in the year 2004.
*Retired as Executive Director w.e.f. May 23, 2018 and thereafter was appointed as Non-Executive Director w.e.f August 10, 2018. For FY 19, Mr. Kapadia received an additional amount of Rs. 83.65 Lakhs being his remuneration as Executive
Director for the pro-rata period from April 1, 2018 to May 22, 2018. ** Amount received as Salary and Performance Linked Bonus for FY 2017-18.
# Appointed w.e.f August 5, 2019
##Re-appointed w.e.f. September 10, 2019
345
@Appointed w.e.f August 10, 2018
Calculation of Effective Capital based on date of appointment and maximum pay-out as per Schedule V to the Act for each
Non-Executive Director for FY 2020-21, 2021-22 and 2022-23 is as under:
Mr. Nasser Ms. Vibha Paul Ms. Hema Mr. V. Mr. Venu Mr. Mehernosh
Particulars
Munjee Rishi Ravichandar Anantharaman Srinivasan Kapadia
Date of Appointment August 5, September 10, August 5, August 5,
August 10, 2018 August 10, 2018
2019 2019 2019 2019
Effective Capital based on date of
2007.05 2007.05 2007.05 2007.05 1758.95 1758.95
appointment (in ` crs)
Base amount as per effective capital 0.24 0.24 0.24 0.24 0.24 0.24
Plus 0.01% of the effective capital
0.18 0.18 0.18 0.18 0.15 0.15
in excess of ` 250 crores
Maximum Payout for
0.42 0.42 0.42 0.42 0.39 0.39
each financial year (in ` crs)
Note: As a policy, Mr. N. Chandrasekaran, Chairman, has abstained from receiving remuneration from the Company
The Board commends the Ordinary Resolution at Item No. 7 of the accompanying Notice for approval by the Members of
the Company.
Other than the concerned Non-Executive Directors of the Company and their relatives, none of the other Directors and
KMP of the Company or their respective relatives, are in any way, concerned or interested, financially or otherwise, in the
resolution set out at Item No. 7 of the accompanying Notice.
By Order of the Board of Directors
Beejal Desai
Senior Vice President
Corporate Affairs & Company Secretary (Group)
Mumbai, April 30, 2021 F.C.S No.: 3320
Registered Office:
Mandlik House,
Mandlik Road,
Mumbai 400 001.
CIN: L74999MH1902PLC000183
Tel.: 022 66395515 Fax: 022 22027442
Email: [email protected]
Website: www.ihcltata.com
346
Notice
DETAILS OF DIRECTOR SEEKING RE-APPOINTMENT AT THE ENSUING

ANNUAL GENERAL MEETING OF THE COMPANY
(Pursuant to the SEBI Listing Regulations and Secretarial Standard-2 on General Meetings)
Name of Director Mr. Puneet Chhatwal
DIN 07624616
Designation Managing Director & Chief Executive Officer (MD & CEO)
Age 57
Date of Birth April 16, 1964
Date of First Appointment November 6, 2017
Experience & Expertise in specific functional Mr. Chhatwal is a Hospitality industry veteran, with an experience of over three decades. He
areas/ brief resume was previously the Chief Executive Officer of Deutsche Hospitality/ Steigenberger Hotels AG.
He has been in senior International leadership roles for almost 20 years. He is perceived as
a recognised team builder focusing on relationships, people and teams. He is credited with
having a detailed understanding of board function in minority and sliver equity partnerships,
joint ventures or other partnerships.
Mr. Chhatwal has won several awards including the prestigious Carlson Fellowship and was
rated as one of Europe’s 20 extraordinary minds in Sales, Marketing and Technology – HSMAI
European Awards 2014. He was also the First Alumni included in the ESSEC-IMHI Hall of Honor
2014.
During Mr. Chhatwal’s tenure, Steigenberger Hotels AG was accredited amongst Germany’s
Superbrands (among top 50 brands) and was the winner of 2016 Grand Prix for the most
progressive Company at Worldwide Hospitality Awards in Paris besides being chosen as the
Best Employer and Service Champion for ﬁve years in a row.
Qualifications • MBA in Hospitality from ESSEC, Paris

• Advanced Management Program from INSEAD
Terms and Conditions of appointment / Appointed as the MD & CEO w.e.f. November 6, 2017 for a period of five years.
re‑appointment
Details of Remuneration sought to be paid Details provided in the Explanatory Statement of Item Nos. 5 and 6 at point no. II d in the
Statement containing Additional Information as required under Schedule V to the Act
Remuneration last drawn Details provided in the Explanatory Statement of Item Nos. 5 and 6 at point no. II b in the
Statement containing Additional Information as required under Schedule V to the Act
Details of shares held in the Company NIL
Relationship with other Directors, Manager and Not related to any other Director / Key Managerial Personnel of the Company.
other Key Managerial Personnel of the Company
347
Directorships in other public limited companies Listed Companies

• Taj GVK Hotels & Resorts Limited
• Oriental Hotels Limited
• Benares Hotels Limited
Unlisted public Companies
• Piem Hotels Limited
• Taj SATS Air Catering Limited
• ELEL Hotels & Investments Limited
• Roots Corporation Limited
• The Indo German Chamber of Commerce
Others
• IHM – Aurangabad
• St. James’ Court Hotel Limited
• Good Hope Palace Hotels Proprietary Limited
• IHMS Hotels (SA) Proprietary Limited
Membership/ Chairpersonship of Committees Audit Committee

in other public limited companies Member
Nomination and Remuneration Committee
Member
• Piem Hotels Limited
• Oriental Hotels Limited
• Taj SATS Air Catering Limited
For other details such as number of meetings of the board attended during the year, remuneration drawn and terms and
conditions of re-appointment in respect of above director, please refer to the corporate governance report forming a part
of the Annual Report.
348
Notes
Notes
Taj Lake Palace, Udaipur
IHCLTATA.COM

Integrated Annual Report 2020-21

Uploaded by

Copyright:

Available Formats

Integrated Annual Report 2020-21

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Integrated Annual Report 2020-21

Uploaded by

Copyright:

Available Formats

About the report

Standards and framework Report navigation

Human capital Intellectual

Board and management assurance

Contents FY 2020-21 highlights

Delivering resilient performance

Establishing strong relations

6.3 Lakhs ₹17.26 Cr

Prudence like always. Human capital

Strong heritage. Rich legacy. Unparalleled guest connect.

As on March 31, 2021

THE ESSENCE OF IHCL

An impeccable service culture

Our purpose Our values Our brandscape

Trust Awareness Joy

THE ESSENCE OF IHCL

Our brand portfolio

Authentic palaces, Bon vivant hotels across

Collection of marquee Key travel destinations

THE ESSENCE OF IHCL

Our brand portfolio

India and Dubai

principles of Ayurveda, yoga and wellness

Expansive like always.

India Locations in pipeline and not yet operational (including Ginger)

Across segments, we are the leading hospitality company Passionate like

Delivering like always.

FY 2016-17 155 FY 2016-17 18,361 FY 2016-17 442

FY 2017-18 160 FY 2017-18 18,965 FY 2017-18 625

* Hotel portfolio includes hotels under various stages of development

KEY PERFORMANCE INDICATORS

Resolute like always.

Financial performance Social

Water saved through recycling CO2 emissions avoided by embracing

MD & CEO’S MESSAGE

IN FOCUS: LEVERAGING DIGITAL

Digital menus installed across restaurants, salons and spas

IHCL Response Assistant (IRA)

IN FOCUS: REIMAGINING BUSINESSES. SEIZING OPPORTUNITIES

Experience like always.

Tajness – A Commitment Restrengthened

IN FOCUS: REDEFINING THE F&B EXPERIENCE

Authenticity like always.

Qmin 7Rivers Brewing Company Machan

Prominence like always.

HOW WE CREATE VALUE

Foresight like always.

Intellectual capital Intellectual capital

Transforming like always. Enhanced hygiene protocols

Agile like never before.

Traditionally customer-facing services are being given

Engaging like always. Fostering lasting relationships

Responsive like never before. Stakeholders Why they are important

extended by our stakeholders. It is, therefore, crucial that we understand

Focused like always.

Our material topics

Scalability Environmental stewardship Social responsibility Environmental stewardship

Topic Definition Topic Definition Topic Definition Topic Definition

WHAT OUR STRATEGY FOCUSES ON

Determined like always.