Oberoi Group's 62nd Annual General Meeting in Kolkata

Mr. PRS Oberoi & Ms. Nita Ambani

Addressing the Sixty-second Annual General Meeting of EIH Limited (the flagship Company of The Oberoi Group) held in Kolkata today Mr. P.R.S. Oberoi, Chairman said “Despite a promising start, 2011 was a year of slow and fragile recovery. The year 2012 started on a promising note amidst hopes that the global financial crisis was at a turning point. Unfortunately, events have proved otherwise. Europe and the United States continue to be plagued by persistent recession and high levels of unemployment. The Eurozone is under immense stress. These economic upheavals could have dire consequences for most global economies”.


Mr. Oberoi also said that “The Company’s total revenue from operations for the year which ended on 31st March, 2012 increased by 8% as compared to the previous year. The profit from operations increased by approximately 20% and the profit after tax was Rs 122.42 crores as compared to Rs 64.54 crores in the previous year, which is an increase of approximately 90%.


The Dividend of Rs 1.10 per Equity Share has been approved as compared to 90 paise per Equity Share in the previous year.

Mr. Oberoi further added “The First Quarter results of the current Financial Year have not been encouraging; this is primarily due to the global financial crisis and the uncertain economic climate in India.


• The total revenue has been Rs 247.90 crores as compared to Rs 255.84 crores last year.

• The Profit before Tax has been Rs 10.81 crores as compared to Rs 14.95 crores last year.

• The Profit after Tax has been Rs 9.45 crores as compared to Rs 15.45 crores last year”.


Mr. Oberoi added that he is hopeful that market conditions will improve in the following three quarters of the current year.


Mr. Oberoi added “The Oberoi Group continues to be recognized by international travel magazines as amongst the best hospitality groups worldwide. Recently, the international travel magazine - Travel + Leisure has rated 3 Oberoi Hotels 1st, 3rd and 7th best in Asia. These awards are primarily due to the dedication of our employees who continue to provide exceptional service to our guests. This is a source of satisfaction and pride for us”.


Mr. Oberoi further added “A new Flight Kitchen located at the New Delhi International Airport has opened. This kitchen has won the “Future Kitchen Award” by the trade journal “Catering Management” at the Intergastra Fare, 2012 held at Stuttgart, Germany for its excellent kitchen design and energy conservation. The Oberoi, Dubai consisting of 250 keys will open in the last quarter of this year. The 320 key Trident, Hyderabad will open in the last quarter of year or early 2013. The planning and construction of projects located at Marrakech, Casablanca and Pune are underway”.


In conclusion Mr. Oberoi said “Despite short term challenges, the long term outlook for the Indian hospitality industry is positive. A country as diverse as India with a strong historic and cultural heritage will always be sought after by international travellers. Multiple centres of economic activity are emerging rapidly in India thus creating a growing demand for domestic customers who value quality and are prepared to pay for superior service and accommodation
Sourced From: Corporate Voice Weber Shandwick,