Annual Report: 2023
The Bharat Hotels Limited Annual Report 2022-2023 provides a comprehensive overview of the company’s performance, governance, and financial standing for the fiscal year.
Financial Highlights: Revenue from operations increased significantly from ₹31,951.34 lakhs in 2021-22 to ₹70,613.84 lakhs in 2022-23 on a standalone basis. Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) also saw a substantial rise, reaching ₹32,859.38 lakhs compared to ₹11,917.07 lakhs in the previous year. The company recorded a profit for the year of ₹3,944.59 lakhs, a considerable improvement from the loss of ₹13,711.63 lakhs in the preceding year. The report indicates that the company refinanced its debt through the issuance of Non-Convertible Debentures.
Operational Performance and Company Affairs: The hospitality industry experienced a revival due to successful vaccination programs and the removal of travel restrictions. Bharat Hotels raised funds by issuing 1,10,000 Non-Convertible Debentures, which were used to repay existing debt, clearing all loans from financial institutions. The management anticipates continued growth in the Indian hospitality sector due to rising disposable incomes and government initiatives promoting tourism.
Board of Directors and Key Personnel: The Board comprises eight directors, including Dr. Jyotsna Suri (Chairperson and Managing Director), executive directors, and independent directors. Key managerial personnel include executive directors Ms. Divya Suri Singh, Ms. Deeksha Suri, Mr. Keshav Suri, company secretary Mr. Himanshu Pandey, CEO Mr. Vivek Shukla, and CFO Mr. Amit Gupta. Several directors were re-appointed.
Board Committees: The company has mandatory committees such as the Audit Committee (chaired by Dr. Mohammad Yousuf Khan), Nomination and Remuneration Committee (chaired by Mr. Dhruv Prakash), Stakeholders Relationship Committee (chaired by Mr. Dhruv Prakash) and Corporate Social Responsibility ("CSR") Committee (chaired by Dr. Jyotsna Suri).
Policies and Governance: The report details various company policies, including the Vigil Mechanism Policy, Risk Management Policy, and Policy on Directors’ Appointment and Remuneration. The company states compliance with applicable Secretarial Standards and the Sexual Harassment of Women at Workplace Act, 2013 ("POSH Act").
Awards and Recognitions: The company's hotels and management received several awards, including recognition for LGBTQ+ friendliness, culinary heritage, and spa services.
Auditor's Report and Financial Statements: The Independent Auditor's Report by Walker Chandiok & Co LLP provides an unqualified opinion on the standalone and consolidated financial statements. The report emphasizes an ongoing dispute with the New Delhi Municipal Corporation (NDMC) but notes the management's view that no adjustment is required. The report also notes effective internal financial controls. The report contains annexures including details of meetings, CSR activities, secretarial audits, employee remuneration, and energy conservation.
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