Bharat Hotels Unlisted Shares

Annual Report: 2024

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Year: 2024

Annual Report Summary

The following is a comprehensive summary of the Bharat Hotels Limited Annual Report for 2023-2024.

Overview: The report presents the 43rd Annual Report of Bharat Hotels Limited, detailing the business and operations of the Company alongside audited financial statements for the fiscal year ending March 31, 2024. It covers both standalone and consolidated financial performance, management analysis, corporate governance, and compliance information.

Financial Performance:

Revenue: Standalone revenue increased to Rs. 767.41 Crores from Rs. 713.52 Crores. Consolidated revenue reached Rs. 870.72 Crores from Rs. 808.30 Crores.
EBITDA: Standalone EBITDA increased to Rs. 334.79 Crores from Rs. 328.59 Crores. Consolidated EBITDA increased to Rs. 371.75 Crores from Rs. 364.35 Crores.
Net Profit: Standalone profit after tax stood at Rs. 9,987.22 Lakhs, while the consolidated profit after tax was Rs. 8,480.20 Lakhs.
Debt: The company redeemed part of its debentures, leaving Rs. 882.58 Crores outstanding as of March 31, 2024.
Dividend: The Board of Directors did not recommend any dividend for the Financial Year 2023-24 to conserve cash.
Reserves: No amount was transferred to the General Reserve during the financial year.

Operational Performance & Management Analysis:

Growth: Management anticipates continued growth in the hospitality sector due to infrastructure improvements and rising disposable incomes.
Risk Assessment: A risk assessment was conducted, and no significant disruptions in supplies or business activities are foreseen.
Diversity and Inclusion (DEI): Bharat Hotels emphasizes diversity and inclusion through initiatives like inclusive recruitment, accommodations, and sensitization training. The company has more than 200 employees from the LGBTQIA+ community.
Skill Enhancement: The Company focuses on empowering marginalized communities through training programs, including "Project Prahari" to employ acid and burn warriors.

Corporate Governance:

Board of Directors: The Board comprises eight directors, including Dr. Jyotsna Suri (Chairperson and Managing Director), executive directors (Divya Suri Singh, Deeksha Suri, and Keshav Suri), and independent directors (Mr. Dhruv Prakash, Mr. Vivek Mehra, and Ms. Shovana Narayan).
Board Meetings: The Board met four times during the financial year.
Committees: The company has several key committees, including an Audit Committee, a Nomination and Remuneration Committee, a Stakeholders Relationship Committee, and a Corporate Social Responsibility (CSR) Committee.
Directors' Responsibility Statement: The Directors confirm compliance with accounting standards, proper accounting records, and effective internal financial controls.
Board Evaluation: Evaluation of directors, committees, and the board was conducted as per the Companies Act, 2013.
Vigil Mechanism and Risk Management: The company has a whistle blower policy and a risk management policy in place.

Corporate Social Responsibility (CSR):

CSR Policy: The company focuses on involving the local population, giving them training & employment.
CSR Spend: A total of Rs. 19.44 Lakhs was spent on CSR projects during the year.

Awards and Recognitions: The company's hotels and management have received several awards, including those for diversity & inclusion, best Indian restaurant, ayurvedic wellness spa, and art hotel.

Statutory Compliance:

Statutory Auditor: Walker Chandiok & Co LLP was re-appointed as Statutory Auditors.
Secretarial Auditor: RSM & Co. was appointed as Secretarial Auditors.
Compliance with Secretarial Standards: The company has complied with applicable Secretarial Standards.
Annual Return: The Annual Return is available on the company's website (www.thelalit.com).
Sexual Harassment Policy: An anti-sexual harassment policy is in place, and no complaints were received during the year.
Fixed Deposits: The company has not accepted deposits from the public.
Related Party Transactions: All related party transactions were on arm's length basis.

Auditors' Report Highlights:

The Auditors' Report doesn't contain any qualification, reservation, adverse remark or disclaimers.
Emphasis on ongoing disputes with NDMC regarding license fees and land license termination, as well as a demand order issued by the Chief Controlling Revenue Authority.

Key Personnel Changes: Mr. Amit Gupta resigned as CFO effective November 8, 2023, and Mr. Rakesh Mitra was appointed as CFO effective March 7, 2024.

Financial Statement Details: The report provides detailed standalone and consolidated financial statements, including the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement. Key elements include:

Assets, Equity and Liabilities
Revenue and Expenses
Cash Flow from Operating, Investing, and Financing Activities
Notes on Share Capital, Reserves, Borrowings, and Financial Instruments
Segment-wise Performance

The document concludes with annexures, including details of board and committee meetings, CSR activities, the secretarial audit report, and various financial statements and related notes.

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