Subsidiary companies annual reports 2024-25

ANNUAL REPORTS 2024-2025

Mr. Arjun Singh Oberoi, Chairperson Mr. Shivy Bhasin, Vice Chairman

Mr. Manish Goyal, Managing Director Mr. Vikramjit Singh Oberoi

Mr. Tej Kumar Sibal Mr. Manav Goyal

Mr. Raj Kumar Kataria (upto 14th May, 2024)

Mr. Sandeep Kumar Barasia (upto 07th April, 2025) Ms. Chhavi Rajawat

Mr. Anil Kumar Mehra (w.e.f. 16th April, 2025)

Mr. Kallol Kundu, Chief Financial Officer (upto 25th September, 2024) Mr. Vineet Kapur, Chief Financial Officer (w.e.f. 27th January, 2025) Mr. Lalit Kumar Sharma, Company Secretary

Deloitte Haskins & Sells LLP, Chartered Accountants

7th Floor, Building 10, Tower B DLF Cyber City Complex

DLF City Phase - II Gurugram - 122002 Haryana

N-806A, 8th Floor, Damond Heritage Building 16, Strand Road, Fairley Place

Kolkata 700 001, West Bengal

7, Sham Nath Marg Delhi 110 054

Directors' Report

To

The Members

Mumtaz Hotels Limited

The Board presents its Thirty Fifth Annual Report together with the Audited Financial Statement and the Auditor's Report in respect of the Financial Year ended 31st March 2025.

The Financial highlights of the year under review as compared to the previous year are given below:

Rs. in Lacs

There were no material changes affecting the financial position of the Company which occurred between the end of the Financial Year to which the Financial Statement relates and the date of this report.

The Board of Directors is pleased to present the performance of the Company, the best in its history resulting from a higher hotel Average Room Rate and Occupancy.

During the Financial Year 2023-24, construction of a luxury resort at Gandikota, Kadapa District was approved by the Board of Directors on a land measuring 50 acres offered by the Government of Andhra Pradesh on a lease of 90 years. A lease deed was executed between the Company and Andhra Pradesh Tourism Development Corporation (Wholly owned Corporation of the Government of Andhra Pradesh).

A luxury resort comprising 20 rooms will be operational by January 2028. A Management and Technical Service Agreement has been executed between the Company and EIH Limited for managing and operating the luxury resort. A royalty agreement was also signed and executed between the Company and Oberoi Hotels Private Limited for using the "The Oberoi" brand.

The international architect appointed by the company for designing the hotel had suggested realigning the land to get a better view of the gorge and lake. Accordingly, the company approached the Tourism Department of the State Government with a request to realign the land and give a fresh survey plan. The matter was referred to State Cabinet which approved the fresh survey plan with revised survey numbers after which it was allotted to the company through a supplementary lease agreement.

During the Financial Year 2023-24, construction of a luxury hotel comprising of 125 rooms and suites at Tirupati, Andhra Pradesh was approved by the Board of Directors on a land measuring 20 acres in Tirupati offered by the Andhra Pradesh Tourism Development Corporation (Wholly owned Corporation of Government of Andhra Pradesh) with a lease period of 90 years.

However, due to objections from the Tirupati Devasthanam Trust for not allowing a hotel to be constructed on the foothills of the temple due to religious sentiments, the Tourism Department of the State Government has agreed in their letter dated 10th May 2025 after the approval of State Cabinet to allot alternate land of 20 acres on the opposite side of the road 1.5 km from the present site.

On transfer of land to the Tourism Department by Tirupati Devasthanam, the company will be given possession of land which is expected to be completed by the first week of June 2025 under the same terms and conditions applicable to the existing lease. The State Government has also agreed to reimburse the incurred cost of Rs 14.50 crore after due verification, in a manner decided by the Government.

The Board of Directors also recommended final dividend of Rs.15/- (150 %) per share of Rs.10 each to the Shareholders for the Financial Year 2024-25.

In accordance with the provisions of Section 134 (5) of the Companies Act, 2013 ("the Act"), and based on representations from Management, the Board states that:

1. in preparing the annual accounts, applicable Accounting Standards have been followed and there are no material departures;

2. the Directors selected accounting policies, applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit of the Company for that period;

3. the Directors have taken proper and sufficient care in maintaining adequate accounting records in accordance with the provisions of the Act for safeguarding the

Mumtaz Hotels Limited | Annual Report 2024-25 3