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Oriental Hotels Ltd.

BSE: 500314 Sector: Services
NSE: ORIENTHOT ISIN Code: INE750A01020
BSE LIVE 14:37 | 14 Dec 37.80 0.10
(0.27%)
OPEN

38.65

HIGH

38.85

LOW

37.25

NSE 14:37 | 14 Dec 37.65 -0.25
(-0.66%)
OPEN

38.65

HIGH

38.65

LOW

37.50

OPEN 38.65
PREVIOUS CLOSE 37.70
VOLUME 15573
52-Week high 48.70
52-Week low 20.00
P/E 84.00
Mkt Cap.(Rs cr) 675
Buy Price 37.55
Buy Qty 360.00
Sell Price 37.80
Sell Qty 134.00
OPEN 38.65
CLOSE 37.70
VOLUME 15573
52-Week high 48.70
52-Week low 20.00
P/E 84.00
Mkt Cap.(Rs cr) 675
Buy Price 37.55
Buy Qty 360.00
Sell Price 37.80
Sell Qty 134.00

Oriental Hotels Ltd. (ORIENTHOT) - Chairman Speech

Company chairman speech

1995 ORIENTAL HOTELS LIMITED CHAIRMAN'S STATEMENT Your Company has completed 25 years successfully. The Annual Report for the year ended 31st March 1995 will amply demonstrate what the Company has achieved. The Company's operations have grown from a single unit in 1974 to a multi-limit operation in India and has a commendable record of dividends, bonus shares and rights share issue. The shareholders' confidence in and continued support to the Company's management has been an important factor which has made these achievements possible. 2. Your Company started a programme of major renovation to its properties in 1990. In my earlier statements, I had cautioned shareholders that the outlook for the Company's results would, in the short term, need to take into account the extensive renovation work envisaged, especially to the Company's flagship hotel at Madras. I am happy to inform shareholders that the renovation/expansion work at Vizag is fully complete and the renovation work at Madras hotel, for the large part is complete except for the function rooms and the Coffee Shop. The renovation work in the main Lobby, Bar and the Executive floors at Taj Coromandel Hotel, Madras is complete and the shareholders would be glad to note that the income and profitability of the hotel has improved considerably compared to the previous years. Notwithstanding the renovation programme and negative factors during the past five years such as the Gulf war, sectarian riots and the "plague scare", your Company has been able to achieve significant increases in its income, profitability and shareholders have benefitted from bonus and rights issues and increased dividends on expanded capital. 3. During the year under review, your Company placed Global Depositary Receipts (GDRs) of US$ 30 Million (Rs. 93.66 crores) at a very attractive rate of US$ 12.75 per GDR, demonstrating the international investors' confidence in your Company. With part of the proceeds of the GDR issue, your Company has acquired, through its wholly owned subsidiary in Hongkong, an interest in the ownership and operations of the Executive Plaza Hotel, Chicago, U.S.A., a leading hotel in the city. We believe that this investment will have significant long-term benefit to the Company. 4. The economic liberalisation during the past few years has increased business travel into India significantly and an appreciable improvement in the occupancy of hotels. However, to sustain this growth, the industry requires a healthy, mix of business and leisure traffic. This calls for an increase in the country's available room capacity. This in turn requires the support of the State Governments who can jointly promote tourism in their respective States by joining hands with known hotel companies and by making available land for hotel projects and further offer concessional levy of power charges for utilities, property related taxes and luxury tax. Simultaneously, we need to improve the infrastructure. 5. With the continued support and guidance received by your Company from The Indian Hotels Company Limited, your Company is poised to not only consolidate its present market share but is also planning to expand its activities in places such as Coimbatore and Tuticorin in the next few years. 6. Shareholders will join me in expressing our grateful thanks to the Company's bankers and financial institutions for their continued support. Lastly and most important our gratitude to the loyalty, dedication and motivation of your Company's staff at all levels, ably led by the Vice Chairman and Managing Director, in achieving excellent working results year after year. Chairman Date : 14th August, 1995.