It gives me great pleasure in presenting the 35th Annual Report of your Company for thefinancial year ended March 312020 wherein your Company has reported a profit after taxof Rs 996 million.
This has been a year of collaborations and new horizons for your Company. Novotel PuneNagar Road was added to the hotel portfolio marking an entry into the business city ofPune. Your Company also signed new hotel management contracts of ~1500 rooms withMarriott and franchise contract of ~250 rooms with Hyatt. With this we have fortified therelationships of your Company with the existing partners and forged new relationships.Being brand agnostic the Company continues to grow strategically in new markets.
The year started on a positive note and marked the third continuous year of rate growthfor the Company despite headwinds on the economic front. The emergence of COVID-19 duringthe final quarter of the year came as a setback to the tourism and hospitality industryworld over. This impacted the final quarter performance of your Company as well andaffected our annual performance.
While the situation is still evolving your Company's Management has been totallyfocused on cashflow management and developing strategies to benefit from the disruptionsthat are likely to follow the withdrawal of lockdowns . Our core Values of IntegrityAgility Efficiency Collaboration Sustainable Development and Respect have been key inthe current scenario in taking the team together in formulating a 'New Normal' for thebusiness.
We consider this as not only our duty towards society but our honour and privilege toserve the nation and humanity at large. Our hotels have been regularly delivering mealpackets to government personnel on duty. Our hotels have provided PPE kits to the policeand employees of the Municipal Corporation as and when needed. We are honoured to keep ourdoors open for the front-line warriors from the medical fraternity in Mumbai and lookforward to welcoming our guests in the new normal.
Chairman and Independent Director DIN 00106895