EIH Ltd

The financial year 2024-25 was a landmark for EIH Limited, as we celebrated 90 illustrious years of The Oberoi Group, a legacy that began with the vision, passion, and perseverance of our founder, Rai Bahadur Mohan Singh Oberoi. His unwavering belief in people and bold entrepreneurial drive laid the foundation for what would become a defining force in Indian hospitality.

From modest beginnings, he reimagined the concept of luxury, creating hotels that seamlessly blended contemporary sophistication with India's rich artistic and cultural heritage. In doing so, he not only elevated the standards of Indian hospitality but also brought it global acclaim, all while nurturing Indian talent and remaining deeply rooted in the values and traditions of our country. Today, the Oberoi brand signifies more than luxury, it is a benchmark for exceptional service, architectural elegance, and an enduring dedication to the guest experience. With a legacy defined by timeless values and uncompromising standards, and a portfolio of exceptional properties across the globe, The Oberoi Group continues to honour its storied past while shaping a future of promise and distinction.

In terms of our performance, FY 2024-25 was a milestone year for the Company as we delivered record financial results, reflecting our long-term vision, strong governance, and unwavering commitment to meeting our guests expectations. With a solid financial foundation, we are well-positioned to drive strategic growth across key markets while creating sustained value for all our stakeholders.

This has been a landmark year in our growth journey, not only in terms of performance but also planning our future. EIH Limited has a robust development pipeline of 21 properties to be completed by 2029, comprising 19 hotels, 2 luxury Nile cruisers.

This expansion includes:

• 8 hotels to be owned, invested in, and operated directly or through joint ventures by EIH Limited.

• 13 properties (including the 2 luxury boats and the Nile cruiser) to be managed by The Oberoi Group.

The development pipeline spans 12 hotels in India and 9 international hotels and cruises across London, Egypt, Bhutan, Nepal, and Saudi Arabia. Upon completion, 16 hotels (including the boats and cruiser) will operate under the Oberoi brand, and 5 hotels under the Trident brand, representing a total inventory of approximately 1,473 keys. This year, the brand expands its presence with the launch of The Oberoi Rajgarh Palace in Khajuraho and two Oberoi Nile Dahabeyas, offering an intimate and ultra-luxurious cruising experience on the Nile. Earlier this year, The Oberoi Vindhyavilas Wildlife Resort opened in Bandhavgarh, bringing international focus to Madhya Pradesh as a luxury wildlife destination.

The global economy in 2024 delivered a resilient performance, despite uneven growth across countries and sectors. Inflation showed signs of easing, thanks to central banks' timely interventions through interest rate hikes. Labour markets began to stabilise, with unemployment remaining historically low. Real household incomes improved, supported by strong nominal wage growth and ongoing disinflation. However, private consumption stayed muted in many regions due to subdued consumer confidence.

Midway through the year, uncertainties emerged, driven by geopolitical tensions and rising concerns over potential tariff escalations. These risks became more pronounced as we entered 2025, casting a shadow on global economic sentiment.

Amid this backdrop, the global hospitality industry staged a remarkable recovery in 2024, nearing pre-pandemic benchmarks. Key performance indicators, including occupancy rates, average daily rates, profitability, and RevPAR, all registered notable improvement, signalling renewed momentum and strong travel demand across markets.

Over the past decade, India has emerged as the fastest-growing major economy in the world. From a GDP of USD 2.1 trillion in 2015 to an estimated USD 4.3 trillion in 2025, the country's economic journey has been rooted in a series of structural reforms, rapid technological progress, and the strength of a young, aspirational population.

The country's focus on digital infrastructure, financial inclusion, and manufacturing has significantly boosted domestic productivity. Its thriving services sector, particularly IT and financial services, continues to be a key engine of growth. Strategic government investments in infrastructure and a growing push for self-reliance across critical sectors have further accelerated the country's economic momentum. Despite global uncertainties, India's GDP is projected to grow at 6.5 percent in FY 2024-25, a testament to robust domestic demand and macroeconomic stability. Inflation has largely remained within the Reserve Bank of India's target range, enabling the central bank to cut interest rates by 100 basis points across three consecutive actions, supporting consumption and unlocking further discretionary spending.

The Union Budget 2025-26 has laid the foundation for sustained growth, with increased allocations for infrastructure and lower income tax rates expected to stimulate both investment and demand. As we begin the new financial year, India has reached yet another historic milestone, overtaking Japan to become the fourth-largest economy in the world. With a confident stride into the future, India's growth story is only just beginning.

The Indian hospitality industry witnessed strong momentum in FY 2024-25, supported by a global rebound in travel and tourism. A sharp rise in international tourist arrivals, coupled with robust domestic air traffic growth, significantly boosted the sector.

The Government of India's continued focus on promoting tourism further strengthens the industry's outlook.

The Union Budget 2025 introduced several positive measures, including the expansion of the UDAN scheme, promotion of regional cuisines, and development of key tourist destinations in collaboration with state governments. These, along with visa liberalisation and destination marketing initiatives, are expected to drive sustained growth.

The sector is poised for further expansion. Key growth drivers include spiritual tourism, live events, cultural and heritage travel, and the MICE segment. The growing appetite for experiential travel, along with ongoing investments in infrastructure, such as new airports and expanding highways, continues to unlock new opportunities. Focus initiatives such as 'Heal in India', aims to strengthen India's position as a global medical tourism hub.

Additionally, a rising ultra-high-net-worth individual (UHNI) base in India, an increase of 11 percent, is fuelling demand for luxury and high-end leisure travel. With inbound tourism expected to grow 15 percent in FY 2025-26, India's hospitality sector is well- positioned to flourish, buoyed by increased global connectivity, enhanced experiences, and a strong policy push.

Our iconic portfolio of luxury hotels, resorts, and cruisers in premier destinations uniquely positions us to capture India's evolving opportunities. Our legacy of excellence ensures memorable guest experiences and sustained value creation for our shareholders, paving the way for continued leadership and success in the sector.

As a pioneer in India's hospitality sector, we are committed to sustainability across all operations. Our focus remains on energy efficiency, water conservation, responsible sourcing, and minimising our environmental footprint. This year, Elements by Oberoi, an integrated initiative, further strengthened our longterm commitment to environmental stewardship and social responsibility.

We continue to foster a workplace culture built on inclusivity, compassion, and ethical integrity. Our robust governance systems and compliance frameworks ensure that we operate with the highest standards of accountability and transparency.

I wish to acknowledge the dedication and commitment of every member of our organisation for driving our strategic vision forward. I would also like to extend my sincere appreciation to our Board of Directors for their guidance and to our valued shareholders for their continued trust and support.

As India's dynamic growth unlocks new opportunities, we remain focused on delivering exceptional guest experiences while expanding thoughtfully across priority markets.

We look ahead with confidence, built on strong foundations, distinguished legacy, and an unwavering pursuit of excellence.

Yours sincerely,