Dear Shareholders,
On my behalf and on behalf of the Board of Directors, I welcome you all to this 31st
Annual General Meeting of your Company.
I feel honored and privileged once again to present you with the Annual Report for the
F.Y. 2023-24. It gives me the opportunity to share my thoughts and the Company's progress
during the year as well as the way forward.
The tourism and hospitality industry in India is a testament to both economic
prosperity and cultural richness, playing a significant role in generating numerous
employment opportunities. As the nation progresses, the tourism and hospitality sector
will continue to shine as a beacon of opportunity and innovation.
In 2023, the global tourism industry demonstrated exceptional resilience and
adaptability in the face of ongoing challenges. Despite enduring severe climate shifts,
increasing geopolitical tensions, economic uncertainties, and rising travel costs, the
sector proved its tenacity and advanced significantly beyond pre-pandemic levels.
In FY 2023-24, your company achieved several significant milestones. As you are aware,
we secured a 30-year renewal of our Hotel Land Lease Deed with the Airports Authority of
India, effective from January 1, 2023. Thereafter we have taken up in a phased manner
massive renovation of our entire Hotel. This renovation is imperative to enable us to
substantially improve our revenues. We started doing it in phases beginning with one mock
up room and two mock up suites. We are already selling these three room and suites and the
feed back response from the guests is very good. Thereafter we took up renovation of 20
rooms and suites which is at an advanced stage of completion.
We understand that true success encompasses more than just financial performance; it
also involves making a positive impact on our stakeholders and the broader community. With
this in mind, we are committed to driving positive change and creating value for everyone
involved, while contributing to national growth. Our hotel, following its renovation and
expansion, is anticipated to generate substantially higher revenues and profits in the
future, allowing us to deliver better results for you.
I would like to take this opportunity on behalf of the Board of Directors and our
entire team to thank each shareholder, Banks, Central and State Government for their
continued co-operation, Support and commitment to the Company.
For and on Behalf of
Sri Havisha Hospitality and Infrastructure Limited
Sd/-
D V Manohar
Chairman and Managing Director