To the Members,
The Directors take pleasure in presenting the Integrated Annual Report
of The Indian Hotels Company Limited (the Company or IHCL) along with the Audited
Financial Statements for the Financial Year ended March 31,2023. The consolidated
performance of the Company and its subsidiaries has been referred to wherever required.
1. Financial Results
(Rs Crores)
|
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
Revenue |
3,704.24 |
2,003.34 |
5,809.91 |
3,056.22 |
Other income |
107.08 |
149.08 |
138.90 |
155.16 |
Total income |
3,811.32 |
2,152.42 |
5,948.81 |
3,211.38 |
Expenses |
|
|
|
|
Operating expenditure |
2,314.53 |
1,615.07 |
4,005.35 |
2,651.47 |
Depreciation and amortisation expenses |
207.85 |
203.03 |
416.06 |
406.05 |
Total Expenses |
2,522.38 |
1,818.10 |
4,421.41 |
3,057.52 |
Profit/ (Loss) before finance cost and tax |
1,288.94 |
334.32 |
1,527.40 |
153.86 |
Finance cost |
128.29 |
304.50 |
236.05 |
427.66 |
Profit/ (Loss) before Exceptional Items, Tax and share of
equity accounted investees |
1,160.65 |
29.82 |
1,291.35 |
(273.80) |
Add/ (Less): Exceptional Items |
(21.68) |
(56.93) |
3.29 |
15.62 |
Profit/ (Loss) before Tax and share of equity accounted
investees (PBT) |
1,138.97 |
(27.11) |
1,294.64 |
(258.18) |
Tax expense |
295.94 |
7.34 |
323.21 |
(35.78) |
Profit/ (Loss) after Tax before share of equity accounted
investees |
843.03 |
(34.45) |
971.43 |
(222.40) |
Add: Share of Profit/(Loss) of Associates and Joint Ventures
net of tax |
NA |
NA |
81.40 |
(42.57) |
Profit/ (Loss) for the year |
843.03 |
(34.45) |
1,052.83 |
(264.97) |
Attributable to: |
|
|
|
|
Shareholders of the Company |
843.03 |
(34.45) |
1,002.59 |
(247.72) |
Non-Controlling Interest |
NA |
NA |
50.24 |
(17.25) |
Opening Balance of Retained Earnings |
174.67 |
250.64 |
(1,048.66) |
(760.70) |
Profit/ (Loss) for the Year |
843.03 |
(34.45) |
1,002.59 |
(247.72) |
Other comprehensive income/ (losses) |
(13.50) |
6.05 |
(15.04) |
7.37 |
Total comprehensive income |
829.53 |
(28.40) |
987.55 |
(240.35) |
Dividend Paid |
*(56.82) |
(47.57) |
*(56.82) |
(47.57) |
Adjustments on account of change in non-controlling interest |
- |
- |
- |
(0.04) |
Closing Balance of Retained Earnings |
947.38 |
174.67 |
(117.93) |
(1,048.66) |
*Dividend declared in FY 2021-22 and paid during the year under review.
2. Dividend
The Board recommended a dividend of tl per fully paid Equity Share on
1,42,04,00,342 Equity Shares of face value tl each, for the year ended March 31, 2023
(Previous year ?0.40 per share) based on the parameters laid down under the Dividend
Distribution Policy.
The dividend on Equity Shares is subject to the approval of the
Shareholders at the Annual General Meeting (AGM) scheduled to be held on Friday, June 16,
2023. The dividend once approved by the Shareholders will be paid on and after Friday,
June 23, 2023.
The dividend on Equity Shares if approved by the Members, would involve
a cash outflow of Rs142.04 crores resulting in a dividend pay-out of 17% of the standalone
profits of the Company.
3. Transfer to Reserves
During the year under review, an amount of ?51.81 crores was
transferred from Debenture Redemption Reserve to General Reserve consequent to the
redemption of Unsecured Non-Convertible Redeemable Debentures of ?495 crores. The Board of
Directors has decided to retain the entire amount of profit for FY 2022-23 appearing in
the Statement of profit and loss.
4. Share Capital
During the year under review, the Company had allotted 740 equity
shares of tl each arising out of previous rights issues to one of the shareholders of the
Company whose shares were kept in abeyance. As a result of such allotment, the paid-up
share capital of the Company increased from Rs142,03,99,602 (comprising 142,03,99,602
equity shares of tl each) to Rs142,04,00,342 (comprising 142,04,00,342 equity shares of tl
each). The equity shares so allotted rank pari-passu with the existing equity shares of
the Company. Except as stated herein, there was no other change in the share capital of
the Company.
5. Company's Performance Standalone Performance
On a standalone basis, the Total income for FY 2022-23 was ?3,811.32
crores, which was higher than the previous year's Total income of ?2,152.42 crores by 77%
consequent to opening of the global economy, increased mobility and travel and higher
demand for accommodation and food and beverages, especially from domestic tourism.
Operating expenditure increased by 43% to ?2,314.53 crores in FY 2022-23 from Rs1,615.07
crores in the previous year mainly due to increase in business volumes. The Company
witnessed robust growth in volumes and rates across all its brands with increase in
margins. Depreciation for FY 2022-23
at ?207.85 crores was marginally higher than that of FY 2021-22 due to
renovations and refurbishments. Finance costs for FY 2022-23 at Rs128.29 crores was lower
than FY 2021-22 by Rs176.21 crores due to repayment of debt from proceeds of equity issues
during the year. The Company maintained a good liquidity position throughout the year to
end with Rs1,466.32 crores of liquidity against a debt of ?450.08 crores and thus
maintained its position of zero net debt. Exceptional loss for the year ?21.68 crores
(Previous year ?56.93 crores) represented a provision for impairment due to losses in
overseas subsidiaries. After accounting for taxes, the Company reported a Profit after tax
for FY 2022-23 of ?843.03 crores in comparison with a loss of ?34.45 crores for FY
2021-22.
Consolidated Performance
Consolidated Total Income for FY 2022-23 was ?5,948.81 crores, higher
by 85% than the previous year's Total Income of ?3,211.38 crores. Operating expenditure
increased to ?4,005.35 crores in FY 2022-23 from ?2,651.47 crores in FY 2021-22, an
increase of 51% mainly due to increase in business volumes. Depreciation at ?416.06 crores
for FY 2022-23 was marginally higher than that of FY 2021-22. Finance costs for FY 2022-23
at ?236.05 crores was lower than FY 2021-22 by Rs191.61 crores due to repayment of debt,
including that in a subsidiary company from proceeds of equity issues during the year.
Exceptional gains for the year of ?3.29 crores (Previous year Rs15.62 crores) was due to a
profit on sale of hotel property in a subsidiary offset by an exchange loss on long-term
borrowings. Along with the parent company, all subsidiaries, joint ventures and associates
registered excellent growth in business volumes and profitability during FY 2022-23. The
Group registered the best-ever performance in every quarter of the year to end the year at
record Turnover, EBITDA, EBITDA margins and Profit after Tax. At the consolidated level,
EBITDA was 32.67% of turnover at Rs1,943.46 crores for the year. The Profit after tax
attributable to shareholders and non-controlling interests for FY 2022-23 was Rs1,052.83
crores as against a loss of ?264.97 crores for FY 2021-22. The profit attributable to
shareholders of the Company for FY 2022-23 was Rs1,002.59 crores as against a loss of
tlAl.12 crores for the previous year. The Group generated its highest-ever free cash flow
of more than Rs1,000 crores during the year and maintained a positive cash position of
?987.43 crores at the end of the year.
Borrowings
Total long-term borrowings of the standalone Company stood at ?449.49
crores as on March 31,2023 as against ?942.53 crores as on March 31,2022. On a
consolidated basis, total long-term borrowings stood at ?818.26 crores as on March 31,
2023 as against Rs1,984.76 crores as on March 31, 2022.
Debentures
The Company redeemed 4,950, 7.85% Secured Non-Convertible Redeemable
Debentures of face value Rs10 lakhs each aggregating to ?495 crores on April 13, 2022 and
1,500, 7.50% Unsecured Non-Convertible Redeemable Debentures of face value Rs10 lakhs each
aggregating to Rs150 crores on April 21, 2023.
Capital Expenditure
During FY 2022-23, the Company's outlay towards capital expenditure was
?329.78 crores for the standalone Company and ?470.59 crores at the consolidated level.
Business Overview
An analysis of the Business and Financial Results are given in the
Management Discussion and Analysis, which forms a part of the Annual Report.
6. Subsidiary Companies
The Company has 29 subsidiaries, 5 associates and 6 joint venture
companies as on March 31, 2023. There has been no material change in the nature of the
business of the subsidiaries.
During the year under review,
i. Two new companies viz. Suisland Hospitality Private Limited and
Kadisland Hospitality Private Limited were incorporated as subsidiaries of the Company in
August 2022 for the purpose of development of eco-tourism resorts at Suheli and Kadmat
Islands in Lakshadweep, respectively.
ii. Bjets Pte. Limited ceased to be an Associate of the Company as it
was struck off from the Registrar of Companies, Singapore in September 2022.
iii. Zarrenstar Hospitality Private Limited, earlier an Associate of
the Company has now become a subsidiary of the Company effective March 2023.
Pursuant to the provisions of Section 129(3) of the Act, a statement
containing the salient features of financial statements of the Company's subsidiaries in
Form No. AOC-1 is attached to the financial statements of the Company.
Further, pursuant to the provisions of Section 136 of the Act, the
financial statements of the Company, consolidated financial statements along with relevant
documents and separate audited financial statements in respect of subsidiaries, are
available on the website of the Company at https://investor.ihcltata.com/AGM- FY2023.
7. Directors' Responsibility Statement
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, the work performed by the internal,
statutory and secretarial auditors and external consultants, including the audit of
internal financial controls over financial reporting by the statutory auditors and the
reviews performed by management and the relevant Board Committees, including the Audit
Committee, the Board is of the opinion that the Company's internal financial controls were
adequate and effective during FY 2022-23.
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of its knowledge and ability, confirm that:
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
ii. They have selected such accounting policies and 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 Yearand of the profit of the Company for that period;
iii. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. They have prepared the annual accounts on a going concern basis;
v. They have laid down internal financial controls to be followed by
the Company and such internal financial controls are adequate and operating effectively;
vi. They have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.
8. Directors and Key Managerial Personnel
In accordance with the requirements of the Act and the Company's
Articles of Association, Mr. N. Chandrasekaran (DIN: 00121863) retires by rotation and
being eligible, offers himself for re-appointment. A resolution seeking shareholders'
approval for his re-appointment forms part of the Notice.
During the year under review, Mr. Venu Srinivasan retired as a
Non-Executive Director of the Company with effect from December 10, 2022, upon reaching
the age of retirement for Non-Executive Directors (i.e. 70 years) in accordance with the
Governance Guidelines adopted by the Company. The Board places on record its appreciation
for his invaluable contribution and guidance provided to the Company over the years.
In terms of Regulation 25(8) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing
Regulations), the Independent Directors have confirmed that they are not aware of any
circumstance or situation, which exists or may be reasonably anticipated, that could
impair or impact their ability to discharge their duties with an objective independent
judgement and without any external influence. Based upon the declarations received from
the independent Directors, the Board of Directors has confirmed that they meet the
criteria of Independence as mentioned under Section 149(6) of the Act and Regulation
16(l)(b) of SEBI Listing Regulations and that they are Independent of the Management. In
the opinion of the Board, there has been no change in the circumstances affecting their
status as Independent Directors of the Company and the Board is satisfied of the
integrity, expertise, and experience (including proficiency in terms of Section 150(1) of
the Act and applicable rules thereunder) of all Independent Directors on the Board.
Further in terms of Section 150 read with Rule 6 of the Companies (Appointment &
Qualification of Directors) Rules, 2014, as amended, the Independent Directors of the
Company have registered their names in the data bank of Independent Directors maintained
with the Indian Institute of Corporate Affairs.
During the year under review, the Non-Executive Directors of the
Company had no pecuniary relationship or transactions with the Company, other than sitting
fees and remuneration and reimbursement of expenses incurred by them for the purpose of
attending meetings of the Board/ Committees of the Company.
Pursuant to the provisions of Section 203 of the Act, the Key
Managerial Personnel of the Company as on March 31, 2023 are:
Mr. Puneet Chhatwal - Managing Director & Chief Executive
Officer
Mr. Giridhar Sanjeevi - Executive Vice President & Chief
Financial Officer
Mr. Beejal Desai, Executive Vice President - Corporate Affairs
& Company Secretary (Group)
9. Number of Meetings of the Board
Five meetings of the Board were held during the year under review. For
details of meetings of the Board, please refer to the Corporate Governance Report, which
forms a part of the Annual Report.
10. Board Evaluation
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual Directors pursuant to the provisions of the
Act and SEBI Listing Regulations.
The performance of the Board was evaluated by the Board after seeking
inputs from all the Directors on the basis of criteria such as the board composition and
structure; degree of fulfilment of key responsibilities towards stakeholders (by way of
monitoring corporate governance practices, participation in the long-term strategic
planning, etc.); effectiveness of board processes, information and functioning, etc.;
extent of co-ordination and cohesiveness between the Board and its Committees; and quality
of relationship between board Members and the management.
The performance of the Committees was evaluated by the Board after
seeking inputs from the Committee Members on the basis of criteria such as the composition
of committees, effectiveness of committee meetings, etc.
The above criteria are broadly based on the Guidance Note on Board
Evaluation issued by the Securities and Exchange Board of India (SEBI) on January 5, 2017.
In a separate meeting of Independent Directors, performance of
Non-Independent Directors, the Board as a whole and the Chairman of the Company was
evaluated, taking into account the views of Executive Director and Non-Executive
Directors.
The Board and the Nomination and Remuneration Committee (NRC) reviewed
the performance of individual Directors on the basis of criteria such as the contribution
of the individual Director to the Board and committee meetings like preparedness on the
issues to be discussed, meaningful and constructive contribution and inputs in meetings,
etc.
In the Board Meeting that followed the meeting of the Independent
Directors and meeting of NRC, the performance of the Board, its Committees, and individual
Directors was also discussed. Performance evaluation of Independent Directors was done by
the entire Board, excluding the Independent Director being evaluated.
11. Policy on Directors' Appointment and Remuneration and other Details
The Company's policy on directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act is available on https://www.ihcltata.
com/board diversity director attributes.pdf and https://www.ihcltata.com/Remuneration
Policy KMP Directors Emplovees.pdf.
12. Vigil Mechanism
In accordance with Section 177(9) of the Act and Regulation 22 of the
SEBI Listing Regulations, the Company has established the necessary vigil mechanism that
provides a formal channel for all its directors, employees and other stakeholders to
report concerns about any unethical behaviour, actual or suspected fraud or violation of
the Company's Code of Conduct. The details of the policy have been disclosed in the
Corporate Governance Report, which forms a part of the Annual Report and is also available
on https://investor. ihcltata.com/files/IHCL Whistle Blower Policv.pdf
13. Internal Financial Control Systems and their Adequacy
The Company's internal control systems are commensurate with the nature
of its business, the size and complexity of its operations and such internal financial
controls with reference to the Financial Statements are adequate.
The details in respect of internal financial control and their adequacy
are included in the Management Discussion and Analysis, which forms a part of the Annual
Report.
14. Committees of the Board
a) Audit Committee
b) Nomination and Remuneration Committee
c) Corporate Social Responsibility and Sustainability (ESG) Committee
d) Risk Management Committee
e) Stakeholders' Relationship Committee
During the year under review, all recommendations of the Committees
were approved by the Board. The details including the composition of the Committees
including attendance at the Meetings and terms of reference are included in the Corporate
Governance Report, which forms a part of the Annual Report.
15. Corporate Social Responsibility
The brief outline of the Corporate Social Responsibility (CSR) policy
of the Company and the initiatives undertaken by the Company on CSR activities during the
year under review are set out in Annexure I of this report in the format prescribed in the
Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022. For other
details regarding the CSR and Sustainability (ESG) Committee, please refer to the
Corporate Governance Report, which is a part of the Annual report. The CSR policy is
available on https://www.ihcltata.com/ CSR Policv.pdf.
16. Auditors
Statutory Auditor and Statutory Auditor's Report
At the 121st AGM of the Company held on June 30,2022, the
Members approved the re-appointment of BS R&Co. LLP, Chartered Accountants (Firm
Registration No. 101248W/W-100022) as the Statutory Auditors of the Company to hold office
for a second term of five consecutive years, from the conclusion of the 121st
AGM till the conclusion of the 126th AGM of the Company to audit and examine
the books of account of the Company.
The Statutory Auditors' Report on the Financial Statements of the
Company for FY 2022-23 does not contain any qualifications, reservations, adverse remarks
or disclaimer.
The Statutory Auditors of the Company have not reported any fraud as
specified under Section 143(12) of the Act, in the year under review.
Secretarial Auditor and Secretarial Auditor's Report
In terms of Section 204 of the Act and Rules made thereunder, Neville
Daroga & Associates, Practicing Company Secretary (C.P. No. 3823) were appointed as
Secretarial Auditors of the Company to conduct the Secretarial Audit of records and
documents of the Company for FY 2022-23 and their report is annexed as Annexure II to this
Report.
The Secretarial Auditor's Report does not contain any qualifications,
reservations, adverse remarks or disclaimer.
For FY 2022-23, the Company does not have any material unlisted Indian
subsidiaries. As such the requirement to attach secretarial audit reports of material
unlisted Indian subsidiaries pursuant to Regulation 24A (1) of the SEBI Listing
Regulations is not applicable to the Company.
Cost Auditors
Maintenance of cost records as specified by the Central Government
under Section 148 (1) of the Act is not applicable to the Company.
17. Risk Management
The Board of Directors of the Company has formed a Risk Management
Committee to frame, implement and monitor the risk management plan for the Company. The
Committee is responsible for monitoring and reviewing the risk management plan and
ensuring its effectiveness. The Audit Committee has additional oversight in the area of
financial risks and controls. The major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. The
development and implementation of risk management policy has been covered in the
Management Discussion and Analysis which forms a part of the Annual Report.
18. Particulars of Loans, Guarantees or Investments
The Company falls within the scope of the definition 'infrastructure
company' as provided by the Act. Accordingly, the Company is exempt from the provisions of
Section 186 of the Act with regards to Loans, Guarantees, Securities provided and
Investments. Therefore, no details are provided.
19. Related Party Transactions
In line with the requirements of the Act and the SEBI Listing
Regulations, as amended, the Company has formulated a Policy on Related Party Transactions
for identifying, reviewing, approving and monitoring of Related Party Transactions and the
same can be accessed on the Company's website at https://www. ihcltata.com/RPT.pdf.
During the year under review, all Related Party Transactions that were
entered into were in the Ordinary Course of Business and at Arms' Length Basis. All
transactions entered into with related parties were approved by the Audit Committee.
None of the transactions with related parties are material in nature or
fall under the scope of Section 188(1) of the Act. The information on transactions with
related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the
Companies (Accounts) Rules, 2014, as amended, in Form AOC-2 is not applicable to the
Company for FY 2022-23 and hence the same is not provided.
20. Annual Return
As provided under Section 92(3) and 134(3)(a) of the Act, the Annual
Return in Form MGT-7 for FY 2022-23 is available on the website of the Company at
https://investor.ihcltata.com/AGM-FY2023.
21. Particulars of Employees
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act, read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended, are annexed to this Report
as Annexure III.
The statement containing details of employees as required under Section
197(12) read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as amended, forms part of this Report and will be made
available to any Member on request at investorrelations@ihdtata.com.
22. Disclosure Requirements
As per SEBI Listing Regulations, the Corporate Governance Report with
the Practicing Company Secretary's Certificate thereon, and the Management Discussion and
Analysis are attached as a separate section which forms a part of the Annual Report.
Pursuant to Regulation 34(2) (f) of the SEBI Listing Regulations and
its Circular dated May 10, 2021, SEBI has made Business Responsibility &
Sustainability Report (BRSR) mandatory for the top 1,000 listed companies (by market
capitalisation) from FY 2022-23. IHCLfalls within this category and has adopted the BRSR
for FY 2022-23 to provide enhanced disclosures on ESG practices and priorities of the
Company. The BRSR disclosures form a part of this Report.
As per Regulation 43A of the SEBI Listing Regulations, the Dividend
Distribution Policy is disclosed in the Corporate Governance Report and is uploaded on the
Company's website at https://investor.ihcltata.com/ files/IHCL Dividend Distribution
Policv.pdf
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
23. Deposits from Public
The Company does not accept and/or renew Fixed Deposits from the
general public and shareholders. There were no over dues on account of principal or
interest on public deposits including the unclaimed deposits at the end of FY 2022-23
(Previous year ?45,000/-).
24. Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo [Pursuant to Companies (Accounts) Rules, 2014]
A. Conservation of Energy: The Company has a longstanding history of
stewardship through efficient management of all its assets and resources. The Company's
conscious efforts are aligned with the Tata ethos of keeping communities and environment
at the heart of doing business. In line with IHCL's commitment to safeguard the
environment, we have been the flagbearers of responsible tourism through elimination of
two million plastic straws across all our properties. Our renewable energy proportion has
improved to 35% from 14% in the past six years. We have shifted to renewable power at
several of our properties. Green power is sourced on the basis of long-term power purchase
agreements to ensure stability of prices and supplies, with the generation sources being a
mix of wind and solar. IHCL has also partnered with Tata Power to install EV charging
stations at over 200 IHCL properties. This will help to reduce range anxiety for guests
with EV vehicles and also play a role in lowering the overall carbon footprint of the
country, as IHCL properties occupy prime locations in cities. In this rapidly transforming
world, our sustainability goals will certainly evolve as our industry grows and as per the
needs arising in the society.
B. Technology Absorption: There is no material information on
technology absorption to be furnished. The Company continues to adopt and use the latest
technologies to improve the efficiency and effectiveness of its business operations. IHCL
has collaborated with IFC Tech Emerge towards piloting sustainable cooling technology.
Nine projects have been rolled out across six hotels.
C. Foreign Exchange Earnings and Outgo:
Earnings: ?387.63 crores (Previous year Rs149.92 crores)
Outgo: ?80.02 crores (Previous year ?44.46 crores)
25. Material Changes and Commitment Affecting the Financial Position of
the Company
There are no material changes affecting the financial position of the
Company subsequent to the close of FY 2022-23 till the date of this Report.
26. Significant and Material Orders Passed by the Regulators
During the year under review, no significant material orders were
passed by the Regulators or Courts or Tribunals impacting the going concern status and the
Company's operations. However, Members' attention is drawn to the Statement on Contingent
Liabilities and Commitments in the Notes forming part of the financial statements.
27. Proceedings under Insolvency and Bankruptcy Code, 2016
During the year under review, there were no proceedings that were filed
by the Company or against the Company, which are pending under the Insolvency and
Bankruptcy Code, 2016, as amended, before National Company Law Tribunal or other Courts.
28. Valuation
During the year under review, there were no instances of one-time
settlement with any Banks or Financial Institutions.
29. Disclosures in relation to the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act)
The Company has always believed in providing a safe and harassment-free
workplace for every individual working in the Company. The Company has complied with the
applicable provisions of the POSH Act, and the rules framed thereunder, including
constitution of the Internal Complaints Committee. The Company has in place an Anti-Sexual
Harassment Policy in line with the requirements of the POSH Act and the same is available
on the Company's website at https://www.ihcltata.com/ POSH Policv.pdf
Status of complaints as on March 31, 2023:
Sr. No. |
Particulars |
Number of Complaints |
i. |
Number of complaints filed during the Financial Year |
16 |
2. |
Number of complaints disposed duringthe Financial Year |
15 |
3. |
Number of complaints pending at the end of the Financial Year |
1* |
*Complaint was received only in March 2023 and appropriate steps have
been initiated since then.
30. Integrated Report
With the corporate landscape rapidly evolving, Integrated Reporting has
been an ideal tool to explore value creation. The Company being an iconic brand, has
voluntarily provided Integrated Report, which encompasses both financial and non-financial
information to enable the Members to take well informed decisions and have a better
understanding of the Company's long-term perspective.
The Company has progressed in the journey of Integrated Reporting and
is focused on driving more authentic, comprehensive and meaningful information about all
aspects of the Company's performance and value creation story delivering benefits for both
internal and external stakeholders.
The Report also touches upon aspects such as organisation's strategy,
governance framework, performance and prospects of value creation based on the sixforms of
capital viz. financial capital, manufactured capital, intellectual capital, human capital,
social and relationship capital and natural capital.
31. Acknowledgement
The Directors thank the Company's customers, vendors, investors,
lenders, partners and all other stakeholders for their continuous support.
The Directors also thank the Government of India, Governments of
various states in India, Governments of various countries and concerned Government
departments and agencies for their co-operation.
The Directors appreciate and value the contribution made by all our
employees and their families and the contribution made by every other member of the IHCL
family, for making the Company what it is.
On behalf of the Board of Directors |
N. Chandrasekaran |
Chairman |
(DIN: 00121863) |
|