Fundamental Analysis of Companies in Hospitality Sector in India

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DECLARATION
This is to declare that I Amritpal Kaur Virk student of Universal Business School, Mumbai
(Karjat), PGDM batch 2015-2017, has given original data and information to the best of my knowledge
in the project report titled Fundamental Analysis of Companies in Hospitality Sector in India is a
record of independent work carried out by me under the guidance and supervision of the Prof. Siddhartha
Bose name towards the partial fulfilment of requirement for the PGDM course.
I also agree in principal not to share the vital information with any other person outside the
organization and that I have not submitted it for any award or any other title, degree or diploma.
Date: 29/08/2016
Place: Mumbai (Karjat)
Name: Amritpal Kaur Virk
Roll No: 1503
Specialization: Finance

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CERTIFICATE
This is to certify that the project entitled “Fundamental Analysis of Companies in Hospitality Sector in
India”, submitted to Universal Business School, Mumbai (Karjat) in the partial fulfilment of the
requirements for the award of the Post Graduate Diploma in Management (PGDM) embodies the results
of bonafide project work carried out by Amritpal Kaur Virk under my guidance and supervision.
To the best of my knowledge the results embodied in this project have not been submitted to any other
university or institute for the award of Degree or Diploma. The assistance and help received during the
course of this investigation has been duly acknowledged.
Project Guide: Prof. Siddhartha Bose Program Director (PGDM): Prof. Vijay Tandon
Date: 29/08/2016
Place: Mumbai (Karjat)

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ACKNOWLEDGEMENT
It gives me immense pleasure to present this Concurrent Project Report. However, it would not have
been possible without help and support of all the team members of Elara Securities Pvt. Ltd.
I would like to thank Mr. Sumant Kumar for guiding me in my tenure of internship on Fundamental
Analysis of Companies in Hospitality sector in India. Without his support and guidance I wouldn’t
have come so far to prepare this report.
I would like to express my thankfulness to Universal Business School, who has given me great
opportunity to work on this project.
I am also grateful to my loving parents and my kind friends whose prayers, affection and support are
always a source of encouragement. Their suggestions and supply of information were really very
valuable and helpful to me. Their continuous encouragement and support helped me for completing this
project successfully.
Amritpal Kaur Virk
Roll No.-PGDM2/1503
Specialization: Finance
Universal Business School, Mumbai (Karjat)

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TABLE OF CONTENTS
SERIAL
NO
PARTICULAR PAGE
NO
1 Executive Summary 6
2 Industry Profile 9
3 Company Profile 11
4 Work Flow Model 18
5 PESTEL and SWOT Analysis 23
6 Company Analysis of Hospitality Sector 27
7 Industry Key Success Factors 42
8 Research and Analysis 43
9 Findings 44
10 Learnings 46
11 Conclusion 47
12 Bibliography and References 48

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EXHIBITS
Exhibit 1: What is Equity Research? ………………………………………………………Pg. No. 9
Exhibit 2: Elara’s Global Presence. ………………………………………………………..Pg. No. 12
Exhibit 3: An Overview of Company’s Offerings to its clients across their lifecycle………Pg. No. 14
Exhibit 4: Contribution of Tourism and Hospitality Sector to the GDP of India…………...Pg. No. 19
Exhibit 5: Foreign Tourists arriving in India in a particular time period…………………....Pg. No. 20
Exhibit 6: Total Number of Rooms and Hotels in Different Category…………………........Pg. No. 20
Exhibit 7: Structure of Hotel Industry in the world…………………………….....................Pg. No. 21
Exhibit 8: Segmentation of Hospitality Sector……………………………............................Pg. No. 23
Exhibit 9: Location of Taj hotels all over the world……………………………....................Pg. No. 29
Exhibit 10: Share Price and Volume of the company during a particular day……………….Pg. No. 30
Exhibit 11: Room Inventory of the Taj Hotel Group over a period of time………………….Pg. No. 32
Exhibit 12: Evolution of Hotel Leela…………………………………………………………Pg. No. 39
Exhibit 13: Indian Hospitality Market Share............................................................................Pg. No. 43
Exhibit 14: 2017 Estimates of Hospitality Industry of India………………………………… Pg. No. 44

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EXECUTIVE SUMMARY
An investment is a commitment of funds made in expectation of some positive rate of return in future.
An investor makes some sacrifice in the present in the hope of desiring benefit in the future. Now the
most common question that arises is, which stock to pick from the wide range of securities and sectors.
This calls for Security Analysis and Security valuation.
The Indian Stock market is semi-strong and is very volatile. The economy of different countries like
USA and China have bearing on our economy. An example to mention is US recession which caused
crash in stock market. Excluding such systematic risk, one can evaluate the future prospects of the
company using fundamentals.
An investor should make through comparison of the price of the security with its true value. Value here
refers to the intrinsic value worth or the Value anchor. Only with the help of such evaluation the investor
can decide as to buy hold or sell.
In light of the above this report focuses on the importance of equity research in the country and the work
done by me during my internship i.e. in the hospitality sector. So the fundamental analysis of hospitality
sector becomes the prime agenda of my internship to understand how the equity research firms do their
work to serve their clients and manage them to handle their money in the most appropriate way.
The report includes following:
 Industry profile of equity research companies
 Profile of Elara Securities Pvt. Ltd.

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 Work flow model i.e. how I commenced my work to reach the end target.
 Pestle Analysis of Equity Research Industry
 SWOT Analysis of Equity research Industry
 Statistics relating to this Industry
Part A of the report consists of the overview of equity research industry and Elara Capital Pvt. Ltd. and
Part B consists of the Hospitality sector which was the main sector of the research conducted by me
during my internship. It also includes the analysis and my learnings during the whole process.

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INDUSTRY PROFILE
Equity research refers to the process of closely following particular sectors or industries and
collecting valuable information for traders, brokers, customers, sales staff, and the public.
Equity research is all about finding the valuation of a listed company (Listed companies trade on
stock exchange like NYSE, NASDAQ etc. Equity Research primarily means
analyzing company’s financials, perform ratio analysis, forecast the financials (financial
modeling) and explore scenarios with an objective of making BUY/SELL stock investment
recommendation. Equity Research analyst discuss their research and analysis in their equity
research reports.
Exhibit 1: What is Equity Research?
The equity research reports of the company are used by the sales department of that company to
pitch the company’s working in front of their clients and bring business to the company. Indian
equity research industry consists of various big and small players.
Some of them are listed below:
Source: Financewalk.com

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1. Motilal Oswal
2. Prabhudas Liladhar
3. Citigroup India
4. JP Morgan Equity
5. Morgan Stanley
6. HDFC Securities
7. ICICI Securities
8. Deutsche Bank
9. IDBI Capital
10. Elara Capital Pvt. Ltd.
11. Kotak Securities
12. Dolat Capital
13. Brics Securities
14. Ventura Securities
15. HSBC
16. UTI Securities
17. ASK Securities
18. Niche Research
19. Finquest Securities
20. Goldman Sachs
21. Sharekhan
22. Pranav Securities
23. Religare, Religare Securities and Religare Online
24. DSP Merrill Lynch
25. Emkay Research
26. Almondz
27. PINC Research
28. SSKI
29. Prime Broking
30. Ambit Capital
The company that I worked in was Elara Capital Pvt. Ltd. which had various segments.

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COMPANY PROFILE
Background and Inception
Raj Bhatt and a team of few finance professionals came together in the year 2002 to start a firm
in the global financial market sector and named it as Elara Capital Private Limited Company.
The company was started in the era in which the foreign investors were looking forward to invest
in the Indian market and the Indian investors were trying to spread their reach to the global
markets.
Elara Capital Private Limited is a private company which is limited by shares. It has an
authorized and paid up capital of Rs. 48, 00, 00,000. This company has currently 7 directors and
falls under the jurisdiction of registrar of company- Mumbai. It is an unlisted company and forms
a part of Finance Industry.
So the Company got engaged in the process of helping the owner of funds to meet the corporates
which are in a dire need of funds and this becomes the primary task of the company. The
company got a pace in its development when the global economy took an upturn. Elara Capital is
authorized and regulated by the Financial Conduct Authority in United Kingdom and registered
as a category ‘A’ investment bank.
The company is present in almost seven countries in the world and providing its valuable
services there through its expert financial guides. It has successfully completed its 75+
assignments (Source: Elaracapital.com) in a decade and is looking forward for more
assignments which time to time help the company to realize its full potential.

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Exhibit 2: Elara’s Global Presence.
Nature of the Business Carried
Elara Capital Pvt. Ltd. is engaged in the business of providing financial services to its customers.
Initially the company was engaged in fund raising activities and but soon after its inception, it
has evolved into full service investment bank. The company has completed various transactions
which has helped it to earn billions of dollars worldwide.
The company is involved in various types of businesses as mentioned below:-
1. Mergers and Acquisitions and Private Equity Advisory Services- the clients of Elara
capital wanted the company to enter this field by advising them about the credibility of
the stocks in various sectors and industries. So this became the major type of business of
the company and this business was registered under the name of Elara Securities Pvt. Ltd.
in India.
2. Broking Services- the company is authorized and registered in UK and London Stock
exchange. So it helps its clients to trade on various shares in various equity and stock
New York
UK
Dubai
Mauritius
Delhi, India
Singapore
Mumbai,
India
Source: Elara Capital Official Website

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markets with a view to earn capital gains as well as dividend based on the requirements
and investment objectives of the business.
3. Asset Management- The company gives advisory services to its institutional investors to
help them manage their assets like bonds, equities etc.
Vision, Mission and Company Policies
The company aims at becoming the best business and the preferred business partner for its
clients. The company wants to reflect its positive image through the thoughts and behaviors.
It always value its customers along with its employees because it considers its employees to be
the most valuable asset without which they cannot survive in this global and ever changing
market. Integrity and Honesty is the basis on which the business of the company is surviving.
Company’s vision is to learn and understand each client’s business and provide the tailor made
solution to cater to their varied needs. The company wants to apply proven market research
techniques to various business issues.
Products and Services offered by the Company
Investment Banking- The team of Elara Capital consists of 20 bankers which provide strategic
advice and capital raising expertise. Elara has been a leading advisor in the Asia Pacific Region
with prominent positions in League tables. The company possess industry specific knowledge
and have extensive relationships in the investor community across products and geographies.
Under this particular function company gives advisory services and helps the clients in the below
mentioned situations:
 Mergers and Acquisitions
 Private Equity/ Debt Placements
 Capital Markets
 Restructuring, Recapitalization and Special Situation Advisory

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Thus this becomes an essential part of the business of the company and derives a business worth
billions of dollars to the company across the globe.
Exhibit 3: An Overview of Company’s Offerings to its clients across their lifecycles
Source: Elaracapital.com

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Research and Analysis- the Company is having a 20 member strong global market research
team and these members are allotted with different sectors and they analyze the current trends of
these sectors and advice the clients to invest their scarce funds in the most profitable business
firms which can help them to earn good amount of return on their investment.
Apart from the equities to invest in, it advices its clients to invest in equity derivatives and the
convertibles. The research analyst publishes the report after particular intervals and these reports
are rated among them other companies.
Sales and Trading- The institutional sales team of the company is powered by the knowledge
given to it by the research team of the company seeks to maximize the client’s benefits by
disseminating the only pertinent recommendations with quantifiable impact in a timely and
efficient manner. The company also provides information to its overseas clients regarding the
Indian market and the viable instruments of Indian market.
Elara Web Trader- the company is having its own platform through which its various clients
can trade in Global Securities, Options, Futures, Fixed Income, Foreign Exchange, Commodities,
Derivatives and Structured Products. The company operates 25 markets and one clearing house
and five central depositories offering trading and marketing services across multiple asset
classes. The customers can trade via mobile, desktop and HTML based trading platform.
Asset Management- This Business was started in the year 2006. In this year only company was
granted a license by Securities and Exchange Board of India as an institutional investor into
India and this company currently manages the several subaccounts for global institutions under
its FII registrations. The team under this business serves as a host of international clients
including Private Banks, Hedge Funds, Sovereign-Wealth Funds, Pension Funds, Family Offices
and High net worth individuals, all of whom hold an explicit view on the future growth and
development of India and other Asian economies.
Competitors Information
There are various equity research firms in India. The top being CRISIL which along with
performing the function of equity research also performs the function of credit rating of the

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company. The other competitor of the company is the arms of top notch banks in the country
ICICI Securities, IDBI Capital, HSBC Securities etc.
In the area where Elara Securities is situated in Mumbai, the major competitor is Motilal Oswal
Securities. The company is also having JP Morgan as its competitor.
The list of other competitors of the company are:
 Kodak Securities
 Bajaj Capital
 Venture Securities
 India Bulls Research
 Dolat Capital
 UBS Investment

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WORK FLOW MODEL
The industry in which I worked for was the Hospitality sector. The work done was carried on in
the following sequence.
Industry Analysis
Financial Statement Analysis and
Data Collection
Company Analysis
Findings and Results
INDUSTRY ANALYSIS
Indian Tourism and Hospitality Industry is of major importance and its contribution is a lot to
the revenue of the service sector of India. The combined wing including Trade, Repair
services, Hotels and Restaurants together contributed 19.2% of GDP in the year 2015-
16(Source: IBEF’s report on Tourism and Hospitality Industry in India).If Travel and
Tourism Industry is considered separately, its total contribution to GDP in FY16 is expected
to be 3.7% which is expected to rise to 3.8% p.a. in the year 2025. (Source: World Travel
and Tourism Council).
The basic reason for the growth of Tourism and hospitality industry in India is the diversity in
culture and the rich cultural heritage of India which attracts various foreign tourists as well as
the Indians going to various places to explore India’s cultural diversity.

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Exhibit 4: Contribution of Tourism and Hospitality Sector to the GDP of India
Tourism and Hospitality Industry is also a major employment generator for the country. The
industry is expected to generate 13.45 million jobs! across sub-segments such as Restaurants
(10.49 million jobs), Hotels (2.3 million jobs) and Travel Agents/Tour Operators (0.66 million)
(IBEF’s report on Tourism and Hospitality Industry in India).There has been increase in the
occupancy ratio and average room rates due to increase in the demand of hotel rooms by various
visitors in the recent past. The Pan India Occupancy rate in FY16e is expected to be somewhat
around 63% as compared to the previous year’s occupancy rate of 60 %( Indian Hotel Industry
FY2017 outlook: Report by ICRA Research Services).
The growth in the revenue (topline) of the industry is expected to be around 8 % during the year
2015-16(Business news-Money control.com). This may be due to increase in the room inventory
of the country and also increase in the arrival of foreign tourists in the country.

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Exhibit 5: Foreign Tourists arriving in India in a particular time period
India has near about 200000 hotel rooms across various hotel categories but still there is a
shortage of around 100000 rooms( Source: FHRAI) and the total investment in the near future
in this industry will be approximately 400 million rupees ( Source: HVS). The hospitality
industry is always impacted by the tourism industry of the country and the fate of this industry is
always linked with it. So growth in tourism industry clearly indicates the growth of the
hospitality industry. The visa on arrival facility by Government of India, Five Year Tax Holiday
to hotels, 30 world heritage sites and 25 bio-geographic zones had led to increase in the tourist
footfall in India and the topline growth of hospitality sector.
Exhibit 6: Total Number of Rooms and Hotels in Different Category
(Source: hotsindia.in)

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Exhibit 7: Structure of Hotel Industry in the world
Apart from the above mentioned initiatives of the Government, the Indian Government has also
started abhiyans like Swachh Bharat Abhiyan, Make in India initiative and other initiatives that
are contributing a lot towards making the image of the country positive in mind of world tourists
so that they are attracted towards this country and which will ultimately lead to rise in the
demand for hotels and rooms to stay and thus helping the tourism as well as the hospitality
industry to grow and reach its potential limit. Along with all this Government of India has started
various campaigns like “Incredible India” which does the same work as of the above mentioned
initiatives.
“Project Mausam” has also been started by the Government of India as an inception of
developing a bond between the 39 Indian Ocean Countries to share our rich cultural heritage
with them and indirectly attract foreign exchange to our country. Currently Government of India
has initiated 29 mega tourism projects across 22 states in the country. (Source:
Financialexpress.com)
Increase of the use of mobile apps for hotel booking has allowed the customers to have more
personalized experience of their stay in hotels and various apps like make my trip, goibibo,
Booking.com and various other apps have given the customers a chance to get good hotels at
affordable prices and can read the reviews of other people during their stay in that hotel to
choose the best one from them. On the hotel front, these apps have reduced the distribution costs
of these hotels, the marketing costs and lower down various other expenses.
Structure of Hotel Industry

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But certain macroeconomic factors like Chinese rebalancing, fall in the prices of various
commodities as well oil, and sudden decrease in the inflow of capital in the emerging and the
developing countries has led to global slowdown of every kind of business which has also
effected the Hospitality Industry despite of the various initiatives of the Government to promote
it.

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PESTEL ANALYSIS OF HOSPITALITY INDUSTRY IN INDIA:
In a country like India which is known globally for various factors, Hospitality is one of them. In
such scenarios this industry not only plays an important role in recognizing the country globally,
but also has its influential impact on the political, economic and various sectors. Hospitality
industry is not just analysis of hotels but is also inclusion of service industry, lodging,
restaurants, transportation, cruise line etc.
In this section, we will try to analyze this industry for the same considering the factors that get
impacted directly or indirectly because of this sector. This study is referred to as PESTEL
Analysis, where in we study the factors affecting or influencing a specific sector with respect to
its Political, Economic, Social, Technological, Environmental and Legal impact of the nation.
Before directly jumping to the analysis, lets us look at the various factors influencing this
analysis.
Political:
 Political meetings of International
leaders is held in premium hotels,
thus playing important role in
politics.
 With the political situation at unrest
the situations are diverting the
investor’s attention from the
industry.
 Unstable govt. policies are only
making it difficult for industries to
survive or earn profitable margins.
Economical:
 With the battle fought on losing side, the staff do not have enough and efficient trainings
to meet international standards.
Exhibit 8: Segmentation of Hospitality
Sector

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 The growing foreign investments will only help better the industry situations.
 The huge investments make it not as attractive as any other industry.
Social:
 The improvements in hospitality industry reflects the improvement in social standards.
 Hospitality industry also acts as a looking forwards for concept and design for middle
class customers.
 As the labor cost is less comparatively, the jobs are more thus help improve the social
conditions around.
Technological:
 As the industry is growing,
so is the need for
technological
advancements in the
industry.
 Technology is used
initially to woo customers
and investors towards the
luxury the industry
provides.
 In the recent, technology is
used to market the industry to gain new customers and provide better facilities to
customers than the competitors.
Environmental:
 Like every other industry, hospitality has its own impact on the environment it’s built in.
 Stricter rules are being implied by the govt. to ensure minimal impact on the
environment.

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 Solar energy is being adopted to conserve energy ensuring a safer and durable future.
Legal:
 The industry has seen huge changes in the legal formalities towards increasing the safety
of the industry.
 The changes in foreign policies of the country impacts the legal authorities indirectly
making survival difficult.
 With hotels becoming the new target for terrorism, legal authorities have straightened the
laws and taxes making them lesser of profits.
SWOT ANALYSIS OF HOSPITALITY INDUSTRY IN INDIA:
Any and every industry in the world has its own merits and demerits which help investors in
deciding how attractive a sector is. Hospitality industry is no excuse to the same, and with being
an important factors for tourism, travelling and real estate business it is still a sector of strength.
Hospitality industry has seen a huge investment from the local players in India, but this does not
mitigate the fact that the sector’s success are also dependent on outside factors like high profile
travelling, change of govt. rules and regulations, in stock market and also IT industry in India.
Hospitality is a sector which has got huge entry barriers due to the amount needs to be invested
for entering into it but most players entering into this do not quit as quickly as the exit barriers
are also similarly high. These factors make the business sector a more reliable and riskier both at
the same time.
SWOT Analysis is a factor analysis of any given industry done by professionals to help them
find if a given sector is attractive for investment or not, and if yes them how much investment
can be made and for how long. This analysis is helps know the risks and benefits related to a
given industry balancing of which either brings in or divests the investor’s attention.

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Strength:
 With over 1000 classifieds in the industry, it is
capable of meeting a wide set and variety of
needs of consumers.
 There are more foreign players in the Indian
market than that of the local, meaning the
sectors has foreign investment flowing in huge.
 The cost of labor involved in the sectors is far
low in comparison to the rest of the sectors.
 With the recent rise in the popularity of the country, the flow of investments towards the
sectors is also hugely effected.
Weakness:
 A strength is only as good as its weakness.
 Real Estate owns almost 50% of the total project cost, against the 15% outside India.
 The country has a higher tax rate structure inflating the business greatly.
 The huge fluctuating market restrict the industry to grow at a faster pace, allowing a lot
of divestment than investment in the industry.
Opportunity:
 The growing popularity of the country plays key role in the returns from Hotel Industry.
 The unmatched and unexplored topographies of the country are yet to be explored.

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 As the holiday season varies for domestic and foreign tourists, the industry is under stable
business over the year.
Threats:
 The bigger the risk, the bigger the profit. The focus is shifting towards owning a guest
house than renting a hotel, making the sector loose investments.
 Political instability is only making situation worse to what already are for the industry.
 As the country is still fighting on the losing side of the currency war, it’s becoming
difficult for the industry to train their staff for international standards.

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COMPANY ANALYSIS
In order to get insight of the hospitality industry, the research was carried on using the annual
reports of the prime players of this sector. The major players included in the research were
Indian Hotels Company Limited, ITC Group of Hotels and Hotel Leela.
INDIAN HOTELS COMPANY LIMITED (IHCL)
Indian Hotels Company Limited is also named as Taj Group in the country and it operates
various hotels and considered to be the major player in the hospitality industry in India. It
currently has a portfolio of 33 Taj Hotels (Room Inventory of 4815 keys), 35 hotels under the
brand name Vivanta by Taj Hotels & Resorts (Room Inventory of 5360 keys) and 34 Gateway
Hotels (Room Inventory of 2899 keys).(Source: IHCL Website).
Background and Inception of the Company
The Company was incorporated in the year 1903 by Jamsetji Tata, the founder of Tata Group.
The Company is the part of this group as well. It is the chain of hotels and is currently working
in UK, USA, Africa, Maldives, Malaysia, Bhutan, Sri Lanka and Middle East (Having a total of
15 Hotels in these countries) along with India (Having 101 hotels across 62 locations in the
country and still counting). The headquarters of the Company are in Oxford House in Mumbai.

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Exhibit 9: Location of Taj hotels all over the world
The Indian Hotels Company Limited has basically focused on the industrial hubs, metro cities
and the cities which have some kind of tourist attractions to build their hotels. For instance, the
company is constructing a hotel under the brand name Vivanta by Taj in Amritsar because of
Golden Temple being the major Tourist hub in the country.
The Beginning of this grand hotel chain was from a single hotel in Mumbai which was named as
Taj Mahal Palace with a see view and further the company extended its reach by opening various
hotels in various locations with a view to become the largest hotel chain across globe. In the year
1980, Company made its hotel outside India in Yemen.
Corporate Information
Market Cap Rs. 12944.65 Crores
Share Price Rs. 132
Turnover(2015-16) Rs. 2273.70 Crores
Managing Director and
CEO
Rakesh Sarna
Executive Director and
CFO
Anil P Goel
Source: Tajhotels.com

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Shareholding Pattern 38.65 % by promoters and
61.35 % by public
Number of Employees 610000
Number of Subsidiary
Companies
28
Number of Associate
Companies
6
Exhibit 10: Share Price and Volume of the company during a particular day
Nature of Business of the Company
Indian Hotel Company Limited forms a part of hospitality industry of India and is widely known
as the leading chain of 5 star hotels in the country as well as abroad. It is famous for its
architecture, the facilities and the services it provides to its customers. These facilities include
swimming pools, spa, business facilities, conference rooms and excellent lounges, fitness centers
and gyms, resorts & palaces, safaris, suites and it also provides airline catering services in South
Asia.
The Company is in the business of having owned, leased and managed hotels which together
contribute to the business of the company. It has various management contracts and signed 3
mire management contracts in the year 2016.
Source: BSE

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The major competitive strength of the company is its distribution network across the globe and
the unforgettable experience that it provides to its clients which helps it to attract an strengthen
its customer base.
Vision, Mission and Company Policy
The vision statement of the company is
“To lead and become the international benchmark in the hospitality industry, in Asia and key regions
of the world. To dazzle and delight the customer with the highest quality of hotel products, food and
beverage experiences, and, above all, exceptional service standards.”
The company focuses on the people it recruits because according to the philosophy of Taj they become
the important member of Taj Family and in order to provide its customers with the quality customer care
service, the staff must be the best from the industry. In short it says to its employees that “You are the
Taj”
Moreover Taj group pledges to save the environment and the nature for the future generation and always
try to extract maximum benefits from the minimum resources available with them. The core values of the
company is Courage, Excellence, Integrity, Team Work, Respect and Concern for others, Reliability and
Environmental & Society Concerns. Its strategy includes creating value for its stakeholders.
The short term plan of the company is to finish construction of the hotels which are in pipeline and make
them operational as soon as possible and long term plan of the company is to add more room inventory
and more hotels in the potential areas and renovate the existing ones to match the global standards.

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Products and Services
Rooms- Hotels being the major revenue earning source of the company, so the company’s main
product is the room inventory it has. Currently the company is having 16759 rooms in its 136
hotels. It provides spacious rooms with excellent facilities and architecture to delight its
customers. The facilities include health club, spa, 24 hour laundry service etc.
Exhibit 11: Room Inventory of the Taj Hotel Group over a period of time
Restaurants- 40.4 % of the total turnover of the company is from its restaurant division and
from the mobile food service activities. (Source: Taj Hotels Resorts & Palaces annual report
2015-16). So this is also considered as the major source of revenue earning for the company and
is the principal business activity.
Banqueting and Conferences- This facility of the company is very well integrated with the
customers demand for various functions like video conferencing, launch of various products,
workshops, seminars etc.
Source: Taj Group Investor Presentation

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The major competitors of the Indian Hotels Company Limited are EIH Limited, The Oberoi
Hotels and Resorts, ITC Group of Hotels, Mandarin Oriental Hotel Group limited, Hotel Leela
Venture Limited, Advani Hotels and Resorts Limited etc.
Achievements and Awards
 According to Forbes Magazine Taj Hotels Resorts and Palaces falls in the list of top 10
world’s best luxury hotel brands
 Business Traveler UK rated it to be the Best Business Hotel Chain.
 Taj Hotels is named as the best hotel group in India Travel + Leisure India & South
Asia's Best Awards 2014

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ITC GROUP OF HOTELS
ITC Group of Hotels is the second largest hotel chain in the country with around 101 hotels
across 71 locations in the country. (Source: ITC investor presentation).The hotels are operated
in India by the ITC Welcomgroup Hotels, Palaces and Resorts. The uniqueness of the brand lies
in its logo which symbolizes ‘Namaste’ and it truly shows how deeply the hotel chain imbibes
the Indian culture in its walls.
Background and Inception of the Company
ITC Group of Hotels started its operation in the year 1975 with its first hotel Sheraton Chola in
Chennai. The headquarters of the company are in Gurgaon, India and it is the part of ITC limited
which was formerly known as Indian Tobacco Company Limited. The company is operating
hotels under various brand names- The Luxury Collection (19 hotels), Welcom Hotels Sheraton
(7 hotels), Fortune (47 Hotels) and WelcomHeritage Hotels (28 Hotels). (Source: ITC Website)
ITC Luxury Hotels are considered to be the premier hotels and they are basically planned to cater
the needs of top industrialists and are said to be located in the top notch cities of the country
which are generally referred to as metro cities. This brand is a tie up between the ITC Group of
Hotels and the Starwood Hotels & Resorts
Source: itcportal.com

35
Welcom Hotels is a chain of five star hotels for those who love travelling and experiencing the
world class facilities.
Fortune Hotels is a brand name of hotels located in mini metros, state capitals and business
towns and cater to the needs of upper middle class society.
WelcomHeritage is a chain of hotels, palaces, resorts in the areas which are rich in cultural
heritage like Rajasthan and the main attraction point is its architecture.
Share Price Rs. 161.45
Turnover(2015-16) Rs. 5.24 Crores
Managing Director Nakul Anand
Company Secretary And
Compliance Officer &
Corporate Financial
Controller
M Riaz Ahmed
Nature of Business of the Company
The company aims at standing on the concept of Responsible Luxury with its business. The
company is the part of Hotels and Hospitality industry in India. Its earns its major chunk of
revenue from the room rental and apart from it the ITC Hotels are famous for its state of art and
the architecture along with the famous paintings from the renowned artists worldwide. It also
provides various facilities like Kaya Kalp Spa and lounges and other important facilities to make
the stay of its customers memorable.
It is known as the greenest luxury hotel chains all over the world.

36
Vision- The vision of the company is to become the most valuable organization and it wants
create growing value for the customers and Indian Economy and Company’s stakeholders and
work beyond the market can think and become the market leader in Hospitality Industry.
Mission- Company’s mission is to increase the wealth generating capacity of the business so as
to give long term benefit to the stakeholders. Apart from this it focuses on providing best
customer service without any compromise on the quality of its products and services. It also
wants to protect the nature through its initiatives like ‘Responsible Luxury’.
Core values of the ITC group of Hotels is customer value, respect for its employees, integrity,
care for the society.
Products and Services
Rooms- The major revenue of the group is from the 4300 rooms under Luxury hotels brand
name, 3900 rooms under the Fortune brand name and the 750 rooms under the WelcomHotel and
WelcomHeritage Hotels.
Branded Accommodation- The ITC Group Hotels has categorized its room inventory in four
different branded accommodation-‘ITC One’, ‘Towers’, ‘Eva’ and the ‘Executive Club’ and it
charges the customer according to the type of brand it asks for the accommodation and all the
brands offer varied type of living experience but under the same roof of one hotel.
Branded Cuisine- There are four types of cuisines offered by the WelcomCuisine-The Bukhara
and Peshawri, Dakshin and Dum Pukht Restaurants and all of them offers the varied dishes of
various states of the country to provide the customers with the taste of whole of India.
Kaya Kalp Spa- This is yet another major revenue earning source for the Group of Hotels. This
spa facility is available at all the Luxury Hotels of this chain and they charge heavily to its
customers.

37
The major competitors of ITC Group of Hotels is Taj Hotels, Hotel Leela and The Oberoi Group
of Hotels.
 The Kaya Kalp spa got the award for being the best spa in GeoSpa AsiaSpa India
2016and also the most luxurious spa.
 Bukhara was recognized among the top 50 restaurants in Asia in S. Pellegrino Asia’s 50
best awards in 2016
 In a survey conducted by Business World, ITC Hotels was recognized as the ‘Most
Respected Company’ in the hospitality segment.
 ITC Maurya was adjudged the ‘Best Business Hotel’ in India at the Lonely Planet
Awards 2015.

38
HOTEL LEELA
Hotel Leela Venture Limited is among the top 15 hotels in the world. It was started by CP
Krishnan Nair and the hotel was named after his wife’s name. Hotel Leela was the first hotel of
its kind near the Chatrapati Shivaji International Airport. The Leela Venture Ltd. is having 6
owned hotels and along with it, the hotel group is also having 3 managed hotels which are not
owned by it. The total number of rooms in all these hotels count up to 2224 keys in different
locations.
Background and Inception of the company
The Leela Palaces, Hotels and Resorts is an Indian luxury hotel group, founded in the year 1987
by C. P. Krishnan Nair, and owned by The Leela Group business conglomerate. The Leela,
Palaces, Hotels and Resorts have it’s headquarters in Mumbai, India. After the first hotel in
Mumbai, the next destination that it planned for was in Goa. Its exclusive properties are located
in Mumbai, New Delhi, Gurgaon, Bangalore, Chennai, Goa, Udaipur and Kovalam, with new
hotels under development in Jaipur, Bangalore, Agra, Lake Ashtamudi, Kerala, and Lucknow.
Hotel Leela Venture Ltd. is the holding company of The Leela Palaces, Hotels and Resorts. In a
span of 30 years, the hotel group has achieved a lot and became the proud owner of various
awards from the different reputed agencies and organizations of the World.

39
The company works on the philosophy of “Atithi Devo Bhavo” which means “Guest is God”.
Exhibit 12: Evolution of Hotel Leela
Share Price Rs. 17.85
Turnover(2015-16) Rs. Crores
Managing Director and
CEO
Rakesh Sarna
Executive Director and
CFO
Anil P Goel
Shareholding Pattern 38.65 % by promoters and
61.35 % by public
Source: Hotel Leela Corporate Presentation 2014

40
Number of Subsidiary
Companies
28
Number of Associate
Companies
6
Nature of the Business carried
The Leela Hotels group is a part of Hotels and Hospitality industry of India. It works on the
“ Asset Light Strategy” according to which it focuses on managing more hotels rather than
owning them which help the company to focus on its core competency of providing best services
to its customers and does not unnecessary indulge itself in spending and investing in purchasing
of hotels. The sales and marketing activities of the company is handled by Global Alliance
Apart from the Room service, it also provides other facilities like restaurants, spas and Bars in
the hotels.
Hoteliering has gone beyond the status of an industry. It is today an art form. It starts with
innovation, continues the search for excellence, and finally celebrates perfection. These are
precisely the three pillars on which The Leela Group has built its reputation.
· Innovation
· Excellence
· Perfection
They also represent the three faces of modern India. The India which dares to take on the world
with its world class technology, its great tradition’ enriched over the centuries and its obsessive
desire to be hospitable to travelers from all over the world. But beyond all this is the simple fact:
Hotel Leela love and enjoy people. It is this that has made them what they are. It is this that must
inspire them in the years to come.
 The Leela Palace, Chennai got Gold Signature Certification by Chivas 18- Library Blu
one of the Gold Signature Bar in February 2016

41
 Robb Report USA - The Leela Palace New Delhi named among the top ten hotels around
the world with the best rooftop pools, July 2016.
 Eazy Diner Foodie Awards 2016 - The Leela Ambience Gurgaon Hotel and Residences
named Hotel of the year, April 2016
 The Leela Kovalam got the Kerala Tourism award for being the Best Five Star Deluxe
Hotel for the year 2013-14.

42
INDUSTRY KEY SUCCESS FACTORS
 Location- The hotel industry has traditionally focused on location as the most important
critical success factor. Despite the changes in the industry, location is still important. A
hotel located on a little-used highway is not likely to do very well, even if it offers
superior service and amenities. However, although location remains highly important,
other factors matter. Travelers used to take it for granted that hotel service would vary
significantly depending on location, but this is no longer the case.
 Global Outlook-Even small, locally owned hotels need to be able to compete on an
international basis to be successful. Tourists deciding where to take their next vacation
can choose from destinations all over the world, and can easily research the quality of
local hotels when making their selection. If a hotel tries to compete solely on price and
location while a nearby competitor also emphasizes creating a quality experience for the
customer, then visitors will go to the latter. Hotel owners need to be aware of what hotels
all over the world are doing to attract new customers and earn their loyalty.
 Quality Management-Quality management is multifaceted and goes beyond the concept
of customer service to include additional factors such as employee satisfaction and
involvement. A single random interaction with a hotel employee can make the difference
between a satisfied customer, an impressed customer or a customer who goes online and
writes a bad review about his hotel experience. By concentrating on employee
satisfaction as well as customer service, a hotel can increase the likelihood that all its
employees will provide excellent customer service as well.
 Flexibility-Flexibility is a key factor in quality management as well as being a critical
success factor for the hotel industry. Customers can have completely different
expectations of a hotel, so managers need to be given the authority to make decisions to
accommodate them when possible. A manager hampered by an inflexible set of policies
may be unable to fix a customer problem and earn that customer's loyalty and good word
of mouth in the future. A manager with the authority to make exceptions when
appropriate is in a much better position to turn a situation around and earn a good
reputation for customer service and high quality.

43
RESEARCH AND ANALYSIS
Exhibit 13: Indian Hospitality Market Share
Fundamental Analysis of the business gives the insight of the working of the company and its
turnover and the research conducted on the companies helps to understand the current market
price of its share along with the way to analyze their credibility and profitability.
There is huge scope of earnings in this sector because recently the country has an inventory of
200000 rooms but the current need is the inventory of 100000 rooms. (Source: FHRAI). The
companies who are already in this sector are trying to extend their room inventory by making
more and more capex and giving focus on the pipeline inventory.
Taj Hotels and Resorts has the highest revenue among all the hotels in hospitality sector of the
company and is the best share to invest in. Apart from this its competitors like Oberoi hotels
and Hotel Leela are trying hard to compete with Taj hotels and gain the market share.

44
FINDINGS
1. The Indian hospitality sector is expected to witness high growth over the long term. The
next one or two years may be a phase of building before the high growth trajectory
emerges.
2. Domestic travel is expected to be the primary driver of the sector’s growth. High
disposable income and the advent of better locations are driving this growth.
3. Maximum investments are expected to take place in the Tier I towns followed by the Tier
II towns.
4. Talent management is a major challenge for the sector. Inadequate supply of quality
talent and increased competition for talent within the sector and from competing service
sectors has made attrition a significant issue for the industry.
“The sector shall continue to grow, this sector has a very stable life and long term outlook as the
asset itself takes 3 years to develop and 2-3 years to mature. Hence from vision to end it takes a
good five years.”
Vikram Kamat, Executive Director, Kamat Hotels (India) Limited
“India will emerge as a preferred tourism destination on world map with overall expected growth
of above 8% p.a., the later half of five years may witness growth of approximately 9% to 10%.”
Sanjay Gupta, Promoter and Chairman, Neesa Leisure Ltd.
“The domestic hotel industry is estimated to touch $1.8 billion by 2016, from $0.8 billion
presently, buoyed by rise in online bookings”
ICRA report

45
Exhibit 14: 2017 Estimates of Hospitality Industry of India.

46
LEARNINGS
 Arrangement of Financial Data- The basic learning during the internship was how to
arrange the data of the company from the past 10 years annual reports into a proper
format so that it can be further analyzed and some conclusion can be drawn from it at the
end and the report can be prepared on the stocks of that particular company.
 Importance of Graphical Presentation- The data of the company holds some value if it
is presented graphically and then the analysts can draw some conclusion out of it.
 Concalls highlights- The knowledge about the company’s future plans and the
guidelines of the future of the company can be obtained from the concalls that the
company’s management make while announcing its quarter as well as the annual results.
These guidelines are important because the company’s future earnings can be estimated
from it.
 Awareness- an Analyst can perform the assigned task only by having the proper and
deep knowledge of the sector which is given to him. So having good contacts with the
experts from the sector and the key players of the sector help them a lot in achieving the
desired output.

47
CONCLUSION
Equity Research field is very complex in nature and being an analyst of a particular sector
requires deep dive into that sector and acquiring full information regarding each and every
happening of that sector. It not only involves the fundamental analysis of the company but a
further advanced analysis is required to advice the customers about the stocks which are perfect
to invest in.
Along with the quantitative analysis, full study of the company is required and the initial step is
to know about its corporate structure and the market cap to decide whether the company is worth
being analyzing or not.
Considering the hospitality sector, as the foreign tourist arrivals in India is increasing, so is the
need of rooms increasing. The current room inventory is insufficient to meet the demands of the
customers which clearly reflects the demand-supply gap. This simply reflects that the hotel
groups have not yet reached their full potential and can still earn lots and lots of revenue if the
scarce funds are properly invested and as they will be in need of more and more funds, so is the
availability of more shares of such hotel groups.
The institutional investors have the high chance of investment in this sector. In nutshell this
sector is good to invest in and investment in the top companies of this sector will definitely bring
the desired returns in the form of either dividend or the capital gain.

48
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