MANAGEMENT DISCUSSION AND ANALYSIS Your Company has been reporting consolidated results taking into account the results of its subsidiaries, joint ventures and associates (together referred to as the Group). This discussion, therefore, covers the financial results and other developments during April, 2015 to March, 2016, in respect of the Taj Group. Some statements in this discussion describing the projections, estimates, expectations or outlook may be forward looking. Actual results may, however, differ materially from those stated, on account of various factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which your Company conducts its business, exchange rates and interest rates fluctuations, impact of competition, demand and supply constraints, etc. GLOBAL ECONOMIC ENVIRONMENT AND OUTLOOK Major macroeconomic realignments are being witnessed across countries and regions. These include the slowdown and rebalancing in China; a further decline in commodity prices, especially for oil, with sizable redistributive consequences across sectors and countries across the globe, leading to a related slowdown in investment and trade; and declining capital flows to emerging market and developing economies. These realignments, together with a host of noneconomic factors such as geopolitical tensions and political discord, are generating substantial uncertainty. On the whole, they are consistent with a subdued outlook for the world economy—but risks of much weaker global growth have also risen. (Source: IMF: Recent Developments and Prospects, April 2016) Preliminary data suggest that global growth during the second half of 2015, at 2.8%, was weaker than brviously forecast, with a sizable slowdown during the last quarter of 2015. The unexpected weakness in late 2015 reflected to an important extent, softer activity in advanced economies, especially in the United States, Japan and other advanced Asian economies. The picture for emerging markets is quite diverse, with high growth rates in China and most of emerging Asia, but severe macroeconomic conditions in Brazil, Russia and a number of other commodity exporters, resulting in an overall decline in the rate of growth in emerging economies for the fifth consecutive year. (Source: IMF: Recent Developments and Prospects, April 2016; ICRA Bulletin, Money & Finance, April 2016) Additionally, financial market volatility, which had subsided in October-November, increased again in December and especially in early 2016, amid rising global risk aversion, substantial declines in global equity markets, widening of credit sbrads and historically low yields for safe-haven government bonds. These developments were triggered by concerns about lack of policy space in advanced economies to respond to a potential worsening in the outlook, worries about the effects of very low oil prices and questions about the speed at which China's economy is slowing, as well as its authorities' policy intentions. (Source: IMF: Recent Developments and Prospects, April 2016) Within the emerging economies, India is expected to outperform other economies with GDP growth of 7.3% for 2015, with forecast GDP growth of 7.5% in each of 2016 and 2017. The thrust to the Indian economy is due to a combination of low inflation, debrssed commodity prices (with specific emphasis on oil), relatively stable currency and its continued ability to attract capital flows. (Source: IMF: Recent Developments and Prospects, April 2016) OVERVIEW OF THE GLOBAL AND INDIAN TOURISM INDUSTRY 2015 proved to be a successful year for the Travel & Tourism sector, off the back of a modestly stronger economic environment. As per the United Nations World Tourism Organisation (UNWTO), it is estimated that international tourist arrivals grew by 4.4% in 2015 reaching a total of 1.18 billion. International tourism receipts were estimated to be US$1,232 billion (UNWTO world tourism barometer). In addition to income generated from international passenger transport, total receipts stood at US$ 1.4 trillion. Demand for international tourism was strongest for destinations in the Americas (+5%), Asia and the Pacific (+5%) while the increase in Europe (+5%), the Middle East (+4%) and Africa (-3%) was at a slightly more modest pace. By sub region, South East Asia and Oceania (+7%) saw the best results, Central America and the Caribbean, all increasing by 7%. China, United States and United Kingdom led outbound tourism last year, fuelled by their strong currencies and economies. The last few years have seen an upsurge in travellers from Asian countries like China and India. The total contribution of travel and tourism to GDP is expected to be around 3.7% and the forecast is that it would rise to 3.8% pa by 2025. It is estimated that the travel and tourism industry generated about 107,519,000 jobs which is 2% more than last year. The number of jobs added is forecast to grow at 2% annually till 2025. (Source: World Travel & Tourism Council) The long term outlook for the Indian hospitality business continues to be positive, both for the business as well as the leisure segments with potential for economic growth, increase in disposable incomes and the burgeoning middle class. 2015/16 saw the supply grow by 3.9% where as demand increased by 10.5% over last year (Source: STR). The Company is looking at various revenue enhancement and cost containment measures, so that it can take advantage of the upswing, as the business and economy recovers and the demand supply imbalance gets corrected. Future Trends In 2016, the industry's contribution to global GDP is expected to grow by 3.3%. In view of the long term trend, the industry is expected to support 370 million jobs by 2026 which would equate to 1 in 9 jobs across the world. World Travel & Tourism GDP growth estimated at 3.3% thus rebrsents a stronger rate of growth than the global economic growth estimated at 2.9% and this trend in GDP growth is expected in over half of the 184 countries covered by the World Travel & Tourism Council's annual economic impact research. South Asia is expected to experience the highest growth in 2016 at 6.9%, whilst Europe and Latin America are the regions with the lowest forecast growth of 2.4%. In 2015, Travel & Tourism was 9.5% of total employment (283,578,000 jobs) and this is expected to rise by 2.2% in 2016 (289,756,000 jobs). Investments in 2015 stood at US$ 774.6 billion or 4.3% of total investment. In 2016, this is expected to rise by 4.7%. India is expected to be a driving force for the global economy in the foreseeable future. It also makes it a ripe market for travel and tourism. The key drivers for international travel demand growth to India include the easier e-visa regime, Swachh Bharat Abhiyan, Make in India and other similar initiatives which are expected to build a positive global image for the country and will thus have a long term impact for the travel and tourism industry. WTTC brdicts that the strong forecast on travel and tourism industry in India will propel it to the 7th spot in terms of travel and tourism GDP by 2026. Leisure travel spending is expected to grow by 5.9% in 2016 to Rs. 6,297.5 billion and domestic travel spending is expected to grow by 6.6% in 2016 to Rs. 6,284.4 billion. Domestic travel is strong and remains the demand bedrock of the industry; as the economy improves, domestic business, leisure and Meetings, Incentives, Convention, Exhibition (MICE) travel will grow rapidly, sbrading over many cities and towns. INDIAN HOSPITALITY INDUSTRY LANDSCAPE AND OUTLOOK Across the industry, there are key business, technology and hotel marketing trends that are set to take root and impact the industry as a whole. These range from the rise of the millennial traveller as the dominant consumer group by 2017, to the increased interest in using mobile devices and apps to enable more personalized hotel guest services. Consumers are shopping on multiple platforms and there is an ever increasing transparency in rates and guest reviews driven by booking brands such as Expedia, Priceline, Booking.com, Make My Trip and Trip Advisor. Consumer behaviour has seen a change which is demonstrated in shorter booking windows and consumers seeking unique experiences which in real time are shared on multiple social media platforms. Triggered by these developments, the industry has witnessed consolidation on the supply side such as Marriott's acquisition of Starwood and Accor's acquisition of Fairmont, Raffles and Swissotel brands. Additionally, more and more global chains are expected to be attracted to the low penetration combined with high growth rates in the Indian market and this is expected to further spur competition brssures, which will influence the demand supply dynamics. The foreign visitor shall continue to drive the demand and it is expected that an increase in foreign tourists going forward would result in enhanced foreign visitor spend, which is currently low due to the limited number of foreign tourist arrivals, when compared to other global destinations. However, the domestic tourist, characterized by low value and high volume is expected to drive the total growth in demand as the trend of growth in domestic tourists continues. Operating in this environment of growing brsence of competition, increasing distribution costs and ever evolving customer brferences, your Company looks to the future well equipped to address these challenges and retain its position as a significant hospitality player in the markets it operates in. STRATEGY Your Company's strategic objective is to be a company of global repute, as against being an organization with a global footprint. Our portfolio of brands will continue to be the differentiator, delighting our guests, consistently offering unmatched experiences, thereby enabling the desired economic returns to all our stakeholders. Going into the future, there will be concerted efforts to raise the guest experience across all our hotels under a unique framework which is inspired by Indian hospitality and that will bind all our hotels across destinations. This will be achieved by: Achieving excellence in service delivery The experience we will curate for the guests shall reflect "Tajness" in everything we do, through a high level of personalized offerings unique to the Indian hospitality philosophy for which your Company is renowned. The "Tajness" would be an all pervasive theme at every guest touch point, from the rooms, F&B outlets and service quality and which transcends into the digital world through a continuous enrichment of our website by way of destination content, navigation experience and direct visibility on stay experience. The digital journey will also continue to build on the mobile platform with the introduction of an app to better engage with loyalty members and new customers. Further, applying business intelligence and analytics, your Company can increase its personalization and customer need anticipation manifolds to achieve even higher degrees of service excellence. Growth in Development Pipeline The hospitality industry is a long term growth business, but which is affected by cyclicality. The hotel business comprises two distinct elements of either the ownership of hotels, which carries a high reward and risks linked to business cycles or the management of hotels in which the risks and rewards are limited through stripping away the business risks. Your Company plans to continue to grow through a judicious mixture of owned and leased hotels, a de-risked model along with its ability to attract management contracts. Your Company's established and durable strengths such as the Taj brand, the brmium rates over competition your Company commands and your Company's long and successful track record in operating hotels for third party owners will facilitate growth for the future. Brand positioning and performance "Tajness" defines everything that your Company does and is the common philosophy which exists on all your Company's brands and hotels differentiating your Company from the competition. To meet the ever evolving need of your Company's guests, your Company plans to continuously refine its brand standards to keep on reflecting Tajness and create a distinction in the guest experience through a basket of brands, each of which carries its own identity and brand promise. This would be done through ongoing monitoring of guest needs, feedback received and benchmarking best-in-class practices to enable swift and effective response. Improved Return on Invested Capital Your Company's strategy is to create and deliver profitable growth for all its stakeholders. Your Company's ability to deliver improved returns on capital would be driven through rigorous asset management, revenue maximization, cost control and reduced leverage and exit from non-core underperforming assets. Human Capital Your Company's employees are its most valuable asset, who deliver a level of service that is among the highest in the hospitality industry. Your Company's culture and reputation as a leader in the hospitality industry will drive the effort to attract and retain the best available talent, through a combination of talent management strategy combined with a robust and transparent performance management system which leads to an attractive long term compensation philosophy. In conclusion, our key strategic levers, being the ongoing investment program in technology, building a pipeline that adds to our diverse portfolio of marquee leisure destinations and key commercial centers and deploying development and retention strategies for our talent pool. In addition, your Company is focused on judicious deployment of capital to renovate / refurbish select assets in the off season. In 2016, your Company has already rolled out some these key initiatives by way of relaunch of the loyalty program, launch of a new website, implementation of a new organization structure which enables more agility in responding to the customer and market situations, standardization of property management system and implementing revenue management systems in key hotels. KEY DEVELOPMENTS IN 2015 / 16 Hotel Launches The Taj Group continued on its expansion path in India as well as in international markets in 2015. Your Company ended the year with a portfolio of 29 Taj Hotels, 40 Vivanta by Taj Hotels & Resorts and 32 Gateway Hotels. New hotel launches and relaunches for renovated properties were ably supported through a high-visibility marketing and PR campaign and a formal launch event. A 360 degree stakeholder outreach is implemented to support the launch of the hotel including print, digital and social campaigns, targeting all relevant customer segments. Taj Hotels Resorts and Palaces (Luxury Hotels) • Launch of Taj Santacruz, Mumbai: Strategically located just off the Western Exbrss Highway, the hotel offers a vantage point of access, with proximity to the city's financial and entertainment centres. The newest addition in Taj's home city, and the fourth group hotel in the financial capital, Taj Santacruz is a tribute to this historic city and its pulsating cosmopolitan spirit. • Launch of Taj Bangalore: The latest addition to the group's luxury portfolio and the sixth Taj group hotel in the Garden City. Conveniently located minutes from Kempegowda International Airport, Bengaluru, Taj Bangalore will offer guests a world of sophisticated luxury. Through its contemporary, sleek and spacious design, the Taj Bangalore offers a window into the progressive spirit of the Garden City. The melding of indoor and outdoor space and use of natural light is a tribute to the city's temperate climate. In dedicated collaborative work-life zones, guests will be able to work, network, dine and socialize against the backdrop of extensive green lawns and open spaces. • Launch of Taj Safaris' Meghauli Serai, Chitwan National Park, Nepal: The Company announced the opening of its first lodge outside India: Meghauli Serai at UNESCO World Heritage listed Chitwan National Park, Nepal. Vivanta by Taj Hotels & Resorts (Upper Upscale Hotels) • Vivanta by Taj - Guwahati, Assam. This is the Taj's doorway to the unexplored and magical North East Region of India and had its commercial opening in December 2015. Located on the Guwahati-Shillong highway in the centre of Guwahati's government, business and cultural areas, this urban sanctuary weaves in history with modern style. Almost five acres of manicured greens, interspersed with betel nut trees, water bodies and local flora surround this stylish structure. Design inspirations have been taken from the Rang Ghar, the royal amphitheatre of the mighty Ahom dynasty from which Assam draws its name. The Gateway Hotels & Resorts (Upscale Hotels) • The Gateway Hotel, Hinjawadi, Pune - Your Company launched its second hotel in Pune and the first Gateway Hotel in Pune, with the commercial opening of the hotel in November, 2015. Located at the heart of the IT action and only minutes away from the industrial hub, The Gateway Hotel Pune is the brferred choice of stay among business travellers as well as leisure seekers. • The Gateway Resort, Pushkar Bypass, Ajmer - Located on the Pushkar Bypass and in close proximity to the city of Ajmer, and situated right in the heart of Rajasthan in a picturesque green oasis, The Gateway Hotel Pushkar Bypass Ajmer is set against the backdrop of the magnificent Aravalli hills invites the weary traveller to experience the rich historical and cultural inspiration behind the sanctuary built for business and leisure travellers. New Management Contracts Your Company succeeded in signing three new management contracts and is in active discussions for many more opportunities. The Company has also commenced construction of its 75 key luxury resort Taj Exotica Resort and Spa, Havelock Island in the Andamans, which is expected to open in 2016/17. Management contracts were signed this year for - a Taj Exotica Resort and Spa, Palm Jumeirah in Dubai, Vivanta by Taj - Jumeirah Lake Towers, Dubai, Vivanta by Taj - Udaipur and the Gateway Hotel at Ajmer which is already operational. Other management contract opportunities that have been signed earlier are under different stages of execution. Product Upgrade / Renovation Your Company is undertaking renovation projects, across various hotels, as per a five year renovation masterplan approved by the Board At the flagship hotel Taj Mahal Palace, Mumbai, the guestrooms in the tower wing and the All Day Dining restaurant Shamiana are undergoing renovation which are expected to be reopened in the coming year. The popular Ming Yang restaurant at Taj Lands End which was under renovation has opened earlier this year with positive reviews. As part of this renovation, redesigning and renovation works continue at Taj Exotica Goa and Vivanta by Taj, Fort Aguada. In the capital city of New Delhi, Cafe Fontana, the All Day Dining restaurant at Taj Palace has been redesigned and execution works have commenced. Renovation of select guestrooms at Taj West End Bangalore is under execution, amongst others. Sales and Marketing Initiatives Driving Demand Growth • "Room For More" Campaign: Based on the success and learnings from the new "Room For More" promotions launched in April, 2014, your Company continued the thrust of providing compelling value proposition to the consumers across hotels worldwide for the period April to September 2015 with an objective to drive total RevPAR during the low demand period and reward loyalty. The focus is on boosting demand, enhancing capacity utilization and ancillary revenues with unique value propositions for the customers. The various initiatives undertaken for this campaign are Bed Breakfast and More, Savers and Stay a Bit Longer. The promotions were supported by combrhensive marketing campaigns across all key markets. • "Taj Holidays" - Your Company continued to drive focus for the resort destinations for domestic travelers through the Taj Holidays platform in line with the strategy to drive domestic dominance. Summer, Monsoon and Winter campaigns were launched to target the domestic leisure segment which has been growing consistently since last year. This was promoted aggressively through a 360 degree sales and marketing plan along with roadshows. • Launch of Taj Experiences Gift Card: Your Company launched the Taj Experiences Gift Card, the new experience gifting option valid at any Taj hotel across India. A global sea-change in consumer behaviour has seen personal experiences move ahead of material items in terms of what gives the receiver the most joy. The anticipation of an experience is the most thrilling part, and even more so when it is a gifted experience tailored to the receiver. Gifting an experience with the Taj Experiences Gift Card allows a flexibility for those giving and receiving; the experiences are specially curated to offer a degree of personalisation for the recipient. Heads of State Taj hotels continues its legacy of hosting the world's brmier leaders, royalty and celebrities. Some of the Heads of State welcomed during 2015/16 were as under: • Prime Minister Narendra Modi of India at the Rambagh Palace - August 2015 & Taj Chandigarh - January 2016 • Prime Minister Shinzo Abe of Japan, at the Taj Palace Hotel New Delhi & Nadesar Palace, Varanasi - December 2015 • President Francois Hollande of the French Republic, at the Taj Palace New Delhi & Taj Chandigarh - January 2016 • His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Subrme Commander of the UAE Armed Forces, at The Taj Mahal Palace Mumbai, February 2016 • Kathleen Wynne - Ontario Premier, at the Taj Palace New Delhi, Taj Chandigarh, Taj Krishna Hyderabad, The Taj Mahal Palace, Mumbai - January 2016 • Chancellor Dr. Angela Merkel of Germany, at the Taj Mahal Hotel, New Delhi - October 2015 • President Jacob Zuma of South Africa, at the Taj Mahal Hotel, New Delhi - October 2015 • Prime Minister Mr. Mark Rutte of Netherlands, at the Taj Palace, New Delhi, - June 2015 • Prime Minister John Key of New Zealand, at the Taj Samudra Colombo - February 2016, • President Almazbek Atambayev of Kyrgyztan, at the Taj Exotica Goa - January / February 2016 • H.E. Mr. Ranil Wickremesinghe - Prime Minister, Srilanka, at the Taj Palace, New Delhi September 2015 • President Mr. Uhuru Kenyatta of Kenya, at the Taj Palace, New Delhi - October 2015 • President Mr. Filipe Jacinto Nyusi of Mozambique, at the Taj Palace, New Delhi - August 2015 • President Olafur Ragnar Grfmsson of Iceland, at the Taj Palace, New Delhi February 2016 • President Mr Salva Kiir Mayardit of South Sudan, at the Taj Palace, New Delhi - October 2015 • President Mr Jose Mario of Guinea Bisou, at the Taj Palace, New Delhi - October 2015 • President Mr. Jakaya Kikwele of Tanzania, at the Taj Palace, New Delhi - October 2015 • President Sir Anerood Jagnauth of Mauritius, at the Taj Palace, New Delhi - October 2015 • Prince Jamyang Namgyal of Bhutan, at the Vivanta by Taj - Surajkund, - January 2016 • Prince Constantine Hans Adam II of Liechtenstein, at the Vivanta by Taj Gurgaon - November 2015 Events Taj has also hosted several brstigious events, including: • IMF Conference at the Taj Palace New Delhi - March 2016 • India Economic Forum at the Taj Palace New Delhi - November 2015 • FIPIC (Forum for India Pacific Island Cooperation) Summit, at Rambagh Palace & Jai Mahal Palace Jaipur, Taj Mahal & Taj Palace New Delhi - August 2015 • India Africa Summit, at the Taj Palace - October 2015 • CNN Asia Business Forum at the Taj Lands End, Mumbai - February 2016 • Economic Times Awards at Taj Mahal Palace Mumbai - February 2016 • HT Leadership Summit at Taj Palace New Delhi - October 2015 • Christies Auction at Taj Mahal Palace Mumbai - December 2015 • Morgan Stanley India Summit - May 2015 • E&Y Awards at Taj Lands End - February 2016 • SITE Annual Congress at Taj Palace Hotel, New Delhi - October 2015 Tata Business Excellence Model In your Company's continuous quest for excellence, two focus areas were identified under the guidelines of the Tata Business Excellence Model and in partnership with Tata Quality Managements Services, specially identified teams worked on the following: 1. Human Resources: A deep-dive on the Performance Management System. The existing performance management system was revisited and aligned to more sharply drive overall business performance across all locations through systematic implementation. 2. Customer: A "Voice of Customer Study" (Qualitative) was conducted for select top accounts of Taj to understand the various elements on how to serve the Customers (Key accounts) better. Business Excellence Training Over a 100 of your Company's associates were trained in the use of quality tools and techniques to improve customer facing and heart of the house processes. Some of the initiatives implemented as a result of this training included control of breakages of crockery, creating unique customer experiences for leisure guests and increasing restaurant revenue among others. GUEST EXPERIENCE AND BRANDS Taj Luxury Hotels Taj Luxury hotels continued to focus on honing service offerings for high levels of customer satisfaction. Your Company continued the thrust on the advertising campaign in India and key global markets this year. The brand campaign celebrates the Associates of the Taj and brings into focus the behind-the-scenes brcision and attention that goes to ensure a perfect guest experience. The synergy between communication and brand experience has helped enhance your Company's brand image. • Timeless Weddings: Taj Hotels, Resorts and Palaces make fairy tale weddings nothing less than a heavenly experience. A legendary wedding is a legacy of mindfulness, absolute detailing, magical settings, inspired cuisine and attentive service. Your company showcased the wedding product and partnered with the Vogue Wedding Show to reach out to HNIs. • Participation by Taj at Davos: Taj Hotels Resorts and Palaces partnered with Indian Brand Equity Foundation (IBEF) this year to become the Hospitality Partner for the India Lounge to showcase its range of services at Davos. Attended by over 400 people every day, the India lounge provided a great branding opportunity for the Taj. • Mowgli Trails: To mark the launch of Disney's Jungle Book, and to celebrate the escapades of Mowgli from the children's classic, Taj Safaris has curated two specially tailored 'Mowgli Trails' itineraries at its lodges in Pench and Kanha National Parks, Madhya Pradesh, India. The untamed, timeless beauty of these jungles and the undulating Seoni Hills, were the original inspiration for Kipling's classic. Vivanta By Taj Your Company's Vivanta by Taj brand experience is designed around the cosmopolitan, work-hard-play hard traveller seeking a vivacious, reinvigorating hotel experience. It promises a sensorial journey for the urban sophisticate, having its own distinct play on elements of touch, smell, visual idioms, tonality and taste. • Project Yantra: It is a global collaboration project where the band "Maati Baani" will be collaborating digitally with around 30 artists to create 6 music tracks and videos as a part of the Voice of Vivanta 3 series. • Vivanta by Taj & Manhattan Short brsented the "Vote for India" initiative. This is an annual initiative, which, over its lifetime will endeavour to enthuse young short film makers in India to participate and try to win the Manhattan Short. This will also be used to promote the genre of short films across audiences. This initiative consists of both digital and on ground activations including a dedicated "Live broadcasting" microsite, on ground screening of short films and a live webcast for real time voting including master classes with film makers. The Gateway Hotel The Gateway Hotel is the full service upscale hospitality brand in the Taj Group of Hotels. Your Company's 'Gateway' brand is designed for the 'Millennial Traveler', providing consistent, courteous and crisp service for business and leisure travelers seeking contemporary and refreshing experiences. Your Company's brand 'Gateway' has grown by establishing itself as the brferred choice for the 'Millennial' population. • Launch of Gateway Network Campaign: The Brand Network campaign was launched to showcase the Gateway Footprint. With the launch of the new Gateway Hotels and the Gateway Footprint expanding, these ads were to showcase the Gateway Network. • HT Mint Airport Activation: Focused media campaign launched in June 2015 in association with HT Mint for a period of 20 days, during which 8000 copies with special Gateway jackets were distributed daily across departure and arrival lounges of nine key airports across the country. The campaign targeted the corporate traveller and leisure travellers - the mainstay of your Company's hotels & resorts, with focused Room For More campaign for key city hotels and Holiday packages for key Resort Hotels. Ginger Hotels Your Company's subsidiary, Roots Corporation Limited, which operates hotels under the "Ginger" brand, has 34 operational hotels. Two hotels have been added in Thane and Tirupati during the financial year. Further projects are at various stages of execution in Bhubaneshwar, Vapi, Cochin and Teli Gali. As of March 31, 2016, Ginger Hotels has 28 owned / leased hotels with an inventory of 2,652 rooms, 6 hotels under management contract with an inventory of 525 rooms and manages two transit guest house with an inventory of 129 rooms. Taj Safaris Your Company's joint venture, Taj Safaris Limited which operates four lodges in Madhya Pradesh at Bandhavgarh, Pench, Panna and Kanha National Parks and one lodge in Nepal continue to delight the guests through distinctive experiences in natural surroundings of National Parks and tiger habitat. Jiva Spa The philosophy of Jiva spas is rooted inherently in India's ancient approach to wellness. The ethos of our carefully recreated treatments is drawn on the rich and ancient wellness heritage of India; the fabled lifestyle and culture of Indian royalty and the healing therapies that embrace Indian spirituality. Jiva is an eco-sensitive spa brand hence all spa products are natural, native to India and contain herbs, pure essential oils, lipids, clays, mud, salts and flower waters - all of a botanical source. Jiva Spa uses organic linen and eco-friendly toxin-free pottery. In the year 2015/16, your Company launched four new Jiva Spas at Taj Palace, Delhi, Taj Bangalore, Taj Santacruz, Mumbai and Vivanta by Taj - Guwahati, Assam. As on March 31, 2016, there are 38 Jiva Spas operational across the Group. Jiva Spa also runs on-branded spas i.e. "The Spa" and is operating 19 such spas in various hotels across the Taj Group. Unique Brand Experiences, Events and Communication • Advertising and Promotions: Your Company continued high visibility media campaigns in India as well as International markets for all Brands in 2015/16. The communication for each brand was suited towards the targeted segment, eg. Launch of new hotels / destinations for all the three brands, special Vivanta experiences like the "Bharat Dekh Campaign", The Gateway Hotel brand campaign and the Taj Holidays Campaign. • Digital Transformation - As a part of the Taj's digital transformation exercise, your Company launched its brand new Website in March, 2016 for all the three brands. The website boasts of an all-new user experience with unique functionalities like destination insights, online table reservations for its restaurants, accuweather widget for weather updates and many more. • Relaunch of Taj Innercircle: In June, 2015, your Company's Loyalty Program - the Taj Innercircle, was revamped to modernise it and bring it at par with global benchmarks. Key changes were the introduction of the new Platinum tier, features like no expiry of points for active members and no blackouts for room redemptions. Post the relaunch, the programme has grown at a rate of over 50% driven by new customer acquisition and is one of the few programmes in the world to offer a BAR linked room redemption. In order to engage members better, a complete overhaul of the campaigns infrastructure was carried out and a new plan for member lifecycle management was introduced which is yielding incremental revenue every month. The programme also kicked off Circle Series, the events platform for members with events being carried out at our hotels with an aim to make Taj hotels an integral part of a member's social life. Currently, Circle Series organizes 15 events every month across six major cities. The events range from bar nights to Ayurveda dinners and are open to all members through an online booking process. • Make in India Week: A major new national program, designed to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best in class manufacturing infrastructure, your company partnered with the Government to showcase India in the Make in India week at Mumbai. Taj was an integral part of the design and innovation panel session and was also responsible for the hospitality at the Cafe. In partnership with Conde Nast Traveller, Taj Mahal Palace, Mumbai also the venue of the launch of the Make in India book by Amitabh Kant. Your company was featured as the only hospitality company in the book. Brand Standards and Mystery Shopper Audits Keeping the guest experience uppermost in mind, your Company has given a deep focus to brand standards through continuous improvement. Competition benchmarks are used effectively to measure performance against best in class hotel brands. Audit mechanisms have been improved to ensure better feedback to hotels. Ongoing work on brand standards are to ensure fine tuning and alignment of technical, product, service and emotional standards. Guest Feedback Your Company introduced Medallia last year to ensure capture of guest feedback not only during and post stay but also from online agents and social media. The Net Promoter Scores are carefully monitored and improvement opportunities identified to ensure positive guest experience. ENVIRONMENTAL INITIATIVES Given the relatively low ecological footprint of the hospitality industry vis-a-vis other larger industries, your Company's key objective in environmental responsibility is to increase the sustainability of its hotels and tourism operations and optimize resource efficiency. Your Company has an internal EARTH vision, which outlines its commitment to renewing and regenerating the environment, conserving natural resources and endeavoring to extend these actions to products, services, partners, associates, vendors and communities. Your Company focuses on implementing responsible energy management practices aimed at reducing its direct and indirect emissions, increasing use of renewable energy in the overall energy mix being used, water conservation through rain water harvesting, recycling and reuse of water and responsible waste management through composting food and horticulture waste as well as ensuring responsible disposal of hazardous and e-waste. To ensure that your Company's environment management practices are at par with globally followed norms of those within the industry, your Company has partnered with the renowned tourism and hospitality industry certification agency, EarthCheck™. As a result of this partnership, hotels are monitored and certified based on their environmental performance that is benchmarked against the industry's best. In 2015/16, 50 hotels received the second highest level of certification, Gold with 27 hotels certified as Silver, the third highest level of EarthCheck certification. Energy Management To reduce its carbon footprint, your Company has undertaken energy conservation efforts such as sourcing electricity from renewable sources, replacing CFL by LED lighting and incorporating energy efficiency practices at the design stage of new hotels. As a result of these efforts, your Company was able to reduce 41,950,803 kg of CO2 emissions in the last year. Waste Management As a part of waste management endeavors, all hotels implement waste reuse and recycling initiatives and responsible methods of discarding hazardous waste. Initiatives such as composting of food and horticulture waste and recycling of plastic bottles are implemented across a range of hotels. In the last year, 73 hotels have enhanced their systems and now recycle / compost between 80% to 100% of their green waste. Water Management Your Company has instituted water management practices such as rain water harvesting and treating waste water before it is reused and / or discharged. In the last year, 77 hotels recycled and reused a total of 22,75,775 KL of water. Safety Your Company understands the success of its operational strategy hinges on ensuring the safety of its associates and guests. The three pillars of your Company's safety protocols incorporate guest and associate security, workplace safety and the implementation of food safety standards. Your Company constantly monitors and upgrades defined systems and processes to ensure all round awareness and training. Your Company has instituted a Safety Policy and a Vehicle Safety Policy that has to be adhered to and complied with by all Taj Group of hotels and allied businesses. Both these policies are circulated bilingual. Your Company has also devised a safety manual that provides details on safety management, the safety policy, the procedure to implement the risk assessment and hazard analysis, common workplace hazards and control mechanisms, safety assessment function-wise, safety training, safety consultation mechanism, safety related documentations, emergency management procedure as well as the safety regulations that need to be followed. Your Company has instituted a Safety Committee, headed by the General Manager at each of the hotels. The hotels' Safety Committee evaluates the safety performance on a quarterly basis. This Committee also looks into guest / employee security, workplace safety and food safety. Your Company conducts annual safety audits by a qualified third party vendor. This audit process is intended to identify the eminent hazards and its control measures. Year on year, more and more hotels undergo safety audits with scores ranging between 75% to 85%. The annual average improvement of safety audit scores across your Company's operational regions was 7% vis-a-vis last year. Additionally, your Company conducts fire safety audits by external domain experts and hygiene audits by a reputed international agency. HUMAN CAPITAL INITIATIVES The past year has seen the implementation of some key people initiatives aimed specifically at the retention and development of Key Talent and making Taj an employer of choice within the Hospitality Industry. Rationalization of Job Levels: In order to enhance the effectiveness, an exercise was undertaken to review the Job Grade system at Taj. The objective was to reduce the number of levels and improve decision making at the front line. The Mercer's Job Evaluation methodology was applied to create a compact five-level structure both at the Hotels and the Corporate Office. New Pay for Performance Plan: A new Annual Bonus Plan has been launched which places due emphasis on the key business parameters. The strong linkage to Financial, Customer and Employee variables ensures that annual bonus will have a direct correlation to improved business performance, against set targets. The new plan also takes into account important behavioural elements keeping in mind our values, with 'Mutual Respect' as the cornerstone of the way your Company runs its business. Compensation Benchmarking for Talent Retention: A market compensation survey covering more than 240 hotels in India was conducted in order to assess the compensation competitiveness of key positions in our organisation. Structured salary ranges for each level were created, to enable reward policy and retention of talent. Competency Framework: Our competency framework has been modified to arrive at six broad-level competencies. This framework is being used to hire talent which best matches the requirement of our values and business imperatives. It is also being used to evaluate the existing talent in the organization and to create career, succession and development planning processes. Career Planning: The Career and Succession Planning process has been launched across the organization. The primary objective of this process is to Develop Talent. This process will capture associate's career aspirations, allow for potential assessment by the manager, encourage career and succession planning and creates a culture of coaching and mentoring in the organization. The outcome of this process is the creation of a robust talent pipeline through 'Talent Council Meetings' at the Hotel, Regional, Functional and Global levels. Assessment and Development Centre: An internally designed assessment and development centre has been launched for hotel HODs and General Managers. The objective of these centres is to assess the current talent and provide opportunities for further development. Basis the assessment findings and the observations of the centre, Individual Development Plans are created for all the participants. Emotional Capability Survey in collaboration with INSEAD: In light of the implementation of the New Strategic Initiatives and ongoing changes in the organization, your Company embarked on a joint Emotional Capability Survey with INSEAD. Emotional Capability refers to the organization's ability to acknowledge, recognize, monitor and attend to the emotions of its employees and is primarily manifested in feelings. Greater emotional capability increases the likelihood for organizations to achieve the required change. Your organization has achieved a high score on the brliminary survey. The research continues in this area. The Taj Heritage Circle Your organization created an alumni group amongst retirees to create goodwill and build brand ambassadors for Taj in the outside world. This group consists of select senior leaders of the organization, in retired, who played a very significant role in the organization during their tenure. COMPLIANCE A robust internal check process is deployed to brvent and limit risk of non-compliance. The Company approaches compliance from the standpoint of reactive as well as proactive intervention. RISKS & CONCERNS Industry Risk General economic conditions The hospitality industry is prone to the impact of changes in global and domestic economies, in local market conditions, excess hotel room supply, reduced international or local demand for hotel rooms and associated services, competition in the industry, government policies and regulations, fluctuation in interest rates and foreign exchange rates and other social factors. Since demand for hotels is affected by global economic sentiments, a prolonged global recession could also lead to a downturn in the hotel industry. Socio-political risks In addition to economic risks, your Company faces risks from the socio-political environment, internationally as well as within the country, and is affected by events like political instability, conflict between nations, threat of terrorist activities, occurrence of infectious diseases, extreme weather conditions and natural calamities, etc, which may affect the level of travel and business activity. Company specific Risks The Company specific risks have been reviewed and few critical risks are as under: Overseas Investments The Company has made significant investments in hotel assets, across diverse geographies. Such investments are long term and strategic in nature. Because of a slowdown in the overseas markets as well, such investments will need to be nursed over a longer gestation period. Geographical concentration A significant portion of your Company's revenues are realised from hotel properties located in five key cities in India, making it susceptible to domestic socio-political conditions in such markets. Competition from Global Hotel Chains The Indian subcontinent, South East Asia and Asia Pacific, with high growth rates have become the focus area of major international chains. Several of these chains have announced their plans to establish hotels in such markets to take advantage of the demand supply imbalance. These entrants are expected to intensify the competitive environment, which may include consolidations and mergers. The success of the Taj Group of Hotels will be dependent upon its ability to compete in areas such as room rates, quality of accommodation, brand pull, service standards, convenience of location and to a lesser extent, the quality and scope of other amenities, including food and beverage facilities along with cost reduction ability. High Operating Leverage The industry in general has a high operating leverage which has further increased with on-going renovations, increased staff costs and cost of light, power and fuel. However, it has been observed that your Company has been able to earn higher revenues with acceptance of its products in the market and improved RevPAR (revenue per available room). Hotels on lease / licence Some of our hotels operate under lease / licence arrangements with third parties, including government bodies. Such arrangements are subject to various risks including unfavourable terms and conditions on renewal or non-renewal, thereby affecting our business. Your Company has attempted to mitigate such risks by entering into relatively long term arrangements. Foreign exchange fluctuation risks Your Company also has a portfolio of foreign currency debt, in respect of which it faces exposure to fluctuations in currency as well as interest rate risks. Risk Mitigation Initiatives Your Company employs various policies, processes and methods to counter these risks effectively, as enumerated below: • Your Company is continuously evaluating options for improving profitability of overseas assets, including restructuring of operations and arrangements, and exiting from non-performing assets. • By extensively improving its service standards, as also progressively renovating its properties, across the multi brand portfolio, your Company counters the risk from growing competition and new supply. Further, it gains operating and financial leverage, by expansion through management contracts. • Foreign currency exposures and hedges are closely monitored by your Company in consultation with its advisors. Net exposures, including those from derivative instruments, are kept at acceptable levels and within overall limits approved by the Board, which are subject to regular reviews. • Your Company constantly reviews and implements various security measures at all its properties, to counter the security / terrorism risk. Internal control systems and their adequacy Your Company has in place an adequate system of internal controls, with documented procedures covering all corporate functions and hotel operating units. Systems of internal controls are designed to provide reasonable assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls, and compliance with applicable laws and regulations. Adequate internal control measures are in the form of various policies and procedures issued by the Management covering all critical and important activities viz. Revenue Management, Hotel Operations, Purchase, Finance, Human Resources, Safety, etc. These policies and procedures are updated from time to time and compliance is monitored by Group Internal Audit. The Company continues its efforts to align all its processes and controls with global best practices. The internal audit process, through its unique 'Taj Positive Assurance Model', which is an objective methodology of providing a positive assurance based on the audits of operating units and corporate functions, is a convergence of Process Framework, Risk and Control Matrix and a Scoring Matrix. A framework developed for each functional area identified on the basis of an assessment of risk & control as also providing a score, allowing the Unit to improve on high risk areas. The effectiveness of internal controls is reviewed through the internal audit process, which is undertaken for every operational unit and all major corporate functions under the direction of the Group Internal Audit department. The focus of these reviews is as follows: • Identify weaknesses and areas of improvement • Compliance with defined policies and processes • Safeguarding of tangible and intangible assets • Management of business and operational risks • Compliance with applicable statutes • Compliance with the Tata Code of Conduct The Audit Committee of the Board oversees the adequacy of the internal control environment through regular reviews of the audit findings and monitoring implementations of internal audit recommendations through the compliance reports submitted to them. The Statutory Auditors of your Company have opined in their report that your Company has adequate internal controls over financial reporting. OTHER INITIATIVES Taj Public Service Welfare Trust Your Company established the Taj Public Service Welfare Trust in December 2008, immediately post the 26/11 terror attack to provide relief to individuals and families affected by terror attacks, natural calamities and other tragic events in the future. The Taj Public Service Welfare Trust has extended support to victims affected by 26/11, 13/7, the disaster in the Sundarbans as well as the Unsung Heroes of the Indian Army, amongst others. In the last year, your Company through the Taj Public Service Welfare Trust supported 349 beneficiaries through monthly sustenance, pension support, education and medical reimbursement and hospitalization costs, livelihood support and support to pursue vocational training. Management Discussion and Analysis of Operating Results and Financial Positions The Annual Report contains Financial Statements of your Company, both on a stand-alone and consolidated basis. An analysis of the financial affairs is discussed below under summarized headings. Results of Operations for the year ended March 31, 2016 Standalone Financial Results • Room sales increased by 10% compared to the brvious year driven by improved occupancy across hotels. • Food & Beverages income increased by 13% over the brvious year, driven by increase in restaurant sales and banqueting business by Rs. 43.0 crores Rs. 61.8 crores, respectively. • Other Operating Income primarily comprises income from Management Fees, Laundry, Spa & Health Club, Telephone, Business Centre Rents, etc. Other Operating Income increased by 17% compared to the brvious year. The increase was driven by an increase in Car Hire Income 20.8 crores), Spa and health club income 7.8 crores), Epicure Membership fee 10.8 crores) and Management & operating fee 11.2 crores). • Non-Operating Income increased by Rs. 29.4 crores over the brvious year, on account of an increase in Interest Income and Dividend Income due to deployment of funds raised from the Rights Issue, in Fixed Deposits and Mutual Funds and increased dividend received from Investment Companies. Operating Expenses The operating expenses increased by 11% from Rs. 1,783.56 crores to Rs. 1,972.23 crores. The increase in variable operating costs was essentially on account of growth in occupancies along with an increase in business volumes, new hotel at Guwahati and the full year impact of Vivanta by Taj, Dwarka. Payroll expenses were higher than the brvious year due to annual increments, new capacity addition and impact of actuarial valuation on statutory benefit liability. Fuel, Power and Light expenses and Debrciation were higher than the brvious year due to full year operation of hotel at Dwarka. Repairs and Maintenance expenses were higher due to increased brventive maintenance, adherence to safety and security measures and upkeep undertaken at the hotels. Rates and Taxes were higher on account of rental of the new corporate office. License Fees is largely linked to turnover of properties and commensurate with the increase in turnover of the relevant properties. Finance Costs Finance costs for the year ended March 31, 2016, at Rs. 88.20 crores, net of currency swap gain, were marginally lower than the brceding year by Rs. 1.26 crores. Whilst the gross interest costs were lower by Rs. 13.10 crores due to retirement of debt during the year, this was offset by lower currency swap gains due to the sustained debrciation of the Indian Rupee visa-vis the US Dollar through the year. Profit Before Tax & Exceptional Item Profit before Tax & Exceptional Item at Rs. 321.89 crores was 40% higher than the brvious year primarily on account of improved EBIDTA from operations and higher treasury income. Profit before Tax The Profit before Tax for the year was at Rs. 311.68 crores, as compared to the brvious year's profit of Rs. 1.88 crores. Profit (Loss) after Tax The Profit after Tax for the year was at Rs. 201.04 crores, as compared to the brvious year's loss of Rs. (82.02) crores. Operating Activities Net cash generated from operating activities was Rs. 431.95 crores compared to Rs. 400.55 crores for the brvious year. Investing Activities During the year under review, your Company incurred Rs. 191.87 crores towards capital expenditure, a majority of which was towards the Vivanta by Taj, Guwahati, project as well as the new IT initiatives and ongoing renovations at certain hotels. Your Company advanced a short term loan of Rs. 655 crores to its wholly owned subsidiary to enable the latter to repay the outstanding debt in its books. This was largely funded by your Company from cash generated from operating activities, treasury income and the available liquidity at the beginning of the year. As at March, 31, 2016, Rs. 135.87 crores were invested in Liquid Mutual Funds. Financing Activities During the year, your Company repaid long term borrowings of Rs. 384 crores through a combination of cash generated from operating activities and fresh borrowings. Consolidated Financial Results Your Company has consolidated its Financial Statements with those of its Subsidiaries, Joint Ventures and Associates (together referred as 'Group Companies' or 'Group') in accordance with Generally Accepted Accounting Principles brvailing in India. The Consolidated Statements include the financial position of Subsidiaries on line by line basis, Jointly Controlled Entities on a line by line basis to the extent of proportionate holding and Associates by applying equity method of accounting. Operating expenses The operating expenses were commensurate to the scale of business and increased capacity due to addition of new hotels during the year. There has been an increase in staff cost commensurate to industry trends as also an increase in other expenses linked to business activities. The debrciation charge for the year was higher in the current year due to new hotel opened in domestic portfolio and renovations, etc. Consolidated Profits Before Finance Cost, Tax and Exceptional Items: Profit before Finance Costs, Tax and Exceptional items at ` 415.26 crores as compared to ` 296 crores was substantially higher than the brvious year. Finance Costs Finance cost, net of currency swap gains, at Rs. 245.96 crores was higher than the Finance cost of the brceding year by Rs. 70.39 crores mainly due to acquisition of LEPPL (now a 100% subsidiary) which owns the erstwhile Sea Rock Hotel and had a debt of Rs. 1403 crores, out of which of Rs. 693 crores has been repaid during the year by the Group. Loss after Tax, Minority Interest and Share of Associates: Loss after tax, Minority Interest and Share of Associates for the year was lower at Rs. (60.53) crores as compared to Rs. (378.10) crores for the brceding year. Operating Activities Net Cash from operating activities was higher at Rs. 659.08 crores as compared to Rs. 494.77 crores in the brvious year, mainly due to robust improvement in EBITDA for the year from Rs. 587.29 crores to Rs. 731.94 crores. Investing Activities During the year, the Group incurred Rs. 402.36 crores towards capital expenditure, which was essentially on the Group's projects covering, Vivanta by Taj- Guwahati, Vivanta by Taj - Amritsar and ongoing renovations at certain hotels of the Group. The Group has redeemed Rs. 382 crores from mutual funds and other liquid investment, for repayment of debts as also to fund the capital expenditures. Financing Activities As mentioned earlier, the company had acquired LEPPL and its step down subsidiaries during the year as a result of which the Company had to consolidate the debt in the LEEPL group of Rs. 1,403 crores. Out the total debt, the Group had repaid Rs. 693 crores and the balance was refinanced from the same lenders on better terms. Apart from this, the Group has also repaid current maturity of long term borrowings in some of the companies. AWARDS AND ACCOLADES Taj Hotels Resorts & Palaces • Awarded Best Business Hotel Chain in India at the UK Business Traveller Awards 2015 • Featured on the list of 10 of the World's Best Luxury Hotel Brands by Forbes magazine • Named the Best Hotel Group in India at the Travel + Leisure India & South Asia's Best Awards 2014 The Taj Mahal Palace, Mumbai • Voted as the winner in the Best Hotel in Mumbai category in the Destin Asian Reader's Choice Awards 2015 • Featured on the Conde Nast Traveler Gold List 2016: Our Favorite Hotels in the World • Awarded Favourite Indian Business Hotel at the Conde Nast Traveller Readers' Travel Awards 2015 • Ranked 5th with a score of 89.456 in the Top 20 Hotels in India & the Himalayas category in the Conde Nast Traveller Readers' Choice Awards 2015 • Awarded Best Business Hotel in Mumbai at the Business Traveller Asia-Pacific Awards 2015 • Ranked second in the Best Overseas Business Hotel category in the Conde Nast Traveller UK Readers' Travel Awards 2015 • Recognized by Robb Report in the Top 100 Hotels 2015: Asia and the Pacific Taj Falaknuma Palace, Hyderabad • Featured on the Conde Nast Traveler Gold List 2016: Our Favorite Hotels in the World • Recognized as number one in the Best Palace Hotels in the World 2015 category by TripAdvisor • Ranked 15th on the list of World's Best Hotels in Asia & the Indian Subcontinent in the Conde Nast Traveller UK Readers' Travel Awards 2015. • Named the Best Heritage Hotel in India at the Travel + Leisure India & South Asia's Best Awards 2014 Taj Lake Palace, Udaipur • Ranked 5th on the list of Top 25 Luxury hotels in India in the TripAdvisor Travellers' Choice Awards 2016 • Featured on the Conde Nast Traveler Gold List 2016: Our Favorite Hotels in the World • Ranked 2nd with a score of 91.432 in the Top 20 Hotels in India & the Himalayas category in the Conde Nast Traveller Readers' Choice Awards 2015 • Ranked 6th on the list of World's Best Hotels in Asia & the Indian Subcontinent in the Conde Nast Traveller UK Readers' Travel Awards 2015 • Awarded the Best Stay for Indian Luxury at the Lonely Planet Magazine India Travel Awards 2015 Umaid Bhavan Palace, Jodhpur • Awarded as the Best Hotel in the World, in Asia and in India in the TripAdvisor Travellers' Choice Awards 2016 • Featured on the Conde Nast Traveler Gold List 2016: Our Favorite Hotels in the World • Featured on the list of Best Classic Hotels in The Town & Country Travel 100: The Best Hotels in the World Rambagh Palace, Jaipur • Ranked 7th on the list of Top 25 Hotels in India in the TripAdvisor Travellers' Choice Awards 2016 • Ranked 9th on the list of World's Best Hotels in Asia & the Indian Subcontinent in the Conde Nast Traveller UK Readers' Travel Awards 2015. Taj Mahal Hotel, New Delhi • Ranked 14 with a score of 83.827 in the Top 20 Hotels in India & the Himalayas category in the Conde Nast Traveller Readers' Choice Awards 2015 and awarded Best Business Hotel in New Delhi at the Business Traveller Asia-Pacific Awards 2015 Taj Safari Lodges • Mahua Kothi, Bandhavgarh has featured on the list of Best Remote Hotels in The Town & Country Travel 100: The Best Hotels in the World • Banjaar Tola, Kanha has featured on the list of Best Remote Hotels in The Town & Country Travel 100: The Best Hotels in the World Taj Campton Place, San Francisco • Awarded a second Michelin Star in the Michelin Guide 2016 The Pierre, A Taj Hotel, New York • Ranked 17th with a score of 86.869 in the Best Hotels in NYC category in the Conde Nast Traveller Readers' Choice Awards 2015 Taj Cape Town • Awarded in the Trip Advisor Travellers' Choice Awards 2015 Taj 51 Buckingham Gate Suites and Residences, London • Ranked 17th on the list of Top 25 Hotels in United Kingdom in the TripAdvisor Travellers' Choice Award 2016 • Ranked 12th on the list of Top 25 Luxury Hotels in United Kingdom in the TripAdvisor Travellers' Choice Award 2016 Taj Exotica Resort & Spa, Maldives • Ranked 6th on the list of top 25 Hotels in Maldives in the TripAdvisor Travellers' Choice Award 2016 • Ranked 9th on the list of Top 25 Service Hotels in Asia and 2nd on the list of Top 25 Service Hotels in Maldives in the TripAdvisor Travellers' Choice Award 2016 • Ranked 11th on the list of Top 25 Luxury Hotels in Asia and 3rd on the list of Top 25 Luxury Hotels in Maldives in the TripAdvisor Travellers' Choice Award 2016 Taj West End, Bangalore • Ranked 16 with a score of 82.284 in the Top 20 Hotels in India & the Himalayas category in the Conde Nast Traveller Readers' Choice Awards 2015 Taj Tashi, Thimphu, Bhutan • Featured on the Conde Nast Traveler Gold List 2016: Our Favorite Hotels in the World • Ranked 8th with a score of 87.010 in the Top 20 Hotels in India & the Himalayas category in the Conde Nast Traveller Readers' Choice Awards 2015 Nadesar Palace, Varanasi • Recognized by Robb Report in the Top 100 Hotels 2015: Asia and the Pacific |