(m) Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognized, when there is a present legal or constructive obligation as a result of a past event, it is probable
that an outflow of resources will be required to settle the obligation, and when a reliable estimate of the amount of the
obligation can be made. If the effect of the time value of money is material, the provision is discounted using a pre-tax rate
that reflects current market assessments of the time value of money and the risks specific to the obligation and the unwinding
of the discount is recognised as interest expense.

Contingent liabilities are disclosed only when there is a possible obligation arising from past events, due to occurrence or
non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present
obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot
be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are
provided for.

Contingent assets are disclosed in the Financial Statements by way of notes to accounts when an inflow of economic benefits
is probable.

Provisions, contingent assets and contingent liabilities are reviewed at each balance sheet date.

(n) Borrowing Costs:

General and specific borrowing costs directly attributable to the acquisition or construction of qualifying assets that
necessarily takes a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their intended use or sale. Borrowing costs consist of interest and
other costs that the company incurs in connection with the borrowing of funds.

Interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is
deducted from the borrowing costs eligible for capitalization. Borrowing costs that are not directly attributable to a qualifying
asset are recognised in the Statement of Profit or Loss using the effective interest method.

(o) Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profit/ (loss) before tax is adjusted for the effects of transactions
of non cash nature and any deferrals or accruals of past or future cash receipts or payments.

(p) Exceptional items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further
understanding of the financial performance of the Company. These are material items of income or expense that have to be
shown separately due to their nature or incidence.

(q) Financial Instruments:

(I) Financial assets

Initial recognition and measurement

Financial assets are recognised when, and only when, the Company becomes a party to the contractual provisions of the
financial instrument. The Company determines the classification of its financial assets at initial recognition.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at

fair value through profit or loss directly attributable transaction costs. Transaction costs of financial assets carried at
fair value through profit or loss are expensed in the Statement of Profit and Loss. However, trade receivables that do not
contain a significant financing component are measured at transaction price.

Classification

• Cash and Cash Equivalents - Cash comprises cash on hand and demand deposits with banks. Cash equivalents are
short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid
investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of
changes in value.

• Debt Instruments - The Company classifies its debt instruments as subsequently measured at amortised cost, fair
value through Other Comprehensive Income or fair value through profit or loss based on its business model for
managing the financial assets and the contractual cash flow characteristics of the financial asset.

(i) Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held for collection
of contractual cash flows where those cash flows represent solely payments of principal and interest. Interest
income from these financial assets is included as a part of the Company's income in the Statement of Profit
and Loss using the effective interest rate method.

(ii) Financial assets at fair value through Other Comprehensive Income (FVOCI)

Financial assets are subsequently measured at fair value through Other Comprehensive Income if these
financial assets are held for collection of contractual cash flows and for selling the financial assets, where
the assets’ cash flows represent solely payments of principal and interest. Movements in the carrying value
are taken through Other Comprehensive Income, except for the recognition of impairment gains or losses,
interest revenue and foreign exchange gains or losses which are recognised in the Statement of Profit and
Loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in Other
Comprehensive Income is reclassified from Other Comprehensive Income to the Statement of Profit and Loss.
Interest income on such financial assets is included as a part of the Company’s income in the Statement of
Profit and Loss using the effective interest rate method.

(iii) Financial assets at fair value through profit or loss (FVTPL)

Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit
or loss. A gain or loss on such debt instrument that is subsequently measured at FVTPL and is not part of a
hedging relationship as well as interest income is recognised in the Statement of Profit and Loss.

• Equity Instruments - The Company subsequently measures all equity investments (other than the investment in
subsidiaries, joint ventures and associates which are measured at cost) at fair value. Where the Company has elected
to present fair value gains and losses on equity investments in Other Comprehensive Income ("FVOCI"), there is
no subsequent reclassification of fair value gains and losses to profit or loss. Dividends from such investments are
recognised in the Statement of Profit and Loss as other income when the Company’s right to receive payment is
established.

The Company has made an irrevocable election to present in Other Comprehensive Income subsequent changes in
the fair value of equity investments that are not held for trading.

When the equity investment is derecognised, the cumulative gain or loss previously recognised in Other
Comprehensive Income is reclassified from Other Comprehensive Income to the Retained Earnings directly.

Interest

Interest income is accrued on a time proportion basis using the effective interest rate method.

Dividend

Dividend income is recognised when the Company's right to receive the amount is established.

De-recognition

A financial asset is derecognised only when the Company has transferred the rights to receive cash flows from the
financial asset. Where the Company has transferred an asset, the Company evaluates whether it has transferred
substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised.
Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the
financial asset is not derecognised. Where the Company retains control of the financial asset, the asset is continued to
be recognised to the extent of continuing involvement in the financial asset.

(II) Financial liabilities

Initial recognition and measurement

Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of
the financial instrument. The Company determines the classification of its financial liabilities at initial recognition.

All financial liabilities are recognised initially at fair value, plus, in the case of financial liabilities not at fair value, through
profit or loss directly attributable transaction costs.

Subsequent measurement

After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently
measured at amortised cost using the effective interest method. Gains and losses are recognised in the Statement of
Profit and Loss when the liabilities are derecognised, and through the amortisation process.

De-recognition

A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as a de-recognition of
the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is
recognised in the Statement of Profit and Loss.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.

(III) Impairment of financial assets

The Company assesses, at each reporting date, whether a financial asset or a group of financial assets is impaired.
Ind AS 109 on Financial Instruments, requires expected credit losses to be measured through a loss allowance. For
trade receivables only, the Company recognises expected lifetime losses using the simplified approach permitted by
Ind AS 109, from initial recognition of the receivables. For other financial assets (not being equity instruments or debt
instruments measured subsequently at FVTPL) the expected credit losses are measured at the 12 month expected credit
losses or an amount equal to the lifetime expected credit losses if there has been a significant increase in credit risk since
initial recognition.

(r) Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time.:

(i) New and amended standards adopted by the Company:

During the year ended March 31, 2025, MCA has notified Ind AS - 117 Insurance Contracts and amendments to Ind AS
116 - Leases, relating to sale and leaseback transactions, applicable to the Company w.e.f. April 1, 2024. The Company
has reviewed the new pronouncements and based on its evaluation has determined that it does not have any significant
impact in its financial statements

(ii) New Standards/Amendments notified but not yet effective:

Ministry of corporate affairs ["MCA"] notifies new standards or amendments to the existing standards under companies
[Indian Accounting standards} Rules as issued from time to time. During the year ended March 31, 2025, MCA from
time to time. During the year March 31, 2025, MCA has not notified any new standards or amendments to the existing
standards applicable to the company.

Table 2: Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable
or unobservable and consists of the following three levels:

(a) Level 1 - Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This includes

listed equity instrument, traded debentures and mutual funds that have quoted price/declared NAV. The fair value
of all equity instruments (including debentures) which are traded in the stock exchanges is valued using the closing
price as at the reporting period.

(b) Level 2 - Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded bonds/

debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques
which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level

3. Fair values are determined in whole or in part using a valuation model based on assumptions that are neither
supported by prices from observable current market transactions in the same instrument nor are they based on
available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Foot note : Description of nature and purpose of each reserve

Securities Premium : Securities premium represents the premium charged to the shareholders at the time of issuance of equity
shares. The securities premium can be utilised based on the relevant requirements of the Companies Act, 2013.

General Reserve : General reserve was created from time to time by way of transfer of profits from retained earnings for
appropriation purposes based on the provisions of the Companies Act prior to its amendment.

Equity Instruments through Other Comprehensive Income : This represents the cumulative gains and losses arising on the
revaluation of investments in equity instruments measured at fair value through other comprehensive income(net of taxes), under
an irrevocable option, net of amounts reclassified to retained earnings when such investments are disposed off.

Note 33 :

The company has presented Consolidated Financial Statements separately, including that of its subsidiary, associates
and joint venture in this annual report.

Note 34 : Financial risk management

Risk management framework

The Company's Board of Directors has the overall responsibility for the establishment and oversight of the Company’s risk
management framework. The Board of Directors has established a Risk Management Committee, which is responsible for
developing and monitoring the Company's risk management policies. The Committee reports regularly to the Board of Directors
on its activities.

The Company's risk management policies are established to identify and analyse the risk faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Company's activities. The Company's Audit Committee oversees how
management monitors compliance with the Company's risk management policies and procedures, and reviews the adequacy of
the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in its oversight role
by the internal audit team. The internal audit team undertakes both regular and ad hoc reviews of risk management controls and
procedures, the results of which are reported to the audit committee.

The Company has exposure to the following risks arising from financial instruments:

i. Market risk

ii. Credit risk

iii. Liquidity risk

iv. Currency risk

v. Interest rate risk

i. Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange
rates, interest rates, credit, liquidity and other market changes. The Company's exposure to market risk is primarily on
account of foreign currency exchange rate risk and interest rate risk.

ii Credit Risk

Credit risk arises from the possibility that customers or counterparty to financial instruments may not be able to meet their
obligations. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the
financial condition, current economic trends, analysis of historical bad debts and ageing of accounts receivable. Credit risks
arises from cash and cash equivalents, deposits with banks, financial institutions and others, as well as credit exposures to
customers, including outstanding receivables.

The Company's policy is to place cash and cash equivalents and short-term deposits with reputable banks and financial
institutions

The carrying amount of current financial assets represents the maximum credit exposure. The maximum exposure to credit
risk was ' 3,987.30 lakhs and ' 3,789.32 lakhs as of March 31, 2025 and March 31, 2024, respectively, being the total of
the carrying amount of balances with banks, bank deposits, trade receivables, unbilled revenue, other financial assets and
investments excluding equity and preference investments.

Oriental Hotels Limited exposure to customers is diversified and no outstanding from a single customer is more than 10% of
outstanding accounts receivable and unbilled revenue as of March 31, 2025

Trade and other receivables:-

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default risk of
the industry and country in which customers operate.

The Company does not require collateral in respect of trade and other receivables.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade and
other receivables.

Cash and bank balance:

The Company held cash and bank balance of ' 734.16 lakhs at March 31, 2025 (March 31, 2024: ' 1957.58 lakhs).

iii. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligation associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of
expected cash flows to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its
undrawn committed borrowing facilities at all times so that the Company does not breach borrowing limits or covenants
on any of its borrowing facilities. Such forecasting takes into consideration the Company's debt financing plans, covenant
compliance and compliance with internal statement of financial position ratio targets.

iv. Currency Risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit or loss and other
comprehensive income and equity, where any transaction references more than one currency or where assets / liabilities are
denominated in a currency other than the functional currency of the respective entities.

Considering the countries and economic environment in which the Group operates, its operations are subject to risks arising
from fluctuations in exchange rates in those countries.

The risks primarily relate to fluctuations in US Dollar / Hong Kong Dollar against the functional currency of the company. The
company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.

v. Interest Rate Risk

The Company adopts a policy to hedge the interest rate movement in order to mitigate the risk with regards to floating rate
linked loans based on the market outlook on interest rates. This is achieved partly by entering into fixed rate instruments and
partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to
interest rate risk.

Exposure to Interest Rate Risk

Company's interest rate risk arises from borrowings and finance lease obligations. Borrowings issued at fixed rates and
finance lease obligations are exposed to fair value interest rate risk. The interest rate profile of the Company's interest¬
bearing financial instruments is as follows:

Foot Note

(i) Figures in (brackets) are of the previous period
Key Management Personnel:

(ii) Key managerial personnel comprise Managing Director who has the authority and the responsibility for planning, directing
and controlling the activities of the Company. The remuneration paid to such director '274.85 lakhs including provision for
performance incentive(Previous year '204.47 Lakhs)

(iii) This above figures do not include provisions for encashable leave, gratuity and premium paid for group health insurance, as
separate actuarial valuation/premium paid are not available Dividend paid to KMP and close relatives are Rs. 73.33 Lakhs.

Note 42 : Social Security Code

The date of implementation of the Code on Social Security, 2020 ('the Code') relating to employee benefits is yet to be notified by
the Government and when implemented will impact the contributions by the Company towards benefits such as Provident Fund,
Gratuity etc. The Company will assess the impact of the Code and give effect in the financial statement when the Code and Rules
thereunder are notified.

Note 43 : Working Capital

As at the year end, The Company's current liabilities have exceeded its current assets by ' 9664.74 Lakhs primarily on account of
current maturities of long term borrowings aggregating ' 7358.37 Lakhs falling due within 12 months following the balance sheet
date. Management is confident of its ability to generate adequate cash inflows from operations and also utilize unavailed bank
sanction to meet its obligations on due date.

As on the reporting date, The Company has undrawn sanctioned Term loans and working capital limits aggregating ' 5,982 Lakhs
which will be sufficient to meet the estimated operational cash requirements during the next twelve months and The Company is
current on all its Debt obligations.

Based on aforesaid assessment, management believes that as per estimates made conservatively, The Company will be able to
discharge its liabilities and realise the carrying amount of its assets as on March 31, 2025.

Explanations to variance in Ratios:

1. Current ratio has decreased due to decrease in Bank balances which was utilised for prepaying the ICD

2. Debt-equity ratio has reduced due to principal repayments of long term borrowings and repayment of ICD

3. Debt service coverage ratio has decreased due to current maturities of long term borrowings paid during the financial year in
comparison to the previous year

4. Return on capital employed and return on equity decreaseed with decrease in operating margins during the year.

5. Net capital turnover ratio increased with improved with increasing net sales.

6. Net profit ratio decreased over the previous year with an increase in operating expenses during the year.

Note 47 : Transaction with Struck off Companies

The Company has reviewed transactions, to the extent of information available, for the purpose of identifying transactions with
struck off companies.

Basis above review, following are the transactions identified with struck off companies in the current financial year.

Note 48 : Audit Trail

The Company has used accounting softwares for maintaining its books of account, which have a feature of recording audit trail
(edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective softwares.
In respect of revenue software, access to direct database level changes was not available to any of the Company's personnel.
However, access management tool was implemented during the year and was effective from September 6, 2024 and audit trail
(edit log) was enabled.

Note 49 : Other Statutory Information

1) The borrowings from banks and financial institutions have been used for the purposes for which it was taken.

2) Title deeds, comprising all the immovable properties being Land and Building are held in the name of the Company or
Amalgamating company (where amalgamations have happened) as at Balance sheet date.

3) The Company does not have any Benami property, where any proceeding has been initiated or pending against the company
to holding and Benami property.

4) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

5) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

6) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) including foreign entities
(Intermediaries) with the understanding that the intermediary shall

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

7) The Company has not received any fund from any person(s) or entity(ies),including foreign entities (Funding party) with the
understanding(whether recorded in writing or otherwise) that the company shall

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funded Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

8) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered,
disclosed as income during the year in the tax assessments under the income tax act,1961 (such as, search or survey or any
of the relevant provisions of the Income Tax Act,1961.

9) The Company does not hold any investment property and hence the disclosure on fair valuation of investment property is not
applicable to the company.

10) The Company has not revalued its property,plant and equipment (Including Right to use assets) and intangible assets.
Hence the disclosure on revaluation of Property, Plant & Equipment (including Right to use assets) and intangible assets are not
applicable to the company.

11) The Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender

12) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
Companies (Restriction on number of layers) Rules, 2017.

13) The Company has not entered into any scheme(s) of arrangement and hence the disclosure on compliance with approved
scheme (b) of arrangements is not applicable to the company.

Note 50: Dividend

On Apr 25, 2025, the Board of Directors of the Company have recommended a final dividend of Rs 0.50 per equity share in respect
of the year ended March 31, 2025, subject to approval of Shareholders at the Annual General Meeting. If approved, the dividend
would result in cash outflow of Rs.893 lakhs during the financial year 2025-26.

As per our Report attached For and on behalf of the Board of Directors of Oriental Hotels Limited

For PKF Sridhar & Santhanam LLP Pramod Ranjan Gita Nayyar

Chartered Accountants Managing Director & CEO Director

Firm Registration No 003990S/S200018 DIN: 00887569 DIN: 07128438

V Kothandaraman Paras Puri S Akila

Partner Chief Financial Officer Company Secretary

Membership No.025973 A15861

Place : Chennai
Date : April 25, 2025