The Board presents the Sixty-frst annual Report together with the
 audited Statement of accounts and the auditors Report in respect of
 the year ended 31st March, 2011.
 
 The financial highlights are set out below:
 
                                                Rupees in million 
                                              2010-2011   2009-2010
 
 total Revenue                                11,429.49    9,072.73
 
 earnings before Interest, depreciation, 
 taxes, amortisations and exceptional 
 Items (eBIdta)                                3,340.48    2,579.05
 
 Interest and Finance Charges                  1,551.94    1,008.85
 
 depreciation                                    874.35      680.31
 
 exceptional Income/(expenditure)                (44.18)        Nil
 
 Profit before tax                                870.01      889.89
 
 Current tax                                      53.98      178.10
 chennal
 deferred tax                                    170.63      139.52
 
 Profit after tax                                 645.40      572.27
 
 dividend                                        514.41      471.54
 
 dividend tax                                     71.39       76.16
 
 transfer to General Reserve                     128.08      100.00
 
 Balance carried over                          3,014.73    3,083.21
 
 In accordance with the provisions of Section 217(2aa) of the Companies
 act, 1956 (the act”) and, based upon representations from the
 Management, the Board states that:
 
 a) in preparing the annual accounts, applicable accounting Standards
 have been followed and there are no material departures;
 
 b) the directors have selected accounting policies, applied them
 consistently and made judgments and estimates that are reasonable and
 prudent to give a true and fair view of the state of affairs of the
 Company at the end of the Financial year and of the Profit of the
 Company for the year;
 
 c) the directors have taken proper and suffcient care in maintaining
 adequate accounting records in accordance with the provisions of the
 act for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 d) the directors have prepared the annual accounts of the Company on a
 going concern” basis.
 
 the annexed Management discussion and analysis forms a part of this
 Report and covers, amongst other matters, the performance of the
 Company during the Financial year 2010-2011 as well as the future
 outlook.
 
 In accordance with the listing agreement with the Stock exchanges, the
 following are attached:
 
 1.  Consolidated Financial Statements prepared in accordance with the
 Companies (accounting Standards) Rules, 2006 along with the auditors
 Report.
 
 2.  the Report on Corporate Governance in accordance with Clause 49 of
 the listing agreement along with the auditors Certifcate.
 
 the Company made a Rights Issue of 178,615,442 equity Shares of face
 value Rs. 2 at a premium of Rs. 64 per equity Share (Issue Price of Rs. 66
 per equity Share). the Rights Issue raised Rs. 11,788,619,172. the
 proceeds will help the Company to substantially reduce debt, bring down
 interest costs and enhance Profitability.
 
 the Rights Issue opened for subscription on tuesday, 1st March, 2011
 and closed on tuesday, 15th March, 2011. equity Shares were allotted to
 eligible Shareholders, in consultation with the Bombay Stock exchange
 limited, on Saturday, 26th March, 2011.  Such equity Shares became
 eligible for trading on the Stock exchanges effective wednesday, 30th
 March, 2011.
 
 out of the Rs. 11,788,619,172 raised through the Rights Issue, Rs.
 357,230,884 was credited to Share Capital and Rs. 11,431,388,288 credited
 to the Securities Premium account. Rights Issue expenses totalling Rs.
 111,139,686 have been written off against the Securities Premium
 account. therefore, the Companys equity Share Capital increased from Rs.
 785,907,944 to Rs. 1,143,138,828. the Securities Premium account
 increased from Rs. 1,053,159,297 to Rs. 12,373,407,899.
 
 the Board thanks all Shareholders for their overwhelming support to the
 Rights Issue.
 
 the Board recommends a dividend of Rs. 0.90 per equity Share of Rs. 2 in
 respect of the Financial year 2010-2011.
 
 In view of the Rights Issue of equity Shares during the Financial year,
 the number of equity Shares issued by the Company increased from
 392,953,972 to 571,569,414. although the equity Shares were allotted on
 Saturday, 26th March, 2011, the Shareholders are entitled to a full
 dividend for the Financial year.
 
 the dividend, if approved at the forthcoming annual General Meeting,
 will be paid on wednesday, 10th august, 2011 to Shareholders whose
 names appear on the Register of Shareholders at the close of business
 on tuesday, 26th July, 2011. as per the Income tax act, 1961, the tax
 on the dividend will be borne by the Company.
 
 energy conservation and responsible environmental practices continue to
 be an area of focus for the Company. New technology, equipment and
 processes are evaluated and energy sources such as solar and wind
 energy are under active evaluation and implementation. all hotels have
 energy conservation committees and periodic energy audits.
 
 energy conservation measures taken during the year include installation
 of variable speed drives, high effciency chillers and cooling towers,
 high effciency boilers, advance evaporative cooling systems, occupancy
 sensors, energy effcient led, fuorescent and IR lamps.
 
 Measures planned include installation of heat pipes, improved building
 management systems, more water recycling and conservation devices.
 
 during the Financial year 2010-2011, the Foreign exchange earnings of
 the Company amounted to Rs. 4795.29 million as against Rs. 3149.09 million
 in the previous year. the expenditure in Foreign exchange during the
 Financial year was Rs. 897.26 million as compared to Rs. 716.05 million in
 the previous year.
 
 Mr. Rajan Raheja and Mr. l. Ganesh are due to retire by rotation at the
 forthcoming annual General Meeting and are eligible for re-appointment.
 
 the Central Government has granted general exemption to companies
 publishing audited Consolidated Financial Statements from attaching
 copies of the Report and accounts of their Subsidiary Companies.
 therefore, the Report and accounts of the Subsidiary Companies have not
 been attached to this Report. the Central Government has, however,
 prescribed specifed information on the Subsidiary Companies to be
 disclosed as part of its Consolidated Financial Statements. this
 information has been incorporated on Page 110 of this annual Report.
 
 Subject to prior arrangement, the audited annual accounts of the
 Subsidiary Companies will be available for inspection by any
 Shareholder at the Companys Registered offce.  Shareholders interested
 in obtaining a copy of the audited annual accounts of the Subsidiary
 Companies can write to the Company Secretary at the Registered offce.
 
 the auditors of the Company, Messrs. Ray and Ray, Chartered
 accountants, retire and are eligible for re-appointment.
 
 the information required under Section 217(2a) of the act together with
 the Companies (Particulars of employees) Rules, 1975, forms a part of
 this Report. however, based on the provisions of Section 219(1)(b) of
 the act, the Report and accounts that are being circulated to
 Shareholders do not include the Statement of Particulars of employees
 under Section 217(2a) of the act. any Shareholder interested in
 obtaining a copy of the above Statement may write to the Company
 Secretary at the Registered offce of the Company.
 
 the Board takes this opportunity to thank all employees for their
 commitment, dedication and co-operation.
 
                                     For and on behalf of the Board
 
                           S. S. MUKHERJI
 
                            Vice Chairman
 
                                                    P. R. S. OBEROI
 
                                       Chairman and Chief Executive
 
 Gurgaon
 
 30th May, 2011