Hotels in India - Trends and Opportunities 2003

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IntroductionThe scope of this publication is toassess current trends and futureopportunities for the hotel industry

in India. As always, apart fromconducting specific research for thispublication, we have included macrodata provided by the Department ofTourism. The publication brieflydiscusses the tourism industry inIndia in the context of the currenteconomic scenario in the countryand presents the results of oursurvey on the performance of

branded hotels - analysed by eachsegment of the hotel market, as well

as by major cities. Our study alsoprovides an overview of supply anddemand conditions in the hotelmarket in India. As in last year'sedition of this report, we have, onceagain, presented our assessment ofhotel trends and developments likelyto take place in the current fiscalyear; this is included as part of theFuture Trends section.

In addition to the HVS InternationalJournal, we also publish The Indian

Hotel Industry Survey on an annualbas i s , in as so c iat ion wi th th e

Federation of Hotel & RestaurantAssociations of India (FHRAI). Thisp u b l i c a t i o n , u n i q u e t o I n d i a ,provides detailed financial and

statistical information on the hotelindustry, analysed by star category,across all major cities in the country.The 2002/03 edition will be available

by the end of the year.

This is the seventh edition of HVSInternational's Hotels in India-Trendsand Opportunities publication. We aretherefore in a position to presentd a t a f r o m 1 9 9 5 / 9 6 o n w a r d s .However, we have chosen to publish

only the figures from 1998/99 tilldate. Information pertaining to theprevious years is available at ouroffice. A record 215 hotels, having atotal room count of 27,125 rooms,participated in our survey for2002/03. Data required for thepurposes of our study has also beenobtained from HVS International'sextensive database of hotel operatingresults for India.

Table 1 reflects our analysis of the

number of participating hotels in thesurvey. We would like to emphasise

HVS International 1

The HVS INTERNATIONAL

JOURNAL2003 Edition

This edition has been published by the New Delhi office of HVS International

TRENDS AND OPPORTUNITIES

www.hvsinternational.com

- continued on page 2

Table 1: Number of Hotel Respondents

HOTELS IN INDIA

- continued on page 9

HOSPITALITY

COMPENSATION

EXCHANGE

Number of Rooms (00s) Number of Hotels Average Number of Rooms Per Hotel

NumberofRooms(00s)

250

NumberofHotels200

150

100

50

01998/99 1999/00 2000/01 2001/02 2002/03

0

50

100

150

200

250300

Introduction

Methodology

In this edition of the HVS Inter-national Journal, we bring to you

excerpts from Hospitality Compe-nsation Exchange (HCE), an in-depthoverview of compensation trends inthe hotel industry in India.

The Hospitality Compensation Exchangeh a s b e e n c o n d u c t e d b y H V SInternational in the United States since1996, and has successfully establisheditself as the largest industry forum forthe exchange of compensationinformation for the hospitality sector inthe United States. In India, we areundertaking this effort for the first time.You may recall that, in last year's editionof the HVS International Journal, weh ad in c lu de d a s e c t io n t i t l e dCompensation Survey - also a study ofcompensation trends, but on asignificantly smaller scale than the HCESurvey.

The HCE Survey is intended to be a one-stop reference for current and credibleinformation on

r e m u n e r a t i o np a t t e r n s ,including bene-fits and bonuses.We hope that thei n f o r m a t i o ncontained will act as a useful tool forhotel owners and operators, to assistthem in attracting and retainingmanagerial talent through equitablecompensation practices.

The HCE Survey is based on thecompensation data for the financial year2002/03 from 106 branded hotel

Also in this issue:

Triton - Taking ServiceManagement to NewLevels


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that, for the first time, we have chosen toomit a number of government-ownedITDC hotels from the survey. ManyITDC hotels were sold last year and areat different stages of renovation. These

hotels will be included in our survey,once they are re-branded and re-open intheir respective markets.

GDP growth for 2002/03 stood at4.3%, against 5.4% in 2001/02. Thiswas largely the result of the poorperformance of agriculture, which, inturn, was caused by an erraticmonsoon - the worst in the lastfifteen years. The uncertainty andvolatility created by the war in Iraq

and the SARS virus, in terms of oilprices, foreign trade and cross borderinvestment, also hit GDP.

Despite adverse circumstances andd e v e l o p m e n t s , t h e e c o n o m yperformed noticeably well in certainimportant areas. Services grew at ahealthy 7.8-8.2% reflecting a strongconsumer demand and spending.Industrial growth - an impressive5.8% - was spurred by a strong

performance of core sectors such ascement and steel, in response togrowth in demand from the housingsector and infrastructure projects.Foreign investment managed toremain more or less at the levels ofthe previous year - notwithstandingglobal economic recession and poorinvestor sentiment across the world,ref lect ing a certa in degree of confidence in the Indian economy.

These positive factors have

continued into the present fiscal andare expected to further strengthen.The good monsoon experienced byIndia is also in its favour. The overalloutlook on the economy is certainlyencouraging: the Reserve Bank ofIndia has forecast a GDP growth of

between 6-7%, which would makeIndia among the fastest growingeconomies in the world.

This sense of optimism is beingechoed by the public at large: as pera Business Confidence Surveyc o n d u c t e d b y t h e E c o n o m i s tIntelligence Unit across CEOs/CFOs

Economy and Tourism

developed in the country at the costof Rs 1,000 crores. These are slated totake place in Mumbai and Delhi, andcould be a joint collaboration of thegovernment and the private sector.

These infrastructure developmentswill certainly help the tourismindustry in the country.

The World Travel and TourismCouncil's India report 2003, statesthat in 2003 the travel and tourismindustry, in itself, is expected togenerate 2.0% of GDP and over 11million jobs, while the broader traveland tourism economy is expected tototal 4.8% of GDP and create nearly24 million jobs. Looking ahead, travel

& tourism demand is expected tototal 7.4% real growth in 2003, and8 . 8 % re a l g ro w th p e r an n u m

between 2004 and 2013.

Tourist arrivals for the year 2002amounted to a meagre 2.36 million,representing an overall decrease of6.92% when compared to figures for2001. This was largely the result ofthe effects of September 2001,political tensions between India and

Pakistan with regard to the mutuallyshared border and communal riots inGujarat.

However, the periods Oct-Dec 2002,January-March 2003 and April-June2003 registered healthy increases of14.1%, 12.4% and 10.3%, respectively,for international tourist arrivals, overthe corresponding periods of theprevious year. Tourism in large partsof Asia was severely affected in early2003 by the war on Iraq and the

outbreak of SARS. India, on the otherhand, remained mostly insulatedfrom these developments, resultingin a strong performance in touristarrivals in the first half of the year.Another important by-product ofSARS and the war on Iraq was thatthe Indian traveller chose to stay athome and travel within the countrythereby boosting domestic tourism ina big way.

The upward trend witnessed in thefirst half of 2003 leads us to believethat 2003 will be a better year forforeign tourist arrivals. The upward

Hotels in India - Trends & Opportunities 20032

of approximately 100 companiesacross different industries, 85% ofthe respondents expected a GDPgrowth of 6-7% in 2003/04, whilenearly 80% respondents expected

double-digit growth in companyrevenues.

The capital markets also reflect theoverall bullish mood: domesticinvestment has risen noticeably andinvestment by FIIs is at its highestlevel in the last thirty-one months.

Moreover, the measures announcedin Union Budget 2003-04 for thetravel and tourism industry are quiteencouraging. These provisions are as

follows:

Withdrawal of 10% expendituretax o n h o te l s . T h e f in an ceminister has also made an appealto the state governments towithdraw the luxury tax currentlycharged on hotel guests;

The hotel industry will continueto enjoy exemption from levy ofservice tax;

The basic customs duty on liquor

has been considerably reducedfrom current levels; The restoration of leave travel

c o n c e s s i o n s t o g o v e r n m e n temployees. This is expected togive a boost to domestic leisuretravel.

Furthermore, interest rates havedeclined to historically low levels,making it easier for new as well asexisting investors to finance newhotel projects or refinance existing

projects, as the case may be.

The union and state governmentsare, on their part, making a visibleeffort to boost transport and com-mercial infrastructure in India.Funding and incentives have beensanctioned for the private sectorinitiatives to build additional airportsat Bangalore and Hyderabad.

Similarly, the Government is hopingto achieve a high level of moderni-zation in the airports at Delhi andMumbai. Two mega conventioncentres are also proposed to be

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trend in arrivals is likely to be furtherreinforced by business sentiments,which are presently on an upswing.The fact that many of the inter-national arrivals are not tourists but

businessmen coming to India toconduct business also bodes well foroverall arrivals into the country.

Table 2 reflects key statistics for theIndian tourism industry.

Three years ago, our survey indi-cated that in the year 2000, 109 hotelswere ready to open or were underconstruction. Last year this number(hotels expected to open in the next

few years) had declined to 80. Thisyear, the number of new hotelsunder development has furtherdeclined to 63, with another 20 hotels

being conversions by the var iousbudget brands. Mumbai, Kolkata andGoa have witnessed the bulk of thenew luxury development over thepast 12 months. The budget and mid-market openings have mostly been insecondary cities.

We expect this trend to continue for awhile and foresee more budgethotels being launched. Many of the

budget brands are, in fact, concen-trating on converting un-brandedhotels. We anticipate that, in a fewyears, the number of branded three-star hotels will far exceed those inthe luxury market, as has been thecase in markets in the US andEurope.

Table 3 reflects our research on the

development of branded hotels inmajor Indian cities. For the first timethe National Capital Region of Delhi(NCR) has overtaken Mumbai, interms of the number of new hotelsslated to become operational in thenext few years. Thirteen hotels are invarious stages of planning anddevelopment in the NCR, of whichnine properties are expected to belocated in Gurgaon.

The HVS International survey hasbe en co mp ut ed by di vi di ng therespondent branded hotels into their

Hotel Supply

Survey Results

the fact that many new budget hotelshave been added to our survey eachyear. Six years ago, three-star andfour-star hotel rooms accounted forapproximately 20% of the overall

base of rooms in our survey. Thisnumber has risen to nearly 35% of

the total rooms in the survey for2002/03 , c lear ly indicat ing theimportance of budget and mid-market hotels in India. However, thishas also somewhat skewed theresults in favour of budget hotels bytaking down the overall averagerates, as shown in the survey.

The year 2002/03 has seen demandfor hotel room nights improvingacross all star categories of hotels.Surprisingly, it is the five-star deluxecategory that has seen the mostgrowth (13.6%), followed by the five-star category (10.9%). One expla-nation for the strong rebound is thatit was this category of hotels (five-star deluxe and five-star) thatsuffered the most after the events of

Table 2: Key Tourism Statistics

respective classifications according tostar grading. As before, we haveexamined the performance of tenmajor cities across India, wherever areasonable sample allowed. Whilemost of the responses to the surveywere given in Indian Rupees, we

have presented some results in USDollars as well. Overall, averageroom rates (in Rupees) continued todecline in 2002/03. The effect in USDollar terms was slightly morepronounced due to the differences inexchange rates between the twoyears. Occupancy levels, on the otherhand, registered an improvement in2002/03 over the previous year.

Table 4 reflects room occupancy,average rate and revenue peravailable room (RevPAR) data byhotel classification for the period1998/99 to 2002/03, in Rupees. Table 5reflects the same results in USDollars.

We would like to bring to attention

Table 3: Distribution of Existing and Proposed Hotels by Major Cities

Source: HVS International Research

Existing

Proposed

0 5 10 15 20

Number of Hotels

Agra

Ahmedabad

Aurangabad

Bangalore

Kolkata

Chennai

Cochin

Coimbatore

Delhi (NCR)

Goa

Hyderabad

Jaipur

Jodhpur

Lucknow

Ludhiana

Madurai

Mumbai

Pune

Udaipur

Vishakhapatnam

25 30 35 40 45

1998 1999 2000 2001 2002 2003*

Number of Arrivals 2,359,000 2,481, 000 2,641, 000 2,537, 000 2,360, 000 2,767, 000

Foreign Exchange Earnings (US$ billions) $2.94 $3.00 $3.17 $3.04 $2.96 $3.62

Foreign Exchange Ea rnings Per Visitor $1,246 $1,209 $1,200 $1,198 $1,254 $1,308

Total Arrivals to New Delhi 39.9% 32.2% 31.9% 34.0% 29.0% 33.0%

Total Arrivals to Mumbai 33.3% 28.1% 28.3% 27.0% 25.0% 28.0%Total Arrivals to Chennai 12.7% 11.1% 11.3% 12.0% 12.0% 12.0%

Exchange Rate US$1.00:Rs 42.20 43.50 44.90 47.20 48.20 46.00

* Note: All figures for 2003 and all exchange rates (weighted for the year) a re HVS EstimatesSource: Ministry of Tourism and HVS Estimates

3Hotels in India - Trends & Opportunities 2003HVS International


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Table 4: Key Operating Characteristics by Hotel Classification (Indian Rupees)

Table 5: Key Operating Characteristics by Hotel Classification (US Dollars)

HotelsinIndia-Trends&

Opportunities2003

4

HVSInternational

1998/99 1999/00 2000/01 2001/02 2002/03

12-Month

Growth*

Compounded

Growth

1998/99

Rs.

1999/00

Rs.

2000/01

Rs.

2001/02

Rs.

2002/03

Rs.

12-Month

Growth*

Compounded

Growth

1998/99

Rs.

1999/00

Rs.

2000/01

Rs.

2001/02

Rs.

2002/03

Rs.

12-Month

Growth*

Compounded

Growth

Overall Average 55.4% 53.9% 57.2% 51.6% 57.2% 10. 9% 0.8% 3,903 3,505 3,731 3,467 3,269 -5. 7% -4 .3% 2 ,162 1 ,889 2 ,134 1 ,789 1 ,870 4.5% -3.6%

Five-star Deluxe 60.2% 58.3% 60.9% 52.2% 59.3% 13. 6% - 0. 4% 5,572 4,910 5,102 4,668 4,335 -7. 1% -6 .1% 3 ,354 2 ,863 3 ,107 2 ,437 2 ,571 5.5% -6.4%

Five-star 56.4% 55.7% 56.1% 51.4% 57.0% 10. 9% 0.3% 3,516 3,368 3,447 3,277 3,114 -5. 0% -3 .0% 1 ,983 1 ,876 1 ,934 1 ,684 1 ,775 5.4% -2.7%

Four-star 55.9% 53.2% 58.7% 52.7% 56.4% 7.0% 0.2% 2,296 2,168 2,392 2,368 2,246 -5. 2% -0 .5% 1 ,283 1 ,153 1 ,404 1 ,248 1 ,267 1.5% -0.3%

Three-star 48.2% 47.7% 48.8% 49.7% 53.6% 7.8% 2.7% 1,457 1,505 1,673 1,696 1,669 -1.6% 3.5% 702 718 816 843 895 6.1% 6.2%

* Growth in 2002/03 (in absolute terms) expressed as percentage of the figure for 2001/02

RevPARAverage RateOccupancy

1998/99 1999/00 2000/01 2001/02 2002/03

12-Month

Growth*

Compounded

Growth

1998/99

US$

1999/00

US$

2000/01

US$

2001/02

US$

2002/03

US$

12-Month

Growth*

Compounded

Growth

1998/99

US$

1999/00

US$

2000/01

US$

2001/02

US$

2002/03

US$

12-Month

Growth*

Compounded

Growth

Overall Average 55.4% 53.9% 57.2% 51.6% 57.2% 10.9% 0.8% $92.48 $80.58 $83.10 $73.45 $67.83 -7.7% -7.5% $51.23 $43.43 $47.53 $37.90 $38.80 2.4% -6.7%

Five-star Deluxe 60.2% 58.3% 60.9% 52.2% 59.3% 13.6% -0.4% 132.03 112.88 113.64 98.90 89.94 -9.1% -9.2% 79.48 65.81 69.21 51.63 53.33 3.3% -9.5%

Five-star 56.4% 55.7% 56.1% 51.4% 57.0% 10.9% 0.3% 83.31 77.42 76.77 69.43 65.23 -6.0% -5.9% 46.99 43.12 43.07 35.69 37.18 4.2% -5.7%

Four-star 55.9% 53.2% 58.7% 52.7% 56.4% 7.0% 0.2% 54.41 49.97 53.27 50.17 46.59 -7.1% -3.8% 30.42 26.58 31.27 26.44 26.28 -0.6% -3.6%

Three-star 48.2% 47.7% 48.8% 49.7% 53.6% 7.8% 2.7% 34.52 34.59 37.27 35.93 34.63 -3.6% 0.1% 16.64 16.50 18.19 17.86 18.56 3.9% 2.8%


Occupancy Average Rate RevPAR


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Table 7: Average Rate by Major City (Indian Rupees)

6,000

7,000

0

Agra Ahmedabad Bangalore Delhi Goa Hyderabad Jaipur Mumbai

IndianRupees(Rs)

1,000

2,000

3,000

4,000

5,000

1998/99 1999/00 2000/01 2001/02 2002/03

1998/99 1999/00 2000/01 2001/02 2002/03

50,000

1,00,000

1,50,000

2,00,000

2,50,000

3,00,000

3,50,000

400,000

450,000

0

IndianRupees(Rs)

Table 8: RevPAR by Major Cities (Indian Rupees)

5Hotels in India - Trends & Opportunities 2003

Table 6: Occupancy Levels by Major Cities

0

10

20

30

40

50

60

70

80

90

Occupancy(%)

1998/99 1999/00 2000/01 2001/02 2002/03

HVS International

Chennai Kolkata

Agra Ahmedabad Bangalore Delhi Goa Hyderabad Jaipur MumbaiChennai Kolkata

Agra Ahmedabad Bangalore Delhi Goa Hyderabad Jaipur MumbaiChennai Kolkata


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September 2001. The four-star andthree-star categories also registereddemand increases, with growths of7.0% and 7.8%, respectively. Theaverage rate in rupee terms declined

in all categories of hotels in the year2002/03; the steepest decline wasonce again felt by the five-star deluxecategory at 7.1%. The three-starcategory had a marginal decline at1.6%. The average rate in US Dollarterms declined across all categories,resulting in a countrywide decreaseof 7.7%.

On an average, in 2002/03, hotels sawan all round increase in occupancylevels (10.9%), compared to a decline

of 9.4% in the previous year. Averagerates in Rupee terms also decreased5.7% (a smaller decrease, comparedto a 7.5% decline in 2001/02) ,resulting in an overall improvementof 4.5% in RevPAR or a 2.4% RevPARincrease in US Dollar terms.

Table 6 illustrates hotel occupancylevels for ten key cities between1 9 9 8 / 9 9 a n d 2 0 0 2 / 0 3 . T a b l e 7illustrates average rates for the hotelsin each of these cities, expressed inR u p e e s . T ab le 8 p re s e n ts th ecorresponding RevPAR data for eachcity. As seen in the previous years,there continues to be a significantdisparity between the major metro-politan cities and smaller cities.Although Mumbai continues to bethe average rate leader, in terms ofoccupancy and RevPAR, Bangalorehas surpassed all cities and is theundisputed King. This is a major

improvement compared to five yearsago, when Bangalore ranked a poorfifth in terms of average rates andRevPAR. Current indications are thatthis year, Bangalore may outperform

both Mumbai and Delhi in terms ofhighest average rates in the country.

In 2002/03, double-digit growth inoccupancy was exhibited by Mumbai(21.9%), Delhi (13.3%), Goa (12.9%)and Bangalore (12.0%). Chennai(3 .2%) , Hyderabad (1 .3%) andAhmedabad (1.1%), showed modestgains. Both the leisure destinationsof Agra and Jaipur had a decline in

operators are able to push averagerates in Hyderabad and Bangaloreover the short term. Table 9 presentsaverage room occupancies, averagerate and RevPAR data for the period

1998/99 to 2002/03 (in Rupees), bymajor city. Table 10 reflects the samedata in US Dollars.

HVS has been conducting this surveyfor six years, and, for the first time,there seems to be some real optimismin the hotel industry. All of the citieswe tracked have shown improve-ment in hotel room night demand - aprecursor to rate increases in thefuture. Table 11 illustrates our

findings for the five-star deluxe hotelcategory in key cities, for the periodApril to August 2003. Comparisonswith the corresponding period lastyear have also been presented, toillustrate the extent of change.

While all cities have seen increases inrooms occupied per day (over thep re v io u s y e ar ' s co rre s p o n din g period), Kolkata (44.5%) is themarket leader, followed closely byBangalore (42.1%) and Mumbai(41.4%). In fact, of the seven citiesstudied by us, Hyderabad was theonly city to have a single-digitgrowth (7.0%). This was primarilydue to the fact that the occupanciesin Hyderabad were already at a highlevel during the same period lastyear. Also, all cities have experiencedincrease in occupancy, with theexception of Goa and Kolkata. Goaand Kolkata have had occupancydeclines of 9.4% and 5.9% respec-

tively, due to the huge increase inrooms supply in these markets(Kolkata, 53.4% and Goa, 38.4%).

In terms of average rates, Bangalore(15.9%), Goa (14.4%) and Hyderabad(14.2%) have all had increases. Year-to-date occupancy for Bangalore at82% means that average rates can beexpected to go up sharply over thenext six months. We would expectoperators to push rates in Hyderabadas well. Mumbai and New Delhi areexpected to see some stabilisation ofaverage rates; in fact, we expect someof the luxury hotels in these cities to

Future Trends

occupancy of 8.9% and 7.0%, respec-tively. The only metro city to witnessa decline in terms of occupancy wasKolkata - this was due to a largeoversupply of hotel rooms.

Average rates continued their down-ward trend for most major cities witht h e e x c e p t i o n o f A g r a a n dHyderabad, which registered agrowth in average rate of 6.2% and5.3%, respectively. In the case ofAgra, this encouraging performancewas largely the result of the openingof a luxury resort. Goa and Bangalorehave also shown small improvementsin the average rate, with Goaregistering a 2.9% growth and

Bangalore, a 0.5% growth.

In terms of RevPAR in 2002/03,Bangalore was in number oneposition, followed by Mumbai andD e l h i . H o w e v e r , t h e b i g g e s timprovement during the last fiscalyear, in terms of RevPAR, was seen inGoa (16.2%), followed by Bangalore(12.5%) and Delhi (6.8%). The worstdeclines were seen in Kolkata (15.7%)and Jaipur (14.0%).

The various cities have witnessedmixed results, in terms of com-pounded growth in average rate (inRupees) for the period 1998/99 to2002/03. The highest growth wasexperienced by Hyderabad (12.6%)and Bangalore (3.6%). Jaipur (1.9%)and Agra (0.6%) also had positivegrowth during this period because ofthe opening of luxury resorts in thetwo cities. Conversely, Mumbai,Kolkata, Delhi and Chennai had

negative compounded average rategrowths of -9.7%, -6.9%, -3.0% and-2.7%, respectively.

In 2002/03, cities like Kolkata, Goaand Mumbai saw huge increases inroom supply. However, stronger-than-expected demand growthhelped in absorbing large parts ofthis supply of hotel room nights,especially in north Mumbai. Withvery little immediate supply cominginto Hyderabad and Bangalore, wecan expect hotel occupancies to goup in these two cities. It would bei n t e r e s t i n g t o s e e h o w h o t e l

Hotels in India - Trends & Opportunities 20036 HVS International


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Table 9: Key Operating Characteristics by Major City (Indian Rupees)

Table 10: Key Operating Characteristics by Major City (US Dollars)

7

HotelsinIndia-Trends&

Opportunities2003

HVSInternational

1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded 1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded 1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded

Growth* Growth Rs. Rs. Rs. Rs. Rs. Growth* Growth Rs. Rs. Rs. Rs. Rs. Growth* Growth

Agra 46.4% 40.1% 42.5% 33.7% 30.7% -8.9% -9.8% 1,906 1,638 1,586 1,840 1,954 6.2% 0.6% 884 657 674 620 600 -3.3% -9.2%

Ahmedabad 58.0% 50.8% 55.8% 53.2% 53.8% 1.1% -1.9% 2,220 2,705 2,736 2,354 2,164 -8.1% -0.6% 1,288 1,374 1,527 1,252 1,164 -7.0% -2.5%

Bangalore 59.0% 64.4% 69.8% 64.3% 72.0% 12.0% 5.1% 3,254 3,025 3,602 3,735 3,752 0.5% 3.6% 1,920 1,948 2,514 2,402 2,701 12.5% 8.9%

Chennai 64.7% 65.3% 64.6% 56.5% 58.3% 3.2% -2.6% 3,600 3,424 3,796 3,535 3,224 -8.8% -2.7% 2,329 2,236 2,452 1,997 1,880 -5.9% -5.2%

Delhi 54.1% 52.9% 58.9% 53.3% 60.4% 13.3% 2.8% 4,626 4,115 4,526 4,338 4,089 -5.7% -3.0% 2,503 2,177 2,666 2,312 2,470 6.8% -0.3%

Goa 58.6% 53.3% 60.6% 53.6% 60.5% 12.9% 0.8% 2,863 2,727 2,914 2,676 2,754 2.9% -1.0% 1,678 1,453 1,766 1,434 1,666 16. 2% -0. 2%

Hyderabad 66.0% 61.3% 69.1% 68.0% 68.9% 1.3% 1.1% 1,579 1,867 2,316 2,414 2,541 5.3% 12.6% 1,042 1,144 1,600 1,642 1,751 6.7% 13.8%

Jaipur 45.6% 47.0% 55.0% 48.3% 44.9% -7.0% -0.4% 2,533 2,514 2,902 2,949 2,728 -7.5% 1.9% 1,155 1,182 1,596 1,424 1,225 -1 4.0% 1.5%

Kolkata 57.8% 54.8% 62.9% 66.4% 65.4% -1.5% 3.1% 3,888 3,557 3,698 3,409 2,917 - 14.4 % -6. 9% 2,247 1,949 2,326 2,264 1,908 -15 .7% -4.0%

Mumbai 67.6% 64.5% 64.6% 52.0% 63.4% 21 .9% - 1.6% 6,297 5,661 5,555 4,932 4,184 - 15.2 % -9. 7% 4,257 3,651 3,589 2,565 2,653 3. 4% - 11. 2%


RevPARAverage RateOccupancy

1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded 1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded 1998/99 1999/00 2000/01 2001/02 2002/03 12-Month Compounded

Growth* Growth US$ US$ US$ US$ US$ Growth* Growth US$ US$ US$ US$ US$ G rowth* Growth

Agra 46.4% 40.1% 42.5% 33.7% 30.7% -8.9% - 9.8% $56 $38 $35 $39 $41 5.1% -7.5% $26 $15 $15 $13 $13 -4.2% -16.6%

Ahmedabad 58.0% 50.8% 55.8% 53.2% 53.8% 1.1% -1.9% 56 62 61 50 45 -10. 0% -5.2 % 32 31 34 27 24 -9. 0% -7.0 %

Bangalore 59.0% 64.4% 69.8% 64.3% 72.0% 12.0% 5.1% 95 70 80 79 78 -1.3% -4.8% 56 45 56 51 56 10.6% 0.0%

Chennai 64.7% 65.3% 64.6% 56.5% 58.3% 3.2% -2.6% 110 79 85 75 67 -10.7% -11.6% 71 52 55 42 39 -7.8% -13.8%

Delhi 54.1% 52.9% 58.9% 53.3% 60.4% 13.3% 2.8% 135 95 101 92 85 -7.6 % -11 .0% 73 50 59 49 51 4.7% -8.5%

Goa 58.6% 53.3% 60.6% 53.6% 60.5% 12.9% 0.8% 63 63 65 57 57 0.0% -2.6% 37 34 39 31 34 12 .9 % -1.9 %

Hyderabad 66.0% 61.3% 69.1% 68.0% 68.9% 1.3% 1.1% 45 43 52 51 53 3.9% 4.0% 30 26 36 35 37 5.3% 5.1%

Jaipur 45.6% 47.0% 55.0% 48.3% 44.9% -7.0% - 0.4% 68 45 65 62 57 -8.1% -4.4% 31 21 36 30 26 -14.5% -4.7%

Kolkata 57.8% 54.8% 62.9% 66.4% 65.4% -1.5% 3.1% 109 82 82 72 61 -15.3% -13.5% 63 45 52 48 40 -16.6% -10.8%

Mumbai 67.6% 64.5% 64.6% 52.0% 63.4% 2 1.9 % -1. 6% 170 130 124 104 87 -16.3% -15.4% 115 84 80 54 55 2 .0 % -16. 8%


Occupancy Average Rate RevPAR


8/12

two. Hotels in metro cities, with anaverage rate of Rs 2,400-2,800, andhotels in non-metro cities, with anaverage rate of Rs 1,800-2,400, are

likely to experience a rapid growth indemand in the next year or two. Aswe did last year, this year as well, weestimate that hotels in Bangalore,Hyderabad, Chennai and Delhi willsee occupancies grow significantlyover the next few months. Bangaloreis expected to have huge amounts ofunaccommodated demand and willallow hotels to increase average ratesacross the city. Till the time newsupply enters the market (in 2005),the existing hotels will benefit

tremendously.

Another market that has surprisedhotel operators and certainly theanalysts is the north Mumbai market.Although this market has experien-ced huge supply increases in the past12 months, most of the supply has

been absorbed. With two large hotelsexpected to open in the next fewmonths, we can expect some slowdown. However, the long-term

outlook for Mumbai is certainlypositive, as the city has experienceddemand growths of between 20%and 40% during each of the last fourto five years. The real opportunitylies in a good mid-market or budgethotel of international standards.

Leisure resort destinations that areeasily accessible are likely to benefitfrom the increase in foreign touristarr ival . Moreover , the overal limprovement in the economy wouldfavourably impact the performanceof good four-star hotels in secondarycities.

positive, reinforcing our faith in thecity. Occupancies have picked upover the past few months. Althoughaverage rates declined in the period

April-August, we expect these tostabilise as the peak season kicks in.It would be interesting to see theeffects of development in the form ofnew hotels in Gurgaon (HiltonTrident) and Noida (Radisson). Also,with the Claridges and the Kanishkaunder renovation, we can expect tosee a little more competition in thecity next year, which, hopefully, willget absorbed as the demand picks up.

No new developments are anti-

cipated in the hotel markets inHyderabad and Chennai; the perfor-mance of these cities will depend onimprovements in the Indian eco-nomy and, consequently, the extentof increase in demand for roomnights. Goa is expected to do well: inthe last 12 months, three new hotelshave entered the city, and areexpected to market Goa in their ownright; these include three hotels withinternational affiliation. The onlyweak links continue to be the leisure

destinations of Agra and Jaipur,which, we hope, will experiencesome improvement as internationalarrivals increase. With economicindicators improving across mostfronts and business sentiments beingvery positive, we expect the majorityof cities to witness some degree ofimprovement in the coming months.

Opportunities for the Indian hotelsector continue to be in the budgetand mid-market segment - we expectto see further development activitiesin these segments in the next year or

Opportunities

8

increase corporate rates.

The most encouraging developmentduring the first five months of the

current year has been the healthyincrease in RevPAR across all cities,Kolkata being the only exception,where RevPAR declined due to theoversupply. Bangalore (49.9%),followed by Hyderabad (31.6%), NewDelhi (18.9%), Chennai (17.2%) andMumbai (16.0%) have seen double-digit growths. Goa, despite the hugei n c r e a s e i n s u p p l y , h a s a l s owitnessed a modest RevPAR growthof 3.7%.

The growth in room night demand inMumbai has primarily been in northMumbai; the hotel market in southMumbai has seen a relatively marginalgrowth during the last few months.We attribute the improvement inroom night demand in Mumbai to thedevelopment of areas like Andheri-Kurla, Malad and Navi Mumbai.

The Bangalore market has surprisedmany operators and existing hotelowners can expect a windfall gain

during the current year as well as forthe next few years, until new supplyenters the market. With occupancyalready at historically high levels inmost hotels, we expect the focus toshift to average rates - operators areexpected to increase rates by 15-20%,on an average. However, we wouldlike to caution that this trend may notlast long: we know of at least six newhotels which are at the planning stageand will start to enter the market in

three years time.

The trends witnessed in the NewDelhi market in 2003 have been quite

HVS InternationalHotels in India - Trends & Opportunities 2003

Table 11: Supply and Demand Analysis: April-August 2003 vs. April-August 2002

Source: HVS International Research

Apr-Aug

2002

Apr-Aug

2003Var

Apr-Aug

2002

Apr-Aug

2003Var

Apr-Aug

2002

Apr-Aug

2003Var

Apr-Aug

2002

Apr-Aug

2003Var

Apr-Aug

2002

Apr-Aug

2003Var

Bangalore 1,210 1,331 10.0% 760 1,080 42.1% 63% 82% 29.4% 4,100 4,750 15.9% 2,583 3,871 49.9%

Chennai 1,263 1,381 9.3% 610 810 32.8% 48% 59% 22.9% 3,550 3,385 -4.6% 1,704 1,997 17.2%

Goa 933 1,291 38.4% 425 533 25.4% 46% 41% -9.4% 2392 2,737 14.4% 1,090 1,130 3.7%

Hyderabad 1,107 1,028 -7.1% 645 690 7.0% 58% 67% 15.2% 2,457 2,806 14.2% 1,432 1,883 31.6%

Kolkata 745 1,143 53.4% 436 630 44.5% 59% 55% -5.9% 3,440 3,150 -8.4% 2,012 1,735 -13.8%

Mumbai 3,990 4,377 9.7% 1,895 2,680 41.4% 48% 62% 29.2% 4,900 4,400 -10.2% 2,352 2,728 16.0%

New Delhi 5,100 5,107 0.1% 2,365 2,975 25.8% 46% 58% 26.1% 4,212 3,972 -5.7% 1,938 2,304 18.9%

RevPARRooms supply per day Rooms occupied per day Occ% Average Daily Rate (ADR)


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conveyance allowance, educationallowance and special/dearnessallowance. It does not include annual

bonus, which has been presented asa separate item. Average Retiralsindicates provident fund and/orgratuity and/or superannuation, asapplicable across individual hotelproperties, while Average Benefitsimplies medical and leave travelallowance entitlements. While mosthotels provide car/transportationfacility to their senior executives aspart of the total compensation due tothem, we have not included this inour calculation of average benefits, asd i f fe re n t h o te l g ro u p s fo l lo wdifferent policies with regard to this

particular entitlement.

The data reflected in Table 1 andTable 2 confirm that compensation inthe hotel industry continues to beconnected to the hierarchy of atraditional organisation chart. TheGeneral Manager (GM) is the highest

Survey Highlights

compensation on a nation-wide basisfor each of the thirteen designations;Table 2 illustrates average annualcompensation comparison by roomsize, for hotels with more than 200rooms.It may be noted that the salary,

bonus and retirement remunerationof expatriates have been excludedfrom our calculations for all thepositions. For each of the positions,the minimum and maximum basesalary earned has been presented, as

th thwell as the base salary at the 25 , 50th thand 75 percentile levels. The 25

percentile can be defined as thelowest value (in this case, base

salary) that is greater than 25% of thethvalues; similarly, the 50 percentile isthe lowest value that is greater than

th50% of the values and the 75percentile is the lowest value that isgreater than 75% of the values.

The term base salary includes basicp a y , h o u s e r e n t a l l o w a n c e ,

9HVS International

Table 1: Compensation Data - All India Figures

Table 2: Compensation Data - Hotels with more than 200 rooms

Hospitality Compensation Exchange 2003

Avg Bonus Avg Retirals Avg Benefits

Min 25P 50P 75P Max (Rs) (Rs) (Rs)

295,000 592,000 720,000 1,180,000 2,690,000 191,000 112,000 127,000

120,000 419,000 630,000 1,040,000 1,400,000 54,000 79,000 107,000

132,000 213,000 310,000 400,000 750,000 40,000 38,000 78,000

58,000 228,000 290,000 504,000 1,020,000 40,000 38,000 54,000

103,000 292,000 392,000 485,000 1,210,000 49,000 49,000 70,000

114,000 328,000 455,000 680,000 2,000,000 71,000 58,000 94,000

90,000 255,000 348,000 506,000 1,383,000 57,000 52,000 87,000

100,000 311,000 442,000 687,000 1,540,000 76,000 40,000 84,000

105,000 215,000 361,000 474,000 1,240,000 64,000 52,000 75,000

130,000 307,000 420,000 610,000 1,440,000 73,000 59,000 88,000

90,000 144,000 206,000 312,000 750,000 22,000 27,000 36,000

120,000 243,000 291,000 375,000 750,000 52,000 33,000 54,000

102,000 200,000 279,000 421,000 810,000 51,000 40,600 58,000

Department Head -

Training

PR & Communications

Finance

Systems

Sales & Marketing

Human Resources

Engineering

Food Production

House Keeping

F&B Service

Front Office

Resident Manager

General Manager

Base Salary (Rs)

Position

Avg Bonus Avg Retirals Avg Benefits

Min 25P 50P 75P Max (Rs) (Rs) (Rs)

992,000 1,139,000 1,280,000 2,460,000 2,690,000 285,000 196,000 182,000

492,000 828,000 1,051,000 1,250,000 1,400,000 84,000 111,000 177,000

230,000 372,000 442,000 584,000 750,000 61,000 60,000 154,000

261,000 374,000 565,000 739,000 1,020,000 50,000 55,000 90,000

183,000 394,000 483,000 614,000 1,210,000 70,000 71,000 71,000

309,000 608,000 781,000 1,872,000 2,000,000 161,000 103,000 145,000

260,000 425,000 546,000 739,000 1,383,000 73,000 79,000 93,000

301,000 493,000 689,000 765,000 1,540,000 59,000 62,000 103,000

332,000 438,000 550,000 784,000 1,240,000 92,000 92,000 93,000

307,000 499,000 610,000 723,000 1,440,000 80,000 85,000 102,000111,000 235,000 315,000 418,000 750,000 26,000 39,000 47,000

240,000 276,000 363,000 456,000 750,000 59,000 40,000 67,000

216,000 299,000 387,000 600,000 810,000 55,000 57,700 76,000

Base Salary (Rs)

Position

General Manager

Front Office

Resident Manager

House Keeping

F&B Service

Engineering

Food Production

Sales & Marketing

Human Resources

Department Head -

Training

PR & Communications

FinanceSystems

HOSPITALITY

COMPENSATIONEXCHANGE- continued from page1

properties across India, ranging fromthe three-star category to the five-star deluxe category. More than 700senior executives within the industryhave participated in the survey.Information was compiled fromresponses to a detailed questionnaireframed for the purpose and sent tothe corporate offices of the hotelgroups.

Compensation details have been

p re s e n te d fo r th i r te e n s e n io rmanagement positions in the HCEreport; this data has been furtherclassified into a variety of categoriesfor the purpose of comparison.

The tables provided are excerptsfrom the main survey: Table 1 reflectsstatistics relating to average annual


10/12

HVS Technology Strategies hasr e c e n t l y a l i g n e d i t s e l f w i t hKnowcross to promote Triton on aworldwide basis. Triton, a prop-rietary product of Knowcross, is acomprehensive tool aimed at taskand guest service management.

In any property, service delivery iskey to success. These service requestsc a n c o m e f r o m g u e s t s , o t h e remployees or equipment, such asperiodic maintenance. Once a task isidentified, it must be communicatedto the appropriate department orperson. From there it needs to beassigned to someone and scheduled.Ideally, when the task is beingattended to and completed, thereshould be feedback so that if something isn't done properly or ontime, there's an opportunity tocorrect it quickly. Lastly, it's oftenvaluable to look back on tasks from a

guest, employee, task, location orequipment perspective to under-stand trends and spot problems.

Existing solutions generally focus onparts of the above need. They mayallow you to enter tasks and recordtheir completion, but don't helpassign people or warn of a currentproblem. Others do a good job ofmaintaining engineering records andtracking periodic maintenance, but

are not so strong in guest services.Some are tools for tracking guestrequests and satisfaction, but don'tdeal with task a l locat ion andemployee performance.

Here is where Triton is unique. Itaddresses all facets of task and guestservice management, from themoment a request is made to itsultimate successful completion ands u b s e q u e n t re p o r t in g . I t s k e ycapabilities include:

Task entry from any networkedPC, telephone, IP phone or

Retirals as a percentage of averagebase salary were 10.7% and 10.8%,respectively, for the GM and the RM.

For the Sales and Marketing head,average bonus as a percentage ofaverage base salary worked out to15.0%, while benefits worked out to12.6%. For the Finance head, bonusand benefits as a percentage ofaverage base salary were calculatedto be 15.3% and 18.4%, respectively.

As part of the main survey, weconducted a study on the com-pensation package of expatriates intwo positions - the GM and theExecutive Chef (head of FoodProduction), details of which arepresented in Table 3. Although com-pensation data was obtained forother senior management expatriatepositions as well, these could not bepresented, as the sample size in all

such cases was inadequate to merit areasonable analysis.

As is generally the case worldwide, inIndia as well, different hotel groupsprovide different types of benefits totheir expatriate employees. There-fore, for the purpose of our analysis,we have taken in account a sum totalfigure - cost to company.

The HCE Survey in its entirety

p r e s e n t s c o m p e n s a t i o n d a t aaccording to a number of classi-fications, which include: N at io n - w ide co m p ar i s o n o f

compensation; Results by number of rooms (less

than 100 rooms, 100-200 roomsand greater than 200 rooms);

Results by major cities; Results by hotel type (commercial,

resort, conference centre).

The report would be available withus from October 15, 2003. For furtherinformation on the report and itspricing, please contact Moni Biradarat [email protected].

Survey Highlights - Expatriates

For More Information

Hospitality Compensation Exchange 200310

paid executive, followed by theResident Manager (RM). As per oursurvey results for 2002/03, the headof Food Production is the highestpaid department head, followed bythe Sales and Marketing head.

Taking into account all-India figures,ththe median (50 percentile) of the

annual base salary of a GM was Rs720,000 in 2002/03. For GMs of hotelswith rooms greater than 200, the

median of his/her annual base salarywas Rs 1,280,000. In other words, themedian basic pay of GMs of hotelswith rooms greater than 200 wasabout 77.7% higher than the nation-wide average.

Significant variations were alsonoticed in other designations: forexample, the median basic pay of theSales and Marketing head at hotelswith rooms greater than 200 was55.8% greater than the nation-wide

average basic pay of Sales andMarketing heads. By the samecomparison, the head of HumanResources at hotels with roomsgreater than 200 earned 52.3%higher. The largest variation wasobserved in the case of House-keeping: the median basic pay of theHousekeeping head at hotels withrooms greater than 200 was 94.8%greater than the nationwide median

basic pay for this posit ion.

The average bonus of a GM wasabout 18.4% of his/her average basesalary. This is more or less in linewith bonus pays for GMs in the hotelindustry in the United States, where

bonus as a percentage of averagebase salary is 20-22%. The RM'sbonus was 7.3% of his/her averagebase salary - lower than the bonus-as-percentage-of-average basic of

both India-based GMs as well as RMsin the US (13%).

Benefits worked out to 12.2% of theGM's average base salary and 14.6%of the RM's average base salary.

HVS International

Table 3: Compensation Data - Expatriates

PositionMin

(Rs)

25P

(Rs)

50P

(Rs)

75P

(Rs)

Max

(Rs)

General Manager 3,052,000 4,282,000 6,333,000 7,900,000 8,373,000

Executive Chef 2,287,000 2,798,000 3,540,000 5,359,000 5,500,000

TRITON-

TAKING SERVICE

MANAGEMENT TO

NEW LEVELS


11/12

virtually any other data inputdevice;

Allocates the task wheneverpossible to a specific employee

based on a best fit and who is

available algorithm, eliminatingone or more dispatcher positions;

Instantly communicates details ofthe task to the assigned staff;

Provides real-time view of alltasks on any PC in the hotel.Allows users to view the tasks bystatus, staff, and location;

Automatically alerts managersw h e n a tas k h as n o t b e e ncompleted within its designated

time. Alert paths and timings aredefined for each call type suchthat the system automaticallyacce lerates up the chain of command if it gets no response;

Allows users to create pers-onalized alerts so that they can beinformed when specific situ-ations arise. For example, theRooms Manager may want toknow when anyone on theexecutive floor has a complaint; or

the Chief Engineer may want tobe alerted if there is a problem inany of the rooms serviced by

boiler #2;

Has a module for following upwith guests and recording theirfeedback, which is automaticallyconverted into a 'guest satisfactionrating';

Tracking of maintenance works,contract renewals, parts replace-ment and related tasks;

Allows review and reportingbased on specific task, task type,employee, department, location,guest, etc. This can be used toanswer question such as Howoften do guests ask for additionaltowels? or What engineers havethe highest percentage of tasksnot completed on time?

Triton alerts your staff to problems asthey occur. Moreover, it shows youwhich tasks occur most often, whichones take longest and which ones

How does Triton improve service?

development strategies for newbrands; impact analysis; researchreports and investment services.

Our clients in India include Indian

Hotels, EIH Ltd., ITC Hotels, HotelLeela Venture Ltd, Forte P lc ,Intercontinental Hotels & Resorts,M a n d a r i n O r i e n t a l , C a r l s o nHospitality, Hyatt International,H i l t o n I n t e r n a t i o n a l , C h o i c eInternational, Silver Link Holding,Lehman Bros., ICICI Bank, SunGroup and the Hero Group amongothers.

In May 2001, we launched HVSExecutive Search, to cater to the

staffing needs of the hospitality andrelated services sectors. Apart from

being the first retained search firmfor the hospitality industry in India,HVS Executive Search also providesservices in areas of HR Consultingand Compensation Survey & Design.In addition to its New Delhi office,HVS Executive Search has offices inNew York, London and Hong Kong.

HVS Executive Search has also

l a u n c h e d t w o w e b s i t e s : -h o s p i t a l i t y c a r e e r n e t . c o m a n d2020skills.com.

2020 Skills is an internet-basedassessment tool specifically designedfor service industry professionals, forassessing performance characteristicsand cultural compatibility. 2020 Skillswas authored by professors FlorenceBerger and Judy Brownell of theCornell University School of HotelAdministration and HVS ExecutiveSearch. The assessment profile hasthree unique levels: senior, mid-management, and line. The site can

be accessed at www.2020skills.com.

www.hospitalitycareernet.com pro-vides state-of-the-art solutions foremployment news, career advice,compensation assessment, and more.It has become one of the mostefficient way to recruit, hire, andretain employees.

most often result in time violationsor low guest satisfaction ratings.Armed with this information, it

becomes much simpler to improveoverall service levels.

Triton also provides an accuratepicture of what employees are doing,in terms of both workload andperformance. This, in turn, will helpsenior management to undertakemore objective performance eval-uations, and over a period, ensureadequate, but not excessive, stafflevels. A clear understanding ofwhere money is being spent in labor,parts and support, assists hoteloperators in taking suitable deci-

s i o n s , w h e r e m a n a g i n g t h e i rproperty is concerned.

For more information on Triton,contact Manav Thadani at HVSInternational's New Delhi office.

The HVS International Journal hasbeen developed for the benefit ofemployees, developers, investors andoperators with an interest in the

tourism industry in India. The studyhas been made possible only withthe contribution and support of mostof the domestic and internationalhotel chains, to whom HVS Inter-national would like to express itsgratitude and appreciation.

If you or any of your colleagueswould like to receive complementarycopies of the HVS International

Journal or HVS Executive Search

information, kindly send your e-mailaddress along with full contactdetails to Moni Biradar. Alter-natively please visit our websitewww.hvsinternational.com and registeryourself.

H V S I n t e r n a t i o n a l h a s b e e noperating in India for six years. TheHVS team has worked on projectsr a n g i n g f r o m f e a s i b i l i t y a n dmarketing studies; valuation ofh o t e l s ; r e s i d u a l l a n d v a l u e s ;m a n a g e m e n t c o n t r a c t v a l u e s ;management contract negotiations;

Acknowledgements

About HVS

11Hospitality Compensation Exchange 2003HVS International


12/12

About the Authors

Manav Thadani joined HVS International's New York office as a

Consultant and Valuation Analyst in September 1995. Prior to joiningHVS, he gained six years of operational experience in various hotels inNew York City. In early 1997, Manav planned the opening of HVSInternational's first Asian office in India, which was established in NewDelhi later in the year. In 2000, Manav was promoted as ManagingDirector of the HVS International New Delhi office.

Manav holds a Masters Degree in Food Service Management from New York University(NYU), prior to which he earned a BS degree.

Kiran Andicot joined HVS International's New Delhi office in May2002 as a Consulting and Valuation Analyst. Kiran has seven yearsexperience in the hospitality industry. He has worked asAccommodations Manager at Taj Exotica in Goa. Prior to the Taj, Kiranhas worked with the Oberoi Group of Hotels in different managementpositions. His experience includes The Oberoi in Bangalore, TheTrident in Cochin and Rajvilas in Jaipur.

Kiran holds a Post Graduate Diploma from the Oberoi Centre for Learning andDevelopment in Delhi and a Diploma in Hotel Management from the National Councilfor Hotel Management and Catering Technology.

Vandana Ahuja has recently joined HVS International's New Delhioffice as a Senior Associate. Vandana has eight years experience in thearea of human resources. She has worked as a consultant with HewittAssociates during which period she spearheaded executive search,media assignments and business development initiatives for thecompany's Talent Sourcing practice. Prior to Hewitt, Vandana hasworked with Eli Lilly Ranbaxy, handling the HR function for the

corporate office, and the western and central regions.

Vandana is a graduate in Zoology (with Honours) from Delhi University and holds aPost Graduate Diploma in Ecology and Environment. She has also earned a PostGraduate Diploma in Marketing Management.

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