EIH Ltd’s chairman emeritus Prithvi Raj Singh Oberoi passed away on Tuesday morning at the age of 94. PRS Oberoi, fondly known as Biki, will be remembered for redefining luxury and service globally. He became the executive chairman of the company in 2002 after the death of his father and held the position till May 2022. Under his leadership, the flagship company of the Oberoi chain of hotels witnessed huge growth in its top and bottom line.
The company reported a consolidated net profit of Rs 148.82 crore immediately prior to Covid-19 in FY20 against a profit of Rs 35.56 crore in FY02. On the other hand, consolidated gross sales of the company soared to Rs 1,596.25 crore in FY20 from Rs 374.72 crore in 2002. In FY23, EIH posted a consolidated net profit of Rs 314 crore on consolidated gross sales of Rs 2,018.81 crore. Meanwhile, EIH shares surged 771 per cent to Rs 231.20 on November 13, 2023, from Rs 25.54 in May 2002.
For the latest quarter ended September 30, 2023, EIH Ltd posted 279 per cent year-on-year growth in consolidated net profit at Rs 93.11 crore. On the other hand, the company’s gross sales also grew 32.29 per cent YoY to Rs 530.57 crore during the quarter under review. EIH currently has 4,935 rooms across hotels in 24 cities across India and seven countries.
Harish Bijoor, Founder of Harish Bijoor Consults, said, “The passing of PRS Oberoi (I could never call him Biki) marks the passing of the man who brought luxury hoteliering and hospitality into India. His reputation had preceded him and I had expected to meet a tall persona. In physical terms he was not that. But in his every word and thought there was that tallness. Hospitality will miss Mr. PRSO! As will luxury!”
PRS Oberoi was also the chairman of Oberoi Hotels Private Limited, the major shareholder of EIH Limited. He was the son of late Rai Bahadur MS Oberoi, the founder of The Oberoi Group. Promoters held 32.85 per cent stake in EIH Ltd as of September 30, 2023. The company has a net cash of Rs 509 crore as of September 30, 2023.
PRS Oberoi was credited with opening several iconic hotels that redefined luxury and service globally. In keeping with Oberoi’s belief that people are the most valuable asset of an organisation, he established The Oberoi Centre of Learning and Development in 1967. It is considered amongst the best in Asia and has trained many of India’s finest and most respected hoteliers.
(With inputs from Arnab Dutta)
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