EIH appoints Vikramjit Singh Oberoi as MD & CEO for 5 years

Vikramjit Singh Oberoi

Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, on Thursday announced reappointment of Vikramjit Singh Oberoi as its managing director & CEO for a term of five years.

The board of director of the company at its meeting also reappointed Arjun Singh Oberoi, Vikramjit’s cousin, as managing director — Development for a term of five years, effective from July 1.

Notably, charting out a succession plan by approving a management restructuring four years ago, the board had appointed Vikramjit, son of chairman PRS Oberoi, as its MD & CEO with effect from April 1, 2015. At the same time, Arjun had been appointed as managing director — Development. Prior to that, both had been joint managing directors of the hospitality major.

Meanwhile, the company reported a 77.25% fall in its standalone net profit to Rs 12.77 crore for the quarter ended March 31, 2019 due to an exceptional item. It had posted a net profit of `56.13 crore for the same period of the previous fiscal, according to a BSE filing. Its revenue from operations in the March quarter of FY19 stood at `430.89 crore against `431.38 crore for the corresponding period of FY18.

“Exceptional item for the three months ended March 31, 2019, represent a one-off provision of Rs 84.75 crore against receivable from a single customer in the flight catering business, due to uncertainty in business continuity of the afore-referred customer,” the company informed in the stock exchange filing.