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

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New Delhi | May 31, 2019 4:00 AM

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 […]

Vikramjit Singh Obero, eih, hospitality sector, hospitality industryVikramjit 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.

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