Indian Tourism Hospitality Industry Rising Ahead of the Overcast January 2014 (1)

7/27/2019 Indian Tourism Hospitality Industry Rising Ahead of the Overcast January 2014 (1)

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Indian Tourism and Hospitality Industry:

Rising ahead of the Overcast

December 2013

January 2014


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Executive Summary....

Industry Overview...

I. Sector Overview....

II. Segmentation...

III. Evolution of the Industry in India...

Growth Drivers...

Governments Initiatives...

Segment Analysis....

I. Accommodation and Catering.

II. Tourist Destinations...

III. Events...

IV. Travel and Tour Formats..

Challenges and Opportunities...

Emerging Trends Whats Exciting....

Major Players..

Glossary....

Contents: Page No:

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Executive SummaryThe Tourism and Hospitality industry is the largest service industryglobally in terms of gross revenue and foreign exchange earnings.

It is also one of the largest employment generators in the world.

The driving forces of this industry lie in the recreational,

knowledge seeking, religious and business interests of people

around the world. The human urge for new experience, adventure,

and entertainment plays the role of a catalyst for the growth ofthis industry. It also has the potential to stimulate other sectors in

the economy owing to the cross - synergistic benefits and its

backward and forward linkages which makes tourism and

hospitality both a cause and consequence of economic

development

In the Indian context, the story is no different. Despite the fewebbs and flows and the political uncertainty that the whole

economy is facing, this industry is poised for long term sustainable

growth and looks to stabilize and grow further in the near future

I hope you enjoy reading this report as we continue to indulge

ourselves more in this dynamic and burgeoning industry

Pankaj Dinodia

Chief Executive Officer


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Industry Overview


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Industry OverviewSector Overview

The Indian Tourism and Hospitality industry is one of the largest segments

under the services sector of the Indian economy and offers the most

diverse products globally. The countrys rich history, cultural heritage,

diversity of religion, variety of landscapes and medicine fascinate both,

budget and luxury travelers. Tourism in India has registered significant

growth over the years, which is led by rising incomes, increasing

affordability, growing aspirations, increasing globalization, and a growing

airline industry along with improvement in travel-related infrastructure.

The industry holds immense potential for the Indian economy and it can

provide impetus to other industries through backward and forward

linkages

This sector contributes around 6.23% to the national GDP and 8.78 % of

the total employment of the country. The direct contribution to the GDP

totaled US$ 30.95 Bn in 20121 and is expected to rise to ~US$ 40.8 Bn this

year. The market size of the tourism and hospitality industry stood at ~US$

117.70 Bn. The industry grew at a CAGR of 36.50% during 2009-2013 and

growing at a forecasted CAGR of 15.15%, it is expected to become a ~US$418.90 Bn industry by 2022

Market Size of the Industry in India over the last decade ( $ In Bn )

MarketSizeofthe

Industry

1WTTC Report

Note: Figures in white represent estimates

33.9

117.7

418.9

10

60

110

160

210

260

310

360

410

460

2009 2013 2022


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Industry OverviewSegmentation

Accommodation andCatering

Tourist Destinations

Events

Travel and TourFormats

Indian Tourism and Hospitality Industry

Accommodation and Catering:This segment is highly fragmented and it is

further divided in two broad sub segments namely; Restaurants andHotels. It is the largest segment of the industry and it is mostly dominated

by the unorganized sector

Tourist Destinations:This segment comprises Indiasvast array of tourist

destinations varying from world heritage sites to beautiful scenic

destinations and extravagant festivals among other attractions

Events: It is the newest segment of the industry and it is driven by the

rising trend of concerts, youth festivals and weekenders in the country

Travel and Tour Formats:This segment works under two broad categories;

Offline Mode and Online Mode and it comprises various tour and travel

formats such as Eco-tourism, Medical tourism, Adventure tourism etc.


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Industry OverviewEvolution of the Industry

2000-2005

2005-2010

PresentPre 1990

1990-2000

Pre- 1990The National Tourism Policy was announced and the

government formulated a comprehensive plan to promote

tourism in 1988

1990-2000Government stressed on public-private partnership in the

sector and the policies gave a boost to the hotel industry. Many

such partnerships are still active

2000-2005A new policy on tourism was announced in 2002 with focus on

developing infrastructure and Online travel portals and low-

cost carriers were launched

2005-2010The government undertook marketing initiatives and the

domestic spending on tourism accounted for over 80.3% of the

total tourism revenues

Present Foreign tourists visiting India rose to 6.36 Mn and new productssuch as Medical tourism and Ecotourism came into existence


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Growth Drivers


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Regulatory

Drivers

ExternalDrivers

InternalDrivers

Policy and incentives

Central Level Initiatives

State Level Initiatives

FDI Inflow

Increasing domestic

and international

arrivals

Changing consumer

dynamics

Demand supply gap

New entrants in the sector

The Government of India has initiated a number of steps to ensure fullutilization of the potential that tourism and hospitality holds in India

Central Level Initiatives State Level Initiatives

(A) Regulatory Drivers

Elimination of Custom Duty for

Import of equipment and liquor

for new projects

Capital subsidy program forbudget hotels

Five year income tax holiday

granted to 2-4 star hotels

established in specified districts

having UNESCO-declared World

Heritage Sites

Exemption of Luxury Tax and

Sales Tax for 5-7 Years for new

Projects

Small capital subsidy for thedevelopment of budget hotels

Below market rate allotment of

land controlled by State for

development projects

Zonal auction rate has been

brought down

Growth Drivers


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1. FDI Inflow: Out of the total FDI inflow in the last decade, the

hospitality sector contributed ~3% of the inflow. The hospitality sectorrequires over US$ 10 Bn investment in the coming five years for which

the government is relying on FDI by making regulatory changes in-line

with the past investment trends

2. Increasing Domestic Travel Visits and Foreign Travel Arrivals (FTAs):

(B) External Drivers

Domestic Travel Visits

From 269.60 Mn domestic travel visits in 2002, the number rose to 1.04 Bn

in 2012. Over the last decade, the domestic travel visits increased by a

CAGR of 14.41%. The Ministry of Tourismsvision is to achieve 3.22 Bn

travel visits by 2022 with a compounded annual growth rate of 12% (As

shown in Fig.1)

269.60

1,036.35

3,218.75

-

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

3,500.00

2002 2012 2022

NoofDTAs

Fig.1: Growth in the number of Domestic Travel Visits in India ( In Mn )

Source: Indian Tourism Statistics. Figures in white represent estimates

Growth DriversExternal Drivers (1/3)


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Foreign Travel Arrivals

Foreign tourist arrivals (FTAs) grew at a CAGR of 10.70% during the lastdecade. In 2012, the Indian tourism and hospitality industry clocked 6.58

Mn FTAs as compared to 2.38 Mn during 2002, growing at the same rate it

is expected to touch ~18.19 Mn by 2022 (As shown in Fig.2). The foreign

exchange earnings also increased to US$ 17.78 Bn in 2013 as compared to

US$ 3.10 Bn in 2002 (As shown in Fig.3)

Fig.2: Growth in the number of Foreign Travelers in India ( In Mn )

2.38

5.08

6.58

18.19

1

5

9

13

17

2002 2007 2012 2022

NoofFTAs

Fig.3: Foreign Exchange Earnings over the last Decade ( $ In Bn )

ForeignExchangeEarnings

Source: Indian Tourism Statistics. Figures in white represent estimates


3.1

10.73

17.78

1

3

5

7

911

13

15

17

19

2002 2007 2013


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3. Changing Consumer Dynamics and New Schemes for easy Finance:

Changing Consumer Dynamics

India has the second largest plastic cards base in the AsiaPacific region.

The outstanding plastic cards in 2007 were ~130 Mn and in 2012, the

number rose to more than double at ~296 Mn cards. 35% of those who

use plastic cards use it for travel and dining (As shown in Fig.4)

Travel and

Dining, 35%

Apparels, 35%

Jewellery, 10%

Consumer

Durables, 10%

Others, 10%

No. of Outstanding Cards in 2012: 296 Mn Cards

Fig.4: Use of Plastic Cards under different categories

Source: RBI and CCI Technopak Report

New Schemes for easy Finance

Players such as Thomas Cook, Cox & Kings and SOTC have tie-ups with

ICICI Bank, CitiBank and Kotak Mahindra to offer holidaynowpay later

schemes. These banks also offer a basket of products such as personal

loans for the purposes of business, wellness or sports travel



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(C) Internal Drivers

1. Demand-Supply Gap:Statistics on the demand and supply for hotel

rooms indicate that India currently has around 1,28,000 hotel rooms

spread across the various hotel categories, whereas the requirement

of rooms in India is estimated at more than 2,00,000 rooms

The impact of this demand and supply gap is felt by way of increased

room tariff. In metro cities, the room rents have simply sky rocketed.

This is especially the case with mid segment and budget hotel

categories where a large gap in supply exists at the moment

2. New Entrants in the Sector: Apart from the demand and supply

gap, there are other internal factors that drive growth for the industry.

Healthy performance of the services sector (specially IT and ITes) has

led to increased number of business travelers (both domestic and

international) in the country which makes it imperative for such

companies to either build their own hospitality infrastructure or usehotels etc, other such examples are as under:

Internal

Diversification

Emaar Group of Dubai and

Armani Brand have launched

boutique luxury hotels in India

IT Companies Infosys has a room inventory of

13,000 and Wipro has 500 rooms

Private Equity Firms Warburg Pincus invested US$ 60

Mn in Lemon Tree Hotels

Low Cost Carriers Cheap Air fares boost tourism

and encourage people to travel

Growth DriversInternal Drivers


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Governments Initiatives


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In India, the Tourism and Hospitality industry is primarily driven by the

private sector service providers, while the public sector contribution is

significantly through provisions of infrastructure, either directly or through

Public Private Partnership (PPP) in hospitality and tourism projects

Growth in this industry goes hand in hand with the performance of allied

industries such as aviation, transport, basic tourist infrastructure and

facilitation systems, etc. Thus, sustainable growth in this sector cannot be

attained unless the issues related to these sectors are addressed

simultaneously. For the same purpose, following are some of the initiatives

that the government has undertaken to give a boost to this robust and

growing industry:

Governments Initiatives

Foreign Direct Investment (FDI)

The Hotel and Tourism related industry has been declared as a high priority

industry and Foreign Direct Investment (FDI) of up to 100% (under the

automatic route) has been permitted for this sectorThe sector contributes ~3% to the total FDI inflows of the country. Due to

governmentsinitiatives, it attracted US$ 17.78 Bn1 worth of FDI inflows in

FY 2013

To propel the growth of the

sector, it is imperative that thehospitality sector receives

Infrastructure status

Chris Moloney

Chief Operating Officer

InterContinental Hotel Group1

DIPP Data


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Tourism Infrastructure Development

In the review of the ongoing 12th Five Year Plan1, the total number of

projects that were sanctioned across all states and across all schemes were314. An amount of US$ 294.50 Mn2 (i.e. INR 1,826 Crores) has been

sanctioned so far for the development and promotion of tourism and

related infrastructure

The 12th Plan Five Year Plan is focused on the development of tourism

infrastructure in an integrated manner by identifying the important circuits

and the gaps in infrastructure amenities in the convergence of resources ofvarious Ministries/ Organisations at the Central and State levels

The states with the maximum number of tourism projects sanctioned are

Jammu and Kashmir, Madhya Pradesh, Arunachal Pradesh, Uttar

Pradesh, Himachal Pradesh and Nagaland (As shown in Fig.5)

Source: Project Monitoring Information System, Ministry of Tourism112th five year plan only includes plans sanctioned for the year 2012-13 and 2013-14 till date2

Exchange Rate: I US $ - INR 62

28

20

17

12 11 119

6 5 5 4 3 2 2

16

0

5

10

15

20

25

30

JammuandKashmir

MadhyaPradesh

ArunachalPradesh

UttarPradesh

HimachalPradesh

Nagaland

AndhraPradesh

Kerela

Maharashtra

Sikkim

Mizoram

Manipur

Delhi

Goa

Others

Fig.5: Statewise Sanction of Projects for the year 2012-13

Total no. of projects: 151

No.ofProjects

Governments InitiativesTourism Infrastructure Development


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India as 365 day Destination

India caters to all kind of tourists and therefore the government of Indiaaims to make India A 365 day Destination that offers a vast array of

destinations with exquisite locations from peaceful beaches across Kerala

to the snow clad mountains of Kashmir

Today, India is also one of the most popular health and wellness tourism

markets in the world. The Ministry of Tourism and the State tourism boards

of India are developing new products to capitalize on India's potential as a365 Day Destination with an emphasis on positioning the country as a

unique destination offering something for everyone

Visa on Arrival

Incredible India International Campaigns

Currently, there are 11 countries that are allowed Visa on Arrival, the

ministry of tourism is in the process of adding three more countries

(France, Germany and Russia) to the list. The consumption

demand, emanating from tourist expenditure also creates more

employment and generates a multiplier effect on the economy

The Ministry of Tourism commenced its International TV Campaign (2009-

10Extended to 2010-11) for Europe and Americas region, which finished

in the first half of the 2010-11. In December 2010, the Ministry launched

its International TV Campaign 2010-11 in Europe. Leading TV channels of

pan-regional reach are a part of the Media Plan of the Ministry. The

Incredible India Campaigns have also become a rage across the world today

Governments Initiatives365 Day Destination, Visa on Arrival, Campaigns


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Segment Analysis


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I. Accommodation and CateringRestaurants Sector (1/3)

Accommodation and Catering is one of the most versatile segments and

serves anyone from 2 to 90. It is driven by a number of Demand Side and

Supply Side factors that are discussed later in the report. Despite the

traditional Indian culture of eating home made food, the trend of eating

out and splurging on food from different parts of the world is picking up

This segment is highly fragmented and it is further divided in two broad sub

segments namely:

A) Restaurants

B) Hotels

The current market size of the Indian Restraunt sector is US$ 12.10 Bn and

growing at a CAGR of 7%, the industry is expected to grow to US$ 23.80 Bn

by 2022. The industry is highly fragmented with over 1.5 Mn eating outlets

under the Organized and Unorganized Segments. The organized segment

accounts for 16% of the industry and it is worth US$ 1.94 Bn. The organized

sector is characterized by an organized supply chain with quality control

and sourcing norms, multiple outlets with standardized design, and

accounting transparency, while the unorganized segment accounts for the

bulk of the industry (84%) and lacks technical, accounting or standardized

practices

In terms of market segments, quick service restaurants (QSRs) and casual

dine-in formats are clear winners with 74% of the total market, growing at

a CAGR of 21%. Cafes make up for 12% of the market, while fine dining (orFull Service Restaurants) and pubs, bars, clubs and lounges (PBCL) comprise

the rest. The key growth drivers and emerging trends indicate an increasing

share of delivery and take-away formats (drive-thru etc.) with a focus on

convenience

The various formats under the Indian restaurants sector are discussed in

the following section of the report

(A) Restaurants Sector


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Different formats under the Indian Restaurants Industry

Full Service Restaurants

Fine Dining: Offers finest in

food, service, and ambience; high

priced; highly trained staff; usually

located in luxury hotels in

metropolitan cities

Casual Dining: Offers moderately

priced food, casual

ambience, quick table service;

some of these dine ins also

provide takeaway

Quick Service Restaurants

Also called fast food joints; serve processed foods at low prices; typical

menu items include burgers, pizzas, milkshakes, French fries; minimal

table service; also provide takeaway and home delivery

Cafes

Outlets serving range of coffee and other hot and cold beverages, quick

bites such as pastries and sandwiches, and breakfast



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Different formats under the Indian Restaurants Industry

Pubs, Bars, Clubs and Lounges

Ice Cream and Yogurt Parlors

Outlets usually exclusively selling ice cream, gelato, sundaes andshakes, sorbet, and frozen yogurt

Kiosks

Small standalone structures dispensing quick snacks and drinks; typical

items include wraps, Indian snacks, fruits and fruit juice, Chinese

food, corn, ice cream, salads; commonly found in public spaces such as

shopping malls

Casual or upscale establishments serving alcoholic beverages and food

Juice Bars

Stores usually selling fresh and bottled fruit and vegetable

juices, smoothies, and juice blends; some of them also sell

soups, salads, and wraps

Food Courts

A designated area in large public places such as shopping

malls, airports, hospitals, offices with several QSRs and Kiosks etc.



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The Hospitality industry is one of the largest service industries in India.

Despite seeing the least hotel occupancy in the past two years, this sectorwill promise robust growth over time with new travel concepts and

innovative hotel projects. The growth of the Indian hotel market is based

on the rising domestic and foreign tourism

Approximately 300 hotels will come up in India over the next three

years, constituting about 17% of Asiashotel construction pipeline. India

has the second largest number of hotels (292) under construction after

China (592). The hotel projects under construction include projects from

companies such as Four Seasons, Carlson Rezidor Hotel Group, Hilton

Worldwide, Hyatt Hotels Corp. and Indian Hotels

(B) Hotels Sector

I. Accommodation and CateringHotels Sector (1/3)


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Fig.6: The upcoming and Existing Keys in

top 8 Cities*

As shown in Fig.6, NCR is likely to experience the maximum addition to

its keys inventory over the next three years. The development of the

hospitality district in Aerocity near the Delhi airport alone is likely to add

close to 4,000 keys to the region. Mumbai comes in second, with brands

such as Conrad, Bellagio and MGM Grand entering the market.

Bengaluru will also witness the debut of The Ritz Carlton in the city;considered to be one of the most significant openings anticipated over

the next three years

*

All the data pertain to the year 2012, RevPAR Revenue Per Available Room, ARR Average Room Rate

Fig.7: ARR and RevPAR for the Top 8 Cities*

4000

6360

4920 4775 5220

6095

7835

3460

2442

3561

29562536

3308

4120 4348

1754

0

1000

2000

3000

4000

50006000

7000

8000

9000

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Mumbai NCR Pune

ARR RevPAR

2000

10000

40005000

4000

10000

17000

20003000

11500

7000 63005000

18000 18000

6500

0

5000

10000

15000

20000

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Mumbai NCR Pune

Upcoming Existing



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Fig.8: Hospitality Hotspots Across India

Mumbai and NCR remain the most occupied hotel destinations and also

enjoy the highest Revenue per Available Room (RevPAR) performance

and highest average room rates (ARR) performance. Apart from the

tourist destinations that these cities have, they also have an upper hand

in terms of being the economic and financial capitals of the country

Image Courtesy: Cushman and Wakefield Hospitality



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There are various demand side and supply side factors that drive the

growth of the Accommodation and Catering segment, some of them are as

under:

Favorable Demographies

The urge for trying new cuisines, exploring new places, going out for

weekend gateways have been the key growth drivers for this segment. An

average young Indian eats out almost thrice a week and goes out for a

short weekend trip every 2 months. QSRs are also increasingly becomingsocial hangout spots, where the young population gathers to meet friends

and spend their leisure time

India is demographically one of the youngest countries in the world with

more than ~50% of its population below the age of 25 and more than ~65%

below the age of 35. (As shown in Fig. 9)

Demand Side Drivers

0-14

Years, 28.90%

15-24

Years, 18.20%

25-54

Years, 40.40%

55-64

Years, 6.90%

65 Years and

Above, 5.60%

Indian Population as of 2013: 1.3 Bn People

Fig.9: Age Structure of the Indian Population1

1

Population Census

I. Accommodation and CateringDemand Side Drivers (1/2)


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Along with an increase in Indiasworking population, there has also been a

stark increase in the number of working women. With more women

spending a substantial number of hours at work, there is little or no time to

prepare elaborate meals at home. More working women are spending

their disposable incomes on eating out or serving ready-to-eat or frozen

foods picked up on the way home from work

Rising Number of Working Women

Change in Consumption Trends and Disposable Income

Growing affluence and higher spending capacity provides a huge

opportunity for the foodservice sector. With higher disposable

incomes, consumers do not hesitate to spend more on eating out. By

2025, India will have 583 Mn people living on incomes of above US$ 4,380

/ year. With 65% of the population being under the age of 35, an increasing

number of Indians are capable of earning and have rising disposable

incomes, which is driving up demand for specialty and value-added food

products

I. Accommodation and CateringDemand Side Drivers (2/2)


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Multiple CuisinesThe foray of Indian hotels and restaurants into a variety of global cuisines is

creating a positive impact on the segment. Indo-Chinese food has risen in

popularity to almost become a staple cuisine across the country, and new

favorites such as Mexican, Italian, Thai, and Japanese food are tickling the

palates of Indian consumers

Supply Side Drivers

Better Retail Concepts

The development of malls and multiplexes has provided the industry with

ideal spaces for operation. Malls have allowed new formats such as food

courts to enter the market and offer consumers to access multiple cuisines.

A portion of the mallstraffic is also converted into customers for the food

courts

I. Accommodation and CateringSupply Side Drivers (1/2)


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The food supply chain in India is complex, less developed, and involves

numerous small stakeholders at various stages: farmers, wholesalers, foodmanufacturers, retailers, and multiple intermediaries who add little value

to the product. While most of these challenges are dealt with, contract

farming has come up as a boon for this segment

Contract farming companies are those companies that sign contracts with

farmers to grow a specific crop, guaranteeing to buy the produce at an

agreed price. These companies have emerged as a preferred way for big

global and domestic catering brands to source agricultural produce. Thirdparty logistics providers, which transport the produce and food products

from source to destination, have also emerged as a growth driver in this

segment

Improved Logistics and Supply Chains

I. Accommodation and CateringSupply Side Drivers (2/2)


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II. Tourist Destinations

India is home to a vast array of tourist destinations varying from world

heritage sites to beautiful scenic destinations that the domestic and foreign

travelers love to visit repeatedly. These places attract a lot of tourism in the

form of tourists who wish to discover the countrysdiverse culture and

different climatic conditions across the country. From the coldest weather

in Kashmir to the driest places on earth in the form of Thar dessert, the

snow clad Himalayan ranges of the north to the long beaches of the

south, India is truly diverse. The country offers a bit of everything for every

traveler. The top tourist destinations of the country are:

Agra

Agras Taj Mahal is one of the most famous tourist attractions in the

world, the mausoleum of Shah Jahanswife, Mumtaz Mahal. It is one of the

New Seven Wonders of the world, and one of the three World Heritage

Sites in Agra. Set amidst the landscaped gardens, the monument got

completed in 1653. The perfectly symmetrical monument took 22 years

(1630-1652) of hard labour and 20,000 workers, masons and jewelers to

build


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Jaipur and Udaipur

Jaipur is popularly known as the Pink City of India. It is a very famous

tourist destination and lots of people flock to Jaipur to view the various

forts and monuments which reflect its glorious past. Tourism is a significant

part ofJaipurseconomy and has some of the worldsbest hotels. Udaipur

has become a hot favorite wedding destination for locals as well as NRIs

Goa

Goa is famous for its pristine beaches, in fact 90% of all the tourism in Goa

happens only for its beautiful beaches in coastal areas. Many foreigners

have made Goa as their second home for its laid-back and relaxed lifestyle

throughout the year



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Situated on the lush and tropical Malabar Coast, it is one of the most

popular tourist destinations in India. Named as one of the "ten paradises of

the world" and "50 places of a lifetime" by the National Geographic

Traveler magazine, Kerala is especially known for its ecotourism

initiatives, beautiful backwaters and alternative healing massages

Kerala

Kashmir (Paradise on Earth)

Kashmir is called paradise on Earth and it is one of the most beautiful

places in the world. It has three main geographical regions known as The

Lesser Himalayasor the Jhelum Valley(Kashmir), TheInner Himalayas

or The Indus Valley (Ladakh) also called Trans-Himalayas, and The

Outer-Himalayasor TheSouthern mountain range(Jammu)



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III. Events

Although this segment of the industry is at a very nascent stage, it has

come out as one of the fastest growing segments. Given the rising trend of

concerts, youth festivals and weekenders, the segment is poised for rapid

growth. It also gives the opportunity to international artists to discover the

Indian market as the countrysyouth is the driving force of this segment.

Some of the prominent Indian events are:

Sunburn is the most popular electronic dance and music Festival held

at Candolim Beach, Goa every year (now expanded nation-wide). The

festival is a mix of Music, Entertainment, Food and Shopping. It was ranked

amongst the Top 10 Festivals in the World. The Festival is organized by

Percept, a leading Entertainment, Media and Communications company in

India. Spread over 3 days, the festival has multiple stages with many

international artists playing simultaneously

The Auto Expo is a biennial automotive show held in New Delhi. It is Asia's

largest and the world's second-largest motor show. The expo is mainly

organized jointly by the Automotive Component Manufacturers

Association (ACMA), Confederation of Indian Industry (CII) and Society of

Indian Automobile Manufacturers (SIAM) and works as a brand promotion

and corporate image development platform for exhibitors


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Kumbh Mela is a mass Hindu pilgrimage of faith in which Hindus gather to

bathe in a sacred river. It is considered to be largest peaceful gathering in

the world with over 100 Mn people visiting during the Maha Kumbh Mela

in 2013

It is a 3 day music and dance festival organized by the Ragasthan Events

Private Limited in Rajasthan. Many international artists come over for the

event and it is gaining popularity amongst the Indian youth and foreign

travelers

The NH7 Weekender is a three-

day Indian music festival and it is

considered to be the second best

music event in India after

Sunburn. This event happens

across various cities in India

India Bike Week is the first and

only festival in India that is built

around bikes, bikers and music.

It is a new concept and is fast

gaining popularity

III. Events


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This segment is the most fragmented segment of the tourism and

hospitality industry. It comprises travel bookings, tour packages, weekend

planners, group holidays etc. This segment works under two broad

categories: Offline Mode (large tour operators such as Air Travel Bureau

and Uniglobe Travels) and Online Mode (Make MyTrip, Red Bus etc.)

When a customer books tickets and makes his travel package over the

internet, it is categorized under the online mode and when a travel agent

or a physical delivery of tickets etc. is involved in the process, it falls under

the offline mode. Retail Customers generally opt for the online mode of

booking because of the on-the-go convenience, while the corporate

customers prefer offline mode driven by bulk discounts and complicated

arrangements

In India, there are a number of different travel formats that have emerged

over time, some of them are shown as under:

Eco-Tourism

Eco-tourism focuses on local cultures, wilderness adventures, personal

growth and learning new ways to live on our vulnerable planet. It is

considered as the fastest growing market in the tourism industry. According

to the World Tourism Organization, this format has shown an annual

growth of 5% worldwide

Eco-Tourism in India is still at a very nascent stage, but there are conscious

efforts to save the fragile Himalayan Eco System and culture of the

indigenous people. In the 11th Five year plan, the government expended

only Rs. 1.73 Crores for the development and conservation of eco system of

the country, but it has grand plans for this segment in the future

Source: Reference Note, Lok Sabha Secretariat

IV. Tour and Travel Formats


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Medical Tourism

Medical tourism (also called medical travel, health tourism or global

healthcare) is used to describe the rapidly-growing practice of travelingacross international borders to obtain cost-effective and high quality health

care. Services typically sought by travelers include elective procedures as

well as complex specialized surgeries such as joint replacement, cardiac

surgery, dental surgery, and cosmetic surgeries

The current market size of this sub segment is ~US$ 1.25 Bn1. India is well

positioned to take advantage of the upcoming growth in the medicaltourism sector, given its proximity to the MENA region as well as Europe.

Rising health care costs worldwide drive growth for this segment, following

is a time-cost analysis of various health treatments in India and abroad:

Nature of Treatment

Approximate

cost in

India($)

Cost in other

Major Healthcare

Destinations ($)

Approximate

waiting period

in USA / UK(Months)

Open Heart Surgery 4,500 > 18,000 9-11

Cranio - facial Surgery and skull base 4,300 > 13,000 6-8

Neuro - surgery with hypothermia 6,500 > 21,000 12-14

Complex spine with implants 4,300 > 13,000 9-11

Simple Spine surgery 2,100 > 6,500 9-11

Simple Brain Tumor- Biospy 1,000 > 4,300

-Surgery 4,300 > 10,000

Parkinsons

- Lesion 2,100 > 6,500

-DBS 17,000 > 26,000

Hip Replacement 4,300 > 13,000 9-11

9-11

6-8

IV. Tour and Travel FormatsMedical Tourism

1ASSOCHAM Report


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Meetings Incentives Conferences and Exhibitions

(MICE)

It is a specific form of business tourism that relates to the activities of

groups of business people travelling for business purposes rather than

individual business travelers and represents a multi-million dollar segment

of tourism worldwide

India is in a continual process of upgrading its MICE facilities. There are

multiple plans on the anvil for more world-class convention

centers, airports that contest with the best in the world (recent testamentsare the T3 at Delhi and the T2 at Mumbai International Airport) and efforts

to team-up the famous Indian hospitality with customization as per a

visitor's requirement. MICE trips generally involve elements of

relaxation, shopping and sightseeing. Hence, most MICE travelers can be

converted into leisure travelers who would spend money on sightseeing

and shopping as well

Golf Tourism

One of the latest trends in sports tourism is golf tourism. There has been a

recent surge in golf tournaments and golfing events world over. India has

several golf courses of international standards. Further, golf events held in

India also attract domestic and international tourists, which makes it a

niche tourism product in India (e.g. Hero Indian Open at Delhi Golf Club)

IV. Tour and Travel FormatsMICE and Golf Tourism


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Pilgrimage Tourism

Famous shrines such as the Vaishno Devi Shrine, Vrindavan and Char

Dhaamof Hindu religion attract a lot of domestic tourism. Vaishno DeviShrine in Jammu alone attracts over 10Mn people in a year. Apart from

this, foreign tourists visit India for Buddhism. As India is believed to be the

birth place of Buddha, all Buddhists travel to places of Buddhist significance

such as Bodh Gaya, Sarnath etc. to know and understand Buddhism

comprehensively, which makes it a growing format of travel

IV. Tour and Travel FormatsPilgrimage and Cruise & Adventure Tourism

Cruise and Adventure Tourism

India, with its vast and beautiful coastline, untouched forests and

undisturbed idyllic islands has emerged as an attractive luxury tourism

destination for cruise tourists

Adventure travel is a type of tourism that involves exploration withperceived risk, requiring specialized skills and physical exertion. Adventure

tourism is rapidly growing in popularity, as tourists seek different kinds of

vacations. Access to inexpensive consumer technology, with respect

to Global Positioning Systems (GPS), social networking, fast

telecommunications and photography, have increased the worldwide

interest in adventure travel


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Challenges andOpportunities


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Challenges

The potential of the tourism and hospitality industry in India is vast.

However, at the same time, the industry faces various challenges, of whichthe most critical is lack of proper infrastructure and low occupancies

among others

There are many other challenges that bar the growth of this sector, but the

good news is, these challenges can be converted into opportunities. If the

infrastructure of the this industry gets better, it will not only result in the

growth of travel and but will also benefit the allied sectors such as

domestic transport (surface and air), market for handmade products and

the F&B sector. The various challenges that the industry faces are as under:

Challenges

Infrastructure Development

Infrastructure needs for the tourism and hospitality industry range from

physical infrastructure such as ports of entry to modes of transport to

urban infrastructure such as access roads, electricity, water

supply, sewerage and telecommunication. The sectors related to thisindustry include airlines, surface transport, accommodation(hotels), and

infrastructure and facilitation systems


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Sluggish Room Occupancy Rates

The top six cities witnessed an average occupancy rate (AOR) of 58% with

an average room rate (ARR) of Rs 6,214 in the year 2012-2013. The currentaverages record a marginal decline of 4% in AOR and 5% in ARR over the

average of 2011 performance

Image Courtesy: Economic Times

The average occupancy and room rates for hotels in India are expected to

be under further pressure with 50,000 new hotel rooms coming up in the

top six cities over the next three years. Over the next three years, thenational capital region will see the maximum number of new rooms getting

built at 17,000 rooms, followed by Mumbai and Bangalore with 10,000

rooms each. The decline in occupancy was primarily due to a moderate

slowdown in global economies which led many corporations to curtail

travel, while individual travelers have also been cautious due to various

uncertainties such as terrorism, hold-ups etc

ChallengesSluggish Room Occupancy Rates


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Service Levels

In addition to tour operators and hotel staff, tourists interact with people

from different backgrounds, ethical standards, occupations and experience.Such people include staff at bus/ railway station, immigration staff at

airports, taxi/ coach operators, ticketing/ travel agencies, small hotels, staff

at heritage sites, and tour guides among others

The degree of service offered by these people has a significant impact on

determining the touristsoverall experience of India. The government has

taken initiatives to promote responsible tourismby sensitizing the peopleinvolved in the tourism industry through training and orientation and by

inspiring confidence of foreign tourists in India as a preferred destination.

One such major initiative is the Atithi Devo Bhavacampaign. More such

efforts are required to improve the degree of service across various service

sectors of this industry

ChallengesService Levels


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Regulatory Bottlenecks and Operating Costs

Multiple taxation is adversely impacting India's Tourism and Hospitality

industry. The cascading effect of these multiple taxes has resulted instructural distortions in the industry's cost and pricing structure. This in

turn makes the industry uncompetitive as an international tourist

destination and also discourages discretionary spending by domestic

tourists

Security

Security has been a major problem as well for growth of tourism for a

number of years. Terrorist attacks and political unrest in different parts ofthe country have adversely affected the sentiments of foreign tourists

Cyber crime is another major challenge that the travel industry faces. Use

of the Internet in the tourism and hospitality industry has increased in

recent years and has emerged as one of major segments for online spends.

However, some of the biggest frauds have been detected in this segment

and the issue of online security has assumed significant importance

ChallengesRegulatory Bottlenecks and Security


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Opportunities

Opportunities

Indias massive natural, cultural and culinary diversity offers enormous

opportunities for the tourism and hospitality industry. This industry is one

of the largest service sector industries in India and generates considerable

employment in the country. It promises sustainable growth in the long term

and gives rise to a number of opportunities for different tourism formats

and hospitality services

Medical tourism in India has gained considerable popularity in recent years.

India has a major cost advantage in this field as compared with othercountries. In addition to its cost advantages, the Indian healthcare industry

offers state-of-the-art equipment, technological advancement, qualified

and experienced medical personnel and a blend of modern and traditional

medicines, which makes it a booming opportunity for the country

Opportunities also exist in ecotourism, which is evident in the development

of eco-friendly hotels and tour packages. MICE tourism is another area

where the opportunity lies as there is a serious need for meeting and

conferencing facilities across Tier 1 and Tier 2 cities. Some hotel developers

are increasingly building hotels with extensive meeting and conference

facilities. The ITC Grand Chola in Chennai, the Sheraton and Vivanta by Taj

in Bengaluru are some examples of this phenomenon. Other opportunites

in the sector are as under:

Employment Generation

It is estimated that to cater for the growing need of the hospitality

sector, over 2,03,000 hospitality trained manpower would be required

annually. A scheme of capacity building for service providers has been

implemented to impart hospitality training to those employed in this sector

which ensures quality employment in the industry


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OpportunitiesCountrys Promotion and Allied Sectors

Countrys Promotion

The advertising campaigns and the Indian tourism offices overseas have

promoted India as a 365 day tourist destination. The various promotionalactivities in overseas markets with added focus on emerging markets will

generate greater awareness about India as a tourist destination and will

also increase Indiasshare in international tourist arrivals and receipts

Growth of Allied Sectors

Growth in the tourism and hospitality industry has a multiplier effect on the

related sectors. Tourists come to the country and travel in and around, for

which they use surface transport, they also look for handmade products

that the Indian artisans are famous for and in order to stay connected to

their home countries, they also look for fast telecommunication facilities.

All these factors drive growth in the allied sectors of this industry


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Emerging Trends WhatsExciting


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Emerging Trends Whats ExcitingBudget Hotels

In this robust tourism and hospitality industry, many emerging trends are

gaining momentum. The soaring real estate costs and other operational &

functional challenges lead to innovative solutions that become industry

trends overtime. Change in business models, rejigs, re-branding etc are

some of the common tools that the managements are applying to their

organizations to keep up with this dynamic industry. Some of the exciting

and new industry trends are as under:

Budget Hotels

Budget hotel is the newest category of hotels that provides the rooms and

meals at an affordable cost. These hotels do not offer ultra luxurious

facilities but offer facilities that are required to only fulfill the basic

requirements such as daily room service, telephone, television, air

conditioning, mineral water etc.

This trend has taken pace because of the lower occupancies in the

hospitality sector in the past few years. The multi-star rated hotels could

barely see 50% occupancy, to overcome this challenge many prestigioushospitality brands have launched budget hotels for people who look out for

a sophisticated place at affordable prices. Ginger hotels by Indian Hotels

(Taj Hotels) and Premier Inn by Whitbread group of the UK are classic

examples of this phenomena. Accor group has also announced its

expansion in India under the budget hotels category


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Rebranding

As hospitality becomes more competitive, hotel rebranding has become

more prevalent. Segmentation is no longer just about price, butincreasingly about finding the niche and creating an identity thats

distinctive in the hotel fraternity. Standing out from the competitors is the

name of the game to remain profitable and relevant, which is generally the

motivation behind the rebranding exercise. Sluggish economy and the

highly competitive nature of the industry drive this move. Some of the

recent rebranding that happened in the India hospitality are as under:

Then Now

InterContinental EROS Hotel

Crowne PlazaHilton Hotel

Double Tree Hotel Holiday Inn

Shangri-La Hotel Palladium Hotel

Emerging Trends Whats ExcitingRebranding


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Michelin Star Restaurants

The Michelin Star is one of the most prestigious ranking systems for food

establishments in the world. In the highly competitive world of finedining, the Michelin star status is gaining totemic status. Hospitality

companies are bringing restaurants and chefs that are featured in the

Michelin Red Guide to India, this guide is widely considered as the bible for

gastronomes across the world. The extra spending involved in setting up a

specialty Michelin-star restaurant is worth the price as this gives it added

cachet with the substantial expat crowd. There is a star based ranking

system that the Michelin Red Guide follows:

1 StarWorth Stopping For

2 StarWorth a Detour

3 StarWorth a trip

The trend of such eating outlets have started gaining pace in India, some of

the prominent Michelin Starred Restaurants in India are:

Price for Two:

Rs. 5,000-8,000

Located : Mumbai

Price for Two:

Rs. 4,000-5,000

Located : Delhi

Price for Two:

Rs. 3,000-5,000

Located :

Bengaluru, Mumbai,New Delhi

Price for Two:

Rs. 8,000-10,000

Located : Mumbai

Price for Two:

Rs. 4,000-5,000

Located : Mumbai

Emerging Trends Whats ExcitingMichelin Star Restaurants


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The Online WayNew standalone eateries with new sitting and dining concepts are wooing

in the Indian palate. As a reciprocal, big hotels are also offering discounts

on food & beverages on the internet to reach out to the young, middle-

class customers. Websites such as tastykhana.com and groupon.co.in offer

great deals on food and beverages that attract young customers to try new

places

Cage Culture

Gourmet restaurants in the coastal states of the country are serving

more high value fishes such as cobia, seabass and tilapia, all due to the

emergence of the new concept called Cage Culture.Cage Culture means

rearing and breeding of exotic and Indian fishes in enclosures that aregenerally constructed of wire or netting as bags, supported with rigid

frames that are floated in large bodies of water. The increasing demand for

such fishes in the local market is compelling the seafood exporters to buy

and sell these fishes in the local market by procuring them through these

cages, which reduces the cost of seafood which is generally high

Timeshare - Vacation Ownership

Vacation ownership is a period of time that you can buy for a specific

property (usually a residence at a resort) or multi-destination club, duringwhich the right-to-use the property belongs to you. The idea is that you

benefit by "pre-paying" for a vacation place rather than renting it, as you

might otherwise do. In Recent years, leading hospitality companies such as

Hilton, Marriott, Hyatt, Fairmount, Four Seasons, Accor Hotels have been

building and converting upscale hotels in order to satisfy the vacation

ownership and membership demand. These vacation ownerships typically

involve both a purchase price and an annual maintenance fee

Emerging Trends Whats ExcitingTimeshare, Cage Culture, Online Way


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Major Players


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Jubilant FoodworksCompany Profile

Jubilant Foodworks Limited

(JUBI.BO), is a part of the Jubilant

Bhartia Group. The company ownsand operates two restaurant chains

in India; Dominos and Dunkin

Donuts. It opened the first Dominos

store in New Delhi in 1996 and has

exclusive rights to use the Dominos

brand in India, Nepal, Bangladesh

and Sri Lanka across a network of650 Dominos Pizza Stores (as of

October 2013). Dominos is the

market leader with a 67% market

share among pizza chains in India, it

operates stores in 132 cities across

the country

Dunkin Donuts was launched inIndia in April 2012 and there are 19

Dunkin Donuts restaurants in India

(as of October 2013)

ParticularsHistorical

Mar-12 Mar-132 Year

CAGR

Total Income Rs. 1,018.88 Rs. 1,414.31 44.40%

% Growth 38.80%

EBITDA 187.93 241.66 42.00%

% Margin 18.40% 17.10%

EBIT 150.19 186.08 43.38%

% Margin 14.70% 13.20%

PBT 156.17 193.88 45.04%

% Margin 15.30% 13.70%

Reported PAT 103.29 131.10 35.19%

% Margin 10.10% 9.30%

Adjusted PAT 106.00 131.10 35.19%

% Margin 10.40% 9.30%

Note: EBITDA & EBIT figures exclude Other

Income, Adjusted PAT excludes the effects of

Exceptional Items (Net of Tax)

Summary Income Statement (In Crs.)

Particulars Mar-12 Mar-13

Total Assets 467.25 651.80

Shareholders' Equity 296.30 429.77

Total Debt 13.35 12.20

Cash & Cash Equivalents 105.20 131.50

Net Working Capital (119.53) (149.75)

Summary Balance Sheet (In Crs.)

Source: Company Website and Annual Filings

Brands Under the Hood


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Speciality RestaurantsCompany Profile

Speciality Restaurants is a fine dining

restaurants operator in India. The

companyscurrent portfolio stands at62 owned and operated

restaurants, 23 franchisees and 14

confectionary outlets spread across

25 cities in India and Bangladesh

The companys flagship brand is

Mainland China, with 50 outlets

serving Chinese cuisine in a finedining setting. Another high profile

core brand is Oh! Calcutta that

encompasses 8 restaurants across

India and Bangladesh. Other fast-

growing restaurant chains under the

company are Sigree, Flame &

Grill, Haka, JustBiryani, Kibbeh, Kix, Machaan, Shack

as well as the popular confectionary

brand, Sweet Bengal




Mar-12 Mar-132 Year

CAGR

Total Income Rs. 196.23 Rs. 226.92 14.49%

% Growth 15.60%

EBITDA 37.50 36.75 -1.48%

% Margin 19.10% 16.20%

EBIT 24.63 21.82 -3.76%

% Margin 12.60% 9.60%

PBT 24.68 30.48 12.51%

% Margin 12.6% 13.40%

Reported PAT 17.24 23.41 20.88%

% Margin 8.80% 10.30%

Adjusted PAT 106.00 23.41 20.88%

% Margin 8.80% 10.30%













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Indian HotelsCompany Profile

The Indian Hotels Company Limited

(NSE: INDHOTEL) and its subsidiaries

are collectively known as the TajHotels Resorts and Palaces. It is well

recognised as one of Asia's largest

hotel company. It comprises 93

hotels in 55 locations across India

with 16 international hotels in

Maldives, Malaysia, Australia, UK, US

A, Bhutan, Sri Lanka, Africa and theMiddle East

The company operates across all

hospitality segments through its

renowned brands such as Taj, Taj

Exotica, Taj Safaris, Vivanta, The

Gateway Hotel and Ginger. It also

operates Taj SATS Air CateringLtd., the largest airline catering

service in South Asia




Mar-12 Mar-132 Year

CAGR


% Growth 8.70%

EBITDA 545.25 537.64 9.21%

% Margin 15.80% 14.40%

EBIT 290.18 249.22 5.73%

% Margin 8.40% 6.70%

PBT 149.09 138.64 250.27%

% Margin 4.30% 3.70%

Reported PAT 3.06 (430.24) NA

% Margin 0.10% (11.50%)

Adjusted PAT 4.08 (142.79) NA

% Margin 0.10% (3.80%)





Total Assets 9,232.14 9,296.56

Shareholders' Equity 3,093.70 2,979.28

Total Debt 4,450.18 4,525.36






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EIHCompany Profile

EIH Ltd. (NSE: EIHOTEL) has a 100%

equity interest in the six TheOberoi

Hotels located in Mumbai, NewDelhi, Kolkata, Bangaluru, Udaipur

and Ranthambhore. The company

also manages, The Oberoi Hotels in

Agra, Jaipur, and Shimla

The Company also has equity

interests in nine hotels that operate

under the Tridentbrand name. EIHhas a 100% equity interest in

Trident, Nariman Point and

Trident, Bandra - Kurla Complex in

Mumbai. In addition to its primary

hotel business, the company is also

involved in other businesses such as

flight and airport services, carrentals, air charter services, and a

printing press




Mar-12 Mar-132 Year

CAGR


% Growth 4.40%

EBITDA 315.81 277.45 2.55%

% Margin 22.40% 18.90%

EBIT 278.07 221.87 22.75%

% Margin 19.80% 15.10%

PBT 157.67 100.76 109.07%

% Margin 11.20% 6.90%

Reported PAT 122.32 41.77 NA

% Margin 8.70% 2.80%

Adjusted PAT 114.87 51.83 NA

% Margin 8.20% 3.50%













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Mahindra HolidaysCompany Profile

Mahindra Holidays (NSE:MHRIL), is

one of the leading leisure hospitality

providers and part of the renownedMahindra Group. The company is the

largest within the timeshare industry

in India

It provides quality family holidays

through vacation ownership

memberships and other allied

services required for a completeholiday experience. Members can

choose to holiday at any of the fully

operational resorts, for seven days

each year, in a season and apartment

type of chosen entitlement. It offers

complete holiday solutions to its

customers, drawing on its wide rangeof products and services




Mar-12 Mar-132 Year

CAGR


% Growth 20.10%

EBITDA 95.44 122.82 -0.17%

% Margin 16.50% 17.70%

EBIT 72.35 95.56 -2.79%

% Margin 12.50% 13.80%

PBT 143.26 142.78 -1.39%

% Margin 24.80% 20.60%

Reported PAT 102.33 90.92 -4.81%

% Margin 17.70% 13.10%

Adjusted PAT 102.33 90.92 -4.81%

% Margin 17.70% 13.10%







Total Assets 1,981.18 2,243.23




Net Working Capital 265.88 373.06


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Thomas CookCompany Profile




Mar-12 Mar-132 Year

CAGR


% Growth 9.80%

EBITDA 106.65 111.96 27.68%

% Margin 27.20% 26.00%

EBIT 92.71 97.78 33.13%

% Margin 23.70% 22.70%

PBT 80.64 77.08 10.07%

% Margin 20.60% 17.90%

Reported PAT 56.24 50.44 3.41%

% Margin 14.40% 11.70%

Adjusted PAT 56.24 50.44 11.59%

% Margin 14.40% 11.70%





Thomas Cook (India) Ltd. (NSE:

THOMASCOOK), is an integrated

travel and travel related financialservices company offering a broad

spectrum of services that include

Corporate Travel (MICE), Leisure

Travel, Forex and Insurance. The

Company has celebrated 131 years of

high quality service in India

The company operates in over 78cities across 206 locations. It has

overseas operations in Sri Lanka and

Mauritius which is a branch of

Thomas cook India. It is supported by

a partner network of 117 Gold Circle

Partners and 166 Preferred Sales

Agents in over 100 cities pan India. In2012, Prem Watsas Fairbridge

Capital bought a 77% stake in the

company for US$ 150 Mn





Total Debt 225.56 187.29


Net Working Capital 41.36 20.87


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Glossary


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Glossary

Tourism:It relates to the activity / spending of travelers on trips

outside and within their home countries

Hospitality:Includes spending on eating out at Restaurants and

staying at Hotels

CAGR:Compounded Annual Growth Rate

GDP:Gross Domestic Production

UNESCO: United Nations Educational, Scientific and Cultural

Organization Direct Contribution: GDP generated by industries that deals

directly with tourists, including hotels, travel agents, airlines and

other passenger transport services, as well as the activities of

restaurant and leisure

FTAs:Foreign Travel Arrivals, the number of arrivals of foreign

visitors, including same-day and overnight visitors to the

country

DTAs:Domestic Travel Arrivals, the number of visits of domestic

travelers within the country

QSR:Quick Service Restaurants

ARR:Average Room Rates

RevPAR:Revenue Per Average Room

AOR:Average Occupancy Rate

MENA:Middle East and North Africa

IT and ITes:Information Technology and Information Technology

Enabled Services


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Dinodia Capital Advisors Private LimitedC-37, Connaught Place , New-Delhi 110001, Website - www.dinodiacapital.com

Tel No: +91 11 2341 7692, 2341 5272, Fax No: +91 11 4151 3666

Email: [email protected]

Indian Tourism Hospitality Industry Rising Ahead of the Overcast January 2014 (1)

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Transcript of Indian Tourism Hospitality Industry Rising Ahead of the Overcast January 2014 (1)