1237 - Chapter 5

CHAPTER- V
IMPACT OF GST ON HOTEL INDUSTRY IN MUMBAI

REGION
Research scholar has analysed data of research topic through primary and
secondary data. Secondary data was gathered from BSE website
(https://www.bseindia.com/sensex/code/35/) of 45 Hotels listed on Bombay
Stock Exchange. Data provides information regarding Revenue, Total Income,
Profit before Tax, Net Profit and Earning Per Share (EPS) of different hotel of
BSE.
Table 5.1
Income Statement Advani Hotels & Resorts (India) Ltd.
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 27.47 70.13 70.28 62.48 59.64

Other Income 0.71 1.03 1.45 1.35 1.2
Total Income 28.18 71.16 71.73 63.82 60.84
Expenditure -30.36 -53.36 -54.15 -47.4 -42.79
Interest -0.2 -0.23 -0.06 -0.06 -0.32
PBDT -2.18 17.8 17.58 16.43 18.05
Depreciation -3.27 -3.74 -3.65 -3.52 -3.69
PBT -5.45 14.05 13.93 12.91 14.36
Tax 1.37 -2.79 -2.55 -4.27 -5.57
Net Profit -4.08 11.26 11.37 8.63 8.79
Equity 9.24 9.24 9.24 9.24 9.24
EPS -0.88 2.44 2.46 1.87 1.9
CEPS -0.18 3.25 3.25 2.63 2.7
OPM % -7.24 25.7 25.11 26.39 30.8
NPM % -14.86 16.06 16.18 13.82 14.73
It was concluded that:
1. Revenue in 2017 was Rs.59.64 crores, which was increased to Rs. 70.13
crores in 2020 and again it reduced to Rs.27.47 crores in 2021 due to covid -19
pandemic.
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2. Total Income was 60.84 crores in 2017, which was increased to 71.16
crores in 2020 and again it went down to Rs. 28.18 crores in 2021 due to
covid-19 pandemic.
3. PBT was Rs.14.36 crores in 2017, which was Rs.14.05 in 2020 and again it
reduced to Rs. (5.45) in 2021 due to covid-19 pandemic.
4. Net Profit was Rs.8.79 crores in 2017, which was increased to Rs. 11.26
in 2020 and again it went down to Rs.(4.08) crores in 2021 due to covid-19
pandemic.
5. EPS was Rs.1.9 in 2017, which was enhanced to Rs.2.44 in 2020 and
again it reduced to Rs. (0.88) in 2021.
6. GST has not greatly affected Revenue, Total Income, PBT, Net Profit and
EPS of hotel industry from 2017 to 2020 but it was affected badly in 2021 due
to covid 19 pandemic.
Table 5.2
Income Statement Asian Hotels (East) Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 29.41 92.1 103.44 102.14 98.32

Other Income 9.35 8.98 10.27 5.61 8.79
Total Income 38.75 101.08 113.71 107.75 107.11
Expenditure -35.17 -75.97 -84.35 -83.57 -83.84
Interest -- -- -- -- -0.5
PBDT 3.58 25.11 29.36 24.18 23.27
Depreciation -3.09 -2.97 -4.92 -5.44 -6.38
PBT 0.49 22.14 24.44 18.74 16.89
Tax 0.2 -8.27 -6.66 -4 -3.93
Net Profit 0.69 13.87 17.78 14.74 12.96
Equity 11.53 11.53 11.53 11.53 11.53
EPS 0.6 12.03 15.42 12.79 11.28
CEPS 3.28 14.61 19.7 17.5 16.77
OPM % 12.17 27.27 28.38 23.67 24.17
NPM % 2.35 15.06 17.19 14.43 13.1
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It was assumed that:
pandemic.
crores in 2019 and again it went down to Rs. 38.75 crores in 2021 due to
covid-19 pandemic.
3. PBT was Rs.16.89 crores in 2017, which went up to Rs.22.14 in 2020 and
again it reduced to Rs. 0.49 in 2021 due to covid-19 pandemic.
4. Net Profit was Rs.12.96 crores in 2017, which was increased to Rs. 17.78 in
2019 and again it went down to Rs.0.69 crores in 2021 due to covid-19
pandemic.
5. EPS was Rs.11.28 in 2017, which was enhanced to Rs.11.52 in 2019 and
again it reduced to Rs. 0.6 in 2021.
6. GST has not greatly affected Revenue, Total Income, PBT, Net Profit and
EPS of hotel industry from 2017 to 2020 but it was affected badly in 2021 due
to covid 19 pandemic.
Table 5.3
Income Statement Aruna Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.31 -- -- -- --
Other Income 0.02 0.11 0.83 1.15 1.81
Total Income 0.33 0.11 0.83 1.15 1.81
Expenditure -8.29 -5.77 -8.32 -2.95 -5.53
Interest -5.2 -4.03 -4.44 -0.29 -0.06
PBDT -7.96 -5.67 -7.5 -1.81 -3.72
Depreciation -0.79 -0.8 -0.8 -1.44 -1.45
PBT -8.74 -6.46 -8.3 -3.25 -5.17
Tax -1.34 -1.42 -9.85 -- --
Net Profit -10.08 -7.89 -18.15 -3.25 -5.17
Equity 9 9 9 9 9
EPS -11.2 -8.76 -20.16 -3.61 -5.75
CEPS -10.33 -7.88 -19.27 -2.01 -4.13
OPM % -894.16 -- -- -- --
NPM % 3272.73 -- -- -- --
3|Page
It was presumed that:
1. Total Income was 1.81 crores in 2017, which was reduced to 0.11 crores
in 2020 due to GST and again it went up to Rs.0.33. crores in 2021.
2. PBT was Rs.(5.17) crores in 2017, which went down to Rs.(6.46) in 2020
due to GST and again it reduced to Rs. (8.74) in 2021 due to covid-19
pandemic.
4. Net Profit was Rs.(5.17) crores in 2017, which was reduced to Rs. (10.08) in
2021 due to GST and covid-19 pandemic.
5. EPS was Rs.(5.75) in 2017, which was reuced to Rs.(11.2) in 2021 due to
GST and Covid 19 pandemic.
Table 5.4
Income Statement Asian Hotels (North) Limited
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 72.58 252.39 273.52 274.44 251.19

Other Income 1.87 14.56 8.16 31.11 9.76
Total Income 74.45 266.95 281.68 305.55 260.95
Expenditure -752.76 -322.97 -304.5 -288.34 -267.14
Interest -91.05 -111.75 -102.87 -98.32 --
PBDT -678.31 -56.02 -22.82 17.21 -6.18
Depreciation -16.82 -17.93 -19.26 -19.96 -21.22
PBT -695.13 -73.95 -42.08 -2.75 -27.4
Tax -0.01 10.82 9.3 0.33 11.79
Net Profit -695.14 -63.13 -32.78 -2.42 -15.61
Equity 19.45 19.45 19.45 19.45 --
EPS -357.34 -32.45 -16.85 -1.24 -8.03
CEPS -348.69 -23.24 -6.95 9.02 --
OPM % -809.08 22.08 29.27 42.1 -2.46
NPM % -957.71 -25.01 -11.98 -0.88 -6.2
It was construed that:

pandemic.
4|Page
2. Total Income was 260.95 crores in 2017, which was increased to
266.95 crores in 2020 and again it went down to Rs. 74.45 crores in 2021
due to covid-19 pandemic.
3. PBT was Rs.(27.40) crores in 2017, which was reduced to Rs. (695.13)
in 2021 due to GST and covid-19 pandemic.
4. Net Profit was Rs.(15.61) crores in 2017, which reduced to (695.13) crores
in 2021 due to GST and covid-19 pandemic.
5. EPS was Rs.(8.03) in 2017, which reduced to Rs.(357.34) in 2021 due to
GST and Covid-19.
Table 5.5
Income Statement Benares Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 24.24 63.64 59.68 47.43 49.57
Other Income 0.57 0.2 0.71 0.85 1.57
Total Income 24.81 63.84 60.39 48.28 51.14
Expenditure -24.84 -43.96 -42.98 -36.25 -35.75
Interest -1 -1.08 -0.76 -0.12 --
PBDT -0.03 19.88 17.41 12.02 15.38
Depreciation -6.94 -6.38 -5.23 -4.17 -4.65
PBT -6.97 13.5 12.18 7.85 10.73
Tax 1.74 -2.89 -3.45 -1.37 -3.92
Net Profit -5.23 10.61 8.72 6.48 6.82
Equity 1.3 1.3 1.3 1.3 1.3
EPS -40.22 81.63 67.1 49.87 52.44
CEPS 13.12 130.72 107.32 81.97 88.2
OPM % 3.97 32.93 30.44 25.61 31.03
NPM % -21.57 16.68 14.62 13.67 13.7
It was inferred that:
crores in 2020 due to GST and again it reduced to Rs.24.24 crores in 2021 due
to covid -19 pandemic.
crores in 2020 due to GST and again it went down to Rs. 24.81 crores in 2021
due to covid-19 pandemic.
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3. PBT was Rs.10.73crores in 2017, which was increased to 13.50 crores in
2020 due to GST and it again it reduced to (6.97) due covid-19 pandemic.
4. Net Profit was Rs.6.82 crores in 2017, which has increased to 10.61
crores in 2020 due to GST and again it reduced to Rs.(5.23) covid-19
pandemic.
5. EPS was Rs.52.44 in 2017, which was increased to Rs.81.63 in 2020 due
to GST and again it was reduced to (40.22) due to Covid-19.
Table 5.6
Income Statement Best Eastern Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 2.34 4.3 5.18 4.79 4.77

Other Income 0 0 0.02 0.05 0.16
Total Income 2.34 4.3 5.2 4.84 4.93
Expenditure -2.31 -3.99 -4.12 -3.95 -4.00
Interest -0.17 -0.15 -0.17 -0.26 -0.31
PBDT 0.03 0.31 1.08 0.89 0.93
Depreciation -0.65 -0.7 -0.69 -0.7 -0.71
PBT -0.62 -0.4 0.39 0.2 0.22
Tax 0.05 0.05 -0.11 0.06 -0.08
Net Profit -0.57 -0.35 0.28 0.25 0.15
Equity 1.69 1.69 1.69 1.69 1.69
EPS -0.34 -0.21 0.17 0.15 0.09
CEPS 0.05 0.21 0.58 0.56 0.51
OPM % 8.67 10.62 24.2 23.95 26.06
NPM % -24.48 -8.17 5.4 5.29 3.1

1. Revenue in 2017 was Rs.4.77 crores, which was increased to Rs. 4.3 crores
in 2020 due to GST and again it reduced to Rs.2.34 crores in 2021 due to
covid
-19 pandemic.
2. Total Income was 4.93 crores in 2017, which was increased to 5.2 crores in
2019 due to GST and again it went down to Rs. 2.34 crores in 2021 due to
covid-19 pandemic.
6|Page
3. PBT was Rs.0.22 crores in 2017, which was increased to 0.39 crores in 2019
due to GST and it again it reduced to (0.62) due covid-19 pandemic.
4. Net Profit was Rs.0.15 crores in 2017, which has increased to 0.28 crores in
2019 due to GST and again it reduced to Rs.(0.57) covid-19 pandemic.
5. EPS was Rs.0.09 in 2017, which was increased to Rs.0.17 in 2019 due to
GST and again it was reduced to (0.34) due to Covid-19.
Table 5.7
Income Statement Blue Coast Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue -- -- 52.75 134.89 132.6

6
Other Income 0.08 0.1 2.48 1.43 1.13
Total Income 0.08 0.1 55.22 136.32 133.7
9
Expenditure -14.25 -21.31 -245.85 -131.24 -133.8
Interest -4.15 -4.15 -153.71 -24.27 --
PBDT -14.17 -21.21 -190.63 5.09 -0.01
Depreciation -0.11 -0.11 -3.16 -6.74 -6.63
PBT -14.27 -21.32 -193.79 -1.66 -6.64
Tax -- 0 -0.58 -- 0.61
Net Profit -14.27 -21.32 -194.36 -1.66 -6.03
Equity 12.75 12.75 12.75 12.75 12.75
EPS -11.2 -16.72 -152.01 -1.31 -7.98
CEPS -11.11 -16.64 -149.98 3.99 0.47
OPM % -- -- -70 21.77 -0.01
NPM % -- -- -368.5 -1.23 -4.5

crores in 2018 and again it reduced to Rs.52.75 crores in 2019 due to GST.
2. Total Income was 133.79 crores in 2017, which was reduced to 55.22
crores in 2019 due to GST and again it reduced to Rs. ((0.08) crores in 2021.
3. PBT was Rs.(6.64) crores in 2017, which went down to (193.79) crores in
2019 due to GST and it again it went up to (14.27) .
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4. Net Profit was Rs.(6.03) crores in 2017, which has reduced to
(194.36) crores in 2019 due to GST and again it enhanced to Rs.(14.27) .
5. EPS was Rs.(7.98) in 2017, which was reduced to Rs.(152.01) in 2019
due to GST and again it went up to (11.20) due to Covid-19.
Table 5.8
Income Statement Country Club Hospitality & Holidays Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 46.5 127.72 214.68 236.8 260.39

Other Income 5.8 -- -- -- --
Total Income 52.3 127.72 214.68 236.8 260.39
Expenditure -74.63 -151.43 -213.17 -228.88 -248.16
Interest -26.35 -36.2 -37.53 -33.84 -35.58
PBDT -22.33 -23.71 1.52 7.92 12.23
Depreciation -15.9 -16.56 -16.95 -17.95 -19.24
PBT -38.23 -40.27 -15.43 -10.03 -7.01
Tax -3.23 -4.7 -6.49 -7.21 -7.9
Net Profit -41.46 -44.97 -21.92 -17.25 -14.91
Equity 32.69 32.69 32.69 32.69 32.69
EPS -2.54 -2.75 -1.34 -1.06 -0.91
CEPS -1.56 -1.74 -0.3 0.04 0.27
OPM % 8.65 9.78 18.19 17.63 18.36
NPM % -89.17 -35.21 -10.21 -7.28 -5.73

1. Revenue in 2017 was Rs.260.39 crores, which was reduced to Rs.
46.50 crores in 2021 due to GST and Covid 19 pandemic.
crores in 2021 due to GST and Covid 19 pandemic.
3. PBT was Rs.(7.01) crores in 2017, which went down to (38.23) crores
in 2021 due to GST and Covid 19 pandemic.
4. Net Profit was Rs.(14.91) crores in 2017, which has reduced to
(41.46) crores in 2021 due to GST and Covid 19 pandemic .
5. EPS was Rs.(0.91) in 2017, which was reduced to Rs.(1.56) in 2021 due to
GST and Covid-19.
8|Page
Table 5.9
Income Statement CHL Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017

Revenue 10.61 53.4 62.28 63.61 63.86
Other Income 6.2 7.34 8.47 0.73 0.94
Total Income 16.81 60.74 70.76 64.34 64.8
Expenditure -21.38 -53.25 -55.54 -48.88 -51.99
Interest -1.73 -2.68 -4.36 -3.58 -4.54
PBDT -4.57 7.48 15.21 15.46 12.82
Depreciation -2.39 -2.73 -2.28 -2.19 -2.23
PBT -6.96 4.75 12.93 13.27 10.59
Tax 0.53 -1.89 -3.12 -5.04 -3.68
Net Profit -6.43 2.87 9.81 8.23 6.91
Equity 10.96 10.96 10.96 10.96 10.96
EPS -1.09 0.52 1.8 1.5 1.26
CEPS -0.74 1.02 2.21 1.9 1.67
OPM % -26.77 19.04 31.43 29.93 27.17
NPM % -60.58 5.37 15.75 12.94 10

1. Revenue in 2017 was Rs.63.86 crores, which was reduced to Rs. 10.61
3. PBT was Rs.10.59 crores in 2017, which went down to (6.96) crores in 2021
due to GST and Covid 19 pandemic.
4. Net Profit was Rs.6.91 crores in 2017, which has reduced to 6.43 crores in
2021 due to GST and Covid 19 pandemic.
5. EPS was Rs.1.26 in 2017, which was reduced to Rs.(1.09) in 2021 due
to GST and Covid-19.
9|Page
Table 5.10
Income Statement Cindrella Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 2.48 4.79 4.78 4.62 4.18

Other Income 0.11 0.15 0.01 0.01 0
Total Income 2.6 4.94 4.79 4.63 4.18
Expenditure -2.57 -2.66 -3.86 - -3.33
3.74
Interest -0.08 -0.03 -0.03 - -0.03
0.04
PBDT 0.03 2.28 0.93 0.89 0.86
Depreciation -0.85 -0.66 -0.53 - -0.52
0.53
PBT -0.82 1.62 0.39 0.36 0.33
Tax 0.03 -0.11 -0.11 - -0.1
0.09
Net Profit -0.8 1.51 0.28 0.27 0.23
Equity -- -- -- -- 3.57
EPS -2.23 4.24 0.78 0.77 0.64
CEPS -- -- -- -- 2.12
OPM % 4.47 48.29 19.94 20 21.21
NPM % -32.07 31.54 5.84 5.93 5

1. Revenue in 2017 was Rs.4.18 crores, which was reduced to Rs. 2.48 crores
2. Total Income was 4.18 crores in 2017, which was reduced to 2.60 crores in
10 | P a g e
4. Net Profit was Rs.0.23 crores in 2017, which has reduced to (0.8) crores in
5. EPS was Rs.0.64 in 2017, which was reduced to Rs.(2.23) in 2021 due to
GST and Covid-19.
Table 5.11
Income Statement Dhanada Corporation Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 2.94 9.28 11.22 10.93 8.83

Other Income 0.08 0.09 0.16 0.08 0.26
Total Income 3.02 9.36 11.37 11.01 9.09
Expenditure -8.23 -11.93 -12.05 -12.8 -10.9
Interest -4.1 -3.54 -3.04 -2.62 -2.14
PBDT -5.21 -2.57 -0.67 -1.8 -1.81
Depreciation -0.7 -0.76 -0.98 -1.2 -1.73
PBT -5.91 -3.33 -1.65 -2.99 -3.54
Tax -- -- -- -- --
Net Profit -5.91 -3.33 -1.65 -2.99 -3.54
Equity 5.59 5.59 5.59 5.59 5.59
EPS -1.06 -0.59 -0.3 -0.54 -0.63
CEPS -0.93 -0.46 -0.12 -0.32 -0.32
OPM % -37.65 10.49 21.1 7.53 3.76
NPM % -201.4 -35.87 -14.74 -27.39 -40.15

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4. Net Profit was Rs.(3.54) crores in 2017, which has reduced to (5.91)
GST and Covid-19.
Table 5.12
Income Statement EIH Associated Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 101.39 249.08 264.18 263.57 263.56

Other Income 3.06 8.99 9.52 5.7 8.12
Total Income 104.45 258.07 273.7 269.27 271.68
Expenditure -124.63 -199.1 -201.09 -196.52 -192.55
Interest -0.53 -0.45 -0.43 -0.4 -1.93
PBDT -20.18 58.97 72.61 72.75 79.13
Depreciation -16.96 -15.97 -14.26 -14.09 -14.19
PBT -37.15 43 58.35 58.66 64.93
Tax 10.41 -5.04 -20.41 -20.87 -22.16
Net Profit -26.74 37.96 37.94 37.79 42.78
Equity 30.47 30.47 30.47 30.47 30.47
EPS -8.78 12.46 12.45 12.4 14.04
CEPS -3.21 17.7 17.13 17.03 18.7
OPM % -19.38 23.86 27.65 27.75 30.75
NPM % -26.37 15.24 14.36 14.34 1

1. Revenue in 2017 was Rs.263.56 crores, which was reduced to Rs.
2. Total Income was 271.68 crores in 2017, which was reduced to
3. PBT was Rs.64.93 crores in 2017, which went down to (37.15) crores
12 | P a g e
4. Net Profit was Rs.42.78 crores in 2017, which has reduced to (26.74)
Table 5.13
Income Statement EIH Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 432.7 1,350.30 1,543.24 1,350.28 1,277.55

Other Income 40.94 84.01 84.02 83.76 99.23
Total Income 473.64 1,434.31 1,627.26 1,434.04 1,376.78
Expenditure -796.73 -1,191.01 -1,340.55 -1,151.21 -1,138.44
Interest -40.43 -49.51 -46.36 -19.57 -14.5
PBDT -323.09 243.3 286.71 282.83 238.34
Depreciation -119.96 -134.2 -123.01 -108.97 -110.49
PBT -443.05 109.1 163.7 173.86 127.85
Tax 99.92 15.37 -50.37 -61.59 -31.32
Net Profit -343.13 124.47 113.33 112.27 96.53
Equity 125.07 114.31 114.31 114.31 114.31
EPS -5.72 2.18 1.98 1.96 1.69
CEPS -3.57 4.53 4.14 3.87 3.62
OPM % -65.32 21.68 21.58 22.4 19.79
NPM % -79.3 9.22 7.34 8.31 7

1. Revenue in 2017 was Rs.1,277.55 crores, which was reduced to Rs.
2. Total Income was 1,376.78 crores in 2017, which was reduced to
3. PBT was Rs.127.85 crores in 2017, which went down to (443.05) crores
13 | P a g e
4. Net Profit was Rs.96.53 crores in 2017, which has reduced to (343.13)
Table 5.14
Income Statement Graviss Hospitality Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 8.9 39.47 46.72 47.2 41.47

Other Income 1.33 0.69 0.83 0.24 0.76
Total Income 10.23 40.16 47.55 47.44 42.23
Expenditure -22.74 -45.39 -47.65 -42.44 -43.14
Interest -1.18 -1.63 -1.5 -1.61 -1.64
PBDT - -5.23 -0.1 5 -0.91
12.51
Depreciation -5.51 -6.09 -5.04 -5.73 -4.72
PBT -18.02 -11.32 -5.14 -0.73 -5.63
Tax 3.84 2.55 3.33 0.03 1.74
Net Profit -14.18 -8.77 -1.81 -0.7 -3.89
Equity 14.1 14.1 14.1 14.1 14.1
EPS -1.97 -1.28 -0.24 -0.15 0.55
CEPS -1.23 -0.38 0.46 0.71 0.12
OPM % -127.3 -9.12 3 14 1.76
NPM % -159.33 -22.22 -3.87 -1.48 -9.38

14 | P a g e
3. PBT was Rs.(5.63) crores in 2017, which went down to (18.02)) crores in
4. Net Profit was Rs.(3.89) crores in 2017, which has reduced to (14.18) crores
GST and Covid-19.
Table 5.15
Income Statement Gujarat Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.99 3.75 3.7 3.31 3.25

Other Income 2.06 2.17 1.96 1.71 1.87
Total Income 3.06 5.92 5.66 5.02 5.12
Expenditure -0.31 -0.38 -0.43 -0.44 -0.35
Interest -- -- -- -- --
PBDT 2.74 5.54 5.23 4.58 4.77
Depreciation -0.05 -0.05 -0.05 -0.05 -0.05
PBT 2.7 5.49 5.18 4.53 4.73
Tax -0.43 -1.19 -1.1 -1.16 -0.86
Net Profit 2.27 4.3 4.08 3.37 3.87
Equity 3.79 3.79 3.79 3.79 3.79
EPS 6 11.35 10.77 8.9 10.2
CEPS 6.12 11.47 10.89 9.02 10.33
OPM % 276.33 147.84 141.36 138.34 146.82
NPM % 228.8 114.71 110.27 101.78 118
in 2020 due to GST and again it was reduced to 0.99 due to Covid 19
pandemic.
15 | P a g e
2. Total Income in 2017 was Rs.5.12 crores, which was increased to Rs. 5.92
crores in 2020 due to GST and again it was reduced to 3.06 due to Covid 19
pandemic.
3. PBT in 2017 was Rs.4.73 crores, which was increased to Rs. 5.49 crores in
2020 due to GST and again it was reduced to 2.7 due to Covid 19 pandemic.
4. Net Profit in 2017 was Rs.3.87 crores, which was increased to Rs. 4.3 crores
pandemic.
5. EPS in 2017 was Rs.10.20 crores, which was increased to Rs. 11.35 crores
pandemic.
Table 5.16
Income Statement HLV Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 18.92 145.68 154.34 718.54 699.94

Other Income 25.22 6.51 4.18 24.58 13.85
Total Income 44.14 152.19 158.52 743.12 713.79
Expenditure -66.55 -160.45 -186.75 -640.92 -613.98
Interest -2.3 -0.91 -0.4 -83.67 -90.44
PBDT -22.41 -8.26 -28.23 102.2 99.81
Depreciation -13.52 -11.93 -9.57 -125.42 -202.32
PBT -35.93 -20.19 -37.8 -23.22 -102.51
Tax -- -- -- -- --
Net Profit -35.93 193.71 -118.9 -23.22 -102.51
Equity 126.11 126.11 126.11 126.11 93.32
EPS -0.57 -0.32 -0.6 -0.43 -2.2
CEPS -0.36 3.26 -1.73 1.62 2.14
OPM % -106.29 -5.05 -18.03 25.87 27.18
NPM % -189.9 132.97 -77.04 -3.23
16 | P a g e
3. PBT was Rs.(102.51) crores in 2017, which went up to (35.93)) crores in
4. Net Profit was Rs.(102.51) crores in 2017, which has increased to (35.93)
5. EPS was Rs.(2.20) in 2017, which was increased to Rs.(0.57) in 2021 due to
GST and Covid-19.
Table 5.17
Income Statement Hotel Rugby Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue -- -- -- -- --
Other Income 0.12 0.13 0.18 0.15 0.13
Total Income 0.12 0.13 0.18 0.15 0.13
Expenditure -0.17 -0.22 -3.11 -0.23 -0.17
Interest -- -- -- -- --
PBDT -0.05 -0.1 -2.93 -0.09 -0.04
Depreciation -- -- -- -- --
PBT -0.05 -0.1 -2.93 -0.09 -0.04
Tax -- -- -- -- --
Net Profit -0.05 -0.1 -2.93 -0.09 -0.04
Equity 14.32 14.32 14.32 14.32 14.32
EPS -0.04 -0.07 -2.04 -0.06 --
CEPS -0.04 -0.07 -2.04 -0.06 -0.03
OPM % -- -- -- -- --
NPM % -- -- -- --
17 | P a g e
It was interpreted that:
3. PBT was Rs.(0.04) crores in 2017, which went up to (0.05)) crores in 2021
4. Net Profit was Rs.(0.04) crores in 2017, which has increased to (0.05) crores
GST and Covid-19.
Table 5.18
Income Statement H.S.India Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017

Revenue 10.28 25.91 28.94 26.82 22.78
Other Income 0.22 0.41 0.61 0.62 0.6
Total Income 10.5 26.32 29.55 27.44 23.38
Expenditure -10.66 - - -23.57 -
23.37 25.32 19.19
Interest -1.73 -2.2 -2.05 -2.5 -2.91
PBDT -0.16 2.95 4.23 3.87 4.19
Depreciation -1.37 -1.6 -1.72 -2.11 -2.61
PBT -1.53 1.35 2.51 1.76 1.58
Tax 0.09 -0.09 -0.74 0.17 -0.55
Net Profit -1.44 1.26 1.77 1.93 1.04
Equity 16.24 16.24 16.24 16.24 16.24
EPS -0.78 0.76 1.08 1.19 0.64
CEPS -0.04 1.76 2.15 2.49 2.24
OPM % 15.26 19.86 21.67 23.73 31.17
NPM % -13.98 4.87 6.11 7.18 4.5
It was understood that:

crores in 2020 due to GST and again it was reduced to Rs.10.28 due to Covid
19 pandemic.
crores in 2020 due to GST and again it was reduced to Rs. 10.50 due to Covid
19 pandemic.
18 | P a g e
3. PBT in 2017 was Rs.1.58 crores, which was increased to Rs. 2.51 crores in
2019 due to GST and again it was reduced to Rs. (1.53) due to Covid 19
pandemic.
4. Net Profit in 2017 was Rs.1.04 crores, which was increased to Rs. 1.77
crores in 2019 due to GST and again it was reduced to (1.44) due to Covid 19
pandemic.
5. EPS in 2017 was Rs.0.64 crores, which was increased to Rs. 1.08 crores in
2019 due to GST and again it was reduced to (0.78) due to Covid 19 pandemic.
Table 5.19
Income Statement Howard Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 1.72 9.71 10.65 9.29 8.72

Other Income 0.01 0.14 0.13 0.23 0.2
Total Income 1.73 9.84 10.78 9.52 8.92
Expenditure -2.77 -9.75 - -9.13 -8.25
10.03
Interest -0.14 -0.19 -0.2 -0.17 -0.08
PBDT -1.04 0.1 0.76 0.39 0.66
Depreciation -0.6 -0.67 -0.77 -0.7 -0.7
PBT -1.64 -0.57 -0.01 -0.31 -0.04
Tax 0.13 -0.2 0.01 0.25 0.01
Net Profit -1.51 -0.77 0 -0.06 -0.03
Equity 9.11 9.11 9.11 -- --
EPS -1.66 -0.84 -- -0.28 -0.03
CEPS -1 -0.11 0.84 -- --
OPM % -52.94 2.97 8.97 6.1 8.49
NPM % -88.05 -7.88 -0.04 -0.65 -
crores in 2019 due to GST and again it was reduced to Rs.1.72 due to Covid 19
pandemic.
19 | P a g e
19 pandemic.
3. PBT in 2017 was Rs.(.04) crores, which was increased to Rs. (0.01) crores
in 2019 due to GST and again it was reduced to Rs. (1.64) due to Covid 19
pandemic.
4. Net Profit in 2017 was Rs.(0.03) crores, which was reduced to Rs. (1.51)
5. EPS in 2017 was Rs.(0.03) , which was reduced to RS.(1.66) due to GST
and Covid 19 pandemic.
Table 5.20
Income Statement Indian Hotels Co.Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 1,133.15 2,743.47 2,780.41 2,583.95 2,391.25

Other Income 110.52 134.41 90.5 55.39 53.86
Total Income 1,243.67 2,877.88 2,870.91 2,639.34 2,445.11
Expenditure - - - - -
1,680.14 2,236.36 2,284.27 2,203.77 2,034.97
Interest -294.79 -237.55 -158.64 -193.43 -197.86
PBDT -436.47 641.52 586.64 435.57 410.14
Depreciation -203.81 -203.78 -169.1 -151.34 -151.29
PBT -640.28 437.74 417.54 284.23 258.85
Tax 115.5 -36.33 -153.84 -136.46 -116.91
Net Profit -524.78 401.41 263.7 147.77 141.94
Equity 118.93 118.93 118.93 118.93 98.93
EPS -4.41 3.38 2.22 1.34 1.43
CEPS -2.7 5.09 3.64 2.52 2.96
OPM % -12.5 32.04 26.8 24.34 25.43
NPM % -46.31 14.63 9.48 5.72 5.94
1. Revenue in 2017 was Rs.2,391.25 crores, which was increased to Rs.
2,743.47 crores in 2020 due to GST and again it was reduced to Rs.1,133.15
due to Covid 19 pandemic.
20 | P a g e
2. Total Income in 2017 was Rs.2,445.11 crores, which was increased to Rs.
2,877.88 crores in 2020 due to GST and again it was reduced to Rs. 1,243.67
due to Covid 19 pandemic.
3. PBT in 2017 was Rs.258.85 crores, which was increased to Rs. 437.74
crores in 2020 due to GST and again it was reduced to Rs. (640.28) due to
Covid 19 pandemic.
crores in 2020 due to GST and again it reduced to Rs.(524.78) Covid 19
pandemic.
5. EPS in 2017 was Rs.1.43 , which was increased to RS. 3.38 due to GST and
again it reduced to Rs.(4.41) Covid 19 pandemic.
Table 5.21
Income Statement India Tourism Development Corporation Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 175.76 336.27 349.96 343.87 473.15

Other Income 21.46 21.22 21.77 26.78 21.99
Total Income 197.22 357.49 371.73 370.64 495.14
Expenditure -214.32 -307.61 -302.38 -318.56 -468.56
Interest -1.22 -0.92 -0.53 -0.48 -0.2
PBDT -17.1 49.88 69.35 52.09 25.39
Depreciation -6.69 -7.2 -7.12 -7.15 -7.87
PBT -23.79 42.68 62.23 44.94 17.52
Tax -0.84 -16.56 -17.86 -8.75 -5.47
Net Profit -27.2 22.48 42.16 23.62 12.05
Equity 85.77 85.77 85.77 85.77 85.77
EPS -2.71 2.15 5.38 2.23 1.4
CEPS -2.39 3.46 5.75 3.59 2.32
OPM % -9.04 15.11 19.97 15.29 5.41
NPM % -15.48 6.68 12.05 6.87 2.5
21 | P a g e
19 pandemic.
2. Total Income in 2017 was Rs.495.14 crores, which was reduced to Rs.
357.49 crores in 2020 due to GST and again it was reduced to Rs. 197.22 due
to Covid 19 pandemic.
3. PBT in 2017 was Rs.17.52 crores, which was increased to Rs. 42.68 crores
in 2020 due to GST and again it was reduced to Rs. (23.79) due to Covid 19
pandemic.
pandemic.
5. EPS in 2017 was Rs.1.40 , which was increased to Rs. 2.15 due to GST and
Table 5.22 Income Statement Jindal Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 15.55 37.73 38.03 33.78 36.15

Other Income 0.12 0.19 0.15 1.03 0.22
Total Income 15.67 37.91 38.18 34.81 36.37
Expenditure -21.53 -31.7 -31 -27.74 -
28.94
Interest -4.78 -4.72 -4.75 -4.84 -5.99
PBDT -5.86 6.22 7.18 7.07 7.43
Depreciation -4.88 -5.16 -5.54 -6.76 -6.16
PBT -10.75 1.06 1.65 0.31 1.27
Tax -0.21 -0.38 -0.15 0.61 -1.02
Net Profit -10.96 0.68 1.5 0.92 0.25
Equity 6.65 6 -- -- 6
EPS -17.99 1.13 2.49 1.53 0.42
CEPS -9.13 9.73 -- -- 10.69
OPM % -6.98 28.97 31.38 35.25 37.14
NPM % -70.45 1.8 3.94 2.72 0.6
22 | P a g e
19 pandemic.
2. Total Income in 2017 was Rs.36.37 crores, which was incresed to Rs. 37.91
19 pandemic.
3. PBT in 2017 was Rs.1.27 crores, which was reduced to Rs. 1.06 crores in
pandemic.
pandemic.
5. EPS in 2017 was Rs.0.42, which was increased to Rs. 1.13 due to GST and
Table 5.23 Income Statement Kamat Hotels (India) Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 51.62 179.31 192.39 168.52 156.67

Other Income 1.01 0.9 1.8 6.76 7.86
Total Income 52.63 180.21 194.19 175.29 164.53
Expenditure -79.77 -133.75 -147.41 -112.46 -111.4
Interest -38.91 -34.36 -22.03 -14.8 -26.48
PBDT -27.14 46.45 46.78 62.83 53.13
Depreciation -10.01 -10.52 -10.96 -11.74 -12.56
PBT -37.15 35.94 35.82 51.09 40.58
Tax 9.58 -0.24 -10.75 -13.19 --
Net Profit -27.57 35.7 25.07 37.89 40.58
Equity 24.17 24.17 24.17 24.17 --
EPS -11.69 15.14 10.63 16.07 17.21
CEPS -7.27 19.12 14.9 20.53 --
OPM % 22.8 45.07 35.77 46.06 50.81
NPM % -53.41 19.91 13.03 22.48
23 | P a g e
19 pandemic.
2. Total Income in 2017 was Rs.164.53 crores, which was increased to Rs.
180.21 crores in 2020 due to GST and again it was reduced to Rs. 52.63 due to
Covid 19 pandemic.
pandemic.
4. Net Profit in 2017 was Rs.40.58 crores, which was reduced to Rs. 35.70
pandemic.
5. EPS in 2017 was Rs.17.21, which was reduced to Rs. 15.14 due to GST and
Table 5.24
Income Statement Kaushalya Infrastructure Development Corporation
Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 2.27 0.18 0.23 0.13 0.57

Other Income 5.26 0.82 26.03 0.04 0.23
Total Income 7.54 1 26.25 0.17 0.79
Expenditure -3.44 -6.38 -9.3 -0.86 -4.43
Interest -0.76 -0.7 -0.58 -0.16 0.4
PBDT 4.1 -5.38 16.96 -0.69 -3.63
Depreciation -0.38 -0.42 -0.44 -0.43 -0.43
PBT 3.71 -5.8 16.52 -1.12 -4.07
Tax -3.71 0.33 6.01 0.13 0.06
Net Profit 0 -5.47 22.53 -0.99 -4.01
Equity 34.63 34.63 34.63 34.63 34.63
EPS -- -1.58 6.5 -0.28 -1.16
CEPS 0.11 -1.46 6.63 -0.16 -1.03
OPM % 213.55 -2588.95 7793.33 -411.54 -711.46
NPM % 0.13 -3022.1 10011.56 -757.69 -7
24 | P a g e
in 2020 due to GST and again it was increased to Rs.2.27 in Covid 19
pandemic.
crore in 2020 due to GST and again it was increased to Rs. 7.54 due to Covid
19 pandemic.
3. PBT in 2017 was Rs.(4.07) crores, which was reduced to Rs. (5.80) crores in
2020 due to GST and again it was increased to Rs. 3.71 in Covid 19 pandemic.
4. Net Profit in 2017 was Rs.(4.01)crores, which was reduced to Rs. (5.47)
crores in 2020 due to GST and again it increased to Rs.0 in Covid 19
pandemic.
5. EPS in 2017 was Rs.(1.16), which was reduced to Rs. (1.58) in 2020 due to
GST and covid 19 pandemic.
Table 5.25
Income Statement Khyati Multimedia-Entertainment Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.05 0.29 -- -- --

Other Income -- -- 0.01 0.06 --
Total Income 0.05 0.29 0.01 0.06 --
Expenditure -0.17 -0.44 -0.13 -0.1 -0.09
Interest -- -- -- -- --
PBDT -0.12 -0.15 -0.13 -0.04 -0.09
Depreciation -- -- -- -0.03 -0.03
PBT -0.12 -0.15 -0.13 -0.06 -0.12
Tax 0.03 0.07 -- 0.02 -0.01
Net Profit -0.09 -0.08 -0.13 -0.04 -0.13
Equity -- -- 10.8 -- 10.8
EPS -0.08 -0.07 -0.12 -0.04 -0.12
CEPS -- -- -0.12 -- -0.09
OPM % -247.92 -52.8 -- -- --
NPM % -185.42 -27.97 -- --
It was interpreted that:

25 | P a g e
crore in 2020 due to GST and again it was reduced to Rs. 0.05 due to Covid 19
pandemic.
2020 due to GST and again it was increased to Rs. (0.12) in Covid 19
pandemic.
4. Net Profit in 2017 was Rs.(0.13)crores, which was reduced to Rs. (0.08)
crores in 2020 due to GST and again it increased to Rs.(0.09) in Covid 19
pandemic.
5. EPS in 2017 was Rs.(0.12), which was reduced to Rs. (0.07) due to GST and
again it reduced to (0.08) in 2021.
Table 5.26
Income Statement Lords Ishwar Hotels Limited
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 3.11 7.53 8.64 6.98 5.65

Other Income 0.01 0.01 0 0.02 0.01
Total Income 3.12 7.54 8.65 7 5.66
Expenditure -3.19 -7.09 -8.09 -6.57 -5.37
Interest -- -- -- -- --
PBDT -0.07 0.45 0.56 0.43 0.29
Depreciation -0.29 -0.23 -0.3 -0.33 -0.41
PBT -0.36 0.22 0.25 0.11 -0.12
Tax -0.02 -0.05 -0.02 -0.31 --
Net Profit -0.38 0.18 0.23 -0.2 -0.12
Equity 7.47 7.47 7.47 7.47 7.47
EPS -0.51 0.23 0.3 -0.26 -0.16
CEPS -0.12 0.54 0.71 0.17 0.39
OPM % -2.32 5.97 6.42 6.19 5.14
NPM % -12.25 2.32 2.64 -2.86
in 2020 due to GST and again it was reduced to Rs.3.11 due to Covid 19
pandemic.
26 | P a g e
19 pandemic.
pandemic.
pandemic.
5. EPS in 2017 was Rs.(0.16), which was increased to Rs. 0.23 due to GST and
Table 5.27
Income Statement MAC Charles (India) Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 23.09 24.57 78.24 72.96 80

Other Income 3.89 3.43 10.57 10.63 -0.43
Total Income 26.98 28 88.8 83.59 79.57
Expenditure -21.18 - - -49.14 -36.6
23.42 22.63
Interest -10.39 - -10.7 -6.28 -0.67
11.04
PBDT 5.81 4.58 66.17 34.45 42.97
Depreciation -3.55 -3.57 -4.97 -5.21 -5.03
PBT 2.26 1.01 61.2 29.24 37.93
Tax -0.27 0.22 - -8.18 -9.54
17.17
Net Profit 1.07 12.46 44.03 21.07 28.4
Equity 13.1 13.1 13.1 13.1 13.1
EPS 1.51 0.94 33.61 1.61 21.67
CEPS 3.53 12.24 37.4 20.05 --
OPM % 70.15 63.56 98.25 55.83 54.55
NPM % 4.62 50.72 56.28 28.87 35.5
27 | P a g e
1. Revenue in 2017 was Rs.80 crores, which was increased to Rs. 78.24 crores
pandemic.
19 pandemic.
3. PBT in 2017 was Rs.37.93 crores, which was increased to Rs. 61.20 crores
in 2019 due to GST and again it was reduced to Rs. 2.26 due to Covid 19
pandemic.
4. Net Profit in 2017 was Rs.28.40 crores, which was reduced to Rs. 44.03
crores in 2019 due to GST and again it reduced to Rs.1.07 Covid 19 pandemic.
5. EPS in 2017 was Rs.21.67, which was increased to Rs. 33.61 due to GST
and again it reduced to Rs.1.51 Covid 19 pandemic.
Table 5.28
Income Statement Mahindra Holidays & Resorts India Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 822.25 977.01 918.29 1,064.19 1,088.73

Other Income 86.52 60.11 45.15 30.01 17.2
Total Income 908.76 1,037.12 963.44 1,094.19 1,105.93
Expenditure -635.56 -811.5 -811.86 -832.24 -844.46
Interest -12.96 -15.99 -0.02 -- -0.02
PBDT 273.21 225.62 151.58 261.95 261.48
Depreciation -103.74 -101.67 -51.41 -54.8 -60.53
PBT 169.47 123.95 100.17 207.15 200.95
Tax -43.7 -232.16 -36.31 -72.8 -70.29
Net Profit 125.77 -108.22 63.86 134.36 130.65
Equity 132.92 132.92 132.9 132.76 88.24
EPS 9.46 -8.14 4.81 10.14 14.82
CEPS 17.27 -0.49 8.67 14.25 21.67
OPM % 34.8 24.73 16.51 24.61 24.02
NPM % 15.3 -11.08 6.95 12.63
1. Revenue in 2017 was Rs.1,088.73 crores, which was reduced to Rs. 822.25
28 | P a g e
2. Total Income was Rs.1,105.93 crores in 2017, which was reduced to
Rs.908.76 crores in 2021 due to GST and Covid 19 pandemic.
3. PBT was Rs.200.95 crores in 2017, which went down to 169.47 crores in
4. Net Profit was Rs.130.65 crores in 2017, which has reduced to 125.77 crores
5. EPS was Rs.14.82 in 2017, which was reduced to Rs.9.46 in 2021 due to
GST and Covid-19.
Table 5.29
Income Statement Oriental Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 115.78 289.67 345.42 356.86 333.49

Other Income 7.44 11.67 11.3 12.02 11.12
Total Income 123.22 301.34 356.72 368.88 344.61

Expenditure - - - - -
169.81 277.23 225.92 332.69 317.64
Interest -22.01 -24.02 -27.18 -30.89 -32.19
PBDT -46.59 24.11 130.8 36.19 26.97
Depreciation -28.75 -27.7 -28.38 -27.66 -24.98
PBT -75.34 -3.59 102.42 8.53 1.99
Tax 21.96 -0.2 -12.98 -2.53 -0.45
Net Profit -53.38 -3.79 89.44 6 1.54

Equity 17.86 17.86 17.86 17.86 17.86
EPS -2.99 -0.21 5.01 0.34 0.09
CEPS -1.38 1.34 6.6 1.88 1.48

OPM % -21.23 16.62 45.74 18.8 17.74
NPM % -46.1 -1.31 25.89 1.68
29 | P a g e
2. Total Income was Rs.344.61 crores in 2017, which was reduced to
Rs.123.22 crores in 2021 due to GST and Covid 19 pandemic.
4. Net Profit was Rs.1.54 crores in 2017, which has reduced to (53.38) crores
GST and Covid-19.
Table 5.30
Income Statement Phoenix Township Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 9.33 20.45 20.04 17.81 14.53
Other Income 0.46 -- 0.54 0.31 0.37
Total Income 9.79 20.45 20.58 18.12 14.9
Expenditure -8.83 - -17 - -

17.19 15.23 12.25
Interest -0.8 -0.99 -0.65 -0.62 -0.53
PBDT 0.97 3.26 3.58 2.89 2.66
Depreciation -2.5 -2.51 -2.43 -2.04 -1.89
PBT -1.53 0.75 1.15 0.85 0.77
Tax -0.21 -0.38 -0.37 -0.22 -0.25
Net Profit -1.74 0.38 0.78 0.63 0.52
Equity 13.98 13.98 13.98 13.98 13.98
EPS -1.25 0.27 0.56 0.04 0.37
CEPS 0.54 2.06 2.3 1.91 1.72
OPM % 18.95 20.8 21.09 19.71 21.92
NPM % -18.66 1.83 3.89 3.53
30 | P a g e
pandemic.
19 pandemic.
pandemic.
4. Net Profit in 2017 was Rs.0.37 crores, which was reduced to Rs. 0.38 crores
in 2020 due to GST and again it reduced to Rs.(1.74) Covid 19 pandemic.
5. EPS in 2017 was Rs.0.37, which was reduced to Rs. 0.27 due to GST and
Table 5.31
Income Statement of Polo Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.08 0.76 1.64 1.68 1.75
Other Income 0.01 0.01 0.05 0.05 0.01
Total Income 0.09 0.77 1.69 1.73 1.75
Expenditure -0.57 -1.06 -1.77 -2 -1.59
Interest -0.01 -0.03 -0.03 -0.03 -0.19
PBDT -0.49 -0.29 -0.08 -0.27 0.17
Depreciation -0.14 -0.14 -0.14 -0.14 -0.14
PBT -0.63 -0.44 -0.23 -0.41 0.02
Tax -- -- -- -0.1 --
Net Profit -0.63 -0.44 -0.23 -0.51 0.02
Equity 22.37 22.37 2.24 -- 22.37
EPS -0.28 -0.19 0.1 -0.23 0.01
CEPS -0.22 -0.13 -0.36 -- 0.07
OPM % -588.75 -34.91 -3.36 -13.78 20.34
NPM % -786.25 -57.44 -13.74 -30.42

2. Total Income was Rs.1.75 crores in 2017, which was reduced to Rs.0.09
31 | P a g e
4. Net Profit was Rs.0.02 crores in 2017, which has reduced to (0.63) crores in
GST and Covid-19.
Table 5.32
Income Statement of Ras Resorts & Apart Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 4.46 8.9 9.17 7.62 8.72

Other Income 0.07 0.44 0.1 0.16 --
Total Income 4.54 9.33 9.27 7.78 8.72
Expenditure -4.53 -8.76 -8.17 -7.1 -7.6
Interest -0.55 -0.58 -0.54 -0.27 -0.33
PBDT 0 0.58 1.1 0.68 1.12
Depreciation -0.52 -0.54 -0.45 -0.31 -0.34
PBT -0.52 0.04 0.65 0.36 0.78
Tax 0.12 0.05 -0.21 -0.05 -0.16
Net Profit -0.39 0.09 0.44 0.32 0.62
Equity 3.97 3.97 3.97 3.97 3.97
EPS -0.99 0.22 1.1 0.8 1.55
CEPS 0.32 1.58 2.23 1.59 2.41
OPM % 12.41 13.01 17.86 12.41 16.62
NPM % -8.83 0.99 4.77 4.18 7
pandemic.
19 pandemic.
3. PBT in 2017 was Rs.0.78 crores, which was reduced to Rs. (0.52) due to
GST and Covid 19 pandemic.
4. Net Profit in 2017 was Rs.0.62 crores, which was reduced to Rs.(0.39) due
to GST and Covid 19 pandemic.
32 | P a g e
5. EPS in 2017 was Rs.1.55, which was reduced to Rs. (0.99) due to GST and
Covid 19 pandemic.
Table 5.33
Income Statement Royale Manor Hotels & Industries Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 7.65 21.47 23.2 22.01 18.37

Other Income 1.36 0.69 0.73 0.31 --
Total Income 9.01 22.16 23.93 22.32 18.37
Expenditure -7.81 -18.17 -18.74 -18.16 -16.06
Interest -0.97 -1.09 -1.01 -1.4 -2.28
PBDT 1.2 3.99 5.19 4.16 2.31
Depreciation -0.91 -0.94 -1.06 -1.04 -1.01
PBT 0.29 3.04 4.13 3.12 1.3
Tax -0.01 -0.52 -0.82 -0.61 -0.28
Net Profit 0.28 2.52 3.3 2.51 1.02
Equity 16.93 16.93 16.93 16.93 16.93
EPS 0.16 1.49 1.95 1.48 0.59
CEPS 0.7 2.05 2.58 2.1 1.2
OPM % 28.36 23.65 26.71 25.24 24.99
NPM % 3.65 11.74 14.24 11.42 5

pandemic.
19 pandemic.
3. PBT in 2017 was Rs.1.30 crores, which was increased to Rs.3.04 crores in
2020 due to GST and again it was reduced to Rs. 0.29 due to Covid 19
pandemic.
crores in 2020 due to GST and again it reduced to Rs.0.28 Covid 19 pandemic.
5. EPS in 2017 was Rs.0.59 which was increased to Rs. 1.49 due to GST and
again it reduced to Rs.0.16 Covid 19 pandemic.
33 | P a g e
Table 5.34
Income Statement Reliable Ventures India Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 9.98 18.29 17.62 16.33 14.82

Other Income 0.18 1.14 0.47 0.31 0.42
Total Income 10.17 19.43 18.1 16.64 15.24
Expenditure -9.8 - - - -
15.47 14.34 13.77 11.95
Interest -0.03 0 -0.01 -0.02 -0.03
PBDT 0.37 3.96 3.76 2.87 3.29
Depreciation -0.97 -1.39 -1.56 -2.72 -1.38
PBT -0.6 2.57 2.21 0.16 1.91
Tax -0.04 -0.72 -0.4 0.08 -0.53
Net Profit -0.64 1.85 1.81 0.24 1.38
Equity 11.01 11.01 11.01 11.01 11.01
EPS 0.14 1.35 1.71 -- 1.26
CEPS 0.3 2.94 3.05 2.68 2.51
OPM % 4 21.68 21.4 17.74 22.39
NPM % -6.38 10.12 10.26 1.45 9

pandemic.
19 pandemic.
pandemic.
pandemic.
again it reduced to Rs.0.14 Covid 19 pandemic.
34 | P a g e
Table 5.35
Income Statement Royal Orchid Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 47.82 114.84 112.6 102.14 91.31

Other Income 5.57 7.17 7.44 5.99 8.25
Total Income 53.4 122.01 120.04 108.13 99.55
Expenditure -83.62 -100.81 -97.8 -88.26 -85.36
Interest -8.57 -7.67 -4.52 -5.24 -6.02
PBDT -30.23 21.2 22.24 19.87 14.19
Depreciation -8.74 -8.28 -4.02 -4.39 -4.25
PBT -38.96 12.92 18.22 15.49 9.95
Tax 4.41 -3.81 -5.6 -4.51 -0.04
Net Profit -34.55 9.11 12.62 10.98 9.91
Equity 27.43 27.43 27.41 27.3 --
EPS -12.6 3.41 4.59 4.03 3.64
CEPS -9.41 6.34 6.07 5.63 --
OPM % -45.28 25.14 23.76 24.58 22.14
NPM % -72.24 7.94 11.21 10.75 10.85

19 pandemic.
Covid 19 pandemic.
pandemic.
pandemic.
35 | P a g e
Table 5.36
Income Statement of Savera Industries Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 19.62 67.29 71.87 72.44 68.67

Other Income 1.14 0.62 0.71 0.68 --
Total Income 20.77 67.9 72.58 73.12 68.67
Expenditure -21.59 - - -62.72 -
57.42 59.85 59.62
Interest -0.45 -0.55 -0.51 -1.1 -1.7
PBDT -0.82 10.49 12.74 10.4 9.05
Depreciation -3.72 -4.58 -3.47 -3.6 -4.45
PBT -4.54 5.9 9.26 6.8 4.6
Tax 0.44 -1.63 -2.98 -1.67 -2.23
Net Profit -4.1 4.28 6.28 5.13 2.38
Equity 11.93 11.93 11.93 11.93 11.93
EPS -3.44 3.59 5.27 4.3 1.99
CEPS -0.32 7.43 8.18 7.33 5.72
OPM % -1.89 16.41 18.43 15.88 15.66
NPM % -20.88 6.36 8.74 7.09 3.4
It was understood that:
19 pandemic.
19 pandemic.
pandemic.
pandemic.
5. EPS in 2017 was Rs.1.99 which was increased to Rs. 5.27 in 2019 due to
GST and again it reduced to Rs.(3.44) in 2021due to Covid 19 pandemic.
36 | P a g e
Table 5.37
Income Statement of Sayaji Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 75.17 209.69 218.25 191.5 158.19
Other Income 7.82 3.3 2.42 2.46 1.39
Total Income 82.99 212.99 220.66 193.97 159.58
Expenditure -83.6 -187.95 -200.59 -177.28 -144.5
Interest -20.06 -21.84 -15.92 -13.75 -15.27
PBDT -0.61 25.04 20.08 16.69 15.08
Depreciation -26.08 -28.81 -20.01 -20.45 -20.74
PBT -26.69 -3.77 0.06 -3.77 -5.66
Tax 4.95 1.97 -3.16 -0.47 1.49
Net Profit -21.74 -1.8 -3.1 -4.24 -4.17
Equity 17.52 17.52 17.52 17.52 --
EPS -13.1 -1.71 -2.45 -3.1 -3.07
CEPS 2.48 15.42 9.66 9.26 --
OPM % 25.88 22.35 16.49 15.89 19.19
NPM % -28.92 -0.86 -1.42 -2.21

19 pandemic.
Covid 19 pandemic.
3. PBT in 2017 was Rs.(5.66) crores, which was reduced to Rs.(3.77) crores in
2020 due to GST and again it was reduced to Rs. 26.69 in 2021 due to Covid
19 pandemic.
crores in 2020 due to GST and again it reduced to Rs.(21.74) in 2021due to
Covid 19 pandemic.
5. EPS in 2017 was Rs.(3.07) which was increased to Rs. (1.71) in 2020 due to
GST and again it reduced to Rs.(13.10) Covid 19 pandemic.
37 | P a g e
Table 5.38
Income Statement Sinclairs Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 17.27 45.45 45.75 45.91 47.06
Other Income 5.87 1.72 3.83 2.26 1.87
Total Income 23.14 47.17 49.58 48.17 48.93
Expenditure -13.46 -28.63 -27.97 -26.84 -27.03
Interest -0.53 -- -- -- --
PBDT 9.68 18.54 21.61 21.33 21.9
Depreciation -5.45 -6.76 -7.53 -7.38 -7.96
PBT 4.23 11.78 14.09 13.95 13.94
Tax -0.72 -2.3 -4.34 -2.21 -4.93
Net Profit 3.51 9.49 9.75 11.74 9.01
Equity 5.57 5.57 5.57 5.57 5.57
EPS 1.26 3.41 17.5 21.07 16.18
CEPS 3.22 5.83 31.01 34.33 30.47
OPM % 59.12 40.79 47.24 46.47 46.54
NPM % 20.33 20.88 21.3 25.57 1

19 pandemic.
19 pandemic.
2019 due to GST and again it was reduced to Rs. 4.23 in 2021 due to Covid 19
pandemic.
crores in 2019 due to GST and again it reduced to Rs.3.51 in 2021due to Covid
19 pandemic.
GST and again it reduced to Rs.1.26 Covid 19 pandemic.
38 | P a g e
Table 5.39
Income Statement of Sterling Green Woods Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 2.15 2.84 3.77 4.55 2.96

Other Income 0.4 0.35 0.49 0.38 --
Total Income 2.55 3.19 4.26 4.92 2.96
Expenditure -2.35 -4.32 -4.47 -3.81 -1.52
Interest -0.35 -1.03 -0.85 -0.68 -0.6
PBDT 0.2 -1.13 -0.2 1.11 1.43
Depreciation -0.57 -0.47 -0.67 -0.68 -0.73
PBT -0.37 -1.6 -0.87 0.43 0.7
Tax 0.06 0.43 -0.01 0.02 0.04
Net Profit -0.31 -1.16 -0.88 0.45 0.74
Equity 4.24 4.24 4.24 4.24 4.24
EPS -0.74 -2.74 -2.08 1.06 1.73
CEPS 0.61 -1.64 -0.51 2.67 3.46
OPM % 25.65 -3.49 17.23 39.56 68.63
NPM % -14.53 -40.88 -23.38 9.9

in 2019 due to GST and again it was reduced to Rs.2.15 crores due to Covid 19
pandemic.
19 pandemic.
3. PBT in 2017 was Rs.0.7 crores, which was reduced to Rs.(1.6) crores in
2020 due to GST and again it was reduced to Rs. (0.37) in 2021 due to Covid
19 pandemic.
4. Net Profit in 2017 was Rs.0.74 crores, which was increased to Rs. (1.16)
crores in 2020 due to GST and again it increased to Rs.(0.31) in 2021 in Covid
19 pandemic.
5. EPS in 2017 was Rs.1.73 which was reduced to Rs. (2.74) in 2020 due to
GST and again it increased to Rs.(0.74) in Covid 19 pandemic.
39 | P a g e
Table 5.40
Income Statement of Tajgvk Hotels & Resorts Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 94.17 312.62 316.87 288.25 269.77

Other Income 2.64 1.22 7.22 2.63 --
Total Income 96.81 313.84 324.09 290.88 269.77
Expenditure -116.26 -261.11 -269.26 -241.6 -233.03
Interest -19.91 -22.63 -21.58 -24.97 -29.07
PBDT -19.45 52.73 54.83 49.28 36.74
Depreciation -16.55 -16.79 -16.7 -17.27 -18.13
PBT -36 35.94 38.13 32.01 18.61
Tax 9.55 -12.09 -13.81 -11.01 -8.25
Net Profit -26.45 23.85 24.32 21 10.36
Equity 12.54 12.54 12.54 12.54 12.54
EPS -4.17 3.72 3.87 3.38 1.63
CEPS -1.58 6.48 6.54 6.1 4.54
OPM % 0.49 24.11 24.11 25.76 24.39
NPM % -28.09 7.63 7.68 7.29 3.84
19 pandemic.
Covid 19 pandemic.
2020 due to GST and again it was reduced to Rs. (36.00) in 2021 due to Covid
19 pandemic.
crores in 2019 due to GST and again it reduced to Rs.(26.45) in 2021due to
Covid 19 pandemic.
GST and again it reduced to Rs.(4.17) Covid 19 pandemic.
40 | P a g e
Table 5.41
Income Statement of Tgb Banquets And Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 14.79 33.58 79.76 118.74 136.86

Other Income 1.47 20.31 6.52 4.49 2.8
Total Income 16.26 53.9 86.28 123.23 139.66
Expenditure -22.62 -50.42 -129.3 -131.03 -128.1
Interest -1.14 -1.24 -1.39 -3.19 -15.7
PBDT -6.36 3.48 -43.03 -7.81 11.57
Depreciation -2 -3.06 -2.75 -4.94 -19.46
PBT -8.36 0.42 -45.78 -12.75 -7.89
Tax 0.12 0.44 -8.14 13.29 1.28
Net Profit -8.25 0.86 -53.92 0.54 -6.61
Equity 29.29 29.29 29.29 29.29 29.29
EPS -2.82 0.29 -18.41 0.19 --
CEPS -2.13 1.34 -17.47 1.87 4.39
OPM % -35.28 14.06 -52.2 -3.89 19.92
NPM % -55.76 2.57 -67.6 0.46
It was surmised that:

4. Net Profit was Rs.(6.61) crores in 2017, which has reduced to (8.25) crores
GST and Covid-19.
41 | P a g e
Table 5.42
Income Statement of The Byke of Hospitality Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 65.61 122.19 146.77 177.41 269.98

Other Income 0.9 1.01 0.91 0.77 0.14
Total Income 66.5 123.19 147.68 178.18 270.12
Expenditure -59.95 -92.69 -125.13 -109.46 -208.88
Interest -8.34 -6.59 -2.04 -0.75 -1.09
PBDT 6.55 30.5 22.55 68.72 61.24
Depreciation -26.47 -28.05 -14.95 -13.65 -12.77
PBT -19.92 2.46 7.6 55.08 48.47
Tax 1.68 1.69 -2.54 -19.06 -16.77
Net Profit -18.24 4.15 5.06 36.02 31.7
Equity 40.1 40.1 40.1 40.1 40.1
EPS -4.55 1.03 1.26 8.98 7.9
CEPS 2.05 8.03 4.99 12.39 11.09
OPM % 22.69 30.35 16.75 39.16 23.09
NPM % -27.8 3.39 3.45 20.3 11.74

3. PBT was Rs.48.47 crores in 2017, which went down to (19.92) crores in
4. Net Profit was Rs.31.70 crores in 2017, which has reduced to (18.24) crores
GST and Covid-19.
42 | P a g e
Table 5.43
Income Statement of Velan Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.04 3.29 6.35 8.57 11.73
Other Income 0.08 0.11 0.09 0.14 0.65
Total Income 0.12 3.39 6.44 8.71 12.38
Expenditure 0.4 -4.79 -6.87 -8.58 -29.28
Interest 0 -0.13 -0.23 -0.24 -18.37
PBDT 0.52 -1.4 -0.43 0.13 -16.89
Depreciation -1.68 -1.78 -1.8 -1.85 -1.96
PBT -1.16 -3.18 -2.23 -1.72 -18.85
Tax 1.23 -- -- -0.76 -0.67
Net Profit 0.07 -3.18 -2.23 -2.48 -19.52
Equity 31.96 31.96 31.96 31.96 31.96
EPS 0.02 -0.99 -0.7 -0.77 -6.11
CEPS 0.55 -0.44 -0.13 -0.2 -5.5
OPM % 1310 -38.53 -3.06 4.31 12.6
NPM % 177.5 -96.62 -35.09 -28.88 -1

3. PBT was Rs.(18.85) crores in 2017, which was decreased to (1.16) crores in
4. Net Profit was Rs.(19.52) crores in 2017, which has increased to 0.07 crores
GST and Covid-19.
43 | P a g e
Table 5.44
Income Statement of Viceroy Hotels Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 22.07 81.44 86.49 83.83 86.84
Other Income 2.68 6.93 2.05 17.07 --
Total Income 24.74 88.37 88.53 100.9 86.84
Expenditure -36.38 -86.69 -89.28 -521.31 -83.54
Interest -0.3 -0.52 -0.73 -20.72 -25.56
PBDT -11.64 1.68 -0.75 -420.41 -4.68
Depreciation -8.5 -8.93 -9.18 -8.33 -5.95
PBT -20.14 -7.25 -9.93 -428.74 -10.63
Tax 3.86 -1.96 -2.56 -9.89 -0.91
Net Profit -16.27 -9.2 -12.49 -438.63 -11.54
Equity 42.41 42.41 42.41 42.41 42.41
EPS -3.84 -2.17 -2.95 -103.44 -2.72
CEPS -1.83 -0.06 -0.78 -101.47 -1.32
OPM % -51.36 2.71 -0.03 -476.8 24.04
NPM % -73.74 -11.3 -14.44 -523.26 -13

2. Total Income was Rs.86.84 crores in 2017, it has increased to Rs.88.37
crores in 2020 due to GST and was reduced to Rs.24.74 crores in 2021 Covid
19 pandemic.
3. PBT was Rs.(10.63) crores in 2017, which was decreased to (20.14) crores
4. Net Profit was Rs.(11.54) crores in 2017, which has reduced to (16.27)
GST and Covid-19.
44 | P a g e
Table 5.45
Income Statement of Woodsvilla Ltd
(Rs. In Crores)
Particulars 2021 2020 2019 2018 2017
Revenue 0.32 0.7 0.65 0.94 0.91
Other Income 0.02 0.03 0.01 0 --
Total Income 0.34 0.72 0.66 0.95 0.91
Expenditure -0.24 -0.62 -0.57 -0.88 -0.8
Interest 0 -- 0 0 0
PBDT 0.1 0.11 0.09 0.07 0.11
Depreciation -0.1 -0.1 -0.09 -0.07 -0.07
PBT 0 0.01 0 0 0.05
Tax 0 0 -0.01 0 0
Net Profit 0 0.01 -0.01 0 0.05
Equity 3.01 3.01 3.01 3.01 3.01
EPS -- -0.11 -0.09 0.24 0.16
CEPS 0.17 0.18 0.28 0.22 0.39
OPM % 32.2 15.21 14.37 7.74 12.67
NPM % 0.31 1 -0.77 -0.32 5.4
Source: https://www.bseindia.com/sensex/code/35/

2. Total Income was Rs.0.91 crores in 2017, it was reduced to Rs.0.34 crores in
2021 Covid 19 pandemic.
3. PBT was Rs.0.05 crores in 2017, which was decreased to Rs. 0 in 2021 due
to GST and Covid 19 pandemic.
4. Net Profit was Rs.0.05 crores in 2017, which has reduced to Rs.0 in 2021
GST and Covid-19.
45 | P a g e
Table 5.46
Statement of Revenue of Hotels for the period 2017 to 2021
(Rs. In Crores)
Hotels 2021 2020 2019 2018 2017
1 27.47 70.13 70.28 62.48 59.64
2 29.41 92.1 103.44 102.14 98.32
3 0.31 0 0 0 0
4 72.58 252.39 273.52 274.44 251.19
5 24.24 63.64 59.68 47.43 49.57
6 2.34 4.3 5.18 4.79 4.77
7 0 0 52.75 134.89 132.66
8 46.5 127.72 214.68 236.8 260.39
9 10.61 53.4 62.28 63.61 63.86
10 2.48 4.79 4.78 4.62 4.18
11 2.94 9.28 11.22 10.93 8.83
12 101.39 249.08 264.18 263.57 263.56
13 432.7 1,350.30 1,543.24 1,350.28 1,277.55
14 8.9 39.47 46.72 47.2 41.47
15 0.99 3.75 3.7 3.31 3.25
16 18.92 145.68 154.34 718.54 699.94
17 0 0 0 0 0
18 10.28 25.91 28.94 26.82 22.78
19 1.72 9.71 10.65 9.29 8.72
20 1,133.15 2,743.47 2,780.41 2,583.95 2,391.25
21 175.76 336.27 349.96 343.87 473.15
22 15.55 37.73 38.03 33.78 36.15
23 51.62 179.31 192.39 168.52 156.67
24 2.27 0.18 0.23 0.13 0.57
25 0.05 0.29 0 0 0
26 3.11 7.53 8.64 6.98 5.65
27 23.09 24.57 78.24 72.96 80
28 822.25 977.01 918.29 1,064.19 1,088.73
29 115.78 289.67 345.42 356.86 333.49
30 9.33 20.45 20.04 17.81 14.53
31 0.08 0.76 1.64 1.68 1.75
32 4.46 8.9 9.17 7.62 8.72
33 7.65 21.47 23.2 22.01 18.37
34 9.98 18.29 17.62 16.33 14.82
35 47.82 114.84 112.6 102.14 91.31
36 19.62 67.29 71.87 72.44 68.67
37 75.17 209.69 218.25 191.5 158.19
46 | P a g e
38 17.27 45.45 45.75 45.91 47.06
39 2.15 2.84 3.77 4.55 2.96
40 94.17 312.62 316.87 288.25 269.77
41 14.79 33.58 79.76 118.74 136.86
42 65.61 122.19 146.77 177.41 269.98
43 0.04 3.29 6.35 8.57 11.73
44 22.07 81.44 86.49 83.83 86.84
45 0.32 0.7 0.65 0.94 0.91
Figure 5.1 Statement of Revenue
Statement of Revenue
100%
90% 2017 45.00 9018.81 200.42 182697.42
80%
2018 45.00
70% 204597.11
9152.11 203.38
60%
50% 2019 45.00

8781.99 195.16 226740.17
40%
2020 45.00
30%
8161.48 181.37
20% 214250.50
2021 45.00
10%
3526.94 78.38
44591.84
0%
Year Count Sum Average Variance
Series1 Series2 Series3 Series4 Series5
Table No. 5.47 Statement of Revenue for the period 2017 to 2021
ONE WAY ANOVA ANALYSIS

Source of
Variation SS df MS F P-value F crit
Between Groups 503155.21 4.00 125788.80 0.72 0.58 2.41
H0: There is no significant difference between the mean of 5 Years.
47 | P a g e
H1: There is significant difference between the mean of 5 Years.
Conclusion: Null hypothesis is fail to reject as F value = 0.72 is less than F
critical value i.e 2.41 and P-value is also more than 0.05. Research Scholar
concluded that there is no significant difference in Revenue of Hotels
listed on BSE during the period 2017 to 2021.
Table No.5.48 Descriptive Statistics of Revenue of 2018 (Before After

GST) and 2017 (Before GST)
2018 (After GST) 2017 (Before GST)

Mean 203.38 Mean 200.42
Standard Error 67.43 Standard Error 63.72
Median 47.43 Median 49.57
Standard Deviation 452.32 Standard Deviation 427.43
Sample Variance 204597.11 Sample Variance 182697.42
Count 45.00 Count 45.00
Confidence Level
(95.0%) 135.89 Confidence Level (95.0%) 128.41
z-Test: Two Sample for Means

2018
(After
GST) 2017 (Before GST)
Mean 203.38 200.42
Known Variance 204597.11 182697.42
Observations 45.00 45.00
Hypothesized Mean
Difference 0.00
z 0.03
P(Z<=z) two-tail 0.97
z Critical two-tail 1.96
H0: There is no significant difference between the mean of 2017 and

2018. H1: there is significant difference between the mean of 2017 and
2018.
Conclusion: Null hypothesis is fail to reject as Z value 0.03 is less than Z
critical value 1.96 and P Value is also greater than 0.05 i.e.0.97. Research
Scholar concluded that there is no significant difference in Revenue of
Hotels listed on BSE during the period 2017 to 2018.
48 | P a g e
Table No.5.49 Statement of Total Income of Hotels for the period 2017 to
2021
(Rs. In Crores)
Hotels 2021 2020 2019 2018 2017
1 28.18 71.16 71.73 63.82 60.84
2 38.75 101.08 113.71 107.75 107.11
3 0.33 0.11 0.83 1.15 1.81
4 74.45 266.95 281.68 305.55 260.95
5 24.81 63.84 60.39 48.28 51.14
6 2.34 4.3 5.2 4.84 4.93
7 0.08 0.1 55.22 136.32 133.79
8 52.3 127.72 214.68 236.8 260.39
9 16.81 60.74 70.76 64.34 64.8
10 2.6 4.94 4.79 4.63 4.18
11 3.02 9.36 11.37 11.01 9.09
12 104.45 258.07 273.7 269.27 271.68
13 473.64 1,434.31 1,627.26 1,434.04 1,376.78
14 10.23 40.16 47.55 47.44 42.23
15 3.06 5.92 5.66 5.02 5.12
16 44.14 152.19 158.52 743.12 713.79
17 0.12 0.13 0.18 0.15 0.13
18 10.5 26.32 29.55 27.44 23.38
19 1.73 9.84 10.78 9.52 8.92
20 1,243.67 2,877.88 2,870.91 2,639.34 2,445.11
21 197.22 357.49 371.73 370.64 495.14
22 15.67 37.91 38.18 34.81 36.37
23 52.63 180.21 194.19 175.29 164.53
24 7.54 1 26.25 0.17 0.79
25 0.05 0.29 0.01 0.06 0
26 3.12 7.54 8.65 7 5.66
27 26.98 28 88.8 83.59 79.57
28 908.76 1,037.12 963.44 1,094.19 1,105.93
29 123.22 301.34 356.72 368.88 344.61
30 9.79 20.45 20.58 18.12 14.9
31 0.09 0.77 1.69 1.73 1.75
32 4.54 9.33 9.27 7.78 8.72
33 9.01 22.16 23.93 22.32 18.37
34 10.17 19.43 18.1 16.64 15.24
35 53.4 122.01 120.04 108.13 99.55
36 20.77 67.9 72.58 73.12 68.67
37 82.99 212.99 220.66 193.97 159.58
38 23.14 47.17 49.58 48.17 48.93
39 2.55 3.19 4.26 4.92 2.96
49 | P a g e
40 96.81 313.84 324.09 290.88 269.77
41 16.26 53.9 86.28 123.23 139.66
42 66.5 123.19 147.68 178.18 270.12
43 0.12 3.39 6.44 8.71 12.38
44 2.68 6.93 2.05 17.07 0
45 0.34 0.72 0.66 0.95 0.91
Figure 5.2 Statement of Total Income
Statement of Total Income
Variance 53902.21 237577.61 244741.51 217579.11 195026.59
Average 85.99 188.74 201.56 209.08 204.67

SUMMA
Sum 3869.56 8493.39 9070.33 9408.38 9210.28
Count 45.00 45.00 45.00 45.00 45.00
Year 2021 2020 2019 2018 2017
0% 20% 40% 60% 80% 100%
Series1Series2Series3Series4Series5
Table No. 5.50 Statement of Total Income for the period 2017 to 2021

Source of P-
Variation SS df MS F value F crit
Between
Groups 486607.71 4.00 121651.93 0.64 0.63 2.41

50 | P a g e
critical value i.e 2.41 and P-value is also more than 0.05 i.e 0.63. Research
Scholar concluded that there is no significant difference in Total Income
of Hotels listed on BSE during the period 2017 to 2021.
Table No.5.51
Descriptive Statistics of Total Income of 2018 (Before After GST) and
2017 (Before GST)
Mean 209.08 Mean 204.67

Confidence Level Confidence Level
(95.0%) 140.14 (95.0%) 132.68

2018 2017
Mean 209.08 204.67
Known Variance 217579.11 195026.59
Hypothesized Mean
Difference 0.00
z 0.05
H0: There is no significant difference between the mean of 2017 and 2018.
H1: there is significant difference between the mean of 2017 and 2018
Years.
critical value 1.96. Research Scholar concluded that there is no significant
difference in Total Income of Hotels listed on BSE during the period 2017
to 2018.
51 | P a g e
Table No.5.52 Statement of Profit before Tax of Hotels for the period 2017
to 2021
(Rs. In Crores)
Hotels 2021 2020 2019 2018 2017
1 -5.45 14.05 13.93 12.91 14.36
2 0.49 22.14 24.44 18.74 16.89
3 -8.74 -6.46 -8.3 -3.25 -5.17
4 -695.13 -73.95 -42.08 -2.75 -27.4
5 -6.97 13.5 12.18 7.85 10.73
6 -0.62 -0.4 0.39 0.2 0.22
7 -14.27 -21.32 -193.79 -1.66 -6.64
8 -38.23 -40.27 -15.43 -10.03 -7.01
9 -6.96 4.75 12.93 13.27 10.59
10 -0.82 1.62 0.39 0.36 0.33
11 -5.91 -3.33 -1.65 -2.99 -3.54
12 -37.15 43 58.35 58.66 64.93
13 -443.05 109.1 163.7 173.86 127.85
14 -18.02 -11.32 -5.14 -0.73 -5.63
15 2.7 5.49 5.18 4.53 4.73
16 -35.93 -20.19 -37.8 -23.22 -102.51
17 -0.05 -0.1 -2.93 -0.09 -0.04
18 -1.53 1.35 2.51 1.76 1.58
19 -1.64 -0.57 -0.01 -0.31 -0.04
20 -640.28 437.74 417.54 284.23 258.85
21 -23.79 42.68 62.23 44.94 17.52
22 -10.75 1.06 1.65 0.31 1.27
23 -37.15 35.94 35.82 51.09 40.58
24 3.71 -5.8 16.52 -1.12 -4.07
25 -0.12 -0.15 -0.13 -0.06 -0.12
26 -0.36 0.22 0.25 0.11 -0.12
27 2.26 1.01 61.2 29.24 37.93
28 169.47 123.95 100.17 207.15 200.95
29 -75.34 -3.59 102.42 8.53 1.99
30 -1.53 0.75 1.15 0.85 0.77
31 -0.63 -0.44 -0.23 -0.41 0.02
32 -0.52 0.04 0.65 0.36 0.78
33 0.29 3.04 4.13 3.12 1.3
34 -0.6 2.57 2.21 0.16 1.91
35 -38.96 12.92 18.22 15.49 9.95
36 -4.54 5.9 9.26 6.8 4.6
37 -26.69 -3.77 0.06 -3.77 -5.66
38 4.23 11.78 14.09 13.95 13.94
52 | P a g e
39 -0.37 -1.6 -0.87 0.43 0.7
40 -36 35.94 38.13 32.01 18.61
41 -8.36 0.42 -45.78 -12.75 -7.89
42 -19.92 2.46 7.6 55.08 48.47
43 -1.16 -3.18 -2.23 -1.72 -18.85
44 -20.14 -7.25 -9.93 -428.74 -10.63
45 0 0.01 0 0 0.05
Table No. 5.53 Descriptive Statistics of Profit before tax for the period
2017 to 2021
Anova: Single Factor

SUMMARY
2021 45.00 -2084.53 -46.32 23607.44
2020 45.00 729.74 16.22 5064.89
2019 45.00 821.00 18.24 6042.16
2018 45.00 552.39 12.28 7866.86
2017 45.00 707.08 15.71 3090.84
Figure 5.3 Statement of Profit Before Tax
Statement of PBT
100%
90%
9134.44
80%
70%
60%
50%
40%
30% 2009576.44 220.00 3.80 0.01 2.41
20%
34731.12
10%
0%
138924.47 4.00
SS df MS F P-value F crit
Between GroupsWithin Groups
53 | P a g e
Conclusion: Alternative hypothesis is fail to reject as F value = 3.80 is
more than F critical value i.e 2.41 and P-value is also less than 0.05.
Research Scholar concluded that there is significant difference in Total
Income of Hotels listed on BSE during the period 2017 to 2021.
Table No.5.54 Descriptive Statistics of Profit Before Tax of 2018 (Before

After GST) and 2017 (Before GST)
Mean 12.28 Mean 15.71

Confidence Confidence
Level(95.0%) 26.65 Level(95.0%) 16.70
2018
(After
GST) 2017 (Before GST)
Mean 12.28 15.71
Known Variance 7866.86 3090.84
Hypothesized Mean
Difference 0.00
z -0.22

H1: there is significant difference between the mean of 2 Years.
Conclusion: Null hypothesis is fail to reject as Z value (0.22)is less than Z
difference in Profit Before Tax of Hotels listed on BSE during the period
2017 to 2018.
54 | P a g e
Table No.5.55 Statement of Net Profit of Hotels for the period 2017 to
2021
(Rs. In Crores)
Hotels 2021 2020 2019 2018 2017
1 -4.08 11.26 11.37 8.63 8.79
2 0.69 13.87 17.78 14.74 12.96
3 -10.08 -7.89 -18.15 -3.25 -5.17
4 -695.14 -63.13 -32.78 -2.42 -15.61
5 -5.23 10.61 8.72 6.48 6.82
6 -0.57 -0.35 0.28 0.25 0.15
7 -14.27 -21.32 -194.36 -1.66 -6.03
8 -41.46 -44.97 -21.92 -17.25 -14.91
9 -6.43 2.87 9.81 8.23 6.91
10 -0.8 1.51 0.28 0.27 0.23
11 -5.91 -3.33 -1.65 -2.99 -3.54
12 -26.74 37.96 37.94 37.79 42.78
13 -343.13 124.47 113.33 112.27 96.53
14 -14.18 -8.77 -1.81 -0.7 -3.89
15 3.79 3.79 3.79 3.79 3.79
16 -35.93 193.71 -118.9 -23.22 -102.51
17 -0.05 -0.1 -2.93 -0.09 -0.04
18 -1.44 1.26 1.77 1.93 1.04
19 -1.51 -0.77 0 -0.06 -0.03
20 -524.78 401.41 263.7 147.77 141.94
21 -27.2 22.48 42.16 23.62 12.05
22 -10.96 0.68 1.5 0.92 0.25
23 -27.57 35.7 25.07 37.89 40.58
24 0 -5.47 22.53 -0.99 -4.01
25 -0.09 -0.08 -0.13 -0.04 -0.13
26 -0.38 0.18 0.23 -0.2 -0.12
27 1.07 12.46 44.03 21.07 28.4
28 125.77 -108.22 63.86 134.36 130.65
29 -53.38 -3.79 89.44 6 1.54
30 -1.74 0.38 0.78 0.63 0.52
31 -0.63 -0.44 -0.23 -0.51 0.02
32 -0.39 0.09 0.44 0.32 0.62
33 0.28 2.52 3.3 2.51 1.02
34 -0.64 1.85 1.81 0.24 1.38
35 -34.55 9.11 12.62 10.98 9.91
36 -4.1 4.28 6.28 5.13 2.38
37 -21.74 -1.8 -3.1 -4.24 -4.17
38 3.51 9.49 9.75 11.74 9.01
39 -0.31 -1.16 -0.88 0.45 0.74
55 | P a g e
40 -26.45 23.85 24.32 21 10.36
41 -8.25 0.86 -53.92 0.54 -6.61
42 -18.24 4.15 5.06 36.02 31.7
43 0.07 -3.18 -2.23 -2.48 -19.52
44 -16.27 -9.2 -12.49 -438.63 -11.54
45 0 0.01 -0.01 0 0.05
Figure 5.4 Statement of Net Profit
Statement of Net Profit
1377.91
100%
2017 45.00
5717.87
80%
3554.12
2018 45.00
5180.45
60%
2019 45.00
405.29 9.01
40%
45.00 156.84 3.49
2020 356.46 7.92 18819.72
20%
2021 45.00 646.84 14.37
0%
-20%
-1849.44 -41.10
-40%
-60%
56 | P a g e
Table No. 5.56 Descriptive Statistics of Net Profit for the period 2017 to
2021

P-
Source of Variation SS df MS F value F crit
Between Groups 91969.34 4.00 22992.34 3.32 0.01 2.41

Conclusion: Alternative hypothesis is fail to rejcet as F value = 3.32 is
more than F critical value i.e 2.41 and P-value is also less than 0.05.
Research Scholar concluded that there is significant difference in Net
Profits of Hotels listed on BSE during the period 2017 to 2021.
Table No. 5.57 Descriptive Statistics of Net Profit for the period 2017 to
2018
Mean 3.49 Mean 9.01

Level(95.0%) 22.72 Level(95.0%) 11.15

2018 2017
Mean 3.49 9.01
Hypothesized Mean
Difference 0.00
z -0.44
H0: There is no significant difference between the mean of 2
Years. H1: there is significant difference between the mean of 2
Years.
57 | P a g e
Conclusion: Null hypothesis is fail to reject as Z value (0.44) is less than Z
critical value 1.96. P value is also more than 0.05 ie. 0.66. Research
Scholar concluded that there is no significant difference in Profit before
Tax of Hotels listed on BSE during the period 2017 to 2018.
Table No. 5.58 Statement of Earnings per Share of Hotels for the
period 2017 to 2021
Hotels 2021 2020 2019 2018 2017
1 -0.88 2.44 2.46 1.87 1.9
2 0.6 12.03 15.42 12.79 11.28
3 -11.2 -8.76 -20.16 -3.61 -5.75
4 -357.34 -32.45 -16.85 -1.24 -8.03
5 -40.22 81.63 67.1 49.87 52.44
6 -0.34 -0.21 0.17 0.15 0.09
7 -11.2 -16.72 -152.01 -1.31 -7.98
8 -2.54 -2.75 -1.34 -1.06 -0.91
9 -1.09 0.52 1.8 1.5 1.26
10 -2.23 4.24 0.78 0.77 0.64
11 -1.06 -0.59 -0.3 -0.54 -0.63
12 -8.78 12.46 12.45 12.4 14.04
13 -5.72 2.18 1.98 1.96 1.69
14 -1.97 -1.28 -0.24 -0.15 0.55
15 6 11.35 10.77 8.9 10.2
16 -0.57 -0.32 -0.6 -0.43 -2.2
17 -0.04 -0.07 -2.04 -0.06 0
18 -0.78 0.76 1.08 1.19 0.64
19 -1.66 -0.84 0 -0.28 -0.03
20 -4.41 3.38 2.22 1.34 1.43
21 -2.71 2.15 5.38 2.23 1.4
22 -17.99 1.13 2.49 1.53 0.42
23 -11.69 15.14 10.63 16.07 17.21
24 0 -1.58 6.5 -0.28 -1.16
25 -0.08 -0.07 -0.12 -0.04 -0.12
26 -0.51 0.23 0.3 -0.26 -0.16
27 1.51 0.94 33.61 1.61 21.67
28 9.46 -8.14 4.81 10.14 14.82
29 -2.99 -0.21 5.01 0.34 0.09
30 -1.25 0.27 0.56 0.04 0.37
31 -0.28 -0.19 0.1 -0.23 0.01
32 -0.99 0.22 1.1 0.8 1.55
33 0.16 1.49 1.95 1.48 0.59
34 0.14 1.35 1.71 0 1.26
35 -12.6 3.41 4.59 4.03 3.64
58 | P a g e
36 -3.44 3.59 5.27 4.3 1.99
37 -13.1 -1.71 -2.45 -3.1 -3.07
38 1.26 3.41 17.5 21.07 16.18
39 -0.74 -2.74 -2.08 1.06 1.73
40 -4.17 3.72 3.87 3.38 1.63
41 -2.82 0.29 -18.41 0.19 0
42 -4.55 1.03 1.26 8.98 7.9
43 0.02 -0.99 -0.7 -0.77 -6.11
44 -3.84 -2.17 -2.95 -103.44 -2.72
45 0 -0.11 -0.09 0.24 0.16
Table No. 5.59 Descriptive Statistics of Earning Per Share for the period
2017 to 2021

2021 45.00 -516.63 -11.48 2836.21
2020 45.00 87.46 1.94 199.07
2019 45.00 2.53 0.06 703.22
2018 45.00 53.43 1.19 329.72
2017 45.00 149.91 3.33 96.64
Figure 5.5 Statement of Earnings Per Share
Statement of Earnings Per Share
100%
90%
832.97
80%
70%
60%
50%
40% 183253.97 220.00 1.93 0.11 2.41
30%
20%
1610.65
10%
6442.614.00
0%
SSdfMSFP-valueF crit
59 | P a g e
concluded that there is no significant difference in Earning Per Share vof
Hotels listed on BSE during the period 2017 to 2021.
Table No. 5.60 Descriptive Statistics of Earning Per Share for the period
2017 to 2018
2018 2017
Mean 1.19 Mean 3.33

Level(95.0%) 5.46 Level(95.0%) 2.95
2018 2017
Mean 1.19 3.33
Hypothesized Mean
Difference 0.00
z -0.70

Years.
critical value (1.96). Research Scholar concluded that there is no
significant difference in Earning Per Share of Hotels listed on BSE during
the period 2017 to 2018.
60 | P a g e
Table No.5.61 Statement of Cash Earnings per Share of Hotels for the
period 2017 to 2021
Hotels 2021 2020 2019 2018 2017
1 -0.18 3.25 3.25 2.63 2.7
2 3.28 14.61 19.7 17.5 16.77
3 -10.33 -7.88 -19.27 -2.01 -4.13
4 -348.69 -23.24 -6.95 9.02 0
5 13.12 130.72 107.32 81.97 88.2
6 0.05 0.21 0.58 0.56 0.51
7 -11.11 -16.64 -149.98 3.99 0.47
8 -1.56 -1.74 -0.3 0.04 0.27
9 -0.74 1.02 2.21 1.9 1.67
10 0 0 0 0 2.12
11 -0.93 -0.46 -0.12 -0.32 -0.32
12 -3.21 17.7 17.13 17.03 18.7
13 -3.57 4.53 4.14 3.87 3.62
14 -1.23 -0.38 0.46 0.71 0.12
15 6.12 11.47 10.89 9.02 10.33
16 -0.36 3.26 -1.73 1.62 2.14
17 -0.04 -0.07 -2.04 -0.06 -0.03
18 -0.04 1.76 2.15 2.49 2.24
19 -1 -0.11 0.84 0 0
20 -2.7 5.09 3.64 2.52 2.96
21 -2.39 3.46 5.75 3.59 2.32
22 -9.13 9.73 0 0 10.69
23 -7.27 19.12 14.9 20.53 0
24 0.11 -1.46 6.63 -0.16 -1.03
25 0 0 -0.12 0 -0.09
26 -0.12 0.54 0.71 0.17 0.39
27 3.53 12.24 37.4 20.05 0
28 17.27 -0.49 8.67 14.25 21.67
29 -1.38 1.34 6.6 1.88 1.48
30 0.54 2.06 2.3 1.91 1.72
31 -0.22 -0.13 -0.36 0 0.07
32 0.32 1.58 2.23 1.59 2.41
33 0.7 2.05 2.58 2.1 1.2
34 0.3 2.94 3.05 2.68 2.51
35 -9.41 6.34 6.07 5.63 0
36 -0.32 7.43 8.18 7.33 5.72
37 2.48 15.42 9.66 9.26 0
38 3.22 5.83 31.01 34.33 30.47
39 0.61 -1.64 -0.51 2.67 3.46
40 -4.17 3.72 3.87 3.38 1.63
41 -2.13 1.34 -17.47 1.87 4.39
61 | P a g e
42 2.05 8.03 4.99 12.39 11.09
43 0.55 -0.44 -0.13 -0.2 -5.5
44 -1.83 -0.06 -0.78 -101.47 -1.32
45 0.17 0.18 0.28 0.22 0.39
Figure 5.6 Statement of Cash Earnings Per Share
Statements of CEPS
444.64
2718.79 420.29 869.94
Variance 205.42
-8.21 5.382.834.37 5.38

Average
-369.64 242.23 127.43 196.48242.01

Sum
45.0045.0045.0045.0045.00
Count
-40% -20% 0% 20% 40% 60% 80% 100%
20212020201920182017
62 | P a g e
Table No. 5.62 Descriptive Statistics of Cash Earning Per Share for the
period 2017 to 2021

Source of
Between Groups 6005.83 4.00 1501.46 1.61 0.17 2.41

concluded that there is no significant difference in Net Profits of Hotels
listed on BSE during the period 2017 to 2021.
Table No. 5.63 Descriptive Statistics of Cash Earning Per Share for the
period 2017 to 2018
2018 2017
Mean 4.37 Mean 5.38

Confidence
Confidence Level(95.0%) 6.34 Level(95.0%) 4.31

2018 2017
Mean 4.37 5.38
Hypothesized Mean Difference 0.00
z -0.27
63 | P a g e
Years.
Conclusion: Null hypothesis is fail to reject as Z value 0.27) is less than Z
difference in Cash Earning Per Share of Hotels listed on BSE during the
period 2017 to 2018.
Table No.5.64 Statement of Operating Profit Margin of Hotels for the

period 2017 to 2021
Hotels 2021 2020 2019 2018 2017
1 -7.24 25.7 25.11 26.39 30.8
2 12.17 27.27 28.38 23.67 24.17
3 -894.16 0 0 0 0
4 -809.08 22.08 29.27 42.1 -2.46
5 3.97 32.93 30.44 25.61 31.03
6 8.67 10.62 24.2 23.95 26.06
7 0 0 -70 21.77 -0.01
8 8.65 9.78 18.19 17.63 18.36
9 -26.77 19.04 31.43 29.93 27.17
10 4.47 48.29 19.94 20 21.21
11 -37.65 10.49 21.1 7.53 3.76
12 -19.38 23.86 27.65 27.75 30.75
13 -65.32 21.68 21.58 22.4 19.79
14 -127.3 -9.12 3 14 1.76
15 276.33 147.84 141.36 138.34 146.82
16 -106.29 -5.05 -18.03 25.87 27.18
17 0 0 0 0 0
18 15.26 19.86 21.67 23.73 31.17
19 -52.94 2.97 8.97 6.1 8.49
20 -12.5 32.04 26.8 24.34 25.43
21 -9.04 15.11 19.97 15.29 5.41
22 -6.98 28.97 31.38 35.25 37.14
23 22.8 45.07 35.77 46.06 50.81
24 213.55 -2588.95 7793.33 -411.54 -711.46
25 -247.92 -52.8 0 0 0
26 -2.32 5.97 6.42 6.19 5.14
27 70.15 63.56 98.25 55.83 54.55
28 34.8 24.73 16.51 24.61 24.02
29 -21.23 16.62 45.74 18.8 17.74
30 18.95 20.8 21.09 19.71 21.92
31 -588.75 -34.91 -3.36 -13.78 20.34
32 12.41 13.01 17.86 12.41 16.62
64 | P a g e
33 28.36 23.65 26.71 25.24 24.99
34 4 21.68 21.4 17.74 22.39
35 -45.28 25.14 23.76 24.58 22.14
36 -1.89 16.41 18.43 15.88 15.66
37 25.88 22.35 16.49 15.89 19.19
38 59.12 40.79 47.24 46.47 46.54
39 25.65 -3.49 17.23 39.56 68.63
40 0.49 24.11 24.11 25.76 24.39
41 -35.28 14.06 -52.2 -3.89 19.92
42 22.69 30.35 16.75 39.16 23.09
43 1310 -38.53 -3.06 4.31 12.6
44 -51.36 2.71 -0.03 -476.8 24.04
45 32.2 15.21 14.37 7.74 12.67
Table No. 5.65 Descriptive Statistics of Operating Profit Margin for the
period 2017 to 2021
2021 45.00 -958.11 -21.29 84968.78
-
2020 45.00 1808.10 -40.18 151832.64
2019 45.00 8645.22 192.12 1343931.02
2018 45.00 111.58 2.48 10041.15
2017 45.00 349.96 7.78 12592.76
Figure 5.7 Statement of Operating Profit Margin
Statement of Operating Profit Margin
F crit 2.41
P-value 0.30
F 1.23
MS 394563.54 320673.27
df 4.00 220.00
SS 1578254.14 70548119.42
0% 20% 40% 60% 80% 100%
65 | P a g e
concluded that there is no significant difference in Operating Profit
Margin of Hotels listed on BSE during the period 2017 to 2021.
Table No. 5.66 Descriptive Statistics of Operating Profit Margin for the
period 2017 to 2018
2018 2017
Mean 2.48 Mean 7.78

Confidence

2018 2017
Mean 2.48 7.78
Known
Variance 10041.15 12592.76
Hypothesized
Mean
Difference 0.00
z -0.24
P(Z<=z) two-
tail 0.81
z Critical two-
tail 1.96

Years.
Conclusion: Null hypothesis is fail to reject as Z value (0.24)is less than Z
critical value 1.96. P Value is also more than 0.05 i.e 0.81. Research
Scholar concluded that there is no significant difference in Operating
Profit Margin of Hotels listed on BSE during the period 2017 to 2018.
66 | P a g e
Table No.5.67 Statement of Net Profit Margin of Hotels for the period
2017 to 2021
Hotels 2021 2020 2019 2018 2017
1 -14.86 16.06 16.18 13.82 14.73
2 2.35 15.06 17.19 14.43 13.1
3 - 0 0 0 0
3272.73
4 -957.71 -25.01 -11.98 -0.88 -6.2
5 -21.57 16.68 14.62 13.67 13.7
6 -24.48 -8.17 5.4 5.29 3.1
7 0 0 -368.5 -1.23 -4.5
8 -89.17 -35.21 -10.21 -7.28 -5.73
9 -60.58 5.37 15.75 12.94 10
10 -32.07 31.54 5.84 5.93 5
11 -201.4 -35.87 -14.74 -27.39 -40.15
12 -26.37 15.24 14.36 14.34 1
13 -79.3 9.22 7.34 8.31 7
14 -159.33 -22.22 -3.87 -1.48 -9.38
15 228.8 114.71 110.27 101.78 118
16 -189.9 132.97 -77.04 -3.23 -14.65
17 0 0 0 0 0
18 -13.98 4.87 6.11 7.18 4.5
19 -88.05 -7.88 -0.04 -0.65 0.34
20 -46.31 14.63 9.48 5.72 5.94
21 -15.48 6.68 12.05 6.87 2.5
22 -70.45 1.8 3.94 2.72 0.6
23 -53.41 19.91 13.03 22.48 25.9
24 0.13 -3022.1 10011.56 -757.69 -7
25 -185.42 -27.97 0 0 0
26 -12.25 2.32 2.64 -2.86 -2.12
27 4.62 50.72 56.28 28.87 35.5
28 15.3 -11.08 6.95 12.63 12
29 -46.1 -1.31 25.89 1.68 0.46
30 -18.66 1.83 3.89 3.53 3.57
31 -786.25 -57.44 -13.74 -30.42 1.14
32 -8.83 0.99 4.77 4.18 7
33 3.65 11.74 14.24 11.42 5
34 -6.38 10.12 10.26 1.45 9
35 -72.24 7.94 11.21 10.75 10.85
67 | P a g e
36 -20.88 6.36 8.74 7.09 3.4
37 -28.92 -0.86 -1.42 -2.21 -2.64
38 20.33 20.88 21.3 25.57 1
39 -14.53 -40.88 -23.38 9.9 25
40 -28.09 7.63 7.68 7.29 3.84
41 -55.76 2.57 -67.6 0.46 -4.83
42 -27.8 3.39 3.45 20.3 11.74
43 177.5 -96.62 -35.09 -28.88 -1
44 -73.74 -11.3 -14.44 -523.26 -13
45 0.31 1 -0.77 -0.32 5.4
Figure 5.8 Statement of Net Profit Margin
Statement of NPM
100% 19149.54
2017 45.00 427.49
80%
2018 45.00
60% 2233319.02
201945.00 249.11 5.54
40%
2020 45.00
9797.60 217.72
20%
204682.06
2021 45.00
264310.34
0%
-6350.01 -141.11
-20%
-2871.69 -63.82
-40%
-1007.18 -22.38
-60%
68 | P a g e
Table No. 5.68 Descriptive Statistics of Net Profit Margin for the period
2017 to 2021
ANOVA
Source of P-
Between Groups 3236267.25 4.00 809066.81 1.49 0.21 2.41

critical value i.e 2.41 and P-value is also more than 0.05. Research
Scholar concluded that there is no significant difference in Net Profit
Table No. 5.69 Descriptive Statistics of Net Profit Margin for the period
2017 to 2018
Mean -22.38 Mean 5.54

Confidence

2018 2017
Mean -22.38 5.54
Hypothesized Mean
Difference 0.00
z -1.34
69 | P a g e
Years.
critical value 1.96. P Value is also greater than 0.05 i.e 0.18. Research
Scholar concluded that there is no significant difference in Net Profit
70 | P a g e
Questionnaire relating to General Public:
Data was collected from 100 respondents of General public of Mumbai,
Thane, Kalyan, Ambernath and Ulhasnagar cities. Data was analysed
through Anova (F) test and Z test.
Figure 5.9 Prices of food have gone up due to Goods and Service Tax
Prices of Food have gone up due to

GST
100%
90%
50 92 1.84 0.67
80%
70%
60%
50%
40%
50 95 1.9 0.79
30%
20%
10%
0%
Count Sum Average Variance
Female 50 92 1.84 0.67
Male 50 95 1.9 0.79
MaleFemale
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 0.09 1 0.09 0.12 0.73 3.94
H0: Mean of Male = Mean of Female

H1: Mean of Male ≠ Mean of Female
Data collected from Male and Female. F value 0.12 is less than F critical
value 3.94. Hence, there is no significant difference between Mean of Male
71 | P a g e
and Mean of Female. Hence, H0 has failed to reject. Researcher has
concluded that prices of food have gone up due to GST.
Table No.5.70 Descriptive Statistics of Prices of food have gone up due to

Goods and Service Tax (Genderwise)
Groups Count Sum Average Variance
Mumbai 15.00 31.00 2.07 0.92
Thane 15.00 34.00 2.27 1.50
Kalyan 15.00 28.00 1.87 0.55
Other cities 15.00 29.00 1.93 1.07
Source of
Between Groups 1.40 3.00 0.47 0.46 0.71 2.77
H0: There is no significant difference between the mean of 4 groups.
H1: there is significant difference between the mean of 4 groups.
critical value i.e 2.77 and P-value is also more than 0.05. Researcher has
concluded that prices of food have gone up due to GST.
Figure 5.10 Quality of food served in the hotels has declined due to
GST (Citywise)
Quality of food served in the hotels

has declined due toOGtheSr TCities,
Mumbai, 51.00 50.00
Thane, 48.00
Kalyan , 40.00
Other C ities,
Mumbai, 15.0 0 Thane, 15
.00 Kalyan , 15.00 15.00
M umbai, 3.40 Thane, 3.20 Ka ly an , 2.67 Oth er Cities, 3.33

M umbai, 1.40 Thane, 1.17 Ka lyan , 1.10 O ther Cities, 1.10
Mumbai Thane Kalyan Other Cities
Count 15.00 15.00 15.00 15.00
Sum 51.00 48.00 40.00 50.00
Average 3.40 3.20 2.67 3.33
Variance 1.40 1.17 1.10 1.10
CountSumAverageVariance
72 | P a g e
ANOVA
Source of Variation SS df MS F P-value F

crit
Between Groups 4.98 3.00 1.66 1.40 0.25 2.77

critical value i.e 2.77 and P-value is also more than 0.05. . Hence, Research
scholar has concluded that quality of food service in the hotel has declined
due to GST
Figure 5.11 Quality of food served in the has declined due to GST
(Genderwise)
Quality of food served in the hotels has declined

180.00
due to GST
158.00
160.00
147.00
140.00
120.00
100.00
80.00
60.00
50.0 50.00
0
40.00
20.00
3.16 2.94 1.16 1.12
0.00
Male 50.00 158.00 3.16 1.16
Female 50.00 147.00 2.94 1.12
Male Female
Quality of food served in the hotels has declined due to Goods and Service Tax
crit
Between Groups 1.21 1.00 1.21 1.06 0.31 3.94
73 | P a g e
74 | P a g e
critical value i.e 3.94 and P-value is also more than 0.05. Hence, Research
scholar has concluded that quality of food service in the hotel has declined
due to GST.
Quality of services provided in the hotels have dropped due to Goods

and Service Tax
Mumbai 15.00 53.00 3.53 1.27
Thane 15.00 48.00 3.20 1.31
Kalyan 15.00 42.00 2.80 1.03
Other Cities 15.00 47.00 3.13 1.12
Figure No. 5.12 Quality of Services provided in the hotels have dropped
due to GST (Citywise)
Quality of services provided in the hotels have

dropped due to GST
100%
90%
80%
1.18
70%
60%
66.27 56.00
50% 1.15 0.34 2.77
40%
30%
1.36
20%
10%
4.073.00
0%
SSdf MS F P-value F crit
Within Groups 66.2756.00 1.18
Between Groups 4.073.00 1.36
1.15 0.34 2.77

75 | P a g e
scholar has concluded that quality of services in the hotel has declined
due to GST.
Quality of services provided in the hotels have dropped due to Goods and
Service Tax (GST)
Male 50.00 165.00 3.30 1.03
Female 50.00 151.00 3.02 1.08
Figure 5.13 Quality of Services provided in the hotels have dropped due to
GST (Genderwise)
Quality of services provided in the

hotels have dropped due to GST
100%
90%
80% 1.06
70%
60%
50%
40% 103.48 98.00 1.86 0.18 3.94
30%
20%
10% 1.96
0%
1.96 1.00
Within Groups 103.48 98.00 1.06
Between Groups 1.96 1.00 1.96
1.86 0.18 3.94

76 | P a g e
scholar has concluded that quality of services in the hotel has declined
due to GST.
Prices of hotel rooms have gone up after implementation of Goods and Service
Tax
Mumbai 15.00 33.00 2.20 1.46
Thane 15.00 31.00 2.07 1.78
Kalyan 15.00 28.00 1.87 0.55
Other cities 15.00 27.00 1.80 0.60
Figure 5.14 Prices of hotel rooms have gone up after implementation

of Goods and Service Tax (Citywise)
Prices of hotel rooms have gone up after

implementation of GST
F crit 2.77
P-value 0.71
F 0.46
MS 1.10
0.51
df 56.00
3.00
SS 61.47
1.52
0.0010.0020.0030.0040.0050.0060.0070.00
Within Groups 61.47 56.00 1.10
0.46 0.71 2.77
Within GroupsBetween Groups

scholar has concluded that prices of hotels rooms have gone up after
implementation of GST.
77 | P a g e
Prices of hotel rooms have gone up after implementation of Goods and Service
Tax

Male 50.00 96.00 1.92 0.73
Female 50.00 93.00 1.86 0.61
Figure 5.15 Prices of hotel rooms have gone up after implementation

of Goods and Service Tax (Genderwise)
0.09
1.00 0.09
0.13
0.71
3.94

scholar has concluded that prices of hotels rooms have gone up after
implementation of GST.
78 | P a g e
Benefit of Goods and Service Tax (Input Tax Credit) hotel owner are passing
to customers.
Mumbai 15.00 48.00 3.20 1.17
Thane 15.00 44.00 2.93 1.50
Kalyan 15.00 44.00 2.93 1.07
Other cities 15.00 51.00 3.40 1.40
Figure 5.16 Benefit of Goods and Service Tax (Input Tax Credit) hotel
owner are passing to customers (Citywise)
Benefit of Input Tax Credit hotel owner are passing to

customers
F crit 0 2.77
0
P-value 0.62
F 0
0.60
MS 1.28
0.77
df 56.00
3.00
SS 71.87
2.32
0.0010.0020.0030.0040.0050.0060.0070.0080.00
Between Groups 2.32 3.00 0.77 0.60 0.62 2.77

critical value i.e 2.77 and P-value is also more than 0.05 i.e 0.62. Hence,
Research scholar has concluded that benefit of Input Tax Credit hotel
owner are passing to customers.
79 | P a g e
Figure 5.17 Benefit of Goods and Service Tax (Input Tax Credit) hotel
owner are passing to customers (Genderwise)
Benefit of Input Tax Credit hotel owner

are passing to customers
100%
90%
80%
70% 1.07
60% 56.00 176.00 3.14
50%
40%
30%
20%
10%
0% 1.32
56.00 171.00 3.05

Female 56.00 176.00 3.14 1.07
Male 56.00 171.00 3.05 1.32
ANOVA
Source of SS df MS F P- F crit
Variation value
Between Groups 0.22 1.00 0.22 0.19 0.67 3.93

critical value i.e 3.93 and P-value is also more than 0.05 i.e. 0.67. Benefit of
Input Tax Credit hotel owner are passing to customers.
80 | P a g e
Figure 5.18 Customers visits to hotels for food have gone down after
implementation of Goods and Services Tax (Citywise)
Customers visits to hotels for food have gone down

after implementation of GST
Variance 1.21 1.71 0.95 1.67
Average 2.93 3.00 2.33 3.33
Sum 44.00 45.00 35.00 50.00
Count 15.00 15.00 15.00 15.00
0% 20% 40% 60% 80% 100%

Mumbai 15.00 44.00 2.93 1.21
Thane 15.00 45.00 3.00 1.71
Kalyan 15.00 35.00 2.33 0.95
Other cities 15.00 50.00 3.33 1.67
MumbaiThaneKalyanOther cities
ANOVA
crit
Between Groups 7.80 3.00 2.60 1.88 0.14 2.77

critical value i.e 2.77 and P-value is also more than 0.05. Researcher
concluded that Customers visits to hotels for food have gone down after
implementation of Goods and Services Tax.
81 | P a g e
Male 50.00 139.00 2.78 0.87
Female 50.00 132.00 2.64 1.30
Figure 5.19 Customers visits to hotels for food have gone down after
implementation of Goods and Services Tax (Genderwise)
Visits to hotels for food have gone down

after implementation of GST
100%
90%
80%
70% 1.08
60%
50% 106.10 98.00 0.45 0.50 3.94
40%
30%
20%
0.49
10%
0% 0.49 1.00
Within Groups 106.10 98.00 1.08
0.45 0.50 3.94

critical value i.e 3.94 and P-value is also more than 0.05 i.e 0.50.
Researcher concluded that Customers visits to hotels for food have gone
down after implementation of Goods and Services Tax.
82 | P a g e
Figure 5.20 In Post GST era, your orders for foods from hotels have
reduced due to Goods and Service Tax (Citywise)
In Post GST era, your orders for foods from hotels

have reduced due to Goods and Service Tax
45
42.00
41.00
40
35 34.00
30
25 24.00
20
15 15 15 15
15
10
5 2.802.73 2.27 2.74 2.21

1.60 1.92
1.11
0
Mumbai 15 42.00 2.80 2.74
Thane 15 41.00 2.73 1.92
Kalyan 15 24.00 1.60 1.11
Other cities 15 34.00 2.27 2.21
ANOVA
Source of Variation SS df MS F
P-value F
crit
Between Groups 13.78 3.00 4.59 2.30 0.09 2.77
concluded that In Post GST era, customers orders for foods from hotels
have reduced due to Goods and Service Tax.
83 | P a g e
Male 50.00 116.00 2.32 2.39
Female 50.00 112.00 2.24 2.02
Figure 5.21 In Post GST era, your orders for foods from hotels have
reduced due to Goods and Service Tax (Genderwise)
In Post GST era, your orders for foods from

hotels have reduced due to Goods and Service Tax
F crit 3.94
P-value 0.79
F 0.07
MS 0.16 2.20
df 1.00 98.00
SS 0.16 216.00
0% 20% 40% 60% 80% 100%
Between Groups 0.16 1.00 0.16 0.07 0.79 3.94
Within Groups 216.00 98.00 2.20

concluded that In Post GST era, customers orders for foods from hotels
84 | P a g e
Figure 5.22 In Post GST era, your family has reduced vacation/business
trips due to high price of hotels rooms (Citywise)
Mumbai
32.00
2.13
3.69
1.55
15.00
Thane
37.00
2.47
4.59
2.12
15.00
85 | P a g e
Kalyan
19.00
1.27
1.48
15.00 0.21
Other cities
33.00
2.20
4.51
2.31
15.00
ANOVA
crit
Between Groups 12.18 3.00 4.06 2.62 0.06 2.77

concluded that in Post GST era, families have reduced vacation/business
trips due to high price of hotels rooms.
86 | P a g e
Male 50.00 113.00 2.26 1.87
Female 50.00 98.00 1.96 1.75
Figure 5.23 In Post GST era, your family has reduced vacation/business
trips due to high price of hotels rooms (Genderwise)
In Post GST era, your family has reduced

vacation/business trips due to high
price of hotel rooms
SS
1.24, 11% df MS F
2.25, 21% 3.94, 36% P-value
F crit
4.21, 38%
1.00, 9%
0.27, 2%
2.25, 21%

concluded that in Post GST era, families have reduced vacation/business
trips due to high price of hotel rooms.
87 | P a g e
Figure 5.24 Cost of food has increased due to GST, hence price of food has
also increased in hotels (Citywise)
Cost of food has increased due to GST, hence

price of food has also increased in hotels
35.00
30.00
25.00
25.00
20.00 32.00
15.00 21.00
15.00 15.00
15.00 25.00
10.00 15.00 1.67
1.10 Other Cities
1.40
5.00 0.26 Kalyan
2.13
1.55 Thane
0.00 1.67
1.10
Count Mumbai
Sum
Average
Variance

Mumbai 15.00 25.00 1.67 1.10
Thane 15.00 32.00 2.13 1.55
Kalyan 15.00 21.00 1.40 0.26
Other Cities 15.00 25.00 1.67 1.10
MumbaiThaneKalyanOther Cities
ANOVA
crit
Between Groups 4.18 3.00 1.39 1.39 0.25 2.77
critical value i.e 2.77 and P-value is also more than 0.05.Researcher
concluded that Cost of food has increased due to GST, hence price of food
has also increased in hotels.
88 | P a g e
Figure 5.25 Cost of food has increased due to GST, hence price of food has
also increased in hotels (Citywise)
Cost of food has increased due to GST,

hence price of food has also increased in hotels
100.00
90.00 84.00
80.00
70.00
60.0050.00
50.00
90.00
40.00
30.00
50.00
20.00
10.00 1.68 0.71
0.00 1.80 0.78
Male 50.00 90.00 1.80 0.78
Female 50.00 84.00 1.68 0.71
MaleFemale
ANOVA
Source of P-
Between Groups 0.36 1.00 0.36 0.48 0.49 3.94
Conclusion: Null hypothesis is fail to reject as F value =0.48 is less than F
concluded that Cost of food has increased due to GST, hence price of food
has also increased in hotels.
89 | P a g e
Cost of accommodation of hotels rooms has increased due to GST, hence
rent of hotels has gone up

Mumbai 14.00 19.00 1.36 0.25
Thane 14.00 31.00 2.21 1.72
Kalyan 14.00 22.00 1.57 0.26
Other cities 14.00 24.00 1.71 1.14
Figure 5.26 Cost of accommodation of hotels rooms has increased due to

GST, hence rent of hotels has gone up (Citywise)
Cost of accommodation of hotels rooms has

increased due to GST, hence rent of hotels has gone up
F CRIT
2.78
P-VALUE
0.10
F
2.20
MS0.84
1.86
52.00
DF 3.00
43.86
SS
5.57
0.00 10.00 20.00 30.00 40.00 50.00 60.00

Between Groups 5.57 3.00 1.86 2.20 0.10 2.78

90 | P a g e
concluded that Cost of accommodation of hotels rooms has increased due
to GST, hence rent of hotels has gone up.
Figure 5.27 Cost of accommodation of hotels rooms has increased due to

GST, hence rent of hotels has gone up (Citywise)
COST OF ACCOMMODATION OF
HOTELS ROOMS HAS
INCREASED DUE TO GST, HENCE RENT OF HOTELS HAS GONE UP
MaleFemale
50.00 86.00 1.72 0.70
50.00 85.00 1.70 0.58

Female 50.00 86.00 1.72 0.70
Male 50.00 85.00 1.70 0.58
ANOVA
Variation value
Between Groups 0.01 1.00 0.01 0.02 0.90 3.94
inferred that Cost of accommodation of hotels rooms has increased due to
GST, hence rent of hotels has gone up.
91 | P a g e
Figure 5.28 Goods and Service Tax rates on sale of food in hotels and rent
on hotel rooms must be reduced (Citywise)
Goods and Service Tax rates on sale

of food in hotels and rent on hotel rooms must be redu
35.00 32.00
30.00
25.00 24.0205.00
23.00
20.00
15.0105.0105.0105.00
15.00
10.00
5.00
1.532.131.601.67 1.121.410.690.67
0.00
Mumbai 15.00 23.00 1.53 1.12
Thane 15.00 32.00 2.13 1.41
Kalyan 15.00 24.00 1.60 0.69
Other cities 15.00 25.00 1.67 0.67
ANOVA
crit
Between Groups 3.33 3.00 1.11 1.14 0.34 2.77

construed that GST rates on sale of food in hotels and rent on hotel rooms
must be reduced.
92 | P a g e
Male 50.00 80.00 1.60 0.86
Female 50.00 84.00 1.68 0.59
Figure 5.29 Goods and Service Tax rates on sale of food in hotels and rent
on hotel rooms must be reduced (Genderwise)
Goods and Service Tax rates on sale of

food in hotels and rent on hotel rooms must be reduced
100.00 98.00
90.00
80.00 70.88
70.00
60.00
50.00
40.00
30.00
20.00
10.000.16 0.16
0.00 1.00
0.72 0.220
SS 0.640
df 3.94
MS 0
F
P-value
F crit
Between Groups 0.16 1.00 0.16 0.22 0.64 3.94

construed that GST rates on sale of food in hotels and rent on hotel rooms
must be reduced.
93 | P a g e
Mumbai Hotel industry has affected badly in Covid 19 Pandemic
(Citywise)

Mumbai 15.00 26.00 1.73 1.50
Thane 15.00 30.00 2.00 2.14
Kalyan 15.00 23.00 1.53 0.27
Other cities 15.00 19.00 1.27 0.21
Figure 5.30 Mumbai Hotel industry has affected badly in Covid 19

Pandemic (Citywise)
Mumbai Hotel industry has affected badly in Covid 19

Pandemic
F crit 2.77
P-value 0.25
F 1.40
1.03
MS 1.44
56.00
df 3.00
57.60
SS 4.33
0.00 10.00 20.00 30.00 40.00 50.00 60.00
Between Groups 4.33 3.00 1.44 1.40 0.25 2.77

94 | P a g e
concluded that Mumbai Hotel industry has affected badly in Covid 19
Pandemic.
Figure 5.31 Mumbai Hotel industry has affected badly in Covid 19
Pandemic (Genderwise)
MUMBAI HOTEL INDUSTRY HAS AFFECTED BADLY IN COVID 19 PANDEMIC
MaleFemale
71.00
50.00
77.00
50.00
1.42 0.25
1.54
0.62
Female 50.00 71.00 1.42 0.25
Male 50.00 77.00 1.54 0.62
ANOVA
Variation value
Between Groups 0.36 1.00 0.36 0.83 0.37 3.94

concluded that Mumbai Hotel industry has affected badly in Covid 19
Pandemic.
95 | P a g e
Are you ordering food from hotels at home in Covid 19 Pandemic period?
Mumbai 15.00 35.00 2.33 2.52
Thane 15.00 35.00 2.33 1.52
Kalyan 15.00 32.00 2.13 2.41
Other cities 15.00 43.00 2.87 2.12
Figure 5.32 Are you ordering food from hotels at home in Covid 19
Pandemic period (Citywise)
Are you ordering food from hotels at home in

Covid 19 Pandemic period
F crit 2.77
P-value 0.56
F 0.69
MS 1.48 2.15
df 3 .00 56.00
SS 4 .45 120.13
0% 20% 40% 60% 80% 100%

Between Groups 4.45 3.00 1.48 0.69 0.56 2.77
Within Groups 120.13 56.00 2.15

96 | P a g e
concluded that customers were ordering food from hotels at home in
Covid 19 Pandemic period.
Figure 5.33 Are you ordering food from hotels at home in Covid 19
Pandemic period (Genderwise)
Are you ordering food from hotels at

home in Covid 19 Pandemic period
100%
90%
80%
56.00 133.00 2.38 1.98
70%
60%
50%
40%
56.00 131.00 2.34 1.83
30%
20%
10% Count Sum Average Variance

Female 56.00 133.00 2.38 1.98
0%
Male 56.00 131.00 2.34 1.83
MaleFemale
ANOVA
Variation value
Between Groups 0.04 1.00 0.04 0.02 0.89 3.93

97 | P a g e
concluded that customers were ordering food from hotels at home in
Figure 5.34 Visits to hotels for food have gone down in Covid 19
Pandemic period
WHETHER YOUR VISITS TO

HOTELS FOR FOOD HAVE GONE DOWN IN COVID 19 PANDEMIC PERI
60.00
1.46
50.00 2.20
1.70
1.87 1.67
40.00 1.67
0.60
1.20
30.00 33.00
28.00
25.00
18.00
20.00
10.00
15.00 15.00 15.00 15.00
0.00
Mumbai Thane Kalyan Other cities
Variance 1.70 1.67 1.46 0.60
Average 1.87 1.67 2.20 1.20
Sum 28.00 25.00 33.00 18.00
Count 15.00 15.00 15.00 15.00
ANOVA
Source of Variation SS df MS F P- F
value crit
Between Groups 7.87 3.00 2.62 1.94 0.13 2.77

98 | P a g e
concluded that Customers visits to hotels for food have gone down in

Male 56.00 104.00 1.86 1.72
Female 56.00 85.00 1.52 0.95
Figure 5.35 Visits to hotels for food have gone down in Covid 19 Pandemic
period
WHETHER YOUR VISITS TO HOTELS

FOR FOOD HAVE GONE DOWN IN COVID 19 PAND
160.00
146.84
140.00
120.00 110.00
100.00
80.00
60.00
40.00
20.00
3.22 1.00 3.221.33 2.41 0.12 3.93
0.00 MS 3.22 P-value 0.12
SSdf 1.33 F F crit
Between Groups3.221.00 2.41 3.93
Within Groups146.84110.00

99 | P a g e
assumed that Customers visits to hotels for food have gone down in Covid
19 Pandemic period.
Prices of hotel rooms have gone down in Covid 19 Pandemic period

Mumbai 15.00 37.00 2.47 2.41
Thane 15.00 34.00 2.27 2.21
Kalyan 15.00 32.00 2.13 1.70
Other cities 15.00 28.00 1.87 1.84
Figure 5.36 Prices of hotel rooms have gone down in Covid 19 Pandemic
period (Citywise)
WHETHER PRICES OF HOTEL

ROOMS HAVE GONE DOWN IN COVID 19 PANDEMIC PERIOD
120.00 114.13
100.00
80.00
60.00 56.00
40.00
20.00
2.85 3.00 0.952.04 0.47 0.71 2.77
0.00
Between Groups 2.85 3.00 0.95 0.47 0.71 2.77
Within Groups 114.13 56.00 2.04
100 | P a g
concluded that Prices of hotel rooms have gone down in Covid 19
Pandemic period.
Figure 5.37 Prices of hotel rooms have gone down in Covid 19 Pandemic
period (Genderwise)
WHETHER PRICES OF HOTEL

ROOMS HAVE GONE DOWN IN
COVID 19 PANDEMIC PERIOD
1.81
Variance
1.73
2.06
Average
2.22
103.00
Sum 111.00
50.00
Count 50.00
0.00 20.00 40.00 60.0080.00100.00120.00

Female 50.00 103.00 2.06 1.81
Male 50.00 111.00 2.22 1.73
FemaleMale
ANOVA
Variation value
Between Groups 0.64 1.00 0.64 0.36 0.55 3.94
101 | P a g
concluded that Prices of hotel rooms have gone down in Covid 19
Pandemic period.
Questionnaire relating to Professionals:

Data was collected from 100 professionals (Chartered Accountants, Cost
Accountants, Tax practitioner and Advocates of Mumbai, Thane, Kalyan,
Ambernath and Ulhasnagar cities. Data was analysed through Anova (F)
test and Z test.
Figure 5.38 Profit of Hotel industry has gone up in the post GST era
(Citywise)
Profit of Hotel industry has gone up in the post GST era

80.00
70.00
65.00
60.00
50.00
40.00
74.00
70.00
30.00
25.00
20.00
25.00 25.00
10.00
2.60
25.0073.00 2.922.802.96 1.581.251.12 1.17
0.00
Mumbai 25.00 73.00 2.92 1.58
Thane 25.00 70.00 2.80 1.25
Kalyan 25.00 65.00 2.60 1.17
Other cities 25.00 74.00 2.96 1.12
102 | P a g
ANOVA
Variation value
Between Groups 1.96 3.00 0.65 0.51 0.68 2.70
critical value i.e 2.70 and P-value is also more than 0.05 I.E 0.51.
Researcher concluded that profit of hotel industry has gone up in the post
GST era.
Table No. 5.71 Descriptive Statistics of Profit of Hotel industry has gone
up in the post GST era (Citywise)
Male Female
Mean 2.90 Mean 2.74

Confidence Level(95.0%) 0.31 Confidence 0.33
Level(95.0%)
Figure 5.39 Profit of Hotel industry has gone up in the post GST era
(Genderwise)
Profit of Hotel industry has gone up

in the post GST era
505.000.00
50.00
40.00
30.00 2.920.714.115.380.00 0.71 0.24 1.64 0.48 1.96
0.00
20.00
Mean Know Obse Hypo z P(Z<= z P(Z<= z
10.00
n rvatio thesiz z) Critic z) Critic
Varia ns ed one- al two- al
nce Mean tail one- tail two-
Differ tail tail
ence
Male 2.90 1.15 50.00 0.00 0.71 0.24 1.64 0.48 1.96
Female 2.74 1.38 50.00
MaleFemale
103 | P a g
H1: There is significant difference between the mean of 2 groups.
critical value 1.96. Researcher concluded that profit of hotel industry has
gone up in the post GST era.
Prices of food have gone up due to Goods and Service Tax
Mumbai 25.00 51.00 2.04 1.29
Thane 25.00 64.00 2.56 1.67
Kalyan 25.00 58.00 2.32 1.64
Other Cities 25.00 68.00 2.72 1.21
Figure 5.40 Prices of food have gone up due to Goods and Service Tax
(Citywise)
Do you think prices of food have gone up

due to Goods and Service Tax (GST)?
100%
90%
80%
70%
60% 1.4
5
1
39.6 9 6.0 1.51 0.2 2.7
50%
0 0 2 0
40%
30% 2.2
20% 0
10%
0%
6.59
3.00
Within Groups 139.60 96.00 1.45
Between Groups 6.59 3.00 2.20 1.51 0.22 2.70

104 | P a g
Researcher concluded that Prices of food have gone up due to Goods and
Service Tax.
Table No.5.72 Descriptive Statistics of Prices of food have gone up due to

GST
Male Female
Mean 2.44 Mean 2.38

Largest(1) 5.00 Largest(1) 5.00
Smallest(1) 1.00 Smallest(1) 1.00
Confidence Level (95.0%) 0.35 Confidence Level 0.34
(95.0%)
Figure No.5.41 Prices of food have gone up due to GST (Genderwise)
Prices of food have gone up due to Goods and Serv
60.00 50.00
50.00 50.00
40.00
30.00
20.00 2.38
1.42
10.00 2.44 0.00 0.250.40 1.64 0.811.96
1.56
0.00 Hypo Obse thesi z Criticz Critic
al one-altail
two- tail
Kno P(Z< P(Z<
1.96
wn =z) one- tail =z) two- tail
Mean Varia rvatized z
0.40
ons Mean
nce
Di…
Male2.44 1.56 50.00 0.00 0.25 1.64 0.81
Female 2.38 1.42 50.00
MaleFemale
105 | P a g
critical value 1.96. Researcher concluded that Prices of food have gone up
due to Goods and Service Tax.
Figure 5.42 Quality of food served in the hotels has declined due to Goods
and Service Tax (Citywise)
Mumbai
3.36 1.07
25.00
84.00
Thane
2.44 1.17
25.00
61.00
106 | P a g
Kalyan
2.72 1.46
25.00
68.00
Other cities
3.12 1.19
25.00
78.00
ANOVA
Source of Variation SS df MS F P- F
value crit
Between Groups 12.59 3.00 4.20 3.43 0.02 2.70

Researcher concluded that Quality of food served in hotels declined due to
Goods and Service Tax.
107 | P a g
Table No. 5.73 Descriptive Statistics of Quality of food served in the hotels
has declined due to Goods and Service Tax
Male Female
Mean 3.23 Mean 2.63

Confidence Level(95.0%) 0.35 Confidence 0.30
Level(95.0%)
z-Test: Two Sample for

Means
Male Female
Mean 3.23 2.63
Hypothesized Mean 0.00
Difference
z 2.65

Conclusion: Alternative hypothesis is fail to reject as Z value is 2.65 more
than Z critical value 1.96. Researcher assumed that Quality of food served
in hotels has not declined due to Goods and Service Tax.
108 | P a g
Figure 5.43 Quality of services provided in the hotels have dropped due to
Goods and Service Tax (Citywise)
Quality of services provided in the hotels have

dropped due to GST
100%
90%
25 73 2.92 1.08
80%
70%
25 73 2.92 1.08
60%
50%
25 62 2.48 40%
1.18
30%
25 82 3.28 20%
1.04
10%
0%
Others 25 73 2.92 1.08
Kalyan 25 73 2.92 1.08
Thane 25 62 2.48 1.18
Mumbai 25 82 3.28 1.04
MumbaiThaneKalyanOthers
ANOVA
Source of P-
Between
Groups 8.04 3 2.68 2.45 0.07 2.70

assumed that Quality of services provided in the hotels have dropped due
to Goods and Service Tax.
109 | P a g
Figure 5.44 Quality of services provided in the hotels have dropped due to
Goods and Service Tax (Genderwise)
Do you think quality of services provided in the

hotels have dropped due to Goods and Service
Tax (GST)?
159.00
131.00
50.00 50.00 131.00
50.00
3.182.623.182.62 1.051.101.051.10
50.00 159.00

Male Female Male Female
ANOVA
Source of P-
Between Groups 7.84 1.00 7.84 7.31 0.01 3.94

Conclusion: Alternative hypothesis is fail to reject as F value = 7.31 is
greater than F critical value i.e. 3.94 and P-value is also less than 0.05.
Researcher assumed that Quality of services provided in the hotels have
not dropped due to Goods and Service Tax.
110 | P a g
Figure No. 5.45 Prices of hotel rooms have gone up after implementation
of Goods and Service Tax (Citywise)

implementation of Goods and Service Tax
100%
25.00 0.68
62.00 2.48
80%
0.83
60% 25.00 52.00 2.08
40% 25.00 1.21

57.00 2.28
20%
25.00 50.00 2.00 0.83
0%
ANOVA
Source of P-
Between
Groups 3.47 3.00 1.16 1.30 0.28 2.70
concluded that Prices of hotel rooms have gone up after implementation of
Figure No. 5.46 Prices of hotel rooms have gone up after implementation
of Goods and Service Tax (Genderwise)

implementation of Goods and Service Tax
100% 0.80
2.34 50.00
50% 2.08 0.97 50.00
0%
Mean Known VarianceObservations
MaleFemale
111 | P a g
Table no. 5.74 Descriptive Statistics of prices of hotel rooms have gone up
after implementation of Goods and Service Tax (Genderwise)

Male Female
Mean 2.08 2.34
Hypothesized Mean
Difference 0.00
z -1.38

Conclusion: Null hypothesis is fail to reject as Z value = (1.38) is less than
Z critical value i.e 1.96 and P-value is also more than 0.05. Researcher
concluded that Prices of hotel rooms have gone up after implementation of
Benefit of Goods and Service Tax (Input Tax Credit) hotel owner are passing
to customers

SUMMARY
Mumbai 25.00 78.00 3.12 1.69
Thane 25.00 56.00 2.24 1.27
Kalyan 25.00 66.00 2.64 1.24
Other cities 25.00 70.00 2.80 1.00
112 | P a g
Figure No. 5.47 Benefit of Goods and Service Tax (Input Tax Credit) hotel
owner are passing to customers (Citywise)
Whether benefit of Goods and Service Tax

(Input Tax Credit) hotel owner are passing to
customers?
100%
90%
1.30
80%
70%
60%
124.96 96.00
50% 2.57 0.06 2.70
40%
30% 3.35
20%
10%
0%
10.04 3.00

assumed that Benefit of Goods and Service Tax (Input Tax Credit) hotel
owner are passing to customers.
Table no.5.75 Descriptive Statistics of Benefit of Input Tax Credit hotel

owners are passing to customers
Male Female
Mean 2.76 Mean 2.64
Sum 138.00 Sum 132.00
Confidence Level(95.0%) 0.37 Confidence Level(95.0%) 0.30
113 | P a g
Figure No. 5.48 Benefit of Goods and Service Tax (Input Tax Credit) hotel
owner are passing to customers (Genderwise)
Benefit of Goods and Service Tax (Input Tax

Credit) hotel owner are passing to customers
100%
90%
80%
1.09
2.64 50.00
70%
60%
50%
0.510.301.640.611.96
40%
30% 1.66
2.76 50.00
20%
10%
0%
0.00
MaleFemale

Conclusion: Null hypothesis is fail to reject as Z value is 0.51 less than Z
critical value 1.96. Researcher assumed that Benefit of Input Tax
Credit hotel owners are passing to customers.
Visits to hotels for food have gone down after implementation of Goods and
Services Tax
ANOVA
P-
Between Groups 8.03 3.00 2.68 2.06 0.11 2.70
114 | P a g
Figure No.5.49 Visits to hotels for food have gone down after
implementation of Goods and Services Tax (Citywise)
Visits to hotels for food have gone down after

implementation of Goods and Services Tax
100%
25.00 79.00 3.16 1.31
80%
25.00 1.09
64.00 2.56
60%
25.00 1.25
40% 60.00 2.40
20% 25.00 68.00 2.72 1.54
0%
MumbaiThaneKalyanOther Cities

construed that Customers visits to hotels for food have gone down after
implementation of Goods and Services Tax.
Table no. 5.76 Descriptive Statistics of Visits to hotels for food have gone
down after implementation of Goods and Services Tax
Male Female
Mean 2.78 Mean 2.64

Sum 139.00 Sum 132.00
Confidence
115 | P a g
Figure No.5.50 Visits to hotels for food have gone down after
implementation of Goods and Services Tax (Genderwise)
Whether your visits to hotels for food have

gone down after implementation of Goods and Services Tax (GST)?

P(Z<=z) two-tail z Critical one-tail P(Z<=z) one-tail 0.55
z Hypothesized Mean Difference0.00 1.64
Observations Known Variance 0.27
Mean 0.60
50.00 50.00
1.52 1.17
2.78 2.64
0%20%40%60%80%100%
MaleFemale

critical value 1.96. Researcher assumed that Visits to hotels for food have
gone down after implementation of Goods and Services Tax.
In Post GST era, Customers orders for foods from hotels have reduced due to

Mumbai 25.00 74.00 2.96 1.37
Thane 25.00 60.00 2.40 0.83
Kalyan 25.00 70.00 2.80 0.92
Other cities 25.00 74.00 2.96 1.12
116 | P a g
Figure No.5.51 In Post GST era, Customers orders for foods from hotels
have reduced due to Goods and Service Tax(Citywise)
In Post GST era, your orders for foods from

hotels have reduced due to Goods and Service Tax.
120.00
101.92
100.00 96.00
80.00
60.00
40.00
20.00
0.00 1.06
5.24 3.00 1.75 1.65 0.18 2.70
Between Groups 5.24 3.00 1.75 1.65 0.18 2.70
Within Groups 101.92 96.00 1.06

assumed that In Post GST era, customers orders for foods from hotels
Table no. 5.77 Descriptive Statistics of in Post GST era, Customers orders
for foods from hotels have reduced due to Goods and Service Tax.
Male Female
Mean 2.78 Mean 2.78
Confidence Level(95.0%) 0.32 Confidence Level(95.0%) 0.27
117 | P a g
Figure No.5.52 In Post GST era, Customers orders for foods from hotels
have reduced due to Goods and Service Tax (Genderwise)
In Post GST era, your orders for foods from hotels

100%
80% 2.78 0.9550.00
60% 0.501.641.001.96
40%
2.78 1.13 50.00
20%
0% 0.000.00
z-Test: Two Sample for Means Male z-Test: Two Sample for Means Female

critical value 1.96. Researcher assumed that in Post GST era, Customers
orders for foods from hotels have reduced due to Goods and Service Tax.
Figure No.5.53 Cost of accommodation of hotels rooms has increased due
to GST, hence rent of hotels has gone up (Citywise)
Do you think, Cost of accommodation of hotels

rooms has increased due to GST, hence rent of hotels has gone up?
120.00
100.00 1.23
0.92
0.91 2.68 1.13 2.44
2.28
80.00 2.08
60.00
40.00
20.00 52.00 57.00 61.00
67.00
0.00
25.00 25.00 25.00 25.00
Mumbai Thane Kalyan Other cities
118 | P a g
ANOVA
Source of P-
Between Groups 4.83 3.00 1.61 1.54 0.21 2.70

assumed that Cost of accommodation of hotels rooms has increased due to
GST, hence rent of hotels has gone up
Table No. 5.78 Descriptive Statistics of Cost of accommodation of hotels

rooms has increased due to GST, hence rent of hotels has gone up
Male Female
Mean 2.26 Mean 2.44

Confidence Level (95.0%) 0.31 Confidence Level (95.0%) 0.26
Figure No.5.54 Cost of accommodation of hotels rooms has increased due

to GST, hence rent of hotels has gone up (Genderwise)
Do you think, Cost of accommodation of hotels

rooms has increased due to GST, hence rent of
hotels has gone up?
100%
2.440.9350.00
50% 0.191.640.371.96
2.261.1050.00
0% 0.00
-50% -0.89
-100%
MaleFemale
119 | P a g
Conclusion: Null hypothesis is fail to reject as Z value is (0.89) less than Z
critical value 1.96. Researcher assumed that Cost of accommodation of
hotels rooms has increased due to GST, hence rent of hotels has gone up.
Figure No.5.55 GST rates on sale of food in hotels and rent on hotel
rooms must be reduced (Citywise)
Do you feel Goods and Service Tax rates on sale

of food in hotels and rent on hotel rooms must be reduced?
Variance 0.81 1.50 0.96 1.36
Average 2.16 2.60 2.28 2.76
Sum 54.00 65.00 57.00 69.00
Count 25.00 25.00 25.00 25.00
0% 20% 40% 60% 80% 100%
ANOVA
P-
Between Groups 5.79 3.00 1.93 1.67 0.18 2.70

assumed that GST rates on sale of food and rent on hotel rooms must be
reduced.
120 | P a g
Table No. 5.79 Descriptive Statistics of Goods and service Tax rates on
sale of food and rent on hotel rooms must be reduced
Male Female
Mean 2.46 Mean 2.44

Confidence
Level(95.0%) 0.30 Confidence Level(95.0%) 0.32
Figure No.5.56 GST rates on sale of food in hotels and rent on hotel rooms
must be reduced (Genderwise)
Do you feel Goods and Service Tax rates on sale

of food in hotels and rent on hotel rooms must be reduced?

0.92
z Critical one-tail 1.64
0.46
z 0.00 0.10
1.05 1.13
Mean 2.46 2.44
0% 20%40% 60%80% 100%
MaleFemale

Conclusion: Null hypothesis is fail to reject as Z value is less 0.10 than Z
critical value 1.96. Researcher assumed that GST rates on sale of food and
rent on hotel rooms must be reduced.
121 | P a g
Table No. 5.80 Descriptive Statistics Mumbai Hotel industry has affected
badly in Covid 19 Pandemic

Mumbai 25.00 55.00 2.20 1.58
Thane 25.00 72.00 2.88 1.69
Kalyan 25.00 58.00 2.32 1.06
Other cities 25.00 66.00 2.64 1.41
ANOVA
Source of P-
Between Groups 7.15 3.00 2.38 1.66 0.18 2.70
construed that Mumbai Hotel industry has affected badly in Covid 19
Pandemic.
Figure No.5.57 Mumbai Hotel industry has affected badly in Covid 19

Pandemic (Genderwise)
Do you think Mumbai Hotel industry has affected

badly in Covid 19 Pandemci?
100%
80% 1.14
2.66 50.00
60%
40%
2.36 1.27 50.00
20%
0%
Mean Known Variance Observations
MaleFemale
122 | P a g
Table No.5.81 Descriptive Statistics Mumbai Hotel industry has affected
badly in Covid 19 Pandemic (Genderwise)

Male Female
Mean 2.36 2.66
Hypothesized Mean
Difference 0.00
z -1.37
Conclusion: Null hypothesis is fail to reject as Z value is (1.37) less than Z
critical value 1.96). Researcher construed that Mumbai Hotel industry has
affected badly in Covid 19 Pandemic.
Visits to hotels for food have gone down in Covid 19 Pandemic period
SUMMARY
Mumbai 25.00 56.00 2.24 1.52
Thane 25.00 57.00 2.28 1.38
Kalyan 25.00 61.00 2.44 1.26
Other Cities 25.00 73.00 2.92 1.33
Figure No.5.58 Visits to hotels for food have gone down in Covid 19
Pandemic period (Citywise)
Whether your visits to hotels for food have gone

down in Covid 19 Pandemic period?
100%
80% 1.37
60% 131.60 96.00 1.78 0.16 2.70

40%
20% 2.44
0%
7.31 3.00
SS df
MS F P-value F crit
123 | P a g
assumed that visits to hotels for food have gone down in Covid 19
Pandemic period.
Figure No.5.59 Visits to hotels for food have gone down in Covid 19
Pandemic period (Genderwise)
Whether your visits to hotels for food have gone

down in Covid 19 Pandemic period?
Mean 2.48 2.46
0% 20% 40% 60% 80% 100%
MaleFemale
Table No.5.82 Descriptive Statistics Visits to hotels for food have gone
down in Covid 19 Pandemic period (Genderwise)

Male Female
Mean 2.48 2.46
Hypothesized Mean
Difference 0.00
z 0.08

124 | P a g
critical value 1.96. Researcher assumed that visits to hotels for food have
gone down in Covid 19 Pandemic period.
Figure No.5.60 Prices of hotel rooms have gone down in Covid 19

Pandemic Period (Citywise)
Whether prices of hotel rooms have gone down

in Covid 19 Pandemic period?
100%
25.00 76.00 3.04 1.21
80%
60% 25.00 67.00 2.68 1.56
40%
20% 25.00 69.00 2.76 1.86
0%
25.00 71.00 2.84 1.14
ANOVA
Source of P-
Between
Groups 1.79 3.00 0.60 0.41 0.74 2.70

concluded that price of hotel rooms have gone down in Covid 19 pandemic
period.
125 | P a g
Figure No.5.61 Prices of hotel rooms have gone down in Covid 19
Pandemic Period (Genderwise)
Whether prices of hotel rooms have gone down

in Covid 19 Pandemic period?
100%
80% 2.68
1.65 50.00
60%
40%
2.98 50.00
1.16
20%
0%
Mean Known Variance Observations
MaleFemale
Table No.5.83 Descriptive Statistics Prices of hotel rooms have gone down
in Covid 19 Pandemic Period (Genderwise)

Male Female
Mean 2.98 2.68
Hypothesized Mean
Difference 0.00
z 1.27

critical value 1.96. Researcher concluded that price of hotel rooms have
gone down in Covid 19 pandemic period.
126 | P a g
Figure No.5.62 On vacation hotel rooms are booked with or without GST
to reduce rent of rooms
When you are going for vacation, do you book

hotel rooms with or without Goods and Service
Tax(GST) to reduce rent of rooms?
Without GST 42
With GST 58
0 10 20 30 40 50 60
Conclusion: Researcher assumed that peoples are booking hotel rooms

with GST as 58 respondent out of 100 respondents replied they are
booking rooms with GST.
127 | P a g
Questionnaire relating to Hotels (Managers and Employees)
Primary data was collected from 200 respondents (Hotel Managers and
Employees) from different cities such as Mumbai, Thane, Kalyan and
Other cities.
Figure No.5.63 Hotel is registered dealer under GST
Whether hotel is Registered Dealer under GST?

250
200
150
Numb
100 200
149
50
51
0
Hotel Yes No
Table No.5.84 Descriptive Statistics Hotel is registered dealer under GST

1 Star 64.00 84.00 1.31 0.22
2 Star 73.00 93.00 1.27 0.20
3 Star 63.00 74.00 1.17 0.15
ANOVA
Source of P-
Between Groups 0.65 2.00 0.32 1.70 0.19 3.04

128 | P a g
assumed that hotel are registered under GST Act.
Figure No.5.64 Hotel is registered dealer under GST (Citywise)
Whether hotel is Registered Dealer under GST
100%
40.00 56.00 1.40 0.25
80%
51.00 63.00
1.24
60% 0.18
50.00 59.00
40% 1.18 0.15
20% 59.00 73.00 1.24 0.18
0%
ANOVA
P-
Between Groups 1.16 3.00 0.39 2.06 0.11 2.65

assumed that hotel are registered under GST Act.
Figure No.5.65 Hotel has applied for Regular scheme or
Composition scheme under GST
Whether hotel has applied for Regular scheme or

Composition scheme under GST
200
200 85 64 51
Numb
0
Hotels Regular Composition Not applied
129 | P a g
Conclusion: Researcher concluded that 85 hotels have applied for Regular
Scheme, 64 hotels have applied for Composition scheme and 51 hotels
have not applied for GST any scheme.
Figure No. 5.66 Which scheme is better Regular Scheme or Composition

Scheme under GST Act
Which scheme is better Regular Scheme or

Composition Scheme under GST Act
Don't Know 57
Composition 60
Regular 83
Hotels 200
0 50 100 150 200 250

Respondents
Researched construed that 83 respondents replied Regular Scheme is

better, 60 respondents replied Composition scheme is better and 57
respondents were not having idea which scheme is better.
Figure no. 5.67 Whether your hotel is filing GST returns
Whether your hotel is filing GST returns?
200
150
200
Responde
100 143
50
57
0
Hotels Yes No
130 | P a g
Table no. 5.85 Descriptive statistics of hotels are filing GST returns
(Starwise)

1 Star 64.00 85.00 1.33 0.22
2 Star 73.00 96.00 1.32 0.22
3 Star 63.00 76.00 1.21 0.17
ANOVA
Source of P-
Between Groups 0.57 2.00 0.29 1.41 0.25 3.04

concluded that hotels are filing GST returns.
Table no. 5.86 Descriptive statistics of hotels are filing GST returns
(Citywise)

Mumbai 59.00 76.00 1.29 0.21
Thane 50.00 60.00 1.20 0.16
Kalyan 51.00 65.00 1.27 0.20
Other cities 40.00 56.00 1.40 0.25
ANOVA
Source of P-
Between Groups 0.90 3.00 0.30 1.47 0.22 2.65

131 | P a g
concluded that hotels are filing GST returns.
Table no. 5.87 Descriptive statistics of tax rates were normal before GST
era (Starwise)
SUMMARY
1 Star 63.00 147.00 2.33 0.71
2 Star 63.00 156.00 2.48 0.90
3 Star 63.00 155.00 2.46 0.61
ANOVA
Source of P-
Between Groups 0.77 2.00 0.39 0.52 0.59 3.04

concluded that GST rates were normal before GST era.
Table no. 5.88 Descriptive statistics of tax rates were normal before GST
era (Citywise)

Mumbai 40.00 103.00 2.58 0.76
Thane 40.00 104.00 2.60 0.91
Kalyan 40.00 85.00 2.13 0.63
Other Cities 40.00 103.00 2.58 0.81
Source of P-
Between Groups 6.32 3.00 2.11 2.70 0.05 2.66

132 | P a g
Conclusion: Alternative hypothesis is fail to reject as F value =2.70 is
more than F critical value i.e 2.66. Researcher concluded that tax rates
were not normal before GST era.
Table no. 5.89 Descriptive statistics of tax rates were normal after GST
era (Starwise)

1 Star 63.00 187.00 2.97 1.00
2 Star 63.00 182.00 2.89 0.84
3 Star 63.00 166.00 2.63 0.72
P-
Between Groups 3.82 2.00 1.91 2.24 0.11 3.04

concluded that tax rates were normal after GST era.
Table no. 5.90 Descriptive statistics of tax rates were normal after GST
era (Citywise)
Mumbai 40.00 118.00 2.95 0.72
Thane 40.00 126.00 3.15 0.90
Kalyan 40.00 102.00 2.55 0.97
Other Cities 40.00 105.00 2.63 0.80
Source of P-
Between Groups 9.47 3.00 3.16 3.72 0.01 2.66

Conclusion: Alternative hypothesis is fail to reject as F value =3.71 is more
than F critical value i.e 2.66 and P value is also less than 0.05. Researcher
concluded that tax rates were not normal after GST era.
133 | P a g
Table no. 5.91 Descriptive statistics of whether hotel business has
increased after GST implementation (Starwise)
1 Star 63.00 156.00 2.48 0.96
2 Star 63.00 170.00 2.70 1.05
3 Star 63.00 154.00 2.44 0.80
P-
Between Groups 2.41 2.00 1.21 1.29 0.28 3.04

assumed that hotel business has increased after GST implementation.
Table no. 5.92 Descriptive statistics of whether hotel business has

increased after GST implementation (Citywise)

Mumbai 40.00 96.00 2.40 0.76
Thane 40.00 115.00 2.88 0.98
Kalyan 40.00 103.00 2.58 1.33
Other cities 40.00 83.00 2.08 0.64
P-
Between Groups 13.42 3.00 4.47 4.83 0.00 2.66

assumed that hotel business has not increased after GST implementation.
134 | P a g
Table no. 5.93 Descriptive statistics of whether hotel room booking has
increased after GST implementation (Starwise)
1 Star 63.00 153.00 2.43 1.02
2 Star 63.00 146.00 2.32 0.74
3 Star 63.00 144.00 2.29 1.11
Source of P-
Between Groups 0.71 2.00 0.35 0.37 0.69 3.04

critical value i.e 3.04 and P-value is also more than 0.05. Researched
construed that hotel room booking has increased after GST
implementation.
Table no. 5.94 Descriptive statistics of whether hotel room booking has
increased after GST implementation (Citywise)

Averag Varianc
Groups Count Sum e e
Mumbai 40.00 102.00 2.55 0.82
Thane 40.00 99.00 2.48 0.87
Kalyan 40.00 98.00 2.45 1.28
Other Cities 40.00 74.00 1.85 0.64
Source of P-
Between Groups 12.57 3.00 4.19 4.64 0.00 2.66

than F critical value i.e 2.66 and P value is also less than 0.05. Researched
construed that hotel room booking has not increased after GST
implementation.
135 | P a g
Table no. 5.95 Descriptive statistics of whether room rates have increased
after GST implementation (Starwise)
1 Star 63.00 134.00 2.13 0.95
2 Star 63.00 150.00 2.38 0.95
3 Star 63.00 145.00 2.30 0.63
Source of P-
Between Groups 2.13 2.00 1.06 1.26 0.29 3.04
concluded that room rates have increased after GST implementation.
Table no. 5.96 Descriptive statistics of whether room rates have increased
after GST implementation (Citywise)
Mumbai 40.00 95.00 2.38 0.80
Thane 40.00 100.00 2.50 1.28
Kalyan 40.00 81.00 2.03 0.74
Other cities 40.00 76.00 1.90 0.55
Source of P-
Between Groups 9.65 3.00 3.22 3.80 0.01 2.66
concluded that room rates have increased after GST implementation.
Table no. 5.97 Descriptive statistics of whether cost of food has enhanced
after GST implementation (Starwise)
1 Star 63.00 147.00 2.33 1.06
2 Star 63.00 156.00 2.48 0.90
3 Star 63.00 143.00 2.27 0.85
Source of P-
Between Groups 1.41 2.00 0.70 0.75 0.47 3.04
136 | P a g
assumed that cost of food has enhanced after GST implementation.
Table no. 5.98 Descriptive statistics of whether cost of food has enhanced
after GST implementation (Citywise)

Mumbai 40.00 104.00 2.60 0.91
Thane 40.00 106.00 2.65 1.11
Kalyan 40.00 87.00 2.18 0.92
Other cities 40.00 74.00 1.85 0.85
P-
Between Groups 17.17 3.00 5.72 6.05 0.00 2.66

assumed that cost of food has not enhanced after GST implementation.
Table no. 5.99 Descriptive statistics of whether complains were received

regarding food quality before GST era (Starwise)
1 Star 63.00 175.00 2.78 0.66
2 Star 63.00 183.00 2.90 0.86
3 Star 63.00 188.00 2.98 0.79
Source of P-
Between Groups 1.37 2.00 0.68 0.89 0.41 3.04

concluded that complains were received regarding food quality before
GST era.
137 | P a g
regarding food quality before GST era (Citywise)

Mumbai 40.00 114.00 2.85 0.85
Thane 40.00 114.00 2.85 0.54
Kalyan 40.00 119.00 2.98 0.85
Other Cities 40.00 121.00 3.03 0.54
Source of P-
Between Groups 0.95 3.00 0.32 0.46 0.71 2.66

concluded that complains were received regarding food quality before
GST era.

regarding food quality after GST era (Starwise)

1 Star 63.00 201.00 3.19 0.83
2 Star 63.00 191.00 3.03 0.87
3 Star 63.00 211.00 3.35 1.17
Source of P-
Between Groups 3.17 2.00 1.59 1.66 0.19 3.04

concluded that complains were received regarding food quality after GST
era.
138 | P a g
regarding food quality after GST era (Citywise)

Mumbai 40.00 129.00 3.23 1.10
Thane 40.00 126.00 3.15 0.85
Kalyan 40.00 127.00 3.18 1.07
Other Cities 40.00 132.00 3.30 0.73
Source of P-
Between Groups 0.53 3.00 0.18 0.19 0.91 2.66

concluded that complains were received regarding food quality after GST
era.
Table no. 5.103 Descriptive statistics of whether complains regarding

rooms services have increased after GST era (Starwise)

1 Star 63.00 150.00 2.38 0.85
2 Star 63.00 149.00 2.37 0.85
3 Star 63.00 160.00 2.54 0.93
Source of P-
Between Groups 1.17 2.00 0.59 0.67 0.51 3.04
assumed that complains regarding rooms services have increased after
GST era.
139 | P a g
Table no. 5.104 Descriptive statistics of whether complains regarding
rooms services have increased after GST era (Citywise)

Mumbai 40.00 98.00 2.45 0.61
Thane 40.00 95.00 2.38 1.01
Kalyan 40.00 91.00 2.28 0.87
Other Cities 40.00 104.00 2.60 0.71
Source of P-
Between Groups 2.25 3.00 0.75 0.94 0.42 2.66

assumed that complains regarding rooms services have increased after
GST era.
Table no. 5.105 Descriptive statistics of Mumbai Hotel industry has

affected badly in Covid 19 Pandemic (Starwise)

1 Star 63.00 132.00 2.10 0.70
2 Star 63.00 154.00 2.44 0.99
3 Star 63.00 135.00 2.14 0.64
Source of P-
Between Groups 4.52 2.00 2.26 2.90 0.06 3.04

assumed that Mumbai Hotel industry has affected badly in Covid 19
Pandemic.
140 | P a g
Table no. 5.106 Descriptive statistics of Mumbai Hotel industry has
affected badly in Covid 19 Pandemic (Citywise)

Mumbai 40.00 97.00 2.43 0.66
Thane 40.00 87.00 2.18 0.92
Kalyan 40.00 77.00 1.93 0.89
Other cities 40.00 88.00 2.20 0.47
Source of P-
Between Groups 5.02 3.00 1.67 2.27 0.08 2.66

assumed that Mumbai Hotel industry has affected badly in Covid 19
Pandemic.
Table no. 5.107 Descriptive statistics of prices of hotel rooms have gone
down in Covid 19 Pandemic period (Starwise)

1 Star 63.00 136.00 2.16 0.68
2 Star 63.00 134.00 2.13 0.44
3 Star 63.00 134.00 2.13 0.60
Source of P-
Between Groups 0.04 2.00 0.02 0.04 0.96 3.04

construed that prices of hotel rooms have gone down in Covid 19
Pandemic period.
141 | P a g
Table no. 5.108 Descriptive statistics of prices of hotel rooms have gone
down in Covid 19 Pandemic period (Citywise)
Mumbai 40.00 95.00 2.38 0.55
Thane 40.00 89.00 2.23 0.59
Kalyan 40.00 71.00 1.78 0.49
Other cities 40.00 83.00 2.08 0.48
Source of P-
Between Groups 7.88 3.00 2.63 4.99 0.00 2.66

construed that prices of hotel rooms have not gone down in Covid 19
Pandemic period.
Table no. 5.109 Descriptive statistics of Goods and Service Tax rates on
sale of food in hotels and rent on hotel rooms must be reduced
(Starwise)
1 Star 63.00 121.00 1.92 0.40
2 Star 63.00 132.00 2.10 0.47
3 Star 63.00 130.00 2.06 0.48
Source of P-
Between Groups 1.09 2.00 0.54 1.21 0.30 3.04

concluded that Goods and Service Tax rates on sale of food in hotels and
rent on hotel rooms must be reduced.
142 | P a g
Table no. 5.110 Descriptive statistics of Goods and Service Tax rates on
sale of food in hotels and rent on hotel rooms must be reduced (Citywise)

Mumbai 40.00 91.00 2.28 0.41
Thane 40.00 83.00 2.08 0.58
Kalyan 40.00 67.00 1.68 0.28
Other Cities 40.00 76.00 1.90 0.35
Source of P-
Between Groups 7.82 3.00 2.61 6.44 0.00 2.66

than F critical value i.e 2.66 and P value is also less than 0.05. . Researcher
concluded that Goods and Service Tax rates on sale of food in hotels and
rent on hotel rooms must not be reduced.
Table no. 5.111 Descriptive statistics of whether cost of foods has

enhanced after GST implementation (Starwise)

1 Star 63.00 131.00 2.08 0.72
2 Star 63.00 134.00 2.13 0.53
3 Star 63.00 136.00 2.16 0.62
Source of P-
Between Groups 0.20 2.00 0.10 0.16 0.85 3.04

assumed that cost of foods has enhanced after GST implementation.
143 | P a g
Table no. 5.112 Descriptive statistics of whether cost of foods has
enhanced after GST implementation (Citywise)
Mumbai 40.00 98.00 2.45 0.51
Thane 40.00 86.00 2.15 0.75
Kalyan 40.00 70.00 1.75 0.50
Other Cities 40.00 83.00 2.08 0.64
Source of P-
Between Groups 9.92 3.00 3.31 5.53 0.00 2.66

assumed that cost of foods has not enhanced after GST implementation.
Table no. 5.113 Descriptive statistics of Hotel Industry business has

affected due to GST implementation (Starwise)
1 Star 63.00 123.00 1.95 0.79
2 Star 63.00 142.00 2.25 0.48
3 Star 63.00 135.00 2.14 0.54
Source of P-
Between Groups 2.93 2.00 1.47 2.42 0.09 3.04

concluded that hotel industry business has affected due to GST
implementation.
144 | P a g
Table no. 5.114 Descriptive statistics of Hotel Industry business has
affected due to GST implementation (Starwise)

Mumbai 40.00 98.00 2.45 0.56
Thane 40.00 91.00 2.28 0.67
Kalyan 40.00 68.00 1.70 0.52
Other cities 40.00 76.00 1.90 0.76
Source of P-
Between Groups 14.07 3.00 4.69 7.47 0.00 2.66

concluded that hotel industry business has not affected due to GST
implementation.
145 | P a g

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CHAPTER- V

IMPACT OF GST ON HOTEL INDUSTRY IN MUMBAI

Revenue 27.47 70.13 70.28 62.48 59.64

Revenue 29.41 92.1 103.44 102.14 98.32

Revenue 72.58 252.39 273.52 274.44 251.19

It was construed that:

Particulars 2021 2020 2019 2018 2017

Revenue 2.34 4.3 5.18 4.79 4.77

It was concluded that:

Particulars 2021 2020 2019 2018 2017

Revenue -- -- 52.75 134.89 132.6

It was presumed that:

Particulars 2021 2020 2019 2018 2017

Revenue 46.5 127.72 214.68 236.8 260.39

It was construed that:

Particulars 2021 2020 2019 2018 2017

It was assumed that:

Particulars 2021 2020 2019 2018 2017

Revenue 2.48 4.79 4.78 4.62 4.18

It was construed that:

Particulars 2021 2020 2019 2018 2017

Revenue 2.94 9.28 11.22 10.93 8.83

It was inferred that:

Particulars 2021 2020 2019 2018 2017

Revenue 101.39 249.08 264.18 263.57 263.56

It was assumed that:

Particulars 2021 2020 2019 2018 2017

Revenue 432.7 1,350.30 1,543.24 1,350.28 1,277.55

It was concluded that:

Particulars 2021 2020 2019 2018 2017

Revenue 8.9 39.47 46.72 47.2 41.47

It was presumed that:

Particulars 2021 2020 2019 2018 2017

Revenue 0.99 3.75 3.7 3.31 3.25

Particulars 2021 2020 2019 2018 2017

Revenue 18.92 145.68 154.34 718.54 699.94

Particulars 2021 2020 2019 2018 2017

Particulars 2021 2020 2019 2018 2017

It was understood that:

Particulars 2021 2020 2019 2018 2017

Revenue 1.72 9.71 10.65 9.29 8.72

Particulars 2021 2020 2019 2018 2017

Revenue 1,133.15 2,743.47 2,780.41 2,583.95 2,391.25

Particulars 2021 2020 2019 2018 2017

Revenue 175.76 336.27 349.96 343.87 473.15

Particulars 2021 2020 2019 2018 2017

Revenue 15.55 37.73 38.03 33.78 36.15

Particulars 2021 2020 2019 2018 2017

Revenue 51.62 179.31 192.39 168.52 156.67

Particulars 2021 2020 2019 2018 2017

Revenue 2.27 0.18 0.23 0.13 0.57

Particulars 2021 2020 2019 2018 2017

Revenue 0.05 0.29 -- -- --

It was interpreted that:

Revenue 3.11 7.53 8.64 6.98 5.65

Particulars 2021 2020 2019 2018 2017

Revenue 23.09 24.57 78.24 72.96 80

Particulars 2021 2020 2019 2018 2017

Revenue 822.25 977.01 918.29 1,064.19 1,088.73

Particulars 2021 2020 2019 2018 2017

Revenue 115.78 289.67 345.42 356.86 333.49

Total Income 123.22 301.34 356.72 368.88 344.61

Net Profit -53.38 -3.79 89.44 6 1.54