Oriental Hotels reports standalone Q1 PAT at Rs 11.09 cr

Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd has reported its highest ever standalone profit after tax at Rs 11.09 crore for the quarter ending June 30, 2022 following a resurgence in travel, the company said on Saturday. The company had reported a standalone net loss at Rs 16.83 crore during corresponding quarter previous year.

The standalone revenue during the quarter under review surged to Rs 90.57 crore, from Rs 25.40 crore registered same period last year, a company statement said.

The Earnings Before Interest, taxes, depreciation and Amortisation (EBITDA) during the April-June 2022 quarter was at Rs 26.83 crore.

Commenting on the financial performance, Oriental Hotels Ltd, managing director and CEO, Pramod Ranjan said, "the increase in revenue is buoyed by the resurgence in travel, and the hotels have outperformed in both, leisure and business destinations."

"This combined with robust cost optimization and monitoring measures have resulted in a strong margin expansion to 30 per cent in Q1 FY 2022-23 from 10 per cent in Q1 FY 2019-20," he said.

The occupancy at its hotels witnessed a 15 per cent point expansion and ARR (Average Room Rate) has shown a significant growth of 30 per cent as compared to pre-COVID-19 levels, the company said.

The Oriental Hotels Ltd has seven hotels including Taj Coromandel in Chennai, Taj Fishermen's Cove Resort and Spa Chennai, Taj Malabar Resort and Spa, Cochin, Vivanta, Coimbatore, The Gateway Hotel, Pasumalai, Madurai, The Gateway Hotel Old Port Road, Mangalore and Gateway Coonoor which is an IHCL SeleQtions hotel.