Taj GVK Hotels & Resorts Ltd has posted a loss of Rs 1.34 crore for the first quarter ended June 30 against a profit after tax of Rs 3.77 crore for the corresponding quarter last year.
The revenue for the first quarter was also lower by seven per cent at Rs 57.40 crore (Rs 64.26 crore).
The hospitality sector player said its performance has been impacted by the slowdown in the economy and increase in competition in all geographies.
The company further stated though the higher interest rates and depreciation has impacted the financials of the quarter and during the year, the investments made will bear fruit once operations stabilise.
The company in its outlook said with the recovery in the economy, the hotel sector is expected to perform better.
With prime properties, the company stated that it is well positioned to benefit from the growing demand and restricted supply.
Taj GVK Hotels shares closed the day at Rs 58.90, up two per cent on the BSE.