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Taj GVK Hotels & Resorts Ltd has posted a lower profit of ₹1.96 crore for the first quarter ended June 30 against ₹2.46 crore for the corresponding quarter last year on a standalone basis.
The Hyderabad-based hospitality player logged in revenues of ₹59.63 crore for the first quarter against ₹58.34 crore for the corresponding period last year.
Last fiscal, the company had closed with revenues of ₹269.77 crore and profit of ₹10.37 crore.
G Indira Krishna Reddy, Managing Director in the results statement filed with exchanges mentioned that in the absence of operating agreement for Taj Chandigarh, no provision was made in the accounts towards management fee and reimbursement fee.
“In view of the seasonality of the business, the financial results for the quarter ended June 30, 2017, are not indicative of the full year's performance,” she mentioned.
The Board approved the appointment of Giridhar Sanjeevi as Additional Director in the category of non-independent and non-executive director, representing Indian Hotels Company Ltd. He is the CFO of IHCL.
The company’s scrip closed the day ₹166.40, up 2 per cent, on the BSE.
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