TAJGVK Hotels and Resorts Ltd has posted a net profit of Rs 3.43 crore for the third quarter ended December 31, 2015, as against a net profit of Rs 2.68 crore in the corresponding quarter last year.

The Hyderabad-based hospitality chain of the diversified GVK Group closed the quarter ended December 2015 with revenues of Rs 72.42 crore as against Rs 68.33 crore in the corresponding quarter last year.

EPS for the quarter was Rs 0.55 as against Rs 0.43 in the corresponding quarter of the previous year on a face value of equity shares of Rs 2 paid-up.

During the nine months ended December 31, 2015, the company closed with a net profit of Rs 2.59 crore and income of Rs 194.71 crore as compared to Rs 181.39 crore in the corresponding period last year.

G Indira Krishna Reddy, Managing Director of TAJGVK, in a statement said, “With the expected recovery in the global and Indian economy, the hotel industry is expected to perform better. The company with prime properties in key metros is well positioned to benefit from the growing demand and restricted supply going forward.”

Mumbai hotel

The company, jointly with Greenridge Hotels & Resorts LLP (Greenridge-a GVK Company), through its special purpose vehicle (SPV) Green Woods Palaces & Resorts Pvt Ltd (Green Woods), has set up a 279-room five-star luxury hotel near Terminal 1C, Santacruz, Mumbai, under the brand Taj Santacruz.

TAJGVK has invested Rs 110.25 crore for a 49 per cent stake in the SPV and the commercial operations of the hotel commenced in January 2016.

TAJGVK Hotels, a strategic alliance between the GVK Group and Indian Hotels Company Ltd, owns 5-star deluxe hotel properties across multiple locations with a total room inventory 1,080 rooms. The chain has four properties in Hyderabad, and one each in Chandigarh (Taj Chandigarh) and Chennai (Taj Club House). The company plans to expand its footprint by setting up a hotel in Bengaluru, for which it has been allotted 7.5 acres at Yelahanka.

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