Companies

TajGVK Hotels posts ₹1.8-crore loss in Q4

Our Bureau Hyderabad | Updated on June 25, 2021

Revenue down at ₹46.33 crore

Hospitality chain TajGVK Hotels & Resorts Ltd posted a loss of ₹1.8 crore and revenue of ₹46.33 crore during the fourth quarter ended March 31, against a profit of ₹6.69 crore and revenue of ₹76.66 crore in Q4 of FY20.

For the financial year ended March 31, the company posted a loss of ₹36 crore and revenue of ₹96.81 crore against a profit of ₹36 crore and revenue of ₹314 crore for FY20.

GVK Reddy, Chairman, TajGVK Hotels, in a statement said: “Despite ongoing challenges, the company remained focused in implementing innovative revenue and cost optimization measures. Demand growth primarily came from the domestic leisure and wedding segments.”

Greenwoods Palaces & Resorts, a joint venture company which operates Taj Santacruz, reported an income of ₹17.57 crore. The iconic brand – Taj has been rated as the strongest hotel brand in the World by Brand Finance in their coveted ‘Hotels 50 2021’ report. Five TajJGVK hotels are branded Taj.

Qmin, a repertoire of culinary experiences which delivers dishes from signature restaurants of the group’s hotels and Hospitality @Home, take-away hampers, continued to drive F&B revenues.

“The hospitality industry remains greatly affected by the pandemic. We have deferred all discretionary spending and capital expenditure. Some of the segments that we presume will recover immediately, would be the wedding and domestic leisure segments,” he said.

Published on June 25, 2021

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