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TAJGVK Hotels & Resorts Ltd, has posted profit of Rs 4.5 crore for the first quarter ended June 30, 2018 as against a profit of Rs 1.96 crore for the corresponding quarter last fiscal. Revenue for the June quarter was up at Rs 76.79 crore, as against Rs 59.63 crore for the same period in the previous year.
For the financial year ended March 31, 2018, the hospitality chain had posted a revenue of Rs 290.88 crore and a profit of Rs 21 crore. Expenses for the quarter ending June 2018 include an amount of Rs 6.62 crore towards renovation expenses of the rooms and public areas in the Taj Deccan.
GVK Reddy, Chairman, TAJGVK Hotels & Resorts Ltd said, “We have had a great start to the year with the positive results of Q1. We remain optimistic about the future, based on current market trends and expect the growth momentum to continue in our portfolio.”
During the quarter, Taj Krishna, Hyderabad, completed the first phase of renovation of 76 rooms. The second phase, which includes 78 rooms, commences this month. Firdaus, an Indian speciality restaurant in the Taj Krishna, has been renovated and will be opened shortly.
The company owns six hotels -- Taj Krishna, Taj Deccan, Taj Banjara, Vivanta by Taj Begumpet, all at Hyderabad, and the Taj Club House Chennai, Taj Chandigarh and Taj Santacruz Mumbai, through a joint venture company.
TAJGVK Hotels & Resorts Ltd (TAJGVK) is a joint venture between The Indian Hotels Company Ltd and the GVK Group.
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