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Faced with continued disruption to the hospitality business due to the pandemic since last year, TajGVK Hotels & Resorts Ltd has posted a loss of ₹8.97 crore in the first quarter ended June 30, 2021 as against a loss of ₹16.89 crore in the corresponding quarter last year.
The company closed with revenues of ₹28.84 crore (₹3.25 crore).
The company board of directors at their meeting today have approved a proposal to raise up to ₹250 crore through debt/QIP/Preferential issue, sale of asset to meet the financial obligations.
GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd said “The second wave of Covid-19, especially with the lockdown in multiple States, has taken a significant toll on the travel and hospitality industry. Continuing to follow IHCL’s RESET 2020 strategy, we focused on revenue growth from segments like domestic leisure and weddings, along with cost optimization measures.”
Greenwoods Palaces & Resorts Private Ltd, a JV company which operates Taj Santacruz, reported an income of ₹12.76 crore.
Taj Banjara, Hyderabad and Taj Club House, Chennai were converted as Covid Care Centers during May and June, in partnership with Apollo and Taj Public service welfare trust.
In this quarter, business was affected due to the second wave of Covid-19 across hotels, which were operating with limited facilities owing to lockdown restrictions by State governments.
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