TajGVK Hotels’ Q4 net up 7.3%

Our Bureau Hyderabad | Updated on May 18, 2018 Published on May 18, 2018

With the hospitality business looking up, Taj GVK Hotels and Resorts Ltd has posted a profit of Rs 7.29 crore for the fourth quarter ended March 31, 2018 against a profit of Rs 0.79 crore in the corresponding quarter last year on a standalone basis.

The hospitality chain posted revenues of Rs 85.33 crore for the fourth quarter against Rs 71.26 crore in the same quarter last year.

The company, which owns six hotel properties, four in Hyderabad, one in Chennai and Chandigarh,has registered a profit of Rs 21 crore and income of Rs 290.88 crore for the financial year against a profit of Rs 10.37 crore and income of Rs 269.78 crore in the previous fiscal.

On a consolidated basis, the company achieved a profit of Rs 21 crore and revenue of Rs 290.88 crore for the financial year. The board has recommended a dividend of 60 paise per equity share of Rs 2 each.

GVK Reddy, Chairman of TajGVK Hotels, said, “Our company has been delivering good performance which is also evident in this year's results. The growth has been driven by an increase in both occupancy and average room rates across cities. I am optimistic about the year ahead considering the increased demand coupled with the enhancements we are making at our hotels.”

Taj Krishna has commenced a phased renovation with 76 rooms under renovation. This is based on the design of Jeffrey Wilkes. The board has renewed the Taj Chandigarh operating agreement with Indian Hotels Company Ltd.

Published on May 18, 2018

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