Hotels & ResortsNews

TAJGVK Hotels & Resorts Ltd delivers a strong performance for both the final quarter and the financial year

TajGVK Hotels & Resorts Ltd, reported its financials for the quarter and year ending March 31, 2019.

Financial results for the 4th Quarter ending on March 31, 2019:

  • Revenue at Rs.93.51 crores, an increase of 9.5% compared to previous year
  • EBITDA at Rs.28.53 crores, an increase of 33% compared to previous year
  • PAT Rs.10.13 crores, an increase of 39% compared to previous year

Financial results for the year ending March 31, 2019:

  • Revenue at Rs. 324 crores, an increase of 11% compared to previous year
  • GOP Rs. 76.41 crores, an increase of 3% compared to previous year, mainly on account of renovation taken up at Taj Krishna, Taj Deccan and Taj Chandigarh. The company has spent Rs. 19.45 crores during the year.
  • PATRs. 24.32 crores, an increase of 16% compared to previous year.

Greenwoods Palaces & Resorts Private Limited — a JV company which operates Taj Santacruz has performed well during the year and the company reported total income of Rs. 138 crores as against Rs. 123 crores i.e. growth of around 12% and PAT of Rs. 5.82 crores as against a loss of Rs. 1.28 crores.
Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd said, “Our Company has consistently delivered a 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. During the year, the Company repaid Rs. 30.72 crores and the net debt as at 31st March 2019 is Rs. 198 crores as compared to Rs. 229 crores in the previous year. The company is concentrating to reduce the debt in the coming years.”
Key Highlights:

  • Taj Krishna, Hyderabad has commenced a phased renovation.124 rooms have beenrenovated during the year and another 90 rooms i.e. 2 floors will be completed during FY 19-20. The company has also renovated the Indian restaurant, the Chinese restaurant and the public areas during the year.
Related posts

Thomas Cook India & SOTC new tie-up with Accor to launch Holiday Safe

Thomas Cook (India) and its Group Company SOTC Travel have partnered with Accor,  to launch Holiday Safe.  The holiday portfolio aims at…

Promising Uttarakhand Tourism is on a good track

Uttarakhand Tourism is back on track after the reopening of the state in Unlock 5.0. The city of lakes, Nainital is blossoming…

Rina Dhaka's Homage to Humans

Join designer Rina Dhaka on the FDCI Fashion Week spring-summer 2021 runway today. Says Rina Dhaka, ” I pay ode through my…

Ravi Bajaj 60/70s throwback makes it big at phygital India Fashion Week

At the India Fashion Week, spring-summer 2021, Ravi Bajaj created a buzz with his 60/70s couture throwback.

Futuristic first ever Phygital Edition of India Fashion Week spring-summer 2021

Coming together on the FIDCI platform to create the first ever Phygital Edition of the India Fashion Week, spring-summer 2021.

Nidhi Yadav is new Corporate Manager – Revenue & E-distributions at Renest chain

Renest Hotels and Resorts, India’s newest boutique hotel chain, has appointed Nidhi Yadav as Corporate Manager – Revenue & E-distributions. Under this…

ICF Chef Awards 2020 turns spicy 17 as it honours master Chefs

During these challenging times, we have seen many changes and tried to adapt to a new normal. Thankfully some things never change like the Indian Culinary Forum’s (ICF) Chef Awards 2020

Travel trends forecast 60% Indians keen on domestic travel

InterMiles, a leading loyalty and rewards programme, has released its maiden ‘Consumer Sentiment Index Report’ showcasing travel trends forecast – insights and changing consumption patterns around travel.

Vikram Choubal appointed as new Sr VP, Design and Technical Services at The Leela

The Leela Palaces, Hotels and Resorts appointed Vikram Choubal as Senior Vice President, Design and Technical Services.

Sarovar Hotels expands footprint with new sign-up in Aurangabad

Sarovar Hotels and Resorts announced the expansion of its portfolio in Maharashtra with the signing of a fine hotel in Aurangabad. A…