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.”
- 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.