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

OTOAI and VisitPortugal collaborate to hold Webinar series for its Members

OTOAI has collaborated with its recently associated member VisitPortugal, to hold a series of webinars.

Suraj Kumar Jha appointed New General Manager at Crowne Plaza Ahmedabad City Centre

Suraj Kumar Jha has been appointed as the General Manager of Crowne Plaza Ahmedabad City Centre.

Singapore Tourism Board launches an important communication initiative -WhatsApp channel for the Indian travel trade

Singapore Tourism Board (STB) India office has embarked upon an important communication initiative by launching a WhatsApp business account

Smart 40-room Kanak Beacon Hotel opens in Ahmedabad, Gujarat

Concept Hospitality has opened Kanak Beacon Hotel in Ahmedabad, Gujarat

Vikas Sharma appointed new General Manager at Radisson Blu Resort Dharamshala

Vikas Sharma is appointed General Manager at the upcoming Radisson Blu Resort Dharamshala. With a career spanning over three decades in hospitality….

Sylvain Laroche bestowed with the Medal of Honor by the Ministry of Europe and Foreign Affairs

Sylvain Laroche, Director of Operations, ibis and ibis Styles India has been awarded the Medal of Honor by the Ministry of Europe and…

Ravi Rai: Learning is an Ocean and the known is just a drop

Today’s Traveller #Know Your Leader motivational initiative invites  Ravi Rai, Cluster General Manager, Accor Hotels, Andhra Pradesh to share his experiences, his journey, and some unknown facts about him that keep him going….

Beyond Green - launched on April 14 2021 as a Preferred Group entity

Committed to building a better and brighter future for people and the planet, Beyond Green was officially launched on April 14, 2021

Amol More appointed new Hotel Manager at Courtyard by Marriott Nashik

Courtyard by Marriott Nashik has appointed Amol More as Hotel Manager

Amit Mishra appointed new General Manager at The Fern Denzong Hotel & Spa, Gangtok

Amit Mishra brings over 15 years of hospitality experience as a General Manager to the 70 rooms relaunched hotel, The Fern Denzong Hotel & Spa, Gangtok. He has…