Oriental Hotels Ltd. (OHL), has returned to black after almost two years by posting a standalone net profit of ₹11 crore for the first quarter against a loss of ₹17 crore in the year-earlier period, due to rebound in overall business.
Revenue from operations rose by more than threefold to ₹88 crore from ₹25 crore, it said in a regulatory filing.
“We had posted growth across all our properties in the South due to increase in events, banquets, conferences, corporate and leisure travel,” said Deepika Rao, executive vice president, Hotel Openings and Corporate Communications, The Indian Hotels Co. Ltd.
According to Ms. Rao, hotel occupancy rate rose to 72% from 57% in Q1 of FY20, while EBITDA margin went up from 10% to 30%.
“The increase in revenue is buoyed by the resurgence in travel, and the hotels have outperformed in both, leisure and business destinations,” said Pramod Ranjan, MD & CEO, IHCL.
OHL is an associate company of The Indian Hotels Co. Ltd. It has seven hotels in South, including Taj Coromandel and Taj Fisherman’s Cove Resort & Spa in Chennai.
