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Oriental Hotels Q3 net profit more than doubles to ₹18.67 cr.

January 23, 2023 08:36 pm | Updated January 26, 2023 10:09 am IST - CHENNAI

Oriental Hotels Ltd.’s (OHL) standalone net profit for the quarter ended December more than doubled to ₹18.67 crore from the year-earlier period due to strong rebound in business aided by leisure and business travel.

Revenue from operations grew from ₹76 crore to ₹105 crore, while the average room rate saw a significant growth of 32% against pre-COVID levels in the year-earlier period, OHL said in a statement.

“For the first nine months of the fiscal year the company reported its highest ever EBITDA of ₹90 crore. This strong performance over three consecutive quarters has led to a robust earnings before interest, tax, depreciation and amortisation margin of 31% to date,” said MD & CEO Pramod Ranjan.

The company said that it had received the allotment order for long term lease for Taj Malabar Resort & Spa, Kochi, for a period of 30 years beginning September 22, 2022, from the Cochin Port Trust.

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