Oriental Hotels announced Q2FY24 & H1FY24 results: Financial Performance: - Oriental Hotels Limited (OHL) reported a revenue of Rs 95.42 crore in Q2FY24, a 5% increase compared to the same period last year. - The company's EBITDA for the quarter stood at Rs 24.66 crore, while the profit after tax was Rs 10.38 crore. - For the half-year ending September 30, 2023, OHL recorded a revenue of Rs 192.21 crore and an EBITDA of Rs 51.48 crore. - The profit after tax for the first half of the year was Rs 22.58 crore. Asset Management: - OHL has been focusing on asset management efforts, including the re-positioning of Vivanta Mangalore, ongoing renovation of the hotel in Coonoor, and commencing a complete renovation of Taj Malabar Resort & Spa, Cochin in Q2. - These initiatives are aimed at sustained value creation of the hotel portfolio. Other Highlights: - Taj was ranked as India's Strongest Brand across sectors and industries by Brand Finance's Brand Value Report India 2023. - Taj Coromandel, Chennai undertook outdoor catering for the President's visit at Raj Bhavan hosted by the Governor. Pramod Ranjan, Managing Director & CEO, Oriental Hotels said, “OHL reported a 5% increase in revenue in the second quarter aided by an increase in the Average Room Rates (ARR)." He added, “Our asset management efforts which began with the re-positioning of Vivanta Mangalore, ongoing renovation of the hotel in Coonoor and the commencement of a complete renovation of the iconic Taj Malabar Resort & Spa, Cochin in Q2, are all aimed at sustained value creation of the portfolio.” Result PDF
Oriental Hotels announced Q1FY24 results: Revenue of Rs 96.79 crore in Q1FY24, a 6.8% increase over Q1FY23 EBITDA of Rs 26.83 crore in Q1FY24. Profit After Tax of Rs 12.20 crore in Q1FY24 Taj ranked as India’s Strongest Brand across Sectors and Industries by Brand Finance’s Brand Value Report India 2023. Prime Minister Narendra Modi was hosted at Taj Malabar Resort & Spa, Cochin. Taj Coromandel, Chennai undertook catering at the launch of the International Airport by Prime Minister Modi. Taj Coromandel, Chennai hosted the closing ceremony of the World Squash Federation World Cup. Vivanta Mangalore hosted the Chief Minister of Rajasthan, Mr. Ashok Gehlot’s visit. Pramod Ranjan, Managing Director & CEO, Oriental Hotels said, “Continuing the demand momentum, the first quarter witnessed a healthy growth in revenues aided by RevPAR leadership in all our key markets. He added, “In the current quarter the company has commenced product enhancements across its portfolio, including a complete repositioning of its key asset, Taj Malabar Resort & Spa, Cochin.” Result PDF
Oriental Hotels announced Q3FY23 results: Q3FY23: Reported revenue of Rs 110.77 crore in Q3FY23, 40% increase over the same quarter in FY22 With EBITDA of Rs 37.37 crore in Q3FY23, reported a 66% increase in EBITDA as compared to Q3 in the last fiscal Achieved EBITDA Margin of 34% in Q3FY23, which is an 11 percentage point expansion as compared to Q3FY20 ARR has seen significant growth of 32% as compared to pre-COVID levels in Q3FY23 OHL has received the allotment order for long-term lease for Taj Malabar Resort & Spa, Kochi for a period of 30 years beginning Q2FY23, from the Cochin Port Trust Mr. Pramod Ranjan, Managing Director & CEO, Oriental Hotels Ltd. said, “The sustained increase in demand across all segments has resulted in a significant increase in both revenue and EBITDA.OHL continues to retain its leadership position in its key markets. For the first nine months of the fiscal year, the company reported its highest-ever EBITDA of Rs 90 Crores. This strong performance over three consecutive quarters has led to a robust EBITDA margin of 31% to date.” Result PDF
Oriental Hotels announced Q2FY23 results: Reported revenue of Rs 91.06 crores in Q2FY23 – 72% increase over the same quarter in FY22 With positive EBITDA of Rs 25.70 crores in Q2FY23, reported a 385% increase in EBITDA as compared to Q2 in the last fiscal Achieved EBITDA Margin of 28%, which is a 12 percentage point expansion as compared to FY20 ARR has seen a significant growth of 36% as compared to pre-COVID levels OHL has received the approval for the renewal of the long term lease for Taj Malabar Resort and Spa, Kochi for a period of 30 years beginning September 22, 2022, from the Cochin Port Trust OHL hotels have continued to be RevPar leaders in all the key markets that they are present in Mr. Pramod Ranjan, Managing Director & CEO, Oriental Hotels Ltd. said, “Business continues to be buoyant driven by the resurgence in travel, leading to hotels having outperformed in both, leisure and business segments. Overall occupancy and ARR have exceeded pre-COVID levels. This strong performance over two consecutive quarters has resulted in the company’s highest ever H1 EBITDA at INR 53 crores and EBITDA margin of 29%, in a decade.” Result PDF
Oriental Hotels Announced Q1FY23 Result : Reported a revenue of Rs 90.57 crores – an increase of 256% over Q1 FY 2021-22 Reported positive EBITDA of Rs 26.83 crores in Q1 FY 2022-23 as compared to a loss in the same quarter in the last fiscal Clocks an EBITDA Margin of 30%, which is a 20 percentage point expansion as compared to FY 2019-20 Announces company’s highest ever profitable Q1 with PAT of Rs 11.09 crores in Q1 FY 2022-23 Occupancy has seen a 15 percentage point expansion and ARR has shown a significant growth of 30% as compared to pre-COVID levels OHL hotels have continued to be RevPar leaders in all key markets that they are present in Mr. Pramod Ranjan, Managing Director & CEO, Oriental Hotels Ltd. said, “The increase in revenue is buoyed by the resurgence in travel, and the hotels have outperformed in both, leisure and business destinations. This combined with robust cost optimization and monitoring measures have resulted in a strong margin expansion to 30% in Q1 FY 2022-23 from 10% in Q1 FY 2019-20.” The iconic brand, Taj, has been recognized as World’s Strongest Hotel Brand and India’s Strongest Brand across all sectors by Brand Finance 2022. The OHL portfolio features three leading Taj hotels. Result PDF