Oriental Hotels announced Q3FY24 & 9MFY24 results: Standalone Financial Highlights: Quarterly Revenue: Rs 106.07 crore for Q3FY24, a decrease from the previous year's quarter revenue of Rs 110.77 crore. Revenue for Nine Months: Recorded Rs 298.28 crore for 9MFY24, mildly down from Rs 292.40 crore for the same period in the prior fiscal year. Quarterly EBITDA: EBITDA for the quarter stood at Rs 32.65 crore, a decrease from Rs 37.37 crore in Q3FY23. EBITDA for Nine Months: EBITDA amounted to Rs 84.13 crore, down from Rs 89.90 crore for 9MFY23. Quarterly Profit After Tax (PAT): The company reported a PAT of Rs 16.43 crore in Q3FY24, compared to Rs 18.67 crore in the corresponding quarter of the previous year. PAT for Nine Months: PAT was at Rs 39.01 crore, slightly lower than the Rs 40.68 crore earned during 9MFY23. Operational Developments and Strategies: Renovations: Hotels in Coonoor and Cochin underwent comprehensive renovations. Reopening: The Taj Malabar Resort & Spa, Cochin is expected to re-open in Q4 FY23/24. Brand Enhancement: The Gateway Coonoor post renovation has become part of the IHCL SeleQtions portfolio. F&B; Innovations: Vivanta Mangalore introduced new dining experiences, and Gateway Madurai relaunched its all-day diner. Pramod Ranjan, Managing Director & CEO, Oriental Hotels, said, “In line with our strategy of maintaining leadership in the markets we operate in, this fiscal our hotels in Coonoor and Cochin were under comprehensive renovation. The iconic Taj Malabar Resort & Spa, Cochin is slated to re-open in Q4FY24. On a same-store basis, OHL hotels reported a 10% growth in revenue in Q3 over the same time last year.” Result PDF
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