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