TajGVK Hotels & Resorts reported its financials for the quarter and year ending March 31, 2019.
During the quarter ended March 31, 2019, the comapny recorded a 9.5 per cent increase in revenue at Rs. 93.51 crores as compared to the same quarter last year. EBITDA stood at Rs. 28.53 crores, an increase of 33 per cent compared to previous year while the PAT increased by 39 per cent at Rs. 10.13 crores as compared to the last year.
For the year ended March 31, 2019, the company recorded a total growth in revenue at Rs. 324 crores, an increase of 11 per cent compared to previous year. GOP increased by three per cent at Rs. 76.41 crores as compared to the previous year, mainly on account of renovation taken up at Taj Krishna, Taj Deccan and Taj Chandigarh. The company spent Rs. 19.45 crores during the year. PAT increased by 16 per cent at Rs. 24.32 crores as compared to the last year.
Greenwoods Palaces & Resorts – a JV company which operates Taj Santacruz has performed well during the year and the company reported total income of Rs. 138 crores as against Rs. 123 crores i.e. growth of around 12 per cent and PAT of Rs. 5.82 crores as against a loss of Rs. 1.28 crores.
Dr GVK Reddy, chairman, TajGVK Hotels & Resorts said, “Our Company has consistently delivered a good performance which is also evident in this year’s results. The growth has been driven by an increase in both occupancy and average room rates across cities. I am optimistic about the year ahead considering the increased demand coupled with the enhancements we are making at our hotels. During the year, the Company repaid Rs. 30.72 crores and the net debt as at 31st March 2019 is Rs. 198 crores as compared to Rs. 229 crores in the previous year. The company is concentrating to reduce the debt in the coming years.”