TajGvk Hotels revenue more than doubled to Rs 114.07 cr in Q2FY23

TajGvk Hotels revenue more than doubled to Rs 114.07 cr in Q2FY23

Hyderabad: TAJGVK Hotels & Resorts Limited’s Revenue was more than doubled in the second quarter ended September 30, 2022.
The company posted a Revenue of INR 114.07 crore in Q2 FY22-23, which has more than doubled over Q2 FY 21-22.
For the Half year, revenue was INR 200.54 crore against INR 81 crore in the corresponding period in the previous year, the company said in a release here on Tuesday.
Occupancy in Q2 increased by 7 percentage points whilst the Average Room Rates showed a significant growth of 18 percent as compared to the rates for the same period pre-COVID in Q2 FY19-20.
Commenting on the performance, Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Limited said “The Business continues to be buoyant driven by the resurgence in both leisure and business travel.
All the hotels in the portfolio have outperformed in all the market segments.
It is heartening to see that the hotel occupancies and the room rates are exceeding pre-COVID levels. This strong performance over two consecutive quarters with cost optimization measures has resulted in the company’s best H1 performance in a decade, Reddy added.
Greenwoods Palaces & Resorts Private Limited – a JV company which operates Taj Santacruz, reported an income of INR 41.44 Crore with an EBITDA of INR 15.95 Crore in Q2, FY 2022-23. The H1 FY22-23 revenue was INR 86 Crore with an EBIDTA of INR 35.17 Crore.
TAJGVK has a portfolio of six hotels that includes Taj Krishna, Hyderabad; Taj Deccan Hyderabad; Taj Club House Chennai; Taj Chandigarh, Taj Banjara, Hyderabad and Vivanta Hyderabad, Begumpet.
TAJGVK Hotels & Resorts Limited is a Joint venture between the GVK Group and The Indian Hotels Company Limited (IHCL).
It also co-owns Taj Santacruz, Mumbai through a JV company, Greenwoods Palaces & Resorts Private Limited.
UNI

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