TAJGVK Hotels & Resorts LTD Announces Second Quarter FY 2022-2023 Results Reports Best Financial Performance in a Decade for H1 & Q2
HYDERABAD, November 8, 2022: TAJGVK Hotels & Resorts Ltd. reported its financials for Q2 & H1 ending September 30, 2022. The highlights for which are: Reported revenue of INR 114.07 crores in Q2 FY22-23, which has more
HYDERABAD, November 8, 2022: TAJGVK Hotels & Resorts Ltd. reported its financials for Q2 & H1 ending September 30, 2022. The highlights for which are:
- Reported revenue of INR 114.07 crores in Q2 FY22-23, which has more than doubled over Q2 FY21-22. The H1 FY22-23 revenue was 200.54 crores versus 81 crores in H1 FY21-22.
- Reported a positive EBITDA of INR 55.96 crores in Q2FY 22-23 an increase of 308% as compared to Q2 in the last fiscal. The H1 EBITDA of the current fiscal was 86.46 crores as compared to 10.22 crores during the same period in the last financial year.
- Occupancy in Q2 increased by 7 percentage points whilst the Average Room Rates showed a significant growth of 18% as compared to the rates for the same period pre-COVID in Q2 FY19-20.
STANDALONE FINANCIAL RESULTS FOR THE 2nd QUARTER ENDING SEPTEMBER 30th, 2022
“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 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.Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd
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.
About TAJGVK Hotels & Resorts Limited
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.
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