Oriental Hotels Poised for Double-Digit Growth in FY25

Chennai, Oct 15 (PTI) Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, is well poised to record a double-digit revenue growth during the second half of the financial year, a top official said on Tuesday.

The company declared its financial performance for the second quarter and for the six month period ending September 30, 2024.

The standalone profit after tax (PAT) for the quarter ending September 30, 2024 stood at Rs 9.20 crore, as against Rs 10.38 crore registered in the year ago period. Total revenues during the July-September 2024 period grew to Rs 104.43 crore, from Rs 95.42 crore registered a year ago.

For the six month period ending September 30, 2024 the profit after tax slipped to Rs 12.84 crore, from Rs 22.58 crore registered during the corresponding period of last year. Total revenues during April-September 2024 period stood at Rs 189.21 crore as compared to Rs 192.21 crore registered in the same period of last year.

"In Q2 FY25, Oriental Hotels Ltd has reported a revenue growth of 9.5 per cent and a healthy EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin of 25 per cent." company Managing Director and CEO Pramod Ranjan said.

"With the completion of all major renovations and given the demand buoyancy in the upcoming quarters, the second half of the fiscal is well poised for a double-digit revenue growth," he said.

The company has seven hotels including Taj Coromandel, Chennai, Taj Fisherman's Cove Resort and Spa Chennai, Taj Malabar Resort and Spa, Cochin, Vivanta Coimbatore, Vivanta Mangalore, Gateway Madurai and Gateway Coonoor. This year, the iconic Taj Coromandel in Chennai celebrates its 50th year milestone, the company said.

"In line with Oriental Hotels Ltd strategy of being a leader in all its markets, we will be completing a comprehensive upgradation for the remaining hotels including in Coimbatore. We will also be evaluating development of our existing land in Sriperumbudur, an emerging micro-market of Chennai," Ranjan said.