Oriental Hotels Q3 Profit: Rs 16.43 cr, Cochin Hotel Renovation
Jan 22, 2024 20:21
Oriental Hotels Ltd reported a standalone profit of Rs 16.43 crore in Q3 2023, down from the previous year. The company's Cochin hotel is undergoing renovation and is expected to reopen in Q4.
Chennai, Jan 22 (PTI) Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, on Monday reported a standalone profit for the October-December 2023 quarter at Rs 16.43 crore.
The company had reported a standalone profit at Rs 18.67 crore during the corresponding quarter of previous year.
For the nine month period ending December 31, 2023 the standalone net profit stood at Rs 39.01 crore, as against Rs 40.68 crore registered in the same period of last year.
The standalone total income during the quarter under review slipped to Rs 106.07 crore, from Rs 110.77 crore registered during the corresponding quarter of last financial year.
The standalone total income for the nine month period ending December 31, 2023 grew to Rs 298.28 crore, from Rs 292.40 crore registered in the same period of last year.
Company Managing Director and CEO Pramod Ranjan said, "In line with our strategy of maintaining leadership in the markets we operate in, this fiscal our hotels in Coonoor and Cochin were under comprehensive renovation."
"The iconic Taj Malabar Resort and Spa, Cochin is slated to re-open in Q4FY2023-24. On a same store basis OHL hotels reported a 10 per cent growth in revenue in Q3 over same time last year," he added.
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