Taj GVK Hotels & Resorts Ltd, a strategic alliance between GVK group and Indian Hotels Company Ltd, reported a net profit of Rs 12.88 crore in the March quarter, which is up 6 per cent from Rs 12.17 crore in the same period last year. The full-year profit for 2010-11 was 19.5 higher at Rs 43.34 crore (Rs 36.26 crore). Its income in the reporting quarter was Rs 69.06 crore (Rs 62.91 crore), while that for the full-year was Rs 259.28 crore (Rs 228.25 crore). The company board recommended a dividend of Rs 2 per share of face value of Rs 2 for 2010-11.
The hotel chain said its new 189-room property in Hyderabad would be ready by the end of 2011. It would expand its chain of value-for-money hotel brand, Ginger, across Andhra Pradesh, including one near the Shamshabad airport.
The company said in a release that it expects to benefit from the growing demand coupled with restricted supply, in the context of a robust Indian economy and continued recovery in the global economy.