Taj Gvk Hotels & Resorts reported 38.89% jump in net profit of Rs 17.32 crore on 28.5% rise in revenue to Rs 105.41 crore in Q3 FY23 over Q3 FY22.
Profit before tax rose 26.2% to Rs 25.82 crore during the quarter as compared with Rs 20.46 crore in corresponding quarter last year.During the quarter, total expenses surged 29.5% YoY to Rs 79.74 crore. Cost of material consumed was Rs 10.70 (up 20% YoY) while employee benefit expenses stood at Rs 16.26 crore (up 20.36% YoY).
The company's EBITDA rose by 16% to Rs 33.26 crore in Q3 FY23 as compared to Q3 in the last fiscal.
The occupancy increased by 5 percentage points whilst the average room rates showed a significant growth of 19% as compared to the pre-covid level.
Dr. GVK Reddy, chairman of TajGvk Hotels & Resorts said, Business continues to be buoyant driven primarily by social events and corporate travel. This strong performance over three consecutive quarters matched with cost optimization has resulted in the company's best nine month performance in a decade with PAT of Rs 65.38 crore.
TajGVK Hotels & Resorts is primarily engaged in the business of owning, operating & managing hotels, palaces and resorts with the brand name of 'TAJ'.
The scrip slumped 6.60% to settle at Rs 189.70 on Friday, 27 January 2023.
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