Hospitality firm EIH's net profit rises 61% to Rs 106 crore in Q1

Hospitality firm EIH Ltd on Tuesday reported an increase of 61 per cent in its consolidated net profit to Rs 106.03 crore in the June quarter.

EIH, the flagship company of the Oberoi Group, had reported a net profit of Rs 65.86 crore in the April-June period a year ago.

Its revenue from operations was up 26.32 per cent to Rs 498.10 crore in the first quarter of the current fiscal as against Rs 394.29 crore of the corresponding quarter, EIH said in a BSE filing.

EIH's total expenses during the quarter were up 13.77 per cent at Rs 380.74 crore, while its total income was Rs 522.60 crore, an increase of 26.74 per cent as compared to the year-ago period.

"We are delighted with the remarkable financial performance for the first quarter of FY24. The significant growth in revenue and profitability reflects the dedication of our team and the enduring trust of our valued guests," EIH Chief Executive Officer and Managing Director Vikram Oberoi said.

EIH owns and operates a portfolio of hotels and resorts under the Oberoi and Trident brands in India and abroad.

Shares of EIH Ltd rose marginally by 0.05 per cent on Tuesday to settle at Rs 209.85 apiece.