Witnessing a growth in demand among leisure and gradual pick- up in corporate segments: Oriental Hotels

Chennai, Jan 23 (PTI): Oriental Hotels Ltd, an associate firm of The Indian Hotels Company Ltd, is witnessing a growth in demand in leisure and gradual increase incorporate business segments, according to a top company official.

The company had declared its standalone financial results for the quarter ending December 31, 2020, on Saturday.

Net loss for the quarter under review was at Rs 7.63 crore as against a net profit of Rs 4.65 crore registered previous quarter of last fiscal.

Revenue during the quarter stood at Rs 43.53crore as against Rs 85.09 crore registered during the corresponding quarter previous year.

''All our hotels resumed operations in a staggered manner after the lockdown was eased. We are witnessing a growth in demand especially in the leisure segment and a gradual pick up of corporate business,'' company MD Pramod Ranjan said.

The occupancy levels at the hotels were increasing 'month-on-month', he said in a statement.

During the COVID-19 enforced lockdown, the company undertook a series of measures to ensure adequate liquidity and cost optimisation.

Cash conservation measures have included a deferral of discretionary spending and capital expenditure unless absolutely required, he said.

''We expect a recovery in business to be driven by domestic leisure and business tourism and limited international travel. We do not expect any significant challenge to our supply chain,'' he added.

Oriental Hotels Ltd manages Taj CoromandelChennai, Taj Fisherman's Cove Resort and Spa Chennai, TajMalabar Resort and Spa, Cochin, Vivanta Coimbatore, TheGateway Hotel Pasumalai Madurai, The Gateway Hotel Old PortRoad Mangalore and Gateway Coonoor.