Oriental Hotels Ltd reports July-September standalone profit at Rs 10.38 cr

Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, has reported a standalone profit for the July-September quarter at Rs 10.38 crore, the company said on Tuesday.

The city-based company had registered standalone profit at Rs 10.92 crore during the corresponding quarter of previous year.

For the six-month period ending September 30, 2023 the standalone profit marginally grew to Rs 22.58 crore, from Rs 22.01 crore registered in the corresponding period of last year.

Total standalone income during the quarter under review grew to Rs 95.42 crore, from Rs 91.06 crore registered in the same period of last year.

For the half year ending September 30, 2023 the standalone income went up to Rs 192.21 crore, from Rs 181.63 crore registered a year ago.

Commenting on the financial performance, Oriental Hotels Ltd Managing Director and CEO Pramod Ranjan, in a statement said, ''OHL reported a 5 per cent increase in revenue in the second quarter aided by an increase in the Average Room Rates (ARR).'' ''Our asset management efforts which began with re-positioning of Vivanta Mangalore, ongoing renovation of the hotel in Coonoor and the commencement of a complete renovation of the iconic Taj Malabar Resort and Spa, Cochin in Q2, are all aimed at sustained value creation of the portfolio,'' he said.

The Oriental Hotels Ltd has seven hotels including Taj Coromandel in Chennai, Taj Fisherman's Cove Resort and Spa, Chennai, Taj Malabar Resort and Spa, Cochin, Vivanta Coimbatore, Vivanta Mangalore, The Gateway Hotel Pasumalai, Madurai and Gateway Coonoor - an IHCL SeleQtions hotel.