Oriental Hotels posts net profit of Rs 1.38 crore in fourth quarter

Oriental Hotels Ltd, a part of the Taj Group, on Friday reported a consolidated net profit of Rs 1.38 crore in the fourth quarter ended March 31, 2022.

The company had posted a consolidated net loss of Rs 4.66 crore in the same period a year ago, Oriental Hotels Ltd said in a regulatory filing.

Consolidated revenue from operations stood at Rs 66.08 crore in the quarter under review as against Rs 52.76 crore in the year-ago period, it added.

Total expenses in the fourth quarter was higher at Rs 66.40 crore as compared to Rs 60.93 crore in the corresponding period of the previous fiscal, the company said.

For the fiscal ended March 31, 2022, Oriental Hotels said its consolidated net loss narrowed to Rs 12.84 crore. Consolidated net loss in FY21 was at Rs 53.58 crore, the filing said.

Consolidated revenue from operations during the year was at Rs 219.40 crore as against Rs 115.88 crore in FY21, the company added.

"The business has been impacted during the year on account of COVID-19. During the first three months of the year, the group witnessed softer revenues due to the second wave of COVID-19 and consequent lockdowns in several locations," Oriental Hotels said.

Also, there was a third wave in January 2022, resulting in restrictions in some locations, which adversely impacted the revenues.

"However, with increased vaccinations and consequent reduction in number of cases and easing of all restrictions, the group has witnessed recovery in both leisure and business segments in all the other months," the company said.

Oriental Hotels said its 30-year long-term lease with Cochin Port Trust for 'Taj Malabar Resort & Spa' expired on March 31, 2022. It intends to participate in the fresh tender for the premise for which Cochin Port Trust is in the process of inviting bids.

"In the interim, Cochin Port Trust has permitted the company to continue operations in the premise until the completion of the tender process on same terms and conditions," the company said, adding the port trust has also notified that Oriental Hotels Ltd has the 'first right of refusal' by right to match the highest bid value.