Oriental Hotels hits new high after Q2 revenue almost triples to Rs53cr

The company narrowed the loss of Rs4.97cr in Q2FY22 compared to Rs17.71cr in Q2FY21.

Oct 20, 2021 09:10 IST India Infoline News Service

Oriental Hotels Limited reported its results for the second quarter of FY22 ending September 30, 2021. The company narrowed the loss of Rs4.97cr in Q2FY22 compared to Rs17.71cr in Q2FY21. Revenue increased 196% yoy to Rs53cr in Q2FY22 from Rs17.93cr in Q2FY21. EBITDA increased 143% yoy to Rs5.30cr in Q2FY22 from a loss of Rs12.45cr in Q2FY21.

The company stock was bullish amid bearish markets hitting a record high of Rs43.90 per piece during early trade on Wednesday. At around 9.44 am, Oriental Hotels Ltd was trading at Rs42.15 per piece up by Rs2.2 or 5.51% from its previous closing of Rs39.95 per piece on the BSE.

Pramod Ranjan, Managing Director & CEO, Oriental Hotels Ltd. said, “With the easing of lockdown restrictions, post the second wave of COVID -19, the company witnessed significant recovery in the current quarter. Predominantly the business came from leisure and wedding segments. The company declared a positive performance despite the restrictions in Kerala. Revenues grew by 196% and EBITDA by 143% over Q2 FY 20/21.”

Key Highlights
  • The iconic brand, Taj has been recognized as ‘World’s Strongest Hotel Brand’ as per Brand Finance 2021. Three OHL hotels are branded as Taj hotels.
  • In line with IHCL’s commitment to phasing out single use plastic, in-house bottling plants have been commissioned in 2 hotels in Chennai, Taj Coromandel, and Taj Fisherman’s Cove Resort & Spa.
  • OHL has organized vaccination drive across its hotels. 90% of all eligible associates including the contract workforce have been administered the second dosage. Additionally, 800 family members have also been vaccinated.
Impact of Covid-19

The business has been impacted during the half year period on account of COVID-19. During the first three months of the financial year, the Company witnessed softer revenues due to the second wave of COVID-19 and consequent lockdowns in several States across the country. However, in the beginning of the current quarter, the lockdowns were lifted due to lower active COVID-19 cases and increased vaccinations and the Company witnessed positive recovery of demand, especially in leisure destinations and business is gradually expected to improve.

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