Taj GVK Hotels total income increased by 3.5% to Rs 58.75cr

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  Taj GVK Hotels & Resorts Limited announces Q1 FY 08-09 results

 

v      During the first quarter of FY 2008/09, the Company's total income increased by 3.5% to Rs.58.75 Crores from Rs.56.72 Crores in the corresponding period last year. 

v      The company's Hotels at Hyderabad have achieved occupancy of 76% and the Taj Chandigarh Hotel located at Chandigarh has achieved occupancy of 70 %. 

v      Profit after Tax was stable at Rs. 15.09 crores. 

v      EPS for the quarter was Rs.2.41 against Rs.2.40 during corresponding quarter last year on the face value of the equity shares Rs.2/- paid up. 

 

 Major Expansion Plans

 

The Company is planning to spend around Rs.500 crores in various projects.

 

Taj Mount Road, Chennai

 

The Hotel Project at Chennai, Taj Mount Road, is nearing completion and the Hotel will be operational by August 2008. The total cost on this Project is estimated to be around Rs.160 crores. The Chennai hotel is designed to be a trendy hotel with contemporary modern rooms and Food & Beverage outlets.

 

Taj Deccan, Hyderabad Expansion

 

Taj Deccan is under extensive renovation to transform the same to a benchmark property in Hyderabad. A new restaurant, restobar and 23 guest rooms are being added in the existing block at a cost of Rs 25 Crores.

 

Begumpet

 

The civil works for the new five star hotel project site at Begumpet, Hyderabad is progressing as per schedule. As per asset light strategy of the company, the owner of land is putting up the structure and company would be doing the interiors. The project would consist of around 189 rooms with cost of interiors at around Rs.80 crores, and is expected to be operational by December 2009.

 

Taj Krishna Expansion

 

The Company is proposing the construction of service apartments (43 nos.), 7000 sq ft spa and the additional Car parking facility at the existing premises of Taj Krishna, at an estimated cost of Rs. 75 Crores. The excavation works for the car park facility is nearing completion. The Company is now awaiting the necessary statutory approvals in this regard.

 

Other plans

 

The company is in process of identifying and acquiring land in Bangalore, Jaipur Kodaikanal and Amritsar for hotel projects.

 

Outlook

 

The Company's growth during the year will be driven by new initiatives in the existing hotels and commissioning of the Chennai project. 

 

Sourced From: Vaishnavi Corporate Communications Pvt Ltd