Hospitality firm EIH Ltd, a part of the Oberoi group, on May 22 reported 460 percent surge in consolidated net profit at Rs 84 crore in the March quarter, on the back of higher revenue.
The company had posted a consolidated net profit of Rs 15 crore in the same quarter a year ago, EIH Ltd said in a regulatory filing.
Consolidated revenue from operations during the period under review jumped 111.6 percent to Rs 637 crore as compared to Rs 301 crore in the corresponding period last fiscal.
Total expenses were higher at Rs 476.64 crore, up from Rs 323.20 crore in the third quarter last fiscal, the company said.
The company also reported 1,076 percent increase in EBITDA or earnings before interest, taxes, depreciation, and amortization at Rs 675 crore while margin increased 32.2 percent YoY.
Commenting on the FY23 performance, Vikram Oberoi, Managing Director & CEO, EIH Limited, said, “FY23 has been a record year for EIH Limited, reporting the highest ever full year consolidated revenue, EBITDA and PAT. Hotels managed by EIH Limited achieved an industry leading RevPAR index of 127 percent for the FY23, on the back of an ARR index of 120 percent."
Moreover, Arjun Oberoi, Executive Chairman, EIH Limited, added, "Our exceptional performance is a testament to our unwavering commitment to quality, our premium positioning, and our meticulous attention to detail. We're not just about iconic hotels; we're about creating unforgettable experiences."
During the year, the company also forayed into additional business segments including management of the members-only ‘Bay Club, and shortly launching our first standalone high-end lifestyle restaurant ‘Amadeo by Oberoi’ in Mumbai.
Further, Oberoi stated, “FY23's extraordinary performance is a tribute to the passion and unwavering commitment of the EIH team who place the needs and wellbeing of our guests above all else. Our focus remains steadfast on creating value for our stakeholders through profitable operations and strategic expansion.”
Meanwhile, shares of EIH on May 22 closed 1.95 percent lower at Rs 201.20 apiece on the BSE.