EIH Q2 net loss at Rs 118.77 crore due to COVID-19 pandemic impact

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Hospitality firm EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on November 4 reported a consolidated net loss of Rs 118.77 crore for the quarter ended September on account of the impact of the COVID-19 pandemic. The company had posted a net profit of Rs 30.55 crore for the corresponding period of the previous fiscal, EIH said in a BSE filing.

Consolidated total income of the company stood at Rs 84.80 crore for the quarter under consideration. It was Rs 351.17 crore for the same period a year ago.

A nationwide lockdown was imposed across India on March 24, 2020, whereby hotel operations were mandated to remain non-operational for different periods across various states in the country.

This had a severe impact on business at the company's and its subsidiaries' hotels and other operations across India and overseas for the half-year ended September 30, 2020, the filing said. Similar restrictions in other countries also affected business from various international markets, it added.

Post lifting of the lockdown, business at hotels and restaurants have gradually started picking up, especially at leisure locations, the filing said.

Shares of EIH Ltd closed at Rs 74.15 per scrip on BSE, down 0.27 per cent from its previous close.