Oberoi group's EIH Associated Hotels back in black with profit at Rs 5.68 crore

Oberoi group firm EIH Associated Hotels Ltd on Tuesday reported a profit after tax of Rs 5.68 crore in the first quarter ended June 30, 2022. The company had posted a loss after tax of Rs 9.78 crore in the same period of the previous fiscal, EIH Associated Hotels Ltd said in a regulatory filing.

Revenue from operations during the quarter under review stood at Rs 60.1 crore as compared to Rs 12.74 crore in the year-ago period, it added. Total expenses in the first quarter were higher at Rs 53.22 crore as against Rs 30.06 crore in the same period a year ago, the company said. EIH Associated Hotels said the COVID-19 pandemic had a severe impact on its business in FY22 and FY21.

However, with vaccinations in India and across the globe, improved domestic air traffic and resumption of international flights in India from March 27, 2022, there was an increase in both business and leisure travel at the company’s hotels.

It resulted in elevated occupancies and improved average room rates in the quarter ended June 30, 2022 as compared to the quarter ended June 30, 2019 prior to the outbreak of COVID-19, the filing said.