TajGVK Q1 net up 24%

Hyderabad: TajGVK Hotels & Resorts Ltd, reported Q1 net profit of Rs 5.60 crores, an increase of 24 per cent compared to previous year

The company recorded a revenue of Rs 72.36 crore for the first quarter, an EBITDA of Rs 18.55 crores which is an increase of 44 per cent compared to previous year

Greenwoods Palaces & Resorts Private Limited – a JV company which operates Taj Santacruz, has performed well during the quarter and the company reported a total income of Rs 32.24 crores as against Rs 30.86 crores in the previous year i.e. growth of around 5 per cent and PAT of Rs 0.62 crore as against a loss of Rs 1.24 crore in the previous year.

GVK Reddy, the company's Chairman, said: "The company was able to post a healthy growth in PAT and EBITDA though revenue numbers were flat. In its focus on debt reduction, during the quarter, the company repaid Rs 6.98 crores and the net debt as on June 30, 2019 is Rs 191 crore.

Taj Krishna, Hyderabad, has commenced a phased renovation. 124 rooms have been renovated during previous year and another 90 rooms i.e. 1st and 2 floors will be completed during FY20.