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Business Economy


TajGVK Hotels & Resorts’ revenue up 246 pc at Rs 86.47 cr in Q1FY23

Hyderabad, Aug 3 (UNI) TajGVK Hotels & Resorts Ltd, a Joint venture company of The Indian Hotels Company Limited (IHCL), on Wednesday announced it has achieved a highest ever profitable of Rs 15.97 crore for the first quarter ended June 30,2022 as against Rs 8.97 crore same period last year.
The company’s revenue grew by 246 per cent at Rs 86.47 crore for Q1FY23 as compared to Rs 24.97 crore in the corresponding quarter in the previous year.
Occupancy has seen a 9-percentage point expansion and ARR has shown a significant growth of 12 per cent as compared to pre-COVID levels, the company said in a release here.
TAJGVK’s portfolio of Hyderabad hotels and Taj Santacruz, Mumbai continue RevPAR dominance in their respective markets
Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd said “The resurgence in travel is reflecting in the increased revenues. Travel recovery is broad based across leisure, corporate and conferences / events for all hotels in the portfolio. This combined with cost optimization measures has resulted in a strong margin of 35 per cent in Q1 FY 2022-23 as against 26 per cent in Q1 FY 2019-20.”
Greenwoods Palaces & Resorts Private Limited – a JV company which operates Taj Santacruz, reported an income of INR 44.56 Crore, an increase of 336 percent over Q1 FY 2021-22.
The iconic brand, Taj, has been recognized as World’s Strongest Hotel Brand and India’s Strongest Brand across all sectors by Brand Finance 2022. The TAJGVK portfolio features six leading Taj hotels.
The company owns five hotels – Taj Krishna, Hyderabad; Taj Deccan Hyderabad; Vivanta Hyderabad, Begumpet; Taj Club House Chennai and Taj Chandigarh, Chandigarh. The company has taken on License agreement and operates Taj Banjara,Hyderabad.
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