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Business Economy

TAJGVK Hotels and Resorts Q4FY24 standalone net profit increases to Rs 26 cr

Hyderabad, May 23 (UNI) TAJGVK Hotels and Resorts Limited (TAJGVK) on Thursday reported an increase in its standalone net profit to Rs 26 crores for the fourth quarter ended March 31, 2024 as against Rs 14 crores during the corresponding quarter in previous year.
However for the full year (FY24), the company’s standalone net profit slightly declined to Rs 74 crores from Rs 79 crores in the previous year.
During the quarter, revenue stood Rs 116 crores against Rs 106 crore in the corresponding period in the previous year, the company said in a release here.
However, for the financial year, the company’s revenue also slightly decreased to Rs 410 crores from Rs 412 crore in the previous year.
Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd, said, “In FY24, the company reported same store annual operational revenue of INR 410 crores, a 12 per cent growth over the previous year. Q4’s strong performance was reflected in a record turnover of INR 116 crores and EBITDA margin of 36 per cent. This fiscal also saw the completion of the asset upgradation of Taj Deccan, Hyderabad.”
Greenwoods Palaces & Resorts Private Limited – a JV company which operates Taj Santacruz, Mumbai
reported an income of INR 59 Crore with an EBITDA of INR 26 Crore in Q4, FY 2023-24 and an income of INR 219 Crore with EBITDA of INR 98 Crore for FY 2023-24, the release added.
TAJGVK has a portfolio of five hotels that includes Taj Krishna, Hyderabad, Taj Deccan, Hyderabad, Taj Club House Chennai, Taj Chandigarh and Vivanta Hyderabad, Begumpet.
TAJGVK Hotels & Resorts Limited is a Joint venture between the GVK Group and The Indian Hotels Company Limited (IHCL). It also co-owns Taj Santacruz, Mumbai through its JV company, Green Woods Palaces and Resorts Private Limited.
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