Taj GVK Hotels and Resorts reported net profit of ₹16 crore in the first quarter ended June 30. In the corresponding quarter of the previous financial year, the company posted ₹9-crore loss.
The Hyderabad-based company’s revenue more than doubled to ₹86 crore (₹25 crore). “The resurgence in travel is reflected 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 optimisation measures, has resulted in a strong margin of 35 per cent in Q1 FY23,” GVK Reddy, Chairman, TAJGVK Hotels & Resorts, said in a release.
TajGVK Hotels & Resorts is a joint venture company of The Indian Hotels Company Ltd (IHCL). It also co-owns Taj Santacruz, Mumbai through a JV company, Greenwoods Palaces & Resorts Private Ltd.