April 2022 business trending higher than pre-covid levels in April 2019: Oriental Hotels

Oriental Hotels Ltd, an associate company of the Indian Hotels Company Ltd and a part of the Taj Group, has recorded profitability for the second consecutive quarter and the business looks positive with April 2022 trending higher than the same period in 2019, a top company official said on Saturday.

Oriental Hotels Ltd on Saturday reported profits at Rs 1.28 crore for the fourth quarter ending March 31, 2022 as compared to a net loss at Rs 4.64 crore registered in the same period the previous year, a company statement said here.

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Revenues during the quarter under review grew to Rs 68.32 crore from Rs 54.21 crore registered corresponding period last fiscal.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) as on March 31, 2022 stood at 13.88 as against 7.30 per cent recorded a year ago.

"The company witnessed significant recovery in February and March 2022 with easing of lockdown restrictions post the Omicron wave in January 2022," Oriental Hotels Ltd, Managing Director and CEO, Pramod Ranjan said.

OHL reported a 26 per cent increase in revenue and 685 BPS increase in EBITDA margin this quarter over the previous year, he said.

The company witnessed a second consecutive quarter of profitability. The outlook for business looks positive and April 2022 is trending higher than April 2019, he said.

"Having said the above, the impact of the fourth (COVID-19) wave and emerging variants remain uncertain," he said in a statement.

On the impact of COVID-19, the business was impacted during the year on account of the pandemic. "...There was a third wave in the month of January 2022, resulting in restrictions in some states, which also adversely impacted the revenues," he said.

"With increased vaccinations and consequent reduction in number of cases and easing of all restrictions, the company has witnessed recovery in both leisure and business segments in all the other months. We do not expect any significant challenge to our supply chain," he said.

Oriental Hotels Ltd has seven hotels, including the Taj Coromandel, Taj Fisherman's Cove Resort and Spa Chennai, Taj Malabar Resort and Spa, Cochin; Vivanta, Coimbatore; The Gateway Hotel Pasumalai Madurai among others.