Taj Gvk Hotels & Resorts reported 38.89% jump in net profit of Rs 17.32 crore on 28.5% rise in revenue to Rs 105.41 crore in Q3 FY23 over Q3 FY22.
Profit before tax rose 26.2% to Rs 25.82 crore during the quarter as compared with Rs 20.46 crore in corresponding quarter last year.During the quarter, total expenses surged 29.5% YoY to Rs 79.74 crore. Cost of material consumed was Rs 10.70 (up 20% YoY) while employee benefit expenses stood at Rs 16.26 crore (up 20.36% YoY).
The company's EBITDA rose by 16% to Rs 33.26 crore in Q3 FY23 as compared to Q3 in the last fiscal.
The occupancy increased by 5 percentage points whilst the average room rates showed a significant growth of 19% as compared to the pre-covid level.
Dr. GVK Reddy, chairman of TajGvk Hotels & Resorts said, Business continues to be buoyant driven primarily by social events and corporate travel. This strong performance over three consecutive quarters matched with cost optimization has resulted in the company's best nine month performance in a decade with PAT of Rs 65.38 crore.
TajGVK Hotels & Resorts is primarily engaged in the business of owning, operating & managing hotels, palaces and resorts with the brand name of 'TAJ'.
The scrip slumped 6.60% to settle at Rs 189.70 on Friday, 27 January 2023.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app