Hospitality firm EIH Ltd, which runs hotels and resorts under the Oberoi and Trident brands, on Tuesday reported a 65.3 percent year-on-year (YoY) jump in net profit at Rs 103.8 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, EIH posted a net profit of Rs 62.8 crore, the company said in a regulatory filing.
In the quarter, total revenue stood at Rs 498 crore, increased 26.3 percent against Rs 394.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 56 percent to Rs 155.4 crore in the first quarter of this fiscal over Rs 99.6 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 31.2 percent in the reporting quarter as compared to 25.3 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
EIH's total expenses during the quarter were up 13.77 percent at Rs 380.74 crore, while its total income was Rs 522.60 crore, an increase of 26.74 percent as compared to the year-ago period.
"We are delighted with the remarkable financial performance for the first quarter of FY24. The significant growth in revenue and profitability reflects the dedication of our team and the enduring trust of our valued guests," EIH chief executive officer and managing director Vikram Oberoi said.
EIH owns and operates a portfolio of hotels and resorts under the Oberoi and Trident brands in India and abroad.
The results came after the close of the market hours. Shares of EIH Ltd ended at Rs 210.50, up by Rs 0.75, or 0.36 percent on the BSE.
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