EIH shares gain 2% after net profit zooms 6-fold in March quarter

The Oberoi group-owned hospitality firm reported a nearly six-fold jump in consolidated net profit at Rs 84 crore in the March quarter, helped by higher revenues.

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Shares of EIH Ltd climbed 1.86 percent to Rs 205.20 in morning trade on May 23 after the Oberoi group-run hospitality firm reported nearly six-fold jump in consolidated net profit at Rs 84 crore in the March quarter, helped by higher revenues.

The company had posted a consolidated net profit of Rs 15 crore in the same quarter a year ago, EIH Ltd said in a regulatory filing after market hours on May 22.

Consolidated revenue from operations during the period under review jumped 111.6 percent to Rs 637 crore as compared to Rs 301 crore last fiscal.

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Total expenses were higher at Rs 476.64 crore, up from Rs 323.20 crore in the third quarter last fiscal.

The company also reported a 1,076 percent increase in EBITDA or earnings before interest, taxes, depreciation, and amortization at Rs 675 crore while margin increased 32.2 percent YoY.

“FY23 has been a record year for EIH Limited, reporting the highest ever full year consolidated revenue, EBITDA and PAT,” said Vikram Oberoi, Managing Director and CEO of EIH Limited.

During the year, the company also forayed into additional business segments, including management of the members-only Bay Club, and shortly-launching its first standalone high-end lifestyle restaurant ‘Amadeo by Oberoi’ in Mumbai.

In a note, ICICIdirect said EIH’s current performance reflects the strong rebound in demand from business destinations like Mumbai, Delhi and Bengaluru.

“Also, with events like G20 meetings and ICC Cricket World Cup scheduled during later part of FY24, we expect an increase in the number of foreign tourists (an important revenue driver for EIH) to lead to higher occupancy and healthy average room rates of hotels at key gateway cities like Mumbai and Delhi,” it added.

Shares of EIH are up 15 percent year-to-date, and have climbed over 46 percent over the past 1-year.

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