Taj GVK slides 9% as Q1 net profit falls nearly 18% YoY

Except for its revenue numbers, the luxury hotels operator reported a poor show on all other major financial metrics for the April-June quarter

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Taj GVK shares saw a steep price fall on Wednesday after the company reported a 17.5 percent year-on-year (YoY) decline in net profit at Rs 13.2 crore. Except for its revenue numbers, the luxury hotels operator reported a poor show on all other major financial metrics for the April-June quarter.

At 3.20 pm, Taj GVK stock was quoting at Rs 252.30, down 9.06 percent or Rs 26.85.

In its Q1FY24 results, the company reported a 7.1 percent YoY growth in its revenue from operations at Rs 91.6 crore.

Its earnings before interest taxes depreciation and amortization (EBITDA) for the June quarter were down 11.4 percent YoY at Rs 26.2 crore, while EBITDA margins for the quarter under review slipped by 600 basis points on a yearly basis to 28.6 percent.

The company reported a 13.61 percent YoY rise in its consolidated expenditure at Rs 72.42 crore for the quarter ended on June 30.

In a separate filing, the company also announced that it would hand over the Taj Banjara Hotel property located in Hyderabad’s prime locality back to its owners in due course of time. It said that the property would be handed back to Hotel Banjara Limited as the two parties couldn’t agree upon the commercial terms for the renewal of the hotel’s operating licence.

Taj GVK Hotels and Resorts Limited is a joint venture between infra major GVK  group and the Tata group-owned India Hospitality Company Limited. Taj GVK is engaged in the hospitality industry and operates 6 five-star hotels, 3 of which are located in Hyderabad while others are in Chennai, Mumbai and Chandigarh.

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