EIH Q1 Results: Net profit rises 65% on year to ₹103.76 crore
1 min read 08 Aug 2023, 08:42 PM ISTEIH Ltd's Q1 net profit rises 65.2% to ₹103.76 crore; revenue up 26.3% to ₹498.10 crore.
PremiumEIH Ltd on Tuesday reported an 65.2% year-on-year rise in its consolidated net profit (profit attributable to owners of EIH Ltd) for the fiscal's first quarter ended June (Q1FY24) to ₹103.76 crore. The company had reported a profit of ₹62.82 crore in the year-ago period. Sequentially, consolidated net profit was up 23% from ₹84.37 crore in Q4FY23. EIH shares closed flat at ₹209.85 apiece on BSE.
The company's consolidated revenue from operations rose 26.3% on year to ₹498.10 crores during the quarter ended June from ₹394.29 crore in Q1FY23. Total income rose to ₹522.60 crore in the first quarter. It stood at ₹412.33 crore in the year-ago period.
The company in its exchange filing stated that earnings before interest, taxes, and amortization (EBITDA) increased by 53.1% on year to ₹180 crore during the quarter under review.
Exceptional items in the statement of consolidated financial results, according to the company's exchange filing, include ₹15.48 crore received by EIH Holding Ltd (a step-down subsidiary of the Company) on account of early termination of an agreement with effect from June 30, 2022, for management and operation of The Oberoi, Dubai, for the quarter ended June 30, 2022, and the year ended March 31, 2023.
Vikram Oberoi, CEO&MD, EIH Ltd stated, "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."
Under the renowned ‘Oberoi’ and ‘Trident’ brands in India and overseas, EIH Ltd owns and manages a remarkable collection of hotels and resorts. The business has attained wide recognition for its commitment to excellence due to its unwavering focus on offering unmatched luxury and outstanding hospitality.
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