Oriental Hotels Ltd, an associate company of The Indian Hotels Company Ltd, has reported a standalone net loss for the quarter ending March 31, 2021 at Rs 4.64 crore.
The company, which has several hotels, including the Taj Coromandel in Chennai, registered a net loss at Rs 18 lakh during the corresponding quarter last year.
The standalone revenue stood at Rs 54.21 crore against Rs 72.20 crore registered last fiscal.
Commenting on the performance, Oriental Hotels Ltd MD Pramod Ranjan said, "All our hotels resumed operations in a staggered manner after the lockdowns were lifted." With the unlocking of restrictions, all the hotels witnessed some recovery of demand, especially in leisure destinations, he said.
"The company reported a 324 per cent increase in EBITDA (Earnings before interest, taxes, depreciation, and amortisation) and 25 per cent increase in revenue over third quarter of FY 2020-21," he was quoted as saying in a press release on Sunday.
On the impact of COVID-19 pandemic, the company said it has taken action to ensure adequate liquidity and cost optimisation.
"Cash conservation measures have included deferral of discretionary spending and capex, unless absolutely required," the company said.
On the outlook, the company expects a recovery in business to be driven by domestic leisure and business tourism.
Oriental Hotels Ltd has seven hotels including Taj Coromandel, Chennai, Taj Fisherman's Cove Resort and Spa, Chennai, Taj Malabar Resort and Spa, Kochi, among others, the release said.