Royal Orchid Hotels’ net profit soared to INR 9.38 crore from INR 0.55 crore during the same quarter last year.
Its revenues were up 82 per cent INR 58.06 crore (INR 31.85 crore). The company’s EBITDA improved 134 per cent to INR 20. 44 crore compared to INR 8.75 crore in the same quarter last year.
“Our second quarter results exceeded our expectations for system-wide comparable RevPAR, diluted EPS, adjusted for special items, and adjusted EBITDA. Due to our strong results in the first and second, we are confident that the economy will continue to grow and recover, we are raising our full-year guidance, including our capital return forecast. We are well-positioned for the opportunities that lie ahead thanks to our asset-light business model, a strong portfolio of brands, and dynamic platforms in the industry,” said Chander K. Baljee, Chairman and Managing Director.
He added that during the second quarter, the company has signed hotels pan India locations such as Varanasi, Dharamshala, Amritsar, Jhansi, and Greater Noida and expects the expansion and conversions to continue driving growth in the following quarters.
Earnings per share for this quarter was INR 3.22 compared to INR 0.61 in Q2 FY22. Currently, Royal Orchid Hotels Limited operates more than 75 hotels across 48 locations in the country.