Royal Orchid Hotels has posted revenues of Rs 30.55 crore for the third quarter of the financial year 2019.
Royal Orchid Hotels, operating 5 and 4-star hotels for business and leisure travelers, has posted revenues of Rs 30.55 crore for the third quarter of the financial year 2019. In the third quarter of the financial year 2018, the chain had reported revenues of Rs 28.40 crore.
While the company reported a profit after tax of Rs 4.49 crore in the third quarter of the financial year 2019 as compared to Rs 4.22 crore in the corresponding period of the previous financial year, its EBIDTA went down to Rs 6.84 crore as compared to Rs 6.87 crore in the corresponding period of the financial year 2018.
Under the revenue share model, Royal Orchid Hotels launched a hotel property in Nagpur during the period under review.
Chander K Baljee, Managing Director, Royal Orchid Hotels, said, "For Q3FY2019, we have witnessed improved profitability, on the backdrop of increased occupancy and average room rates. We expect the average room rates to improve further which will help in margin expansion and also fuel revenue growth for the company. Our strategy of expanding through management contracts is paying off dividends. We are looking to further expand our footprint in the country through management contracts."