Indian hotel chain EIH posts Q2 profit as sector recovery continues

EIH

02/11/2022 14:53

BENGALURU, Nov 2 (Reuters) - EIH  EIHO.NS , one of
India's largest luxury hotel chains, posted a second-quarter
profit on Wednesday, benefiting from increased tourist travel as
pandemic curbs ease globally.
    The company reported a consolidated net profit of 245.5
million Indian rupees ($2.97 million) for the July-September
quarter, compared with a loss of 370.8 million rupees in the
year-ago period.
    Since then, the New Delhi-based company has reported a
profit in each of the three quarters, with its profit of about
628.2 million rupees in the June-quarter the highest since the
December-quarter of FY20, just before the outbreak of COVID.
    EIH, part of the Oberoi Group, will benefit from the influx
of foreign tourists into the country as it has a strong presence
in key gateway cities like Delhi and Mumbai, which account for
around 67% of revenue, ICICI Direct analysts said in a note in
September.
    Revenue from operations at EIH, which has 33 hotels and
resorts spread across seven countries, surged 75.2% to 4.01
billion rupees in the reported quarter.
    EIH's peer Chalet Hotels  CHAL.NS  recently also reported a
quarterly profit from a loss a year-ago.
($1 = 82.7000 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru; Editing by Shailesh
Kuber)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))