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Looking to connect 100 mid segment hotels by 2022: Chander Kamal Baljee, Managing Director, Royal Orchid Hotels
Chander Kamal Baljee, Managing Director, Royal Orchid Hotels told Zee Business TV, ''Standalone business of the company has done well on every front, but consolidated figures are on a lower side due to loss in certain subsidaries.
Hotel chain Royal Orchid Hotels has reported a standalone net profit of Rs 3.05 crore for the quarter ended March 31, 2019 as compared to Rs 2.46 crore in the same period last year registering a year-on-year growth of 23.98 per cent. Net revenue of the company rose moderately by 12.41 per cent at Rs 29.53 crore in January-March quarter of this fiscal as against Rs 26.27 crore in the corresponding period last year.
Chander Kamal Baljee, Managing Director, Royal Orchid Hotels told Zee Business TV, ''Standalone business of the company has done well on every front, but consolidated figures are on a lower side due to loss in certain subsidaries. Our management company which had losses earlier has now turned profitable and more hotels will be added soon in portfolio. Things like asset light strategy, GOA & Banglore resorts and cost effective measures will make our overall business highly positive in coming quarters. Also, we are aiming to build connections among 100 properties in the nation in coming future, which is 50 at present.''
During January-March quarter operating expenses increased by 21.37 per cent to Rs 26.58 crore from Rs 21.90 crore in year ago period. Other Income grew by 453.85 per cent at Rs 3.60 crore versus (Mar`18 Rs 0.65 crore).
''The 'UDAN' service that the government is going to initiate will boost our business in destinations like Manali, Shimla, Nashik, Pune and many other tourist cities. The government is paying attention on airports, railway stations, roads and tourism as a whole, which is certainly going to boost our business to a great extent,'' Baljee added.
At 14:10 hrs on Wednesday, the share of Royal Orchid Hotel was trading at Rs 122.90 on NSE. Baljee further said, ''We are also working on employment generation and training poor people to get trained within 3 months to become a part of our staff.''
Operating Profit of the company slipped by 32.34 per cent to Rs 2.95 crore as against Rs 4.36 crore in the year ago period while Operating Profit Margin (OPM) contracted year-on-year to 39.92 per cent in March quarter. However, interest grew by 5.56 per cent y-o-y to Rs 1.14 crore while Taxation decreased by 17.68 per cent at Rs 1.49 crore (March 18- Rs 1.81 crore).
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