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TAJGVK HOTELS & RESORTS LTD ANNOUNCES RESULTS FOR FIRST QUARTER FY 20-21

Hyderabad, August 4, 2020: TajGVK Hotels & Resorts Ltd. reported its financials for the quarter ending June 30, 2020.

FINANCIAL RESULTS FOR THE 1st QUARTER ENDING JUNE 30, 2020

Dr. GVK Reddy, Chairman TAJGVK Hotels & Resorts Ltd said “The global pandemic of COVID-19 and the nation-wide lockdown has had an adverse impact on the performance. With innovative initiatives, like Hospitality @ Home and by hosting small wedding events in Unlock- Phase 1, we have been able to generate some revenue. The Company has also implemented various cost optimization initiatives, to manage available funds judiciously.

Greenwoods Palaces & Resorts Private Limited – a JV company which operates Taj Santacruz reported an income of Rs 6.96 Cr against the previous Year of Rs 32.24 Cr,. The EBIDTA of Rs 0.15 Cr against the previous year of Rs 12.38 Cr.  

KEY HIGHLIGHTS

  • Taj Deccan offered rooms to the repatriation guests traveling under Vande Bharat Mission.
  • Taj Deccan hosted maximum no. of wedding functions in June 2020
  • Taj Deccan and Taj Krishna offered takeaway meals under IHCL’s Hospitality @Home initiative.
  • Taj Santacruz reached out to assist the medial fraternity and provided them accommodation as well as offered rooms to repatriation guests under the Vande Bharat Mission.
  • Enhanced safety and hygiene practices, in accordance with government guidelines and IHCL guidelines, were implemented across TajGVK hotels and Taj Santacruz for all guests, employees, vendors and partners.

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