HYDERABAD, AUGUST 4, 2020 (GPN): 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.

About Covid-19

The Hospitality sector is one of the most affected sectors by this global pandemic, due to which business has seen an all-time low with recovery being rather slow.

With the nation-wide lockdown starting 22nd March 2020, the hotel occupancies were severely impacted. Currently three of the TajGVK hotels are operational and the remaining hotels will reopen over the next few months, in a phased manner. We have implemented stringent safety and hygiene protocols across our hotels, for all our stakeholders. 

The company has taken stock of its financial position and stringent cost optimization across all department have been implemented. Financial prudence and complete analysis of all resources has been done, to ensure we tide over this crisis. We are expecting to gradually recover over the next two quarters, with segments like Domestic travel, Leisure tourism, Staycations and Weddings showing some promise. ENDS