Mumbai, Nov 2 (PTI) Hospitality company Royal Orchid Hotels today posted 174 per cent growth in profit after tax (PAT) during the quarter ended September 30 at Rs 3.15 crore. Also Read - Mumbai Rains: Heavy Rains Paralyse City, IMD Warns of 'Flooding', Local Trains Suspended Due to Waterlogging; BMC Declares Holiday
Royal Orchid Hotels’ PAT stood at Rs 1.15 crore during the second quarter of FY17, the company said in a release. Also Read - Monsoon Session Day 2: Lok Sabha Passes Essential Commodities Bill to Raise Farmer Income, Boost Agri Sector | Highlights
The company’s revenue grew by 11.55 per cent during the quarter under review at Rs 27.03 crore compared to Rs 24.23 crore in the corresponding period of the last financial year. Also Read - Kangana Ranaut Receives Notice From BMC Over 'Unauthorised Construction' of Her Residence, Here’s What They Found ‘Illegal’
“On the business front, we are totally focused on our asset light model strategy with addition of four new properties in the second quarter of this fiscal year. We seek to maintain an efficient balance sheet with an investment grade credit rating. We will continue with the strategy to increase our presence across country and strengthen our portfolio,” Royal Orchid Hotels Chairman and Managing Director Chender Baljee said.
Royal Orchid Hotels primarily operates 5 and 4-star hotels mainly targeting the business and leisure travellers.
It currently operates 47 hotels across India.
This is published unedited from the PTI feed.