The Benares Hotels Limited (BHL), a subsidiary of The Indian Hotels Company Limited (IHCL), has reported its financials for the quarter ending June 30, 2018.
Financial results for the 1st Quarter ending June 30, 2018, the company’s overall revenue stands at ₹ 10.35 Crore (30 per cent) Y-o-Y, EBITDA at ₹ 1.73 Crore (1318 per cent) Y-o-Y, EBITDA margins of 17 per cent (15 per cent) Y-o-Y, PAT ₹ 0.26 Crores (+172 per cent) Y-o-Y
Dr. Anant Narain Singh, Chairman, The Benares Hotels (BHL) said, “The Company has delivered a stellar performance for the first quarter. The new banquet facility coupled with the renovated suites has resulted in the increased revenues. There is a continued focus on improving EBITDA margins in alignment with the holding company IHCL’s Aspiration 2022 strategy.”
A new Banquet Hall with a size of approximately 7500 square feet was added to its facilities to cater to the enhanced demand for Meetings and Conventions. It commenced operations in April 2018. This is the largest banquet venue in a five star deluxe hotel in Varanasi.
The hotel also started a phased renovation in 2017/18. 56 rooms and suites were completely renovated during last year. Additionally, 40 rooms, the Lobby and Tea Lounge are currently under renovation and will be ready by November 2018.