The Board of Directors of EIH Limited (a member of The Oberoi Group) recently announced the Audited Results for the Financial Year 2012-2013. The Company’s Total Revenue, including Other Income, during the Financial Year was INR 1,177.01 crores compared to INR 1,162.21 crores during the previous year.
EBIDTA during the Financial Year was INR 244.35 crores compared to INR 291.37 crores during the previous year. The Profit before Tax and exceptional/Extraordinary items was INR 98.59 crores compared to INR 143.85 crores during the previous year. The Profit after Tax was INR 50.96.
The Consolidated Total Revenue, including Other Income was INR 1,504.57 crores compared to INR 1,449.22 crores in the previous year. The Board recommends a dividend at INR 0.90 per Equity Share.
S.S. Mukherji, Vice Chairman and Chief Executive Officer stated “The performance of the hotel industry is directly connected with global and domestic economic growth. The global economic growth rate reduced to 3.5 per cent in 2012 compared with 4 per cent in 2011. The situation in India mirrored this global trend. India’s growth rate fell to 5.5 per cent driven by lower industrial production in core sectors, slow internal investment, reduced urban consumption and high inflation”.
Mukherji further added “The flight kitchen at Indira Gandhi International Airport, New Delhi opened in July 2012. This state of the art kitchen will produce 15,000 meals per day to cater to domestic and international airlines. The facility has been well received by the airline industry. The unit has reported a thirty percent increase in overall business”.
Trident, Hyderabad consisting of 326 keys is scheduled to open in June 2013. The Company will manage the hotel. The 252 key, The Oberoi, Dubai is scheduled to open in June 2013. The Oberoi, Dubai will be managed by a wholly owned subsidiary. Mukherji concluded by saying “The long term confidence on the Indian Hospitality Industry is however positive”.
