The company reported a profit after tax (PAT) of ₹7.16 crore in the June quarter in comparison to a net loss of ₹5.78 crore in the year-ago period. The loss in the base quarter was due to higher tax expenses. However, this time around, tax expenses were down 77% to ₹2.46 crore from ₹10.64 crore.
Revenue for the quarter increased by 22% from last year to ₹124.16 crore, while room revenue went up by 15% to ₹72.1 crore. Revenue from the Food & Beverage (F&B) segment increased by 32% on a year-on-year basis to ₹43.9 crore.
Brigade Hotel Ventures’ earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹40.95 crore was up 23.3% from ₹33.21 crore in the previous year. Its margins expanded to 33% from 32.6% in the year-ago period.
The company’s occupancy stood at 75.1% in the first quarter from 74.6% in the same quarter last year. Its average room rate (ARR) increased by 11.2% to ₹6,958 from ₹6,260 in the year-ago period.
At present, Brigade Hotel Ventures operates nine hotels with 1,604 keys. Another nine hotels with 1,700 keys are in the pipeline.
Shares of Brigade Hotel Ventures listed at a discount of nearly 10% on the stock exchanges last month. During its IPO, the company had said it was targeting higher ARRs on account of 5-star deluxe property additions. It said it would be institutional debt free for the next 18 months. The company’s cost of borrowing is the lowest in the real estate space at 8.5%, it added.
Shares of Brigade Hotel Ventures Ltd. ended the previous session 2.58% up at ₹85.16 apiece. The stock has is up 5% from its listing price of ₹81.1 apiece on the NSE.
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