Hotel Leela – Turnover up by 11% in Q3 2010-11 (India)
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Hotel Leela – Turnover up by 11% in Q3 2010-11 (India)
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Category: Asia Pacific - India - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-03-07
Hotel Leelaventure Limited has announced its financial results for the third quarter ended 31st December, 2010 with the total income at Rs. 142.25 crores as against Rs. 127.74 crores during the corresponding period in the previous year, showing a growth of 11%
The company has reported an EBITDA of Rs. 60.90 crores for the third quarter, an increase of 10% over the amount of Rs. 55.57 crores for the corresponding quarter in the previous year. The company’s Net Profit is Rs. 22.04 crores during the quarter, as against net profit of Rs. 28.86 crores during the corresponding period in the last year.
The total income of the company for the first nine months of the current financial year is Rs. 353.68 crores as against Rs. 303.57 crores during the corresponding period in the previous year, an increase of 17%. The EBITDA for the first nine months of the current financial year is Rs. 125.80 crores as against Rs. 103.02 crores for the same period of the last year, an increase of 22%. The Profit After Tax for the first nine months of the current financial year is Rs. 26.55 crores as against Rs. 31.65 crores for the same period of the last year. This reduction is mainly due to the interest, depreciation and other costs relating to the new resort at Udaipur, which went into full operations during the current year.
The Board of Directors have also approved a Scheme of Arrangement under Section 391 to 394 of the Companies Act, 1956 for acquiring the land presently on lease, in Bangalore, Goa and Mumbai against issue of shares. When the Scheme is approved by the appropriate authorities, about 7.90 crore equity shares of Hotel Leelaventure Limited would be issued to the shareholders of Leela Lace Holdings Private Limited.
Continuing the successful buyback of the FCCBs achieved in the last year ended 31st March, 2009, this year also the Company had bought back FCCBs at discount to accreted price. Till date, the Company has bought back 59% of its US$ bonds and 24% of its Euro bonds. The promoters have also increased their stake to 53.32% through creeping acquisition.
Commenting on the results, Mr. Vivek Nair, Vice Chairman and Managing Director said that the revenue and EBITDA generated so far in the current financial year reflects the turnaround the hotel industry is witnessing. Not only has its business hotels in Mumbai, Bangalore and Gurgaon performed well but also its resorts at Goa and Kovalam have shown excellent operating results with increased Tourist arrivals specially from the C.I.S. countries. He expects the buyoncy to continue, which augurs well for its new iconic hotel at Chanakyapuri in Delhi, which has 260 guestrooms and suites and the Chennai Hotel with 329 guestrooms and suites, which is slated to commence operations by July 2011. When the New Delhi and Chennai hotels are fully operational, the total inventory would go up from 1608 to 2197 gurestrooms, which would result is substantial increase in revenue.
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