The hotel chain TajGVK Hotels & Resorts Ltd reported a loss of 1.8 crore and a turnover of 46.33 crore in the fourth quarter ended March 31, compared to a profit of 6.69 crore of and revenue of F 76.66 crore in the fourth quarter of fiscal 20.
For the fiscal year ended March 31, the company recorded a loss of 36 crore and revenue of 96.81 crore compared to profit of 36 crore and revenue of 314 crore for FY20.
GVK Reddy, President of TajGVK Hotels, said in a statement: “Despite the current challenges, the company has remained focused on implementing innovative revenue and cost optimization measures. Growth in demand has mainly come from the home entertainment and wedding segments. “
Greenwoods Palaces & Resorts, a joint venture that operates the Taj Santacruz, reported income of 17.57 crore. The iconic brand – Taj was ranked as the world’s strongest hotel brand by Brand Finance in its coveted “Hotels 50 2021” report. Five TajJGVK hotels carry the Taj brand.
Qmin, a culinary experience directory featuring dishes from the group’s signature hotel restaurants and Hospitality @Home, take-out baskets, continued to generate F&B revenue.
“The hotel industry remains strongly affected by the pandemic. We have postponed all discretionary spending and capital spending. Some of the segments that we believe will recover immediately would be the segments of weddings and domestic hobbies, ”he said.