|Bangalore, November 09, 2022:
With 75+ hotels across 48+ locations in India, Royal Orchid Hotels Limited is India’s fastest-growing hospitality chain with a diverse portfolio of hotels. In the last quarter, we have done good business in all locations. Below are the financial details.
Highlights of Q2 FY 22-23 V/s Q2 FY 21-22 (Standalone)
Highlights of Q2 FY 22-23 V/s Q2 FY 21-22 (Consolidated)
IND-AS adoption led to a notional increase in depreciation and finance cost of Rs. 2.92 CR leading to a reduction in PAT by Rs. 0.40 CR and has also impacted the debt-equity ratio at standalone level (SA) for Q2 (July to September 22) of FY 22-23.
Commenting on the results, Mr. Chander K. Baljee, Chairman & Managing Director said, “I am pleased to report that our second quarter results exceeded our expectations for system-wide comparable RevPAR, diluted EPS, adjusted for special items, and Adjusted EBITDA. Due to our strong results in the 1st & 2nd quarters and our confidence that the economy will continue to grow & recover, we are raising our full-year guidance, including our capital return forecast. We are well-positioned for the opportunities that lie ahead thanks to our asset-light business model, a strong portfolio of brands, and dynamic platforms in the industry.”
It is encouraging to note that development activity has accelerated in 2022, setting a second-quarter record. During the second quarter, we signed hotels pan India locations like Varanasi, Dharamshala, Amritsar, Jhansi, and Greater Noida. The expansion & conversions continue to drive growth in the following quarters.”