Oriental Hotels Ltd, an associate firm of The Indian Hotels Company Ltd, is witnessing a growth in demand in leisure and a gradual increase in corporate business segments, according to a top company official.

Share Market Live

NSE

The company had declared its standalone financial results for the quarter ending December 31, 2020, on Saturday.

Net loss for the quarter under review was at Rs 7.63 crore as against a net profit of Rs 4.65 crore registered the previous quarter of last fiscal.

Revenue during the quarter stood at Rs 43.53 crore as against Rs 85.09 crore registered during the corresponding quarter the previous year.

"All our hotels resumed operations in a staggered manner after the lockdown was eased. We are witnessing a growth in demand especially in the leisure segment and a gradual pick up of corporate business," company MD Pramod Ranjan said.

The occupancy levels at the hotels were increasing 'month-on-month', he said in a statement.

During the COVID-19 enforced lockdown, the company undertook a series of measures to ensure adequate liquidity and cost optimisation.

Cash conservation measures have included deferral of discretionary spending and capital expenditure unless absolutely required, he said.

"We expect a recovery in business to be driven by domestic leisure and business tourism and limited international travel. We do not expect any significant challenge to our supply chain," he added.

Oriental Hotels Ltd manages Taj Coromandel Chennai, Taj Fisherman's Cove Resort and Spa Chennai, Taj Malabar Resort and Spa, Cochin, Vivanta Coimbatore, The Gateway Hotel Pasumalai Madurai, The Gateway Hotel Old Port Road Mangalore and Gateway Coonoor.