EIH Q3 net jumps 21% at ₹278.83 cr, decides not to proceed with proposed investment in Pune-based firm

EIH Ltd, which runs hotels under Oberoi and Trident brands, on Tuesday reported a 21.26 per cent year-on-year jump in its consolidated net profit to ₹278.83 crore for the third quarter this fiscal, on the back of close to 8 per cent y-o-y increase in its revenue.

The company’s net profit for the third quarter last fiscal stood at ₹229.94 crore. Its revenue from operations during the third quarter of FY25 grew 7.95 per cent y-o-y at ₹800.17 crore as against ₹741.26 crore in the same period of FY24, according to a stock exchange filing.

Notably, the country’s hospitality industry witnessed an year-on-year improvement in both occupancy rate and Revenue per Available Room (RevPAR) in Q3FY25, buoyed by good growth in retail, wedding and F&B segments.

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Separate stock filing

In a separate stock filing, EIH said the company has determined that it would be beneficial for the parties not to proceed with the proposed investment in Pune-based Muttha Towers II Pvt. Ltd for development of a mixed use project.

The company’s board in September last year had approved this investment to develop the mixed use project comprising a Trident Hotel and commercial development with office space and food and beverage focused retail outlets.

The proposed equity investment by EIH was ₹254 crore for acquiring 51 per cent in Muttha Towers II Pvt. Ltd. The firm was incorporated in 2019 and owns a parcel of land of 1.70 acres.