Hotel Leela Venture declared its first quarter results on Tuesday. The company's Q1 net sales were up at Rs 104.07 crore versus Rs 83.13 crore, year-on-year (Y-o-Y). Its net profit was up at Rs 9.24 crore versus Rs 1.04 crore, YoY.
Speaking to a TV channel, Vivek Nair, Vice Chairman and Managing Director of Hotel Leela Ventures said that this buoyancy is likely to continue. The company expects a revenue uptick of around 15% in all its hotels with occupancy rates remaining high. Currently the company has around 99% occupancy in its Gurgaon property while Chennai and Hyderabad are at 60-70% occupancies due to additional supplies. Room rates are already up by around 15% Y-o-Y. The company is also looking at a preferential allotment after which the promoter's stake will rise to 54.7%. The company is planning to bring down debt of Rs 800 crore in FY’11, said Nair.

Jul 15, 2010