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 "Expect strong demand, occupancy in Q3, Q4 after subdued 1st qtr: EIH Ltd")
Hospitality main EIH Ltd expects robust demand and occupancy within the third and fourth quarters.
Hospitality main EIH Ltd expects robust demand and occupancy within the third and fourth quarters of this fiscal after witnessing moderation within the April-June interval because of elections and heatwave, based on its Managing Director and CEO Vikram Oberoi.
The influence of this yr’s normal elections on demand was greater in comparison with the earlier elections, he informed analysts.
“Actually, as a perform of provide and demand, we had the election this yr and I feel a minimum of our evaluation reveals that when in comparison with earlier elections, which we regarded over the earlier election, we regarded on the influence on this election has been greater than within the earlier election. We regarded on the final election as effectively,” Oberoi stated.
Moreover, he stated in lots of cities in Rajasthan the place the corporate has leisure resorts and in Agra, temperatures have been extraordinarily excessive this summer season.
“We nonetheless stay optimistic that international journey is bouncing again. And with robust Indian demand from the home marketplace for luxurious resorts and luxurious journey, we must always have the ability to take charges up. However that is below the belief that demand stays robust,” Oberoi stated in response to a question on demand outlook.
He additional stated, “Due to this fact, we must always see robust demand and occupancy, each mirrored in price and occupancy, notably in Q3 and This autumn of this monetary yr.
On the enlargement plans of the corporate, which owns and operates resorts and resorts below the Oberoi and Trident manufacturers, Oberoi stated EIH Ltd will proceed to give attention to India though it’s taking a look at alternatives exterior India as effectively.
At current, the corporate has seven initiatives which can be within the pipeline that are below building or about to start out building, out of these three are company-owned properties, three are owned by its subsidiaries or associates and managed by EIH, and one is on a administration contract.
(Solely the headline and movie of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Aug 19 2024 | 2:23 PM IST
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