EIH Ltd Reports Profit Decline, Announces Major Developments and Renovation Plans

Hospitality giants EIH Ltd reported an 8.75% dip in net profit for Q4 2024. The company announced a Rs 1,350 crore mixed-use development in Bengaluru and a multi-phase renovation of The Oberoi Grand, Kolkata. Revenue was up from the previous year, while expenses also rose.

Hospitality major EIH Ltd has reported an 8.75% decline in consolidated net profit, totaling Rs 96.75 crore for the fourth quarter ending June 30, 2024. This is down from Rs 106.03 crore in the same quarter last fiscal year.

The board has approved a mixed-use development over 8.6 acres near Hebbal Lake, Bengaluru. The project includes a 120-key 'The Oberoi Hotel' and a 250-key 'Trident Hotel', alongside commercial spaces, at an estimated cost of Rs 1,350 crore to be financed through internal accruals and debt.

Additionally, EIH announced renovation plans for 'The Oberoi Grand, Kolkata.' The first phase starts on August 15, 2024, lasting 18 months. It will fully reopen with 50 upgraded rooms and suites. The second phase will take another 12 months to complete all 200 rooms and suites.

(With inputs from agencies.)