Amid 'record' Q2 profits, Oberoi prepares to open 9 more hotels abroad by 2029

NEW DELHI: Oberoi Hotels parent EIH Ltd has posted a record profit of Rs 114 crore in July-Sept, 2024, up 34% from last fiscal, on a standalone basis. And the Oberoi Group has posted a profit of Rs 133 crore, up 41% from same period last fiscal. The Q2 revenue was also a record Rs 558 crore and Rs 623 crore, on a standalone and group basis, respectively, up over 13% from last fiscal.

EIH has a pipeline of 20 properties to be completed by 2029, comprising 17 hotels, two luxury boats, and a Nile Cruiser. This expansion includes nine hotels to be owned, invested in, and operated directly or through joint venture by EIH Limited and 11 properties (including the two luxury boats and a Nile cruiser) to be managed by The Oberoi Group.

The pipeline has 11 hotels in India and 9 hotels abroad in destinations such as London, Egypt, Bhutan, Nepal, and Saudi Arabia. Upon completion, 16 hotels (including 2 boats and a Nile Cruiser) will operate under the Oberoi brand and 4 hotels under the Trident brand comprising a total inventory of about 1,350 keys. Further, the mixed use development at Bengaluru and Pune will include commercial, retail and F&B space of about 11.7 lakh square feet.

EIH executive chairman Arjun Oberoi said: “Our second-quarter results are a testament to the strong operational strategy and financial discipline that drive our business. Achieving record revenue and profit growth highlights both our market resilience and commitment to long-term value creation for our stakeholders. With a confirmed expansion plan of 20 new properties, including 9 owned and operated flagship hotels and 11 managed properties, we are strategically growing our portfolio across key domestic and international markets.”

Vikram Oberoi, EIH Ltd MD & CEO, said: “Our record-breaking second-quarter results highlight strong demand, with standalone and consolidated Profit Before Tax rising by 34% and 41% year-on-year. This strong financial momentum reflects the unwavering trust our guests place in our brand and the relentless commitment of our teams to deliver outstanding service. Our expansion strategy, with 20 carefully curated properties across strategic global and domestic markets, underscores our ambition to meet the evolving aspirations of today’s discerning travellers.”