EIH Limited, which runs the Oberoi chain of hotels and resorts, on Wednesday reported a consolidated net profit of Rs 15.85 crore for the fourth quarter ended March 2022.
The company had posted a loss of Rs 48.83 crore in the corresponding period of the previous fiscal.
EIH Limited also announced that its long-serving Chairman and Director Prithviraj Singh Oberoi has relinquished his position due to deteriorating health, and Arjun Singh Oberoi has been appointed by the board as the executive chairman with immediate effect.
Arjun Singh Oberoi has been an executive director of the company for over two decades and has over 30 years of experience in the hotel industry, EIH Limited stated.
For the 2021-22 financial year, the company incurred a loss of Rs 95.06 crore, compared to a loss of Rs 375.44 crore in the previous fiscal, a regulatory filing showed.
''The consequences of the Covid-19 outbreak on the company's and its subsidiaries' business for the year ended 31 March 2022 and 31 March 2021 have been severe,'' EIH Limited said.
The company also informed that it has received a firm offer from an interested buyer (unrelated party) for sale of the entire shareholding in its wholly-owned subsidiary EIH Flight Services Limited Mauritius (EIHFSL). The sale consideration of Rs 53.3 crore has been considered as the fair market value of the enterprise, it added.
The necessary steps for the sale of the subsidiary, including execution of the sale purchase agreement and necessary regulatory approvals, will be taken. The management expects the sale to be completed in the next 12 months from the end of the financial year, it added.
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