On November 6, shares of EIH experienced a significant rally, surging by 6 percent to reach the day’s high of Rs 235 after the company announced a strong performance in the September quarter (Q2FY24) across all aspects.
Throughout this year, the stock of this Oberoi Group hotel company has shown remarkable growth, skyrocketing by 31 percent in comparison to the modest 6 percent increase in the benchmark Sensex.
EIH had previously hit a 52-week high of Rs 274 per share on September 1. In Q2FY24, the company’s consolidated revenue witnessed a substantial increase, surging by 32.5 percent year-on-year to reach Rs 552 crore.
Additionally, earnings before interest, tax, depreciation, and amortization (EBITDA) demonstrated a remarkable 64 percent year-on-year jump, reaching Rs 164 crore.
EIH’s consolidated profit-after-tax (PAT) experienced a remarkable growth, multiplying over four-fold to Rs 94 crore in the quarter ending September. Vikram Oberoi, CEO and MD at EIH, expressed his satisfaction, stating, “We are pleased with the outstanding financial results achieved in the second quarter of FY24. The substantial increase in revenue and profitability is a testament to the hard work of our team and the ongoing trust of our loyal guests.”
By 1:04 pm, the shares were trading at ₹232.55, marking a significant 4.49 percent increase and reflecting the market’s positive response to EIH’s robust Q2FY24 performance.
