Sayaji's Q3 net profit up by 171 per cent

Indore, Jan 11 (UNI) Sayaji Hotels Ltd, premium three star hotel and food chain joint, has reported a net profit of Rs 1.68 crore for the third quarter ending December 31, 2007 as compared to Rs 0.62 crore during the third quarter the previous year.

The company has recorded a 66 per cent increase in total revenue from operations at Rs 19.39 crore for the third quarter as compared to Rs 11.65 crore during 2006-07, said a compnay release.

Commenting on the Q3 performance, Mr Sajid Dhanani, Managing Director, Sayaji Hotels, said the current result justifies the efforts initiated and promises a healthy trend for the future. The company believes that the outlook for 2007-08 will be robust.

The company plans to grow horizontally as well as vertically.

Sayaji Hotels has recently tied up with Ginger Hotels , pioneer in the budget hotel market, to set up 'Buffet Junction', which will be targeted mainly at business travellers. The pilot project would be set up at Ginger Baroda, he added.

On a nine-month basis ended on December 31, 2007 , the company's net profit increased to Rs 3.01 crore as compared to Rs 1.98 crore during last year and the total revenue amounted to Rs 48.05 crore as against Rs 31.69 crore.

Sayaji presently owns and operates a 3-star category hotel at Indore with a club adjacent to the hotel, a 3-star category hotel at Baroda. The company recorded an annual turnover of Rs 44 crore in FY 06-07 and has plans to cross the Rs 200 crore mark within the next two years.

After establishing a name for itself in the hospitality sector, the company has now ventured into setting up eating joint- Barbeque Nation across the country with major expansion plans.

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