Hotel Leela – Q3 net up by 54% with EBIDTA at 52%

With the continued buoyancy in the hotel industry, Hotel Leelaventure Limited has announced excellent financial results for the third quarter ended 31st December 2007 with Profit after Tax of Rs.54.98 crores; a growth of 54% over the corresponding quarter Profit after Tax of Rs.35.66 crores of the previous year.

The EBIDTA margin has gone up to 52% of the Operating Income which has increased by 44% to Rs.142.96 crores as compared to Rs.99.02 crores in the corresponding period last year. The EBIDTA has gone up by 56% to Rs.82.32 crores as against Rs.52.88 crores in the corresponding period last year.

For the nine months ended 31st December 2007, the Company has reported an operating Income of Rs.359.90 crores as against Rs.256.52 crores during the corresponding period last year, reflecting a growth of 40%.

The EBIDTA for the nine months ended 31st December 2007 stood at Rs.200.08 crores, reflecting a growth of 42% over Rs.141 crores of the corresponding nine months ended.

The Profit after Tax for the nine months ended 31st December 2007 stood at Rs.120.57 crores, reflecting a growth of 51% over the Profit after Tax excluding extra- ordinary income during the corresponding nine months ended.

The Leela Kempinski, Mumbai has performed exceedingly well with quantum increases in the occupancy and average room rate. With increasing direct flights coming into Bangalore with the new Airport being operational in the next 3 months, The Leela Palace Kempinski Bangalore continues to be the market leader in its city.

Commenting on the results, Mr. Vivek Nair, Vice Chairman and Managing Director said that the hotel industry is undergoing a buoyant phase and, in particular, in the locations where its hotels and resorts are located. The Leela Group is poised for much stronger growth in both the business and leisure segments, in the coming years, with the opening of the Udaipur resort on Pichhola Lake and the Gurgaon Hotel and Serviced Residences this year. The other projects under implementation in Chennai, New Delhi (Chanakyapuri), Hyderabad and Pune, will give it a Pan-India presence with its room inventory going from 1114 rooms to 2739 rooms.

While the results are upbeat, the brand also won international acclaim with Conde Nast voting The Leela Palace Bangalore as the World’s No.1 “Business Hotel”. Close on heels Forbes also rated it as one amongst the world’s top ten Wedding Destinations.

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Issued by
Ms. Mithu Basu
Group Head - Corporate Communications
The Leela Palaces-Hotels-Resorts
Sahar, Andheri (East), Mumbai – 400 059, India
Tel. 00-91-22-6691 1052.
Fax: 00-91-6691 1476/1455
Cell: 98204 14732
E-mail : mithu.basu@theleela.com