Reliance-Backed Stock Surges 20% As Profits Soar 54% In Q3

Shares of EIH Ltd. soared up 20% to hit a new 52-week high of ₹426.50 on Wednesday.

What Happened: The luxury hotel chain under The Oberoi Group, reported net profits reaching ₹229.94 crore, marking a notable surge of 54.6% compared to ₹151.08 crore in the same period last year.

Total income for the quarter also witnessed substantial growth, rising to ₹769.87 crore, reflecting a robust increase of 27.6% from ₹603.22 crore in the corresponding quarter of the previous financial year.

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Operating profit for the October-December period came in at ₹324 crore with an operating margin of 43%. The strong results seem to have impressed the investors. The results helped the stock extend its gaining streak to the fourth straight session.

The Reliance-backed stock has been on tremendous run at the bourses. In just the last 30 days, the stock has gone up over 50%. Reliance Strategic Ventures owns around 18.83% stake in the company.

Price Action: EIH share price was up 19.19% at 423.65 on Wednesday morning.

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Posted In: EarningsEquitiesNewsMarketsMoversTrading IdeasEIHOberoi Hotels