OREANDA-NEWS. The Company reported Total Income for the Standalone results of Rs442 crores for the quarter and Rs851 crore for the half year ended September 30, 2014, respectively, a period which is traditionally offseason for the hospitality sector in India. Despite challenging market conditions, the Company did witness a 6% growth in Income from Operations on a Standalone basis and 5% growth on a Consolidated basis for quarter ending September 30, 2014.

Operating expenditure for the period include expenses for the Company's new Vivanta hotel at Dwarka that is poised for a launch in the near future, increased expenses on Power & Fuel on account of ongoing tariff increases, one off expenses on employee cost and increased expenditure on advertising.

The Company also reported unaudited consolidated results for the half year ended September 30, 20I4. The Total Consolidated Income of Rs1914 crore was an improvement over the corresponding period of the preceding year by 5%. However, the Consolidated margins and profitability was under pressure during the first six months of the current financial year on account of subdued business not just in India but also across the key offshore markets that the Company has a presence in.

The Company's Rights Issue of Compulsorily Convertible Debentures closed in August 2014 facilitating raising of Rs999.91 crore. The Company has also closed all formalities for the divestment of its hotel in Sydney and the sale proceeds have since been received.

Announcing the results, a Company spokesperson stated that notwithstanding the challenges that the hospitality sector has gone through over the last 3-4 years, the company has continued to focus on strengthening its market presence in order to position itself strongly to address opportunities as and when the markets turn and demand starts rebuilding. The Company is poised to open new Taj hotels in Dubai and at the domestic airport terminal at Mumbai in the next few months besides a new Vivanta by Taj at Dwarka, New Delhi later this year.