Schloss Bangalore Ltd, the company that owns and operates luxury hospitality chain, The Leela, on Friday (August 22) announced plans to change its name to Leela Palaces Hotels & Resorts Ltd.
The company’s board cleared the proposal at its August 22 meeting, with the change now awaiting shareholder consent and necessary regulatory approvals, including from the regional director under the Ministry of Corporate Affairs.
As part of the process, the company will also amend its memorandum and articles of association to reflect the new name.
Q1 results
The company reported strong financial results for the June quarter. Standalone revenue rose 22% year-on-year to ₹93 crore, compared to ₹76 crore in the same quarter last year. The company posted a profit of ₹35 crore, a sharp turnaround from a loss of ₹10 crore in the year-ago period.
EBITDA stood at ₹44 crore, marking a 29% YoY increase, while margins improved by 260 basis points to 47.3%.
Schloss Bangalore made its stock market debut on June 2, listing at a nearly 7% discount to the issue price.
Founded in 2019, Schloss Bangalore develops, owns, and manages hotels under The Leela brand, focusing on premium hospitality experiences rooted in Indian traditions.
Shares of Schloss Bangalore Ltd ended 1.33% lower on Friday at ₹420.35 on the NSE.
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