Premium luxury brand hotel group, Hotel Leelaventure Ltd said on Wednesday that it has seen a whopping 786 per cent increase in its net profit. The figure closed at Rs. 9.24 crore during the first quarter, which was higher than Rs. 1.04 crore that it posted for the same period last year.

The group also informed that its income grew by 25 per cent for the first quarter to end at Rs.105.81 crore. Last year during the same period was rs.84.71 crore.

Talking to media, Vivek Nair, Vice Chairman and Managing Director of the group said that the profit and the income are the signs of prosperity, growth and also the turnaround of the hotel.

In another development, the promoters have agreed to subscribe to preferential allotment.

A total of one crore shares will be dealt under this and the pricing will be determined by SEBI.

And now, it wants to capitalize on the large land that it has in Pune. It will be developing there, along with a local builder, high-end residential commercial property.

Leela group is present across India and has six prominent hotels in Mumbai, Bangalore, Goa, Kovalam, Udaipur and Gurgaon.