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Tata Group hospitality arm Indian Hotels Company Ltd (IHCL) today reported a 12.04 per cent rise in its consolidated net profit to Rs 1.12 billion for the quarter ended December 2017 on account of robust sales and cost optimisation measures. The company had posted a net profit of Rs 1 billion in the corresponding period of the previous fiscal, IHCL said in a BSE filing. Consolidated total income of the company also rose to Rs 12.17 billion for the quarter under consideration as against Rs 11.45 billion for the same period a year ago. IHCL MD and CEO Puneet Chhatwal said: "For the third quarter, our company demonstrated a good performance through enhanced revenues and cost optimisation measures." During the year, IHCL has added and upgraded an inventory of over 1,300 rooms including its flagship hotel Taj Mahal Palace in line with the efforts to consolidate positioning of being an iconic and profitable hospitality company, he added. "The industry is entering the strongest upcycle where demand is out pacing supply of rooms.
We look forward to benefiting from this growth given our strong network of hotels in India and key gateway cities of the world," Chhatwal said. Shares of Indian Hotels Company closed 0.99 per cent higher at Rs 138.30 per scrip on BSE today.
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