Mumbai-based Indian Hotels Company (IHCL), India’s biggest hotel chain operator and owner of the Taj brand, today posted a decline of 76.6 per cent in net profit at Rs 11.9 crore for the quarter ended September 30, as against Rs 50.7 crore posted in the same quarter a year ago.

Although the company’s management stated that there has been a steady increase in guest inflow from this month, its net profit took a beating in the earlier quarter, mainly on account of a sluggish inbound traffic and a dip in room rates.

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IHCL Managing Director Raymond Bickson said, “The past one year has been very challenging for the industry, not just in

India but worldwide. Whilst there are signs of a gradual recovery in India, many of the key international markets in which the company has a presence or from where the company’s customer originate are as yet to recover.”

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