Bharat Hotels Net Up 20% At Rs 19.09 Crore

The Lalit Suri-promoted Bharat Hotels Ltd, which runs the Intercontinental brand hotels and resorts in the country, has reported a 20.21 per cent growth in net profit for 2000-2001 at Rs 19.09 crore.

According to a Bharat Hotels statement, the gross operating profit for the year ended March 2001, stood at Rs 25.51 crore as against Rs 22.52 crore in the previous year - a growth of 13.28 per cent.

Bharat Hotels' total revenue for the year stood at Rs 78.65 crore against last year's Rs 77.64 crore. The company's board of directors has declared a 15 per cent dividend for the financial year.

BHL chairman and managing director Lalit Suri also announced that the prefix 'Grand' will be incorporated to the company's hotels, as per the new agreement with Intercontinental Hotels & Resorts.

Consequently, the company's hotel in New Delhi will be now known as Grand Intercontinental, New Delhi. The Srinagar property, which has been converted to an Intercontinental in April 2001, will be known as Grand Palace Intercontinental, Srinagar.

Two new properties -- Grand Intercontinental, Mumbai (400 rooms) and Grand Goa Intercontinental Resort (275 rooms) -- are scheduled for a soft opening in November.

Suri said, with the new openings, Bharat Hotels will be offering a total of 1,300 guest rooms in the deluxe segment -- including rooms at its operating hotels, the 500 rooms hotel in New Delhi, Grand Intercontinental, New Delhi and 125 rooms at the Grand Palace Intercontinental, Srinagar.