Indian Hotels books 20% rise in Q3 net

Tata group firm Indian Hotels Company Ltd, which runs hotels under the Taj, Gateway and Vivanta brands, posted a 20 per cent rise in consolidated net profit at Rs 59.5 crore for the quarter ended December 31, as compared to the corresponding period last year.

The company had posted a net profit of Rs 49.7 crore in the reporting quarter last year, announced the results post the closing of trading hours of the Bombay Stock Exchange. However, the stock ended 4.07% up at Rs 60.05 compared to its yesterday's close.

 

Consolidated income from operations reported during the quarter rose 10% to Rs 1,167 crore as against Rs 1,060 crore posted in the corresponding quarter last year. 

 

The third and fourth quarter are considered to be better than the first six months of the year due to increased demand for hotels and hospitality. Increased tourist traffic in December aided by hiked room rates are the usual reasons behind the growth. 

 

Operations at the stand-alone level remained nearly flat as the company reported a net profit of Rs 65.51 crore, a growth of 1.3% as compared to Rs 64.62 crore posted in the corresponding quarter previous year.

 

Negative currency fluctuation resulted in a loss of Rs 6.21 crore on long term borrowings at the stand-alone level and Rs 9.08 crore at the consolidated level.

 

Income from operations for the stand-alone business stood at Rs 564.24 crore, a growth of 3.6% as against Rs 544.55 crore reported in the same quarter last year. 

 

Tags: Indian Hotels, IHCL, Taj, Tata