Indian Hotels that operates hotels and resorts under 'Taj' brand today posted a multi-fold increase in its net profit at Rs 20.31 crore for the first quarter ended June 30.
For the corresponding quarter last fiscal, the company's net profit was Rs 3.33 crore, it said in a filing to the Bombay Stock Exchange (BSE).
The firm's net sales for the quarter under review increased 12.41% to Rs 369.54 crore, compared to Rs 328.74 crore in the first quarter of last fiscal.
"Net sales for the quarter ended June 30, 2011 increased by 12% over the corresponding quarter of previous year, driven by improvement in occupancy and some improvement in average room rate as well across all key markets, during what is essentially an off season time for the sector," the statement said.
The company's scrips closed at Rs 76.50, down 0.84% from previous close on the BSE.
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