Indian Hotels inches up on strong Q3 numbers

Indian Hotels Company are trading higher by 1% after it reported a 3% rise in its consolidated net profit to Rs 62 crore

Tata Group-promoted Indian Hotels Company are trading higher by 1% to Rs 124 on the BSE after it  reported a three per cent rise in its consolidated net profit to Rs 62 crore for the quarter ended December against Rs 59.6 crore a year ago. The net consolidated sales grew three per cent for the period to Rs 1,207 crore compared with Rs 1,168 crore a year ago. The Mumbai-based company suffered an exchange loss of Rs 45 crore during the quarter. It also realised a gain of Rs 28 crore during the quarter from a sale of a property in Australia.

The company also noted that it sold four inoperative subsidiaries for an undisclosed sum to Taida Trading and Industries. These are 55 per cent stake in Ideal Ice and Cold Storage, 99.99 per cent stake in Residency Foods and Beverages, 92.5 per cent stake in Taj Rhein Shoes and 100 per cent stake in Tifco Security Services.

The stock opened at 125, touched a high of Rs 127 on the BSE. A total of 46,980 shares changed hands on the BSE so far.