Indian Hotels Company jumps after turnaround Q2 results

Indian Hotels Company announced Q2 earnings after market hours on Monday, 11 November 2019.

Indian Hotels Co announced consolidated net profit of Rs 71.31 crore in Q2 September 2019 as against net loss of Rs 5.21 crore in Q2 September 2018.

The hospitality chain reported a 4.4% rise in net sales to Rs 1007.44 crore in Q2 September 2019 over Q2 September 2018.

EBITDA jumped 57% to Rs 182 crore on YoY basis from Rs 116 crore in the same quarter last year. EBITDA margin stood at 17.65%, highest in last 10 years.

Commenting on the company's performance, Puneet Chhatwal, managing director and chief executive officer, IHCL said, "In line with Aspiration 2022, IHCL has now consistently delivered on all key metrics in the last six consecutive quarters. The Company signed a record 14 hotels without any investment, across all its brands. It also is a matter of pride that two iconic Taj Hotels made it to the World's Ten Best Hotels. The company has also opened four new hotels in the first half of the year - Taj Hotel & Convention Centre, Agra; Cidade de Goa; Ginger Dwarka and Ginger Sadanand."

Shares of Indian Hotels Co. were trading 5.8% higher at Rs 155. The stock was trading near its 52-week high of Rs 164.1 registered on 26 June 2019. The stock has surged 14% in last three months.

Indian Hotels Company and their subsidiaries are collectively known as Taj Hotels Resorts and Palaces and are recognized as one of Asia's largest and finest hotel company.

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