Indian Hotels tumbles after Q4 PAT tumbles 35% to Rs 74 cr

Indian Hotels Company (IHCL) tumbled 5.9% to Rs 87.25 after consolidated net profit dropped 35.4% to Rs 74.32 crore on 14.6% decline in net sales to Rs 1062.98 crore in Q4 March 2020 over Q4 March 2019.

Other income for the quarter Rs 24.67 crore towards gain on sale of residential flats. The hospitality major reported 52% decline in profit before tax (PBT) to Rs 98.18 crore in Q4 March 2020 over Q4 March 2019. Total tax expenses declined to Rs 31.37 crore in Q4 March 2020 from Rs 87.10 crore in Q4 March 2019.

Consolidated EBITDA declined 24% to Rs 246 crore from Rs 322 crore posted in the same period last year.

Commenting on the fiscal performance, Puneet Chhatwal, managing director and chief executive officer IHCL said, "IHCL has delivered on the promise of profitable growth across all parameters, culminating in an all-time high EBITDA and PAT."

On a consolidated basis, IHCL reported a 23.6% rise in net profit to Rs 354.43 crore on 1.1% decline in net sales to Rs 4463.14 crore in fiscal year ending 2020 (FY20) over fiscal year ending 2019 (FY19). EBITDA rose 20% to Rs 1100 crore in FY20 over FY19.

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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