IHCL posts Q2 profit at Rs 69.3 cr; total income rises 4.8% to Rs 1,028 cr

Tata Group firm Indian Hotels Company Ltd on Monday reported a consolidated net profit of Rs 69.30 crore for the second quarter ended September 30.

It had posted a net loss of Rs 5.57 crore in July-September quarter a year ago, Indian Hotels Company Ltd (IHCL) said in a filing to the BSE.

Its total income rose 4.83 per cent to Rs 1,028.57 crore during the quarter under review as against Rs 981.15 crore in the corresponding quarter of the previous fiscal.

IHCL's total expenses rose 4.08 per cent to Rs 1,033.73 crore during the quarter under review as against Rs 993.19 crore a year ago.

For the first half (H1) of this fiscal, IHCL's net profit was at Rs 74.28 crore.

Its total consolidated income in March-September period was at Rs 2,085.63 crore, up 5.55 per cent from Rs 1,975.86 crore in the corresponding period last fiscal.

"In line with aspiration 2022, IHCL has now consistently delivered on all key metrics in the last six consecutive quarters," IHCL MD and CEO Puneet Chhatwal said.

IHCL's EBITDA stood at Rs 182 crore in September quarter, which is the highest in last 10 years, the company said.

"The company crossed the Rs 1,000 crores revenue mark in Q2 FY 19-20 for the first time ever in any quarter 2 as well as Rs 2,000 crores for H1 19-20," IHCL Executive Vice President and Chief Financial Officer Giridhar Sanjeevi said.

The company has opened 4 hotels in H1 this fiscal and and is "on track to open 12 hotels for 2019-20," IHCL said in a post earning statement.

It has signed 14 hotels with an inventory of 2,000 rooms (approx) in the first half of this year, IHCL added.

Shares of Indian Hotels Company Ltd on Monday settled 1.81 per cent lower at Rs 146.50 apiece on the BSE.