Indian Hotels Q2 loss widens to Rs 60 cr, revenue slumps

Tata Group hospitality arm Indian Hotels Company (IHC) on Monday reported widening of its consolidated net loss to Rs 59.95 crore for the second quarter ended September 30, 2017-18.

It had posted a net loss of Rs 24.60 crore for the July- September quarter of 2016-17.

IHC said in a filing to BSE that its consolidated revenue from operations was down to Rs 851.67 crore for the quarter under review. It was Rs 887.27 crore in the year-ago period.

"The company has consolidated gross debt of Rs 3,658 crore, taking into account liquidity of Rs 224 crore, the net debt was Rs 3,434 crore as at September 30, 2017," Indian Hotels said.

During 2017-18, the company has opened five hotels under the Ginger brand (371 keys) in Mumbai, Gurgaon, Lucknow and Ahmedabad. It exited one hotel under Ginger brand in Tirupati, it added.

IHC said that product up-gradation programme is underway at Taj Mahal Palace and Taj Land's End in Mumbai, Taj Exotica Resort and SPA and Taj Fort Aguada Resort and SPA in Goa, Taj Bengal in Kolkata.

Other key hotels where the programme is underway are Vivanta by Taj in Connemara at Chennai, Vivanta by Taj - President in Mumbai, Vivanta by Taj at MG Rd Bangalore, Vivanta by Taj at Gomti Nagar in Lucknow and The Gateway Hotel Ganges in Varanasi, it added.

The IHC Ltd stock closed 0.85 per cent up at Rs 112.50 per scrip on BSE.