IHCL posts loss before tax of Rs 291 cr in Q1, total income dips to 117 cr

Even though occupancy levels across the brands have started inching up, the pain for India's hospitality sector is expected to linger on owing to restricted movement

The coronavirus (Covid-19) pandemic weighed on the first quarter earnings of Indian Hotels Company Ltd (IHCL) as more than half of its hotels remained closed for nearly three months due to the pandemic induced lockdown.

The Tata group hospitality arm posted a loss (before tax) of Rs 291 crore in the quarter ending June 30, 2020 compared to a profit of Rs 36 crore in the year ago period, the company said in a statement on Thursday. The total income during the quarter also fell to Rs 117 crore compared to Rs 608.04 crore in the corresponding period last year.