Indian Hotels net back in black

Mumbai-based company reported a consolidated net profit of Rs 35-cr for June quarter

Indian Hotels Company was back in the black in the April-June period, helped largely by a gain on sale of investment.

It reported a consolidated net profit of Rs 35 crore, against  a Rs 35 crore net loss posted in the same quarter last year.

The company sold its investment in Tata Projects during the quarter, which was classified as a long term investment. Other income showed a improvement of 74% to Rs 29.26 crore as compared to Rs 16.92 crore.

Net consolidated sales of the company stood at Rs 1,032 crore for the reporting quarter, a growth of 10% as against Rs 937 crore posted in the corresponding quarter of the previous year.

At the stand-alone level its net profit stood at Rs 51 crore for the quarter as compared to a net loss of Rs 7 crore posted in the same quarter last year.

Net sales at the stand-alone level grew by 14% to Rs 453 crore as compared to Rs 398 crore.