Mumbai-based Indian Hotels Company (IHCL), India’s biggest hotel chain operator and owner of the Taj brand, today posted a decline of 76.6 per cent in net profit at Rs 11.9 crore for the quarter ended September 30, as against Rs 50.7 crore posted in the same quarter a year ago.
Although the company’s management stated that there has been a steady increase in guest inflow from this month, its net profit took a beating in the earlier quarter, mainly on account of a sluggish inbound traffic and a dip in room rates.
Stock price of IHCL closed 1.86 per cent lower today at Rs 73.70 on the Bombay Stock Exchange (BSE), as compared to Rs 75.10 per share recorded in the previous day.
IHCL Managing Director Raymond Bickson said, “The past one year has been very challenging for the industry, not just in
India but worldwide. Whilst there are signs of a gradual recovery in India, many of the key international markets in which the company has a presence or from where the company’s customer originate are as yet to recover.”
