Indian Hotels Q4 net dips 54.6%

Standalone revenue from operations of the company rose to Rs 707.03 crore

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Shapoor Mistry resigns from Indian Hotels board INDIAN-HOTEL-TATA Tourists use binoculars in front of the Taj Mahal hotel in Mumbai Tourists use binoculars in front of the Taj Mahal hotel in Mumbai (Photo: Reuters)

Press Trust of India New Delhi

Last Updated : May 26 2017 | 11:47 PM IST

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Friday reported a 54.55 per cent dip in its standalone net profit to Rs 31.16 crore for the quarter ended March 31. The company had posted a net profit of Rs 68.57 crore for the corresponding period of the previous financial year, IHCL said in a filing to the BSE.

Standalone revenue from operations of the company rose to Rs 707.03 crore for the quarter under consideration against Rs 685.88 crore for the same period a year ago.

For FY17, the net profit of the company, however, rose to Rs 141.94 crore against Rs 84.15 crore in the year-ago period. Revenue from operations also rose to Rs 2,391.25 crore. It was Rs 2,267.85 crore in the corresponding period a year earlier. The company said its board has recommended a dividend of Rs 0.35 per share. The board of directors has also approved amalgamation of TIFCO Holdings with the company. Shares of IHCL on Friday closed at Rs 137.35 per scrip on the BSE, up 0.73 per cent from its previous close.