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EIH Associated Hotels gains after Q3 profit rises 17.5%

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EIH Associated Hotels rose 2.59% to Rs 303.05 after the hotel management company announced decent Q3 numbers after market hours yesterday, 23 January 2020.

On standalone basis, the company reported a 17.5% rise in net profit to Rs 20.37 crore in Q3 December 2019 as against Rs 17.33 crore reported in Q3 December 2018. Net sales for the quarter rose 1.2% to Rs 85.82 crore on YoY basis.

Profit before tax stood at Rs 28.67 crore in Q3 December 2019, up by 6.6% from Rs 26.90 crore in Q3 December 2018. Tax expenses declined 18.4% to Rs 8.08 crore in Q3 FY20 from Rs 9.9 crore in Q3 FY19.

EIH Associated Hotels is an associate company of EIH, the flagship company of the Oberoi Group, one of the largest and most well-known hospitality groups in India. EIH will announce its Q3 December 2019 earnings today. EIH holds 36.81% stake in EIH Associated Hotels

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, January 24 2020. 13:03 IST