Mumbai: The Indian Hotels Company (IHCL), which owns the Taj brand of hotels, narrowed its consolidated net loss to 5.21 crore during the quarter ended September, against a loss of 57.67 crore in the year-ago period.

Total income of the company grew by 13.53% to 981.15 crore, against 864.18 crore in the same quarter of last fiscal, the firm said in a BSE filing Wednesday.

The better numbers could be attributed to the one-time income from the sale of its Visakhapatnam property for an undisclosed sum.

IHCL managing director and chief executive officer Puneet Chhatwal described the quarterly performance as “momentous" as the company could retain the iconic Taj Mahal, New Delhi (Taj Mansingh) and renewed its long-term agreement for Taj Lake Palace, Udaipur.

The hospitality group signed 15 new hotels this year resulting in a 90% growth in pipeline over last year, the company said.

“We have shown marked improvement across all financial parameters with a significant margin and EBITDA expansion for the second quarter as well as the half year," said Chhatwal.

The company said its associate firm Oriental Hotels (OHL) sold The Gateway Hotel, Beach Road, Visakhapatnam, while retaining the management contract with IHCL, in line with its asset monetisation strategy.

“The money generated from the sale is being used to reduce debt in OHL," it added.

The company’s scrip ended the day 0.31% higher at 130.75 apiece on the BSE, against a marginal 0.01% drop in the benchmark.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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