Indian Hotels Q3 profit up 12% at Rs112 crore
Mumbai: Indian Hotels Company Ltd (IHCL), which runs the Taj hotel chain, on Monday reported a 12% increase in its consolidated net profit to Rs112.61 crore for the quarter ended 31 December, on the back of higher revenues and cost optimization measures.
In a BSE filing, the Tata Group company said it has recorded a 6% growth in its total income to Rs1,217 crore as against the same period last year.
“For the third quarter, our company demonstrated a good performance through enhanced revenues and cost optimization measures,” Puneet Chhatwal, managing director and chief executive officer (CEO) IHCL said in a statement.
Last year, the company added and upgraded over 1,300 rooms including at its flagship Taj Mahal Palace in Mumbai. “The industry is entering the strongest upcycle where demand is outpacing supply of rooms. We look forward to benefiting from this growth given our strong network of hotels in India and key gateway cities of the world,” said Puneet Chhatwal.
The company also said it has opened six hotels (443 keys) under Ginger, its budget hotel brand, across Mumbai, Gurgaon, Lucknow and Gujarat.
Shares of Indian Hotels closed at Rs138.30, up by 0.99% on the BSE while the Sensex closed at 34,300.47 up by 0.87%.
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