Indian Hotels Q3 profit rises 12% to Rs. 112 crore
Tata Group hospitality arm Indian Hotels Company Ltd (IHCL) has reported a 12% increase in its consolidated net profit to Rs. 112.61 crore for the quarter ended 31 December, on the back of higher revenues and cost optimization measures. The company had posted a net profit of Rs 100.50 crore in the corresponding period of the previous fiscal, IHCL said in a BSE filing. The company recorded a 6% growth in its total income to Rs. 1,217 crore as against Rs 1,145.54 crore for the same period a year ago
“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 company also said it has opened six hotels (443 keys) under Ginger, its budget hotel brand, across Mumbai, Gurgaon, Lucknow and Gujarat.
“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,” added Puneet Chhatwal.