Indian Hotels Company posts Q3 net up 12% at Rs 112 crore
The company had posted a net profit of Rs 100.50 crore in the corresponding period of the previous financial year
Tata Group hospitality arm Indian Hotels Company Ltd (IHCL) today reported a 12.04 per cent rise in its consolidated net profit to Rs 112.61 crore for the quarter ended December 2017 on account of robust sales and cost optimisation 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.
Consolidated total income of the company also rose to Rs 1,217.12 crore for the quarter under consideration as against Rs 1,145.54 crore for the same period a year ago.
IHCL MD and CEO Puneet Chhatwal said: "For the third quarter, our company demonstrated a good performance through enhanced revenues and cost optimisation measures."
During the year, IHCL has added and upgraded an inventory of over 1,300 rooms including its flagship hotel Taj Mahal Palace in line with the efforts to consolidate positioning of being an iconic and profitable hospitality company, he added.
"The industry is entering the strongest upcycle where demand is out pacing 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," Chhatwal said.
Shares of Indian Hotels Company closed 0.99 per cent higher at Rs 138.30 per scrip on BSE today
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
09:53 AM IST