Indian Hotels Q2 PAT rises 37% to 167 crore

Indian Hotels Q2 Results: Indian Hotels Company Ltd on Friday said its consolidated profit after tax (PAT) rose 37 per cent to Rs 167 crore in the second quarter ended September 30, 2023. In the year-ago period, the PAT was Rs 121.56 crore.

Total income from operations rose to Rs 1,480.87 crore in July-September period from Rs 1,257.57 crore in the corresponding quarter of 2022-23, it said in a BSE filing.

Total expense too was higher at Rs 1,248.68 crore as compared to Rs 1,101.20 crore.

"We opened 8 hotels and signed 17 more in the first half of the fiscal thereby maintaining an industry-leading pipeline of 82 hotels. India's economic momentum coupled with higher consumer spends augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year," Puneet Chhatwal, MD & CEO, IHCL, said.

The company also informed about the acquisition of 2,59,000 equity shares of its subsidiary Piem Hotels held by New Vernon Private Equity Limited , representing 6.80 per cent of the paid-up equity share capital of Piem Hotels, by way of a combination of share swap and cash.

It also intimated about the acquisition of 10,718 shares of Piem Hotels held by Tata Investment Corporation Ltd (TICL) (representing 0.28 per cent of the paid-up equity share capital of Piem Hotels) by way of a share swap; and issuance of equity shares on preferential basis to New Vernon and TICL, for consideration other than cash.

Indian Hotels Company Limited (IHCL) said it is seeking approval of shareholders for issuance of equity shares on a preferential basis through postal ballot.

IHCL has a portfolio of 274 hotels including 82 under development globally across 4 continents, 11 countries and in over 100 locations. It is India's largest hospitality company by market capitalization.