Indian Hotels Q3 Net Up 58%
New Delhi: Indian Hotels Company, the operator of the Taj Group of Hotels and Resorts, posted a 58% jump in standalone net profit in the third quarter after sales improved and finance costs came down.
Profit climbed to .₹ 92.1 crore in the three months ended December from .₹ 58.2 crore a year earlier, the Tata Group company said in a stock exchange filing. In- come from operations rose 5% to .₹ 696 crore. Finance costs declined to .₹ 49.4 crore from .₹ 61.6 crore. Earnings before interest, tax, depreciation and amortisation were .₹ 218 crore compared with .₹ 197 crore year-ago. For the nine months ended December, the company reported income from operations of .₹ 1,684 crore compared with .₹ 1,582 crore a year earlier.
Profit after tax for the nine months surged to .₹ 111 crore from .₹ 16 crore.
The company’s consolidated net profit in the third quarter rose sevenfold to .₹ 92.9 crore. Indian Hotels said its unit United Overseas Holding incurred a loss of .₹ 103 crore a year earlier after divesting stake in IHMS (Boston), which owned the Taj Boston. The divestment was completed on July 12, 2016