In­dian Ho­tels Q3 Net Up 58%

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

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

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