New Delhi, June 10 (PTI) Tata group hospitality arm Indian Hotels Company Ltd (IHCL) on Wednesday reported a 37.75 per cent decline in its consolidated net profit at Rs 76.29 crore for the March quarter, hit by the COVID-19 pandemic.
The company had posted a net profit of Rs 122.56 crore for the corresponding period of the previous fiscal, IHCL said in a filing to the BSE.
Its consolidated total income stood at Rs 1,101.02 crore for the quarter under consideration as against Rs 1,281.55 crore for the same period a year ago, the filing said.
For the fiscal year ended March 2020, its net profit came in at Rs 363.74 crore as against Rs 296.12 crore for the previous year.
Total income stood at Rs 4,595.56 crore for the fiscal year ended March this year, against Rs 4,595.38 crore a year ago.
“IHCL has delivered on the promise of profitable growth across all parameters, culminating in an all-time high EBITDA and PAT. The re-imagined brandscape helped us reach a significant milestone of 200 hotels in our portfolio,” IHCL managing director and CEO Puneet Chhatwal said.
He added that another proud moment for the company is the recent recognition of Taj as India’s strongest brand across all industries by Brand Finance — a brand valuation consulting firm.
“This ranking is a testament to the strength of our brand and the trust reposed in us by all our stakeholders, as we ready to welcome guests in the new normal with enhanced health and safety protocols,” Chhatwal said.
IHCL signed 29 hotels in the current financial year, adding over 3,700 rooms to its portfolio. It also opened twelve hotels, one hotel a month, for FY 2019-20 and added over 1,500 rooms to its operational inventory, the hospitality major said.
The company harnessed its diverse brandscape to drive asset light growth through management contracts and 42 per cent of its portfolio is now management contracts. This was 32 per cent two years ago, it added.
IHCL has a portfolio of 200 hotels including 42 under development globally across 4 continents, 12 countries and in over 100 locations.
Shares of Indian Hotels Company closed at Rs 92.80 per scrip on the BSE, up 3.86 per cent from their previous close.