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IHCL reports Rs 69 crore profit for September quarter

IHCL said exceptional items during the quarter under review also comprise of a profit of Rs 2.12 crore on the sale of long term investments.

, ET Bureau|
Nov 11, 2019, 08.34 PM IST
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On a half year basis, IHCL reported revenue from operations of Rs 2027 crore, up from Rs 1944 crore, a jump of 4.26%.
New Delhi: Indian Hotels Company Ltd (IHCL) has reported a profit of Rs 69 crore for the quarter ended September 30 on a consolidated basis compared to a loss of Rs 5.57 crore in the corresponding period of the previous fiscal.

The hospitality chain reported revenues of Rs 1007 crore for the quarter under review, up from Rs 964 crore in the corresponding period of the previous fiscal, a jump of 4.4%.

On a half year basis, IHCL reported revenue from operations of Rs 2027 crore, up from Rs 1944 crore, a jump of 4.26%.

The company reported a profit of Rs 74.28 crore on a half year basis, up from Rs 3.53 crore in the corresponding half year period of the previous fiscal.

IHCL said its other income for the quarter and half year ended September 30, 2019 includes Rs 8.28 crore and Rs 32.78 crore respectively towards gain on sale of residential flats by the parent company.

IHCL said exceptional items during the quarter under review also comprise of a profit of Rs 2.12 crore on the sale of long term investments. IHCL said during the period under review, in order to consolidate the business and operations of air catering, the parent company has during the quarter, sold 7944112 shares held by it representing 50% of the paid up capital in Taj Madras Flight Kitchen Private Limited, a joint venture company to its other joint venture company Taj SATS Air Catering Limited at fair value based on independent valuation.

IHCL said, on a consolidated basis, its EBITDA for quarter two at Rs 182 crore was the highest in the last 10 years. The company said it signed 14 hotels with an inventory of approximately 2000 rooms in the first half of this year and is on track to open 12 hotels for financial year 2019-20.

Puneet Chhatwal, MD and CEO, IHCL said in line with its Aspiration 2020 strategy, IHCL has consistently delivered on all key metrics in the last six consecutive quarters.

"The company signed a record 14 hotels without any investment across all its brands," he added.

Giridhar Sanjeevi, CFO, IHCL said the company crossed the Rs 1000 crore revenue mark for the first time ever in any quarter two period.

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