Indian Hotels Company Q3 net profit rises

Indian Hotels Company Ltd on Tuesday reported an over four-fold rise in consolidated net profit at Rs 403.56 crore in the third quarter ended December 2022 on the back of robust demand. The company had posted a consolidated net profit of Rs 95.96 crore in the year-ago period, Indian Hotels Company Ltd (IHCL) said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,685.8 crore as against Rs 1,111.22 crore in the corresponding period previous fiscal, it added. Total expenses were higher at Rs 1,248.62 crore in the third quarter, up from Rs 1,014.23 crore a year ago. Buoyed by a strong demand in the third quarter, both leisure and business hotels in key domestic markets reported occupancy of over 70 per cent and a rate growth of 27 per cent as compared to pre-Covid levels, the company said. IHCL Managing Director & CEO Puneet Chhatwal said the company continued to report strong operational and financial performances across its businesses in Q3 resulting in an all-time high profit after tax. ”Robust demand across markets and segments, including our airline catering has led to all group companies reporting a positive PAT in Q3 across domestic and international operations,” company’s Executive Vice President and CFO Giridhar Sanjeevi said