Indian Hotels Company posts Rs 71.5 crore profit in March quarter

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Wednesday reported a consolidated net profit of Rs 71.57 crore in the fourth quarter ended on March 31, 2022.

The company had posted a consolidated net loss of Rs 97.72 crore in the same period of the previous fiscal, IHCL said in a regulatory filing.

Consolidated revenue from operations during the quarter under review stood at Rs 872.08 crore as against Rs 615.02 crore in the year-ago period.

Total expenses during the fourth quarter stood at Rs 894.16 crore as compared to Rs 754.15 crore in the same period a year ago, the company said.

For the fiscal ended March 21, 2022, IHCL said its consolidated net loss narrowed to Rs 264.97 crore. The consolidated net loss was at Rs 795.63 crore in the previous fiscal.

Consolidated revenue from operations in 2021-22 stood at Rs 3,056.22 crore as compared to Rs 1,575.16 crore in 2020-21, the company said.

The Board of Directors at their meeting held on Wednesday have recommended a dividend of 40 paisa per share, subject to the approval of the members at the ensuing Annual General Meeting, it added.

The business has been impacted during the year on account of COVID-19. During the first three months of the year, the group witnessed softer revenues due to the second wave of COVID-19 and consequent lockdowns in several states across India where the Group predominantly operates, IHCL said.

Also there was a third wave in the month of January 2022, resulting in restrictions in some states, which also adversely impacted the revenues.

"However, with increased vaccinations and consequent reduction in number of cases and easing of all restrictions, the group has witnessed recovery in both leisure and business segments in all the other months," it added.