Indian Hotels Q1 net up 70%

BS 200 SCORECARD

Indian Hotels , the Tata group's hospitality company, has reported a 70.2 per cent increase in net profit to Rs 6.40 crore for the first quarter ended June 30, 2004 compared with Rs 3.76 crore in the same period last year.

Sales and other operating income jumped 23-per cent to Rs 159.40 crore during the period under review against Rs 129.63 crore in the first quarter of 2003-04. Room revenues grew 27 per cent in first quarter over the previous year owing to a combination of higher average room revenues and occupancies.

Food and beverage revenues also recorded a 16 per cent increase. Total expenditure increased 21.3 per cent to Rs 139.05 crore for the three months ended June 30, 2004, compared with Rs 114.66 crore in the corresponding three months of last year.

Operating margin for the first quarter improved by 120 basis points. In June 2004, the company has unveiled IndiOne, a budget hotel ""referred as smart basic hotel""in Bangalore to address the lower end of the market.