Tata Group hospitality arm Indian Hotels Company, which reported a 56.6 per cent jump in Q4 PAT at Rs 59.91 crore against Rs 38.25 crore in year-ago period today, said it has earmarked up to Rs 260 crore capex to set up four greenfield projects and add 1,647 rooms this fiscal.
"We have a capex plan of around Rs 260 crore for this fiscal. We plan to set up four greenfield projects and add 1,647 rooms during this fiscal," Indian Hotels Company (ICHL) Chief Financial Officer Anil Goel told reporters here.
Apart from the four greenfield projects, IHCL, which owns and runs the Taj brand of luxury and premium hotels and resorts, plans to renovate and refurbish 13 hotels and add 1,647 new rooms during FY11, he said.
In the March quarter, the company on a standalone basis, clocked a total income of Rs 443.34 crore as against Rs 418.22 crore in the year-ago period, while its profit after tax stood at Rs 59.91 crore as against Rs 38.25 crore in the year-ago period, Goel said.
IHCL clocked a consolidated net loss of Rs 136 crore in FY10 as against a net profit of Rs 12.4 crore in the year-ago period. Its consolidated total income declined to Rs 2,516 crore in FY10 against Rs 2,711 crore in the year-ago period.
The company reduced its consolidated net debt from Rs 4,200 crore in FY09 to Rs 3,800 crore as on March 31, 2010, he added. "The focus this year will be on not allowing our debt to climb up," Goel said.
"The decline was mainly because of the economic slowdown not only in the country but also in many international markets, within which the company owns and operates it hotels," Goel said, adding the company faced "unprecedented challenges" over the last 18 months but is now beginning to witness a turnaround in sentiments in the domestic market.
On its US and other international operations, Goel said the focus would be on a time-bound turn-around programme. Its British business has been posting a robust performance since the last two years, he said. "Despite recession, tourism continues to thrive. Our British business has been robust since the past two years," he said.
The Tata group company has invested $16 million in its 50:50 joint venture with the Cigan Group to set up a premium resort in Phuket, Thailand.
On insurance claims for the 26/11 damaged Taj Mahal Palace & Tower, Goel said: "The hotel was covered for loss of profits on account of business interruption for 12 months which expired last November. As on date, it got Rs 180 crore towards a payment covering claims for business nterruption and property damage. The group is looking forward to the reopening of heritage wing on July 1.
IHCL shares closed at Rs 98.85 on the BSE, down 2.95 per cent.
