Indian Hotels Company that operates Taj hotels, resorts and palaces today posted a 22.48 per cent decline in its net profit at Rs 50.29 crore for the quarter ended December 31, 2010.
In the same quarter last fiscal, the company's net profit was Rs 64.88 crore, it said in a filing to the Bombay Stock Exchange.
The company's net sales for the quarter under review saw an increase of 14.92 per cent at Rs 485.34 crore, as against Rs 422.31 crore in same period of prior fiscal.
During the quarter under review, the firm launched its Taj Falaknuma Palace in Hyderabad after an exhaustive restoration.
The company's scrips were trading at Rs 88.20 per share, in the afternoon trade, down 3.87 per cent from the previous close on the Bombay Stock Exchange.
