Indian Hotels net up 79% to Rs 61 crore

Indian Hotels has posted a 79 per cent increase in its net profit for the quarter ended December 31, 2005, at Rs 61.54 crore against Rs 34.97 crore in the corresponding period last year.

An enterprise of the Tata group, the company's turnover went up by 30 per cent to Rs 328.50 crore from Rs 252.58 crore over the corresponding period in the previous year.

Gross profit went up to Rs 115.45 crore for the third quarter from Rs 70.43 crore of the corresponding period of FY05, an increase of 64 per cent. The EBIDTA went up to Rs 92.85 crore from Rs 45.57 crore over the corresponding period last year.

For the nine months ended 31 December, 2005, the company's net profit increased by 65 per cent to Rs 104.93 crore from Rs 63.68 crore in the same period last year.

Revenue over the same period grew 26 per cent from Rs 603.42 crore to Rs 761.74 crore. Gross profit grew by 64 per cent from Rs 133.20 crore to Rs 218.77 crore. And EBIDTA for the nine months ended December 31, 2005 grew 134 per cent to Rs 155.10 crore from Rs 66.20 crore in the same period last year.

"The Indione hotel at Haridwar will open in February and by July, another six across the country will begin operations," said Raymond Bickson, managing director.

The company is also looking at south-east Asian tourist spots such as Bali and Phuket for more acquisitions, added Bickson.

The company will also launch a wildlife tourism package in the country next financial year in partnership with CCA, a part of the Chaudhary group.

The hotel chain added about 2,000 rooms this year.