Indian Hotels Company (IHCL), owner of the Taj brand (and one of the hotels in Mumbai which suffered a terror attack last year), today declared a drop of 73.2 per cent in net profit at Rs 16.44 crore for the first quarter, as turbulent economic conditions globally impacted foreign inflow into the country. The company, which is also India’s biggest hotel company, operating under four brands, had reported a net profit of Rs 61.3 crore last year.
The company’s profit before other income, interest and exceptional items stood at a dismal Rs 9.45 crore, a drop of 90 per cent as compared to the Rs 96.4 crore reported in the same period a year earlier.
