Indian Hotels soars 7% on heavy volumes backed by strong Q3 show

The demand outlook for the sector in 2023 remains robust on the back of sporting events such as world cup hockey and cricket and global events like the ongoing G20.

Shares of Indian Hotels Company (IHCL) soared 7 per cent to Rs 322 on the BSE in Wednesday’s intra-day trade amid heavy volumes after the company reported an all-time high profit after tax (PAT) of Rs 383 crore in December quarter (Q3FY23), which exceeds any previous full year PAT.

India’s largest hospitality company had posted PAT of Rs 76 crore in a year ago quarter (Q3FY22).  PAT was up 88 per cent from pre-Covid levels of Rs 203 crore in Q3FY20.

IHCL reported strong growth in revenues in Q3. Revenue grew 51.7 per cent YoY to Rs 1,685