Tata group hospitality major Indian Hotels Company today reported 3.81 per cent increase in its consolidated net profit to Rs 61.84 crore for the third quarter ended December 31, 2014.
The company had posted a consolidated net profit of Rs 59.57 crore for the corresponding quarter of the previous fiscal, Indian Hotels Company said in a filing to BSE.
Consolidated total income from operations during October-December grew by 4.25 per cent to Rs 1,206.88 crore during the quarter under consideration as against Rs 1,157.61 crore for the same period a year ago.
Meanwhile, in a separate filing Indian Hotels said that it would divest its stakes in "inoperative subsidiaries" -- Ideal Ice and Cold Storage, Residency Food and Beverage, Taj Rhein Shoes and Tifco Securities in favour of a Mumbai-based Taida Trading and Investment Ltd.
The company said the board approved disinvestment of its investments, along with that of its subsidiaries held in the inoperative subsidiaries in favour of Taida Trading and Industries at a price determined through a third party valuation.
"The objective of the foregoing is to simplify the company's operating structure and no material impact is expected to accrue, pursuant to the aforementioned disinvestments," IHCL said.
Shares of the company today closed at Rs 123.25 per scrip on BSE, up 1.40 per cent from previous close.
