Indian Hotels Company Ltd Q2 PAT up 37% to Rs 167 crore

New Delhi, Oct 27: Indian Hotels Company Ltd (IHCL) on Friday said its consolidated profit after tax (PAT) rose 37 per cent to Rs 167 crore in the second quarter ended September 30, 2023.

In the year-ago period, the company's PAT stood at Rs 121.56 crore.

IHCL plans to open 11 more hotels in FY24

IHCL MD & CEO Puneet Chhatwal in a telephonic interview to PTI said the company plans to open 11 more hotels in the current financial year ending March 2024.

"We plan to open 20 hotels in the current financial year. We have already opened nine hotels, and plan to open 11 more in the remaining over five months," he shared.

Total income from operations rises to Rs 1,480.87 crore

Total income from operations rose to Rs 1,480.87 crore in July-September period, from Rs 1,257.57 crore in the corresponding quarter of 2022-23, it said in a regulatory filing.

"India's economic momentum coupled with higher consumer spending augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year," Chhatwal said.

IHCL acquires 2,59,000 equity shares of Piem Hotels

The company also informed about the acquisition of 2,59,000 equity shares of its subsidiary Piem Hotels held by New Vernon Private Equity Limited, representing 6.80 per cent of the paid-up equity share capital of Piem Hotels, by way of a combination of share swap and cash.

It also intimated about the acquisition of 10,718 shares of Piem Hotels held by Tata Investment Corporation Ltd (TICL) representing 0.28 per cent of the paid-up equity share capital of Piem Hotels by way of a share swap; and issuance of equity shares on preferential basis to New Vernon and TICL, for consideration other than cash.

IHCL seeks shareholders' approval for preferential issue of equity shares

Indian Hotels Company Limited (IHCL) said it is seeking approval of shareholders for issuance of equity shares on a preferential basis through postal ballot.

IHCL has a portfolio of 274 hotels including 82 under development globally across 4 continents, 11 countries and in over 100 locations. It is India's largest hospitality company by market capitalisation.