IHCL posts Q1 profit at Rs 9.1 crore
New Delhi, Aug 10 (PTI) Tata group hospitality firm Indian Hotels Co Ltd (IHCL) today reported consolidated net profit of Rs 9.1 crore in the first quarter ended June 30, 2018.
The company had posted a consolidated net loss of Rs 28.44 crore in the same quarter last fiscal, IHCL said in a BSE filing.
Revenue from operations during the quarter under review stood at Rs 979.7 crore. It was at Rs 911.16 crore in the same quarter in the previous year.
IHCL Managing Director and Chief Executive Officer Puneet Chhatwal said, "It has been a great start to a historically slow quarter. Demand continues to outpace supply..."
During the quarter, he said the company signed six new hotels with an inventory of approximately 800 rooms across all brands in key locations in India and overseas.
In view of the seasonality of the sector, the financial results for the quarter are not indicative of the full year's expected performance, the company said.
In a separate filing, IHCL said its board has approved appointments of TVS Motor Co Chairman Venu Srinivasan and IHCL veteran Mehernosh Kapadia as non-executive directors with immediate effect.
Srinivasan is also a director on the board of Tata Sons.
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