Indian Hotels Company shares drop 8 pc after Q4 earnings

Shares of Indian Hotels Company Ltd (IHCL) on Thursday tanked nearly 8 per cent in early trade after the company reported a 37.75 per cent decline in consolidated net profit for the March quarter.

Shares of Indian Hotels Company Ltd (IHCL) on Thursday tanked nearly 8 per cent in early trade after the company reported a 37.75 per cent decline in consolidated net profit for the March quarter. It declined 7 per cent to Rs 86.30 on BSE and 7.82 per cent to Rs 85.40 on NSE.

The Tata group hospitality arm on Wednesday reported a 37.75 per cent decline in its consolidated net profit at Rs 76.29 crore for the March quarter, hit by the COVID-19 pandemic. The company had posted a net profit of Rs 122.56 crore for the corresponding period of the previous fiscal, IHCL said in a filing to BSE.

Its consolidated total income stood at Rs 1,101.02 crore for the quarter under consideration as against Rs 1,281.55 crore for the same period a year ago, it said. For the fiscal year ended March 2020, its net profit came in at Rs 363.74 crore as against Rs 296.12 crore for the previous year.