ITC Hotels Shares Surge Amid Profit Boost

Shares of ITC Hotels Ltd surged nearly 5% after announcing a 53% rise in consolidated net profit. The stock peaked at its 52-week high, closing at Rs 238.50 on the BSE. ITC aims to expand its operational hotels to 220 by 2030, driven by strong room revenue growth.

Shares of ITC Hotels Ltd soared nearly 5% on Wednesday following a substantial 53% spike in consolidated net profit. The stock reached a 52-week high, closing at Rs 238.50 on the BSE, showcasing investor confidence in the firm's positive financial trajectory.

The financial results indicate an impressive growth in profit, with the company posting Rs 133.71 crore in consolidated net profit for the June quarter, significantly up from Rs 87.16 crore in the same period last year. The surge is attributed to increased revenue from operations, which amounted to Rs 815.54 crore, up from Rs 705.84 crore a year earlier.

ITC Hotels is set to pursue an ambitious expansion strategy, aiming to operate 220 hotels with over 20,000 keys by 2030. This growth is supported by robust room revenues stemming from strong performances in the retail, MICE, and wedding market segments, as stated in a company release.

(With inputs from agencies.)