Indian Hotels Company Ltd (IHCL) posted a net profit of Rs 20.31 crore for the quarter ended June 30, 2011. For the corresponding quarter last fiscal, the company's net profit was Rs 3.33 crore, it said in a filing to the Bombay Stock Exchange (BSE).
IHCL also reported a 12 per cent increase in its income from operations that increased to Rs 369.54 crore from Rs 328.74 crore in the corresponding quarter of last year.
“The improvement in income from operations was supported by growth in income from rooms and also through food and beverages sales,” it said in a press release.
Rooms sold across the company's hotels increased by 8 per cent in volume over the corresponding quarter for the preceding year together with a four per cent growth in average room rates, the statement said.
Announcing the results, the Managing Director of IHCL said the first quarter results were encouraging to the extent that most key markets showed an improvement in demand with growth in occupancies while the rates too showed an encouraging improvement during a period which is typically an off-season for the industry.
He mentioned that the company was poised at opening several Vivanta by Taj hotels in the current financial year in Coimbatore, Bangalore, Bekal, Coorg and other cities.
Shares of IHCL closed at Rs 76.50, down 0.84 per cent from previous close on the BSE.