Indian Hotels Company narrows Q2 net loss to Rs 5.57 crore

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) Wednesday reported narrowing of its consolidated net loss to Rs 5.57 crore for the quarter ended September 2018.

The company had posted a net loss of Rs 59.95 crore for the corresponding period last fiscal, IHCL said in a filing to the BSE.

Total income stood at Rs 981.15 crore for the quarter under consideration as against Rs 864.18 crore in the same period a year ago.

"It has been a momentous year for IHCL as it retains the iconic Taj Mahal, New Delhi, and renews its long-term agreement for the landmark hotel, Taj Lake Palace, Udaipur," IHCL MD and CEO Puneet Chhatwal said.

In line with its five-year business strategy, Aspiration 2022, IHCL continued its growth trajectory and signed 15 new hotels across brands in this year, he added.

"The company has shown a marked improvement across all financial parameters with a significant margin and EBITDA expansion for the second quarter as well as the half year," Chhatwal said.

In line with the asset monetisation strategy, the company's associate company Oriental Hotels Ltd (OHL) sold the Gateway Hotel Beach Road Visakhapatnam, while retaining the management contract with IHCL, the company said.

The money generated from the sale is being used to reduce debt in OHL, it added.

Its shares closed at Rs 130.75 per scrip on the BSE, up 0.31 per cent from its previous close.