Indian Hotels Company, part of the Tata group, on Friday posted a net profit of Rs 8.1 crore in the second quarter ended September against a loss of Rs 6.3 crore in the corresponding period of last fiscal year.
The company’s total income for the quarter was Rs 357.6 crore compared to Rs 328.5 crore in the corresponding quarter last year. For the first six months of the current financial year, the company posted a net profit of Rs 29.4 crore. The company said the turnaround in the bottom line was on account of better margins.
The company has a consolidated debt of Rs 3,400 and a standalone debt of Rs 2,300. The company will not be raising any more debt, officials said . For expansion, the company would depend on internal accruals.
“The 6 months results have been affected not just by the downturn in the domestic economy but also continued uncertainty in the economic environment in the key overseas market,” said Raymond Bickson, managing director, Indian Hotels.