Indian Hotels Company, owners of the Taj brands of hotels, on Tuesday announced a 57% year-on-year increase in net profit at R94.0 crore for the quarter ended March. The company had reported a profit of Rs 60.0 crore last year.
The performance was driven by improved occupancy rates and growth in average room revenue across key markets and customer segments, the company said.
“The company has faced unprecedented challenges over the last two years and quite clearly a turnaround has happened,” said Raymond Bickson, managing director, Indian Hotels Company.
The company’s total income increased by 21% to Rs 546.0 crore during the quarter against Rs 452 crore in year-ago period. For the fiscal year 2010-11, the company registered a profit after tax of Rs 141.0 crore compared to Rs 153 crore last fiscal.
The company will open 11 new hotels by 2013 including one in Morocco. Promoters will infuse R400 crore in the current fiscal year, the company said.
The Tata group firm reported consolidated debt of Rs 3600 crore till date and the management said that no fund raising would be carried out in the current fiscal year.