IHCL clocks revenue of Rs 1466 cr for quarter ended June 30, PAT at Rs 236 cr
Tata Group backed Indian Hotels Company reported revenue from operations of Rs 1466 crore for the quarter ended June, up 16% year on year. The company clocked a profit of Rs 236 crore, up 30.3% year on year.IHCL MD and CEO Puneet Chhatwal said it was a 'historical' quarter one with the highest ever revenue and profit after tax numbers reported by the chain.
«We feel very optimistic with whatever we have achieved and as per our business on the books and the conversations we have had with consultants, it's going to be a good journey going forward as everything looks positive and upbeat. The outlook for the upcoming quarters remains strong with the pace of demand driven by domestic consumption momentum, global events and revival of international arrivals,» he added.
IHCL also announced the acquisition of Pamodzi Hotels PLC (presently a listed company in Zambia) from Tata International Singapore PTE for $ 15 million. IHCL said the company or one of its subsidiaries will purchase 100% equity in Pamodzi Hotels PLC that has long term lease hold rights for Taj Pamodzi, Zambia — a luxury hotel in Lusaka city, Zambia.
The company presently operates this hotel under a hotel operating agreement entered between the company and Pamodzi Hotels Plc. Presently, 90% equity of Pamodzi Hotels PLC is owned by Tata International Singapore PTE Ltd.
IHCL said the transaction is subject to Tata International Singapore PTE Ltd acquiring the balance 10% equity in Pamodzi hotels PLC through a delisting process in Zambia. IHCL said it will also enter into a lease agreement, for operation of a hotel in Frankfurt, Germany, for a period of 20 years with right of two renewals of 5 years each, on certain terms and conditions that include a capex
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