The Indian Hotels Company Limited announced its financial results for the year ended March 31, 2008. The company said that it has posted a profit after exceptional item and tax of Rs 354.98 crore for the year ended March 31, 2008 as compared to Rs 370.31 crore in the previous year.
The company has also reported a total income of Rs 3,076.77 crore for the year ended March 31, 2008 as compared to Rs 2,655.40 during the previous fiscal year.
On a standalone basis, the company reported a profit of Rs 377.46 crore for the year ended March 31, 2008 as compared to Rs 322.39 crore during the last financial year. The total income of the company stands at Rs 1,823.13 crore for the year ended March 31, 2008 as compared to Rs 1,617.19 crore during the last fiscal year. Indian Hotels stock was down 4.47% on the BSE on Monday to close at Rs 92.95 on a highly volatile market.
International Hotel Management Services Inc., a 100% overseas subsidiary of the company, in order to undertake renovation, shut down all the rooms at The Pierre Hotel, New York. Thus, due to the closure of rooms for renovation, the company incurred an expenditure of Rs 54.16 crore as employee severance cost.
The company has a capex of Rs 400 crore for FY 09.
“We have India wise expansion plans, and expect to see a robust growth. For the last year there has been around 70% occupancy rate in our hotels and we expect to maintain that in the coming days,” commented Raymond N Bickson, managing director, The Indian Hotels Company Limited.