Indian Hotels profit up 28% at Rs.64.62 cr

Written by Agencies | New Delhi | Updated: Feb 12 2013, 06:14am hrs
Tata-group firm Indian Hotels Company on Monday reported 28.01% rise in profit after tax at R64.62 crore for the quarter ended December, mainly on account of good occupancy.

The company had posted profit after tax (PAT) of R50.48 crore for the corresponding quarter last fiscal, Indian Hotels Company said in a filing to Bombay Stock Exchange.

Its net sales were R544.55 crore for the October-December quarter of 2012-13, against R521.48 crore for the year-ago period.

The Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces.

Meanwhile, Indian Hotels Company said it was reviewing its options after Orient-Express Hotels rejected its takeover bid.

The company made an unsolicited $1.2 billion bid for US-listed, luxury hotels group Orient-Express in October.

On November 8, 2012 , Orient-Express rejected a $1.2 billion takeover offer from Indian Hotels, saying it was too cheap.

Taj Hotels Resorts and Palaces comprises 93 hotels in 55 locations across India with an additional 16 international hotels in the Maldives, Malaysia, Australia, UK, USA, Bhutan, Sri Lanka, Africa and the West Asia.

The companys scrip closed at R61.50 on the BSE, down 0.73% from its previous close.