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Get latest company news, company results, company interviews, company financials, company analysis, company disclosure, corporate news, company announcements at Business Standard.

Company Business News, Indian Companies News, Company Analysis, Corporate Industry News

Q2 earnings, Q2 results

Indian Hotels Company Ltd on Friday said its consolidated profit after tax (PAT) rose 37 per cent to Rs 167 crore in the second quarter ended September 30, 2023.
In the year-ago period, the PAT was Rs 121.56 crore.
Total income from operations rose to Rs 1,480.87 crore in July-September period from Rs 1,257.57 crore in the corresponding quarter of 2022-23, it said in a BSE filing.
Total expense too was higher at Rs 1,248.68 crore as compared to Rs 1,101.20 crore.
"We opened 8 hotels and signed 17 more in the first half of the fiscal thereby maintaining an industry-leading pipeline of 82 hotels. India's economic momentum coupled with higher consumer spends augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year," Puneet Chhatwal, MD & CEO, IHCL, said.
The company also informed about the acquisition of 2,59,000 equity shares of its subsidiary Piem Hotels held by New Vernon 

Press Trust of India

Indian Hotels

Growth in the industry is largely expected from domestic demand which is expected to remain strong through FY24 even as international travel has shown green shoots of recovery.

Business Standard

hotels, staycation, coronavirus, hospitality, restaurants, tourism, quarantine, isolation, hospitals

Headwinds for the airlines and QSR sectors, analysts believe, could outweigh the positives in the form of a demand uptick

Indian Hotels Company

Growth in the industry is largely expected from domestic demand which is expected to remain strong through FY 2023-24

Some investors may have preferred a vertical split (100 per cent direct). This move will not likely have a big implication for ITC's share price, wrote analysts at Jefferies in a note

The move to demerge the hotel business into a separate entity by ITC has brought back focus on hotel stocks, which have already seen a good run thus far in FY24.

Bulls and bears

Every minor correction may see addition of long positions, say experts

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