Indian Hotels net up 59% in Q3

Indian Hotels Company, a Tata Group firm, on Friday reported a 59 percent jump in its standalone net profit at Rs 92 crore for the quarter ended December 31, as compared to Rs 58 crore in the same period last year.

Company`s total income from operations was at Rs 696 crore for the quarter ended December 31, 2016 as compared to Rs 663 crores reported for the corresponding period of the previous year.

Operating profit (EBITDA) for the December quarter stood at Rs 218 crore as compared to Rs 197 crore reported for the year-ago period.

The company has divested 100 percent LLC interests in IHMS (Boston) LLC which owned `Taj Boston` by United Overseas Holding Inc, a wholly owned overseas subsidiary of the company.

The hotel major has standalone gross debt of Rs 2,204 crore. After taking into account liquidity of Rs 265 crore, the net debt was Rs 1,939 crore as of December 31, 2016.