Strong quarter results and acquisition: This company is attracting the attention of investors; do you own it?
The net profit of the company soared 30 per cent on the strength of double-digit revenue growth!
Shares of Indian Hotels Company Ltd gained on Friday after the company announced a number of encouraging developments, including a robust quarter performance.
The company reported a healthy growth of 15.82 per cent from Rs 1,266.07 crore registered in Q1FY23, recording total consolidated revenue of Rs 1,466.37 crore in Q1FY24. It has reported operating profit growth of 13.46 per cent. When compared to the same quarter last year, the consolidated net profit for the first quarter of FY24 climbed 30.81 per cent from Rs 170.05 crore to Rs 222.44 crore.
The company also announced that the board of directors had approved multiple proposals at its meeting. It was declared that the company or one of its subsidiaries would purchase 100 per cent of the equity in Pamodzi Hotels PLC (a Zambian listed company) from Tata International Singapore PTE Ltd. It further stated that the company will enter into a lease agreement for the operation of a hotel in Frankfurt, Germany, for a period of 20 years, with the right of two 5-year renewals, on specific predetermined terms and conditions.
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Shares have gained about 50 per cent in the previous year and are currently trading at Rs 391.60, with a 52-week high of Rs 405.20 per share on the BSE.
Indian Hotels Company Ltd (IHCL) and its subsidiaries bring together a collection of brands and businesses that integrate warm Indian hospitality with world-class service. ‘Taj’ is an established name for the most discerning travelers and is regarded as the world's strongest hotel brand.
Disclaimer: The article is for informational purposes only and not investment advice.