Indian Hotels Company Ltd (IHCL) has reported a profit of Rs 213 crore for the quarter ended December 31 on a consolidated basis compared to a profit of Rs 170 crore in the corresponding period of the previous fiscal.The hospitality chain reported revenues of Rs 1372 crore for the quarter under review, up from Rs 1323 crore in the corresponding period of the previous fiscal, a jump of about 4 per cent.
On a consolidated nine month basis, IHCL reported revenue from operations of Rs 4512 crore, up from Rs 3267, a jump of 38 per cent.
The company reported a profit of Rs 296 crore on a nine year basis, up from Rs 173 crore in the corresponding period of the previous fiscal.IHCL said other income for the quarter and nine months ended December 31 includes Rs 29 crore and Rs 62 crore respectively towards gain on sale of residential flats by the parent company.
In the statement of profit and loss for the current year, the nature of expenses in respect of operating leases has changed from lease rent to depreciation on right of use asset and finance cost for interest accrued on lease liability using the effective interest method.
Consequently, finance costs for the quarter and nine months ended December 31, 2019 is higher by Rs 17 crore and Rs 51 crore respectively.
There is corresponding reduction in other operating and general expenses for the quarter and nine months ended December 31 2019 of Rs 45 crore and Rs 135 crore respectively and consequently profit before tax for the quarter and nine months ended December 31, 2019 is lower by Rs 12 crore and Rs 35 crore respectively.