DELHI: Indian Hotels Co, the Tata company that operates the Taj group of hotels, swung to a net profit for the second quarter on a standalone basis, helped by income from a claim settlement in Karnataka.
The company on Friday reported a standalone net profit of Rs 28 crore for the quarter to September, compared with a loss of Rs 7 crore a year earlier. On a consolidated basis, which also covers subsidiaries, its net loss narrowed to Rs 27 crore from Rs 152 crore.
The company on Friday reported a standalone net profit of Rs 28 crore for the quarter to September, compared with a loss of Rs 7 crore a year earlier
Standalone income from operations rose 9 per cent to Rs 514 crore, while operating profit increased 8 per cent to Rs 71 crore.
The company reported total consolidated income from operations of Rs 885 crore. Excluding Taj Boston, the sale of which it completed in July, its total consolidated income from operations grew 6 per cent.
The standalone results for the past quarter included income accrued on claim settlement from Karnataka Forest Development Corporation of Rs 24 crore and refund of sewerage tax and interest totaling Rs 6 crore, it said.