Indian Hotels share falls over 7% after Covid-19 affects Q4 net profit

Indian Hotels share price  fell 7% in early trade today after the firm reported a 37.75% decline in its consolidated net profit for the March quarter. Share price of Indian Hotels fell up 7% to Rs 86.30 compared to the previous close of Rs 92.80 on BSE. Total 1.02 lakh shares changed hands amounting to turnover of Rs 94.34.

Indian Hotels share has been trading higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. The stock has lost 38.68% during last one year and fallen 36.76% since the beginning of this year.

Market cap of the firm fell to Rs 11,030 crore. Net profit of Indian Hotels fell to Rs 76.29 crore for the March quarter affected by the COVID-19 pandemic.  The company reported a net profit of Rs 122.56 crore for the corresponding period of the previous fiscal. Consolidated total income for Q4 stood at Rs 1,101.02 crore against Rs 1,281.55 crore for the same period a year ago.

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Indian Hotels reported net profit of  Rs 363.74 crore in last fiscal against  Rs 296.12 crore for 2018-19. Total income stood at Rs 4,595.56 crore in 2019-20 against Rs 4,595.38 crore a year ago.

"IHCL has delivered on the promise of profitable growth across all parameters, culminating in an all-time high EBITDA and PAT. The re-imagined brandscape helped us reach a significant milestone of 200 hotels in our portfolio," IHCL managing director and CEO Puneet Chhatwal said.

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 By Aseem Thapliyal