Shares of this Tata Group stock traded in the green in Friday’s trading session after announcing results for the quarter ending June 2023. In the past six months, the company’s stock has soared close to 35 percent from the current price levels.
The stocks of Indian Hotels Company Limited closed at Rs 391.65 on Friday gaining around 2 percent as compared to the previous closing levels of Rs 384.95 apiece. The company has a market capitalization of Rs 55,629 crores.
The stock price movements were witnessed today after the company, through a regulatory filing with the Bombay Stock Exchange (BSE) dated 27th July 2023, announced the results for Q1FY23-24.
In recent quarters, there is a dip in the basic operational indicators such as the revenues as well as after-tax profits. The operating revenues declined from Rs 1,625 crores during Q4FY22-23 to Rs 1,466 crores during Q1FY23-24, and, after-tax profits reduced from Rs 339 crores to Rs 236 crores keeping the timeframe the same.
On a contrasting note, the company, on a YoY basis, reported an increase in the above-mentioned metrics with the operating revenues moving up from Rs 1,266 crores during FY21-22 to Rs 1,466 crores during FY22-23, and, the after-tax profits, rose from Rs 181 crores to Rs 236 crores indicating an increase of approximately 30 percent.
In another filing, the company informed about acquiring a 100 percent stake in Pamodzi Hotels PLC, a listed company in Zambia, from “Tata International Singapore PTE Limited”. In addition to the above, the company is going to enter into a Lease Agreement pertaining to the operations of a Hotel for a period of twenty years in Frankfurt, Germany
As per the latest shareholding pattern data available for the June 2023 quarter, the Promoters hold a 38.19 percent stake, and the Foreign Institutional Investors (FIIs) hold a 21.64 percent stake in the company.
Founded in 1868, Indian Hotels Company Limited, along with its subsidiaries, owns, operates, and manages a wide range of hotels, resorts, & palaces within and outside India under the brand names of Taj, Vivanta, and many more.
Written by Amit Madnani
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