Indian Hotel Company‘s share price was trading lower in early trade on Friday as the Tata Group company posted its results for the quarter ended June.
What Happened: The hospitality giant’s profits grew to ₹222 crore from the ₹170 crore profit it reported in the June quarter of 2022. Revenue from operations for the April-June period stood at ₹1,516 crore, up 17% from the year-ago period.
The company in a statement said it has signed 11 and opened 5 new hotels across all its brands. It now has a total of 191 hotels across brands.
Talking about the coming quarter, CEO Puneet Chhatwal said, “The outlook for the upcoming quarters remains strong with the pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals.
Reacting to the results, ICICI Securities analysts upgraded the stock’s rating to “buy” from “add” with a price target of ₹443.
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Price Action: Indian Hotels’ share price was 0.97% to trade at ₹381.20 as the markets opened on Friday.
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