Shares of Indian Hotels Company continued to make gains for the second straight row as the company posted its results for the quarter ended December.

What Happened: In the third quarter ended December, the parent of the Taj group of hotels, reported a 18% increase in net profit compared to the year-ago period, reaching ₹452 crore. The Tata Group company’s net profit was at ₹382.71 crore in the same period last year.

The hospitality giants posted a 14.1% uptick in revenue, reaching₹1,963.24 crore from ₹1,685.80 crore in the corresponding period last year. This growth in total revenue was primarily driven by a 21% increase in room revenue, the company highlighted in its statement.

The company’s EBITDA came in at ₹772 crore with an EBITDA margin of ₹38.5%.

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Puneet Chhatwal, CEO, IHCL, expressed satisfaction with the company’s performance, noting, “IHCL continues to demonstrate industry-leading growth with 28 hotels signed and 16 hotels opened this financial year, with a portfolio of 285 hotels, including a pipeline of 85 hotels.” He also mentioned recent signings in new destinations such as Ayodhya, Itanagar, Dibrugarh, Surat, Dehradun, and Chitwan in Nepal, indicating the company’s strategic expansion plans.

Reacting to the results, Jefferies maintained its “buy” rating for the stock with a price target of ₹450. The research firm said that the company continued its strong performance. The analysts added that new businesses and better asset management would continue to drive profit going forward.

Price Action: Indian Hotels Company’s share price was up 2.37% to trade at ₹506.25 as the markets opened on Friday. The stock went up over 4% to hit a new all-time high of ₹515.95.

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