Oriental Hotels, a subsidiary of Indian Hotels announced its second-quarter results on Monday.
What Happened: Oriental Hotels in its Q2 results reported an 11.36% year-on-year decline in standalone net profit to ₹9.20 crore compared with ₹10.38 crore in the previous year. The company's revenue increased 13.47% to ₹102.62 crore. In the corresponding quarter of the previous year, it reported a topline figure of ₹90.39 crore.
The company's expenses jumped 11.69% from the previous year to ₹91 crore. Its total tax expenses increased 18.76% to ₹4.24 crore.
See Also: Ahead Of Hyundai India’s IPO, This Is What Analysts Suggest
In the June quarter, the company's net profit came in at ₹3.64 crore while its revenue was at ₹81.36 crore. Oriental Hotels Limited is an associate company of The Indian Hotels Company Limited (IHCL).
Indian Hotels held a 28.54% stake in the company as of June. Tata Chemicals held 1.41% of the company while Tata Investment Corporation owned a 0.60% stake.
Price Action: Shares of Oriental Hotels were up 1.25% to ₹181.24 on Monday afternoon. Oriental Hotel's shares have risen 50% in the year so far.
Read Next: Why IEX Shares Slumped A Sharp 6% On Monday Afternoon
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.