Indian Hotels share price was down 2 percent in the morning trade on June 11, a day after the company reported a 37.75 percent decline in consolidated net profit.
The Tata group's hospitality arm reported a consolidated net profit of Rs 76.29 crore for the March quarter, hit by the COVID-19 pandemic. It had posted a net profit of Rs 122.56 crore in the same period of the previous fiscal, IHCL told BSE.
Its consolidated income stood at Rs 1,101.02 crore for the quarter against Rs 1,281.55 crore for the same period a year ago, the filing said.
The stock, which has gained 34 percent in the last one month, was quoting at Rs 91.20, down Rs 1.60, or 1.72 percent at 0944 hours. It touched an intraday high of Rs 91.30 and an intraday low of Rs 86.30. The stock was one of the biggest BSE midcap losers.
For the fiscal year ended March 2020, Indian Hotels' net profit stood at Rs 363.74 crore against Rs 296.12 crore in the previous year. Total income stood at Rs 4,595.56 crore 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.
The company's board on June 10 recommended a dividend of Re 0.50 per equity share of Re 1 each, it said in a filing to the exchanges.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Indian Hotels MFs decreased their shareholding in the last quarter while results indicate a decline in operating profit margin and net profits (YoY).
But Moneycontrol is bullish on the stock, with technical indicators and moving averages looking favourable.
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