Bulls check into Indian Hotels after highest ever quarterly profit

Indian Hotels’ management expects FY24 domestic business to be good, with India hosting events such as G20 conferences and the ICC ODI World Cup

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The share price of Indian Hotels gained close to 4 percent in the morning trade on February 1 after the Tata-group hospitality firm reported an over four-fold year-on-year rise in consolidated net profit at Rs 383 crore for the quarter ended December 2022.

At 9.40 am,Indian Hotels was quoting at Rs 314.50 apiece, higher by 4.49 percent. Trading volumes at 5.6 million shares were 1.64 times the 20-day average of 3.4 million. The scrip is trading above its 200-day simple moving average of Rs 283.65.

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In the quarter, Indian Hotel’s revenue rose 24 percent from the year-ago period to Rs 1,744 crore. While occupancy fell from 73.3 percent in pre-COVID era to 72.1 percent, the average room rate jumped 25 percent to Rs 15,456.