Tata group hospitality arm Indian Hotels Company on Friday reported a consolidated net loss of Rs 97.72 crore for the fourth quarter ended March 2021, impacted by continued pandemic related challenges.
The company had posted a net profit of Rs 76.29 crore for the corresponding period of the previous fiscal, Indian Hotels Company Ltd (IHCL) said in a regulatory filing.
The revenue from operations stood at Rs 615.02 crore for the quarter under consideration. It was Rs 1,062.98 crore for the same period a year ago, it added.
For the fiscal ended March 2021, the hospitality major posted a net loss of Rs 795.63 crore. It had registered a net profit of Rs 363.74 crore in the preceding fiscal, the filing said.
The consolidated revenue from operations for the fiscal ended March this year stood at Rs 1,575.16 crore. It was Rs 4,463.14 crore in the year-ago period, it added.
For FY21, the Board of Directors have recommended an equity dividend of 40 per cent amounting to Rs 0.40 per share, the filing said.
"Despite continued pandemic related challenges that have impacted the travel and hospitality sector, IHCL has remained laser-focused on executing its R.E.S.E.T 2020 strategy," IHCL MD and CEO Puneet Chhatwal said.
The company has developed innovative revenue streams to meet evolving customer needs and have followed stringent spend optimisation and financial prudence measures, he added.
"These initiatives helped the company achieve quarter-on-quarter growth and deliver a positive EBITDA in the last two-quarters of FY 2020-21. The company will continue to evolve to cater to dynamic market trends, with agility at its core," Chhatwal said.
IHCL Executive VP and CFO Giridhar Sanjeevi said, "Our relentless focus on performance, management of operational costs and continuing efforts to strengthen liquidity has helped IHCL survive through this extremely challenging phase, and we will continue our multiple efforts to continue to grow and be profitable".
In a separate filing, IHCL said its Board today approved raising of long-term funds not exceeding Rs 275 crore by way of external commercial borrowings, foreign currency borrowings, non-convertible debentures, term loans or through any other debt instrument in one or more tranches.
The Board also authorised a committee to determine and approve the quantum, timing and terms and conditions of the instrument to be issued, it added.
IHCL has a portfolio of 221 hotels, including 55 under development globally across 4 continents, 12 countries and over 100 locations.
Shares of Indian Hotels Company Ltd closed at Rs 111.45 per scrip on BSE, up 0.81 per cent from its previous close.