Latest News | Indian Hotels Company Q1 Net Loss at Rs 313 Cr Due to COVID-19 Impact

New Delhi, Aug 6 (PTI) Indian Hotels Company on Thursday reported a consolidated net loss of Rs 312.60 crore for the quarter ended June 30, 2020 impacted by the COVID-19 pandemic.

It posted a net profit of Rs 4.98 crore for the year-ago same period, Indian Hotels Company Ltd (IHCL) said in a filing to BSE.

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Total income stood at Rs 175.34 crore during the quarter under review. It was Rs 1,057.06 crore in the same period of the previous fiscal, it added.  

"The global travel and tourism industry was at a virtual standstill in the last three months, which had a big impact on the hospitality sector," IHCL MD and CEO Puneet Chhatwal said.

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While over 50 per cent of IHCL hotels were closed for most part of the quarter due to government lockdowns, "we implemented R.E.S.E.T 2020, a strategy to mitigate the impact of COVID19; and several revenue enhancement and spend optimization measures initiated have started yielding results," he added.

IHCL remains confident, given the strength and power of its brand and market leadership, that it will weather this disruption and emerge stronger, Chhatwal said. 

The company supported the fight against the pandemic by delivering 2.4 million meals to the medical fraternity and migrant workers, and hosting 55,000 room nights for the medical community, IHCL said.

About the steps being taken by the company to manage the situation, IHCL Executive VP and CFO Giridhar Sanjeevi said,“We have taken substantial steps to preserve liquidity. In addition, we are rationalizing all costs and maintaining the highest financial prudence. This will assist us in managing the evolving situation".

Shares of IHCL settled at Rs 77.70 per scrip on BSE, down 0.06 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)