Tata group hospitality arm Indian Hotels Company Ltd (IHCL) on Monday reported narrowing of its consolidated net loss to Rs 301.58 crore for the quarter ended June 30, 2021.
The company had posted a net loss of Rs 312.60 crore for the corresponding period of the previous financial year, IHCL said in a regulatory filing.
Its consolidated total income stood at Rs 370.30 crore for the quarter under consideration. It was Rs 175.34 crore for the same period a year ago, IHCL said.
IHCL Managing Director and CEO Puneet Chhatwal said, "In spite of the challenges posed by the second wave of the pandemic, the company has doubled its revenue in the first quarter as compared to that in the same period last year."
This growth is driven by domestic leisure demand. July was a good month, and business on the books for August looks promising. New businesses have performed well, he added.
IHCL Executive Vice-President and Chief Financial Officer Giridhar Sanjeevi said, "The company continued to be focused on minimising losses with stringent spend optimisation measures. This, coupled with the revenue increase, resulted in reducing the Ebitda loss by half over the first quarter last year."
Ebitda stands for earnings before interest, tax, depreciation and amortisation.
In a separate filing, IHCL said its board has approved raising of long-term funds not exceeding Rs 250 crore by way of secured or unsecured long-term financing. This will be garnered in any one or a combination 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, nature and terms & conditions of the instrument to be issued, it added.
Shares of Indian Hotels Company Ltd on Monday closed at Rs 143.40 per scrip on the BSE, down 0.97 per cent from its previous close.