Kamat Hotels was trading almost 3 percent higher on October 27 morning, a day after the hospitality company concluded the sale of its unit Hotel IRA by Orchid in Mumbai, to Lateral Hospitality. As of mid-day, the share was trading 1.3 percent higher than yesterday's close at Rs 209.65.
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According to a regulatory filing, Kamat Hotels concluded the sale of its unit Hotel IRA by Orchid in Mumbai, to Lateral Hospitality for Rs 125 crore. As a result of this sale, the firm has reduced its debt towards redemption of non-convertible debentures by Rs 125 crore. The total debt now stands at Rs 172.50 crore. Further, it has taken on lease the same property, from Lateral Hospitality for managing the operations of hotel.
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For Q2 FY24, the company reported a 4 percent increase in revenue year-on-year to Rs 0.64 crore in Q2FY24. Earnings before Interest, Taxes, Depreciation and amortisation remained unchanged for the same period while the net profit fell 99 percent to Rs 0.03 crore ( Rs 0.3 million) in Q2FY23 due to increase in tax and finance cost.
Mumbai-based Kamat Hotels (India) operates under 5 brands names with properties around the country.
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