Indian Hotels Company Ltd
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BSE Code:
500850
NSE Code:
INDHOTEL
Business Profile
Business Profile
The Indian Hotels Company (INDHOTELS) and its subsidiaries, collectively known as Taj Hotels Resorts and Palaces, is recogniZed as one of Asia`s largest and finest hotel companies. Incorporated by the Tata Group, the company opened its first property, The Taj Mahal Palace Hotel, Mumbai in 1903. Taj Hotels Resort and Palaces comprises 56 hotels in 39 locations across India with an additional 18 international hotels in Maldives, Mauritius, Malaysia, Seychelles, United Kingdom, United States of America, Bhutan, Sri Lanka, Africa, the Middle East and Australia. The Tata Group has 29.28% stake in the company.
Taj Hotels Resorts and Palaces is grouped into luxury, leisure and business categories to provide consistency across the different hotels and standardize products and services. It operates Taj Air, a luxury private jet operation with Falcon 2000 aircrafts designed by Dassault Aviation, France and Taj Yachts; two 3-bedroom luxury yachts which can be used in Mumbai and Kochi, in Kerala. It also operates Taj Sats Air Catering, the largest airline catering service in South Asia as a joint venture with Singapore Airport Terminal Services, a subsidiary of Singapore Airlines.
Financials
The company reported a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 37.70% to Rs 838.50 million from Rs 1,345.80 million in the same quarter last year. Net sales declined 26.75% to Rs 3,813 million, while total income for the quarter fell 23.48% to Rs 4,033.30 million, when compared with the prior year period. The company reported earnings of Rs 1.18 a share during the quarter, registering 47.09% decline over previous year period.
Recent Developments
12-JUN-09
The company is acquiring Elel Hotels and Investments for Rs 6.80 billion, a closely held company and a subsidiary of Claridges Hotel which holds the sublease for the land on which the Sea Rock hotel is located in Mumbai.
15-DEC-08
Taj Hotels Resorts & Palaces today announced the highly anticipated opening of its new premium city hotel in the IT nerve centre of Bangalore. The hotel also bears a new name and identity: `Vivanta by Taj - Whitefield, Bangalore` and is slotted in the ``upper upscale`` segment. The stunningly designed hotel arrests attention, being located right at the entry-point of the ITPB (International Tech Park, Bangalore) at Whitefield in East Bangalore. With this, the Taj now operates five hotels in the city.
19-FEB-08
Tata group is making its second investment in aviation with group company Indian Hotels Company investing 36% - 37%, in a newly-floated company, BJETS, in partnership with Singapore-based Briley Group. Slated to start operations in May 2008, Mumbai-based BJETS will specialize in fractional ownership deals for business jets and aircraft management. Each of its jets will be part-owned by individuals who are also entitled to fixed flying time. Briley, with interests in aviation, hospitality and BPO around the globe, will be the majority owner in the company.
Future Plans
The company`s subsidiary Roots Corporation (RCL), is planning to open 29 new Ginger hotels across the country in the next three years at an investment of Rs 3.48 billion in two phases.