Q1 net losses returned to June-20 levels due to the toll of COVID 2.0 on Indian Hotels

On a consolidated basis, Indian Hotels Ltd recorded a 139.92% increase in overall sales revenues for the June-21 quarter, totaling Rs 344.55 crore.

Q1 net losses returned to June-20 levels due to the toll of COVID 2.0 on Indian Hotels

On a consolidated basis, Indian Hotels Ltd recorded a 139.92% increase in overall sales revenues for the June-21 quarter, totalling Rs 344.55 crore. Revenues were down -43.98% sequentially compared to Rs 615.02cr in the Mar-21 quarter, with COVID 2.0 having a noticeable impact.

The hotel and hospitality business has been struck particularly hard by the dramatic drop in visitation and the cancellation of most flights. Even business has slowed significantly at this time, resulting in fewer hotel demand. Gains from forex and derivatives are examples of other sources of income.

The net loss for the June-21 quarter was Rs 277.34 crore, compared to Rs 279.92 crore in the previous quarter. The losses in the market quarter were smaller at Rs 91.30 cr due to greater hospitality revenues in the Mar-21 quarter.

The significant drop in commercial activity has resulted in a less-than-optimal absorption of the organization's fixed costs, resulting in losses. During the quarter, the firm also saw a substantial increase in other expenditures, as well as finance charges, resulting in a widening of the losses. Recovery may take a long period.

Source: India Infoline