ITC Hotels Posts 51 Percent Profit Jump
ITC Hotels reported a 51 percent rise in second quarter profit driven by stronger room sales and higher revenues. Total revenue climbed significantly, outpacing operating expenses. Shares advanced following the earnings release.
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India hotel chain ITC Hotels Limited posted a 51.4% rise in second-quarter net profit on Monday morning, driven by higher room sales. Consolidated net profit reached 2.01 billion rupees ($21.11 million), compared with 1.33 billion rupees a year earlier. Total revenue from operations rose 25.6% to 10.54 billion rupees, outpacing an 18.8% increase in total expenses.
