ITDC Q1 net profit jumps two-fold at Rs 18.75 cr
State-run India Tourism Development Corporation (ITDC) today reported a two-fold jump in net profit at Rs 18.75 crore for the first quarter ended June 30, 2017.
The company had posted a net profit of Rs 9.41 crore during the same period of previous fiscal, ITDC said in a BSE filing.
Total income during the quarter under review stood at Rs 96.19 crore as against Rs 91.41 crore in the year-ago period, up 5.22 per cent.
The company's revenue from the hotel division during the period was Rs 63.77 crore as compared to Rs 66.59 crore in the corresponding quarter of last fiscal.
The state-run firm is looking to divest or offload its stake in all hotels run by it except Ashok and Samrat hotels in the national capital.
The company said the process of divestment is going on.
The hotels in which the divestment is under process include, Hotel Pondicherry Ashok, Hotel Jaipur Ashok, Hotel Kalinga Ashok and Hotel Lalitha Mahal Palace, among others.
The government is looking at leasing ITDC hotels with management right to private companies as part of its efforts to monetise the properties owned by the state-run firm.
Shares of the company ended 8.82 per cent up at Rs 482.85 on BSE.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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