Indian Hotels Q3 net up marginally at Rs 50.48 crore

Tata group company Indian Hotels that operates hotels and resorts under the Taj brand today posted a marginal increase in its net profit at Rs 50.48 crore for the third quarter ended December 31, 2011.

The company's net profit for the corresponding quarter of the last fiscal was Rs 50.29 crore.

In a filing to the Bombay Stock Exchange (BSE), the hospitality major said its net sales for the quarter ended December 31, increased 7.44 per cent to Rs 521.48 crore, as against Rs 485.34 crore in the quarter ended December 31, 2010.

During the quarter under review, the company received a confirmation from its insurer of the minimum amount of net assessed insurance claim figure in respect of Taj Mahal Palace, Mumbai, totalling to 236.32 crore as against the company accrued claim of Rs 239.84 crore.

"As on date, the company has received Rs 200 crore from the insurance company and balance receivable is Rs 36.32 crore which is expected to be received shortly," the filing added.

Going forward the company is set to open new hotels under Vivanta brand at Bekal, Coorg and Gurgaon after having set up a new one at Coimbatore.

The firm's scrip closed at Rs 63.50 per share, up 1.11 per cent from the previous close on the BSE.