Indian Hotels Co Ltd, part of the diversified Tata conglomerate, posted a 31 per cent fall in quarterly net profit on Monday, hurt by higher expenses.
The company, which owns and operates the chain of Taj hotels and resorts worldwide, earned Rs 652.1 million for the three months ended in March, compared with Rs 939.3 million a year earlier.
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Net sales rose 6 per cent to Rs 5.6 billion, the company, whose flagship Taj Mahal Palace hotel in Mumbai overlooks the city's harbour and iconic Gateway of India arch, said.
Analysts on average expected a profit of Rs 656 million on revenue of Rs 5.64 billion, Thomson Reuters I/B/E/S showed.
Shares in Indian Hotels, which has a market capitalisation of $779.3 million, closed down 0.35 per cent at Rs 56.8, before its results were announced.
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