Indian Hotels posts Rs 340 crore net loss in Q4 on provisions

Indian Hotels Co Ltd on Thursday posted a Rs 340 crore net loss for the January-March quarter, as it booked a provision of Rs 420 crore for its investment in US-listed luxury hotel group Orient-Express Hotels Ltd.

Indian Hotels, part of the salt-to-software Tata group conglomerate, owns and operates Taj hotels and resorts worldwide and had reported a net profit of Rs 65.21 crore a year earlier.

Net sales were nearly flat at Rs 560 crore in the quarter.

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