ITDC Q4 net profit declines by 18% at Rs 18.07 crore
MUMBAI: India Tourism Development Corporation BSE -4.32 % ( ITDC ) today reported an 18 per cent decline in standalone net profit at Rs 18.07 crore for the March quarter.
Its net profit stood at Rs 22.06 crore for the corresponding quarter of the preceding fiscal, ITDC said in a release said here.
ITDC's total income from operations dropped 7.5 per cent to Rs 133.13 cr from Rs 143.98 crore in the same quarter last fiscal.
The Corporation recorded a Profit After Tax (PAT) at Rs 22.55 crore for 2015-16, and a turnover of Rs 465.69 crore.
"FY16 has been a motivating year for ITDC. The profit is the result of several proactive initiatives taken by the organisation to improve productivity and efficiency at the beginning of the year," ITDC CMD Umang Narula said.
"The organisation took all necessary steps to keep the operational cost under control and to ensure that every division endeavours towards the profit making journey of the organisation," Narula added.
The Hotels Division, Ashok International Trade division and Ashok events division of ITDC were other contributors to the profit for the financial year 2015-16, it said.
All three Delhi-based hotels - The Ashok, Samrat and Janpath clocked net profits.
Hotel Patliput .Ashok, Patna and Lalitha Mahal Palace Hotel, Mysore also made profit, while other hotels of the Corporation also showed improved performance during the year, the release said.
The board of ITDC has recommended a dividend of 15 per cent on the equity share capital aggregating Rs 12.86 crore for 2015-16.