INDIAN HOTELS, which runs the Taj hotel chain, cited slowing economic growth as causing flat year-over-year profit growth for its fiscal third quarter, Reuters reported.
It expects that the following quarter will bring a boost in occupancy as the weakened rupee lures foreign visitors.
Indian Hotels is part of the Tata conglomerate and has 112 hotels, mostly located in India. Locations outside India include the United States, Asia, the United Kingdom and the Middle East. It is traded on the Bombay stock exchange.
Quarter Highlights:
Net Profit: 504.8 million rupees
Revenue: 5.21 billion rupees
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