The Indian Hotels Co. Ltd. (IHCL), which owns and operates the Taj Hotels Resorts and Palaces, saw a significant increase in revenues for the year ending March 31, 2006, says a company press release carried on eHotelier.com.

For the fiscal year 2005-2006, IHCL achieved a turnover of US$243.4 million (Rs 11.28 billion), a growth of 29% over the preceding year. The gross profit earned by IHCL for 2005-2006 grew by 73% to US$77.2 million (Rs 3.58 billion).

The company's profit before tax (PBT) of US$58.7 million (Rs 2.72 billion) and the profit after tax (PAT) of US$39.7 million (Rs 1.84 billion) improved over the profitability reported from the previous year by 92% and 74% respectively.

IHCL's consolidated revenues for the year ending March 31, 2006, improved by 40% to US$413 million (Rs 19.14 billion) and the consolidated PAT went up 93% to US$53.75 million (Rs 2.49 billion). This increase is attributed to the strong performance of IHCL's subsidiaries, joint ventures and associate companies.

IHCL's hotels in India performed soundly, as did others in international markets. The company also got boosts from the acquisitions of The Pierre in New York and Blue in Sydney, as well as signed management contracts for hotels in Vijaywada and Surat. In addition, the company launched its second Ginger low-budget hotel at Hardwar and is aiming to commission eight new Ginger hotels during the current financial year.

Raymond Bickson, IHCL Managing Director and CEO, said: "The growth was driven by a healthy improvement in average room rates across the portfolio, backed by steady growth in its food and beverage business across all key markets. We will continue to pursue an aggressive growth agenda and are building new five-star hotels in Mumbai, Coimbatore , and Bangalore, in addition to renovating Falaknuma Palace in Hyderabad. The company will also continue to scout for opportunities for growth in key international destinations."