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Indian Hotels has widened its losses by 28.7 per cent from ₹430.24 crore to ₹553.85 crore for the quarter ending March 31. Net Sales increased from ₹3,743.36 crore to ₹4,066.19 crore during the quarter.
Asset-light Raymond Bickson, Managing Director, Indian Hotels said: “We will now opt for management contracts to become asset-light. Sluggishness in the domestic economy and excess supply of hotel rooms has affected profitability.”
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