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Hospitality company EIH Ltd, part of the Oberoi group, posted 49 per cent drop in net profit to Rs 45 crore for the quarter ended March 31, 2012, compared with Rs 67 crore during same period last year.
The decline in net profit was mainly on account of a 97 per cent drop in other income to Rs 3 crore (Rs 93 crore). Net sales grew marginally by one per cent to Rs 320 crore.
The EIH scrip closed at Rs 77.50, up by 0.13 per cent on the BSE on Tuesday. The company's board has recommended a dividend of Rs 1.10 a share of face value of Rs 2 each. Revenues from its hotels business grew by two per cent to Rs 313 crore. Net profit for the year ended March 31, 2012, grew by 88 per cent to Rs 122 crore.
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