New Delhi, Oct. 26 -- ITC Hotels Ltd on Monday reported a 52.03 per cent rise in its consolidated net profit to Rs 202.65 crore for the quarter ended September 30 of current financial year, driven by robust revenue growth from the hotels and branded residences segments.

The hospitality sector player had posted a net profit of Rs 133.29 crore during the corresponding July-September (second quarter) of the previous financial year.

During the quarter (Q2) under review, ITC Hotels' revenue from operations increased to Rs 1,054.14 crore from Rs 839.48 crore a year ago, a regulatory filing showed.

The company's total expenses also rose to Rs 831.33 crore from Rs 699.72 crore a year ago.

"Aligned with its 'Asset-Right' growth strategy, the company completed the acquisition of the 130-key Welcomhotel Ahmedabad, which is now operated as an owned hotel with effect from September 1, 2026. The company also renovated over 200 keys in H1 FY2026-27 (April-September) across its owned hotels in Kolkata, Bengaluru, Chennai and Delhi," ITC Hotels said in a statement.

It further informed that it has been allotted a 2.8-acre land parcel by Lucknow Development Authority, which would be utilised for developing a 200-plus-key luxury hotel.

During H1 FY2026-27, the Group signed 20 hotels with over 1,600 keys, expanding its managed pipeline to 84 hotels with nearly 8,200 keys.

Besides, the Board of ITC Hotels approved the incorporation of a wholly owned subsidiary of the company in Dubai, United Arab Emirates, subject to receipt of the necessary regulatory approvals.

The proposed entity will be incorporated as a wholly-owned subsidiary of ITC Hotels and will be engaged in the business of operating hotels and restaurants, and other related activities.

"Necessary approvals for the incorporation of the proposed entity will be obtained from the concerned regulatory authorities in Dubai. Upon incorporation of the Proposed Entity, ITCHL shall subscribe 100 per cent of its share capital at face value, for an amount not exceeding Rs 20 crore, to be infused in tranches," a separate regulatory filing said.

Published by HT Digital Content Services with permission from Millennium Post.