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• ITC Hotels reported a 23.1% year-on-year rise in consolidated net profit to INR 317.43 crore for the quarter ended March 2026.
• Revenue from operations increased to INR 1,253.70 crore during the January–March period, while total expenses also rose to INR 895.35 crore.
• The company has signed an agreement to acquire 100% stake in Zuri Hotels and Resorts for an enterprise value of INR 205 crore on a cash-free, debt-free basis.
• The acquisition includes ‘The Zuri Kumarakom, Kerala Resort & Spa’, a 72-key luxury resort spread across 18 acres in Kerala, which will undergo renovation and rebranding.
• During FY26, ITC Hotels signed 33 hotels with over 3,300 keys and reiterated its target of operating 250 hotels with more than 22,000 keys by 2031 under its asset-right expansion strategy.
ITC Hotels reported a consolidated net profit of INR 317.43 crore for the quarter ended March 31, 2026, marking a 23.1% increase from INR 257.85 crore recorded in the corresponding period last year. The hospitality company also announced the acquisition of Zuri Hotels and Resorts for an enterprise value of INR 205 crore as part of its strategy to strengthen its luxury leisure portfolio in high-growth destinations. Advertisement
According to a regulatory filing released on Friday, revenue from operations during the January–March quarter rose to INR 1,253.70 crore from INR 1,060.62 crore reported a year earlier. Total expenses for the quarter also increased to INR 895.35 crore, compared with INR 749.81 crore in the same period of the previous financial year.
The company’s board has executed a share purchase agreement for the acquisition of a 100% stake in Zuri Hotels and Resorts. The transaction includes ownership and operations of ‘The Zuri Kumarakom, Kerala Resort & Spa’, located in Kerala. The property comprises 72 keys, two restaurants, a bar and an ayurvedic spa spread over 18 acres of land.
ITC Hotels stated in the filing that the acquisition would strengthen its luxury hospitality portfolio in a strategic leisure market through an established resort asset. The company indicated that the property would undergo renovation after the acquisition and would subsequently be repositioned and rebranded as a luxury resort under its portfolio.
The acquisition cost has been structured on a cash-free and debt-free basis with an enterprise value of INR 205 crore. The filing stated that the transaction includes consideration of up to INR 175 crore towards acquisition of the entire share capital, alongside repayment of debt obligations and other customary adjustments linked to the deal.
The board of ITC Hotels has also recommended a dividend of Re 1 per equity share for the financial year ended March 31, 2026.
During FY26, the company recorded its highest annual hotel signings, adding 33 hotels with more than 3,300 keys across locations. ITC Hotels said the expansion aligns with its ‘Asset-Right’ growth strategy, under which the company intends to expand its operational portfolio to 250 hotels with over 22,000 keys by 2031.
Source - PTI
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