GQG Partners Sells ₹197 Crore ITC Hotels Stake

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AuthorAnanya Iyer|Published at:
GQG Partners Sells ₹197 Crore ITC Hotels Stake
Overview

Investment firm GQG Partners sold 1.3 crore ITC Hotels shares, a 0.62% stake, for ₹197 crore in a block deal on April 8. The sale occurred as ITC Hotels announced a 77% surge in third-quarter net profit to ₹235 crore, driven by significant revenue growth despite one-off expenses.

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Block Deal Details

GQG Partners divested 1.3 crore shares in ITC Hotels Ltd. on April 8 through a block deal valued at ₹197 crore. The sale represented a 0.62% stake in the hotel chain, with shares trading at an average price of ₹152.67 each. The buyers in the transaction were not immediately identified. This move reduces GQG Partners' holdings in ITC Hotels.

Strong Quarterly Performance

ITC Hotels reported robust third-quarter financial results. Net profit surged 77% year-on-year to ₹235 crore, up from ₹133 crore in the previous year. This substantial growth was achieved despite factoring in several one-off expenses. These included an estimated ₹55.42 crore impact from new labor codes and a ₹28.58 crore net loss due to inventory damage from cyclone Ditwah in Sri Lanka.

Revenue and Profitability Boost

Quarterly revenue climbed 47% year-on-year to ₹1,231 crore, compared to ₹839.5 crore. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) nearly doubled, increasing 90% to ₹467 crore. As a result, the EBITDA margin expanded by approximately nine percentage points to 38%, from 29.2% in the same period last year.

Market Reaction

Despite the significant stake sale, ITC Hotels Ltd. shares closed trading on April 8 with a gain of 3.27%, ending at ₹151.60 on the BSE. The market appeared to focus on the company's strong operational performance rather than the block deal activity.

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Disclaimer:This content is for educational and informational purposes only and does not constitute investment, financial, or trading advice, nor a recommendation to buy or sell any securities. Readers should consult a SEBI-registered advisor before making investment decisions, as markets involve risk and past performance does not guarantee future results. The publisher and authors accept no liability for any losses. Some content may be AI-generated and may contain errors; accuracy and completeness are not guaranteed. Views expressed do not reflect the publication’s editorial stance.