Indian Hotels expects additional provision of $66 mln for March-end
NEW DELHI, March 11
NEW DELHI, March 11 (Reuters) - The Indian Hotels Company Limited (IHCL) expects to make an additional provision for its overseas and domestic investments, some of which have been adversely affected "due to a sustained depression in the macroeconomic and market environment," the company said in a statement on Tuesday.
Indian Hotels, a part of the Tata conglomerate, expects to make an additional non-cash provision of 4 billion rupees ($66 million) in its standalone profit and loss statement for the year ending March 31, and a provision of 1 billion rupees in its consolidated statement, the company said.
"With the economic uncertainty expected to continue over the near and medium term, it has had an impact on the downward revision of projected cash flow expectations from some of the underlying affected investments," it said in the statement.
The impairment will not affect the company's financial covenants related to its borrowings, Indian Hotels, which owns and operates the Taj chain of hotels and resorts, said. ($1 = 60.8750 Indian rupees) (Reporting by Aditi Shah; Editing by Sunil Nair)
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