India’s Taj hotel chain may cut costs

Bloomberg

Indian Hotels Co, the luxury hotel chain run by the Tata Group, used the coronavirus-imposed lockdown to see where it could save costs.
“This was the historic opportunity to review our fixed and variable costs,” CEO Puneet Chhatwal said. “The industry never experienced such a revenue decline in last 100 years.”
The firm, which owns the iconic Taj brand and operates The Pierre in New York City, didn’t cut any jobs but redeployed some staff elsewhere in the Tata empire, Chhatwal said.
The company slumped to a 3.8 billion rupee loss in the six months ended on September 30 from a 1.4 billion rupee profit a year earlier, as a 73% plunge in revenue eclipsed 36% cost savings.