The Indian Hotels Company Limited Q1 FY2024 Results Underline India's Economic Momentum

July 31, 2023

REVENUE AT INR 1,516 CRORES, UP 17% YoY 

PAT AT INR 222 CRORES, GROWTH OF 31% YoY

EBITDA AT INR 459 CRORES, UP 13% YoY; EBITDA MARGIN STEADY AT 30.3%

The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the first quarter ending June 30th, 2023.

KEY CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDED JUNE 30TH, 2023.

Commenting on the Q1 FY24 performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL ended the first quarter with a strong performance led by a double-digit revenue growth. Turnover crossed the INR 1,500 crore mark, making it a historical Q1.”

He added, “Maintaining our industry leading portfolio, IHCL signed 11 and opened 5 new hotels across all its brands. With our vast footprint across 125+ locations we will leverage the buoyancy in India’s travel and tourism sector. The outlook for the upcoming quarters remains strong with pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals.”

Taj was rated as India’s Strongest Brand 2023 across sectors and industries by Brand Finance, marking it the third time the brand has achieved this distinction.

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “A strong focus on profitability and cash flow resulted in IHCL Consolidated reporting a steady EBITDA margin of 30.3% and net cash of INR 889 crores as on 30th June 2023. In Q1, we have commenced capital investments towards renovation and upgradation of select hotels in our portfolio.”

DELIVERS STRONG FINANCIAL PERFORMANCE
  • Outperforms on domestic same store RevPAR with 55% premium over industry levels.
  • Demand buoyancy in the international portfolio led to an occupancy of 65%, an expansion of 11% points over the previous year.
  • On the back of IHCL’s asset-light strategy Management Fee income has grown by 20% over the previous year

EXPANSION MOMENTUM CONTINUES
  • IHCL marks yet another quarter of accelerated portfolio expansion with signing of 11 hotels with a 400-room hotel in Delhi and a 120-room hotel in Kochi and entered new markets like Raichak in West Bengal and Dhaka in Bangladesh
  • IHCL opened 5 new hotels in the quarter taking the total operating hotels to 191 across brands. It added to its wellness offering with Taj Gandhinagar Resort & Spa and forayed into the cities of Jammu and Bhubaneshwar

NEW BUSINESS UPDATE
  • Ginger hotels revenue clocked INR 100 Crore milestone 
  • The air catering business TajSATS clocked a 55% growth in revenue at INR 205 crores
  • Qmin has grown to 40 outlets
  • amã Stays & Trails portfolio crosses 125+ bungalows across 50+ holiday destinations 

Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 270 hotels including 79 under development globally across 4 continents, 11 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is listed on the BSE and NSE.

Comments are closed