The Indian Hotels Company Limited (IHCL), South Asias largest hospitality company, reported its consolidated and standalone financials for the fourth quarter ending March 31st, 2021 and the full year FY 2020-21.
System-wide comparable RevPAR decreased 38.4 percent on a currency neutral basis for the first quarter from the same period in 2020
Pro forma hotel EBITDA was $7.7 million, a decrease of 74.0 percent from the same period in 2020. Pro forma hotel EBITDA margin contracted to 13.3 percent from 27.4 percent in the same period of 2020.
Net revenues of $1.7 billion, an increase of 259.2% on a GAAP basis and a decrease of 16.0% on a same-store basis versus the comparable prior-year period.
Net revenues were $352.6 million for the first quarter of 2021, a decrease of 6.6%, or $24.8 million, from $377.4 million for the same period of 2020, primarily due to the on-going impacts of the COVID-19 pandemic. Compared to the same period of 2019, net revenues were down 21.1% or $94.4 million from net revenue of $447.0 million.
Comparable system-wide RevPAR decreased 48.9% compared to the first quarter of 2020, and decreased 65.4% compared to the first quarter 2019 on a reported basis.
Net loss was $55.3 million as compared to $162.5 million.
Cash Burn Erased with April RevPAR
Occupancy at the Companys open hotels and resorts increased from 19.3 percent in January to 34.8 percent by March, and RevPAR grew from $43 in January to $65 in February and to $85 in March, roughly doubling from January
Global RevPAR declined 11% compared to first quarter 2020 and 31% compared to first quarter 2019 in constant currency.