The Indian Hotels Company Limited (IHCL), the largest hospitality company in India, recorded a 343% increase to Rs. 328.27 crore for the quarter ending in March 2023 on Thursday. This compares to a net profit of Rs. 74.2 crore in the same quarter of the previous fiscal year.
Operational revenue increased by 86.4% to $1,625.4 crore from 872.1 crore in the same period the previous year.
Puneet Chhatwal, Managing Director & CEO, IHCL stated, “IHCL achieved a record setting year with a number of significant accomplishments including the highest ever full year consolidated revenue, an all-time high and industry leading EBITDA margin and PAT of over INR 1,000 crores a historic first for the company. This performance was enabled by consecutive four quarters of sustained high demand, additionally bolstered by IHCL demonstrating RevPAR leadership across its brandscape in all its key markets.”
IHCL now has 260+ hotels in its portfolio after setting the new record of 36 hotel signings in FY 2023. This fiscal year, 16 new hotels have opened. This featured five Ginger-branded hotels, three Vivanta hotels, and four hotels each under the Taj and SeleQtions brands. Furthermore, it has been successful in achieving an ideal 50:50 split between our owned/leased and managed hotels.
“The iconic brand Taj has reached a portfolio of 100 hotels and has more than doubled its room inventory over the past five years,” IHCL in its regulatory filing stated.
Led by a 50% lean luxe portfolio, Ginger Hotels claimed a turnaround in FY 2022–23. The firm generated sales of 307 crores, an EBITDA margin of 37.4%, and a profit before tax of 48 crores.
“IHCL’s performance reflects the affection and loyalty of our guests, the continuous guidance and support from our Board and the remarkable passion and commitment of the 28,000-strong IHCL team. The management’s focus remains on value creation for all stakeholders, offering customers a unique hospitality ecosystem across segments, leading the way in engaging local communities in our value chain, pioneering new destinations in the country and delivering continued superior performance,” he continued.
A dividend of $1 per equity share and $1 per fully paid up share has been recommended by the board, subject to acceptance by the members at the upcoming annual general meeting.
The company’s stock price on Thursday finished 0.029 percent lower at 340.75 on the BSE.
