The Indian Hotels Company Limited (IHCL) reported its consolidated financials for the third quarter ending December 31st, 2023.
Commenting on the Q3 FY24 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL reported an all-time high consolidated Q3 EBITDA margin of 38.5% and PAT margin of 22.6%, marking seven consecutive quarters of record financial performance. This robust performance was enabled by same store hotels clocking RevPAR premium across markets and segments, strong performance of not like for like growth and the scaling of new businesses.”
He added, “IHCL continues to demonstrate industry leading growth with 28 hotels signed and 16 hotels opened this fiscal with a portfolio of 285 hotels including a pipeline of 85 hotels. This year marks the momentous occasion of reaching the 200th operating hotel milestone and successful launch of 371 keys flagship Ginger at Mumbai Airport, presenting a vast potential to scale the Ginger brand. IHCL with its well-established brands, vast footprint across 130+ locations and a healthy balance sheet, is well placed to leverage this sustained demand upcycle the sector is witnessing.”
In recent announcements, IHCL’s iconic brand Taj, world’s largest operator of Palaces, was recognized at 101 Executive Summit in Germany as the winner in ‘World’s Finest Luxury Grand Palaces’ category. Highlighting the people-first work culture, Golden Peacock Awards, 2023 awarded IHCL the HR Excellence Award.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Q3 saw a stellar performance led by the domestic market as seen in IHCL’s standalone revenue of INR 1,323 crore, a growth of 22% over the previous year and EBITDA margin of 45.4% which is a 290-basis points expansion. IHCL’s consolidated results also demonstrated a strong performance with an Operating EBITDA margin of 37.3%, an expansion of 190 basis points, reflective of high revenue flow through.”
He added, “On a year to date basis IHCL consolidated reported an all-time high revenue of INR 5,000 crores, an EBITDA margin of 32.7% in line with the guidance of Ahvaan 2025 and maintained healthy cash and cash equivalents of INR 1,810 crore as on 31st December 2023.”
