IHCL ANNOUNCES FINANCIAL RESULTS FOR Q1 FY 2024-25 (India)
EBITDA at INR 496 crores, ebitda margin at 31%, an expansion of 70 bps. |
|
IHCL ANNOUNCES FINANCIAL RESULTS FOR Q1 FY 2024-25 (India)
EBITDA at INR 496 crores, ebitda margin at 31%, an expansion of 70 bps. |
Category: Asia Pacific - India - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2024-07-30
 Consolidated financial results for quarter ended 30th June 2024
Photo credit © Indian Hotels Company (IHCL)
The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the first quarter ending June 30th 2024.
Consolidated financial results for quarter ended 30th june 2024
Commenting on the quarter’s performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL consolidated reported a strong financial performance for the first quarter with an all -time high revenue of INR 1,596 crores and a healthy EBITDA margin of 31%. Our performance was enabled by a diversified top line, with new businesses growing at 37% over the previous year and incremental revenues from the not like for like growth. Continuing the growth momentum our portfolio is now over 325 hotels with 16 signings and 6 openings in the quarter.”
He added,added, “With demand continuing to outpace supply and favourable structural tailwinds, the sector is set to clock strong revenue growth in the quarters ahead.”
Performance highlights
- Outperformed the industry on domestic same store RevPAR with a premium of 60% vs competition.
- New Businesses vertical comprising of Ginger, Qmin and amã Stays & Trails reported a revenue of INR 162 crores, a growth of 37% over the previous year.
- The Reimagined Businesses of TajSATS and The Chambers (membership fee) reported a revenue of INR 274 crores, a growth of 17% over the previous year.
- Management Fee income stood at INR 114 crores, 17% over the previous year, in line with capital light growth strategy.
Industry leading growth
- IHCL continues to demonstrate industry leading growth with 16 hotels signed and 6 hotels opened.
- The recent signings are well represented across all brands with 6 Taj, 2 each of SeleQtions, Tree of Life and Ginger, 1 Vivanta and 3 under the reimagined Gateway brand.
- In Q1, IHCL opened 6 hotels with a SeleQtions hotel in Mahabaleshwar, Vivanta in Jamshedpur, a Ginger in Nagpur and Jamshedpur and Tree of Life resorts in Gangtok and Srinagar.
ESG+ highlights under paathya
- IHCL now uses 37% energy from renewable sources and has installed 343 EV charging stations across 142 locations in India.
- Continuing its journey of eliminating single use plastic, IHCL has installed 46 bottling plants and achieved 42% recycling of water used.
- IHCL partners and operates 35 skill centres across 15 States in India to build industry relevant talent pools.
Mr. Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said, “IHCL Consolidated grew operating revenue by 6% and RevPAR outperformed the industry with 60% premium on a same store basis for domestic hotels. On the back of strong cost focus, IHCL’s operating EBITDA margins expanded by 210 and 100 basis points on Standalone and Consolidated basis respectively leading to a Consolidated PAT growth of 12%. IHCL’s healthy operating cash flows, resulted in a gross consolidated cash balance of INR 2,091 crores as on 30th June 2024 with free cash flows generated in the quarter at 3x of Q1 FY 24.”
He added, “In line with our strategy of simplification, IHCL has secured approval to execute an amendment to its Shareholder Agreement with our partner, SATS Singapore, enabling a consolidation of Taj SATS results on a line-by-line basis as a subsidiary as opposed to equity accounting consolidation.”
About The Indian Hotels Company Limited
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj – the iconic brand for the most discerning travellers and ranked as World's Strongest Hotel Brand 2024 and India’s Strongest Brand 2024 as per Brand Finance; SeleQtions, a named collection of hotels; Vivanta, sophisticated upscale hotels; and Ginger, which is revolutionising the lean luxe segment.
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 326 hotels including 102 under development globally across 4 continents, 13 countries and in over 130 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is listed on the BSE and NSE.
 IHCL’s iconic brand Taj has been recognized as India's Strongest Brand across sectors for the fourth time and as the World's Strongest Hotel Brand for the third time by Brand Finance
Photo credit © Indian Hotels Company (IHCL)
|
|
