Content creators mean business
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Puneet Chhatwal, Managing Director and CEO of IHCL. File Photo - BusinessLine
The Indian Hotels Company Ltd (IHCL) reported a 43.8 per cent lower net profit of ₹92.5 crore for the fourth quarter ended March 31 in comparison to ₹164.77 crore recorded in the same quarter of the previous fiscal. However, the hospitality firm recorded the highest full-year PAT at ₹354 crore, up 24 per cent on a y-o-y basis.
The total revenue of the parent company of Taj Hotels dropped to ₹754.07 crore in the last quarter of FY20, from ₹874.62 crore in the last quarter in FY19. IHCL’s total expense for the reporting quarter stood at ₹616.16 crore, against ₹632.12 crore in the same time last year.
Commenting on the results, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “IHCL has delivered on the promise of profitable growth across all parameters, culminating in an all-time high EBITDA and PAT.”
The company opened 12 hotels, one hotel a month in 2019-20, and added over 1,500 rooms to its operational inventory.
Chhatwal said the re-imagined brandscape helped IHCL reach a significant milestone of 200 hotels in its portfolio. “Another proud moment for us is the recent recognition of Taj as India’s Strongest Brand across all industries by Brand Finance. This ranking is a testament to the strength of our brand and the trust reposed in us by all our stakeholders, as we ready to welcome guests in the new normal with enhanced health and safety protocols.”
Part of the Tata Group, IHCL has a portfolio of 200 hotels, including 42 under development globally across 4 continents, 12 countries and in over 100 locations.
Giridhar Sanjeevi, Executive Vice-President and Chief Financial Officer, IHCL, said, “We have consistently been able to deliver industry-leading growth while maintaining profitability and balance sheet strength.”
The company, in its filings to the exchanges, said it has assessed the potential impact of Covid-19 on its capital and financial resources, profitability, liquidity position, ability to service debt and other financing arrangements, supply chain and demand for its services.
“Various steps have been initiated to raise finances from banks and institutions for working capital needs and long term fund requirements and the company is in a comfortable liquidity position to meet its commitments. IHCL said it has judiciously invoked the force majeure clauses for relief during the lockdown period and does not foresee any disruption in raw material supplies,” it said in a statement.
Social media influencers are flipping the rules by first getting followers and then launching products and ...
Paneer, once alien to the South, has found a lucrative market in Chennai
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Carriers claim that all measures — including pre-flight tests, cabin sanitisation and fresh air inflow — have ...
What filters should you apply when mining for under-the-radar small-cap stocks? Read on to find more
High valuation, intensely competitive landscape and small cap nature of the stock are key risks.
Amid choppiness, the benchmark indices slipped marginally; approach the week with caution
SBI Cards (₹1,032.7): Witnesses fresh breakoutBetween September and December last year, the stock of SBI Cards ...
A virus swept aside 2020 plans to mark the 250th year of the birth of Beethoven. We need the German composer’s ...
A mysterious new exhibit has been the centre of attraction at the gallery of Modern Art. This art work has ...
Tara was a curious little girl who loved to ask questions.She lived with her parents and her grandmother — ...
On the day the oleander baby was born, there was a steady, happy drizzle. Madhu woke up feeling unsteady. The ...
Social media influencers are flipping the rules by first getting followers and then launching products and ...
WPP agency Wunderman Thompson has launched its annual Future 100 report, lifting the lid on trends shaping the ...
Paneer, once alien to the South, has found a lucrative market in Chennai
The Flipkart kids playing adults are back — this time to push the home grown e-commerce marketplace’s grocery ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor