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Tata Group’s hospitality arm Indian Hotels Company Ltd (IHCL) posted a record profit of ₹122 crore in Q2 FY23 compared to a loss of ₹121 crore in the previous year. Its revenue grew to ₹1,258 crore, a 67 per growth year-on-year.
Its total expenses for the quarter that ended on September 30, 2022, rose to ₹1,101 crore compared to ₹871 crore loss for the corresponding period.
The company informed the exchanges that the profit on sale of a hotel property in a subsidiary for the quarter and half year ended September 30, 2022 was ₹12.09 crore (previous period figures for the quarter was nil and half year was ₹7.12 crore).
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Consolidated loan assets under management grew 6 per cent to ₹64,356 crore in H1 FY23Commenting on the performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “Business recovery remains robust and demand for travel continued to strengthen with India and other key markets like the US and UK growing double-digits year-on-year; driving a 67 per cent growth in revenue and a return to strong profitability in the traditionally weakest quarter for the industry.”
IHCL has a portfolio of 247 hotels including 65 under development globally across 4 continents, 11 countries, and in over 100 locations.
The domestic market for IHCL clocked over 20 per cent growth over pre-Covid levels in key cities. IHCL’s hotels in the US, UK, Dubai and Maldives, too, displayed a strong recovery, it said.
Ginger, in H1 FY 2022-23, achieved an EBITDA margin of 39 per cent driven by a revenue of ₹143 crore– a growth of 42 per cent over pre-Covid. It signed seven new hotels in Q2 FY 2022-23, with one hotel each under the Taj, Vivanta and Ginger brands and four hotels under the SeleQtions brand, and signed 16 new hotels across brands in H1.
“With our growing network and a robust pipeline of new properties across brands as well as the growth of our new businesses, IHCL is well positioned to meet market demand and capture opportunities,” Chhatwal added.
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The test will be at sub-orbital level of 50 to 60 km from the Earth while the rocket has capability to reach up to 600 kmAs a recognition of IHCL’s focus on service excellence, customer-centricity and sustainability, the company has received multiple global and national honours.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Despite inflationary pressures, rate premiums enabled by the strength of our brands has resulted in an EBITDA margin of 25.4 per cent and 30.6 per cent for IHCL consolidated and standalone for the second quarter, respectively, which is an expansion of over 7 percentage points as compared to pre-covid. IHCL continues to report a healthy consolidated free cash flow of ₹181 crore and remains net cash positive.”
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