MUMBAI – The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the third quarter ending December 31st, 2023.
CONSOLIDATED FINANCIAL RESULTS FOR Q3 AND NINE MONTHS ENDED 31ST DEC 2023
Q3 YoY PERFORMANCE
— Source: IHCL
Commenting on the Q3 FY24 performance, Mr. 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.
Mr. 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 crores, 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 Crores as on 31st December 2023.
Q3 PERFORMANCE HIGHLIGHTS
Total Revenue for the quarter was led by a 21% growth in Room Revenue
Outperforming the industry on domestic same store RevPAR with a premium of 70% vs competition
Demand buoyancy in the international portfolio led to an occupancy of 70%, resulting in a RevPAR growth of 9% over the previous year
DOMESTIC DOMINANCE
IHCL continues to demonstrate industry leading growth with 28 hotels signed and 16 hotels opened on a year to date basis
FY 2024 marks the momentous occasion of IHCL reaching the 200th operating hotel milestone
IHCL’s recent signings include new destinations like Ayodhya, Itanagar, Dibrugarh, Surat, Dehradun and Chitwan in Nepal, taking its footprint to over 130 locations
Growing its presence in the East and North East, IHCL opened Taj Taal Kutir, Kolkata, Vivanta Tawang and Ginger hotels in Durgapur and Gangtok
Extending its itinerary in Rajasthan, IHCL opened Taj Ranthambore and Gorbandh Palace, Jaisalmer
Ginger brand opened its flagship 371 room hotel at Mumbai Airport as well as a 110 room Ginger in NOIDA, its fourth hotel in NCR micro market
NEW BUSINESSES & MANAGEMENT FEE – Q3
IHCL’s New Business vertical comprising of Ginger, Qmin, amã Stays & Trails, The Chambers (membership fee) and TajSATS reported a revenue of INR 420 crores
At a growth of 33% over the previous year, New Business clocked a growth rate double that of IHCL Enterprise which grew at 17%
New Business now accounts for 11.1% share of IHCL Enterprise revenue an expansion of 130 bps from 9.8% in the previous year
TajSATS clocked a revenue of INR 233 crore, 34% growth over the previous year maintaining an industry first EBITDA margin of 25.8%
Ginger reported a revenue of INR 134 crore, a 34% growth over the previous year with an EBITDAR margin of 44%. Reinforcing the brand’s lean luxe positioning, the new flagship Ginger Mumbai Airport clocked an 80% occupancy and a positive net profit in its first month
amã Stays & Trails clocked a YTD December brand revenue of INR 25 crores, a 31% growth over previous year. The portfolio now stands at 144 with 94 bungalows in operations
Qmin reported a YTD December brand revenue of INR 72 crores, a 79% growth over previous year reflecting the inclusion of 34 Qmin outlets in Ginger hotels
Management Fee income
grew by 13% over the previous year at INR 134 crores reflective of IHCL’s asset-light strategy
ESG+ FRAMEWORK OF PAATHYA
IHCL now uses 39% energy from renewable sources and has installed 335 EV charging stations across 142 locations in India
Continuing its journey of eliminating single use plastic, IHCL installed 40 bottling plants and achieved 47% recycling of water used
In its effort to bridge the employability gap in the industry, IHCL has partnered for 32 skill centres across locations in India including Kupwara, Lucknow, Bengaluru, Guwahati, Gwalior, Ekta Nagar among others
AWARDS AND RECOGNITION
TAJ RANKED THE BEST IN THE ‘WORLD’S FINEST LUXURY GRAND PALACES’ CATEGORY BY ‘101 EXECUTIVE SUMMIT’, GERMANY
GOLDEN PEACOCK AWARD FOR HR EXCELLENCE, 2023 AWARDED TO IHCL
IHCL RECOGNISED BY CONFEDERATION OF INDIAN INDUSTRY (CII) IN TOP 50 INNOVATIVE COMPANIES OF 2023
BRAND FINANCE’S BRAND VALUE REPORT INDIA 2023 – TAJ RANKED AS INDIA’S STRONGEST BRAND FOR THIRD TIME
IHCL RECEIVED 2023 INTERNATIONAL CENTER FOR RESPONSIBLE TOURISM (ICRT), INDIA FOUNDATION RESPONSIBLE TOURISM AWARD FOR ‘BEST FOR TACKLING PLASTIC WASTE’
GOLDEN PEACOCK AWARD FOR RISK MANAGEMENT 2023
TRIPADVISOR – 2023 TRAVELLERS’ CHOICE AWARD – RAMBAGH PALACE, JAIPUR RANKED WORLD’S NO. 1 HOTEL
GOLDEN PEACOCK AWARD FOR TRAINING 2023
CNBC TV18 – ICICI LOMBARD INDIA RISK MANAGEMENT AWARDS 2023 – MASTER OF RISK IN BUSINESS MODEL ADAPTABILITY
CONDÉ NAST TRAVELER READER’S CHOICE AWARDS 2023
HOTELS ON BEST HOTELS IN INDIA LIST
UMAID BHAWAN PALACE, JODHPUR – RANKED NO. 1
TAJ LAKE PALACE, UDAIPUR
TAJ NADESARPALACE, VARANASI
THE TAJ MAHAL PALACE, MUMBAI
BEST RESORT ASIA – TAJ ARAVALIRESORT & SPA, UDAIPUR
BEST RESORT IN THE INDIAN OCEAN – TAJ CORAL REEF RESORT & SPA, MALDIVES
BEST RESORT IN MIDDLE EAST – TAJ EXOTICA RESORT & SPA, THE PALM, DUBAI
CONDE NAST GOLD LIST 2023 – THE TAJ MAHAL PALACE, MUMBAI
LA LISTE WORLD’S BEST HOTELS 2023 – TOP 1000 WORLD’S BEST HOTELS
RAMBAGH PALACE, JAIPUR
FALAKNUMA PALACE, HYDERABAD
THE TAJ MAHAL PALACE, MUMBAI
TAJ LAKE PALACE, UDAIPUR
UMAID BHAWAN PALACE, JODHPUR
TAJ PALACE, NEW DELHI
TAJ LANDS END, MUMBAI
TAJ HOLIDAY VILLAGE RESORT & SPA, GOA
TRAVEL + LEISURE READERS’ – “WORLD’S BEST AWARDS”
25 FAVORITE HOTEL BRANDS OF 2023 – TAJ HOTELS RESORTS & PALACES
FAVOURITE RESORTS IN INDIA OF 2023 – TAJ LAKE PALACE, UDAIPUR
BEST 100 HOTELS IN THE WORLD – TAJ LANDS END, MUMBAI, INDIA
BEST CITY HOTELS IN ASIA – TAJ LANDS END, MUMBAI
FAVORITE CITY HOTELS IN INDIA OF 2023 – TAJ LANDS END, MUMBAI
15 FAVORITE HOTELS IN NEW YORK CITY OF 2023 – THE PIERRE, NEW YORK
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 India’s Strongest Brand 2023 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 285 hotels including 85 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.
Please visit: www.ihcltata.com; www.tajhotels.com; www.seleqtionshotels.com; www.vivantahotels.com; www.gingerhotels.com
Kirti Dhingra
IHCL
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Hospitalitynet – https://www.hospitalitynet.org/news/4120247.html
