MUMBAI, APRIL 24, 2024: The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the fourth quarter and full year ending March 31st, 2024.
CONSOLIDATED FINANCIAL RESULTS FOR Q4 AND FULL YEAR ENDED 31ST MARCH 2024
Commenting on the full year performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL achieves its key goals under Ahvaan 2025 well ahead of time with a full year consolidated EBITDA margin of 33.7%,aportfolio of 300+ hotels and a cash position of INR 2,206 crores. Q4 FY24 marked eight consecutive quarters of record financial performance driven by double-digit revenue growth in same store hotels, incremental revenue from not like for like hotels and scaling of new businesses. With 53 signings in FY2024 IHCL achieved a portfolio of 310 hotels, enabled by attaining scale in each of our brands and forming strategic alliances in new market segments.
He added, “Looking ahead at FY2025, IHCL will continue to deliver double digit revenue growth with new businesses at 30%, andopening of 25 hotels. IHCL will also introduce the re-imagined Gateway, a full-service hotel offering in the upscale segment, an ideal fit to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. The brand roll-out starting with 15 hotels will commence with launches in Bekal and Nashik this quarter followed by destinations like Bengaluru, Thane and Jaipur. The brand will scale to a 100 hotels portfolio by 2030.
“Investing in our competitive advantage of optimising the balance between operating leverage and fee-based business, IHCL has commenced a five-year capital deployment plan from FY2023 to FY2027 totalling INR 3,500 crores towards key asset upgradation, building capabilities and select new projects. This includes strengthening of our digital capabilities with new brand website launches starting May 2024, implementation of a new ERP system and Data Lake for advanced analytics with AI/ML capabilities.”
“The resilience of our business model over eight consecutive quarters is reflective of robust fundamentals of a diversified topline, a balanced portfolio, prudent capital allocation and a sharp focus on driving operating flow thorough. This sustained performance has led to an all-time high IHCL Consolidated turnover of INR 6,952 crores, a 17% growth YoY and a 100-basis point expansion in EBITDA margin at 33.7%.” Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL
“The resilience of our business model over eight consecutive quarters is reflective of robust fundamentals of a diversified topline, a balanced portfolio, prudent capital allocation and a sharp focus on driving operating flow thorough. This sustained performance has led to an all-time high IHCL Consolidated turnover of INR 6,952 crores, a 17% growth YoY and a 100-basis point expansion in EBITDA margin at 33.7%.”
He added, “The buoyancy of domestic demand drove a 20% growth in IHCL’s standalone revenue at INR 4,590 crores, EBITDA margin of 41.3% an expansion of 200 basis points leading to a record PAT of INR 1,095 crores.
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 310 hotels including 92 under development globally across 4 continents, 13 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.
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