Tata Group-backed Indian Hotels Company (IHCL) on Thursday reported a consolidated profit after tax (PAT) of Rs 222.4 crore for the quarter ended June, up 30.8 percent year-on-year (YoY), mainly on the back of a double-digit revenue growth. The hospitality group had reported a profit of Rs 170.1 crore during the corresponding period of the previous financial year, IHCL said in a statement.

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The hotel chain's revenue from operations stood at Rs 1,466.4 crore for the quarter ended June, a 15.8 percent jump, compared to Rs 1,266.1 crore of the corresponding period of the previous fiscal.

The earnings before interest, tax, depreciation and ammortisation (EBITDA) rose 8.5 percent YoY to Rs 410.2 crore in Q1FY24. The EBITDA margin came in at 28 percent versus 29.9 percent YoY.

"IHCL ended the first quarter with a strong performance led by a double-digit revenue growth. Turnover crossed the Rs 1,500 crore mark, making it a historical Q1,” said Puneet Chhatwal, Managing Director and CEO, IHCL.

"Maintaining our industry leading portfolio, IHCL signed 11 and opened 5 new hotels across all its brands. With our vast footprint across 125+ locations we will leverage the buoyancy in India’s travel and tourism sector. The outlook for the upcoming quarters remains strong with pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals," Chhatwal said.

Taj was rated as India’s Strongest Brand 2023 across sectors and industries by Brand Finance, marking it the third time the brand has achieved this distinction, IHCL said.

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “A strong focus on profitability and cash flow resulted in IHCL Consolidated reporting a steady EBITDA margin of 30.3 percent and net cash of Rs 889 crores as on 30th June 2023. In Q1, we have commenced capital investments towards renovation and upgradation of select hotels in our portfolio.”

First Published:Jul 27, 2023 5:29 PM IST