IHCL Q3 results: Net profit rises 18% to Rs 452 crore, revenue up 14.1%

The Indian Hotels Company Limited (IHCL), parent of the Taj group of hotels, reported an 18 per cent increase in net profit from the year-ago period to Rs 452 crore in the third quarter-ended December 31, 2023, on Thursday.

The company had reported a net profit of Rs 382.71 crore in the year-ago period.

“IHCL continues to demonstrate industry-leading growth with 28 hotels signed and 16 hotels opened this financial year, with a portfolio of 285 hotels, including a pipeline of 85 hotels,” Puneet Chhatwal, managing director and chief executive officer, IHCL, said in an earnings release.

“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,” he said.

The hospitality giant reported a 14.1 per cent uptick in revenue to Rs 1,963.24 crore from Rs 1,685.80 crore in the year-ago period.

The growth in total revenue for the quarter was led by a 21 per cent increase in room revenue, the company said in a release. Moreover, demand buoyancy in the international portfolio led to an occupancy of 70 per cent, resulting in a RevPAR growth of 9 per cent over the previous year, it added.

“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,” Chhatwal further added.

The group’s recent signings include new destinations like Ayodhya, Itanagar, Dibrugarh, Surat, Dehradun, and Chitwan in Nepal.

First Published: Feb 01 2024 | 10:13 PM IST