NEW DELHI: Taj parent Indian Hotels Company Limited (IHCL) has reported a revenue and profit of of Rs 1,481 crore and Rs 167 crore in the July-September, 2023, quarter — up 18% and 37%, respectively, from same period last year. Reflecting the upward trend on travel business post Covid, this was the sixth consecutive quarter of “record performance”. IHCL share closed at Rs 374.65, down 0.1% on BSE Friday when the broader market closed 1% up.
IHCL MD & CEO Puneet Chhatwal said: “Driven by consistent double-digit growth, IHCL generated a system-wide revenue of INR 2,687 crores – 1.8 times of our consolidated revenue.This reflects the successful execution of our strategy to build a balance between owned/leased and managed hotels and leverage the diversified brand portfolio across over 125 locations.”
Reflecting the boom in air travel post Covid, Taj’s air catering arm TajSATS saw its revenue at Rs 213 crore this Q2 — up 48% growth from same period last fiscal.
The Tata Group hospitality major said demand buoyancy in its international portfolio led to an occupancy of 64%, resulting in a RevPAR growth of 8% over the previous year. “Management fee income grew by 14% over the previous year validating IHCL’s asset-light strategy. (We) signed six hotels in Q2 which included three Taj hotels in international markets; a 134-room hotel in Frankfurt and two hotels in Bhutan; two SeleQtions hotels — one each in Goa and Himachal Pradesh — and one Ginger hotel in Assam. IHCL opened three new hotels in Q2 taking the total operating hotels to 192 across brands. It added two Taj branded hotels, Taj The Trees Mumbai and Taj Guras Kutir Resort & Spa, Gangtok and SeleQtions brand forayed into Indore with a 125-room hotel,” IHCL said in a statement.
IHCL EVP & CFO Giridhar Sanjeevi said: “Q2 performance was significantly enabled by the domestic market as seen in IHCL’s standalone revenue of Rs 949 crore, a growth of 23% over the previous year. Despite ongoing product upgrades, we expanded margins at standalone and consolidated level by 410 and 180 basis points respectively. This was the result of continuous focus on optimising cost and revenue flow-throughs. IHCL consolidated recorded healthy cash and cash equivalents of Rs 1,395 crore as on September 30, 2023.”
IHCL MD & CEO Puneet Chhatwal said: “Driven by consistent double-digit growth, IHCL generated a system-wide revenue of INR 2,687 crores – 1.8 times of our consolidated revenue.This reflects the successful execution of our strategy to build a balance between owned/leased and managed hotels and leverage the diversified brand portfolio across over 125 locations.”
Reflecting the boom in air travel post Covid, Taj’s air catering arm TajSATS saw its revenue at Rs 213 crore this Q2 — up 48% growth from same period last fiscal.
The Tata Group hospitality major said demand buoyancy in its international portfolio led to an occupancy of 64%, resulting in a RevPAR growth of 8% over the previous year. “Management fee income grew by 14% over the previous year validating IHCL’s asset-light strategy. (We) signed six hotels in Q2 which included three Taj hotels in international markets; a 134-room hotel in Frankfurt and two hotels in Bhutan; two SeleQtions hotels — one each in Goa and Himachal Pradesh — and one Ginger hotel in Assam. IHCL opened three new hotels in Q2 taking the total operating hotels to 192 across brands. It added two Taj branded hotels, Taj The Trees Mumbai and Taj Guras Kutir Resort & Spa, Gangtok and SeleQtions brand forayed into Indore with a 125-room hotel,” IHCL said in a statement.
IHCL EVP & CFO Giridhar Sanjeevi said: “Q2 performance was significantly enabled by the domestic market as seen in IHCL’s standalone revenue of Rs 949 crore, a growth of 23% over the previous year. Despite ongoing product upgrades, we expanded margins at standalone and consolidated level by 410 and 180 basis points respectively. This was the result of continuous focus on optimising cost and revenue flow-throughs. IHCL consolidated recorded healthy cash and cash equivalents of Rs 1,395 crore as on September 30, 2023.”