IHCL Reports First Quarter FY 2020-21 Results

~ Implements R.E.S.E.T 2020 strategy aimed at mitigating the impact of COVID-19

Signed a binding agreement to acquire 100% shareholding in ELEL Hotels and Investments Limited (ELEL) for the iconic Sea Rock hotel
Restructured holding of Taj Cape Town, which becomes a wholly owned subsidiary of IHCL, by acquiring 50% of holding in Tata Africa Holdings (TAH)
Launched Qmin, a repertoire of culinary offerings including home delivery, in addition to its proprietary Qmin App for ease of use
The Company signed two hotels in the quarter – a Vivanta in Lucknow and an IHCL SeleQtions hotel in Tadoba Andhari Tiger Reserve, Maharashtra
Introduced I-ZEST - IHCL’S Zero-Touch Service Transformation by leveraging technology for customer and employee experiences
The Taj Mahal Palace, Mumbai has been accorded the highest guest satisfaction score amongst its hospitality peers globally for the third consecutive time by TrustYou
Supported the community in its effort to combat the pandemic by delivering 2.4 million meals to the medical fraternity and migrant workers, and hosting 55,000 room nights for the medical community

MUMBAI, AUGUST 6, 2020: The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its Consolidated and Standalone financials for the first quarter ending June 30th, 2020.

KEY CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30th, 2020

Commenting on the performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “The global travel and tourism industry was at a virtual standstill in the last three months, which had a big impact on the hospitality sector. While over 50% of IHCL hotels were closed for most part of Q1 due to government lockdowns, we implemented R.E.S.E.T 2020, a strategy to mitigate the impact of COVID-19; and several revenue enhancement and spend optimization measures initiated have started yielding results. We remain confident, given the strength and power of our brand and our market leadership, that we will weather this disruption and emerge stronger.”

R.E.S.E.T 2020, a comprehensive five-point strategy, provides a transformative framework to help the Company overcome the COVID-19 related challenges and achieve revenue growth while optimizing expenditure and strengthening balance sheet and at the same time, continuing on its path of excellence.

Revenue Growth – Implemented a host of new revenue generation initiatives such as Hospitality@Home, Qmin and rolled out various campaign offers like 4D – Dream, Drive, Discover and Delight, Urban Getaways and Bizcation to stimulate and capture domestic demand
Excellence – Enhanced SOP’s under Tajness – A Commitment Restrengthened and I-ZEST: IHCL’s Zero-Touch Service Transformation, which ensures heightened safety for guests and employees through a host of digital and service interventions
Spend Optimization – Leveraged opportunities across all cost heads to rationalize resources and optimize expenditure
Effective Asset Management – Continuing to undertake renegotiation of contracts and lease rentals, while monetizing assets
Thrift and Financial Prudence – Taking necessary steps to ensure adequate cash flows while reducing the corporate overheads of the company

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “We have taken substantial steps to preserve liquidity. In addition, we are rationalizing all costs and maintaining the highest financial prudence. This will assist us in managing the evolving situation.”

OTHER HIGHLIGHTS

IHCL launched Qmin, a repertoire of culinary offerings, to augment the group’s F&B offerings and address a growing consumer demand for online gourmet food delivery services. It is currently available in five cities and will expand to cover 10 cities. The company also launched the Qmin App
Launched Hospitality@Home services offering guests a variety of curated hampers from select iconic Taj hotels across key cities, through contactless takeaway
Introduced I-ZEST - IHCL’s Zero-Touch Service Transformation to deliver zero-touch customer experiences for check-in, check-out, F&B interactions and employee processes
Implemented new and stringent hygiene, sanitisation and social distancing protocols across its hotels titled Tajness – A Commitment Restrengthened
Taj has been ranked Number One on the list of India’s Strongest Brands amongst all sectors by Brand Finance
The company achieved a milestone by setting a benchmark in hospitality for environmental sustainability with the highest number of EarthCheck Gold and EarthCheck Platinum certified hotels globally, with over 70 hotels having been awarded the EarthCheck Platinum and Gold certifications

AWARDS AND RECOGNITION

BRAND FINANCE BRAND VALUE REPORT – INDIA 2020: Taj has ranked Number One on the list of the strongest Indian brands by Brand Finance in their coveted ‘India 100 2020’ report. Taj has got the rare distinction of being ranked the highest across brands in all sectors
TRUSTYOU 2019-2020 – The Taj Mahal Palace, Mumbai has been accorded the highest guest satisfaction score amongst its hospitality peers globally for the year 2019-2020 for the third consecutive year
EARTHCHECK CERTIFICATIONS – IHCL has set a global benchmark in hospitality for environmental sustainability with the highest number of Earth Check Gold and EarthCheck Platinum certified hotels globally, with over 70 hotels having been awarded the EarthCheck Platinum and Gold certifications
CONDÉ NAST TRAVELER HOT LIST 2020 – Taj Rishikesh Resort & Spa, Uttarakhand has been featured in the 24th edition of the coveted Condé Nast Traveler UK Hot List 2020, which features the best hotels across the globe that have opened in the past year
BEST NEW WELLNESS RESORTS IN THE WORLD: CONDÉ NAST TRAVELER HOT LIST 2020 – Taj Rishikesh Resort & Spa, Uttarakhand is one of the top four featured wellness resorts across the globe to be featured in this acclaimed Hot List for 2020
CONDÉ NAST TRAVELLER MIDDLE EAST READERS’ CHOICE AWARDS 2020 – Taj Jumeirah Lakes Towers, Dubai, has been recognized as ‘Favourite New Hotel’ in the Middle East and North Africa region
WORLD ARCHITECTURE COMMUNITY AWARDS – Devi Ratn – IHCL SeleQtions has been recognized for its unique design and architecture in these awards under the ‘Realised Interior Design’ projects category
TRAVEL+LEISURE US THE WORLD'S BEST HOTELS AWARDS 2020 – IHCL has been recognized in these prestigious awards basis readers’ votes across multiple categories including
- The Top 25 Hotel Brands in the World
- The Top 100 Hotels in the World
  - Rambagh Palace, Jaipur, India
- The Top 15 Hotels in New York City
  - The Pierre, New York
- Top 15 Resort Hotels in Asia
  - Rambagh Palace, Jaipur, India
  - Taj Lake Palace, Udaipur
- The Top 15 Asia City Hotels
  - Taj Palace, New Delhi, India
- Top 5 India Resort Hotels
  - Rambagh Palace, Jaipur
TRIP ADVISOR TRAVELLERS’ CHOICE 2020 – TOP 25 LUXURY HOTELS IN INDIA – Four of IHCL’s hotels have been recognized in these annual awards including Rambagh Palace, Jaipur; Taj Lake Palace, Udaipur; Umaid Bhawan Palace, Jodhpur and Taj Exotica Resort & Spa, Goa

About The Indian Hotels Company Limited (IHCL)

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 hallmark of iconic hospitality and India’s Strongest Brand as per Brand Finance India 100 2020 report, 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 200 hotels including 42 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is South Asia’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

For more information, please contact: rakhee.lalvani@ihcltata.com

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