IHCL ANNOUNCES FINANCIAL RESULTS FOR Q2 FY 2023-24 - MARKING SIX CONSECUTIVE QUARTERS OF RECORD PERFORMANCE

REVENUE AT INR 1,481 CRORES, UP 18% YoY

EBITDA AT INR 402 CRORES, UP 26% YoY; EBITDA MARGIN EXPANSION OF 180 BPS

PAT AT INR 167 CRORES, GROWTH OF 37% YoY

MUMBAI, OCTOBER 27, 2023: The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the second quarter ending September 30th, 2023.

KEY CONSOLIDATED FINANCIAL RESULTS FOR Q2 AND H1 FY 2023-24

Q2 YoY PERFORMANCE


Commenting on the Q2 FY24 performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “Driven by consistent double-digit growth, IHCL generated a system-wide revenue of INR 2,687 crores – 1.8X 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 125+ locations.”

He added, “We opened 8 hotels and signed 17 more in the first half of the fiscal thereby maintaining an industry-leading pipeline of 82 hotels. India’s economic momentum coupled with higher consumer spends augurs well for the industry. Business on the books remains strong and the company is well positioned for the traditionally stronger second half of the financial year.”

In recent announcements, IHCL has been honoured with the 2023 International Centre for Responsible Tourism (ICRT), India Foundation Responsible Tourism Award in the category of 'Best for Tackling Plastic Waste” and the prestigious Golden Peacock Award for Risk Management 2023.

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Q2 performance was significantly enabled by the domestic market as seen in IHCL’s standalone revenue of INR 949 crores, a growth of 23% over the previous year and a healthy EBITDA margin of 34.7%.”

He added, “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 INR 1,395 Crores as on September 30th 2023.”

 

DELIVERS RECORD Q2 FINANCIAL PERFORMANCE
  • Outperforms the industry on domestic same store RevPAR with a premium of 63% vs competition.
  • Demand buoyancy in the international portfolio led to an occupancy of 64% (up 800 basis points), 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.

EXPANSION MOMENTUM CONTINUES
  • IHCL signed 6 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 3 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.

NEW BUSINESSES
  • The air catering business TajSATS clocked a revenue of INR 213 Crore, 48% growth over the previous year maintaining an industry first EBITDA margin of 24% in Q2
  • Enterprise Revenue of Ginger exceeded INR 100 Crore with a 24% growth over the previous year and continued reporting healthy EBITDA margins at 34% in Q2.
  • Qmin has grown to 38 outlets and amã Stays & Trails reached a milestone of 75 bungalows in operations and a portfolio of 125+ bungalows.

ESG+ FRAMEWORK OF PAATHYA – H1 HIGHLIGHTS
  • IHCL now uses 37% energy from renewable sources and has installed 335 EV charging stations across 142 locations in India.
  • Continuing its journey of eliminating single use plastic, IHCL installed 27 bottling plants and achieved 47% recycling of water used.
  • In its effort to bridge the employability gap in the industry, IHCL has partnered for 22 skill centres across locations in India including Kupwara, Lucknow, Bengaluru, Guwahati, Gwalior among others.

 

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 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 274 hotels including 82 under development globally across 4 continents, 11 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.

Please visit: www.ihcltata.com; www.tajhotels.com; www.seleqtionshotels.com; www.vivantahotels.com; www.gingerhotels.com

For more information, please contact: kirti.dhingra@ihcltata.com

 

AWARDS AND RECOGNITION

  1. BRAND FINANCE’S BRAND VALUE REPORT INDIA 2023 - TAJ RANKED AS INDIA’S STRONGEST BRAND FOR THIRD TIME.
  2. IHCL RECEIVED 2023 INTERNATIONAL CENTER FOR RESPONSIBLE TOURISM (ICRT), INDIA FOUNDATION RESPONSIBLE TOURISM AWARD FOR 'BEST FOR TACKLING PLASTIC WASTE’
  3. GOLDEN PEACOCK AWARD FOR RISK MANAGEMENT 2023.
  4. TRIPADVISOR - 2023 TRAVELLERS’ CHOICE AWARD - RAMBAGH PALACE, JAIPUR RANKED WORLD’S NO. 1 HOTEL
  5. GOLDEN PEACOCK AWARD FOR TRAINING 2023
  6. CNBC TV18 - ICICI LOMBARD INDIA RISK MANAGEMENT AWARDS 2023 - MASTER OF RISK IN BUSINESS MODEL ADAPTABILITY
  7. CONDÉ NAST TRAVELER READER’S CHOICE AWARDS 2023
    1. HOTELS ON BEST HOTELS IN INDIA LIST
      1. UMAID BHAWAN PALACE, JODHPUR – RANKED NO. 1
      2. TAJ LAKE PALACE, UDAIPUR
      3. TAJ NADESARPALACE, VARANASI
      4. THE TAJ MAHAL PALACE, MUMBAI
    2. BEST RESORT ASIA - TAJ ARAVALIRESORT & SPA, UDAIPUR
    3. BEST RESORT IN THE INDIAN OCEAN - TAJ CORAL REEF RESORT & SPA, MALDIVES
    4. BEST RESORT IN MIDDLE EAST - TAJ EXOTICA RESORT & SPA, THE PALM, DUBAI
  8. CONDE NAST GOLD LIST 2023 – THE TAJ MAHAL PALACE, MUMBAI
  9. LA LISTE WORLD’S BEST HOTELS 2023 – TOP 1000 WORLD’S BEST HOTELS
    1. RAMBAGH PALACE, JAIPUR
    2. FALAKNUMA PALACE, HYDERABAD
    3. THE TAJ MAHAL PALACE, MUMBAI
    4. TAJ LAKE PALACE, UDAIPUR
    5. UMAID BHAWAN PALACE, JODHPUR
    6. TAJ PALACE, NEW DELHI
    7. TAJ LANDS END, MUMBAI
    8. TAJ HOLIDAY VILLAGE RESORT & SPA, GOA
  10. TRAVEL + LEISURE READERS' - "WORLD’S BEST AWARDS"
    1. 25 FAVORITE HOTEL BRANDS OF 2023 - TAJ HOTELS RESORTS & PALACES
    2. FAVOURITE RESORTS IN INDIA OF 2023 - TAJ LAKE PALACE, UDAIPUR
    3. BEST 100 HOTELS IN THE WORLD - TAJ LANDS END, MUMBAI, INDIA
    4. BEST CITY HOTELS IN ASIA - TAJ LANDS END, MUMBAI
    5. FAVORITE CITY HOTELS IN INDIA OF 2023 - TAJ LANDS END, MUMBAI
    6. 15 FAVORITE HOTELS IN NEW YORK CITY OF 2023 - THE PIERRE, NEW YORK