The Indian Hotels Company Limited (IHCL) Begins with a Strong First Quarter
THE INDIAN HOTELS COMPANY LIMITED (IHCL) BEGINS WITH A STRONG FIRST QUARTER
₹ 15 crore Profit after Tax
Signs a new Vivanta hotel at London Heathrow Airport
Wins bid for The Connaught in Lutyens’ New Delhi
Mumbai, August 10th, 2018: The Indian Hotels Company Limited (IHCL), India’s largest hospitality company reported its Consolidated and Standalone financials for the first quarter ending June 30th 2018.
KEY CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30th 2018:
Commenting on Q1 performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer at The Indian Hotels Company Limited (IHCL), said “It has been a great start to a historically slow quarter. Demand continues to outpace supply and IHCL witnessed an increase in RevPAR by about 6% globally driven by growth in the industry in general and our brands gaining market share in particular. I am delighted with the 8% growth in revenues and improvement in EBITDA margins of 183 bps. Furthermore, in our endeavour to build a robust pipeline, we signed 6 new hotels with an inventory of approximately 800 rooms across all our brands in key locations in India and overseas.”
Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer at The Indian Hotels Company Limited (IHCL), said “We are very pleased with the progress we are making in the execution of our strategic plan in driving profitable growth for our company. We delivered a PAT of Rs. 15 crores and this marks the third consecutive quarter of achieving positive results for IHCL.”
- IHCL announces the signing of a new hotel at London Heathrow Airport. This will be a 108 room hotel, conveniently located across from Terminals 1, 2 and 3.
- IHCL signed 6 new hotels in the quarter across all its brands in India and key international destinations.
- IHCL won the bid for The Connaught, an 85-room hotel in Lutyens’ New Delhi.
- IHCL signed its first hotel in Makkah, Saudi Arabia. The hotel will be a Taj branded hotel and is scheduled to open in January 2023, with approximately 340 rooms.
- The other signings included a Taj hotel in Lonavala, a Vivanta hotel in Katra, Jammu & Kashmir and two Ginger hotels in Jhansi and Visakhapatnam respectively.
- The company announced a major expansion of Taj Bangalore located across the International Airport with an addition of 220 guest rooms; bringing it to a total of 374 rooms with state-of-the-art conferencing and banqueting facilities.
- St. James' Court, A Taj Hotel, London launched its newly renovated premium rooms at the Almoners Townhouse.
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About The Indian Hotels Company Limited
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, Vivantawith its collection of sophisticated upscale hotels, and Ginger which is revolutionizing the lean luxury 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 operates 170 hotels including 25 under development globally across 4 continents, 12 countries and in over 80 locations.
The Indian Hotels Company Limited (IHCL) is amongst South Asia’s largest Indian hospitality company by market capitalization. It is primarily listed on the BSE and NSE.
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