The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its consolidated financials for the first quarter ending June 30th, 2021.
- Revenues up by 111% to 370 crore in Q1 FY 2021-22 vs Q1 FY 2020-21
- Taj, IHCL’s iconic luxury brand, rated as the World’s Strongest Hotel Brand and India’s Strongest Hospitality Brand by Brand Finance in 2021
- Signs two new hotels including a 775-room hotel in partnership with Bengaluru Airport City Limited (BACL)
- Opened three new hotels – Year to date (YTD) across brands including:
- Vivanta Thiruvananthapuram, a new landmark in the heart of the city
- Pilibhit House, an IHCL SeleQtions hotel, on the banks of the Ganges in Haridwar
- Strengthened presence in East India with the launch of Vivanta Bhubaneswar
- Expanded the amã Stays & Trails homestay portfolio with the opening of 11 new villas: two in Goa, one each at Alibaug and Khadakvasla, Maharashtra, and seven in Munnar, Kerala
- IHCL’s food delivery platform, Qmin, expanded its offerings with the launch of the first Qmin Food Truck in Mumbai
- In line with its ethos, IHCL continued to assist the community’s battle against COVID-19 by delivering over 4.5 million meals to the medical fraternity across the country and recently 1,50,000 Qmin meals to flood affected areas of Chiplun and Mahad in Maharashtra
Key Consolidated Financial Results for the Quarter ended June 30th, 2021
Commenting on the Q1 performance, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “Inspite of the challenges posed by the second wave of the pandemic, the company has doubled its revenue in Q1 as compared to that in the same period last year. This growth is driven by domestic leisure demand. July was a good month and business on the books for August looks promising. New businesses have performed very well.
For every employee at IHCL, our Taj brand being recognized as the World’s Strongest Hotel Brand in 2021 is not only a moment of pride but also inspires us to continue developing and delivering new customer-centric offerings that are innovative and that leverage the strengths of the growing IHCL hospitality eco-system.”
Whilst the effect of COVID-19 continues to impact growth in the hospitality industry, IHCL has seen considerable progress during the first quarter, which accelerated significantly in the month of July.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “The company continued to be focused on minimizing losses with stringent spend optimization measures. This, coupled with the revenue increase, resulted in reducing the EBITDA loss by half over the first quarter last year.”
