The Indian Hotels Company Limited (IHCL) reported its consolidated financials for the second quarter ending September 30th, 2023.
Commenting on the Q2 FY24 performance, 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 eight 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.
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 optimizing cost and revenue flowthroughs. IHCL consolidated recorded healthy cash and cash equivalents of INR 1,395 crore as on September 30th, 2023.”
