The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its Consolidated and Standalone financials for the third quarter ending December 31st, 2020.
As per the results, the revenues went up by 90% to 615 crore in Q3 vis-à-vis Q2. The company also reported positive EBITDA of 38 crore for the first time in FY20-21.
The hotel group signed six new hotels with over 1100 rooms across brands at multiple locations and states in India.
Besides this, the company has strengthened its presence in the Eastern part of India with the signing of three Taj hotels, two in Kolkata and one in Patna. Besides, they have opened four new hotels across brands including:
- The Connaught, an IHCL SeleQtions hotel, in the heart of New Delhi
- Introduced luxury hospitality to the city of Ahmedabad with the opening of Taj Skyline
- Pioneered a new destination in the East with the launch of Taj Chia Kutir – Darjeeling
- Opened a new Ginger hotel in Kalinganagar
- In addition, they expanded the amã Stays & Trails portfolio with the opening of four new villas: two in Goa and one in Lonavala, Maharashtra and Thiruvananthapuram Kerala, respectively.
Furthermore,Ginger reached a milestone of 75 hotels in its portfolio. Quilon, Taj’s award-winning coastal Indian cuisine restaurant in London, retained its Michelin Star for the 14th successive year.
KEY CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED DEC 31st, 2020
Commenting on the Q3 performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “The third quarter saw stronger recovery driven primarily by leisure demand and resumption of weddings. With innovation at the heart of our strategy, we continued to unlock the potential of our ancillary businesses, creating alternative sources of revenue. Despite challenges, the company opened four and signed six new hotels in the quarter and continued its focus on adopting an asset-light model, which has helped IHCL achieve a 44 per cent managed portfolio, further boosting consistent portfolio growth without additional capital deployment.”
Whilst COVID-19 continues to impact the hospitality sector at large, IHCL’s performance has shown consistent progress quarter on quarter.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “We are seeing positive revenue growth quarter on quarter whilst delivering on spend optimization. We will continue to keep this focus and introduce multiple initiatives to manage operational costs and strengthen the balance sheet.”
