The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its consolidated and standalone financials for the fourth quarter ending March 31st, 2021 and the full year FY 2020-21.
The hotel chain reported positive EBITDA of INR 83 crores in Q4 – a 118% increase from Q3. It has also recorded the highest number of new hotel signings and openings in the industry during FY 2020-21 with 17 signings and seven new hotel openings.
Driven by an asset-light growth strategy, approximately 80% of IHCL’s development pipeline comprises management contracts. Ginger reached 75 hotel milestone and reported the highest number of signings in the midscale segment in India.
The quarter also saw expansion of amã Stays & Trails portfolio with multiple properties in Goa, Trivandrum and Munnar, taking the brand portfolio to 40 bungalows. Besides, Vivanta Thiruvananthapuram recently opened its door, thereby adding a new landmark in the heart of the city.
The iconic Taj Mahal, New Delhi completed its first phase of renovations with the re-imagined and relaunched Machan, Emperor’s Lounge, tastefully done rooms and The Chambers.
Qmin, IHCL’s culinary home delivery platform expanded its operations to 14 locations across India in FY 2020-21.
With 78 EarthCheck Certified hotels, IHCL set a benchmark for environmental sustainability in hospitality with the highest number of EarthCheck Platinum certified hotels globally, with 47 hotels awarded the EarthCheck Platinum certification.
It also supported the community’s effort in combating the pandemic by delivering over 3 million meals to healthcare and migrant workers, and hosting over 70,000 room nights for the medical community among other key efforts.
Key consolidated Financial Results for the Quarter ended March 31st, 2021
For the year ending March 31st 2021, the Board of Directors have recommended an equity dividend of 40% amounting to Rs. 0.40 per share.
Commenting on the fiscal performance, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “Despite continued pandemic related challenges that have impacted the travel and hospitality sector, IHCL has remained laser focused on executing its R.E.S.E.T 2020 strategy. The company has developed innovative revenue streams to meet evolving customer needs and have followed stringent spend optimization and financial prudence measures. These initiatives helped the company achieve quarter-on-quarter growth and deliver a positive EBITDA in the last two quarters of FY 2020-21. The company will continue to evolve to cater to dynamic market trends, with agility at its core.”
In addition to the company’s efforts to mitigate the business impact, IHCL continues to extend support to the community in its fight against the pandemic. The company has offered over 1400 rooms across its hotels in the country as quarantine facilities to partner hospitals.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, stated, “Our relentless focus on performance, management of operational costs and continuing efforts to strengthen liquidity has helped IHCL survive through this extremely challenging phase, and we will continue our multiple efforts to continue to grow and be profitable.”
