The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the first quarter ending June 30th, 2023.
Commenting on the Q1 FY24 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL ended the first quarter with a strong performance led by a double-digit revenue growth. Turnover crossed the INR 1,500 crore mark, making it a historical Q1.”
He added, “Maintaining our industry leading portfolio, IHCL signed 11 and opened five new hotels across all its brands. With our vast footprint across 125+ locations, we will leverage the buoyancy in India’s travel and tourism sector. The outlook for the upcoming quarters remains strong with pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals.”
The Taj was rated as India’s Strongest Brand 2023 across sectors and industries by Brand Finance, marking it the third time the brand has achieved this distinction.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “A strong focus on profitability and cash flow resulted in IHCL Consolidated reporting a steady EBITDA margin of 30.3% and net cash of INR 889 crores as on 30th June 2023. In Q1, we have commenced capital investments towards renovation and upgradation of select hotels in our portfolio.”
