The Indian Hotels Company Limited (IHCL), reported its consolidated financials for the third quarter ending December 31st, 2022.
Buoyed by a strong demand in third quarter, both leisure and business hotels in key domestic markets reported occupancy of over 70% and a rate growth of 27% as compared to pre-COVID levels.
Commenting on the performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL continued to report strong operational and financial performances across its businesses in Q3 resulting in an all-time high PAT of INR 383 crores, which exceeds any previous full year PAT. Leveraging its brand portfolio, IHCL reached a milestone of 250+ hotels and is in line with its vision of being a 300-hotel portfolio by 2025. In this financial year alone 30 plus hotels have been added to the pipeline and 14 hotels have opened, besides strong growth in amã Stays & Trails with 108 homestays and Qmin with over 25 outlets. The demand outlook for the sector in 2023 remains robust on the back of sporting events such as world cup hockey and cricket, global events like the ongoing G20 and recovery of inbound and corporate travel. IHCL with its vast network of hotels spread across 125+ cities is well positioned to cater to this rising demand.”
He added, “The three consecutive quarters of responsible profitable growth is a testament to the commitment, resilience and dedication of all our colleagues guided by our ethos of Tajness.”
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Robust demand across markets and segments including our airline catering has led to all group companies reporting a positive PAT in Q3 across domestic and international operations. The revenue performance supported by scale benefits have enabled strong flow-through and record margins. IHCL continues to report a healthy consolidated free cash flow of INR 766 crores till date in FY 2022- 23 and remains net cash positive.”