On Thursday, the Indian Hotels Company Ltd, a hospitality firm under the Tata group, announced a notable 30.5 per cent increase in their consolidated net profit for the first quarter, which ended on June 30, 2023. This impressive growth was primarily fueled by robust revenue performance. The company’s net profit amounted to INR 236.01 crore during this period.
The company had posted a consolidated net profit of INR 180.84 crore in the same quarter last fiscal, Indian Hotels Company Ltd (IHCL) said in a regulatory filing.
Consolidated revenue from operations were at INR 1,466.37 crore during the quarter under review as compared to INR 1,266.07 crore in the year-ago period, it added.
Total expenses were higher at INR 1,221.76 crore as compared to INR 1,053.12 crore a year ago, the company said.
IHCL Managing Director & CEO Puneet Chhatwal said the company ended the first quarter with a strong performance led by a double-digit revenue growth.
“Maintaining our industry leading portfolio, IHCL signed 11 (hotels) and opened 5 new hotels across all its brands. With our vast footprint across over 125 locations, we will leverage the buoyancy in India’s travel and tourism sector,” he added.
The outlook for the upcoming quarters remains strong with the pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals, Chhatwal said.
Giving an update on its new businesses, IHCL said Ginger hotels revenue clocked INR 100 crore milestone during the quarter, while the air catering business TajSATS clocked a 55 per cent growth in revenue at INR 205 crore.
Qmin has grown to 40 outlets and am Stays & Trails portfolio crossed over 125 bungalows across more than 50 holiday destinations, the company said.
