IHCL announces financial results for Q1 FY 2024-25

The Indian Hotels Company Limited (IHCL) reported its consolidated financials for the first quarter ending June 30, 2024. Commenting on the quarter’s performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL consolidated reported a strong financial performance for the first quarter with an all -time high revenue of Rs 1,596 crore and a healthy EBITDA margin of 31 per cent. Our performance was enabled by a diversified top line, with new businesses growing at 37 per cent over the previous year and incremental revenues from the not like for like growth. Continuing the growth momentum our portfolio is now over 325 hotels with 16 signings and six openings in the quarter. With demand continuing to outpace supply and favourable structural tailwinds, the sector is set to clock strong revenue growth in the quarters ahead.”

IHCL’s iconic brand Taj has been recognised as India's Strongest Brand across sectors for the fourth time and as the World's Strongest Hotel Brand for the third time by Brand Finance.  

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said, “IHCL Consolidated grew operating revenue by 6 per cent and RevPAR outperformed the industry with 60 per cent premium on a same store basis for domestic hotels. On the back of strong cost focus, IHCL’s operating EBITDA margins expanded by 210 and 100 basis points on Standalone and Consolidated basis respectively leading to a Consolidated PAT growth of 12 per cent. IHCL’s healthy operating cash flows, resulted in a gross consolidated cash balance of Rs 2,091 crore as on June 30, 2024 with free cash flows generated in the quarter at 3x of Q1 FY 24.”

He added, “In line with our strategy of simplification, IHCL has secured approval to execute an amendment to its Shareholder Agreement with our partner, SATS Singapore, enabling a consolidation of Taj SATS results on a line-by-line basis as a subsidiary as opposed to equity accounting consolidation.”