by Vijaylakshmi 
The Indian Hotels Company Limited (IHCL), reported its consolidated financials for the first quarter ending June 30th 2024.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 INR 1,596 crores and a healthy EBITDA margin of 31 percent. Our performance was enabled by a diversified top line, with new businesses growing at 37 percent 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 6 openings in the quarter.”He added, “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.Performance highlights—Performed the industry on domestic same store RevPAR with a premium of 60 percent vs competition. – New Businesses vertical comprising of Ginger, Qmin and amã Stays & Trails reported a revenue of INR 162 crores, a growth of 37 percent over the previous year.—The Reimagined Businesses of TajSATS and The Chambers (membership fee) reported a revenue of INR 274 crores, a growth of 17 percent over the previous year.—Management Fee income stood at INR 114 crores, 17 percent over the previous year, in line with capital light growth strategy. Industry leading growth —IHCL continues to demonstrate industry leading growth with 16 hotels signed and 6 hotels opened. – The recent signings are well represented across all brands with 6 Taj, 2 each of SeleQtions, Tree of Life and Ginger, 1 Vivanta and 3 under the reimagined Gateway brand.—In Q1, IHCL opened 6 hotels with a SeleQtions hotel in Mahabaleshwar, Vivanta in Jamshedpur, a Ginger in Nagpur and Jamshedpur and Tree of Life resorts in Gangtok and Srinagar.ESG+ highlights under Paathya—IHCL now uses 37 percent energy from renewable sources and has installed 343 EV charging stations across 142 locations in India.—Continuing its journey of eliminating single use plastic, IHCL has installed 46 bottling plants and achieved 42 percent recycling of water used.— IHCL partners and operates 35 skill centres across 15 States in India to build industry relevant talent pools.Ankur Dalwani, executive vice president and chief financial officer, IHCL said, “IHCL Consolidated grew operating revenue by 6 percent and RevPAR outperformed the industry with 60 percent 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 percent. IHCL’s healthy operating cash flows, resulted in a gross consolidated cash balance of INR 2,091 crores as on 30th June 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.”
Published On Jul 19, 2024 at 09:00 PM IST
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