ITC Hotels has declared their financial performance report for FY2023-24. As per the report, the business touched record highs in the last financial year with segment revenue for the year registering INR 2989.50 crore. The segment EBITDA at INR 1049.88 crore exceeded the INR 1000 crore mark for the first time. Segment PBIT for the year stood at INR 753.77 crore, witnessing growth of appx. 39 percent over the previous year.
Across six distinct brands, ITC Hotels operates 130 hotels and 12,000 rooms. These brands are ‘ITC Hotels’ in the Luxury segment, ‘Mementos’ in the Luxury Lifestyle segment, ‘Welcomhotel’ in the Upscale segment, ‘Storii’ in the Boutique Premium segment, ‘Fortune’ in the Mid-market to Upscale segment and ‘WelcomHeritage’ in the Leisure & Heritage segment.
Having embraced an “asset-right” strategy of expansion, the hotel division has opened 25 hotels under the brand portfolio in the last 24 months out of which 24 are managed properties. ITC’s ‘asset-right’ strategy envisages a substantial part of incremental room additions, going forward, to accrue through management contracts.
Over the years, ITC has expanded its footprint in the Luxury, Upper Upscale and Mid-market to Upscale segments of the Indian hospitality industry.
As per a statement by the company, the focus is on sweating existing assets, increasing the footprint of management contracts and creating additional revenue streams to engender the next horizon of growth and value creation while providing best-in-class consumer experience.
With the asset-right strategy, the hotel company had introduced two new brands – Mementos and Storii in recent years, and together they have seven hotels under operations.
The Welcomhotel brand now consists of 25 hotels and over 2,700 keys and is well positioned to scale-up rapidly on the back of a strong pipeline of management contracts.
The ‘Fortune’ brand continues to maintain its pre-eminent position in the mid-market to upscale segment, comprising 51 operating properties and over 3,800 rooms. The ‘WelcomHeritage’ brand continues to create best-in-class authentic experiences with an operational inventory of 38 hotels comprising over 1,000 rooms.