The company reported consolidated net loss of Rs 120.58 crore in Q2 September 2021 lower than net loss of Rs 230.01 crore in Q2 September 2020.
On a consolidated basis, net sales surged 183.78% to Rs 728.37 crore in Q2 September 2021 over Q2 September 2020. Pre-tax loss was reported at Rs 129.69 crore in Q2 September 2021, lower than pre-tax loss of Rs 262.59 crore in Q2 September 2020.Total expenses surged 43.61% year-on-year to Rs 871.14 crore in Q2 September 2021. Cost of food and beverages consumed stood at Rs 62.78 crore (up 187.72%), employee expense was at Rs 278.80 crore (up 36.45%) and other expense stood at Rs 313.95 crore (up 73.58%) during the period under review.
EBITDA improved by Rs 180 crore to Rs 97 crore in Q2 FY22 from a loss of Rs 83 crore in Q2 FY21.
Net cash from operating activities stood at Rs 30.92 crore as on 30 September 2021 compared with loss of Rs 507.32 crore as on 31 March 2021.
Puneet Chhatwal, managing director and chief executive officer, IHCL, said, "Overall recovery has been stronger and quicker after the second Covid wave. IHCL has seen significant improvement in performance quarter on quarter."
Meanwhile, the company's board approved Rs 4000 crore of fund raising: Rs 2000 crore will be raised by way of rights issue and additional Rs 2000 crore through QIP, subject to receipt of requisite approvals.
The board also announced the approval of purchase of balance shares from the existing shareholders of Roots Corporation which operates the Ginger brand. Cost of acquisition will not exceed Rs 500 crore.
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IHCL said that it has signed over 1,200 rooms with eight new hotels in the first half of the year across its brand. It has opened five new hotels - year to date (YTD) across brands. The amStays & Trails homestay portfolio has 59 bungalows, including recent new signings.
The Chambers announced the launch of its new outpost in London Taj The Chambers, located at the iconic Taj 51 Buckingham Gate Suites and Residences.
IHCL expanded the presence of Qmin - its food delivery platform to 19 cities delivering favourites from across 37 hotels and over 78 IHCL restaurants across India. Qmin app is also available across nine countries globally, giving people overseas the opportunity to gift meals to loved ones in India.
Indian Hotels Company and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj - the iconic brand for the most discerning travelers and the World's Strongest Hotel Brand as per Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment.
Shares of Indian Hotels Company fell 2.59% to Rs 208.35. The stock hit a high of Rs 224.65 and a low of Rs 207.45 so far.
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