 "Indian Hotels Company consolidated net profit up 30.5% to Rs 236 cr in Q1")
Tata group hospitality firm Indian Hotels Company Ltd on Thursday reported a 30.5 per cent rise in consolidated net profit at Rs 236.01 crore in the first quarter ended June 30, 2023, driven by strong revenue growth.
The company had posted a consolidated net profit of Rs 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 Rs 1,466.37 crore during the quarter under review as compared to Rs 1,266.07 crore in the year-ago period, it added.
Total expenses were higher at Rs 1,221.76 crore as compared to Rs 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.
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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 Rs 100 crore milestone during the quarter, while the air catering business TajSATS clocked a 55 per cent growth in revenue at Rs 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.