 "IHC Q4 result: PAT rises 29% to Rs 438 cr, total income at Rs 1,951 cr")
The Indian Hotels Company Ltd (IHCL) on Wednesday reported a 29.36 per cent growth in consolidated profit after tax to Rs 438.33 crore in the fourth quarter ended March 2024.
The hospitality company had reported a Profit After Tax (PAT) of Rs 338.84 crore in the year-ago period.
For the financial year 2023-24, IHCL reported a consolidated PAT of Rs 1,330.24 crore as against Rs 1,052.83 crore in the previous fiscal.
Its total income rose to Rs 1,951.46 crore during the quarter under review, from Rs 1,654.54 crore in the corresponding period of the previous year, according to a regulatory filing.
However, its total expenses also increased to Rs 1,416.77 crore as against Rs 1,254.52 crore a year ago.
Puneet Chhatwal, Managing Director & CEO of IHCL, said, "With 53 signings in FY2024, IHCL achieved a portfolio of 310 hotels, enabled by attaining scale in each of our brands and forming strategic alliances in new market segments".
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He shared that looking ahead at FY25, IHCL will continue to deliver double-digit revenue growth with new businesses and the opening of 25 hotels.
IHCL will also introduce the re-imagined Gateway, Chhatwal said, a full-service hotel offering in the upscale segment, an ideal fit to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities. The brand roll-out starting with 15 hotels will commence with launches in Bekal and Nashik this quarter followed by destinations like Bengaluru, Thane and Jaipur. The brand will scale to a 100 hotel portfolio by 2030, he added.
"Investing in our competitive advantage of optimising the balance between operating leverage and fee-based business, IHCL has commenced a five-year capital deployment plan from FY2023 to FY2027 totalling Rs 3,500 crore towards key asset upgradation, building capabilities and select new projects," the IHCL MD & CEO said.