Indian Hotels Company (IHCL) reported a consolidated net profit of Rs 170.05 crore in Q1 FY23 as against a net loss of Rs 277.34 crore in Q1 FY22.
The company reported revenue form operations to Rs 1,266.07 crore in the quarter ended June 2022, steeply higher than Rs 344.55 crore recorded in the corresponding quarter previous year.
The pre-tax gains stood at Rs 230.94 crore in Q1 FY23 as against a pre-tax loss of Rs 315.02 crore reported in Q1 FY22. The company posted a positive EBITDA of Rs 405 crore in Q1 FY23 compared with negative EBITDA of Rs 123 crore in Q1 FY22. EBITDA margin stood at 31.3% in Q1 FY23.
The company said that all brands displayed growth and key metro cities such as Mumbai, New Delhi and Bengaluru showcased RevPAR levels exceeding that of Q1 FY 2019-20. IHCL generated free cash flow in each month of the first quarter and remains net cash positive, it added.
IHCL said that it has signed 10 new hotels to date in the current financial year, with three hotels each under the Taj and Ginger brands, and two hotels each under the SeleQtions and Vivanta brands. It has further strengthened its pan-India footprint with the opening of four new hotels to date in the current fiscal, including Taj City Centre, New Town - Kolkata; Anand Kashi by the Ganges, Rishikesh - IHCL SeleQtions, Vivanta Katra, Vaishno Devi and Ginger Goregaon, Mumbai.
The company also stated that, Qmin, its culinary platform, achieved the Rs 100 crore revenue mark within two years of its inception, and is currently present in over 20 cities with 15 outlets and 3 food trucks. The amStays & Trails homestay portfolio grew to over 90 bungalows across the country.
Commenting on the Q1 performance Puneet Chhatwal, managing director & CEO of IHCL said, IHCL has reported its best first quarter in the company's history. This performance has been boosted by a surge in demand across markets and segments, with both, occupancy and rates exceeding pre-COVID levels. This has resulted in a milestone EBITDA Margin of 31.3%, which is an improvement of 1,140 bps over Q1 FY 2019-20. In line with our vision of Ahvaan 2025, IHCL will continue on its trajectory of delivering responsible profitable growth.
Giridhar Sanjeevi, executive vice president and chief financial officer of IHCL said, The revenue performance in the quarter has been encouraging as it is broad based across key markets and brands. This combined with continued cost monitoring measures has led to margin expansion across all IHCL group companies. IHCL consolidated has thereby reported a strong free cash flow of Rs 198 crores for the quarter and continues to be net cash positive.
The Indian Hotels Company (IHCL) and its subsidiaries bring together a group of hospitality brands and businesses, which include Taj, SeleQtions, Vivanta, and Ginger. . IHCL has a portfolio of 242 hotels including 63 under development globally across 4 continents, 11 countries and in over 100 locations.
Shares of India Hotels were up 0.79% to Rs 272.80 on the BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
