Indian Hotels Company (IHCL) gained 0.52% to Rs 144.15 after the hospitality company posted a consolidated net loss of Rs 301.58 crore in Q1 FY22, lower than the net loss of Rs 312.60 crore in Q1 FY21.
Revenue from operations soared 140% year on year to Rs 344.55 crore in Q1 FY22 over Q1 FY21. The company's pre tax loss narrowed to Rs 315 crore in Q1 FY22 from Rs 336.22 crore in Q1 FY21. The company posted a negative EBITDA of Rs 123 crore in Q1 FY22 compared with negative EBITDA of Rs 234 crore in Q1 FY21.Commenting on the Q1 performance, Puneet Chhatwal, MD and CEO of IHCL said, Inspite of the challenges posed by the second wave of the pandemic, the company has doubled its revenue in Q1 as compared to that in the same period last year. This growth is driven by domestic leisure demand. July was a good month and business on the books for August looks promising. New businesses have performed very well. Whilst the effect of COVID-19 continues to impact growth in the hospitality industry, IHCL has seen considerable progress during the first quarter, which accelerated significantly in the month of July.
Giridhar Sanjeevi, executive VP and CFO of IHCL said, The company continued to be focused on minimizing losses with stringent spend optimization measures. This, coupled with the revenue increase, resulted in reducing the EBITDA loss by half over the first quarter last year.
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 221 hotels including 53 under development globally across 4 continents, 12 countries and in over 100 locations.
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