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Indian Hotels Company Ltd. (IHCL) reported consolidated net profit for the fourth quarter grew 27% to ₹418 crore from the year-earlier period.
Revenue for the quarter ended March 31, 2024 increased 18% to ₹1,951 crore.
For FY24, the hospitality company of the Tata Group reported 26% growth in net profit at ₹1,259 crore. Revenue during the financial year grew 17% to ₹6,952 crore.
Commenting on the full year performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL achieved its key goals under Ahvaan 2025 well ahead of time with a full year consolidated EBITDA margin of 33.7%, a portfolio of over 300 hotels and a cash position of ₹2,206 crore.”
“Q4 FY24 marked eight consecutive quarters of record financial performance driven by double-digit revenue growth in same store hotels, incremental revenue from not like for like hotels and scaling of new businesses,” he 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,” he added.
“Looking ahead at FY2025, IHCL will continue to deliver double digit revenue growth with new businesses at 30%, and opening of 25 hotels,” he further said.
The brand will scale to a 100 hotels portfolio by 2030.
“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 ₹3,500 crore towards key asset upgradation, building capabilities and select new projects,” Mr. Chhatwal added.
