Indian Hotels Company posts turnaround in Q3 PAT at Rs76cr

2 Feb 2022 , 11:15 AM

The Indian Hotels Company Limited (IHCL) reported its consolidated financials for the third quarter ending December 31, 2021. The company’s revenues jumped 85% yoy to Rs1134cr in Q3FY22 vs Rs615cr inQ3FY21.

The company said in a filing that EBITDA improves by 805% yoy to Rs344cr in Q3FY22 vs Rs38cr in Q3FY21 resulting in 30.4%. EBITDA Margin for the quarter. It also reported Profit After Tax (PAT) of Rs76cr in Q3FY22, a huge turnaround from a loss of Rs119cr in Q3FY21.

At around 11.20 AM, Indian Hotels Co Ltd was trading at Rs218.70 per share down by Rs3.65 or 1.64% from its previous closing of Rs222.35 per share on the BSE.

The company signed five new hotels including two selected hotels in Jaisalmer and Bhubaneswar, and three Ginger hotels in Coimbatore, Dehradun, and Goregaon.

Opened three new hotels across brands including:

• Taj Lakefront, Bhopal at a landmark location in the heart of the city
• Strengthened presence in the North East with the launch of Vivanta Sikkim in Pakyong
• Expanded presence in East India with the launch of Raajkutir, an IHCL SeleQtions hotel, in Kolkata

The amã Stays & Trails homestay portfolio grew to 72 bungalows across the country.
IHCL achieves milestone of 50 years of managing the iconic Taj Lake Palace, Udaipur Qmin, IHCL’s culinary and food delivery platform, expanded its presence with 11 Qmin outlets in Bengaluru and two Qmin gourmet stores in New Delhi Received global awards across categories at the Worldwide Hospitality Awards 2021.

Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “The momentum of quarter-on-quarter growth has continued in the third quarter led by the upswing in domestic demand and recovery in international markets. IHCL reported a Profit After Tax of Rs76cr in Q3 for the first time in this fiscal. With an EBITDA Margin of 30.4% in Q3, the company’s performance is closely reflective of pre-COVID levels. We will continue to strengthen our portfolio and growing the new businesses while maintaining our asset light strategy.”

Despite the ongoing challenges of the pandemic, IHCL continues on its path of business expansion and consolidation with the acquisition of the balance shares of Roots Corporation Limited.

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “IHCL has maintained a strong performance with a significant increase of 85% in revenue this quarter compared to corresponding quarter in the previous year. We have also deployed the recent equity raised through the rights issue to retire debt as per the objects of the issue, thereby strengthening IHCL’s objective of being a zero-debt company in the long term.”