Indian Hotels Company Limited reports third quarter FY2020-21 results

The Indian Hotels Company Limited (IHCL), South Asia's largest hospitality company, reported its Consolidated and Standalone financials for the third quarter ending December 31st, 2021.

- Revenues up by 90% to 615 crore in Q3 vis-à-vis Q2

- Reports positive EBIDTA of 38 crore for the first time in FY20-21

- Signed six new hotels with over 1100 rooms across brands at multiple locations and states in India

- Strengthened the company's presence in the Eastern part of India with the signing of three Taj hotels, two in Kolkata and one in Patna

- Opened four new hotels across brands including:

* The Connaught, an IHCL SeleQtions hotel, in the heart of New Delhi
* Introduced luxury hospitality to the city of Ahmedabad with the opening of Taj Skyline
* Pioneered a new destination in the East with the launch of Taj Chia Kutir - Darjeeling
* Opened a new Ginger hotel in Kalinganagar
* In addition, expanded the amã Stays & Trails portfolio with the opening of four new villas: two in Goa and one in Lonavala, Maharashtra and Thiruvananthapuram Kerala, respectively

- Ginger reached a milestone of 75 hotels in its portfolio

- Quilon, Taj's award-winning coastal Indian cuisine restaurant in London, retained its Michelin Star for the 14th successive year

Commenting on the Q3 performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, "The third quarter saw stronger recovery driven primarily by leisure demand and resumption of weddings. With innovation at the heart of our strategy, we continued to unlock the potential of our ancillary businesses, creating alternative sources of revenue. Despite challenges, the company opened four and signed six new hotels in the quarter and continued its focus on adopting an asset-light model, which has helped IHCL achieve a 44 per cent managed portfolio, further boosting consistent portfolio growth without additional capital deployment."

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, "We are seeing positive revenue growth quarter on quarter whilst delivering on spend optimization. We will continue to keep this focus and introduce multiple initiatives to manage operational costs and strengthen the balance sheet."

Shares of INDIAN HOTELS CO.LTD. was last trading in BSE at Rs.122.85 as compared to the previous close of Rs. 123.35. The total number of shares traded during the day was 197911 in over 2062 trades.

The stock hit an intraday high of Rs. 124.75 and intraday low of 122. The net turnover during the day was Rs. 24410843.

Source : Equity Bulls

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