IHCL Quarter Results Announcement
MUMBAI, AUGUST 20, 2022: The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated and standalone financials for the first quarter ending June 30th, 2022.
|DELIVERS PROFITABLE GROWTH|
|– Revenue of INR 1,293 crores in Q1 FY 2022-23, an increase of 250% overQ1 FY 2021-22- EBITDA of INR 405 crores in Q1 FY 2022-23 – a swing of INR 528 crores from Q1 FY 2021-22- PAT of INR 170 crores in Q1 FY 2022-23- 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|
|MAINTAINS ITS ICONIC STATUS|
|– IHCL’s iconic brand, Taj, has received the honour of being rated as the World’s Strongest Hotel Brand for the second consecutive year by Brand Finance Hotels 50 Report 2022– Taj has also been rated as India’s Strongest Brand for the second time as per Brand Finance 2022|
|IS INDIA’SFASTEST GROWING HOSPITALITY ECOSYSTEM|
|Robust industry-leading portfolio growth– Signed 10new 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- Enveloping India with presence in over 100 locations, IHCL 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– IHCL has received letter of awards for four upcoming hotels – two each in Diu and Lakshadweep, taking the pipeline to over 60 hotels– Oriental Hotels Limited, an associate company, has emerged as the highest bidder for the lease renewal of the iconic Taj Malabar Resort & Spa, Cochin|
|New businesses contributing significantly to scale and margin expansion– Ginger achieved an EBITDA margin of 41% and positive Profit Before Tax (PBT) in Q1 FY 2022-23- Qmin, IHCL’s culinary platform, achieved the INR 100 crorerevenue mark within two years of its inception, and is currently present in over 20 cities with 15 outlets and 3 food trucks– The launch of the first Qmin at Ginger Goa, Panaji continues the brand’s expansion- The amã Stays & Trails homestay portfolio grew to over 90bungalowsacross the country|
|GUIDED BY SUSTAINBLE BUSINESS PRACTICES|
|– Paathya, IHCL’s six-pillared ESG+ framework, will continue to drive the company’s sustainability and social impact measures such as:- The delivery of over 57,000 Qmin meals to flood-affected families across 17 villages in Assam– The establishment of 10 heritage sites in collaboration with UNESCO to preserve India’s intangible culture- Obtaining 29%of energy at IHCL’s hotels from renewable sources|
KEY CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30th,2022
Commenting on the Q1 performance Mr. Puneet Chhatwal, Managing Director & CEO, 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 1140 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.”
The company’s long-term growth will also focus significantly on digital enablers such as the super app – Tata Neu. As a founding member of Tata Neu, IHCL has seen a 50% increase in its loyalty members since the launch of the app.
Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, 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 cashflow of Rs.198 croresfor the quarter and continues tobe net cash positive.”