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The Indian Hotels Company Limited (IHCL) has reported its consolidated financials for the fourth quarter and full year ending March 31st, 2023, after which it recorded highest ever full year consolidated revenue on the back of rising travel demand and indicating healthy recovery post Covid-19 pandemic.
The Indian hospitality major also recorded highest ever annual profit in FY 2023 after gaining a Profit After Tax (PAT) of INR 1,0003 crore by the end of March 31. In Q4 FY 2022-23, IHCL reported a PAT of INR 328 crore, up a massive 343 per cent in comparison to last year. The huge rise in profit is indication that Indians are travelling in large number with less or no Covid-related restrictions. For most part of the last year, travel was subdued largely amidst various Covid-related reasons.
The Indian hospitality brand reported INR 5,949 crore revenue, up 85 per cent YoY in comparison to year financial year. Whereas EBITDA margins at 32.7 per cent are up 1523 BPS YoY. In Q4, the revenue was up 73 per cent with IHCL recording INR 1,655 crore of business. During the same period, EBITDA margins were up 134 per cent at INR 565 crore.
Commenting on the FY23 performance, Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL achieved a record setting year with a number of significant accomplishments including the highest ever full year consolidated revenue, an all-time high and industry leading EBITDA margin and PAT of over INR 1,000 crores a historic first for the company. This performance was enabled by consecutive four quarters of sustained high demand, additionally bolstered by IHCL demonstrating RevPAR leadership across its brandscape in all its key markets.”
The 211 key hotel is located a short distance from the airport. It will offer an all-day diner, a bar, a lounge, and an open-air specialty restaurant. It will also feature banqueting spaces and meeting rooms, a spa, a swimming pool, and a gymnasium. The Taj hotel brand was established in 1903.
IHCL crossed 260+ hotels in its portfolio including 36 signings at a rate of three hotels a month and 16 openings or a new hotel every three weeks in the year. IHCL’s footprint now covers 31 States and Union Territories in India. The company was also able to achieve an optimal 50:50 mix between our owned/leased and managed hotels.Chhatwal added that the IHCL management’s focus remains on value creation for all stakeholders, offering customers a unique hospitality ecosystem across segments, leading the way in engaging local communities in their value chain, pioneering new destinations in the country and delivering continued superior performance.
Recently, the company also announced the addition of the landmark 100th Taj hotel to its portfolio after signing its second property in Kochi. The Taj brand has more than doubled its room inventory over the past five years.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said that company continues to report a healthy consolidated free cash flow of INR 1,017 crores in FY 2022- 23 and remains net cash positive.
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