- IHCL reported Q3 revenue of $319 million and net profit of $99 million.
- Hotel segment revenue was $284 million with EBITDA of $116 million.
- IHCL consolidated had a gross cash balance of $426 million as of Dec. 31.
THE INDIAN HOTELS Co. Ltd., parent of Taj Hotels, reported revenue of $319 million, up 12 percent year-on-year, and net profit of $99 million for the third quarter ended Dec. 31. Earnings before interest, taxes, depreciation and amortization were $125 million, with a margin of 39.1 percent.
The hotel segment generated $284 million in revenue and recorded EBITDA of $116 million, IHCL said in a statement. Growth was also supported by a 17 percent increase in airline and institutional catering revenue and a 31 percent rise in new business revenue.
“This marks the 15th consecutive quarter of record performance, with consolidated revenue of $319 million, 12 per cent growth over the previous year, EBITDA of $125 million and an EBITDA margin of 39.1 per cent,” said Puneet Chhatwal, IHCL’s managing director and CEO. “Revenue was driven by same-store performance and growth in catering and new businesses. IHCL continued its growth momentum with 239 signings, taking its portfolio to 617 hotels, supported by strategic partnerships and acquisitions.”
In September, IHCL said reports of Taj exiting its stake in The Pierre Hotel, New York, were incorrect and misleading.
He said that under the company’s “Accelerate 2030” strategy, IHCL expanded its brandscape through acquisitions and new ventures, including a controlling stake in Atmantan, a 51 percent stake in Brij Hotels and majority acquisitions in ANK and Pride Hospitality to expand the Ginger brand.
IHCL consolidated maintained a gross cash balance of $426 million as of Dec. 31.
It is pursuing growth under Accelerate 2030, focusing on portfolio expansion, brand diversification and asset-light development.
“IHCL is well placed to deliver sustained performance enabled by a diversified topline across brands, geographies and contract types,” Chhatwal said.
Ankur Dalwani, IHCL’s executive vice president and CFO, said IHCL Standalone reported revenue of $182 million, an EBITDA margin of 48.2 percent, up 40 basis points, and a PAT of $101 million post exceptional items.
“During the nine months ending December, IHCL consolidated generated cash of about $176 million,” Dalwani said. “The company undertook capital expenditure of $82.5 million towards greenfield projects at Ekta Nagar and Taj Frankfurt, brownfield expansion at Taj Ganges Varanasi, the upcoming Taj Bandstand project and renovations at key hotels including Taj Palace Delhi, Taj Fort Aguada Goa, President Mumbai and St James Court London.”
In January, IHCL told the stock exchange that it sold its entire 25.52 percent stake in Taj GVK Hotels & Resorts Ltd to executive director and promoter Shalini Bhupal for $65.7 million. The 16 million-share stake was sold at $4.11 per share, ending IHCL’s ownership in Taj GVK.
