Indian Hotels Company Ltd. (IHCL) reported fourth quarter consolidated net profit surged fourfold to ₹328 crore following strong efficiency, the corporate stated.
Revenue grew 73% to ₹1,655 crore. For FY23, the corporate’s swung to a net profit of ₹1,003 crore from a lack of ₹264.9 crore in FY22, thus serving to the Tata Group entity to offset losses reported throughout COVID-19. Revenue at ₹5,949 crore, grew 85.%
Puneet Chhatwal, Managing Director & CEO, IHCL, stated, “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 ₹1,000 crore 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,” he stated.
The firm crossed over 260 lodges in its portfolio together with 36 signings.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL stated, “Robust demand across markets and segments has led to all group companies reporting a full year positive PAT in domestic operations.”
“Growth in same store performance supported by margin enhancing new businesses and asset light growth has led to a record EBITDA margin of 32.7%, an 8.7 percentage points expansion over FY 2019-20,” he stated.
“This has been made possible by maximising operating leverage of our owned/leased hotels and margin enhancing fee-based business. IHCL continues to report a healthy consolidated free cash flow of ₹1,017 crore in FY 2022- 23 and remains net cash positive,” he added.
