Indian Hotels Q3 net profit rises over 4-fold to 403 cr, revenue up by 51%
1 min read . Updated: 31 Jan 2023, 07:55 PM IST
PremiumThe consolidated revenue from operations rose by 51.6 per cent to ₹1,685.8 crore as against ₹1,111.22 crore
Tata group hospitality firm Indian Hotels Company Ltd on Tuesday reported an over four-fold rise in consolidated net profit at ₹403.56 crore December 2022 quarter. This is against a consolidated net profit of ₹95.96 crore in the year-ago period
The consolidated revenue from operations rose by 51.6 per cent to ₹1,685.8 crore as against ₹1,111.22 crore in the corresponding period previous fiscal, it added.
Total expenses were higher at ₹1,248.62 crore in the third quarter, up from ₹1,014.23 crore a year ago.
The company saw strong demand in the third quarter, both leisure and business. IHCL reported occupancy of over 70 per cent and a rate growth of 27 per cent as compared to pre-COVID levels.
IHCL Managing Director & CEO Puneet Chhatwal said the company continued to report strong operational and financial performances across its businesses in Q3 resulting in an all-time high profit after tax.
"Robust demand across markets and segments, including our airline catering has led to all group companies reporting a positive PAT in Q3 across domestic and international operations," company's Executive Vice President and CFO Giridhar Sanjeevi said.
The revenue performance supported by scale benefits have enabled strong flow-through and record margins, he said,
"IHCL continues to report a healthy consolidated free cash flow of ₹766 crore till date in FY 2022-23 and remains net cash positive," said Giridhar Sanjeevi.
Chhatwal said IHCL has reached a milestone of over 250 hotels and is in line with its vision of being a 300-hotel portfolio by 2025.
"In this financial year alone 30-plus hotels have been added to the pipeline and 14 hotels have opened, besides a strong growth in amã Stays & Trails with 108 homestays and Qmin with over 25 outlets," Chhatwal added.
The demand outlook for the sector in 2023 remains robust on the back of sporting events such as world cup hockey and cricket, global events like the ongoing G20 and recovery of inbound and corporate travel, he said.
The company scrip ended 3.23 per cent higher to ₹300.55 on BSE.
