IHCL Reports 29% Surge in Q3 Net Profit - Rs 582 Cr

New Delhi, Jan 17 (PTI) Tata group's hospitality firm Indian Hotels Company Ltd (IHCL) on Friday reported a 29 per cent on-year jump in net profit at Rs 582.32 crore for three months ended December 2024, driven by the consolidation of air and institutional catering business.

This was in comparison to Rs 451.95 crore in the corresponding quarter of the preceding fiscal.

Also, the company's total income surged by 29 per cent to Rs 2,592 crore in the quarter under review, from Rs 2,003.64 crore in the October-December quarter of the preceding fiscal (FY24), the company said in a regulatory filing.

Puneet Chhatwal, Managing Director and CEO, IHCL, attributed the strong quarterly performance to consolidation of air and institutional catering business.

"Q3 marks 11 consecutive quarters of record performance with the hotel segment reporting a strong revenue growth of 16 per cent... The revenue performance was driven by 40 per cent increase in new businesses, not like-for-like growth and double-digit growth in same store hotels led by 20 per cent growth in the US portfolio," he added.

Moreover, in Q4 and the subsequent quarters of the next financial year, the sector is expected to continue to witness demand buoyancy on account of large-scale regional events, weddings and sustained transient travel.

IHCL has a portfolio of 360 hotels including 123 projects under-development globally across 13 countries and in over 150 locations. The hospitality firm is well poised to reach 700 hotels by 2030.