IHCL Q2 Profit Soars Over 3-Fold to Rs 582.71 Cr
By Rediff Money Desk, New Delhi Nov 07, 2024 17:53
Indian Hotels Company (IHCL) reported a significant jump in its Q2 net profit to Rs 582.71 crore, driven by strong demand and new business acquisitions. Read more.
New Delhi, Nov 7 (PTI) Indian Hotels Company Ltd on Thursday reported a more than three-fold rise in its consolidated net profit to Rs 582.71 crore for the second quarter of 2024-25, helped by exceptional gains from the consolidation of its air and institutional catering business segment TajSATS.
The country's largest hospitality firm had registered a net profit of Rs 178.97 crore in the year-ago period, according to a regulatory filing.
Its revenue from operations increased to Rs 1,826.12 crore in the June-September quarter from Rs 1,433.20 crore in the corresponding quarter of the last financial year.
However, during the period under review, IHCL's expenses also rose to Rs 1,502.01 crore, as against Rs 1,248.68 crore a year ago.
Puneet Chhatwal, Managing Director & CEO, IHCL, said, "The second quarter witnessed a strong revival of demand resulting in overall revenue growth of 28 per cent and 16 per cent growth for the hotel segment, marking the best ever Q2 Consolidated EBITDA margin at 29.9 per cent.
"For FY2025, we continue to maintain guidance of double-digit revenue growth led by the sustained growth in new businesses, not like for like growth and healthy same-store performance. This is reflected in a strong 16.5 per cent growth in consolidated hotel segment revenue in October which is set to accelerate in the remaining months of Q3".
He further shared that IHCL will take over the management of landmark hotel The Claridges, New Delhi in April 2025 under a hotel operating agreement. In addition, IHCL has entered into definitive agreements to acquire majority share-holding in Tree of Life brand holding company, expanding its brandscape with a boutique leisure offering.
The country's largest hospitality firm had registered a net profit of Rs 178.97 crore in the year-ago period, according to a regulatory filing.
Its revenue from operations increased to Rs 1,826.12 crore in the June-September quarter from Rs 1,433.20 crore in the corresponding quarter of the last financial year.
However, during the period under review, IHCL's expenses also rose to Rs 1,502.01 crore, as against Rs 1,248.68 crore a year ago.
Puneet Chhatwal, Managing Director & CEO, IHCL, said, "The second quarter witnessed a strong revival of demand resulting in overall revenue growth of 28 per cent and 16 per cent growth for the hotel segment, marking the best ever Q2 Consolidated EBITDA margin at 29.9 per cent.
"For FY2025, we continue to maintain guidance of double-digit revenue growth led by the sustained growth in new businesses, not like for like growth and healthy same-store performance. This is reflected in a strong 16.5 per cent growth in consolidated hotel segment revenue in October which is set to accelerate in the remaining months of Q3".
He further shared that IHCL will take over the management of landmark hotel The Claridges, New Delhi in April 2025 under a hotel operating agreement. In addition, IHCL has entered into definitive agreements to acquire majority share-holding in Tree of Life brand holding company, expanding its brandscape with a boutique leisure offering.
Source: PTI
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.79 (+ 9.72)
- 60211179
- Thinkink Picturez
- 1.85 (+ 4.52)
- 56806760
- Vodafone Idea L
- 8.12 (+ 0.50)
- 48801033
- GTL Infrastructure
- 2.32 (+ 9.95)
- 37724252
- Standard Capital
- 0.99 (+ 1.02)
- 29317005
MORE NEWS
Serentica to Invest Rs 50,000 cr in Rajasthan...
Serentica Renewables announces Rs 50,000 crore investment in Rajasthan to develop...
BSE Invests Rs 500 Cr, Aims to Be Global Player
BSE, with a Rs 500 crore investment, aims to become a global player, upgrading...
Bank of Baroda Launches Loans for MSMEs
Bank of Baroda introduces 'Baroda Mahila Swavalamban' for women entrepreneurs and...