IHCL Q3 Profit Rises 18% to Rs 452 Cr - Strong Performance

Mumbai, Feb 2 (PTI) The Indian Hotels Company (IHCL) reported a 18 per cent growth in consolidated Profit After Tax (PAT) to Rs 451.95 crore in the December quarter, on strong performance in all verticals.

The hospitality company's PAT stood at Rs 382.71 crore in the year-ago period, the company said in a statement.

The company's revenue from operations grew 16.49 per cent to Rs 1,963.84 crore in the third quarter of the ongoing fiscal compared to Rs 1,685.80 crore a year ago.

IHCL Managing Director and CEO Puneet Chhatwal told PTI that the performance during the quarter was driven by strong performance in all verticals.

"IHCL reported an all-time high consolidated PAT margin of 22.6 per cent, marking seven consecutive quarters of record financial performance. This robust performance was enabled by 'same store hotels' clocking RevPAR premium across markets and segments, and the scaling of new businesses," he said.

The company's new business vertical comprising Ginger, Qmin, ama Stays & Trails, The Chambers (membership fee) and TajSATS reported a revenue of Rs 420 crore, he said.

"At a growth of 33 per cent over the previous year, New Business clocked a growth rate double that of IHCL Enterprise that grew 17 per cent," he added.

Further, Chhatwal said IHCL continued to demonstrate industry-leading growth with 28 hotels signed and 16 hotels opened till January and will open four more by end of the fiscal to have 20 operational hotels.

Going forward, Chhatwal added that the fourth quarter is the second best for the industry and IHCL expects it to be a strong quarter as well.