(PTI) The Indian Hotels Company (IHCL) on Thursday reported a consolidated profit after tax (PAT) of ₹129.59 crore for the September quarter following growth in travel demand.
The company has posted a loss of ₹130.92 crore during the corresponding quarter in the previous financial year, IHCL said in a statement.
Revenue from operations grew by 69.21 per cent during the quarter under review at ₹1,232.51 crore compared to ₹728.37 crore in the year-ago period.
"Business recovery remains robust and demand for travel continued to strengthen with India and other key markets like the US and UK growing double-digits year-on-year, driving a 67 per cent growth in revenue and a return to strong profitability in the traditionally weakest quarter for the industry," IHCL Managing Director and CEO Puneet Chhatwal told PTI.
The company's market share has grown because of more properties and also the change in the business model, where it has tried for a balanced portfolio, he said.
"The second is normally the weakest quarter for several decades and this is the first time we have crossed 25 per cent in EBITDA margin. The best we ever did was 17.7 per cent in 2019-20, which was our best year in history," he added.
Talking about room rates, Chhatwal said they are much higher than the pre-COVID levels. "We are already into 6 weeks in the third quarter and we see a similar trend," he added.
IHCL strengthened its portfolio with nine new hotels till date in 2022-23, including the recently opened Sawai Man Mahal in Jaipur, Taj Wayanad Resort and Spa in Kerala, Vivanta Meghalaya in Shillong, Vivanta Ahmedabad, Ginger Goregaon in Mumbai and Ginger Ahmedabad, the statement said.
The hospitality company has signed seven new hotels in the second quarter of FY23, with one hotel each under the Taj, Vivanta and Ginger brands and four hotels under the SeleQtions brand. It has signed 16 new hotels across brands in the first half of this fiscal.