IHCL Q1FY24 results: Net profit at Rs 188.21 cr; revenue up by 16.9%

The total income for Q1FY24 came in at Rs 934.94 crore, compared to Rs 788.04 crore year-on-year

The standalone net profit of Indian Hotels Company Limited (IHCL) for the first quarter of the current financial year (Q1YFY24) saw a rise of 27.6 per cent to Rs 188.21 crore, compared to Rs 147.44 crore for the corresponding quarter of the previous year, the company said in a BSE filing.

Sequentially, the net profit was down 37 per cent. In Q4FY23, the net profit of the company was Rs 298.94 crore.

The revenue from operations for Q1FY24 came in at Rs 890.37 crore, compared to Rs 761.24 crore year-on-year (YoY). This is an increase of 16.9 per cent.

On a quarter-on-quarter (QoQ) basis, the revenue for operations was down 21.28 per cent. It was Rs 1131.12 crore in Q4FY23.

The total income for Q1FY24 came in at Rs 934.94 crore, compared to Rs 788.04 crore YoY. This is a rise of 18.6 per cent.

On a QoQ basis, the total income was down 19.77 per cent. It was Rs 1,165.43 crore in Q4FY23.

Last month, the IHCL partnered with Tata Strive, a skill development initiative of Tata Trust, to set up a hospitality-focused skill centre at Umaid Bhawan Palace in Jodhpur, Rajasthan.

The company, in a statement, stated that this collaboration represents a significant step in IHCL's mission to contribute to the skill development and upliftment of individuals from economically weaker backgrounds.

The company, in June, signed its first hotel in Kumbalgarh, Rajasthan. This is a conversion and will be rebranded as IHCL SeleQtions hotel after extensive renovations.