Indian Hotels turns in Rs 72 cr profit in Q4 against a loss last year

Firm reports consolidated revenue of Rs 872.08 crore during the quarter as against Rs 615.02 crore in the year-ago period

Tata group hospitality firm Indian Hotels Co (IHCL) reported a consolidated net profit of Rs 71.57 crore in the March quarter against a consolidated net loss of Rs 97.72 crore in the same period of the previous fiscal, IHCL said in a regulatory filing.

It reported consolidated revenue of Rs 872.08 crore during the quarter as against Rs 615.02 crore in the year-ago period. Its annual losses crimped to Rs 265 crore from Rs 796 crore in fiscal 2020-21. The hospitality firm said it has recorded the highest number of new hotel signings in India for the second consecutive year, totalling 19 new hotels.

IHCL has also raised Rs 4,000 crore, Rs 2,000 crore by way of the rights issue and an additional Rs 2,000 crore through QIP. Roots Corporation, which operates the Ginger brand, is now IHCL’s wholly-owned subsidiary.

“IHCL reported a 192 per cent increase in EBITDA in the fourth quarter as compared to the same quarter last year. Despite the third wave’s impact in January 2022, the company posted its highest ever EBITDA margin of 25.3 per cent,” said Puneet Chhatwal, MD and CEO, IHCL said in the statement.

“Business outlook is positive with April and May trending ahead of 2019. Our industry leading pipeline along with scaling up of high margin new business like Ginger, amã Stays & Trails and Qmin will provide further impetus,” he added.