Page 4 - Ihcl

IHCL net profit rises four-fold to Rs 339 crore in Q4, total income jumps

Hospitality major IHCL on Thursday reported a four-fold rise in its consolidated net profit in the fourth quarter ended March at Rs 338.84 crore, as against Rs 71.57 crore a year-ago. During the entire financial year of 2022-23, the company swung into a profit of Rs 1,052.83 crore, from a loss of Rs 264.97 crore in the preceding fiscal, IHCL said. It's total income during the fourth quarter rose to Rs 1,654.54 crore, as against Rs 954.88 crore in the previous year. Puneet Chhatwal, Managing Director & CEO, IHCL, told PTI that one of the main reasons the sector is doing well is that demand is outbasing supply as not many hotels have been built in the last three years. Talking about the outlook for the hospitality sector, Chhatwal said it remains strong. He added that G20 and cricket world cup will drive demand in the coming months. "We are very hopeful and optimistic about foreign tourist arrivals going back to pre-Covid levels in the second half of the year," Chhatwal said. "IHC

IHCL inks 2nd Taj in Kerala's Kochi; brand clocks 100 hotels in India

Indian Hotels Company (IHCL) on Tuesday announced that it has signed its second Taj Hotel in Kochi, Kerala. The Taj brand, which was established in 1903, has clocked a century with the addition of this 211-key property, IHCL said in a statement. "This is a momentous occasion as Taj's portfolio will offer 100 hotels across India and in key international destinations. "This growth is a testament to the unwavering trust our stakeholders have consistently placed in us," IHCL Managing Director and CEO Puneet Chhatwal said. With this, IHCL will have 17 hotels across Taj, SeleQtions, Vivanta and Ginger brands across Kerala, including five under development.

Indian Hotels well poised to achieve vision of 300 hotels by 2025

India's largest hospitality company Indian Hotels Company Ltd on Monday said it is well poised to achieve its vision of 300 hotels by 2025, from the current portfolio of 260 hotels. Indian Hotels Company Ltd (IHCL) said it accelerated portfolio expansion in FY 2022-23 which ended in March, with the signing of 36 new hotels and the opening of 16 new hotels, in the past year. The current pipeline stands at 73 hotels. "With its current portfolio of 260 hotels, IHCL remains well poised to achieve its vision of 300 hotels by 2025," the company stated. According to IHCL, with eight new hotel signings, the iconic brand Taj is slated to reach the 100-hotel milestone from 98 hotels currently. Puneet Chhatwal, Managing Director & Chief Executive Officer, IHCL, stated, "IHCL has witnessed a tremendous year of growth with unprecedented momentum of portfolio expansion. We signed a record 36 hotels in this financial year taking our portfolio to 260 properties. "With this growth our managed ...

Some of the world's richest people exposed to Adani rout, market turmoil

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Indian Hotels Company Q3 net profit rises over four-fold to Rs 403 cr

Total expenses were higher at Rs 1,248.62 crore in the third quarter, up from Rs 1,014.23 crore a year ago

At 100 in 3 years, IHCL arm eyes 500 luxury homestays by FY 2026

Of the 61 operational properties which are all managed assets, around 21 properties are Tata company homes or bungalows

A gastronomic journey through the North far removed from convention

Loya, the latest offering by Indian Hotels at Taj Palace, New Delhi, offers a confluence of flavours from the foothills of Himalayas, the fields of Punjab, the Gangetic plains, and snow-laden Kashmir

Hotel stocks order room service: See strong Q1, a stronger outlook

Inbound tourism, higher occupancies, and lean cost model are positives for listed hospitality majors

With new hotel brands, ITC checks in with 'house of brands' model

ITC has launched two brands - Storii, in the boutique premium segment, offering immersive experiences, and Mementos, a collection of unique luxury properties across destinations

Salaries of top managers rise as occupancy in hospitality sector improves

The remuneration of directors of hotel companies, like IHCL and EIH Ltd, has seen a rise between 8 and 250 per cent in FY22 year-on-year (YoY)

Best yet to come for hospitality sector: IHCL CEO Puneet Chhatwal

The Tata Group's hospitality arm reported a record quarterly performance for the June quarter as all-round growth helped the firm surpass the 2019-20 operational performance

IHCL's Ginger brand continues expansion, on track to scale up to 125 hotels

IHCL has traditional hotel brands like Taj, Vivanta, SeleQtions, and new-age ones like Ginger and Ama

Hospitality deals pick up after a lull as HNIs, family offices check in

Family offices, high net-worth individuals and institutional investors are looking at the sector, say advisory firms

Indian Hotels re-appoints Puneet Chhatwal as MD & CEO for 5 yrs from Nov 6

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Tuesday said its board has approved the re-appointment of Puneet Chhatwal as Managing Director and CEO for another term of five years.

Indian Hotels to stay the course on asset monetisation for growth

Hospitality chain says its needs 'see what we need and what we don't' as it goes on monetisation plan.

IHCL plans to raise women participation in workforce to 25% by 2025

IHCL's Managing Director and CEO Puneet Chhatwal said the company has been championing the cause of women and enhancing their participation, both within and outside the organisation

Business segment recovery to drive growth for Indian Hotels Company

While growth metrics should improve as the leisure segment and business travel picks up, the company's March quarter performance was weaker than expected

Indian Hotels Company posts Rs 71.5 crore profit in March quarter

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on Wednesday reported a consolidated net profit of Rs 71.57 crore in the fourth quarter ended on March 31, 2022. The company had posted a consolidated net loss of Rs 97.72 crore in the same period of the previous fiscal, IHCL said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 872.08 crore as against Rs 615.02 crore in the year-ago period. Total expenses during the fourth quarter stood at Rs 894.16 crore as compared to Rs 754.15 crore in the same period a year ago, the company said. For the fiscal ended March 21, 2022, IHCL said its consolidated net loss narrowed to Rs 264.97 crore. The consolidated net loss was at Rs 795.63 crore in the previous fiscal. Consolidated revenue from operations in 2021-22 stood at Rs 3,056.22 crore as compared to Rs 1,575.16 crore in 2020-21, the company said. The Board of Directors at their meeting held on Wednesday have recommended

Hotel bookings for March-May period cross pre-pandemic levels, says IHCL MD

Hotel bookings for the March-May period this year have surpassed the pre-pandemic levels of the same period of 2019, led by strong domestic demand, Indian Hotels Co Ltd (IHCL) Managing Director & CEO Puneet Chhatwal said on Tuesday. The head of the Tata group hospitality firm said that the long-term outlook of the industry is going to be far more positive than it was 5-10 years ago, although the volatility and geopolitical sentiments around the world amid the fear of the fourth wave of COVID-19 makes it difficult to forecast beyond 100 days. "What we are experiencing in the last four to six weeks is such a strong revival. I can definitely speak for IHCL that our March, April and May (2022) business on the books is higher than March, April and May of 2019," Chhatwal said. He said the bounce back in the business is led by domestic demand as "international is very limited for 'bubble flights' or OCI (overseas citizen of India)". While the international flights is scheduled to resume .

Tata Sons to dilute stake in Indian Hotels; looks to raise Rs 2,000 crore

On a standalone basis, IHCL's gross debt was Rs 1,665 crore and it had liquidity of Rs 580 crore, as of December last year