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Indian Hotels Company Limited which operates Taj Hotels posted 18 per cent year-on-year growth in consolidated net profit in Q3 FY24 on the back of strong revenue growth.
Net profit for the December ended quarter stood at ₹452 crore against ₹382 crore in same period last year. Revenue grew 15 per cent to ₹2,004 crore while earnings before interest, tax depreciation and amortisation rose by 18 per cent to ₹772 crore on a year-on-year basis. This was led by growth in revenue per available room and occupancy.
In a statement IHCL managing director and CEO Puneet Chhatwal said the company reported its seventh consecutive quarter of record financial performance with all time high third quarter Ebitda margin of 38.5 per cent.
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Executive vice president and chief financial officer Giridhar Sanjeevi said that Q3 performance was led by growth in domestic market. On a standalone basis, revenue grew 22 per cent to ₹1,323 crore.
“On a year to date basis, IHCL reported an all time high consolidated revenue of ₹5,000 crore and an Ebitda margin of 32.7 per cent,” he said.
IHCL signed 28 hotels and opened 16 properties in the current fiscal. The company now operates 200 hotels with opening of properties in Kolkata, Durgapur, Gangtok and Tawang ( Arunachal Pradesh).
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