Indian Hotels Company Ltd. (IHCL), the hospitality company of the Tata Group, reported first-quarter consolidated net profit stood at ₹170 crore for the first quarter.
The company reported a net loss of ₹277 crore in the year- earlier period.
Revenue more than trebled ₹1,293 crore.
“IHCL has reported its best first quarter in the company’s history,” MD and CEO Puneet Chhatwal said. “This performance has been boosted by a surge in demand across markets and segments, with both, occupancy and rates exceeding pre-COVID levels.
“This has resulted in a milestone EBITDA margin of 31.3%, which is an improvement of 1140 bps over Q1 FY 2019-20. In line with our vision of Ahvaan 2025, IHCL will continue on its trajectory of delivering responsible profitable growth.”
The company’s long-term growth will also focus significantly on digital enablers such as the super app – Tata Neu, the company said.
As a founding member of Tata Neu, IHCL has seen a 50% increase in its loyalty members since the launch of the app, Mr. Chhatwal said.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said , “The revenue performance in the quarter has been encouraging as it is broad based across key markets and brands. This combined with continued cost-monitoring measures has led to margin expansion across all IHCL group companies.”
“IHCL Consolidated has thereby reported a strong free cash flow of ₹198 crore for the quarter and continues to be net cash positive,” he said.
