The Indian Hotels Company Limited (IHCL) has reported a Profit After Tax (PAT) of Rs 71 crore for the quarter ended September 30 compared to a loss of Rs 5 crore in the corresponding period of the previous fiscal. IHCL also reported revenues of Rs 1029 crore for the quarter under review, up from Rs 981 crore in the corresponding period of the previous fiscal.
Commenting on the performance, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “In line with Aspiration 2022, IHCL has now consistently delivered on all key metrics in the last six consecutive quarters. The Company signed a record 14 hotels without any investment, across all its brands. It also is a matter of pride that two iconic Taj Hotels made it to the World’s Ten Best Hotels.”
The company opened four new hotels in the first half of the year – Taj Hotel & Convention Centre, Agra; Cidade de Goa; Ginger Dwarka and Ginger Sanand.
“The Company crossed the Rs. 1,000 crores revenue mark in Q2 FY 19-20 for the first time ever in any Quarter 2 as well as Rs. 2,000 crores for H1 19-20,” Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said.
The company signed 6 bungalows to Ama Stays & Trails across multiple locations, including new leisure destinations. It also opened two charming villas in Candolim, Goa
In line with offering our guests a re-imagined experience, IHCL partnered with Ab InBev, the world’s leading brewery, exclusively to launch a chain of premium microbreweries within its marquee hotels across key locations in India. This industry first partnership will jointly invest Rs. 150 crores over the next 5 years, with plans to open 15 microbreweries. The first microbrewery is slated to open at Taj MG Road, Bengaluru by March 2020.