Indian Hotels Company continues to make waves in hospitality
The Indian Hotels Company Limited (IHCL), a South Asia hospitality company, reported its consolidated and standalone financials for the third quarter and 9 months of the year ending December 31, 2018 with positive results.
Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said “The Company delivered a strong performance in the third quarter of this current fiscal. We saw double digit growth in revenues, robust increase in EBITDA margins of 150 bps and a PAT growth of 50%.
“This has been a significant year for IHCL. We retained the iconic Taj Mahal, New Delhi; renewed a long-term agreement for the landmark hotel, Taj Lake Palace, Udaipur; and won the bid for The Connaught in Lutyens’ Delhi. We have signed 20 hotels in this financial year totaling over 2,500 rooms in key cities such as London, Dubai, Makkah, New Delhi and Kathmandu. This year also marked the 115th anniversary of our flagship hotel The Taj Mahal Palace, Mumbai which was celebrated with a charity gala raising funds for the Taj Public Service Welfare Trust.”
The Taj Connemara, Chennai dating back to 1854 reopened after undergoing an extensive renovation and redesign. Ginger underwent a major repositioning and unveiled the brand’s new look in the lean luxe segment at Ginger Panjim, Goa. The quarter saw the opening of its second hotel in Udaipur – Taj Aravali Resort & Spa.
Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL stated: “This is the third consecutive quarter of strong results in the current financial year which is an outcome of increase in revenues and leveraging operational efficiencies; while maintaining a healthy growth in ARR over the market.”