April 25, 2024
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Indian Hotels’ net profit surges 27% to Rs 418 cr in Q4
Indian Hotels Company’s net profit jumped 27.43 percent year-on-year to Rs 418 crore in the fourth quarter of the financial year 2023-34, according to an exchange filing issued in April 24. The company also declared a dividend of Rs 1.75 per share.
In the same period previous year, the net profit stood at Rs 328 crore.
The company’s consolidated revenue for the March quarter stood at Rs 1,951 crore, increasing from Rs 1,625 crore in the same period last year. For the full year, the net profit recorded a 26 percent year-on-year increase at Rs 1,259 crore, while the revenue grew 17 percent to Rs 6,952 crore.
The company’s EBITDA grew 23.2% to Rs 659.7 crore from Rs 535.5 crore in the year-ago period, while the EBITDA margin was at 34.6 percent compared to 33 percent.
The stock price of the company saw a marginal rise of 0.67 percent to Rs 608.25 on BSE on April 24.
Puneet Chhatwal, managing director & CEO of IHCL, said the company will continue to deliver double digit growth in FY25.
“Looking ahead at FY25, IHCL will continue to deliver double digit revenue growth with new businesses at 30%, and opening of 25 hotels. IHCL will also introduce the re-imagined Gateway, a full-service hotel offering in the upscale segment, an ideal fit to capture growth opportunities in emerging micro markets in metros and Tier II and Tier III cities.”
He further said, “The brand roll-out starting with 15 hotels will commence with launches in Bekal and Nashik this quarter followed by destinations like Bengaluru, Thane and Jaipur. The brand will scale to a 100 hotels portfolio by 2030.”
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