IHCL Q2 PAT up 226% to Rs 583 cr, revenue up 27%

Tata backed Indian Hotels Company (IHCL) has posted a profit of Rs 583 crore for the second quarter of this fiscal, up 226% year on year. The chain posted revenues of Rs 1826 crore for the second quarter, up 27.4% year on year.

IHCL will also take over the management of landmark hotel The Claridges, New Delhi in April 2025 under a hotel operating agreement, MD and CEO Puneet Chhatwal said in a statement.

On a half year basis, the chain posted revenues of Rs 3376 crore, up 16.4% year on year. The chain posted a profit of Rs 843 crore for the half year, up 103% year on year.

“IHCL has achieved a record signing of 42 hotels resulting in an industry leading portfolio of 350 hotels and met its market guidance of opening two hotels a month with 14 new hotel openings till date," said Chhatwal.

"In addition, IHCL has entered into definitive agreements to acquire majority shareholding in Tree of Life brand holding company, expanding its brandscape with a boutique leisure offering," he added.

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said reflective of a strong balance sheet, the gross cash position for IHCL Consolidated as on 30th September 2024 stood at Rs 2,460 crore.

“In line with our strategy of simplifying the holding structure, TajSATS is fully consolidated in IHCL, for 2 months in Q2. IHCL Consolidated PAT grew 48% on year-on-year basis to Rs 247 crores, excluding an exceptional item of Rs 307 crores on account of this consolidation," he added.