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IHCL reports Q1 profit of Rs 15 crore

Giridhar Sanjeevi, executive VP and CFO said the period under review marked the third consecutive quarter of achieving positive results for the company.

, ET Bureau|
Aug 10, 2018, 08.45 PM IST
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Giridhar Sanjeevi, executive VP and CFO said the period under review marked the third consecutive quarter of achieving positive results for the company.
New Delhi: Indian Hotels Company (IHCL) has reported a profit after tax of Rs 15 crore for the quarter ended June 30. The company's revenue and EBITDA grew at 8% and 26% respectively. IHCL has announced the signing of a new Vivanta hotel at London's Heathrow airport. The company signed six new hotels during the period under review totalling 800 rooms.

Puneet Chhatwal, managing director and CEO of IHCL said: “It has been a great start to a historically slow quarter. Demand continues to outpace supply and IHCL witnessed an increase in RevPAR by about 6% globally driven by growth in the industry in general and our brands gaining market share in particular. I am delighted with the 8% growth in revenues and improvement in EBITDA margins of 183 bps,” said Chhatwal.

Giridhar Sanjeevi, executive VP and CFO at IHCL said the period under review marked the third consecutive quarter of achieving positive results for the company.

IHCL’s new London property will be a 108 room hotel located across from terminals 1, 2 and 3. New signings during the period under review included a Taj hotel in Lonavala, a Vivanta hotel in Katra, Jammu & Kashmir and two Ginger hotels in Jhansi and Visakhapatnam respectively.
IHCL had placed bids for all three NDMC auctions and won the bid for The Connaught, an 85-room hotel in New Delhi.

IHCL signed its first hotel in Makkah, Saudi Arabia in April this year. The hotel will be a Taj branded hotel and is scheduled to open in January 2023, with approximately 340 rooms.
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