The Indian Hotels Co.'s consolidated net profit rose 10% in the first quarter of the current financial year, beating analysts' estimates.
The profit of the hospitality firm, which operates the Taj brand, increased to Rs 260 crore in the quarter ended June, according to an exchange filing on Friday. Analysts tracked by Bloomberg had pegged the profit at Rs 255 crore.
IHCL Q1 FY25 Earnings Highlights (Consolidated, YoY)
Revenue up 5.7% to Rs 1,550 crore (Bloomberg estimate: Rs 1,580.5 crore).
Ebitda up 9.6% to Rs 450 crore (Estimate: Rs 458.4 crore).
Margin expands to 29% vs 28% (Estimate: 29%).
Net Profit up 10% at Rs 260 crore (Estimate: Rs 255.1 crore).
Key Business Highlights
New Businesses vertical comprising of Ginger, Qmin and amã Stays & Trails reported a revenue of Rs 162 crores, a growth of 37% over the previous year.
The Reimagined Businesses of TajSATS and The Chambers (membership fee) reported a revenue of Rs 274 crores, a growth of 17% over the previous year.
Management Fee income stood at Rs 114 crores, registering a 17% growth over the previous year.
The company's portfolio now includes over 325 hotels with 16 signings and 6 openings in the quarter.
IHCL opened 6 hotels with a SeleQtions hotel in Mahabaleshwar, Vivanta in Jamshedpur, a Ginger in Nagpur and Jamshedpur and Tree of Life resorts in Gangtok and Srinagar.
Shares of IHCL closed 0.8% lower at Rs 578.5 apiece on the BSE, compared to a 0.91% decline in the benchmark Sensex. The results were declared after market hours.
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