Hospitality major IHCL on Thursday reported a four-fold rise in its consolidated net profit in the fourth quarter ended March at Rs 338.84 crore, as against Rs 71.57 crore a year-ago.

During the entire financial year of 2022-23, the company swung into a profit of Rs 1,052.83 crore, from a loss of Rs 264.97 crore in the preceding fiscal, IHCL said.

It’s total income during the fourth quarter rose to Rs 1,654.54 crore, as against Rs 954.88 crore in the previous year.

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Puneet Chhatwal, Managing Director & CEO, IHCL, told PTI that one of the main reasons the sector is doing well is that demand is outbasing supply as not many hotels have been built in the last three years.

Talking about the outlook for the hospitality sector, Chhatwal said it remains strong.

He added that G20 and cricket world cup will drive demand in the coming months.

“We are very hopeful and optimistic about foreign tourist arrivals going back to pre-Covid levels in the second half of the year,” Chhatwal said.

“IHCL achieved a record setting year with a number of significant accomplishments including the highest ever full year consolidated revenue, an all-time high and industry leading EBITDA margin and PAT of over Rs 1,000 crore a historic first for the company,” he stated.

IHCL crossed 260 hotels in its portfolio including 36 signings at a rate of 3 hotels a month and 16 openings or a new hotel every three weeks in the year.