Tata Group stock engaged in the business of owning, operating, and managing hotels, palaces, and many more jumped 2 percent in the day’s trade following Q3FY24 results with a 166 percent QoQ jump in Net Profit
With a market capitalization of Rs. 71,813 Crores, the shares of Indian Hotels Company Limited were trading at Rs. 504.55, up 2 percent from its previous day’s close price of Rs. 494.55.
Its revenue from operations grew by 16.49 percent YoY from Rs. 1,685.80 Crores in Q3FY23 to Rs.1,963.84 Crores in Q3FY24 and it grew 37 percent QoQ from Rs. 1,433.2 Crores in Q2FY24 to Rs. 1,963.84 Crores in Q3FY24.
Its Net Profit grew by 18.18 percent YoY from Rs. 403.56 Crores in Q3FY23 to Rs. 476.93 Crores in Q3FY24 and it grew 166.48 percent QoQ from Rs. 178.97 Crores in Q2FY24 to Rs. 476.93 Crores in Q3FY24.
Following the robust Q3FY24 results Mr. Puneet Chhatwal the MD & CEO of IHCL stated that IHCL has reported an all-time high consolidated Q3 EBITDA margin of 38.5 percent and PAT margin of 22.6 percent, marking seven consecutive quarters of record financial performance.
This robust performance was enabled by same-store hotels clocking RevPAR premium across markets and segments, the strong performance of not like for like growth and the scaling of new businesses
Indian Hotels Company Limited is primarily engaged in the business of owning, operating & managing hotels, palaces, and resorts.
In this fiscal, it has signed 28 hotels and opened 16 hotels thereby taking the portfolio to 285 hotels including a pipeline of 85 hotels with a vast footprint across 130+ locations. Out of the 285 hotels 105 hotels are operated under the Taj Brand, 92 hotels under Vivanta & SeleQtions hotels, and the rest 88 under the brand Ginger hotels.
Written by: Bharath K.S
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