IHCL Reports First Quarter FY 2021-22 Results
The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its consolidated financials for the first quarter ending June 30th, 2021.
- Revenues up by 111% to 370 crore in Q1 FY 2021-22 vs Q1 FY 2020-21
- Taj, IHCL’s iconic luxury brand, rated as the World’s Strongest Hotel Brand and India’s Strongest Hospitality Brand by Brand Finance in 2021
- Signs two new hotels including a 775-room hotel in partnership with Bengaluru Airport City Limited (BACL)
- Opened three new hotels - Year to date (YTD) across brands including:
- Vivanta Thiruvananthapuram, a new landmark in the heart of the city
- Pilibhit House, an IHCL SeleQtions hotel, on the banks of the Ganges in Haridwar
- Strengthened presence in East India with the launch of Vivanta Bhubaneswar
- Expanded the amã Stays & Trails homestay portfolio with the opening of 11 new villas: two in Goa, one each at Alibaug and Khadakvasla, Maharashtra, and seven in Munnar, Kerala
- IHCL’s food delivery platform, Qmin, expanded its offerings with the launch of the first Qmin Food Truck in Mumbai
- In line with its ethos, IHCL continued to assist the community’s battle against COVID-19 by delivering over 4.5 million meals to the medical fraternity across the country and recently 1,50,000 Qmin meals to flood affected areas of Chiplun and Mahad in Maharashtra
Commenting on the Q1 performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “Inspite of the challenges posed by the second wave of the pandemic, the company has doubled its revenue in Q1 as compared to that in the same period last year. This growth is driven by domestic leisure demand. July was a good month and business on the books for August looks promising. New businesses have performed very well.
For every employee at IHCL, our Taj brand being recognized as the World’s Strongest Hotel Brand in 2021 is not only a moment of pride but also inspires us to continue developing and delivering new customer-centric offerings that are innovative and that leverage the strengths of the growing IHCL hospitality eco-system.”
Whilst the effect of COVID-19 continues to impact growth in the hospitality industry, IHCL has seen considerable progress during the first quarter, which accelerated significantly in the month of July.
Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “The company continued to be focused on minimizing losses with stringent spend optimization measures. This, coupled with the revenue increase, resulted in reducing the EBITDA loss by half over the first quarter last year.”
KEY HIGHLIGHTS OF Q1 FY 2021-22
- IHCL has opened three new hotels –Year to date (YTD) across brands including:
- Opened the strategically located bleisure hotel, Vivanta Thiruvananthapuram in Kerala
- Strengthened India’s religious tourism circuit with the launch of Pilibhit House, an IHCL SeleQtions hotel in Haridwar, Uttarakhand
- Further tapped into the potential of East India as a business and tourism destination with the launch of Vivanta Bhubaneshwar in Odisha
- In line with the company’s vision to capture the growing demand for private stays, IHCL has expanded its amã Stays & Trails – India’s first branded homestay portfolio to 44 bungalows with 14 under development with the opening of 11 new villas: two in Goa, one each at Alibaug and Khadakvasla, Maharashtra, and seven in Munnar, Kerala respectively
- IHCL has signed two new hotels across the Vivanta and Ginger brands including
- A 775-room hotel, which will be a combination of a 450-room Vivanta and a 325-room Ginger hotel, at Kempegowda International Airport, Bengaluru in partnership with Bengaluru Airport City Limited
- Strengthens presence in country’s state capitals with the signing of a Vivanta hotel in Ahmedabad, Gujarat
- Tapping into the demand for innovative food & beverage offerings, IHCL has expanded Qmin – IHCL’s food delivery platform’s – presence in 18 cities across India with the Qmin app available across six other countries, giving people abroad the opportunity to gift meals to loved ones in India
- The company also marked the occasion of Qmin’s first anniversary with the launch of the first Qmin Food Truck in Mumbai
- Announced three strategic leadership roles with focus on customer centricity, diversity and inclusion and institutionalizing owner/partner engagement
- Supported the community’s effort in combating the pandemic by delivering over 4.5 million meals to the medical fraternity, and implementing quarantine facilities for asymptomatic and mildly symptomatic patients across several IHCL hotels. We recently delivered 1,50,000 Qmin meals to flood affected areas of Chiplun and Mahad in Maharashtra
AWARDS AND RECOGNITION
- Taj has been ranked as the World’s Strongest Hotel Brand 2021 by Brand Finance, the first Indian hospitality company to have achieved this honour.
- Taj has been ranked Number One on the list of India’s Strongest Hospitality Brands 2021 and is amongst the top two brands across all sectors as per the Brand Finance 100 2021 report for the second consecutive year
About The Indian Hotels Company Limited (IHCL)
The Indian Hotels Company Limited (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service. These include Taj– the iconic brand for the most discerning travelers and the World"s Strongest Hotel Brand as per Brand Finance 2021, SeleQtions, a named collection of hotels, Vivanta, sophisticated upscale hotels and Ginger, which is revolutionising the lean luxe segment.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel - The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 225 hotels including 55 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is India"s largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.