IHCL Posts Q3FY22 PAT at Rs76 Crore
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Indian Hotels Company Limited (IHCL) reported Profit After Tax (PAT) of Rs76 crore in Q3FY22, a huge turnaround from a loss of Rs 119 crore in Q3FY21. The company’s revenues jumped 85% yoy to Rs1134cr in Q3FY22 vs Rs615cr inQ3FY21.
EBITDA improves by 805% yoy to Rs344cr in Q3FY22 vs Rs38cr in Q3FY21 resulting in 30.4%. EBITDA Margin for the quarter.
The company said in a filing that it signed five new hotels including two selected hotels in Jaisalmer and Bhubaneswar, and three Ginger hotels in Coimbatore, Dehradun, and Goregaon.
Puneet Chhatwal, MD & CEO, IHCL, said, “The momentum of quarter-on-quarter growth has continued in the third quarter led by the upswing in domestic demand and recovery in international markets. IHCL reported a Profit After Tax of Rs76cr in Q3 for the first time in this fiscal. With an EBITDA Margin of 30.4% in Q3, the company’s performance is closely reflective of pre-COVID levels. We will continue to strengthen our portfolio and growing the new businesses while maintaining our asset light strategy.”
Giridhar Sanjeevi, Executive VP & CFO, IHCL, said, “IHCL has maintained a strong performance with a significant increase of 85% in revenue this quarter compared to corresponding quarter in the previous year. We have also deployed the recent equity raised through the rights issue to retire debt as per the objects of the issue, thereby strengthening IHCL’s objective of being a zero-debt company in the long term.”