IHCL reports second quarter revenues up by 85 per cent from Q1

IHCL signs seven hotels across brands across multiple locations and states in India.

The Indian Hotels Company Limited (IHCL) reports its consolidated and standalone financials for the second quarter ending September 30th, 2020. The company's revenue is reported to be up by 85 per cent in July-September vs April-June quarter. 

Commenting on the Q2 performance, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “The pandemic is an unprecedented event that has impacted the economy significantly, especially the travel and tourism sector. Though a gradual recovery is visible, it will take time to reach pre-pandemic levels in this uncertain environment. At IHCL, all our efforts are focused in executing the R.E.S.E.T 2020 strategy committed to creating alternative revenue growth avenues, expanding its portfolio using an asset light framework, driving cost optimization and continuing to deliver value to all our stakeholders.”

The implementation of R.E.S.E.T 2020, a comprehensive five-point strategy, has provided a transformative framework to help the Company overcome COVID-19 related challenges, and has yielded positive results in the first half of FY 2020-21.

Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “IHCL has taken several measures to mitigate the financial impact on both profits and cash flow in recent months. With the ease of lockdown restrictions, we are seeing gradual signs of improvement in the second quarter; however full recovery will take some time.”

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IHCL IHCL hotels Puneet Chhatwal


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