The results indicate positive EBITDA in FY 20/21 at 38 crore.

The Indian Hotels Company Limited (IHCL), recently released its Consolidated and Standalone financials for the third quarter of 2020.

The results state that the revenues were up by 90 per cent to 615 crore in Q3 vis-à-vis Q2. The results also indicate positive EBIDTA for the first time, at 38 crore in FY20-21. In the third quarter, IHCL signed six hotels with over 1100 rooms across brands at various locations in India.

Speaking about the results, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, commented, “The third quarter saw stronger recovery driven primarily by leisure demand and resumption of weddings. With innovation at the heart of our strategy, we continued to unlock the potential of our ancillary businesses, creating alternative sources of revenue. Despite challenges, the company opened four and signed six new hotels in the quarter and continued its focus on adopting an asset-light model, which has helped IHCL achieve a 44 per cent managed portfolio, further boosting consistent portfolio growth without additional capital deployment.”

In addition to that, IHCL cemented the company’s network in the Eastern part of India by signing three Taj hotels. Two Taj hotels are located in Kolkata and one is located in Patna.

IHCL also launched four new hotels across brands. The recently launched hotels are, The Connaught, an IHCL SeleQtions hotel, New Delhi; Taj Skyline, Ahmedabad; Taj Chia Kutir, Darjeeling;  Ginger hotel, Kalinganagar.

Besides, IHCL also opened four new villas under the amã Stays & Trails portfolio. Two villas are situated in Goa. Third villa is located in Lonavala, Maharashtra and fourth one is located in Thiruvananthapuram Kerala.

Furthermore,  Ginger attained a milestone of 75 hotels.  Quilon, on the other hand, maintained its Michelin Star for the 14th successive year

Talking about the progress of IHCL, Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, stated, “We are seeing positive revenue growth quarter on quarter whilst delivering on spend optimization. We will continue to keep this focus and introduce multiple initiatives to manage operational costs and strengthen the balance sheet.”