IHCL ANNOUNCES FINANCIAL RESULTS FOR Q2 & H1 FY 2024-25

~ MARKS TEN CONSECUTIVE QUARTERS OF RECORD PERFORMANCE
~ ACHIEVES 350 HOTELS PORTFOLIO
~ SIGNS MANAGEMENT CONTRACT FOR THE LANDMARK HOTEL ‘THE CLARIDGES, NEW
DELHI’
~ IHCL EXPANDS ITS BRANDSCAPE, ONBOARDS ‘TREE OF LIFE’

MUMBAI, NOVEMBER 7, 2024: The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the second quarter ending September 30^th, 2024.

KEY CONSOLIDATED FINANCIAL RESULTS FOR Q2 AND H1 FY 2024-25

Q2 YoY PERFORMANCE (POST TAJSATS CONSOLIDATION)

*Post TajSATS consolidation; **Including one-time exceptional gain of INR 307 Cr on account of TajSATS consolidation

Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “The second quarter witnessed a strong revival of demand resulting in overall revenue growth of 28% and 16% growth for the hotel segment, marking the best ever Q2 Consolidated EBITDA margin at 29.9%.

For FY2025, we continue to maintain a guidance of double-digit revenue growth led by the sustained growth in New Businesses, not like for like growth and healthy same store performance. This is reflected in a strong 16.5% growth in consolidated hotel segment revenue in October which is set to accelerate in the remaining months of Q3.”

He added, “IHCL has achieved a record signing of 42 hotels resulting in an industry leading portfolio of 350 hotels and met its market guidance of opening two hotels a month with 14 new hotel openings till date. IHCL will manage the landmark hotel The Claridges, New Delhi in April 2025 under a hotel operating agreement. In addition, IHCL has entered into definitive agreements to acquire majority shareholding in Tree of Life brand holding company, expanding its brandscape with a boutique leisure offering.”

DELIVERS RECORD Q2 FINANCIAL PERFORMANCE

Double-digit RevPAR performance across all brands with domestic same store hotels delivering a 12% growth in Consolidated RevPAR with a premium of 66% vs competition across the enterprise.
International Consolidated portfolio reported an occupancy of 75% (up 600 basis points), resulting in a RevPAR growth of 10%.
Management Fee income grew by 15% to INR 100 crores on the back of not like for like growth.

EXPANSION MOMENTUM CONTINUES – TILL DATE

IHCL signed 42 hotels which included 12 Taj hotels, three of which are in international markets of Bahrain and Thimpu, 3 each in SeleQtions and Vivanta, 5 under Tree of Life, 9 under the newly reimagined Gateway and 10 under Ginger.
Further to receiving key approvals, IHCL’s greenfield projects - Aguada Plateau, Goa and Shiroda, Maharashtra are set for a timebound development of these marquee hospitality assets.
IHCL opened 14 new hotels taking the total operating hotels to 232 across brands with a Taj in Patna, a Gateway in Bekal and a Vivanta in Jamshedpur including SeleQtions in Thimpu and Mahabaleshwar and 3 Tree of Life resorts and 6 Ginger hotels.

NEW BUSINESSES & REIMAGINED BUSINESSSES – Q2 PERFORMANCE

The Air & Institutional Catering business segment (TajSATS) clocked a revenue of INR 254 Crore, 19% growth over the previous year and sustained EBITDA margin at 24%.
New Businesses vertical comprising of Ginger, Qmin and amã Stays & Trails reported an Enterprise revenue of INR 173 crores, a growth of 42% and Consolidated revenue of INR 143 crores, a growth of 47%.
Enterprise Revenue of Ginger exceeded INR 150 Crore with a strong EBITDAR margin at 42% and a portfolio of 100 hotels with 70 in operations.
Qmin has grown to 52 outlets and amã Stays & Trails has reached a portfolio of 227 bungalows with 116 in operations.

ESG+ FRAMEWORK OF PAATHYA

IHCL now uses 38% energy from renewable sources and has installed 336 EV charging stations.
Continuing its journey of eliminating single use plastic, IHCL installed 55 bottling plants and achieved 45% + recycling of water used.
Bridging the employability gap in the industry, IHCL has partnered for 37 skill centres across 15 States in India.

Mr. Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said, “In Q2, IHCL Consolidated for hotel segment reported a strong EBITDA margin of 30.5%, a 330-basis points expansion, led by double-digit revenue growth and sustained operational leverage. IHCL Standalone reported an all-time high Revenue of INR 1,125 crores, a year on year growth of 19% and an EBITDA margin of 38.6%, an expansion of 390 basis points. Reflective of a strong balance sheet, the gross cash position for IHCL Consolidated as on 30^th September 2024 stood at INR 2,460 crores.

He added, “In line with our strategy of simplifying the holding structure, TajSATS is fully consolidated in IHCL, for 2 months in Q2. IHCL Consolidated PAT grew 48% on year-on-year basis to INR 247 crores, excluding an exceptional item of INR 307 crores on account of this consolidation.”

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 travellers and ranked as World's Strongest Hotel Brand 2024 and India’s Strongest Brand 2024 as per Brand Finance; SeleQtions, a named collection of hotels; Tree of Life, private escapes in tranquil settings; Vivanta, sophisticated upscale hotels; Gateway, full-service hotels designed to be your gateway to exceptional destinations 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 350 hotels including 118 under development globally across 4 continents, 13 countries and in over 130 locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization. It is listed on the BSE and NSE.

Please visit: IHCL; Taj; SeleQtions; Tree of Life; Vivanta; Gateway; Ginger

For more information, please contact: kirti.dhingra@ihcltata.com

ANNEXURE I

AWARDS AND RECOGNITION

BRAND FINANCE’S 'HOTELS 50 2024' ANNUAL REPORT - TAJ RANKED WORLD'S STRONGEST HOTEL BRAND FOR THE THIRD TIME

BRAND FINANCE’S COVETED 'INDIA 100 2024' REPORT - TAJ RECOGNISED AS INDIA’S STRONGEST BRAND ACROSS SECTORS FOR THE FOURTH TIME

CNBC TV18 - ICICI LOMBARD INDIA RISK MANAGEMENT AWARDS 2024 - MASTER OF RISK IN BRAND & SOCIAL MEDIA RISK MANAGEMENT

GOLDEN PEACOCK AWARD FOR EXCELLENCE IN GOVERNANCE IN 2024

TRAVEL + LEISURE READERS’ - WORLD’S BEST AWARDS 2024	25 BEST HOTEL BRANDS - TAJ 100 BEST HOTELS IN THE WORLD TAJ EXOTICA RESORT & SPA, GOA TAJ LANDS END, MUMBAI TAJ LAKE PALACE, UDAIPUR BEST ASIA HOTELS TAJ LANDS END TAJ MAHAL, NEW DELHI TAJ PALACE, NEW DELHI BEST ASIA RESORTS - TAJ EXOTICA RESORT & SPA, GOA 10 BEST INDIA CITY HOTELS TAJ LANDS END, MUMBAI TAJ MAHAL, NEW DELHI TAJ PALACE, NEW DELHI TAJ WEST END, BENGALURU THE TAJ MAHAL PALACE, MUMBAI BEST INDIA RESORTS TAJ EXOTICA RESORT & SPA, GOA TAJ LAKE PALACE, UDAIPUR RAMBAGH PALACE, JAIPUR UMAID BHAWAN PALACE, JODHPUR
TRAVEL + LEISURE READERS' 20 FAVOURITE CITY HOTELS IN ASIA OF 2024	TAJ LANDS END, MUMBAI TAJ MAHAL, NEW DELHI TAJ PALACE, NEW DELHI
ROBB REPORT 50 GREATEST LUXURY HOTELS 2024	TAJ LAKE PALACE UDAIPUR
SOUTH ASIAN TRAVEL AWARDS	LEADING LUXURY HOTEL & LEADING F&B HOTEL - TAJ PALACE, NEW DELHI LEADING RESTAURANT IN A HOTEL - LOYA AT TAJ PALACE, NEW DELHI LEADING WEDDING HOTEL - RAMBAGH PALACE LEADING PALACE HOTEL & LEADING HERITAGE HOTEL - TAJ LAKE PALACE LEADING FAMILY RESORT - DEVI RATN LEADING BUSINESS HOTEL - TAJ LANDS END LEADING AIRPORT HOTEL - VIVANTA COLOMBO
CNT UK READERS' CHOICE AWARDS 2024: THE TOP HOTELS IN INDIA	RAMBAGH PALACE, JAIPUR TAJ LAKE PALACE, UDAIPUR UMAID BHAVAN PALACE, JODHPUR
CNT US READERS' CHOICE AWARDS 2024: TOP 20 HOTELS IN INDIA	UMAID BHAVAN PALACE, JODHPUR TAJ MAHAL PALACE, MUMBAI TAJ LAKE PALACE, UDAIPUR TAJ MAHAL HOTEL, NEW DELHI TAJ PALACE, NEW DELHI TAJ LANDS END, MUMBAI RAMBAGH PALACE, JAIPUR
CNT US READERS' CHOICE AWARDS 2024: TOP 15 RESORTS IN ASIA	TAJ SAWAI RANTHAMBORE
CNT READERS' CHOICE AWARDS 2024	BEST RESORT IN THE MIDDLE EAST - TAJ PALM, DUBAI