IHCL Reports Second Quarter FY 2020-21 Results
Q2 REVENUES UP BY 85% FROM Q1
MUMBAI, NOVEMBER 4, 2020: The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its Consolidated and Standalone financials for the second quarter ending September 30th, 2020.
- Revenues up by 85% in July-September vs April-June quarter
- Signed seven hotels across brands across multiple locations and states in India
- Relaunched the city’s iconic Machan at Taj Mahal, New Delhi and launched its 1st outpost at Taj West End, Bengaluru
- Launched India’s first on-site brewpub at Taj MG Road, Bengaluru in partnership with AB InBev
- Expanded presence of Qmin, a repertoire of culinary offerings, across 12 cities
- Extended Qmin brand with the launch of the first Qmin Shop, a gourmet lifestyle store at President, Mumbai
- Rambagh Palace, Jaipur was rated as #1 in the Top Hotels in India and #15 in the Best Hotels in the World categories of the prestigious global Condé Nast Traveler Readers’ Choice Awards 2020
- Launched #TravelForIndia initiative on World Tourism Day to inspire safe travel whilst rebuilding the tourism industry and making positive social impact on lives and livelihood
- Joined hands with Tata Power to provide solar energy for Mumbai hotels, saving energy costs and reducing carbon footprint
Commenting on the Q2 performance, Mr. 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.
Mr. 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.”
AWARDS AND RECOGNITION IN Q2 FY 2020-21
- TRUSTYOU 2019-2020 – The Taj Mahal Palace, Mumbai has been accorded the highest guest satisfaction score amongst its hospitality peers globally for the year 2019-2020 for the 3rd consecutive year. With an overall score of 94, it is ranked No #1
- 33RD GLOBAL CONDÉ NAST TRAVELER READERS’ CHOICE AWARDS 2020 – IHCL has received top honors in these prestigious global awards basis readers’ votes across multiple categories including
- Top Hotels in India : Rambagh Palace, Jaipur ranked Number #1,Taj Lake Palace, Udaipur and The Taj Mahal Palace, Mumbai
- Best Hotels in the World : Rambagh Palace, Jaipur ranked Number #15
- Best Resorts in the World : Taj Exotica Resort & Spa, Goa
- Top 30 Resorts in Asia :Taj Exotica Resort & Spa, Goa
- Top 30 Resorts in the Indian Ocean :Taj Exotica Resort & Spa, Maldives and Taj Coral Reef Resort & Spa, Maldives
- Top Hotels in New York City :The Pierre, New York
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 hallmark of iconic hospitality and India’s Strongest Brand as per Brand Finance India 100 2020 report, 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 207 hotels including 46 under development globally across 4 continents, 12 countries and in over 100 locations. The Indian Hotels Company Limited (IHCL) is South Asia’s largest hospitality company by market capitalization. It is primarily listed on the BSE and NSE.
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APPENDIX
OTHER HIGHLIGHTS IN H1 FY 2020-21
- Signed eight hotels across brands – Taj in Puri, Orissa and Shiroda, Maharashtra; Vivanta in Lucknow; a SeleQtions hotel in Tadoba Andhari Tiger Reserve, Maharashtra; Ginger Hotels in Chandigarh, Guwahati and two Ginger guest houses in BKC Mumbai and Jamshedpur
- Signed a binding agreement to acquire 100% shareholding in ELEL Hotels and Investments Limited (ELEL) for the iconic Sea Rock hotel
- Restructured holding of Taj Cape Town, which becomes a wholly owned subsidiary of IHCL, by acquiring 50% of holding in Tata Africa Holdings (TAH)
- Opened Ginger in Kalinganagar, one of the biggest industrial hubs in East India. This is the second Ginger hotel in Orissa
- Implemented enhanced and stringent hygiene, sanitisation and social distancing protocols across hotels under the program titled Tajness – A Commitment Restrengthened and introduced I-ZEST - IHCL’s Zero-Touch Service Transformation to deliver contactless customer experiences