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Revenue
₹1,466 Cr
verified against source
Revenue YoY
17%
reported change
EBITDA
₹459 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL delivered its best-ever Q1 with consolidated revenue of INR 1,516 crore (+17% YoY), EBITDA of INR 459 crore (margin 30.3%), and PAT of INR 222 crore (+31% YoY). Growth was driven by strong RevPAR expansion across brands (15-16% YoY), robust demand outpacing supply, and scaling of asset-light businesses like TajSATS (revenue INR 205 crore, 25% EBITDA margin). Management maintained guidance of opening 20+ hotels in FY24 and reiterated double-digit RevPAR growth for the year. Key events (G20, Cricket World Cup) and improving international arrivals provide further tailwinds. Risk: cost inflation from marketing and renovation investments could pressure margins if revenue growth moderates.
Colored figures show movement against the previous available record.
Guidance to track
- IHCL expects to open more than 20 hotels in the current financial year, with 11 signed and 5 opened in Q1.
- Management expects double-digit RevPAR growth for the full year, supported by events and demand-supply dynamics.
- The flagship Ginger hotel at Santa Cruz, Mumbai, is expected to open between October and November 2023.
Risks flagged
- Other expenses increased as a percentage of revenue due to higher marketing and renovation costs, which could pressure margins if revenue growth slows.
- International tourist arrivals recovery has been sluggish in recent months, potentially impacting leisure destinations like Rajasthan and Goa.
- The Pamodzi and Frankfurt deals are only in-principle approvals; finalization and integration risks remain.
Key quotes
- Our iconic assets' average rates are maybe 10%-20% of rates in Paris or London... we may never get to 100% of those rates, but we should have the ability to charge 30%, 40%, 50%, and we are not even at 10%, 20%.
- We don't anticipate any take rate-related challenges at all... It is not a winner-take-all market, which kind of leads to the rate compressions that you talk about.
- The combination of the whole is creating the sustainable, profitable growth that we have guided all of you on.
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