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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,550 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
₹496 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL reported a record Q1 with consolidated revenue of INR 1,596 crore (+5% YoY), EBITDA of INR 496 crore (+8% YoY), and PAT of INR 248 crore (+12% YoY). EBITDA margin expanded 70 bps to 31%. Performance was resilient despite election-related headwinds, heatwaves, and fewer wedding dates. Management highlighted a strong July rebound with ~20% revenue growth expected, driven by pent-up demand and wedding season. The company signed 16 hotels and opened 6 in Q1, with a pipeline of 100+ hotels. New businesses (Ginger, Qmin, amã) grew 37% YoY. Guidance: double-digit revenue growth for FY25 (excluding Taj SATS consolidation), 25 hotel openings, and sustained margins. Risk: potential slowdown in foreign tourist arrivals recovery.
Colored figures show movement against the previous available record.
Guidance to track
- IHCL expects double-digit top-line growth for the full financial year, excluding Taj SATS consolidation.
- The company targets opening 25 hotels in FY2025, with 7 already opened in Q1 and early Q2.
- Ginger, Qmin, and amã Stays & Trails are expected to continue growing at over 30% annually.
- The reimagined Gateway brand will launch in Q2 with 15 hotels, aiming for 100 hotels by 2030.
Risks flagged
- Genuine foreign tourist arrivals (excluding NRIs) remain below pre-COVID levels, impacting luxury palace hotels.
- A UP government policy change could add 200,000 hotel rooms, though management views this as unrealistic in the near term.
- Ongoing renovations at key properties (St. James, President, Taj Holiday Village, Jai Mahal) caused temporary revenue loss.
- Increased outbound travel from India could potentially impact domestic leisure demand, though management sees limited risk.
Key quotes
- This is the ninth consecutive quarter of record performance.
- We expect double-digit growth in FY 2024/2025, as we have also guided previously, and with an expected 20% revenue growth, 20%+, I would say, revenue growth in July based on business on the books as on July 17.
- Our capital light, not like for like growth, has helped us grow our management fees by 17% from INR 98 crore last year to INR 114 crore in Q1 2024/2025.
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