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Revenue
₹1,826 Cr
verified against source
Revenue YoY
28%
reported change
EBITDA
₹565 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL delivered a record Q2 FY25 with consolidated revenue of INR 1,890 crore (+28% YoY) and EBITDA margin of 29.9% (+270 bps YoY). PAT of INR 555 crore included an exceptional gain of INR 307 crore from TajSATS consolidation; adjusted PAT grew 48% to INR 247 crore. Hotel segment revenue grew 16%, driven by double-digit ARR growth across all brands, led by Taj (+13%). New businesses (Ginger, Qmin, amã) surged 47%. Management fees crossed INR 100 crore for the first time. Management reiterated double-digit revenue growth guidance for FY25, citing strong wedding season (30% more auspicious days) and rising foreign tourist arrivals. October hotel segment revenue grew 16.5%. Risks include potential consumer slowdown impacting discretionary travel and high base effects from prior year events (World Cup, G20).
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to comfortably deliver double-digit revenue growth for the full year, even excluding TajSATS, with H1 already at 11%.
- IHCL targets opening 25 hotels in the current financial year and 30 in the next, with a pipeline of ~120 hotels.
- Capital expenditure for FY25 is guided at INR 700-800 crore, with H1 CapEx of INR 344 crore.
- The relaunched Gateway brand, currently with 22 hotels, is expected to scale to 100 hotels by 2030.
Risks flagged
- Analysts noted an undercurrent of slowdown in consumer spending in other sectors, which could eventually impact hotel demand if the trend broadens.
- Q2 FY24 benefited from the World Cup and G20 events; adjusting for these, underlying growth would be lower, and similar base effects may persist.
- Goa RevPAR was negative for two quarters due to high base and renovation disruptions; recovery depends on Q3/Q4 season.
- Tree of Life reported a small loss in a strong industry year; integration and profitability improvement may take time.
Key quotes
- For the first time, our enterprise revenue has crossed INR 3,000 crores for the quarter and INR 6,000 crores for the first half of the year.
- We remain confident of comfortably delivering double-digit revenue growth, even excluding the positive impact of TajSATS.
- The fundamentals of India becoming fifth largest economy is in favor of the sector. The fundamentals of India moving towards third largest economy is in favor of the sector.
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