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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
₹1,964 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹772 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 Q3 with consolidated revenue of INR 2,004 crore (+15% YoY) and EBITDA of INR 772 crore (+18% YoY), with EBITDA margin expanding 100 bps to 38.5%. PAT grew 18% to INR 452 crore. Performance was driven by strong demand across brands, effective asset management, and rapid growth in new businesses (Ginger, Qmin, amã, TajSATS) which grew 34% YoY. Management guided for double-digit revenue growth in FY25, supported by a pipeline of 85 hotels and 30%+ growth in new businesses. Key risks include potential slowdown in international markets (U.S.) and cost inflation, though management sees no significant headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall revenue growth of double-digit next fiscal, driven by core business and new brands.
- 16 hotels opened YTD; 4 more expected in Feb-Mar 2024, maintaining pace of ~2 hotels per month.
- Ginger brand expected to achieve over INR 600 crore in revenue next fiscal, driven by Lean Luxe transformation.
- TajSATS well positioned to cross INR 1,000 crore in revenue next fiscal, with industry-leading margins.
Risks flagged
- The Pierre and San Francisco properties continue to drag international profitability; recovery expected in 12-18 months.
- Analyst raised concern that record performance may induce new supply; management downplayed but acknowledged supply growth in non-metros.
- Analyst questioned whether high ARRs are sustainable; management argued rates are still low vs global peers and demand-supply gap persists.
Key quotes
- We expect our double-digit revenue growth to continue in the next financial year as well, driven by three key dimensions of growth, namely: growth in our portfolio, growth in our new brands and businesses, and growth in our traditional business, enabled by effective asset management.
- Our new and reimagined brands, which include Ginger, Qmin, amã Stays & Trails, The Chambers, the TajSATS, together showcase a growth of 34% over the previous year in the last nine months.
- I think the way you should look at it is that while supply is coming back, which is good, because ultimately, I think in India, bear in mind, supply is not driven by institutional ownership.
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