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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
₹2,533 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
Pending
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 FY25 with consolidated revenue of INR 2,592 crore (+29% YoY) and EBITDA margin of 39.4% (+80bps YoY), marking the first time quarterly EBITDA crossed INR 1,000 crore. PAT hit an all-time high of INR 582 crore. The hotel segment saw 16% revenue growth and 230bps margin expansion to 40.9%. Standalone revenue grew 15% to INR 1,517 crore with EBITDA margin of 47.8% (+240bps). Growth was driven by 13% like-for-like RevPAR increase, strong performance in domestic markets, and 40% growth in new businesses (Ginger, Qmin, amã Stays & Trails). Management expects Q4 to continue similar trends, supported by Mahakumbh, Coldplay concerts, and wedding season. Risks include potential demand elasticity from high pricing and slower recovery in international markets like London.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Q4 to continue the same top-line growth and margin expansion as Q3, supported by events like Mahakumbh and Coldplay concerts.
- IHCL is on track to open 25 hotels in the current financial year and has guided for 30 openings in the next financial year.
- Management reaffirmed guidance of double-digit revenue growth for the full year, despite Q1 headwinds from heat and elections.
- IHCL targets 50% energy from renewable sources and 100% recycled water usage by 2030, currently at 37% and 48% respectively.
Risks flagged
- Analyst raised concern about price sensitivity as pricing is already high; management argued pricing is still below historical dollar levels and demand is inelastic for business travel.
- Management acknowledged London market is softer due to new supply, though Taj brand equity helps hold ground.
- FTA still below pre-COVID levels; management expects eventual normalization but timing uncertain.
- Analyst noted a drop in Vivanta operating rooms from 4,062 to 3,681; management attributed it to upgrades to Taj brand.
Key quotes
- For the very first time in history, the quarterly EBITDA of IHCL crossed INR 1,000 crores.
- The supply is not going to catch up that fast with the demand. So even if demand softens a bit, still it will continue to outpace supply.
- We are not taking just a view on a quarter or a half year or a year, rather the long-term competitive advantage.
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