IHCL's Record-Breaking Quarter: Expansion and Growth Plans Unveiled

Indian Hotels Company Ltd reported a 29% increase in net profit for Q3 of FY24, attributed to the consolidation of its air and institutional catering business. The company is poised for further expansion, with plans to rebuild the Sea Rock hotel and aim for 700 hotels globally by 2030.

The Indian Hotels Company Ltd (IHCL), part of the Tata Group, has announced a remarkable 29% increase in net profit for the third quarter of FY24. The growth was primarily driven by the strategic consolidation of its air and institutional catering business.

In a recent regulatory filing, IHCL reported a jump in total income to Rs 2,592 crore, compared to Rs 2,003.64 crore in the same period last year. CEO Puneet Chhatwal credited the robust performance to strategic expansions and mentioned receiving an intimation of disapproval from municipal authorities for rebuilding the landmark Sea Rock hotel.

Looking ahead, IHCL anticipates continued demand in the sector, fueled by large-scale events and transient travel. With a portfolio of 360 hotels, the company aims to expand to 700 locations worldwide by 2030.

(With inputs from agencies.)