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The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company reported its Consolidated and Standalone financials for the first quarter ending June 30th 2019.
Commenting on the performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said “Despite the macro-economic headwinds, we have stayed on track in delivering our promise as outlined in Aspiration 2022. The Company reported a topline growth of 6% and an EBITDA growth of 32% . Margin expansion stood at 304 bps. Both the absolute EBITDA of Rs.166 crores as well as the EBITDA margin of 15.68% are the highest for Q1 for the last 10 years (on a like-to-like comparison pre IND AS 116). The Company continued its growth journey by signing 7 hotels with 1267 rooms. It also opened 3 hotels in this quarter in key strategic markets like Goa and Agra.”
In line with the Company’s vision to scale up and create greater enterprise value, IHCL entered into a strategic partnership with Singapore’s sovereign wealth fund, GIC for an investment platform to the tune of Rs. 4000 crores or USD 600 million.
Aligned with its re-imagined Brandscape, the Company launched a new hotel brand with 12 hotels – “SeleQtions”, which is a collection of named and distinctive hotels and relaunched Chambers, India’s most iconic business club.
Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said “The Company continued its efforts in monetization of non-core assets amounting to Rs. 35 crores in the quarter. We remain focused on debt management. Recently we have unwound historical swaps of Rs. 120 crores mitigating related forex volatility.