IHCL ’ s heritage Taj Mahal Palace hotel in Mumbai recently turned 100 % green .
TRENDING : Q1 REPORT
IHCL POSTS RECORD FY23 PROFIT , OFFSETS PANDEMIC LOSSES
FOUR CONSECUTIVE QUARTERS OF SUSTAINED HIGH DEMAND AND ROBUST PERFORMANCE FUELS Q4 NET PROFIT .
By KATHAKALI NANDI
Setting record financial results for Q4 and FY 2022-23 , the Indian Hotels Co . Ltd . ( IHCL ) saw its FY23 revenue jump 85 % YOY to Rs . 5,949 crore ($ 740 million ), driven by strong performance .
For FY23 , the company ’ s PAT increased to Rs . 1,003 crore ($ 122.71 million ), recovering from a loss of Rs . 264.9 crore ($ 32.41 million ), which offset the losses incurred during the pandemic . EBITDA soared 247 % to stand at Rs 1,943 crore ($ 237.72 million )
Net profit in the fourth quarter ended March 2023 skyrocketed 343 % to Rs . 328.97 crore ($ 40.25 million ).
Mumbai-based IHCL , India ’ s largest hospitality company , said its revenue in the quarter rose 73 % to Rs . 1,655 crore ($ 203.71 million ), while EBITDA surged by 134 % to Rs . 565 crore ($ 69.12 million ).
The standout performance was achieved by maximizing operating leverage of their owned / leased properties and margin enhancing fee-based business . The company continues to report a
28 hotelsmag . com June 2023