Indian Hotels Q3 update: Tata Group company reports opening of 40 new hotels, 85 new signings
Tata Group’s hospitality venture Indian Hotels, on Thursday, reported opening of 40 new hotels and 85 new signings in 2024 taking its portfolio to 360 hotels with an industry leading pipeline of 123 hotels.
Indian Hotels share price closed 1.46 per cent lower on January 9, ending the trading session at ₹822.75. Tata group stock owned by Rekha Jhunjhunwala stock reached a 52-week high of ₹894.15 and a low of ₹450.55.
“This record growth performance is attributed to the continued expansion of the brandscape. IHCL launched the reimagined Gateway, a full-service hotel offering in the upscale segment, acquired majority shareholding in Tree of Life brand holding company, adding a boutique leisure offering and entered into a brand license agreement for The Claridges, commencing with management of brand’s landmark hotel in New Delhi, extending IHCL’s luxury portfolio. In line with IHCL’s strategy Accelerate 2030, the growth continues to be focused on capital light, accounting for 75% of the year’s signings,” said Suma Venkatesh, Executive Vice President – Real Estate & Development, IHCL.
She further added, “The iconic Taj brand remains at the forefront of this growth with 19 signings in 2024. This is reflective of the growing affluence and demand for luxury experiences with signings spanning metros, pilgrimage locations, leisure destinations, state capitals in India as well as in key international markets. Taj with a portfolio of 125 hotels, renowned for its legacy of world class hospitality not only remains the driving force in IHCL’s brandscape but is also among the top luxury brands in the world for its scale and brand strength.”
Indian Hotels result highlights
The company posted consolidated sales of ₹1,890.22 crore for the quarter ending September 30, 2024, reflecting an 18.41 per cent increase from ₹1,596.27 crore in the previous quarter and a 27.64 per cent rise compared to ₹1,480.87 crore in the same quarter last year. The net profit for the latest quarter was ₹554.58 crore, marking a significant 232.24 per cent surge from the corresponding period in the previous year.
Incorporated by the founder of the Tata Group, Jamsetji Tata, the Company opened its first hotel – The Taj Mahal Palace, in Bombay in 1903. IHCL has a portfolio of 360 hotels including 123 under development globally across 4 continents, 13 countries and in over 150+ locations. The Indian Hotels Company Limited (IHCL) is India’s largest hospitality company by market capitalization.
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