INDIAN HOTELS CO LTD
IHCL is one of India’s leading hospitality companies. IHCL and its subsidiaries comprise diversified portfolio across luxury, upscale/upper upscale and lean luxury/midscale segments. IHCL’s operations are spread across four continents, 12 countries and over 100 cities.
Revenue Breakup
Rooms: 49%
F&B: 34%
Management Fee : 7%
Other Operating Income : 8%
Other Income: 3%
Shareholding Pattern
-PUBLIC GROUP
-PROMOTER GROUP
Financial Summary
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 |
| Sales | 3,056 | 5,810 | 6,769 |
| Sales Growth % | 94.03% | 90.10% | 16.50% |
| Expenses | 2,651 | 4,005 | 4,609 |
| Operating Profit | 405 | 1,805 | 2,160 |
| OPM % | 13% | 31% | 32% |
| Net Profit | -265 | 1,053 | 1,330 |
| EPS in Rs | -1.74 | 7.06 | 8.85 |
Synopsis of Financials
- 9 consecutive quarters of record performance.
- Enterprise revenue crossed INR 3,000 crores in Q1, growing 7% YoY.
- Consolidated revenue grew 5% YoY to INR 1,596 crores.
- EBITDA grew 8% YoY to INR 496 crores with a margin expansion of 70 basis points to 31%.
- Standalone revenues grew 4% YoY to INR 972 crores.
- Standalone EBITDA margin expanded by 160 basis points to 37.8%.
- Standalone PAT margin stood at a healthy 21.5%.
- Operating revenue and EBITDA showcased stronger growth at 6% and 10% respectively.
- Bottom line (PAT) grew by 12% to INR 248 crores.
- Management fee growth through capital-light strategy at 17% YoY.
Final Outlook
Expect the strong momentum to continue in FY25,due to increase in ARR(average revenue per room)
due to healthy demand, asset management strategy of company (upgrades in hotels) and rooms addition pipeline till FY28 in both owned/leased (2,779 rooms) and management . Expected to Target double-digit consolidated revenue growth in FY25 Due to posted record financial performance and achieved key milestones with resilient balance sheet and strong FCF; it is a zero debt company now.
IHCL outperforms industry on RevPAR with a 65% premium
Eighth consecutive quarter of best-ever performance for IHCL.
Consolidated revenue grew by 17% year-on-year to INR6,952 crores.
EBITDA increased by 20% year-on-year to INR2,340 crores, with a margin of 33.7%.
Bottom line grew by 26% to INR1,259 crores
ROE increased 7x to 14%, and ROCE increased 3x to 15%.
EPS surged from INR0.8 in FY 2017-’18 to INR8.9 in FY ’23-’24
Opened 53 hotels and 34 hotels during FY ’23-’24, crossing 300-plus hotels milestone
I would give Buy recommendation for this stock.
Indian-Hotels-Ltd