Indian Hotels Company (IHCL) has announced financial performance for the quarter ended December 2020 (Q3FY21) period. The hotel which runs the Taj chain posted a net loss of Rs133cr in Q3FY21 against a profit of Rs213cr a year ago same period.
Revenue in the quarter under review stood at Rs560cr down 59% yoy.
The company said, whilst COVID-19 continues to impact the hospitality sector at large, IHCL’s performance has shown consistent progress quarter on quarter.
Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “The third quarter saw stronger recovery driven primarily by leisure demand and resumption of weddings. With innovation at the heart of our strategy, we continued to unlock the potential of our ancillary businesses, creating alternative sources of revenue. Despite challenges, the company opened four and signed six new hotels in the quarter and continued its focus on adopting an asset-light model, which has helped IHCL achieve a 44 per cent managed portfolio, further boosting consistent portfolio growth without additional capital deployment.”
While Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “We are seeing positive revenue growth quarter on quarter whilst delivering on spend optimization. We will continue to keep this focus and introduce multiple initiatives to manage operational costs and strengthen the balance sheet.”
At around 2.39 pm, Indian Hotels was trading at Rs120.05 per piece down 2.28% on Sensex.