Indian Hotels Company Limited (IHCL), the parent company of Taj, SeleQtions, and TajSATS, reported a significant increase in its business during the fiscal year. Consolidated gross revenue from operations rose by 16.5% to 6,768.75 crore in FY24 compared to 5,809.91 crore in FY23. The company also witnessed a 25.5% growth in net profit, which reached 1,259 crore in FY24 from 1,002.59 crore in the previous year.
The growth was driven by various factors, including the company’s expanding portfolio of hotels and its focus on new business verticals such as Ginger, Qmin, amã Stays & Trails, and The Chambers membership club. The new business verticals contributed 1,588 crore to the company’s consolidated revenue, with TajSATS accounting for 900 crore and showing a 40% growth over the previous year.
The company’s homestay management arm, amã Stays & Trails, also reported strong growth with a 42% increase in revenue to 35 crore. Qmin, the company’s restaurant business, saw a 73% increase in revenue to 101 crore due to the inclusion of 35 Qmin outlets in Ginger hotels.
In terms of hotel expansion, IHCL opened six new hotels in the fourth quarter of FY24, including three SeleQtions hotels in Jaisalmer, Tirupati, and Munnar. The company also signed on 14 resorts under the ‘Tree of Life’ brand and a 300-key Ginger hotel at the Mopa airport in Goa.
Overall, IHCL’s performance in FY24 highlights the recovery of the hospitality industry and the company’s strong position in the market. The company’s focus on expanding its portfolio, diversifying its revenue streams, and driving growth through new business verticals is expected to continue to drive its success in the future.
