IHCL has recently announced the results of the second quarter and it is sweet music for the Taj management. The consolidated losses are down to INR 5.21 cr., compared to INR 57.67 cr. in the corresponding quarter of the previous year.
The operating EBITDA growth is up by 82 per cent for the second quarter, while sales, too, have grown by 14 per cent.
Commenting on the development, Punnet Chhatwal, CEO and MD, IHCL suggested that the year had been “momentous” in terms of the group’s performance. “It has been a momentous year for IHCL as it retains the iconic Taj Mahal, New Delhi, and renews its long-term agreement for the landmark hotel, Taj Lake Palace, Udaipur. In line with its five-year business strategy, Aspiration 2022, IHCL continued its growth trajectory and signed 15 new hotels across brands in this year,” he said. Making a note of steady growth on all fronts, he added “the company has shown a marked improvement across all financial parameters with a significant margin and EBITDA expansion for the second quarter as well as the half year.”
Giridhar Sanjeevi, executive vice president and chief financial officer, IHCL, stated: “The strong results reflect our proactive focus on business performance and asset management, mitigating the mark to market impact on the historical forex swaps.”