IHCL Records Impressive 15% Revenue Growth in Q3, Expands Portfolio

IHCL Records Impressive 15% Revenue Growth in Q3, Expands Portfolio

By Author

Published on February 6, 2024

In a remarkable display of resilience and strategic growth, The Indian Hotels Company Limited (IHCL) has once again outdone itself by reporting its seventh consecutive quarter of record performance. For the quarter ending December 31, 2023, IHCL's revenue saw a significant jump of 15% year-on-year, reaching an impressive INR 2,004 crores.

The company didn't just stop at revenue growth; it also reported an 18% increase in EBITDA, which stood at INR 772 crores. This boost in earnings comes with an equally impressive EBITDA margin of 38.5%. What's even more commendable is the Profit After Tax (PAT), which soared to INR 452 crores, marking an 18% increase compared to the previous year.

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IHCL's domestic operations played a pivotal role in this quarter's success, with revenue reaching INR 1,323 crores, a 22% increase over the previous year. The domestic EBITDA margin was particularly noteworthy at 45.4%, indicating a robust expansion and operational efficiency.

Puneet Chhatwal, the Managing Director & CEO of IHCL, shared his enthusiasm over the Q3 FY24 results, emphasizing the all-time high consolidated EBITDA margin of 38.5% and a PAT margin of 22.6%. He attributed this success to the company's strong market performance, addition of new businesses, and scaling of existing ventures.

The period also saw IHCL making significant strides in expanding its portfolio. The company announced the signing of agreements for 28 new hotels and celebrated the opening of 16 hotels, including the iconic Taj Taal Kutir in Kolkata and Vivanta Tawang, bringing its total to 200 operating hotels.

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IHCL's new business vertical, which includes brands like Ginger, Qmin, amã Stays & Trails, The Chambers, and TajSATS, has shown substantial growth, further diversifying and strengthening the company's revenue streams. Notably, the flagship Ginger hotel at Mumbai Airport reported an 80% occupancy and turned a net profit in its first month.

In related news, the Thomas Cook India Group reported impressive financial results for the first nine months of FY24, with a 132% increase in Consolidated EBITDA and a 258% YoY growth in Consolidated Profit Before Tax (PBT) for the third quarter.

As IHCL continues to break records and expand its horizons, the future looks promising for India's hospitality giant. With strategic expansions, diverse ventures, and consistent performance, IHCL is set to redefine hospitality excellence.


ITC Hotels Signs Storii Havelock in the Andaman & Nicobar Islands

ITC Hotels Signs Storii Havelock in the Andaman & Nicobar Islands

By Manu Vardhan Kannan

Published on August 26, 2026

ITC Hotels Limited has signed a management agreement for Storii Havelock, a 22-key boutique retreat in Swaraj Dweep (Havelock Island), expanding its presence into the Andaman & Nicobar Islands under the Storii by ITC Hotels brand.

Set amid the natural beauty of the Andaman Islands, the property will offer guests an intimate island retreat surrounded by beaches, clear waters, tropical landscapes and rich marine biodiversity. The hotel is planned around the laid-back character of the destination, giving travellers a setting to enjoy the island’s natural surroundings.

Storii Havelock will feature well designed rooms and suites, along with an all-day dining restaurant, bar, swimming pool, fitness centre, spa and kids' play area. The facilities are planned to offer guests a comfortable stay while keeping the island experience at the centre.

Anil Chadha, Managing Director, ITC Hotels Limited, said, "Swaraj Deep (Havelock Island) has emerged as one of India's most sought-after leisure destinations, drawing travellers with its unparalleled natural beauty and distinctive experiences. The signing of Storii Havelock reflects our strategy of expanding across high-potential leisure markets through properties that are rooted in their surroundings. We look forward to introducing the Storii brand to the Andaman & Nicobar Islands."

Arjun Kapoor, Director, M/s Waterwoods Lodge and Resorts Private Limited, said, " We are pleased to collaborate with ITC Hotels on this project. Swaraj Deep continues to attract travellers seeking a blend of nature, adventure and relaxation. We are confident that Storii Havelock will create a compelling hospitality offering that reflects the true spirit of the Andaman Islands.”

The signing marks the entry of the Storii brand into the Andaman & Nicobar Islands and adds another leisure destination to ITC Hotels’ growing portfolio. With its boutique format and island setting, Storii Havelock is positioned to offer travellers an authentic retreat while supporting the continued growth of the region’s hospitality landscape.


ALIVAA Hotels Opens Third Hotel With Existing Partner in 12 Months

ALIVAA Hotels Opens Third Hotel With Existing Partner in 12 Months

By Manu Vardhan Kannan

Published on August 26, 2026

ALIVAA Hotels & Resorts has opened Alivaa Boutique McLeod Ganj, marking the third hotel entrusted to the company by owner Rakesh Rawat within 12 months. The new property is also ALIVAA’s second hotel in the Dharamshala–McLeod Ganj belt.

The latest opening highlights the growing confidence of hotel owners in ALIVAA’s management platform. Following the management of Rawat’s properties in McLeod Ganj and Manali, the third mandate adds to the company’s presence in Himachal Pradesh while strengthening its relationship with the owner.

For a hotel management company, repeat partnerships can be an important measure of performance, as they reflect an owner’s experience with the company’s operations, commercial results and day-to-day management.

Set against the Dhauladhar ranges, Alivaa Boutique McLeod Ganj offers a boutique hospitality experience that combines contemporary comforts with the cultural character of Himachal Pradesh. The hotel features thoughtfully curated accommodations, personalised service and local experiences designed for leisure travellers looking for an authentic mountain getaway.

Vikramjit Singh, Founder & Chairman & Managing Director, ALIVAA Hotels & Resorts, said:

“The opening of Alivaa Boutique McLeod Ganj represents another important milestone in our expansion journey. While every new hotel is significant, what makes this launch particularly meaningful is the trust our partners continue to place in us. Having Mr. Rakesh Rawat entrust ALIVAA with three properties within a single year is a strong endorsement of our operating philosophy, our commercial capabilities and our commitment to creating long-term value for hotel owners. Relationships built on trust remain the foundation of our growth.”

Akash Bhatia, Chief Executive Officer, ALIVAA Hotels & Resorts, said:

“Alivaa Boutique McLeod Ganj reflects our vision of delivering high-touch hospitality supported by revenue management and distribution excellence. Every property we manage benefits from a centralized commercial strategy, sophisticated revenue optimization and strong market positioning, allowing owners to maximize returns while preserving each hotel’s unique identity. Mr. Rawat’s decision to expand his partnership with us for a third property within a year is the strongest validation of our business model and we remain focused on accelerating growth across India’s leading leisure and business destinations.”

For Rakesh Rawat, Owner, Alivaa Boutique McLeod Ganj, the decision to partner with ALIVAA again follows the performance of his existing properties under the company’s management.

“Over the past year, ALIVAA Hotels & Resorts has consistently demonstrated professionalism, transparency, and a strong understanding of what it takes to operate successful hotels in competitive leisure markets. After seeing the performance of my existing properties under their management, partnering with them for a third hotel was an easy decision. I am confident that Alivaa Boutique McLeod Ganj will benefit from the same operational excellence and commercial expertise while offering guests an exceptional hospitality experience.”

With the opening of Alivaa Boutique McLeod Ganj, ALIVAA continues to expand its presence across leisure and business destinations while building its hotel management portfolio through repeat owner partnerships.


Anirudh Ravichander Invests in Ironhill Through Albuquerque Records

Anirudh Ravichander Invests in Ironhill Through Albuquerque Records

By Manu Vardhan Kannan

Published on August 25, 2026

Globally recognised composer and cultural entrepreneur Anirudh Ravichander has invested in Ironhill through his venture Albuquerque Records, marking his second investment in the global hospitality and F&B sector after Loca Loka Tequila.

Ironhill, formed through the merger of Ironhill India and Ironhill US, announced that Anirudh has joined the company as an investor for an undisclosed amount. The investment comes as the hospitality group begins its international chapter, bringing together its growing presence in India with Ironhill US’s craft brewing legacy and hospitality heritage.

For Ironhill, the association adds another connection between hospitality, culture and lifestyle. Anirudh’s experience in building creative ventures across markets also supports the group’s aim to develop a hospitality brand that connects with international audiences while continuing to build on its established presence in India.

For Anirudh Ravichander, the decision to invest in Ironhill is closely linked to his existing association with Sree Harsha Vadlamudi and the team. The two are also co-founders of Loca Loka Tequila, giving Anirudh an opportunity to work closely with the team before joining Ironhill as an investor.

"This is not my first collaboration with Harsha Vadlamudi. We have worked closely together as co-founders of Loca Loka Tequila which gave me a front-row view of how he and his team have built brands with strategic clarity, operational rigour, and an uncompromising commitment to quality. When the opportunity to back Ironhill presented itself, the decision required little deliberation.

Ironhill has built something rare - a hospitality brand with real soul and genuine scale to match. Beyond the trust that I have in the founding team, what drew me to Ironhill was the experience that they have successfully created for patrons across each city. As Ironhill writes its global chapter, I'm not just backing a business. I am backing a philosophy that great experiences, like great music, need no translation." said, Anirudh Ravichander, Investor - Ironhill

For Sree Harsha Vadlamudi, Co-Founder & Board Director - Ironhill India, Anirudh’s investment is significant beyond the financial aspect, particularly as the group prepares for its international expansion.

"Anirudh and I have built something together with Loca Loka that has given me enormous respect for how he thinks about brands and what makes them travel across cultures. His decision to back Ironhill at this moment as we step onto the global stage, speaks to the confidence that people who truly understand brand-building have in what we are creating. We are proud and grateful to have an absolute rockstar like him invest in the venture." added Sree Harsha Vadlamudi, Co-Founder & Board Director - Ironhill India

The investment follows the recently announced formation of Ironhill as a single international platform through the merger of Ironhill India and Ironhill US. The combined group brings together Ironhill India’s growth capital, operational scale and consumer insight with Ironhill US’s craft brewing legacy and hospitality experience. Ironhill currently operates multiple venues across India and the United States, with further expansion into international markets planned through 2026 and 2027.

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