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.


Suba Group of Hotels Launches Quality Inn Bhavishya in Bangalore

Suba Group of Hotels Launches Quality Inn Bhavishya in Bangalore

By Manu Vardhan Kannan

Published on August 3, 2026

Suba Group of Hotels has expanded its presence in Bengaluru with the launch of Quality Inn Bhavishya in partnership with Choice Hotels International. Opening its doors on 3 August 2026, the new hotel marks the group's sixth property in Bangalore, further strengthening its footprint in one of India's leading business destinations.

Located in the heart of Whitefield, the upscale hotel is thoughtfully designed for today's corporate travellers, expatriates and leisure guests. It blends international hospitality standards with warm Indian service to deliver a comfortable and welcoming stay.

The hotel offers convenient access to major IT parks, multinational companies, shopping destinations and entertainment hubs, making it an ideal choice for both business and leisure visits to Bengaluru.

Guests can expect elegant accommodation, modern amenities, high-speed internet, personalised service and quality dining experiences, ensuring a seamless and memorable stay.

  • Address: Plot No. 9, Survey No. 77, 1, 7th Cross Road, Phase 2, Brookfield, Bangalore, Karnataka, India – 560048.

Lemon Tree Hotels Opens Keys Prima in Mussoorie, Expands Uttarakhand Portfolio to 10 Hotels

Lemon Tree Hotels Opens Keys Prima in Mussoorie, Expands Uttarakhand Portfolio to 10 Hotels

By Manu Vardhan Kannan

Published on August 2, 2026

Lemon Tree Hotels Limited has announced the opening of Keys Prima by Lemon Tree Hotels, Kempty Road, Mussoorie, marking the group's second operational property in the popular hill station. With this launch, the company has expanded its operational portfolio in Uttarakhand to 10 hotels, while 11 additional properties remain under development across the state.

The hotel is managed by Carnation Hotels Private Limited, a wholly owned subsidiary of Lemon Tree Hotels Limited. Nestled along Kempty Road against the scenic backdrop of the Garhwal Himalayas, the property features 47 thoughtfully designed rooms and suites across Superior, Deluxe, Executive and Studio Suite categories. Designed to cater to both leisure and social travellers, the hotel offers an upper midscale hospitality experience with a range of modern amenities.

Guests can enjoy all-day dining at Keys Café or relax with beverages at Unlock Bar. The property also features a swimming pool, fitness centre, spa, and a dedicated kids' zone. For meetings, conferences, weddings and social gatherings, the hotel offers Grand Chamber, a well-equipped banquet and conference venue.

Commenting on the opening, Vishvapreet Singh Cheema, President, Lemon Tree Hotels Ltd., said, "Uttarakhand continues to be one of the most prominent tourism markets in the country, with sustained demand across leisure, pilgrimage and MICE travel through the year. Mussoorie, in particular, is one of those rare destinations whose appeal has endured across generations, retaining its place as one of India's most loved hill stations. The opening of our second hotel here allows us to be part of the destination's timeless appeal while responding to the growing demand for trusted hospitality. With its location on Kempty Road and a product designed to bring together leisure, wellness, dining and celebrations, the hotel is well placed to appeal to the many ways in which guests experience Mussoorie."

The hotel offers convenient connectivity for travellers, located approximately 71 km from Dehradun's Jolly Grant Airport, 44 km from Dehradun Railway Station, and around 10 km from Mussoorie Library Bus Station.

The opening further strengthens Lemon Tree Hotels' multi-brand presence in Uttarakhand, a key market for the company's growth strategy. With 10 operational hotels and 11 more in the pipeline, the hospitality group continues to expand across the state's major leisure and pilgrimage destinations, catering to the rising demand for quality accommodation in one of India's leading tourism markets.


IAG Reports 16% Drop in Q2 Profit Amid Rising Fuel Costs and Middle East Conflict

IAG Reports 16% Drop in Q2 Profit Amid Rising Fuel Costs and Middle East Conflict

By Manu Vardhan Kannan

Published on August 2, 2026

International Airlines Group (IAG), the parent company of British Airways, Iberia, and Aer Lingus, has reported a 16% decline in second-quarter operating profit, citing higher fuel costs and weaker travel demand resulting from the ongoing Middle East conflict. The airline group also expects its overall capacity to remain flat for the rest of the year.

For the second quarter, IAG posted an operating profit before exceptional items of €1.41 billion, down from €1.68 billion during the same period last year. Despite the decline, the result slightly exceeded analysts' expectations of €1.37 billion.

The airline group said rising fuel prices and emissions-related expenses significantly impacted performance. During the second quarter, fuel costs and emissions charges increased by nearly 23% to €2.22 billion, affecting all of IAG's airlines from March onwards.

Although the company has slightly lowered its full-year fuel cost forecast to between €8.3 billion and €8.6 billion, compared with the approximately €9 billion projected in May, fuel remains one of its biggest financial challenges.

IAG stated that the prolonged conflict in the Middle East has weakened travel demand across several markets, adding pressure on airlines already facing elevated operating costs. The company had previously issued a profit and capacity warning in May as geopolitical uncertainty began affecting bookings.

The group's traditionally strong transatlantic business has also experienced pressure as changing travel patterns impact one of its most profitable markets.

Looking ahead, IAG said it is around 57% booked for the second half of the year, with booked revenue currently in line with the same period last year. The airline expects to offset approximately 60% of its higher fuel expenses through increased ticket prices and ongoing cost-efficiency initiatives.

The latest results reflect the broader challenges facing the aviation industry, with several European carriers reporting similar pressures from rising operating costs, geopolitical tensions, and softer travel demand in recent months.

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