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.

image

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.

image

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.


Curated Living Solutions Launches ₹200 Crore Hospitality-Led Mixed-Use Development in Pune

Curated Living Solutions Launches ₹200 Crore Hospitality-Led Mixed-Use Development in Pune

By Hariharan U

Published on July 23, 2026

Curated Living Solutions (CLS), a DivyaSree Group company and one of India’s leading managed living platforms, has announced the launch of its first hospitality-led mixed-use development in Pune, marking its strategic entry into hospitality-focused real estate.

The ₹200 crore development will feature a 200-key hospitality project, premium retail spaces, and branded residences in the Koregaon Park Annexe corridor of East Pune. The project is being jointly developed by CLS and Arista Developers, a Pune-based real estate company, and will be professionally operated by Alivaa Hotels & Resorts under a long-term master lease arrangement.

The launch follows CLS’s expansion journey in Pune after the successful introduction of Codename EMI in Balewadi, further strengthening the company’s presence in the city’s evolving real estate ecosystem.

Located in Mundhwa, adjoining Koregaon Park, the development offers connectivity to key business and lifestyle hubs including Kharadi, Magarpatta City, Hadapsar, Kalyani Nagar, Viman Nagar, EON IT Park, World Trade Center Pune, and Pune International Airport.

image

Designed to meet the growing demand from business travellers, consultants, expatriates, and long-stay corporate guests, the project combines hospitality, retail, and branded residences within a professionally managed mixed-use environment.

As part of the launch, CLS introduced its proprietary Hospitality Investment Plan (HIP), a structured investment model designed to make professionally managed hospitality assets more accessible to investors.

Under the HIP model, investors will own hospitality units while daily hotel operations, guest services, revenue management, maintenance, and brand operations will be managed by Alivaa Hotels & Resorts. The project follows a Build–Sell–Leaseback model supported by a 29-year master lease, including a 12-year lock-in period, allowing investors to participate in hospitality real estate without operational responsibilities.

The launch comes as East Pune continues to emerge as a major business and hospitality corridor, driven by the growth of Global Capability Centres (GCCs), IT services, consulting firms, and extended-stay business demand. The Koregaon Park–Kharadi–Magarpatta–Hadapsar region has become one of Pune’s key hospitality markets, creating demand for professionally managed accommodation solutions.

Commenting on the launch, Jai Kishan Challa, Founder & CEO, Curated Living Solutions Pvt. Ltd., said "CLS has always focused on identifying emerging real estate opportunities driven by changing consumer behaviour and market demand. Hospitality is now evolving into one of the most promising real estate asset classes in India. With this project, we are entering the hospitality sector through a professionally managed mixed-use development that combines hospitality, retail and branded residences within a single ecosystem."

He added, "Through the Hospitality Investment Plan (HIP), we aim to enable investors to participate in professionally managed hospitality assets without the complexities of operating them. We believe this model aligns with the evolving expectations of today’s investors, who increasingly seek professionally managed, income-generating real estate opportunities."

Speaking on the partnership, Vijay Advani, Director, Arista Developers, said, "East Pune has transformed into one of India's most vibrant commercial corridors, creating sustained demand for high-quality hospitality infrastructure. Our partnership with CLS brings together strong local development expertise and institutional project planning to deliver a landmark mixed-use development that responds to the changing needs of both investors and business travellers."

Vikramjit Singh, Founder & CMD, Alivaa Hotels & Resorts, added, "Professionally managed hospitality assets are becoming increasingly important as guest expectations continue to evolve. Our role is to ensure operational excellence across every aspect of the development—from guest experience and occupancy generation to revenue optimisation and service delivery."

The development strengthens CLS’s managed living portfolio, which currently comprises more than 13,000 managed beds across student housing, co-living, industrial housing, and managed residential assets in cities including Pune, Mumbai, Bengaluru, and Delhi.

With its first hospitality-led mixed-use development, CLS aims to create an institutional-quality hospitality ecosystem while introducing a new investment model for India’s growing hospitality real estate sector


Mast Banarasi Paan Crosses 400 Outlets, Eyes 600-Store Expansion

Mast Banarasi Paan Crosses 400 Outlets, Eyes 600-Store Expansion

By Manu Vardhan Kannan

Published on July 23, 2026

Mast Banarasi Paan, one of India's largest organised tobacco-free paan café chains, has crossed the milestone of 400 outlets nationwide and is now aiming to expand its footprint to 600 outlets over the next two years. To support this next phase of growth, the company is exploring strategic growth capital that will help strengthen its expansion plans, technology infrastructure, supply chain and franchise ecosystem.

The expansion comes at a time when India's food services industry is seeing rising demand for organised, hygienic and experience-led formats, particularly in categories that have traditionally remained unorganised. Mast Banarasi Paan aims to bring greater consistency and standardisation to one of the country's oldest culinary traditions.

India's paan market is estimated to be worth over ₹5,000 crore, but organised retail still accounts for only a small portion of the sector. The proposed investment will be used to support geographical expansion, improve technology infrastructure, strengthen central sourcing and supply chain capabilities, and enhance brand-building efforts. The company also plans to deepen its presence across metropolitan cities as well as Tier II and Tier III markets.

With a network of more than 400 outlets across 20+ states and over 320 cities, Mast Banarasi Paan has established one of India's largest organised tobacco-free paan retail chains. It is also evaluating opportunities to expand into international markets with a significant Indian diaspora.

The company's growth aligns with the renewed recognition of Banarasi Paan at the policy level. The Uttar Pradesh Government recently included Banarasi Paan under its One District One Cuisine (ODOC) initiative, which aims to promote regional cuisines through branding, entrepreneurship and improved market access.

At the heart of Mast Banarasi Paan's business is its commitment to offering 100% tobacco-free paan. By separating the traditional culinary experience from tobacco consumption, the brand seeks to present paan in a modern, hygienic and family-friendly format.

image

Commenting on the milestone, Panchanand Thakur, Founder & CEO, Mast Banarasi Paan, said:

"Paan has long been an integral part of India's culinary and cultural heritage, but the category has remained largely unorganised. We see a growing preference for trusted brands that offer quality, consistency and hygiene while preserving authenticity. Our focus is on expanding responsibly, strengthening our operating capabilities and making the Banarasi paan experience accessible to consumers across the country."

Along with popular varieties such as meetha and sada paan, the company continues to introduce new offerings to meet changing consumer preferences. Its franchise-led model has also created opportunities for entrepreneurs across Tier I, Tier II and Tier III cities by providing standardised operating systems, technology-enabled processes and central sourcing support.

Looking ahead, Mast Banarasi Paan plans to continue its focus on disciplined expansion, operational excellence, product innovation and strengthening its franchise partner network as it grows across existing and new markets.


Bikanervala Strengthens South India Expansion with Strategic Presence in Bengaluru

Bikanervala Strengthens South India Expansion with Strategic Presence in Bengaluru

By Hariharan U

Published on July 22, 2026

Bikanervala, one of India's most recognised heritage brands in sweets, snacks, and traditional vegetarian cuisine, is strengthening its presence in Bengaluru as part of its ambitious South India expansion strategy. With a legacy spanning more than 115 years, the brand continues to expand its footprint by introducing authentic North Indian flavours to one of India's most dynamic and cosmopolitan food markets.

Founded in 1905 in Bikaner, Rajasthan, and expanding to Delhi in 1950, Bikanervala has evolved into a global food and hospitality brand with more than 270 outlets across India and international markets, including the USA, Canada, UAE, Qatar, the UK, Australia, Singapore, Nepal, and New Zealand. The company operates under three verticals Bikanervala Restaurants, Bikano Packaged Foods, and Bikano Chat Cafes, while maintaining its commitment to authentic recipes, quality ingredients, and traditional Indian hospitality.

Bengaluru represents a strategic milestone in the company's nationwide growth roadmap. The city's diverse consumer base, expanding middle-class population, thriving corporate ecosystem, and appreciation for regional Indian cuisines have positioned it as an important destination in Bikanervala's South India expansion plans.

The brand currently operates from Jayanagar, offering dine-in, takeaway, pickup, delivery, and catering services. Operating daily from 7:30 AM to 11:30 PM, the outlet caters to breakfast, lunch, evening snacks, and dinner while serving both individual diners and corporate customers.

The Bengaluru menu showcases an extensive selection of traditional North Indian favourites, including signature sweets, Bikaneri namkeens, chaats, North Indian curries, breads, and festive delicacies. Guests can enjoy classics such as Raj Kachori, Chole Bhature, Jalebi, Khandvi, Handvo, Dhokla, Kachori, Dal Dhokli, Paneer specialities, and a wide range of authentic regional recipes. The menu also includes South Indian dishes, Indo-Chinese offerings, refreshing beverages, desserts, corporate meal boxes, and customised thalis.

Beyond restaurant dining, Bikanervala offers catering solutions for weddings, birthday celebrations, corporate events, family gatherings, and festive occasions. The brand also provides specially curated festival sweet assortments, premium gift hampers, and customised bulk orders for celebrations and corporate gifting.

Maintaining high standards of food quality and safety remains central to Bikanervala's operations. The Bengaluru outlet operates under FSSAI License No. 11225334001195 and follows the company's standardised quality protocols. Bikanervala was also the first Indian sweets and namkeen brand to receive ISO 9001 certification, reflecting its longstanding commitment to quality assurance, hygiene, and operational excellence.

The company's South India strategy forms part of a broader national expansion plan that aims to add more than 70 new outlets across India during FY2025–26. Looking ahead, Bikanervala plans to establish over 700 stores globally by 2030 while targeting revenue of ₹7,000 crore. The company is also investing in new manufacturing facilities, including a ₹400 crore plant near Jewar Airport and a ₹50 crore facility in Hyderabad, to strengthen production capacity and support future growth.

Within Bengaluru, Bikanervala intends to further expand into major commercial and residential corridors, including HSR Layout, Indiranagar, Koramangala, Whitefield, MG Road, Kalyan Nagar, airport zones, premium shopping malls, and key IT hubs. The expansion will be supported by an enhanced delivery network and specialised catering services tailored for the city's corporate ecosystem.

Customers can also access Bikanervala's complete menu through its official online ordering platform, along with Swiggy and Zomato, offering convenient ordering, multiple payment options, and real-time delivery tracking.

With more than a century of culinary heritage, an expanding global footprint, and a growing presence in South India, Bikanervala continues to blend traditional Indian flavours with modern convenience, reinforcing its position as one of India's most trusted names in authentic vegetarian cuisine and sweets.

Stay up-to-date with the latest Hospitality news and trends in the Hospitality industry!

Subscribe to Hospitality news e-magazine for free and never miss an issue.

By clicking subscribe for free you agree to the Terms & Conditions and acknowledge our Privacy Policy.

Advertise With Us

We have various options to advertise with us including Events, Advertorials, Banners, Mailers, etc.