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.


Tivoli Hospitality Group to Launch Midori by Tivoli in Chhatarpur

Tivoli Hospitality Group to Launch Midori by Tivoli in Chhatarpur

By Manu Vardhan Kannan

Published on November 10, 2026

Tivoli Hospitality Group is set to expand its presence in Chhatarpur, South Delhi, with the launch of Midori by Tivoli on November 13, 2026. Located in the same vicinity as its existing property, The Tivoli Hotel, the new luxury destination will feature premium accommodation, large banquet venues, landscaped outdoor spaces and leisure facilities.

Spread across approximately three acres, Midori has been designed to cater to the growing demand for destination-style weddings, social celebrations, MICE, corporate events and leisure stays across Delhi-NCR. The property will bring together event spaces, luxury rooms and personalised hospitality services, with a focus on offering a hotel-led approach to celebrations.

The launch is part of Tivoli's strategy to strengthen its position in the luxury leisure, accommodation and events segment. Chhatarpur offers a strategic location for this expansion, supported by its established wedding market, premium catchment across South Delhi, Gurugram and Noida, and connectivity through MG Road and the airport.

Commenting on the launch,  Akshay Gupta, Executive Director, Tivoli Hospitality Group, said, "Chhatarpur has emerged as one of Delhi-NCR's prominent luxury wedding and hospitality destinations. Our successful presence through The Tivoli Hotel has given us a strong understanding of the market's potential. With Midori, we are taking our presence forward through a distinctly different proposition.

It is also the vision of my father, Rohit Gupta, Chairman of Tivoli Hospitality Group, to continually build differentiated hospitality destinations that evolve with changing consumer expectations. Midori reflects that vision by bringing together luxury accommodation, expansive celebration spaces, leisure experiences and hotel-led services. Our aim is to create a destination that caters to the growing appetite for larger, more elaborate celebrations while offering guests a premium hospitality experience."

The property features two main event venues designed for celebrations of different scales. Avalon, spread across 15,000 sq. ft., is an indoor venue suited to weddings, receptions, social functions and corporate gatherings. The Glass House, spanning 27,000 sq. ft., includes a 19,000 sq. ft. landscaped lawn, bringing together indoor and outdoor spaces for large-scale celebrations.

Both venues feature triple-height ceilings, allowing space for elaborate décor, lighting concepts and event installations. The Glass House also offers climate-controlled interiors, enhanced acoustics, natural light and all-season functionality, making it suitable for different event formats.

Speaking about the property's design and event infrastructure, Mr Ishan Gupta, Director, Tivoli Hospitality Group, said, "We wanted Midori to offer more than conventional banquet infrastructure. Avalon and the Glass House have been designed with distinct architectural identities and celebration experiences. Avalon offers the grandeur of a premium indoor event space, while the Glass House brings together expansive indoor and outdoor settings. The triple-height ceilings and flexible layouts allow event planners to explore elaborate décor concepts, bespoke installations and large-format celebrations. We have also reimagined the glass-house format with climate-controlled interiors and all-season functionality, ensuring that aesthetics and practicality go hand in hand."

Midori will also feature premium rooms and bridal suites for wedding parties and leisure guests. While the property has been developed with a strong focus on celebrations, it will also cater to travellers looking for an upscale stay. Although located close to The Tivoli Hotel, Midori will operate as a distinct property with its own accommodation and event facilities.

Its architectural and interior design will follow a contemporary luxury approach, with clean lines, natural light, greenery, warm neutral tones and timeless detailing. The design aims to balance aesthetics and functionality while offering a comfortable setting for different occasions.

Food and beverage services will be an important part of the property's event offerings. Midori will provide dedicated catering arrangements, customised menus and curated culinary experiences for weddings, social celebrations and corporate gatherings. Rather than operating as a standalone restaurant destination, its food and beverage services will be integrated into the overall event experience.

Aryaman Gupta, Director, Tivoli Hospitality Group, added, "Today's wedding and events market is increasingly looking for destinations that deliver an integrated experience, from accommodation and food to event design and hospitality. Midori has been developed keeping these evolving expectations in mind. Our focus is on customised culinary experiences, flexible event formats and personalised services that can cater to everything from intimate social functions to elaborate weddings and corporate gatherings. We want to offer event organisers and guests the flexibility to create celebrations that reflect their individual preferences, supported by well-designed spaces and professional hospitality."

The launch of Midori by Tivoli marks another step in Tivoli Hospitality Group's expansion across North India. With 15 operational projects and another 10 in its development pipeline, the group continues to strengthen its presence in luxury hospitality, weddings, MICE and large-format celebrations. Scheduled to open on November 13, 2026, Midori by Tivoli will add another luxury hospitality destination to Chhatarpur's growing wedding and events market.


Express Inn Hotels & Resorts Opens Heritage Property in Chhatrapati Sambhajinagar

Express Inn Hotels & Resorts Opens Heritage Property in Chhatrapati Sambhajinagar

By Manu Vardhan Kannan

Published on November 10, 2026

Express Inn Hotels & Resorts has launched Express Inn Heritage, a five-star hotel in Chhatrapati Sambhajinagar, Maharashtra. Designed to offer comfort, elegance and modern facilities, the property brings together accommodation, dining, celebrations and business event spaces under one roof.

The hotel features 155 spacious rooms, including a Presidential Suite and exclusive Enclave Suites. The accommodation options are designed to offer guests a comfortable stay with modern facilities. Dining experiences at the property include Aster, the all-day dining restaurant, LBS, the Lounge Bar, and Boulangerie, a café. These outlets offer guests different settings to enjoy meals, drinks and relaxed moments during their stay.

For weddings, receptions and corporate gatherings, Express Inn Heritage offers six banquet and conference halls. The hotel's event spaces are designed to cater to different celebration and business requirements, including grand weddings and other social functions. The property also features a range of lifestyle and recreational facilities, including a spa, salon, gymnasium, game zone and swimming pool. These amenities add to the overall guest experience, offering options for relaxation, fitness and recreation.

With its accommodation, multiple dining outlets, banquet facilities and lifestyle amenities, Express Inn Heritage adds a new hospitality offering to Chhatrapati Sambhajinagar, catering to leisure travellers, business guests and those planning weddings and events.

Property Address:

  • Hotel Express Inn Heritage, Jalna Road, Opposite Cambridge School, Sundarwadi, Chhatrapati Sambhajinagar – 431007, Maharashtra.


IHCL Opens Himalayan Woodcroft SeleQtions in Sirmaur

IHCL Opens Himalayan Woodcroft SeleQtions in Sirmaur

By Manu Vardhan Kannan

Published on November 8, 2026

The Indian Hotels Company (IHCL) has announced the opening of Himalayan Woodcroft, Sirmaur – IHCL SeleQtions in Himachal Pradesh. Set amidst the Himalayan highlands, the 41-key property brings together traditional regional architecture, scenic valley views and leisure experiences.

Spread across six acres and surrounded by pine and banj oak forests, the hotel draws inspiration from the region's architectural heritage. It is built in the traditional Kathkuni style, using locally sourced stone and deodar wood. The property offers panoramic views of the valley and the snow-capped Churdhar peak.

Designed as a hillside hamlet, Himalayan Woodcroft features independent cottages with warm wooden interiors, valley-facing windows and private sit-outs. The design blends with the natural surroundings, offering guests a setting to enjoy the landscape and tranquillity of Sirmaur.

Speaking about the opening, Gaurav Pokhariyal, Chief Operating Officer, Full-Service Business, IHCL, said, “As travellers increasingly seek experiences rooted in destination and local character, demand for leisure offerings in emerging markets continues to grow. SeleQtions celebrates hotels with a strong sense of place and individual character. Himalayan Woodcroft, Sirmaur – IHCL SeleQtions reflects this ethos and strengthens our presence in Himachal Pradesh’s leisure travel circuit.”

The hotel's dining options include Woodcroft Nest, an all-day dining restaurant serving Indian, regional and international cuisine. Mist, the bar, offers guests a cosy space to unwind while enjoying views of the valley.

For recreation and wellness, the property features a swimming pool overlooking the valley and a fitness centre. These facilities add to the leisure experience for guests visiting the Himalayan destination.

Bijayan Sinha, Hotel Manager, Himalayan Woodcroft, Sirmaur – IHCL SeleQtions, said, “Himalayan Woodcroft offers guests an opportunity to experience the natural beauty and tranquility of Sirmaur in a setting inspired by the region’s architectural heritage. We look forward to welcoming travellers to this hillside escape.”

With its traditional Kathkuni architecture, independent cottages and natural surroundings, Himalayan Woodcroft adds to IHCL's presence in Himachal Pradesh's leisure travel circuit.

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