ITC Hotels EBITDA Crosses INR 1000-Crore Mark for First Time in 2023-24

ITC Hotels EBITDA Crosses INR 1000-Crore Mark for First Time in 2023-24

By Nishang Narayan

Published on July 1, 2024

ITC Hotels has reported a landmark achievement in its financial performance for the fiscal year 2023-24, surpassing the INR 1000-crore mark in EBITDA for the first time. The hotel division’s earnings before interest, taxes, depreciation, and amortization (EBITDA) reached INR 1049.88 crore, reflecting the successful implementation of its asset-right strategy.

Financial Milestones

For the fiscal year, ITC Hotels recorded a segment revenue of INR 2989.50 crore. The segment profit before interest and taxes (PBIT) stood at INR 753.77 crore, showing a robust growth of approximately 39% compared to the previous year.

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Strategic Expansion

The hotel division's "asset-right" strategy has been pivotal in this success. In the last two years, ITC Hotels opened 25 properties, with 24 being managed properties across various segments. This strategy involves expanding primarily through management contracts, optimizing existing assets, and introducing new revenue streams.

Diverse Brand Portfolio

ITC Hotels operates across six distinct brands, managing 130 hotels with a total of 12,000 rooms:

  • ITC Hotels (Luxury)

  • Mementos (Luxury Lifestyle)

  • Welcomhotel (Upscale)

  • Storii (Boutique Premium)

  • Fortune (Mid-market to Upscale)

  • WelcomHeritage (Leisure & Heritage)

New Brands and Growth

The introduction of new brands, Mementos and Storii, has furthered ITC’s market presence. The Welcomhotel brand now boasts 25 hotels and over 2,700 keys, while the Fortune brand maintains its leadership in the mid-market to upscale segment with 51 properties and over 3,800 rooms. WelcomHeritage continues to offer authentic experiences with 38 hotels and over 1,000 rooms.

Future Outlook

ITC Hotels aims to sustain growth by leveraging its asset-right strategy, increasing the number of management contracts, and enhancing consumer experiences. The focus will remain on sweating existing assets, expanding the footprint through management contracts, and exploring new revenue avenues to drive the next phase of growth and value creation.


Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

Apeejay Surrendra Park Hotels Reports Rs 13 Crore Net Profit in Q1 FY26

By Manu Vardhan Kannan

Published on August 18, 2025

Apeejay Surrendra Park Hotels Limited (ASPHL) announced its financial results for Q1 FY26, recording a net profit of Rs 13 crore. Revenue from operations stood at Rs 154 crore, a 14% increase year-on-year, while operating EBITDA grew 16% YoY to Rs 45 crore. The company maintained an industry-leading occupancy of 92%, reaffirming its leadership in the hospitality sector.

ASPHL’s growth is fueled by expansion into Tier 2 and Tier 3 markets. The company recently signed an MoU to acquire and manage four leisure properties in Goa, Manali, Shimla, and Dharamshala, adding 138 rooms under its brand. These steps align with ASPHL’s strategy to broaden its presence in high-potential tourism destinations and double its key count to 5,750 over the next five years.

Flurys, ASPHL’s iconic bakery and confectionery brand, now operates 102 outlets nationwide, reflecting the company’s focus on expanding its market presence while integrating modern amenities with rich cultural heritage.

Commenting on the performance, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said,

"We have delivered an extraordinary and best-ever Q1, setting a strong momentum for the year ahead. With topline growth of 14% and EBITDA growth of 16%, we recorded India’s highest occupancy of 92% and maintained leadership in RevPAR in the upper-upscale segment. ARR improved by 13% and RevPAR increased by 12%. With nearly 600 new rooms added, including a 41% rise in our asset-light model, and nationwide Flurys rollout, we are poised to scale faster, enhance margins, and deliver exceptional shareholder value."

ASPHL’s strong performance in Q1 FY26 underscores its strategic focus on market expansion, operational excellence, and premium guest experiences.


Marriott Announces Dividend and Expands Share Buyback Plan

Marriott Announces Dividend and Expands Share Buyback Plan

By Manu Vardhan Kannan

Published on August 10, 2025

Marriott International, Inc. has declared a quarterly cash dividend of 67 cents per share on its common stock, reaffirming its commitment to delivering shareholder value. The dividend will be paid on September 30, 2025, to shareholders who are on record as of August 21, 2025.

Alongside the dividend announcement, the hospitality giant also revealed an expansion of its share repurchase program. The board of directors has authorized the repurchase of an additional 25 million shares of its Class A common stock. This comes in addition to the approximately 7.4 million shares that were still available under previous authorizations as of July 30, 2025.

Marriott has already bought back 6.4 million shares this year, amounting to $1.7 billion. These moves reflect the company’s continued confidence in its financial stability and long-term performance, aiming to strengthen shareholder value through strategic capital allocation.


Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

Chennai Postal Services Still Disrupted: Experts Call for Alternative Systems Amid Software Transition

By Author

Published on August 4, 2025

In what was intended to be a smooth digital transformation, postal services across the Chennai Circle continue to remain disrupted even days after a scheduled upgrade to India Post's new IT 2.0 system. The software transition—part of a broader effort to modernize the nation’s postal network—was implemented on August 2nd and 4th across Chennai North and South divisions. However, officials have now confirmed that technical issues still persist, leaving customers and businesses grappling with delayed or inaccessible services.

Key services such as Speed Post, registered mail, parcel bookings, and money orders have either been significantly slowed or paused altogether in many branches. Despite expectations that systems would normalize post-upgrade, the rollout of the Advanced Postal Technology (APT) system has proven more complex than anticipated.

“We are still working on stabilizing the system. There have been unforeseen glitches post-upgrade, and our teams are actively resolving them,” said a senior postal official who requested anonymity.

The disruption has raised concerns across industries—including the hospitality sector—where timely document dispatch, license renewals, vendor payments, and customer correspondence are crucial to daily operations.

Experts and industry stakeholders are now calling on India Post to introduce alternative operational strategies or backup mechanisms during such large-scale transitions.

“In a digital age where seamless service is non-negotiable, a complete blackout due to a software update is avoidable. A fallback process, whether manual or cloud-based, should be in place to ensure continuity,” said a Chennai-based hospitality consultant.

The hospitality industry relies heavily on postal services for legal documentation, international communication, and procurement logistics. The ongoing delays have caused bottlenecks not just in operations but also in customer experience delivery.

As authorities continue to work toward a resolution, the broader question remains: Should India’s essential public infrastructure be this vulnerable to a single system upgrade? The answer may lie in future-proofing core services with hybrid digital models that include disaster recovery plans and parallel systems.


Hospitalitynews.in will continue to track updates as the situation evolves.

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