IHCL Shares Hit 52-Week High

8 Nov 2024 , 11:34 AM

In Friday’s trading on the BSE, the Tata-backed Indian Hotels Company (IHCL) saw a roughly 6% increase in its stock, hitting a 52-week high of Rs 722.

This spike came after the business reported a profit of Rs 583 crore for the second quarter of the fiscal year, which represented a 226% YoY rise. Additionally, IHCL reported quarter-end revenues of Rs 1,826 crore, a YoY increase of 27.4%.

The company’s EBITDA (profits before interest, taxes, depreciation, and amortisation) increased by 41.3% to Rs 501.27 crore from Rs 354.78 crore during the same period the previous year.

According to a statement from MD and CEO Puneet Chhatwal, IHCL will also assume operation of the venerable hotel The Claridges in New Delhi in April 2025 under a hotel operating agreement.

The company generated revenues of Rs 3,376 crore for the first half of the year, which represents a 16.4% YoY rise. Additionally, it reported a half-year profit of Rs 843 crore, which represents a 103% YoY increase.

“With 14 new hotel openings to date, IHCL has met its market guidance of opening two hotels per month and achieved a record signing of 42 hotels, resulting in an industry leading portfolio of 350 hotels,” Chhatwal added.

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