Indian Hotels Company Limited Announces Record Financial Results for Q4 and FY 2022-23

  • FY23 REVENUE AT INR 5,949 CRORES, UP 85% YoY
  • FY23 EBITDA MARGIN AT 32.7%, UP 1523 BPS YoY

The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, reported its consolidated financials for the fourth quarter and full ending March 31st, 2023.

Commenting on the FY23 performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, said, “IHCL achieved a record setting year with a number of significant accomplishments including the highest ever full year consolidated revenue, an all-time high and industry leading EBITDA margin and PAT of over INR 1,000 crores a historic first for the company. This performance was enabled by consecutive four quarters ofsustained high demand, additionally bolstered by IHCL demonstrating RevPAR leadership across its brandscape in all its key markets.

IHCL crossed 260 hotels in its portfolio including 36 signings at a rate of 3 hotels a month and 16 openings or a new hotel every three weeks in the year. IHCL’s vast footprint now covers 31 States and Union Territories in India. We were also able to achieve an optimal 50: 50 mix between our owned/leased and managed hotels.”

He added, “IHCL’s performance reflects the affection and loyalty of our guests, the continuous guidance and support from our Board and the remarkable passion and commitment of the 28,000-strong IHCL team. The management’s focus remains on value creation for all stakeholders, offering customers a unique hospitality ecosystem across segments, leading the way in engaging local communities in our value chain, pioneering new destinations in the country and delivering continued superior performance.


  • The iconic brand Taj has reached a portfolio of 100 hotels and has more than doubled its room inventory over the past five years
  • Key signings under the brand:
    • Taj Dhaka, a 230-room hotel in the capital city of Bangladesh
    • Taj Riyadh, a 205-room hotel in the heritage city of Diriyah in Saudi Arabia
    • Two Taj resorts in Lakshadweep, 110 room resort each on Suheli and Kadmat islands
    • Taj added to its presence with a hotel each in key cities of Chennai, Bengaluru and Cochin
    • Taj marked its entry to the state capitals of Raipur and Gandhinagar with a 150-room hotel and 118 room resort and spa respectively
  • Opened three new Taj hotels across Kolkata, Wayanad and Jaipur and an addition to its palace portfolio with Sawai Man Mahal, Jaipur
  • Taj continues to retain the dual honour of World’s Strongest hotel Brand and India’s Strongest Brand as per Brand Finance Hotels 50 Report 2022 and India 100 Report 2022


  • With a record signing of 36 hotels in FY 2022-2023, IHCL portfolio now stands at 260 hotels
  • Achieved industry leading performance with 16 new hotel openings this fiscal. This included four hotels each under Taj and SeleQtions brands, three Vivanta and five Ginger branded hotels.
  • In line with its initiative to restructure its portfolio under Ahvaan 2025, IHCL has attained a balanced portfolio mix between its owned/leased and managed hotels


  • Ginger hotels has reported a turnaround in FY 2022-23, led by a 50% Lean Luxe portfolio, the company achieved Revenue of INR 307 crores, EBITDA margin of 37.4% and a PBT of INR 48 crores
  • TajSATS captured a market share of 58% in FY 2022-23, clocking a Revenue of INR 641 crores a 53% growth over pre-Covid, EBITDA margin of 19.7% and a PBT of INR 107 crores
  • Under the new businesses, Qmin has now grown to 34 outlets with a presence across 24 cities and amã Stays & Trails has witnessed a 42% growth in portfolio this fiscal reaching 114 bungalows across 50 locations


  • Paathya – IHCL’s ESG framework, key highlights for the year include:
    • 310 EV charging stations across 129 locations in India
    • 32.5% renewable energy and 42% water recycled usage across operating hotels
    • 20 hotels equipped with bottling plants to eliminate use of single use plastic bottles
    • 16 skilling centres across the country with a presence in Gwalior, Lucknow, Jaipur, Jamshedpur among others

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said, “Robust demand across markets and segments hasled to all group companiesreporting a full year positive PAT in domestic operations. Growth in same store performance supported by margin enhancing new businesses and asset light growth has led to a record EBITDA margin of 32.7%, an 8.7 percentage points expansion over FY 2019-20. This has been made possible by maximising operating leverage of our owned/leased hotels and margin enhancing fee-based business. IHCL continues to report a healthy consolidated free cash flow of INR 1,017 crores in FY 2022- 23 and remains net cash positive.”


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