IHCL net profit rises four-fold to Rs 339 crore in Q4, total income jumps
Hospitality major IHCL on Thursday reported a four-fold rise in its consolidated net profit in the fourth quarter ended March at Rs 338.84 crore, as against Rs 71.57 crore a year-ago.
During the entire financial year of 2022-23, the company swung into a profit of Rs 1,052.83 crore, from a loss of Rs 264.97 crore in the preceding fiscal, IHCL said.
It's total income during the fourth quarter rose to Rs 1,654.54 crore, as against Rs 954.88 crore in the previous year.
Puneet Chhatwal, Managing Director & CEO, IHCL, told PTI that one of the main reasons the sector is doing well is that demand is outbasing supply as not many hotels have been built in the last three years.
Talking about the outlook for the hospitality sector, Chhatwal said it remains strong.
He added that G20 and cricket world cup will drive demand in the coming months.
"We are very hopeful and optimistic about foreign tourist arrivals going back to pre-Covid levels in the second half of the year," Chhatwal said.
"IHC