Friday, February 23rd, 2024

Tata Group: The profit of this company of Tata Group crossed 1,000 crores for the first time, there was a loss last year

New Delhi: The financial year 2023 has been spectacular for Indian Hotels Company (IHCL), the hospitality company of Tata Group. During this, the company earned a record profit of Rs 1,053 crore. This is more than the combined profit of the company’s three best financial years. Earlier in the financial year 2022, the company had a loss of Rs 265 crore. In FY2023, the company’s revenue from operations jumped 90 percent to Rs 5,810 crore. In the fourth quarter, the company’s revenue increased by 86 percent to Rs 1,625.4 crore and profit to Rs 339 crore. In the fourth quarter of FY 2022, the company had a profit of Rs 72 crore. This company has many hotels across the country, including the famous Taj Hotel in Mumbai.

Puneet Chatwal, MD & CEO, IHCL said that the profit made by the company last year is more than the combined profit of the three best financial years. The combined profit of the company in the financial years 2006, 2007 and 2008 was Rs 974 crore. he/she said that in the financial year 2023, the company achieved many achievements. This includes highest revenue, all time high and highest EBITDA margin in the industry with profit above Rs 1000 crore. For the first time in its history, the company has earned more than Rs 1000 crore profit.

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It was established 123 years ago

Chatwal said that the company has made record profits for four consecutive quarters due to sustained demand. The number of IHCL hotels has crossed 260. The company’s hotels are spread across 31 states and union territories of the country. The company was founded in 1899 by Jamsetji Tata, the founder of the Tata Group. The company opened its first hotel (The Taj Mahal Palace) in Mumbai in 1903. The company’s stock was trading at Rs 343.90, up 1.18% at 11.20 am on Friday.

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