IHCL Reports First Quarter Fy 2020-21 Results

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IHCL REPORTS FIRST QUARTER FY 2020-21 RESULTS

Implements R.E.S.E.T 2020 strategy aimed at mitigating the impact of COVID-19

  • Signed a binding agreement to acquire 100% shareholding in ELEL Hotels and Investments Limited (ELEL) for the iconic Sea Rock hotel
  • Restructured holding of Taj Cape Town, which becomes a wholly owned subsidiary of IHCL, by acquiring 50% of holding in Tata Africa Holdings (TAH)
  • Launched Qmin, a repertoire of culinary offerings including home delivery, in addition to its proprietary Qmin App for ease of use
  • The Company signed two hotels in the quarter – a Vivanta in Lucknow and an IHCL SeleQtions hotel in Tadoba Andhari Tiger Reserve, Maharashtra
  • Introduced I-ZEST – IHCL’S Zero-Touch Service Transformation by leveraging technology for customer and employee experiences
  • The Taj Mahal Palace, Mumbai has been accorded the highest guest satisfaction score amongst its hospitality peers globally for the third consecutive time by TrustYou
  • Supported the community in its effort to combat the pandemic by delivering 2.4 million meals to the medical fraternity and migrant workers, and hosting 55,000 room nights for the medical community

Mumbai, 06 August 2020: The Indian Hotels Company Limited (IHCL), South Asia’s largest hospitality company, reported its Consolidated and Standalone financials for the first quarter ending June 30th, 2020.

Key Consolidated Financial Results For The Quarter Ended June 30th, 2020

IHCL REPORTS FIRST QUARTER FY 2020-21 RESULTSCommenting on the performance, Mr. Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL, said, “The global travel and tourism industry was at a virtual standstill in the last three months, which had a big impact on the hospitality sector. While over 50% of IHCL hotels were closed for most part of Q1 due to government lockdowns, we implemented R.E.S.E.T 2020, a strategy to mitigate the impact of COVID-19; and several revenue enhancement and spend optimization measures initiated have started yielding results. We remain confident, given the strength and power of our brand and our market leadership, that we will weather this disruption and emerge stronger.”

R.E.S.E.T 2020, a comprehensive five-point strategy, provides a transformative framework to help the Company overcome the COVID-19 related challenges and achieve revenue growth while optimizing expenditure and strengthening balance sheet and at the same time, continuing on its path of excellence.

Revenue Growth

Implemented a host of new revenue generation initiatives such as Hospitality@Home, Qmin and rolled out various campaign offers like 4D – Dream, Drive, Discover and Delight, Urban Getaways and Bizcation to stimulate and capture domestic demand

Excellence

Enhanced SOP’s under Tajness – A Commitment Restrengthened and I-ZEST: IHCL’s Zero-Touch Service Transformation, which ensures heightened safety for guests and employees through a host of digital and service interventions

Spend Optimization

Leveraged opportunities across all cost heads to rationalize resources and optimize expenditure

Effective Asset Management

Continuing to undertake renegotiation of contracts and lease rentals, while monetizing assets

Thrift and Financial Prudence

Taking necessary steps to ensure adequate cash flows while reducing the corporate overheads of the company

Mr. Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL, said, “We have taken substantial steps to preserve liquidity. In addition, we are rationalizing all costs and maintaining the highest financial prudence. This will assist us in managing the evolving situation.”

Other Highlights

  • IHCL launched Qmin, a repertoire of culinary offerings, to augment the group’s F&B offerings and address a growing consumer demand for online gourmet food delivery services. It is currently available in five cities and will expand to cover 10 cities. The company also launched the Qmin App
  • Launched Hospitality@Home services offering guests a variety of curated hampers from select iconic Taj hotels across key cities, through contactless takeaway
  • Introduced I-ZEST – IHCL’s Zero-Touch Service Transformation to deliver zero-touch customer experiences for check-in, check-out, F&B interactions and employee processes
  • Implemented new and stringent hygiene, sanitisation and social distancing protocols across its hotels titled Tajness – A Commitment Restrengthened
  • Taj has been ranked Number One on the list of India’s Strongest Brands amongst all sectors by Brand Finance
  • The company achieved a milestone by setting a benchmark in hospitality for environmental sustainability with the highest number of EarthCheck Gold and EarthCheck Platinum certified hotels globally, with over 70 hotels having been awarded the EarthCheck Platinum and Gold certifications

Awards And Recognition

BRAND FINANCE BRAND VALUE REPORT – INDIA 2020

Taj has ranked Number One on the list of the strongest Indian brands by Brand Finance in their coveted ‘India 100 2020’ report. Taj has got the rare distinction of being ranked the highest across brands in all sectors

TRUSTYOU 2019-2020

The Taj Mahal Palace, Mumbai has been accorded the highest guest satisfaction score amongst its hospitality peers globally for the year 2019-2020 for the third consecutive year

EARTHCHECK CERTIFICATIONS

IHCL has set a global benchmark in hospitality for environmental sustainability with the highest number of Earth Check Gold and EarthCheck Platinum certified hotels globally, with over 70 hotels having been awarded the EarthCheck Platinum and Gold certifications

CONDÉ NAST TRAVELER HOT LIST 2020

Taj Rishikesh Resort & Spa, Uttarakhand has been featured in the 24th edition of the coveted Condé Nast Traveler UK Hot List 2020, which features the best hotels across the globe that have opened in the past year

BEST NEW WELLNESS RESORTS IN THE WORLD: CONDÉ NAST TRAVELER HOT LIST 2020

Taj Rishikesh Resort & Spa, Uttarakhand is one of the top four featured wellness resorts across the globe to be featured in this acclaimed Hot List for 2020

CONDÉ NAST TRAVELLER MIDDLE EAST READERS’ CHOICE AWARDS 2020

Taj Jumeirah Lakes Towers, Dubai, has been recognized as ‘Favourite New Hotel’ in the Middle East and North Africa region

WORLD ARCHITECTURE COMMUNITY AWARDS

Devi Ratn – IHCL SeleQtions has been recognized for its unique design and architecture in these awards under the ‘Realised Interior Design’ projects category

TRAVEL+LEISURE US THE WORLD’S BEST HOTELS AWARDS 2020

IHCL has been recognized in these prestigious awards basis readers’ votes across multiple categories including

The Top 25 Hotel Brands in the World
The Top 100 Hotels in the World Rambagh Palace, Jaipur, India
The Top 15 Hotels in New York City The Pierre, New York
Top 15 Resort Hotels in Asia Rambagh Palace, Jaipur, India • Taj Lake Palace, Udaipur
The Top 15 Asia City Hotels Taj Palace, New Delhi, India
Top 5 India Resort Hotels Rambagh Palace, Jaipur

TRIP ADVISOR TRAVELLERS’ CHOICE 2020 – TOP 25 LUXURY HOTELS IN INDIA

Four of IHCL’s hotels have been recognized in these annual awards including Rambagh Palace, Jaipur; Taj Lake Palace, Udaipur; Umaid Bhawan Palace, Jodhpur and Taj Exotica Resort & Spa, Goa

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