Indian Inns Q3 revenue beat on strong journey demand

BENGALURU, Jan 30 (Reuters) – Indian Inns Firm Ltd (IHTL.NS) reported a better-than-expected third-quarter revenue on Tuesday, boosted by elevated visits from vacation and enterprise travellers.

The Tata Group-backed firm reported a five-fold improve in consolidated internet revenue at 3.83 billion rupees ($46.78 million) for the three months ended Dec. 31, in contrast with 760.1 million rupees a yr earlier.

Analysts on common had anticipated a revenue of two.55 billion rupees, in line with IBES Refinitiv knowledge.

The Indian resort business benefited from a gentle rise in home and worldwide journey, as pandemic restrictions have been lifted, whereas extra folks started choosing the so-called ‘workations’ and ‘staycations’.

Robust demand within the quarter drove occupancy to over 70% in each leisure and enterprise lodges in key home markets, up 27% from pre-COVID ranges, the operator of Taj lodges mentioned in an announcement.

This drove income from operations up 51.7% to 16.86 billion rupees within the quarter.

“The demand outlook for the sector in 2023 stays strong on the again of sporting occasions akin to world cup hockey and cricket, … and restoration of inbound and company journey,” Chief Government Officer Puneet Chhatwal mentioned.

($1 = 81.8640 Indian rupees)

Reporting by Navamya Ganesh Acharya in Bengaluru; modifying by Eileen Soreng

Our Requirements: The Thomson Reuters Trust Principles.