Tata Group-backed hospitality chain Indian Hotels Company has reported a 30.58% rise in Net profit at Rs 222 crore for the quarter ending in June against the Rs 170 crore posted in the year-ago quarter.

The company’s operating revenue increased 17% to Rs 1,516 crore for the June quarter compared to Rs 1,293 crore in Q1FY23.

The company’s EBITDA jumped by 13% to Rs 459 crore for the quarter under review against the Rs 405 crore in the Q1 of the previous fiscal year.

Puneet Chhatwal, Managing Director & CEO, said, “IHCL ended the first quarter with a strong performance led by a double-digit revenue growth. Turnover crossed the Rs 1,500 crore mark, making it a historical Q1. IHCL signed 11 and opened 5 new hotels across all its brands.”

He added, “The outlook for the upcoming quarters remains strong with pace of demand driven by domestic consumption momentum, global events, and revival of international arrivals,”

The company reported an Occupancy of 65% for the quarter, backed by solid demand in the international segment.

The Tata Group-backed company expanded its portfolio by signing 11 new hotels, with a 400-room hotel in Delhi and 120-room in Kochi; the company has entered new markets like Dhaka in Bangladesh and Raichak in West Bengal.

IHCL opened 5 new hotels in the quarter under review, taking the hotels total operating hotels to 191.