By 121 News
Chandigarh 01st May:- The Indian Hotels Company Limited (IHCL), South Asia's largest hospitality company reported its consolidated and standalone financials for the 4th quarter ending March 31st 2019 and year ending March 31st 2019.
For the year ending March 31st 2019, the Board of Directors have recommended an equity dividend of 50% amounting to Rs. 0.50 per share. This is an increase over the previous dividend pay-outs of 40% and 35% in 2017/18 and 2016/17 respectively.
Commenting on the fiscal performance, Puneet Chhatwal, MD and CEO, IHCL said that IHCL is on track in the execution of its strategy, Aspiration 2022. Our reimagined brands cape gave us the opportunity to sign 22 hotels with an inventory of over 3200 rooms across brands in India and key international markets like London, Makkah, Kathmandu and Dubai. We opened five hotels in this fiscal and are well poised to open one hotel per month in light of a healthy pipeline and confirmed momentum of signing new contracts.
Strong fundamentals helped drive higher returns through strategic initiatives for margin expansion and asset management. The company is committed to achieving its long term goals as outlined in Aspiration 2022, whilst delivering world class experiences to its guests.
Giridhar Sanjeevi, EVP & CFO, IHCL stated that our customer-centric approach combined with an eye on profitability resulted in the EBITDA margins growing by 229 bps for the year. We continued to enhance our value proposition through the renewed brands, customer experiences and offerings, whilst deleveraging our balance sheet.
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