History

_x000D_ The Indian Hotels Company Limited (“IHCL) is mainly involved in owning, operating and managing hotels, palaces and resorts. It was incorporated in India in 1902 and has its registered office at Mandlik House, Mandlik Road, Mumbai, India. In 1903, IHCL opened its first hotel, The Taj Mahal Palace, Bombay (now Mumbai). _x000D_ _x000D_ In 1979, the company finalised negotiations with the Government of Sri Lanka for the first phase of a 400-room hotel of international standards in Colombo. As of June 30, 2023, IHCL had 191 hotels across all the operating brands. _x000D_ _x000D_ In 2014, The Taj Mahal Palace in Mumbai won the Conde Nast Traveller UK Readers' Travel Awards for Best Overseas Business Hotel with a score of 91. In 2018, IHCL was recognised as the only Indian hospitality company to receive the Gallup Great Workplace Award. _x000D_

Business Segments

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• Taj: The group serves luxury-seeking customers through 82 operational hotels under this brand. Taj delivered a significant contribution of 72% to the overall IHCL group in FY 2023.
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• Vivanta/Seleqtions: The segment caters to upscale/upper upscale customers, and this brand of ICHL recorded a revenue share of 16% in FY 2023. As of Q1 FY2024, the company has 28 Vivanta and 22 Seleqtions hotels in its portfolio.
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• Ginger: IHCL provides services to midscale/lean luxury customers via a chain of 59 hotels under this segment as of Q1 FY 2024, and the business is chasing a target to reach ~100 hotels by FY 2026.
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• Qmin: Qmin is a gourmet delivery platform offering cuisines, multi-feast menus and others through platforms viz. Qmin Shop, Qmin Truck and Qmin Cafe. This business has a presence in over 20 cities in India.
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• Ama: Ama features 80+ properties, such as private bungalows and villas, that offer a nice experience to travellers who want privacy at niche destinations.
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• TAJ Sats: TAJ SATS is a joint venture between the Taj and SATS Limited. Taj Sats is the market leader in Airline catering with a 58% market share, serving 1,00,000+ meals daily as of FY23.
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_x000D_ As of 31 March 2023, the company had 29 subsidiary companies and a few of them are listed below:_x000D_

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• KTC Hotels Limited: It is a wholly-owned subsidiary of The Indian Hotels Company Limited.
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• Roots Corporation Limited: Also a wholly-owned subsidiary of IHCL, a few properties, such as Ginger Agartala, Ginger Ahmedabad, Vastrapur, Ginger Bangalore IRR, Ginger Bhubaneshwar, etc., come under its purview.
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• Piem Hotels Limited: IHCL holds a 51.57% stake in the company as of March 31, 2023. It controls properties such as the Taj Mahal, Lucknow, Taj M G Road, Bengaluru, The Gateway Hotel Ambad Nashik, etc.
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Key Personnel

_x000D_ Puneet Chhatwal, MD and CEO_x000D_ _x000D_ Mr. Puneet Chhatwal became the Managing Director and Chief Executive Officer of IHCL on November 6, 2017. He has nearly four decades of leadership experience in renowned hotel chains in Europe and North America. He is a worldwide professional. _x000D_

Management Outlook

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• IHCL introduced Ahvaan 2025, the driving force behind its committed initiatives towards growing its brandscape, providing unparalleled experiences, and speeding advancement, as the centrepiece of its three-pronged strategy to grow profitably in the upcoming years. 
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• The company will re-engineer its margins, re-imagine its brandscape, and re-structure its portfolio as part of this plan. 
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• By FY 2025–26, Ahvaan 2025 intends to have more than 300 hotels, record a 33% EBITDA margin, and receive a 35% EBITDA contribution through new ventures and management fees. 
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• The major facilitators on this journey will be its most recognisable and powerful brand, Taj, its industry-leading ESG+ framework Paathya, and a significant emphasis on digital enhancements.
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SWOT Analysis

_x000D_ Strengths_x000D_

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• Debt-free business.
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• Strong brand presence in the hotel industry.
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_x000D_ Weaknesses_x000D_

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• Local business monopolies.
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_x000D_ Opportunities_x000D_

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• Opening of new hotels to elevate revenue growth.
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• Growing infrastructure to create demand for hotels.
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_x000D_ Risks_x000D_

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• Highly exposed to risks arising from competitive pressure.
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• Changing customer preferences may disturb business growth.
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