Tata Group backed IHCL's shares jump 3%, hit 52-week high. Here's why
Indian Hotels Company jumped 3% on the BSE on Tuesday to hit their 52-week high of Rs 760.75 after the Tata Group company unveiled its 'Accelerate 2030 strategy' where it said that the company aims to increase its portfolio in the country by 700 hotels.
The IHCL's Accelerate 2030 Strategy also aims to double consolidated revenue to Rs 15,000 crore by expanding the portfolio to 700+ hotels and maintaining industry-leading margins.
«IHCL has surpassed its guidance by achieving a portfolio of 350 hotels, with over 200 hotels in operation, and delivered ten consecutive quarters of record financial performance. This strong performance, coupled with a robust balance sheet, positions us well to accelerate our growth momentum. Enabling this vision are long-term structural tailwinds for the sector including India's forecasted GDP growth of over 6.5%, the government's continued focus on infrastructure spending, hotel demand outpacing supply, and the rising affluence of the consumer base,» said Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL.
Further talking on future plans, the CEO said «IHCL remains steadfast in its commitment to realize India's tourism potential with its vision of 'Accelerate 2030', of being the most valued, responsible and profitable hospitality eco-system in South Asia. IHCL will expand its brandscape with the launch of new brands, tapping the heterogenous market landscape and taking its portfolio to 700 hotels by 2030.»
ET had earlier reported that IHCL would release a new
