Indian Hotels Co. Ltd. · NSE:INDHOTEL
Indian Hotels — The Indian Hotels Company — FY2024 Earnings Presentation
60 slides from Indian Hotels's earnings presentation, Apr 24, 2024
Slide 1: Cover letter to exchanges: Analyst Presentation
[Type here] April 24, 2024 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza 1st Floor, New Trading Ring, Bandra Kurla Complex Rotunda Building, P. J. Towers, Bandra (E) Dalal Street, Fort, Mumbai 400 051 Mumbai – 400 001. Scrip Code: INDHOTEL Scri
Slide 2: Robust Performance, Healthy Fundamentals
Robust Performance, Healthy Fundamentals GLOBAL CONFERENCE CALL Q4 2023/24 24th April, 2024 1
Slide 3: Executive Summary
1 2 3 Ahvaan 2025 Key Best Ever Q4 & FY Performance Robust Return Ratios targets achieved Revenue, EBITDA & PAT grew by 17%, Manifold increase since FY 18 well in advance. 20% & 26%, respectively. EBITDA margin at 33.7% for FY24 (RoCE up 3x, RoE up 7x & EPS up 11x) 4 5 Market Portfolio Growth Leader
Slide 4: Ahvaan 2025 Delivering on All Fronts 2 Years Ahead
1 AHVAAN 2025 Delivering on All Fronts 2 Years Ahead AHVAAN ACHIEVED TARGET TILL DATE ICONIC AND PROFITABLE HOSPITALITY COMPANY Margin 33% 33.7% RE-ENGINEER MARGINS RE-IMAGINE RE-STRUCTURE BRANDSCAPE PORTFOLIO Net Debt Zero Gross Cash ₹2200+ Crs CULTURE ONE TATA EXCELLENCE ORGANIZATION DIGITAL PAATH
Slide 5: Financial Highlights Best-ever Performance
2 FINANCIAL HIGHLIGHTS Best-ever Performance (Consol.) ₹ 6,952 Crore ₹ 1,951 Crore ↑ 17% REVENUE ↑ 18% ₹ 2,340 Crore ₹ 706 Crore ↑ 20% EBITDA ↑ 25% 33.7% 36.2% ↑ 1.0 pp EBITDA MARGIN ↑ 2.0 pp IHCL Consol. IHCL Consol. FY 2023-24 ₹ 1,259 Crore ₹ 418 Crore Q4 2023-24 ↑ 26% PAT ↑ 27% 18.1% 21.4% ↑ 1.3
Slide 6: Return Ratios – Manifold Increase since FY18
3 RETURN RATIOS – Manifold Increase since FY18 15 14 8.86 3x 7x 11x 5 2 0.81 Return on Capital Employed % Return on Equity % EPS (₹) FY18 FY24 FY18 FY24 FY18 FY24 * From 2019 / 20 onwards, numbers are basis Post-IND AS figures. 5
Slide 7: Market Leadership Commanding Industry Premium
4 MARKET LEADERSHIP Commanding Industry Premium IHCL Domestic Hotels – FY 2023-24 RevPAR 20,000 160% 18,000 140% 16,000 74% 146% 120% 14,000 43% 12,000 100% 65% 10,000 30% 57% 80% 8,000 44% 31% 34% 50% 60% 6,000 40% 4,000 2,000 20% 0 0% ALL INDIA Goa Mumbai Rajasthan Delhi & NCR Bengaluru Hyderabad
Slide 8: Market Leadership Presence Across Price Points
4 MARKET LEADERSHIP Presence Across Price Points Mumbai Delhi NCR Bengaluru Chennai Kolkata Rajasthan Goa Luxury 5 5 5 6 3 14 5 Upper Upscale / Upscale 4 5 3 1 3 7 4 Midscale 4 6 3 4 1 3 6 Total 13 16 11 11 7 24 15 # Includes Hotels operational & in Pipeline 7
Slide 9: Portfolio Growth 300+ Hotels, 200+ Operational
5 PORTFOLIO GROWTH 300+ Hotels, 200+ Operational 110 218 Operational + 92 Pipeline 96 90 310 14 8
Slide 10: Portfolio Growth Highest-ever Signings & Openings
5 PORTFOLIO GROWTH Highest-ever Signings & Openings 12 10 11 6 14 53 1 new hotel signed every week in FY 2023-24 5 6 3 6 14 34 9
Slide 11: Unique Mix of Capital Heavy & Capital Light
6 UNIQUE MIX of Capital Heavy & Capital Light OPERATIONAL PORTFOLIO TOTAL PORTFOLIO INCLUDING PIPELINE Capital Heavy Capital 28% 40% Heavy Capital Light 60% 72% Capital Light Capital Light includes management contracts and all Ginger leases (since they are low capex investments) Data as on 31st Marc
Slide 12: Capital Heavy to Drive Operating Leverage
6 UNIQUE MIX Capital Heavy to Drive Operating Leverage REVENUE ₹/ CRORES EBITDA ₹/ CRORES 8% 8% 1,800 Operating 5,950 Leverage 3% to drive 3% ~10% Margins CAGR 3,750 8% 600 21% CAGR CAGR FY18 FY24 Short to Medium term FY18 FY24 Short to Medium term New Hotels Existing Hotels % denotes share of New h
Slide 13: Capital Light Business to Provide Resilience
6 UNIQUE MIX Capital Light Business to Provide Resilience Share of Revenue from Capital Light Business Share of EBITDA from Capital Light Business 27% 20% 22% 20% 14% 10% FY18 FY24 Short to Medium FY18 FY24 Short to Medium term Term Management Fee Other (Refer slide 34 for details) Capital Light Sha
Slide 14: New Brands and Re-imagined Businesses
7 NEW BRANDS AND RE-IMAGINED BUSINESSES Grew at 2X of Core Enterprise Revenues in FY 24 New & Re-Imagined Businesses Enterprise Revenue Growth YoY 35 % Core Enterprise Growth YoY 17 % New and Reimagined Businesses accounts for ~12% share of IHCL Enterprise revenue , an expansion of ~1.5% from PY Ref
Slide 15: Strengthening Competitive Advantages Investing in Our Assets
8 STRENGHTENING COMPETITIVE ADVANTAGES Investing in Our Assets FY23 FY24 FY25-27 Total 5 years Capex Spends (₹ Crores) 471 637 ~2,500 ~3,500 Completed & Ongoing Key Upcoming Renovations & Digital & IT Spends Renovations New Builds (New & Ongoing) Chambers ERP Upgrade (SAP S4 HANA RISE) Taj Mahal, Ne
Slide 16: Doing Business the Responsible Way
9 DOING BUSINESS The Responsible Way Waste FY24 UPDATE 100% elimination of single-use plastic 241 Tons of Plastic Saved through Glass Bottles, Bio-degradable Bathroom Amenities, Paper Straws Waste 100% operating hotels will have an organic waste management system 40 hotels have bottling plants to el
Slide 17: Hospitality Industry Upcycle to be Long and Sustained
10 WHAT WE EXPECT GOING FORWARD? Hospitality Industry Upcycle to be Long and Sustained DEMAND GROWTH 2015-2023 2024-2027 13.3% 11.5% 10.6% 9.2% 7.4% 6.4% 6.0% 3.5% All India Top 8 Cities Key Leisure Markets Others Source: Horwath HTL Top 8 Cities : Delhi NCR, Mumbai, Bengaluru, Kolkata, Chennai, Hyd
Slide 18: Supply to Continue to Lag Demand
10 WHAT WE EXPECT GOING FORWARD? Supply to Continue to Lag Demand SUPPLY PROJECTED SUPPLY (NO. OF ROOMS) GROWTH CAGR Till FY 27 CAGR Hotel Supply 8% to Grow at CAGR of 8% CAGR 6% 2,41,000 5% Top 8 Cities In the next 3 years 1,88,000 CAGR 16% 1,15,000 40,000 10% Key Leisure Destinations ~60% FY 2008
Slide 19: What We Expect Going Forward? IHCL Context
10 WHAT WE EXPECT GOING FORWARD? IHCL Context Consistent Double-digit Continued Portfolio Growth Topline Growth & New Openings Target optimal customer mix for high Target to open 25 Hotels yielding occupancy in FY25. Focus area – TRevPAR, F&B Strengthening Prudent Capital Competitive Advantages Allo
Slide 20: Backed by Key Differentiators
10 BACKED BY Key Differentiators Core Values & Culture Dominating micro markets in key cities Marquee assets Trust, Awareness & Joy (Refer slide 33 for details) Brand Strength Presence in 130+ Taj : Strongest Brand in India across cities gives us advantage of all events across India Sectors & Indust
Slide 21: Details on Performance
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Slide 22: IHCL Consolidated P&L Statement
IHCL CONSOLIDATED P & L Statement FY 2023-24 ₹ /crores 3,392 PBT PAT +19% Revenue from Operations EBITDA 1,666 1,259 24% Margin 18% Margin Room 6,769 2,340 Revenue +17% 33.7% Margin Total Revenue +1.0 pp Tax 6,952 +17% 464 2,386 Other +12% Others * F&B Expenses Revenue 57 468 674 Management +17% Fee
Slide 23: IHCL Standalone P&L Statement
IHCL STANDALONE P & L Statement FY 2023-24 ₹ /crores 1,953 PBT PAT +23% Revenue from Operations EBITDA 1,483 1,095 32% Margin 24% Margin Room 4,406 1,897 Revenue +19% 41.3% Margin Total Revenue +2.0 pp Tax 4,590 +20% 388 1,563 Other F&B +13% Expenses Revenue 463 414 Management +19% Fee Depreciation
Slide 24: Best-Ever Performance Across all the Metrics
BEST-EVER PERFORMANCE Across all the Metrics PARTICULARS FY FY FY FY FY FY FY FY FY FY FY (₹ CR) [Consol.] 23-24 22-23 21-22 20-21 19-20 18-19 17-18 16-17 15-16 14-15 13-14 REVENUE 6,952 5,949 3,211 1,740 4,596 4,595 4,165 4,076 4,123 4,287 4,126 EBITDA 2,340 1,943 560 (197) 1,100 913 732 665 652 58
Slide 25: 8th Consecutive Quarter of Record Financial Performance
8th CONSECUTIVE QUARTER OF Record Financial Performance (₹ Crore) 2,004 1,951 1,744 1,655 1,516 1,481 1,293 1,258 772 706 655 565 405 459 402 319 +22% +92% +22% +76% +24% +42% +50% +130% +17% +13% +18% +26% +15% +18% +18% +25% Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Consol. R
Slide 26: Key Highlights
KEY HIGHLIGHTS ₹ /crores IHCL ENTERPRISE IHCL CONSOLIDATED IHCL STANDALONE YoY growth 19% 22% 17% 20% 20% 27% 13,090 34.1% 33.3% 6,952 33.7% 32.7% 41.3% 39.3% 10,975 4,590 5,949 3,811 4,464 3,652 2,340 1,943 1,897 1,497 Revenue EBITDA Revenue EBITDA Revenue EBITDA FY 23/24 FY 22/23 FY 23/24 FY 22/23
Slide 27: Maintaining Strict Cost Vigilance
MAINTAINING Strict Cost Vigilance Raw Material Costs as % Payroll Costs as % of of F & B Revenue Revenue 26.6% 26.0% 22.2% 21.8% FY 22/23 FY 23/24 FY 22/23 FY 23/24 Other Costs as % of Corp. Overhead as % Revenue of Revenue Other Costs include one off Items 29.2% in FY24. Additionally, variable 28.4
Slide 28: India (LFL) City Wise Statistics Q4 FY24
India (LFL) City Wise Statistics Q4 FY24 Domestic Hotels Occ % ARR in ₹ RevPAR in ₹ ( Enterprise) FY 23/24 pp vs PY FY 23/24 % vs PY FY 23/24 % vs PY Mumbai 89% 1% 16,555 8% 14,672 9% Delhi & NCR 82% 2% 11,027 7% 9,055 10% Bengaluru 73% 3% 10,245 -5% 7,483 -1% Goa 80% 2% 19,391 13% 15,509 17% Chenna
Slide 29: International City Wise Statistics Q4 FY24
International City Wise Statistics Q4 FY24 International Hotels Occ % ARR in $ RevPAR in $ ( Enterprise ) CY 23/24 pp vs PY CY 23/24 % vs PY CY 23/24 % vs PY USA 49% -1% 550 -1% 268 -3% UK 60% -1% 344 3% 207 1% Maldives 74% -5% 584 -10% 433 -16% Dubai 87% 3% 294 -1% 254 3% Cape Town 80% 3% 200 19% 1
Slide 30: Performance of Key Legal Entities 12M FY24
PERFORMANCE OF KEY LEGAL ENTITIES 12M FY24 ₹ /crores EBITDA LEGAL ENTITY REVENUE % vs PY EBITDA % vs PY PP vs PY PAT % vs PY Margin UOH Inc. - USA 671 +2% (58) -ve -9% - (143) -ve St. James Court - UK 494 +18% 138 +43% 28% +5pp 57 +327% PIEM Hotels Ltd. 569 +13% 157 +21% 28% +2pp 74 +20% Roots Corpo
Slide 31: Strong Balance Sheet with Healthy Cash Reserves
STRONG BALANCE SHEET with Healthy Cash Reserves ₹ /crores Free Cash Flow ₹ 1,162 crores • Free Cash Flow : Q1 ₹ 47 crs : Q2 ₹ 219 crs : Q3 ₹ 477 crs : Q4 ₹ 419 crs ( IHCL Consol.) 30
Slide 32: New Dividend Policy & Dividend Proposed for FY24
NEW DIVIDEND POLICY & DIVIDEND PROPOSED FOR FY24 ▪ New Dividend Policy - Company’s endeavor would be to target a total dividend payout ratio in the range of 20% to 40% of the Financial Year Profits after Tax (PAT) of the Company (Standalone or Consolidated, whichever is higher), subject to relevant
Slide 33: Effective Asset Management Big Machines Performance
EFFECTIVE ASSET MANAGEMENT Big Machines Performance Revenue Revenue Revenue 700 (+15%) 395 (+16%) 508 (+22%) EBITDA EBITDA EBITDA 311(+20%) 113 (+24%) 223(+31%) Revenue Revenue 48 (+10%) 269 (+77%)# EBITDA EBITDA 13 (+34%) 81 (+198%)# # Taj Mahal New Delhi was under renovation previous year. Despite
Slide 34: Well Protected Key Assets
WELL PROTECTED KEY ASSETS Taj Lands End, Mumbai Taj Mahal Palace, Mumbai Taj Palace, New Delhi The Taj Mahal, New Delhi Limited Luxury Supply. Core of South Mumbai No supply in Diplomatic No supply in Heart of No supply within 10 km ~400 keys expected in BKC Area Central Delhi by CY27 Taj West End,
Slide 35: Capital Light Model Strong Momentum in Management Fees
CAPITAL LIGHT MODEL Strong Momentum in Management Fees MANAGEMENT FEE GROWTH MANAGED ASSET RevPAR GROWTH 49% 7,286 8,168 5,473 In ₹ 151% 470 399 FY18 FY23 FY24 MANAGED ASSET NET UNIT GROWTH 187 87% 13,009 11,251 6,968 No. of rooms FY18 FY23 FY24 FY18 FY23 FY24 ₹/ CRORES On track to reach Updated AHV
Slide 36: Re-imagined Ginger Lean Luxe
RE-IMAGINED GINGER Lean Luxe Leading to Profitable Growth 2/3rds ₹ 486 Cr Rev. 50%+ ₹ 25 Cr Rev. Portfolio Brand Topline EBITDAR Margins* Mumbai Airport (Nov-Mar) Now Lean Luxe ↑ 34% YoY Profitable 80% Occ.; ₹6,700 ARR Business Model *Margin for Lean Luxe Hotels on Same Store Basis 35
Slide 37: amã & Qmin at an Inflection Point
4 amã & Qmin at an Inflection Point 200 100 Portfolio Operational 103 Signings (FY24) 200 40 Openings (FY24) ₹ 101 Crore 73% growth over previous year 42% increase in GMV GMV (FY24) FY 23-24 20 Aligning Qmin with Ginger Board has approved transfer of Qmin Business to Roots Corporation Mar'20 Mar'24
Slide 38: Re-imagined TajSATS Record Performance Continues
RE-IMAGINED TAJSATS Record Performance Continues All figures for FY24 ₹ 900 Cr 25.5% Revenues EBITDA Margin Growth of 5.8 pp 40% YoY Margin Expansion ₹ 230 Cr EBITDA 60% Market Share Growth of (by no. of meals) 82% YoY 37
Slide 39: Key Enablers
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Slide 40: Long Term Demand Drivers
LONG TERM Demand Drivers 142 Mn additional Middle-Income 80 to 100 Continued Growth Households by 2030 New Airports by 2030 in National Highways 78% 54% 220 - 300 200 - 149 250 145 230 158 Middle Income Households (Mn) No. of Airports National Highways Length ('000 KM) 2018 2030E 2023 2030E 2023 203
Slide 41: New Brands Re-launching Gateway
NEW BRANDS Re-launching GATEWAY 40
Slide 42: Excellence Highest NPS Scores in Last 5 Years
EXCELLENCE Highest NPS Scores in Last 5 Years 74.26 73.01 69.40 68.50 67.30 67.19 66.41 66.00 64.90 63.65 FY 2018/19 FY 2019/20 FY 2021/22 FY 2022/23 FY 2023/24 41
Slide 43: Tata Neu Enhancing Customer Loyalty
TATA NEU Enhancing Customer Loyalty Total loyalty led revenue ₹ 3,450 Crore + 36% Growth vs. FY23 2,506 429 202 313 Copper Silver Gold Platinum Loyalty contribution Total Members to enterprise revenue 29% 5.3 Mn. Loyalty Led Revenues is the revenue generated by Loyalty customers through all channels
Slide 44: Enabled by Culture Celebrating Spirit of Tajness
ENABLED BY CULTURE Celebrating Spirit Of Tajness 43
Slide 45: Annexures
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Slide 46: Market Segment Room Revenue
MARKET SEGMENT Room Revenue (All Hotels excl Ginger) 3,500 YTD Mar - 23/24 YTD Mar 22/23 3,000 2,500 2,000 1,500 1,000 500 - Transient Corporate MICE Long Stay Leisure Groups Crew % of Revenue 17% 3% 9% 2% 2% 56% 11% YTD Mar - 23/24 % of Revenue 3% 2% 2% 56% 11% 17% 9% YTD Mar - 22/23 Source : Synxi
Slide 47: Channels Room Revenue
CHANNELS Room Revenue (All Hotels excl Ginger) YTD Mar - 23/24 YTD Mar 22/23 HRO TRW GDS ADS Taj Website % of Revenue YTD Mar - 23/24 49% 8% 5% 24% 14% % of Revenue YTD Mar - 22/23 50% 7% 5% 24% 14% 46
Slide 48: Segment Statistics Q4 FY24
SEGMENT STATISTICS Q4 FY24 DOMESTIC HOTELS LFL Occ % ARR in ₹ RevPAR in ₹ ( Enterprise ) 23/24 pp vs PY 23/24 % vs PY 23/24 % vs PY Taj 77% 3% 17,829 9% 13,757 13% Business 81% 2% 13,775 4% 11,131 6% Leisure 73% 5% 20,904 12% 15,205 19% Palaces 63% 3% 53,374 22% 33,374 27% Vivanta 75% 4% 7,918 5% 5,
Slide 49: Segment Statistics 12M FY24
SEGMENT STATISTICS 12M FY24 DOMESTIC HOTELS LFL Occ % ARR in ₹ RevPAR in ₹ ( Enterprise ) 23/24 pp vs PY 23/24 % vs PY 23/24 % vs PY Taj 74% 3% 15,278 11% 11,306 15% Business 80% 2% 12,268 13% 9,794 16% Leisure 67% 3% 18,201 7% 12,212 12% Palaces 51% 3% 42,922 17% 21,876 24% Vivanta 73% 2% 7,501 9%
Slide 50: Q4, 12M 2023/24 Consolidated P&L
Q4, 12M 2023/24 CONSOLIDATED P&L Q4 12M PARTICULARS Var % Var % (₹ CR) CY 23/24 PY 22/23 CY 23/24 PY 22/23 Vs 22/23 Vs 22/23 Revenue from Operations 1,905 1,625 17% 6,769 5,810 17% Non-Operating Revenue 46 29 58% 183 139 32% Total Revenue 1,951 1,655 18% 6,952 5,949 17% Raw Material Cost 140 126 11%
Slide 51: Q4, 12M 2023/24 Standalone P&L
Q4, 12M 2023/24 STANDALONE P&L Q4 12M PARTICULARS Var % Var % (₹ CR) CY 23/24 PY 22/23 CY 23/24 PY 22/23 Vs 22/23 Vs 22/23 Revenue from Operations 1,342 1,131 19% 4,406 3,704 19% Non-Operating Revenue 42 34 21% 185 107 72% Total Revenue 1,383 1,165 19% 4,590 3,811 20% Raw Material Cost 94 83 13% 333
Slide 52: Revenue Metrics: Standalone
REVENUE METRICES : STANDALONE Standalone Q4 FY24 Var PY FY24 Var PY Room Revenue 600 +20% 1,953 +23% F & B Revenue 471 +13% 1,563 +13% Other Revenue* 312 +25% 1,075 +29% Total Revenue 1,383 +19% 4,590 +20% Occupancy % 79.1 +4.4 pp 76.7 +5 pp ARR in ₹ 17,546 +4% 15,414 12% RevPAR in ₹ 13,885 +10% 11,
Slide 53: IHCL Consolidated Balance Sheet as at March 31, 2024
IHCL CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2024 PARTICULARS MARCH 31, 2024 MARCH 31, 2023 (₹ CR) Non Current Assets Fixed Assets 6,934 6,618 Right to use Assets 1,970 1,879 Goodwill 662 654 Investments 1,537 1,134 Other Non Current Assets 684 794 Current Assets 3,069 2,590 Total Assets 14,856 1
Slide 54: IHCL Standalone Balance Sheet as at March 31, 2024
IHCL STANDALONE BALANCE SHEET AS AT MARCH 31, 2024 PARTICULARS MARCH 31, 2024 MARCH 31, 2023 (₹ CR) Non Current Assets Fixed Assets 2,885 2,696 Right to use Assets 929 897 Investments 6,208 5,576 Other Non Current Assets 444 555 Current Assets 2,311 2,056 Total Assets 12,777 11,780 Equity Equity Sha
Slide 55: IHCL Hotel & Inventory Brandscape as on 31st March 2024
IHCL HOTEL & INVENTORY BRANDSCAPE AS ON 31st MARCH 2024 Operational Pipeline Total Brands Hotels Hotels Hotels (Rooms) (Rooms) (Rooms) 84 26 110 Taj 12,378 4,611 16,989 30 27 57 Vivanta 4,040 3,797 7,837 26 13 39 SeleQtions 1,823 1,518 3,341 64 26 90 Ginger 5,704 3,027 8,731 14 - 14 Tree of Life 191
Slide 56: Portfolio Pipeline
PORTFOLIO PIPELINE Brands FY25 FY26 FY27 FY28 Total Taj 1107 1447 1182 875 4611 IHCL & Group 112 134 220 - 466 Management Contracts 995 1313 962 875 4145 Vivanta 903 1200 865 829 3797 IHCL & Group - 125 - - 125 Management Contracts 903 1075 865 829 3672 SeleQtions 816 408 19 275 1518 Management Cont
Slide 57: Hotels Opened in Last Quarter
HOTELS OPENED IN LAST QUARTER Sl No Hotel Name Ownership Inventory 1 Gorbandh Palace, Jaisalmer, IHCL SeleQtions Management Contracts 83 2 Ekante Bliss, Tirupati, IHCL SeleQtions Management Contracts 118 3 Scenic, Munnar, IHCL SeleQtions Management Contracts 55 4 Vivanta Chitwan Management Contracts
Slide 58: Hotels Likely to Open in Next 6 Months
HOTELS LIKELY TO OPEN IN NEXT 6 MONTHS S No. Hotel Name Ownership Inventory 1 Vivanta Jamshedpur Management Contracts 94 2 Ginger Jamshedpur IHCL/Subsidiaries 89 3 Taj Hotel at Ambuja City Centre Patna Management Contracts 124 4 Ginger Nagpur Airport Road IHCL/Subsidiaries 88 6 Hotel in Bekal Manage
Slide 59: Disclaimer
DISCLAIMER These presentations may contain forward-looking statements within the meaning of applicable securities laws. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Forward-looking statements are not g
Slide 60: Robust Performance, Healthy Fundamentals
Robust Performance, Healthy Fundamentals GLOBAL CONFERENCE CALL Q4 2023/24 24th April, 2024 59
The Indian Hotels Company — FY2024 Earnings Presentation on 6ix