(Reuters) -ITC Hotels, one of India’s leading hospitality chains, reported a 54% increase in first-quarter profit on Wednesday, driven by a strong increase in room sales.
Consolidated net profit came in at 1.33 billion rupees ($15.5 million) in the quarter ended June 30, compared with 865.3 million rupees last year.
Revenue from room sales, ITC Hotels’ largest segment contributing 52% of total revenue in 2024, rose 16% in the first quarter, the company said.
India’s hospitality sector witnessed strong growth in 2024, fuelled by a surge in domestic travel and increased demand for wellness and experience-focussed stays, a trend that benefited players such as ITC Hotels. Travel retail market in India is projected to more than double, reaching $6.56 billion by 2030 from $2.47 billion in 2025, according to research firm Mordor Intelligence.
ITC Hotels, the hospitality arm of ITC, was spun off from its parent company on January 29, 2025.
In the latest quarter, its revenue from operations grew 15.5% to 8.16 billion rupees.
Founded in 1975, ITC Hotels competes with EIH, the parent of Oberoi, and Indian Hotels, which owns the Taj brand. Its portfolio spans luxury to mid-scale segments across six brands.
($1 = 85.9150 Indian rupees)
(Reporting by Manvi Pant and Chandini Monnappa; Editing by Sherry Jacob-Phillips and Rashmi Aich)
