Indian Hotels aims to grow its portfolio to more than 700 hotels by 2030, shares rise 3%

Indian Hotels Company Ltd (IHCL) shares rose 3% on November 19 after the hospitality major unveiled its "Accelerate 2030" strategy.

"Under the plan, IHCL will expand its brandscape, deliver industry- leading margins, double its Consolidated revenue with a 20% return on capital employed and grow its portfolio to over 700 hotels while building on its world-renowned service ethos," said IHCL in a press release.

Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “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 tail winds for the sector including India’s forecasted GDP growth of over 6.5%, government’s continued focus on infrastructure spend, hotel demand outpacing supply and the rising affluence of the consumer base.”

He added, “IHCL remains steadfast in its commitment to realise 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. Doubling its Consolidated revenue to Rs 15,000 crore, scaling new and re-imagined businesses to over 25% share of revenue and continue to generate industry-leading margins and return on investment, while maintaining its renowned service excellence.”