The Indian Hotels Company Limited (IHCL) reported its Consolidated and Standalone financials for the first quarter ending June 30, 2020. IHCL also supported the community in its effort to combat the pandemic by delivering 2.4 million meals to the medical fraternity and migrant workers, and hosting 55,000 room nights for the medical community
Commenting on the performance, Puneet Chhatwal, Managing Director and Chief Executive Officer, IHCL said, “The global travel and tourism industry was at a virtual standstill in the last three months, which had a big impact on the hospitality sector. While over 50% of IHCL hotels were closed for most part of Q1 due to government lockdowns, we implemented R.E.S.E.T 2020, a strategy to mitigate the impact of COVID-19; and several revenue enhancement and spend optimisation measures initiated have started yielding results. We remain confident, given the strength and power of our brand and our market leadership, that we will weather this disruption and emerge stronger.”
R.E.S.E.T 2020, a comprehensive five-point strategy, provides a transformative framework to help the Company overcome the COVID-19 related challenges and achieve revenue growth while optimising expenditure and strengthening balance sheet and at the same time, continuing on its path of excellence.
Giridhar Sanjeevi, Executive Vice President and Chief Financial Officer, IHCL said,“We have taken substantial steps to preserve liquidity. In addition, we are rationalising all costs and maintaining the highest financial prudence. This will assist us in managing the evolving situation.”