Future very bright as consumption boosts travel: Chandrasekaran

New Delhi: Tata Sons Chairman N Chandrasekaran on Monday exuded con fidence that the future looks "very strong and bright" as growing con sumption in India will drive the growth of the travel sector, sharing his outlook at the Tata Group-owned Indian Hotels Company Limited's (IHCL) AGM.

Addressing shareholders of IHCL, the country's biggest hos pitality player, Chandrasek aran shared that the "intent is to achieve a total global foot print of 700 hotels by 2030 and double the revenues to cross Rs 15,000 crore".

The Tata Sons Chairman began his address at the Annual General Meeting (AGM) by paying tributes to those who lost their lives at the Air India plane crash recently, and also expressed a "deep sense of loss" at the passing away of Ratan Tata last October.

"To lose a single person we know is a tragedy, but for so many deaths to occur at once is incomprehensible.

Our thoughts are with them. I also would like to express a deep sense of loss on the passing away of Ratan Tata in October 2024. "He was a truly uncommon leader, a distinguished busi ness leader and philanthropist, and his re markable vision and achievements shaped the Tata Group for multiple decades.

He was a dear friend and the person whom I turned to for any guid ance. In other words, we miss him very dearly," Chandrasek aran said.

The Tata Sons Chairman as serted that India has shown remarkable resilience in the backdrop of the significant shifts witnessed post the Covid pandemic, which resulted in supply chain shocks and an economic slow down, especially in the devel oped markets.

The services sector in In dia has been growing at around a little over 8 per cent, the foreign na tionals travel to India is also growing year on year, and is slowly here in the 10 million mark, Chandrasekaran added.

"Future looks very strong and bright as the consump tion in India keeps growing and the travels will continue to in crease," he asserted. Elaborating on the financial performance of IHCL during 2024-25, Chandrasekaran said in the last fiscal year, the com pany signed 74 new hotels and had 26 new openings.

The total portfolio has expanded to 380 hotels. "In terms of financial perfor mance, our total standalone revenue was at Rs 5,145 crore, with a profit after tax of Rs 1,430 crore. On a consolidated basis, our revenues were about Rs 8,565 crore, and our profit after tax was Rs 1,908 crore.

"Our consolidated EBITDA margin touched 38 per cent. IHCL also reported a free cash flow of Rs 1,100 crore in 2024 25 and now has a very strong cash reserve of over Rs 3,000 crore," the Tata Sons Chairman said. (PTI)