Indian Hotels Company Takes Hit From Iran War. Domestic Travel Is Making Up for It.
The Iran war has cost Indian Hotels Company (IHCL) up to INR 1 billion ($10.5 million) in lost revenue, the Taj Hotels operator disclosed on Monday.
CFO Ankur Dalwani put a number on the damage at the earnings call on Monday. He said IHCL lost roughly INR 400-500 million ($4.2-$5.25 million) in revenue at the “consolidated level”, and close to INR 1 billion at the “enterprise level.”
The losses came largely from last-minute cancellations and event rescheduling. The pain was felt most acutely in the fourth quarter and has carried into the current quarter. This dented what was otherwise a record-breaking fiscal year for the hotel company.
“March was a difficult month. Beginning of April was difficult. Middle of April came the stability. Since then, we are seeing strong growth,” said CEO Puneet Chhatwal.
Dubai, a critical transit hub for travelers conne
