SOMETIMES, TIMING IS everything. Take ITC's hotels business for instance. The last quarter of FY24 was the best ever for the business. The segment saw revenues of â¹898 crore, up 15% year-on-year (YoY) and a profit of â¹267 crore, an increase of 34% YoY. The standout was an improvement in margins, primarily driven by higher revenues per available room. To sum up, it does seem like an appropriate time to demerge the business, a decision that was first made public last July. With ITC's shareholders giving their go-ahead in early June, it is expected that the new entity will be listed in 15 months.
The contours of the merger will have ITC Hotels issue equity shares to ITC's shareholders. It will eventually result in 60% being held by ITC's shareholders proportionate to their shareholding in the conglomerate with the other 40% remaining with ITC. In revenue terms, the hotels business saw a spike of more than 15% to get past â¹3,100 crore in FY24. That's still only 3.61% of ITC's overall sales but it is significant. The profit before interest and taxes increased by 37% to â¹765 crore-still barely 3% of the conglomerate's overall profit--but the timing is most interesting.
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