Advani Hotels & Resorts (India) Limited, which owns and operates a lone resort property, Caravela beach Resort Goa, has recorded best ever quarterly revenue since its opening in Q4 2024. The INR 3,353 lakh quarterly income for Q42024 was 8 percent higher than the total income generated during the corresponding period last year.
In terms of total earnings (income) for the entire financial year 2023-24 also the company has registered nearly 8 percent growth over the previous year. Against the total income of INR 10,063 crore last year, the hotel company has closed FY2024 at a total earnings of INR 10,844 crore.
Despite a fall in overall demand for destination Goa, the Caravela beach resort has been able to maintain a steady growth in all parameters. As per a statement by the company, the property has hosted 45 weddings in FY24, representing the hotel’s all-time high wedding business. Additionally, improvements in MICE further boosted revenue.
In FY24, in comparison to the previous year, the EBITDA margin declined to 34 percent due to investments in workforce, including hiring new talent and rewarding existing talent pool with increments to encourage and retain valuable employees. Other expenses include additional expenses incurred to upgrade the hotel facilities as the 5-Star Deluxe classification of the hotel was due for renewal.
During the year, the hotel recorded an average occupancy of 83.9 percent as against 82.5 percent last year. Total Revenue Per Occupied Room per night (TRevPOR) also increased during FY24 to INR 18,798 v/s INR 17,556 last year. This resulted in overall revenue growth of 8 percent in FY24, the company stated.
After the robust financial performance, the company has declared their second interim dividend of 40 percent, i.e. INR 0.80 per share, which will result in a pay-out of INR 739.51 lakhs on the enhanced paid-up capital post the 1:1 Bonus issue in FY24.
EIH Ltd executive chairman Arjun Oberoi said: “In the fourth quarter and full fiscal year, 2023-2024, our company achieved exceptional financial results, with a significant increase in revenue and profits. This success reflects our team’s dedication and commitment to providing our guests with a world class hospitality experience. I am also happy to share, that these results have been achieved with an increased focus on environmental, social and governance (ESG) principles, reinforcing our commitment to sustainable business practices.”
Taking into account the first interim dividend of 100 percent declared earlier and the 40 percent dividend declared now on the enhanced capital post bonus issue, this is the highest dividend pay-out for any financial year in the history of our company, the official statement claims.Advani Hotels & Resorts is debt-free and the Liquid Fund Reserves (including Fixed Deposits) are at INR 4,488 lakhs as on March 31, 2024.
Commenting on the results Sunder G. Advani, CMD of Advani Hotels & Resorts (India) Limited said; “We are excited to report that the revenue for Q4 & FY24 has set a new record as the highest ever quarterly and full year revenue in the history of the Company. This achievement reflects consistent revenue growth, given the highest number of weddings we have done this year. With a significant contribution to our exceptional occupancy rate, we are dedicated to sustain this momentum in FY25 with continued growth driven by MICE and leisure travel. As we move ahead, we are optimistic about our future and remain committed to investing in our business to enhance our value proposition for our guests. Caravela Beach Resort has been awarded 5-Star DELUXE classification by the Ministry of Tourism, Government of India for next 5 years upto December 10, 2028.”
The Caravela is located on a 23-acre estate with a 275-meter long beach-front on Varca Beach, South Goa.
