Sterling Holiday sees record profit in Q1
Vikram Lalvani, MD-CEO said: “We will continue our drive for sustained acceleration as we continue to expand our operations as well as build our technology and processes to enable us to efficiently scale-up even further.”
Representative image (File)
CHENNAI: Sterling Holiday Resorts recorded its highest profit for any quarter in its history, with a PBT of Rs 3,580 lakh for Q1 FY24. This is a 27% growth quarter on quarter (QoQ) over the Q1 FY23. PBT % stood at 31%.
The company recorded a turnover of Rs 11,530 lakh for Q1 FY24, a 13% growth QoQ. The resort revenue grew by 15% QoQ driven by an 8% QoQ growth in the Average Room Rate (ARR) and a 6% increase in guest ratio to 65% from 59% QoQ.
While the room-base grew by 234 rooms over the past 15 months owing to the addition of 8 new resorts, occupancy continued to remain healthy at 74% for the quarter.
Vikram Lalvani, MD-CEO said: “We will continue our drive for sustained acceleration as we continue to expand our operations as well as build our technology and processes to enable us to efficiently scale-up even further.”
During Q1 FY24, Sterling has added 2 more resorts to its portfolio: Shimla (in Himachal Pradesh) and Panchgani-Mahabaleshwar (in Maharashtra) taking its portfolio to 42 resorts across 40 destinations. With a healthy pipeline, the company plans to open more resorts in FY24.