The post Apeejay Surrendra Park Hotels Ltd’s FY24 net profit grows to INR 69 Crore, up 43% YoY appeared first on TD (Travel Daily Media) Travel Daily Media.
Apeejay Surrendra Park Hotels (ASPHL), a player in the hospitality sector renowned for its upscale properties and diverse F&B offerings, announced its financial results for Q4 and FY2024. In FY24, the company recorded a profit of INR 69 Cr. up 43% YoY, EBIDTA stood at INR 205 Cr, up 16% YoY. The net profit for Q4 stood at INR 18 Cr, up 72% YoY. The company registered a strong occupancy at 92%.
ASPHL growth in FY24 is a result of robust growth plans and strengthening of its operating position in Tier 2 and Tier 3 regions. The company has further strengthened its footprint with an addition of 3 properties in Q4FY24 and 8 in FY24, taking the overall count of properties to 33.
Commenting on the earnings, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said: “Our robust performance is a result of our sustained growth and strategic achievements in the last fiscal year. In FY24, we added 374 keys through the opening of 8 new hotels, in-line with our commitment to growth. Bolstered by an impressive 11% growth in RevPAR and an industry-leading 92% Occupancy rate, our Revenue, EBITDA, and PAT have demonstrated robust performance. During the period, we made substantial progress in developing and expanding our existing land banks in Pune, E M Bypass Kolkata, and Jaipur. We are also excited about our ongoing capacity expansions in Vishakhapatnam and Navi Mumbai, which promise further growth opportunities in these regions.
Furthermore, our F&B segment continued to showcase solid performance, contributing 42% of total revenues in FY24. This vertical has been a key differentiator for ASPHL, driving growth through its innovative offerings and exceptional service quality. ‘Flurry’ under the F&B brand expanded its footprint with the introduction of 10 new centers, strengthening ASPHL’s presence in key markets and underscoring the importance of our F&B segment as a critical component of our overall growth strategy.
As we move forward, ASPHL is strategically positioned to make the most of its strengths, including its long-standing legacy of six decades, exceptional brands, innovative hospitality services, and diverse F&B offerings. We are confident that these assets, combined with positive macroeconomic trends and the evolving landscape of the Indian hospitality sector, will enable the Company to achieve sustainable growth for all its stakeholders.”
The post Apeejay Surrendra Park Hotels Ltd’s FY24 net profit grows to INR 69 Crore, up 43% YoY appeared first on Travel Daily Media.