IHCL will continue to deliver double digit revenue growth with new businesses at 30 percent and opening of 25 hotels, managing director & CEO Puneet Chhatwal has said
Indian Hotels reported consolidated revenue growth of 17% year-on-year (YoY) in 4QFY24, led by 19% YoY revenue growth in the standalone business and the growth in the standalone business was driven by better occupancy (up 440 bps YoY) and ARR (up 4% YoY; LFL 8% excluding Ginger Santacruz).
Shares of hotel companies and travel solutions providers surged after the government announced measures in the Interim Budget for FY25 to boost leisure and spiritual tourism. The tourism industry received an allocation of Rs 2,449 crore to develop India as a hub for business and conference tourism. The government also proposed interest-free loans to states for the development of iconic tourist destinations.
Praveg caught shareholder attention as it had last month received a work order for the development of operation, maintenance, and management of at least 50 tents at Lakshadweep s Agatti Island. The resorts at Lakshadweep will also offer commercial activities like scuba diving, destination weddings, corporate functions, etc.
“We expect the strong momentum to continue in FY24, led by a further improvement in occupancy amid favorable demand-supply dynamics and big global events such as the ongoing ICC Cricket Men’s World Cup,” said Sneha Poddar, associate vice president, Motilal Oswal Financial Services.