43% Profit Growth for Apeejay Surrendra Park Hotels

Apeejay Surrendra Park Hotels Limited (ASPHL) has announced its financial results for the fourth quarter of the fiscal year 2023-24 and financial year 2024.

The Financial Results

According to a statement by the company, in the financial year of 2024, it witnessed a record profit of ₹69 crore, a 43% increase in a year-on-year comparison. The EBITDA also saw an improvement of 16%, standing now at ₹205 crore. Just for the fourth quarter of the year, the net profit was ₹18 crore, a 72% increase from last year’s figure. Ajeepay Surrendra Park Hotels gives the credit for such an improvement to the company’s expansion in Tier 2 and Tier 3 regions – the company added eight new properties in its portfolio in FY24, increasing the overall count to 33.

MD’s statement

Congratulating the team on the performance, Vijay Dewan, managing director, Apeejay Surrendra Park Hotels, commented, “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 eight 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, EM Bypass Kolkata, and Jaipur. We are also excited about our ongoing capacity expansions in Visakhapatnam 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. ‘Fly’ under the F&B brand expanded its footprint with the introduction of 10 new centres, 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.”