PNN
Mumbai (Maharashtra) [India], August 12: Praveg Limited(BSE - 531637), India's leading eco-responsible luxury resorts company, reported its Unaudited Financial Results for the Q1 FY25.
Key Financial Highlights
* Consolidated Key Financial Highlights Q1 FY25
* Total Income of Rs 24.68 Cr, YoY growth of 98.34 %
* EBITDA of Rs 7.62 Cr
* EBITDA Margin of 30.88%
* PAT of Rs 0.76 Cr
* PAT Margin of 3.09%
* EPS of Rs 0.30
Key Operation Highlights
* Hospitalities segment's Revenue contributed Rs 21.42 Cr (Rs 6.41 Cr) in Q1 FY25
* Event & Exhibition's Revenue segment contributed Rs 1.98 Cr (Rs 5.56 Cr) in Q1 FY25
* The company is having total 619 Rooms across 12 operational resorts and one hotel.
Commenting on the results Vishnu Patel, Chairman, Praveg Limited said, "During Q1 FY25, our hospitality business made significant strides with an expansion from 4 operating units in Q1 FY24 to 13 operating sites. This substantial increase led to higher depreciation, manpower, and operating costs, yet we achieved an impressive top line growth of around 100% compared to the same quarter last year. Despite these advancements, we faced an increase in finance costs, totalling Rs 1.58 Cr. This includes a notional interest cost of Rs 1.53 Cr debited to the profit and loss account due to compliance with IND AS 116 on leases. Without this mandatory accounting adjustment, our profit would have been approximately Rs 1.20 Cr higher.
The traditionally slower Q1 period for the hotel industry did not deter our progress. Our strategic investments and focus on delivering exceptional guest experiences contributed to significant revenue growth. The expansion of our operations is a testament to our commitment to long-term growth and excellence in the industry, with 13 managed properties currently operational and 14 more in development.
Moreover, we are encouraged by the government's recent support for the tourism and hospitality sector. The Interim Budget's allocation of Rs 2,479.62 Cr, 46.54% increase from the previous year emphasizes the importance of developing and maintaining tourist infrastructure. This enhanced support, combined with our expanding portfolio and innovative offerings, positions us well to capitalize on the growing demand for premium, sustainable travel experiences and further solidify our market leadership."
Highlights For Q1 FY25 (April 2024 - June 2024)
* The company has issued 12,93,024 equity shares, having a face value of Rs 10, fully paid-up, on a preferential basis at Rs 955 per share (comprising a premium of Rs 945 per share), total aggregating amount of Rs 12348.38 lakhs.
* The Company has issued 8,56,976 convertible warrants at Rs 955 each (including a premium of Rs 945 per warrant) has received Rs 2,046.03 Lakhs, which is 25% of the total aggregate amount of Rs 8184.12 Lakhs.
* The Company has changed its website from www.praveg.com to www.dizcoverpraveg.com.
* Commencement of Operations at Nagoa Beach, Diu, on May 15, 2024, with 40%-50% occupancy and ARR of Rs 7,000-Rs 9,000, featuring eco-conscious design, 31 premium tents, and 4 dual-bedroom sunset suites.
* Secured 30-year land lease in Jawai, Rajasthan Cave Resort. The resort features 12 luxury cave rooms, 8 tents, a pool, restaurant, bar, unique safaris, supporting an eco-luxury strategy
* The Company acquired 51% stakes in Abhik Advertising Private Limited and Bidhan Advertising and Marketing Private Limited.
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