Apeejay Surrendra Park Hotels (ASPHL) announced its financial results for Q4 and FY2024. In FY24, the company recorded a profit of INR 69 crore, up 43% YoY, and EBITDA stood at INR 205 crore, up 16% YoY. The net profit for Q4 stood at INR 18 crore, up 72% YoY. The company registered a strong occupancy rate of 92%.
ASPHL’s growth in FY24 is a result of robust growth plans and the strengthening of its operating position in tier two and tier three regions. The company has further strengthened its footprint with eight properties in FY24, of which three were introduced in the fourth quarter, bringing the overall count 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 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 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 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.”
