Apeejay Surrendra Park Hotels Limited (ASPHL) announced financial results for the quarter ending June 30, 2024. In Q1 FY25, the company’s revenue stood at INR 138 crore, up by 6% and an increase of 4% YoY in EBIDTA to INR 42 crore. The company registered a strong occupancy of 94%.
Apeejay Surrendra Park Hotels Limited (ASPHL) currently manages a portfolio of 33 hotels spread across 23 cities, showcasing its significant presence in the hospitality industry. In the coming two months, ASPHL is set to enhance its offerings with the inauguration of two new properties: THE Palace Chettinad and Ran Baas Palace Patiala. These additions are expected to further solidify the company’s reputation for luxury and heritage hospitality.
Moreover, ASPHL has embarked on new projects in Pune and at the EM Bypass in Kolkata, indicating its ongoing commitment to expansion and development. These initiatives reflect the company’s strategic vision to broaden its footprint and cater to a diverse clientele, ensuring a blend of modern amenities and cultural richness in its properties.
Commenting on the performance, Vijay Dewan, Managing Director of Apeejay Surrendra Park Hotels, said, “We continue to outperform the market in the upper upscale segment with industry-leading occupancy and RevPAR. During this quarter, EBIDTA has grown despite transient headwinds on account of lower air traffic growth, prolonged disruption on account of elections, and a dip in MICE and social functions. Our confectionary and café brand, Flurys, has achieved remarkable success with openings in Mumbai and will cross the 100-store mark soon. ICRA has revised the company’s credit rating three notch up to A+ (stable), and this, along with a strong balance sheet and new openings, will take the company on to a faster growth trajectory in the quarters ahead.”
