Apeejay Surrendra Park Hotels Limited (ASPHL), a leading player in the hospitality sector renowned for its upscale properties and diverse F&B offerings, announced financial results for the quarter ending 31 December 2024. The Company reported Revenue from Operations of INR 177 crore, up 11% YoY, while EBITDA grew 11% YoY to INR 63 crore. ASPHL also achieved industry-leading occupancy of 91% during Q3 FY25.
Expansion into Tier 2 and Tier 3 Markets
ASPHL’s robust growth is a result of sustained expansion into additional markets, particularly in Tier 2 and Tier 3 regions. With the inauguration of two heritage properties, “The Palace Chettinad” and “Ran Baas Palace” Patiala, ASPHL is revolutionizing luxury and heritage hospitality in the country. With a portfolio of 36 hotels across 26 cities, the company continues to maintain leadership in the hospitality sector.
Strategic Growth Plans
In its continued commitment to expansion and development, ASPHL plans to more than double its key count to 5,048 over the next five years, including 830 keys under owned development. Meanwhile, Flurys, the company’s iconic bakery and confectionery brand, has reached its 100th outlet and is poised to accelerate its national footprint. These initiatives reflect the company’s strategic vision to broaden its reach and cater to a diverse clientele, ensuring a blend of modern amenities and cultural richness across its properties.
Leadership Commentary
Commenting on the Q3 & 9M FY25 performance, Vijay Dewan, Managing Director, Apeejay Surrendra Park Hotels, said, “During Q3 FY25, ASPHL has achieved India’s highest occupancy of 91% and maintained its leadership in RevPAR in the Upper-Upscale segment. Our recently launched luxury palace hotels—The Lotus Palace Chettinad and Ran Baas The Palace at Patiala—have been exceptionally well received, marking a new phase in our growth journey.
Additionally, we commenced the soft opening of ‘Zone Connect by The Park’ in Prayagraj, strategically timed with the Maha Kumbh 2025. Flurys achieved a significant milestone with the opening of its 100th outlet, reinforcing its position as a highly profitable and scalable business with an asset-light expansion model. We are poised to accelerate its national footprint, unlocking meaningful growth opportunities and strengthening its contribution to the Company.
The Company recorded double-digit growth during this quarter and achieved an operating EBITDA of 36% and a Profit After Tax of Rs 32 Crores, which is a 17% growth over last year. Our development and growth plan remain on course, and we expect the growth momentum to further improve in the quarters ahead.”
