Samhi Hotels announced Q1FY24 results: 1. Financial Performance: - SAMHI Hotels Ltd. reported a 14.2% growth in Asset Income and a 12.5% growth in Asset EBITDA for the quarter ended June 30, 2023. - The company saw a significant reduction in debt and finance costs, with net debt decreasing from 28,339mn to 18,331mn. - The cost of debt is expected to decrease by approximately 57% in the second half of FY24, resulting in healthy internal accruals. 2. Operational Highlights: - SAMHI Hotels reported a YoY growth of 14.2% in RevPAR (revenue per available room), driven by improved average room rates and occupancy levels consistently above 70%. - The demand environment remains strong with little new supply in core markets, and the company is optimistic about the upcoming strong season. - In August 2023, SAMHI Hotels completed the acquisition of the ACIC Portfolio, which includes 962 rooms and land for development in Navi Mumbai. 3. Strategic Priorities: - SAMHI Hotels' key priorities include strong growth through leveraging the strength of its assets and integrating the ACIC Portfolio. - The company aims to improve the market share of specifically identified hotels within its portfolio through renovation, rebranding, and expansion. - Reduction in finance costs, debt repayment, and overall cost optimization are also key priorities. Ashish Jakhanwala, Chairman, Managing Director, and CEO of SAMHI Hotels, said, "We are proud to create a formidable hotel company in India within a period of 12 years. Our Q1FY24 performance is a testament to our strong growth, with RevPAR increasing by 14.2% YoY and average room rates improving by 17.7% YoY. We remain confident in the opportunities in the hotel industry in India and our capabilities to leverage them to our advantage." Result PDF