Advertising & Media company Praveg announced Q3FY24 results: • Total Income of Rs34 crore. • EBITDA of Rs13 crore. • EBITDA margin at 39%. • Net Profit of Rs8 crore. • Net profit margin at 24%. • EPS (Diluted) of Rs3.55. Commenting on the results, Chairman Vishnu Patel said, "The operational resorts are gaining significant traction across all locations. Anticipation is high for forthcoming resorts to become operational in the next 6 months, with expectations of increased occupancy and interest. Our exhibition business has made a substantial contribution to total revenues, with promising inquiries received, indicating positive prospects ahead. The exceptional on-ground professional team has played a pivotal role in accelerating our growth, efficiently overseeing resort development and management, ensuring a swift pace in delivering luxurious experiences to our customers. These collective efforts are poised to yield positive outcomes for our overall performance this year. Looking ahead, we project our operational resorts to achieve occupancy rates of 45% to 50% in the upcoming quarter, accompanied by an average daily room rate (ADR) of Rs 9,000 to 10,500. Our ongoing commitment to nurturing our Hospitality Business remains steadfast, complemented by anticipated growth in our Events and Exhibition sector, promising to elevate our overall operations to new levels of success." Result PDF
Advertising & Media company Praveg announced Q1FY24 results: Total Income of Rs 12.45 crore EBITDA of Rs 4.94 crore EBITDA margin at 39.70% Net Profit of Rs 1.17 crore Net profit margin at 9.38% EPS (Diluted) Rs 0.51 Speaking on the occasion Vishnu Patel, Chairman of Praveg said, “This year has been marked by our dedication to the Hospitality Business, where we have passionately allocated all our resources to the development of 15 new resorts within the year, two of which have already commenced operations. While this commitment has temporarily impacted the revenue from our event and exhibition sector, it's important to note that this strategic shift is part of our broader vision. Praveg is in the process of a business transformation where it is investing in growth for its Hospitality business in the coming 12 months which is expected to see strong business traction from Q3FY24 onwards. Post Q3FY24, we are confident of ramping up our Events & Exhibition business once the company’s oncoming hospitality projects go on stream as planned. The establishment of new resorts in the previous and current financial years has led to an increase in depreciation and amortisation charge by over 234% on a YoY basis due to the large capex incurred on new resort properties in Q1FY24. Looking ahead, we're thrilled to share that ten out of the fifteen resorts will be in operation from Q3FY24. We've already initiated substantial recruitment efforts to ensure a robust team is in place to facilitate this growth. These endeavours are projected to significantly contribute to our performance in the current year. As we chart our course forward, our primary focus shall be nurturing our Hospitality Business with the Events and Exhibition business contributing additional demand for our hospitality business.” Result PDF