Park Hotels posts 46% YoY growth in Q3 Consolidated PAT

5 Mar 2024 , 10:03 AM

Apeejay Surrendra Park Hotels announced on Monday a 46% year-on-year (YoY) increase in consolidated net profit for the quarter ending December 2023 to ₹27.42 Crore.

The consolidated income from operations grew by roughly 14% year-on-year to ₹159 Crore.

Operating profit, measured as earnings before interest, taxes, depreciation, and amortisation (EBITDA), increased to ₹87.94 Crore from ₹78.41 Crore last year, but operating margin fell 70 basis points to 55.31%.

Consolidated total costs increased to ₹103 Crore from ₹89.74 Crore the previous year.

For the nine months ended December, the firm recorded a 19.4% increase in net profit to ₹50.36 Crore, while sales increased by over 16% to ₹423.30 Crore.

Apeejay Surrendra Park Hotels Limited, founded in 1987, operates in the hotel industry under the brand names ‘THE PARK’, ‘THE PARK Collection’, ‘Zone by The Park’, ‘Zone Connect by The Park’, and ‘Stop by Zone’. The company also operates in the retail food and beverage market under the name ‘Flurys’.

The company currently runs 27 hotels across several categories, including premium boutique, upmarket, and upper midscale. These hotels are located in locations across India, including Kolkata, New Delhi, Bangalore, Chennai, Mumbai, Hyderabad, Coimbatore, Jaipur, Indore, Goa, Jodhpur, Jammu, Navi Mumbai, Visakhapatnam, Port Blair, and Pathankot, with a total of 2,111 rooms as of August 2023.

The company has recently floated its IPO worth ₹920 Crores in February 2024. The issue consisted of a new issuance of 3.87 Crore shares totaling ₹600 Crores and an offer for sale of 2.06 Crore shares totaling ₹320 Crores.

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