{"id":22070,"date":"2023-11-17T06:43:41","date_gmt":"2023-11-17T06:43:41","guid":{"rendered":"https:\/\/livemumbai.in\/index.php\/2023\/11\/17\/praveg-limited-announced-q2-h1-fy24-results\/"},"modified":"2023-11-17T06:43:41","modified_gmt":"2023-11-17T06:43:41","slug":"praveg-limited-announced-q2-h1-fy24-results","status":"publish","type":"post","link":"https:\/\/livemumbai.in\/index.php\/2023\/11\/17\/praveg-limited-announced-q2-h1-fy24-results\/","title":{"rendered":"Praveg Limited Announced Q2 & H1 FY24 Results"},"content":{"rendered":"
\n

Ahmedabad (Gujarat) [India], November 17<\/strong>: Praveg Limited\u00a0(BSE \u2013 531637),\u00a0India\u2019s leading eco-responsible luxury resorts company,\u00a0reported\u00a0its\u00a0unaudited\u00a0Financial Results for the\u00a0second quarter of fiscal year 2023-24\u00a0(Q2\u00a0FY24).<\/p>\n

Key Financial Highlights<\/p>\n

Q2\u00a0FY24:<\/p>\n

\u2022\u00a0Total Income\u00a0\u20b914.64\u00a0crore<\/p>\n

\u2022\u00a0EBITDA of\u00a0\u20b94.48\u00a0crore<\/p>\n

\u2022\u00a0EBITDA margin at\u00a030.61%\u00a0<\/p>\n

\u2022\u00a0Net Profit of\u00a0\u20b92.10\u00a0crore<\/p>\n

\u2022\u00a0Net profit margin at\u00a014.35%\u00a0<\/p>\n

\u2022\u00a0EPS (Diluted)\u00a0\u20b90.97<\/p>\n

Key Recent Developments:<\/p>\n

1)\u00a0Commencement of 2 Luxury resorts\u00a0i.e.\u00a0Dholavira Resort, White Rann Resort and Praveg\u2019s\u00a0Grand Eulogia, a 5 star hotel in\u00a0Ahmedabad\u00a0Gujarat<\/p>\n

2)\u00a0As a part of our business acquisition strategy,\u00a0Eulogia Inn Private Limited merges with\u00a0Praveg\u00a0Limited.<\/p>\n

3)\u00a0Receipt of Work Order to\u00a0Development, Operation and Management of\u00a0Tent City at Kihim in Raigad, Maharashtra, Damanganga\u00a0Garden Kachigam, Daman and\u00a0Tent City at Nagoa Beach, Diu.<\/p>\n

Developments\u00a0during\u00a0the Quarter:<\/p>\n

1)\u00a0Operations at Tent City at\u00a0Chakratirth Beach, Diu and Tent City at Jampore Beach, Daman commenced in August<\/p>\n

2)\u00a0Praveg Receives Work order for Developing\u00a02\u00a0Tent Cities\u00a0in Ayodhya, Uttar\u00a0Pradesh\u00a0i.e.\u00a0Bramhkund and\u00a0Saryughat.<\/p>\n

<\/a>The current quarter experienced a decrease in demand due to seasonal factors, resulting in a 15.29% decline in\u00a0our\u00a0total income compared to the same quarter last year. Moreover,\u00a0our EBITDA\u00a0margins have\u00a0narrowed down\u00a0due to\u00a0the elevated operational\u00a0costs associated\u00a0with our\u00a0upcoming\u00a0project\u00a0developments.\u00a0With 6 properties now operational and 12 more in the pipeline,\u00a0the\u00a0Company is anticipating\u00a0strong\u00a0growth during\u00a0the\u00a0second half of the year. To reduce the impact of seasonal earnings fluctuations Praveg is investing in resort and hotel properties that will remain operational\u00a0around\u00a0the year.\u00a0The company\u2019s recent\u00a0opening of two beach resorts in Daman and Diu exemplifies this proactive approach.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Resorts<\/td>\nRooms<\/td>\nOperational \/Pipeline<\/td>\n<\/tr>\n
Tent City Narmada<\/td>\n200<\/td>\nOperational<\/td>\n<\/tr>\n
White Rann Resort<\/td>\n76<\/td>\nOperational\u00a0(seasonal)<\/td>\n<\/tr>\n
Tent City Varanasi<\/td>\n170<\/td>\nOperational (seasonal)<\/td>\n<\/tr>\n
Praveg Beach Resort, Lighthouse\u00a0Beach,\u00a0Daman<\/td>\n33<\/td>\nOperational<\/td>\n<\/tr>\n
Praveg Beach Resort, Jampore\u00a0Beach,\u00a0Daman<\/td>\n35<\/td>\nOperational<\/td>\n<\/tr>\n
Praveg Beach Resort, Chakratirth\u00a0Beach, Diu<\/td>\n30<\/td>\nOperational<\/td>\n<\/tr>\n
Dholavira Resort, Gujarat<\/td>\n20<\/td>\nOperational w.e.f. 02\/11\/2023<\/td>\n<\/tr>\n
Praveg\u2019s Grand Eulogia, Ahmedabad, Gujarat<\/td>\n76<\/td>\nOperational w.e.f. 01\/11\/2023<\/td>\n<\/tr>\n
Praveg Beach Resort, Ghoghla Beach, Diu<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n
Ayodhya,\u00a0Uttar Pradesh\u00a0(Ayodhya I&II)<\/td>\n70<\/td>\nPipeline<\/td>\n<\/tr>\n
Velavadar, Gujarat<\/td>\n15<\/td>\nPipeline<\/td>\n<\/tr>\n
Udaipur, Rajasthan<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n
Jawai, Rajasthan<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n
Adalaj,\u00a0Gandhinagar,\u00a0Gujarat<\/td>\n10<\/td>\nPipeline<\/td>\n<\/tr>\n
Nagoa Beach, Diu<\/td>\n37<\/td>\nPipeline<\/td>\n<\/tr>\n
Damanganga Garden Kachigam, Daman<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n
Tent City at Kihim, Raigad, Maharashtra<\/td>\n40<\/td>\nPipeline<\/td>\n<\/tr>\n
Ranthambhore, Rajasthan<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n

The introduction of new resorts in both the previous and current financial year has resulted in a year-on-year increase in depreciation and amortization charges by over\u00a068.50%. This uptick can be attributed to the substantial capital expenditures associated with the development of new resort properties in Q2 FY24.<\/p>\n

The\u00a0focus remains on identifying avenues for expense optimization and operational refinement to drive improved financial performance in the upcoming quarter. Notably, the company attained a robust EBITDA margin of\u00a030.6% in Q2 FY24. Additionally, the company depreciates and amortizes non-permanent structures and equipment used in resort construction over a shorter span of five years, resulting in higher non-cash charges against profits compared to industry standards.<\/p>\n

Commenting on the results\u00a0Mr. Vishnu Patel, Chairman,\u00a0Praveg Limited\u00a0said,\u00a0\u201cCurrent quarter has witnessed lower revenues,\u00a0due to lower exhibition revenues compared to last year Q2 2023. Our\u00a0revenue from resorts was\u00a0practically unchanged from Q2 2023 and the addition of resort capacity towards the end of Q2 2024 will be fully felt only during H2 2024.\u00a0During\u00a0H1FY24,\u00a0our\u00a06\u00a0resorts\u00a0became\u00a0operational.\u00a0We are poised for a period of growth in the second half of FY24,\u00a0fuelled\u00a0by\u00a0the scaling up of our Events & Exhibition business and the timely initiation of our upcoming hospitality projects. We have launched recruitment\u00a0initiatives to\u00a0assemble a\u00a0strong\u00a0professional\u00a0team that will play a pivotal role in supporting our growth. These endeavours are expected to make a positive impact on our overall\u00a0performance for the current year.\u00a0Looking ahead, we anticipate our operational resorts to achieve occupancy rates between 40-45% in the upcoming quarter, while generating an average daily room rate (ADR) of INR 7,000 to\u00a09,000.\u00a0As we move forward, our commitment to nurturing our Hospitality Business remains at the forefront of our strategy. With the anticipated growth of our Events and Exhibition sector, we foresee a powerful synergy that will propel our overall operations to new heights.<\/p>\n

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Ahmedabad (Gujarat) [India], November 17: Praveg Limited\u00a0(BSE \u2013 531637),\u00a0India\u2019s leading eco-responsible luxury resorts company,\u00a0reported\u00a0its\u00a0unaudited\u00a0Financial Results for the\u00a0second quarter of fiscal year 2023-24\u00a0(Q2\u00a0FY24). Key Financial Highlights […]<\/p>\n","protected":false},"author":1,"featured_media":22071,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[632,638],"class_list":["post-22070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release","tag-pr","tag-press-release"],"_links":{"self":[{"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/posts\/22070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/comments?post=22070"}],"version-history":[{"count":0,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/posts\/22070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/media\/22071"}],"wp:attachment":[{"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/media?parent=22070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/categories?post=22070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/tags?post=22070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}