{"id":24669,"date":"2024-02-16T15:32:44","date_gmt":"2024-02-16T10:02:44","guid":{"rendered":"https:\/\/livemumbai.in\/index.php\/2024\/02\/16\/praveg-announces-opening-of-praveg-tent-city-saryu-ayodhya-along-with-q3-9m-fy24-results\/"},"modified":"2024-02-16T15:32:44","modified_gmt":"2024-02-16T10:02:44","slug":"praveg-announces-opening-of-praveg-tent-city-saryu-ayodhya-along-with-q3-9m-fy24-results","status":"publish","type":"post","link":"https:\/\/livemumbai.in\/index.php\/2024\/02\/16\/praveg-announces-opening-of-praveg-tent-city-saryu-ayodhya-along-with-q3-9m-fy24-results\/","title":{"rendered":"Praveg Announces Opening of Praveg Tent City, Saryu, Ayodhya along with Q3 & 9M FY24 Results"},"content":{"rendered":"
\n

Mumbai (Maharashtra) [India], February 16:<\/strong> Praveg Limited\u00a0(BSE \u2013 531637),\u00a0India\u2019s Premier Eco-Responsible Luxury Resorts Company, Unveils Praveg Tent City, Saryu, Ayodhya, and Releases Unaudited Financial Results for Q3\u00a0& 9M\u00a0FY24.<\/p>\n

Key Financial Highlights<\/p>\n

Q3\u00a0FY24:<\/strong><\/p>\n

\u2022\u00a0Total Income\u00a0\u20b934\u00a0crore<\/p>\n

\u2022\u00a0EBITDA of\u00a0\u20b913\u00a0crore<\/p>\n

\u2022\u00a0EBITDA margin at\u00a039%\u00a0<\/p>\n

\u2022\u00a0Net Profit of\u00a0\u20b98\u00a0crore<\/p>\n

\u2022\u00a0Net profit margin at\u00a024%\u00a0<\/p>\n

\u2022\u00a0EPS (Diluted)\u00a0\u20b93.55<\/p>\n

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

1)\u00a0Praveg Receives\u00a03\u00a0Work orders\u00a0for\u00a0Nagoa\u00a0Beach at Diu, Jalandhar House at\u00a0Diu and\u00a0Damanganga\u00a0Circuit House atSilvassa;<\/p>\n

2)\u00a0Praveg Receives Work order for Developing Tents at\u00a0Agatti\u00a0Island, UT of\u00a0Lakshadweep, Development, Operation, Maintenance and Management for the above islands;<\/p>\n

3)\u00a0Launching\u00a0of two properties namely Praveg\u2019s Tent City at Ayodhya,\u00a0Brahmakund,\u00a0Uttar Pradesh and Beach Resort at\u00a0Ghoghla\u00a0Beach, Diu\u00a0on\u00a0the auspicious day of Deepavali2023; and<\/p>\n

4)\u00a0Preferential\u00a0allotment\u00a0of 200,000 equity shares\u00a0converted\u00a0from\u00a0warrants\u00a0at INR 487\/-\u00a0in November 2023.<\/p>\n

In the most recent quarter, our company experienced a commendable surge in revenues of 16% YoY and\u00a0131%\u00a0QoQ,\u00a0fueled\u00a0by robust demand during the festive season and optimal utilization levels at our resorts. Our\u00a0Hospitalitybusiness contributed\u00a077.33% to revenues increasing by\u00a064.73% in\u00a0YoY.<\/p>\n

Despite encountering challenges such as heightened operational costs linked to ongoing project developments, resulted in a slight contraction of EBITDA margins and profits. However, we remain strategically focused on significant investments in resort and hotel properties designed for year-round operation. The recent inauguration of Phase 2 in Ayodhya signifies a significant milestone for us in Uttar Pradesh. With this addition, we have now\u00a0nine\u00a0operational properties and\u00a0thirteen\u00a0under development, positioning us for robust growth in the upcoming financial year.<\/p>\n

\n\n\n\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 \/\u00a0Pipeline<\/td>\n<\/tr>\n
Tent City Narmada<\/td>\n200<\/td>\nOperational<\/td>\n<\/tr>\n
White Rann Resort<\/td>\n76<\/td>\nOperational (seasonal)<\/td>\n<\/tr>\n
Praveg Beach Resort, Lighthouse Beach, Daman<\/td>\n33<\/td>\nOperational<\/td>\n<\/tr>\n
Praveg Beach Resort,\u00a0Jampore\u00a0Beach, Daman<\/td>\n35<\/td>\nOperational<\/td>\n<\/tr>\n
Praveg Beach Resort,\u00a0Chakratirth\u00a0Beach, Diu<\/td>\n30<\/td>\nOperational<\/td>\n<\/tr>\n
Dholavira\u00a0Resort, Gujarat<\/td>\n30<\/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,\u00a0Ghoghla\u00a0Beach, Diu<\/td>\n30<\/td>\nOperational w.e.f. 12\/11\/2023<\/td>\n<\/tr>\n
Ayodhya,\u00a0Brahmakund,Uttar\u00a0Pradesh<\/td>\n30<\/td>\nOperational w.e.f.\u00a012\/11\/2023<\/td>\n<\/tr>\n
Tent City Varanasi#<\/td>\n170<\/td>\nSeasonal\u00a0(Pipeline)<\/td>\n<\/tr>\n
Ayodhya, Saryu,\u00a0Uttar Pradesh<\/td>\n39<\/td>\nPipeline<\/td>\n<\/tr>\n
Agatti\u00a0Island, Lakshadweep<\/td>\n50<\/td>\nPipeline<\/td>\n<\/tr>\n
Velavadar, Gujarat<\/td>\n12<\/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, Gandhinagar, Gujarat<\/td>\n10<\/td>\nPipeline<\/td>\n<\/tr>\n
Nagoa\u00a0Beach, Diu<\/td>\n37<\/td>\nPipeline<\/td>\n<\/tr>\n
Damanganga\u00a0Garden\u00a0Kachigam, Daman<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n
Jalandhar House, Diu<\/td>\n45<\/td>\nPipeline<\/td>\n<\/tr>\n
Damanganga\u00a0Circuit House, Silvassa<\/td>\n38<\/td>\nPipeline<\/td>\n<\/tr>\n
Tent City at\u00a0Kihim, Raigad, Maharashtra<\/td>\n40<\/td>\nPipeline<\/td>\n<\/tr>\n
Ranthambhore, Rajasthan<\/td>\n30<\/td>\nPipeline<\/td>\n<\/tr>\n<\/tbody>\n<\/table>
# Tent City Varanasi is not in operation due to\u00a0force measure by NGT.<\/figcaption><\/figure>\n

During the quarter, our expenses, including depreciation charges, experienced a notable increase, primarily attributed to the rise in overheads for setting up new resorts. Despite this challenge, we maintained a resilient EBITDA margin of 39.2% in Q3 FY24. Our steadfast commitment continues as we actively seek opportunities for expense optimization and operational refinement to enhance financial performance in the upcoming quarter. Our Operational resorts showcased impressive occupancy rates of\u00a047% during the quarter, coupled with a noteworthy average daily room rate (ADR) of INR\u00a09,790.<\/p>\n

Commenting on the results\u00a0& Tent City, Chairman Mr. Vishnu Patel said,\u00a0\u201cthe 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.<\/p>\n

Looking ahead, we project our operational resorts to achieve occupancy rates of\u00a045% to 50% in the upcoming quarter, accompanied by an average daily room rate (ADR) of INR\u00a09,000 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.<\/p>\n

I am thrilled to announce the commencement of Praveg Tent City, Saryu, Ayodhya. I hold firm confidence that our property, distinguished by its exceptional location, eco-responsible design aesthetics, and a dedicated team of young and experienced professionals, is poised to provide a unique and distinctive service to guests hailing from every corner of the globe.<\/p>\n

Praveg Tent City, nestled near the tranquil bank of river Saryu in Ayodhya, offers a blissful retreat with 39 well-appointed tents, each promising a harmonious blend of comfort and nature\u2019s embrace. Embracing the rich cultural heritage of Ayodhya, the tent city beckons\u00a0travelers\u00a0with a myriad of amenities designed to elevate every aspect of their stay.<\/p>\n

Saryu, a sacred water body in Ayodhya, holds profound significance in Hindu mythology, believed to be the spot where Lord Rama took his final bath before ascending to heaven. The picturesque surroundings of river Saryu exude an aura of\u00a0tranquility\u00a0and spirituality, drawing pilgrims and tourists alike to its banks.<\/p>\n

Anticipating the growing significance of spiritual tourism in India, we are optimistic about Praveg Tent City, Saryu, Ayodhya, witnessing substantial footfalls. With the opening of this property, we project an average occupancy rate of 60-70% in the coming year and the Average ARR would be INR 10000 to 12000. Our unwavering commitment to expanding our portfolio with more eco-responsible luxury resorts across India remains steadfast.<\/p>\n

With this addition, a total of 10 (Ten) resorts are operational and 12 (Twelve) resorts are under development.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mumbai (Maharashtra) [India], February 16: Praveg Limited\u00a0(BSE \u2013 531637),\u00a0India\u2019s Premier Eco-Responsible Luxury Resorts Company, Unveils Praveg Tent City, Saryu, Ayodhya, and Releases Unaudited Financial Results […]<\/p>\n","protected":false},"author":1,"featured_media":24670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[632,638],"class_list":["post-24669","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\/24669","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=24669"}],"version-history":[{"count":0,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/posts\/24669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/media\/24670"}],"wp:attachment":[{"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/media?parent=24669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/categories?post=24669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livemumbai.in\/index.php\/wp-json\/wp\/v2\/tags?post=24669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}