Sterling Holiday Resorts reports 129% year-on-year growth in gross revenue
The leisure hospitality company posted a standalone profit of Rs. 234 lakhs in Q1 FY22.
Sterling Holiday Resorts reported a gross revenue of Rs. 4,159 lakhs for Q1 of FY22 recording an approximate growth of 129% against the gross revenue of Rs. 1,813 lakhs from the same quarter of last year. The surge in revenue is largely due to a shorter span of lockdown in the current year compared to last year and the subsequent increase in room nights.
Talking about the rise in growth, Ramesh Ramanathan, CMD, Sterling Holiday Resorts said, “Throughout the pandemic, our efforts have focused around providing support and encouraging our guests to place their trust in us for their safe and fun-filled vacations. This has undoubtedly enabled us to bounce back at a better pace and helped us show a promising positive growth quarter on quarter. We are confident to maintain the momentum and the positive growth that we have set from here on.”
The rise in average room rent has been 9% over last year. Cost initiatives taken during the earlier pandemic continue to benefit and contribute towards a healthy bottom line. Membership sales during the second wave of COVID were higher than the same period of last year with higher down payment, resulting in higher cash inflows. Revenues from membership included revenues arising out of one-time cancellation of contracts. Conversion of leased resorts to managed contracts and exiting from non-profitable leased resorts also contributed to the benefits of over 30% on costs related to leases.
In the recent past, despite the effects of the COVID-19 pandemic, Sterling Holidays reported standalone revenue of INR 8,430 lakhs in Q4 FY21 as compared to INR 5,738 lakhs in Q4 FY20. Sterling Palm Bliss, Rishikesh, was added into the resort bouquet.
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