Advani Hotels & Resorts Limited announced unaudited financial results for Q4 and FY24. The company said that despite a slight decrease in overall demand for Goa as a tourist destination, the company saw an 8 per cent year-on-year revenue growth, attributed to a surge in wedding bookings and improved MICE (Meetings, Incentives, Conferences, and Exhibitions) business.
The company reported a decrease in profit for the quarter ended 31st March 2024 at ₹10.5 crore compared with ₹10.9 crore during the corresponding quarter last year. The company’s revenues rose 7.7 per cent to ₹33.53 crore as compared with ₹30.98 crore last year.
The EBITDA margin declined to 34 per cent in FY24 due to investments in workforce and hotel facility upgrades. The company declared a second interim dividend of 40 per cent on enhanced paid-up capital post 1:1 bonus issue in FY24. The company reported that it maintains a debt-free status with liquid fund reserves of ₹44.88 crore.
The company’s shares were down 0.09 per cent to ₹69.82 at 11.36 am on the BSE.