The leisure hotel company posted a stand-alone profit of Rs. 234 lakhs in the first quarter of fiscal 22.
Sterling Holiday Resorts reported gross income of Rs. 4,159 lakhs for the first quarter of fiscal 22, registering an approximate growth of 129% over gross income of Rs. 1,813 lakhs for the same quarter of last year . The increase in revenue is largely due to a shorter foreclosure period in the current year compared to last year and the subsequent increase in overnight stays.
Speaking about the increased growth, Ramesh Ramanathan, CMD, Sterling Holiday Resorts said, “Throughout the pandemic, our efforts have been focused on supporting and encouraging our guests to trust us on their vacations. safe and fun. This has definitely allowed us to bounce back at a better pace and helped us deliver positive and promising growth quarter over quarter. We are confident to maintain the momentum and positive growth we have set from now. “
The average room rent increase was 9% compared to last year. Cost initiatives taken during the previous pandemic continue to benefit and contribute to a healthy bottom line. Membership sales during the second wave of COVID were higher than the same time last year with a higher down payment, resulting in larger cash inflows. Income from members included income from one-off contract cancellations. The conversion of leased resorts to managed contracts and the exit of unprofitable leased resorts also contributed more than 30% profit on lease costs.
In the recent past, despite the effects of the COVID-19 pandemic, Sterling Holidays reported self-sustaining revenue of INR 8,430 lakhs in the fourth quarter of fiscal 21, compared to INR 5,738 lakhs in the fourth quarter of ‘Exercise 20. Sterling Palm Bliss, Rishikesh, has been added to the resort bouquet.