Sterling Holiday Resorts records 74% growth in revenues for Q2

 Sterling Holiday Resorts Ltd, one of IndiaТs leading leisure hospitality brands, recorded a profitable Half Year with a consolidated EBITDA of Rs. 56 Cr and a PBT of Rs. 32 Cr with a total income of Rs. 184 Cr. This was on the back of a consecutive second quarter of profits this year with a consolidated EBITDA of Rs. 16 Cr for the quarter. The company reported an operating free cash flow (OFCF) of Rs. 46 Cr for the half year.

Compared to the same quarter last year, the resort business reported a 74% growth in revenues, powered by an increased guest ratio from 54% to 62%, increased occupancies at 53% compared to 46%, a 23% growth in room rates and a focused drive to increase food and beverage revenue while maintaining cost efficiencies. Compared to pre-pandemic levels, the resort revenues grew 48% with better occupancies and a 54% increase in room rates.

The membership business too has strengthened with higher down-payments, an increased average ticket size and with sales from variable cost channels crossing the 50% mark leading to reduction in operating costs for this business and thus increasing the EBITDA for this business to 48% from 30% for quarter 2 last year.

SterlingТs resorts have been rated very highly by customers Ц 23 resorts are rated 4.5 or more (on a 5-point scale) on Trip Advisor, with 2 resorts consistently rating 5 on 5. 12 resorts are ranked No.1 in their destination. Sterling Ooty Elk Hill won the Tamil Nadu Tourism award for УBest Leisure HotelФ.

Talking about the performance after the first half of the Financial Year, Vikram Lalvani, MD and CEO of Sterling Holiday Resorts Ltd said, УWe are seeing the industry moving back towards normalcy and are seeing pre-pandemic seasonality trends being restored. While the resorts in some parts of the country, especially in the North and East were impacted by the extended monsoon, we leveraged our pan-India portfolio to ensure that we ended the СleanestТ quarter of the year with profits. We expect the rest of the year to be more buoyant.