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SAMHI Hotels Limited (BSE: 543984) (NSE: SAMHI) a prominent branded hotel ownership and asset management platform in India, announced its unaudited Standalone and Consolidated results for the quarter ended 30th June 2023.
Commenting on the performance, Ashish Jakhanwala, Chairman, Managing Director and Chief Executive Officer, SAMHI Hotels Ltd. said, “On 22nd September 2023, SAMHI Hotels Ltd. made its debut on NSE and BSE. It is a proud achievement for us to create a formidable hotel company in India within a period of 12 years.
“We are also pleased to report our Q1FY24 performance (growth on a same-store basis): Our RevPAR grew by 14.2% YoY Average room rates improved by 17.7% YoY. Occupancy levels remained consistently above 70% Asset Income & EBIDTA grew by 14.2% and 12.5% respectively over Q1FY23 Demand environment remains strong with little new supply in core markets. With the upcoming strong season, we remain upbeat about performance”.
“In August 2023, we completed the acquisition of the ACIC Portfolio with 962 rooms and land for development in Navi Mumbai. The integration of this portfolio will bring significant advantages to our business in the next few quarters.”
“We've successfully reduced our Net Debt from ?28,339mn to ?18,331mn through the utilization of IPO funds. As we move into the second half of FY24, we anticipate a significant drop in our quarterly finance costs by ~57%, down from an average of ?1,368mn to ~?600mn resulting in healthy internal accruals to pursue growth”.
