Sterling Holiday Resorts announces record turnover for Q3 FY-23
Year-to-date (YTD) performance surpasses full financial year performance of any previous year in its history
Sterling Holiday Resorts Ltd. announced its financial results for the third quarter and nine months of the financial year ending December 31, 2023. The company recorded a total income of Rs 10,400 lakh, which is the highest in the company's history for any quarter. Its nine-month performance year-to-date has surpassed the full financial year performance of any previous year. The company’s revenue showed a recovery of 134 per cent on the revenue of the pre-pandemic year of FY-20.
The EBITDA margin stands at 33 per cent for the quarter and year-to-date, and the company's PBT for the year-to-date is at Rs 5,200 lakh, showing a Year-on-Year (YoY) growth of over 60 per cent. Additionally, the company has recorded significant growth in operating free cash flows, with a 91 per cent YoY growth. Sterling's resorts have received high ratings from customers and accolades from the industry, with 36 resorts rated 4 or higher on Trip Advisor and 12 ranked number one in their destinations.
Talking about the performance after the third quarter, Vikram Lalvani, MD and CEO of Sterling Holiday Resorts Ltd, said, “The results reflect the growing strength of Sterling as a leading leisure hospitality brand in India. It is a testament to the resilience and dedication of the entire team at Sterling.” Over the last three months, Sterling has launched three resorts across the country: Pench in Madhya Pradesh (an upscale boutique wildlife resort), Tiruvannamalai (a prominent spiritual destination) in Tamilnadu, and Haridwar (a spiritual destination and industrial hub) in Uttarakhand. The company plans to debut in several other destinations pan-India, as well.
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