• EBITDA margin at 34% in line with the industry benchmarks

• Revenue growth of 9% y-o-y

• Guest ratio up from 66% to 69% y-o-y

• Crosses the milestone of 50 resorts, opened 8 new resorts since Q1 FY24

• Food & Beverage (F&B) revenues up 6% y-o-y

• The company continues to remain debt free with healthy cash reserves of over Rs.200 Cr.

Chennai, 2nd August 2024: Sterling Holiday Resorts, one of India’s leading leisure hospitality brands announced its results for Q1 FY25. The company recorded its highest ever Q1 revenue of
Rs. 126 Cr. and maintained its EBITDA at a healthy 34% in line with the industry average. The company has been profitable for 16 consecutive quarters.

With the addition of 2 resorts in Dehradun and Udaipur during the quarter, Sterling’s portfolio crossed the milestone of 50 resorts. The addition of 9 resorts since Q1 FY24 reiterates the Company’s sustained delivery of its expansion strategy.

Key Highlights:

• The Revenue grew 9% over the same quarter last year, despite setbacks to both leisure and MICE segment, such as:

• The heat wave across the country

• Postponement of travel due to elections

• Fewer wedding dates in Q1 FY25

• While the EBITDA is a healthy 34%, it is slightly moderated when compared to the previous year. This is mainly due to 5 resorts that were opened in the last 5 months in Rajasthan, including 3 in Udaipur, which are in the ramp phase.

With this rapid geographic expansion on an asset-right model, the CEO & MD, Mr. Vikram Lalvani said, “Despite numerous headwinds in the first quarter, Sterling delivered its highest ever Q1 revenues and a healthy EBITDA margin, while also ramping up capacity with new resorts. With long term demand trends continuing to be strong, Sterling is poised for sustained growth through asset-right, balanced portfolio growth across regions. Based on our expansion plans of 20 additional resorts and 1,000 keys in the next 12 to 18 months, in phases, we are also investing in building key talent to cater to this growth.”

Key Recognitions:

• 19 of Sterling’s resorts are ranked No 1 in their respective locations as per Trip Advisor, and overall, 65% of its resorts are in the Top 5. 

• 42 resorts out of 50 are ranked 4.5 and above on a maximum score of 5 in Trip Advisor.

• Sterling Puri was awarded as the Best Resort for Destination Weddings (East) at the second ET MICE & Wedding Tourism Awards 2024, held in Mumbai recently and this is a testament of the growing strength of the Sterling brand in the hospitality space.