Sterling Holiday Resorts, a leisure hospitality brand, recorded its best-ever Annual Performance, during the financial year FY23. Sterling registered its highest EBITDA and PBT since inception on the back of its 9th consecutive profitable quarter.
Sterling recorded an EBITDA of INR 11,713 Lakhs for FY23 which is a 6x multiple over the pre-pandemic year of FY20 and a growth of 23 per cent Year-on-Year (YOY) over the previous year FY22. The EBITDA per cent stood at 31 per cent as against 7 per cent in FY20.
The company recorded a Turnover of INR 37,720 Lakhs for the financial year FY23. This represents a recovery of 37 per cent over the pre-pandemic levels and a growth of 39 per cent YOY.
Sterling’s PBT for FY23 stood at INR 6,593 Lakhs, which was a growth of 51 per cent YOY and a swing of INR 11,252 Lakhs over the pre-pandemic year of FY20.
Commenting on the performance, Vikram Lalvani, the MD and CEO said, “This has been the best year for the Industry in recent times. The surge in demand and drive towards internal efficiencies coupled with the Brand strength of Sterling has enabled us to grow significantly over pre-pandemic levels.”
Sterling continued to focus on leveraging technology to improve internal process efficiencies and enable business. Sterling ONE, its proprietary distribution platform, enables Channel Partners across the length and breadth of the country and employees of corporate clients, to access Sterling inventory in real-time and make reservations at pre-approved rates at the click of a button.
During FY23, Sterling added a total of 6 resorts: Madurai and Tiruvannamalai (in Tamilnadu), Kalimpong (West Bengal), Pench (Madhya Pradesh), Haridwar (Uttarakhand) and Chail (Himachal Pradesh) taking its portfolio to 40 resorts across 38 destinations. The company has a healthy pipeline and plans to open more resorts in the first quarter of FY24. The portfolio expansion shall primarily be on an asset-light model.