Praveg Limited FY23 Net Profit Up 132 per cent

 Praveg Limited (BSE - 531637), a renowned name in the Indian Tourism & Hospitality and Event & Exhibition Management industries, reported its Audited Financial Results for the Q4 & FY23.

Financials at a Glance:

Q4 FY23:

* Total Revenue of Rs 19.00 crore, YoY growth of 12.49%

* EBITDA of Rs 9.92 crore, YoY growth of 32.38%

* EBITDA Margin is 52.20%, YoY growth of 784 Bps.

* Net Profit of Rs 5.15 crore, YoY growth of 10.00%

* EPS Diluted of Rs 2.66, YoY growth of 5.98%

FY23:

* Total Revenue of Rs 84.86 crore, YoY growth of 87.36%

* EBITDA of Rs 45.30 crore, YoY growth of 129.27%

* EBITDA Margin is 53.38%, YoY growth of 976 Bps.

* Net Profit of Rs 28.42 crore, YoY growth of 132.14%

* EPS Diluted of Rs 14.64, YoY growth of 123.17%

FY23 Highlights

* The company has reported Operating Cash Flow of Rs 25.27 Crore

* The company recommended divided of Rs 4.50 per share

Speaking on the occasion Vishnu Patel, Chairman of Praveg Limited said - "I am delighted to share with you the exceptional performance of your company for the FY23.

Throughout the year, our company reached significant milestones, further establishing our presence in the travel industry:

* In January 2023, we successfully commenced operations of the Tent City at Varanasi, offering a unique and captivating experience to our guests.

* We are proud to have secured a valuable work order for the development, operation, maintenance, and management of the Tent City at Ghoghla Beach in Diu. Over the course of three years, we will construct a minimum of 35 tents, alongside a restaurant and a conference room. There is potential for a two-year extension, indicating the confidence placed in our capabilities.

* Additionally, we inaugurated the Tent City at Light House, Daman on May 15, 2023, further expanding our portfolio of extraordinary destinations.

Financially, Praveg achieved remarkable growth with revenues amounting to Rs84.48 Crores, showcasing an impressive 86.70% year-on-year increase. This exceptional performance serves as a testament to our adaptability and resilience in a dynamic market. The substantial rise in travel demand indicates a positive trajectory for the industry, as individuals regain confidence and embark on their travel plans once more. Looking ahead, we maintain an optimistic outlook for our company.

The inclusion of these new resorts signifies a strategic and deliberate move in line with our vision of providing diverse and enriching travel options. These additions not only enhance our offerings but also enable us to explore new markets and attract a wider customer base. By offering an extensive range of destinations and experiences, we aim to solidify our position as a leading player in the travel industry.

With our unwavering commitment to customer satisfaction and an expanded portfolio of resorts, we are well-positioned to capitalize on the surging travel demand and seize new growth opportunities. We remain confident that we will continue to surpass expectations and create unforgettable travel experiences for our esteemed customers."

(Disclaimer: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)