Dear Shareholders,
It gives me immense pleasure to present the 43rd Annual Report and Financial Statements
for the year ended 31st March, 2024.
Your company has performed well in the financial year 2023-24 with a total income of
Rs.208.89 crores and has reported a net profit after tax of Rs.23.80 crores as compared to
the previous year's net profit after tax of Rs.7.64 crores i.e.a marked increase of 211
percent over the previous year. The net operating profit for the financial year 2023-24
was Rs. 28.72 crores compared with Rs. 14.72 crores in the previous financial year.
During the financial year 2023-24 occupancy levels at the Company's Mumbai Hotel were
at 76% as against 78% in the previous year. The average room rate was Rs.10,193 in the
financial year 2023-24 as againstRs.8,771 in the financial year 2022-23. During the
financial year 2023-24 RevPAR has improved upto Rs.7,846 against Rs.6,966 in the financial
year 2022-23. The MICE (Meetings, Incentives, Conferences and Exhibitions) segment and
Weddings segment have contributed significantly to improved revenues in food and beverages
and is expected to perform better in the future.
On the industry awards front, we would like to inform you that, "Jamavar",
our fine dining Indian Restaurant has been recognised as "The Best Indian Restaurant
- Premium Dining (Mumbai Suburbs"), "Le Cirque" as "The Best European-
Premium Dining (Mumbai Suburbs)" and "Six Degrees" as "The Best Lounge
Bar- Nightlife (Mumbai Suburbs)" by Times Food & Nightlife Awards 2024.
"Le Cirque" was awarded with the "Wine Spectator Award of Excellence
2023" for housing one of the most outstanding wine lists.
Mr. Sameer Sud, our General Manager was awarded with the "Most Popular General
Manager" award by Hospitality top 30's, Mr. Anand Athavale was awarded with "The
most admired marketing leaders by National Awards for Excellence" and Mr. Nilesh
Kantak was awarded with the "Spa Manager of the year" by Global Spa Awards.
With a team of talented and experienced senior executives, The Leela Mumbai has
maintained the top ranking it always had since it went operational in 1986.
Further, post our re-structuring program, your Company plans to take up to establish a
new backwater resort at Vellimon, near Ashtamudi Lake in Kerala considered as one of the
most scenic back waters in Kerala; the resort promises to be one of the top backwater
resorts in the country.
With the new norms introduced by R.B.I., and the Ministry of Finance, Government of
India to give the benefits of infrastructure lending to the hotel sector, which would
entitle them to a higher debt-equity ratio, lower promoter's contribution, extended
repayment schedule, lower rate of interest as applicable to the infrastructure sector. The
hospitality industry has got a great fillip and is developing to cater to the fast-growing
market in India, it thus has a powerful positive effect on the country's economy in terms
of employment generation and increased foreign exchange earnings. Famous for its diversity
of culture, heritage and natural beauty, India draws millions of indian and foreign
travellers year in year out, leaving hotels as a very important part of hospitality
services. The Indian hospitality industry has always been a blend of indigenous ways of
living and advanced bookings, with accommodation from grand palaces and world-class hotels
to budget inns and homestays. The hotel industry in India has seen phenomena I growth in
the recent years, primarily driven by a mix of economic, social, and technological
factors. The hotel industry, in a country plays a great role in boosting tourism,
promoting economic d evelopmentand generating employment.
The market size of the hospitality industry in India is projected to be approximately
US$ 24.61 billion in 2024 and is projected to reach US$ 31.01 billion by 2029. The
projected growth is anticipated to occur at a compound annual growth rate (CAGR) of 4.73%
throughout the forecast period of 2024-29.
The industry is also poised to experience a significant increase in domestic tourism.
Moreover, increasing global interest for leisure and business trips to India promises to
further catalyse industry growth over the longterm. The expansion of the Indian
hospitality industry is supported by escalating travel and tourism activities, marked by a
noticeable increase in both domestic and international tourists visiting for business and
leisure, thus creating new opportunities in tourism and hospitality.
Looking back at a successful year, we renew our commitment to offer the highest
standards of service, hotel that is best in class and strong operational performance.
People have always been our most valuable asset and I would like to acknowledge and
thank the exemplary hard work and commitment of each and every employee of the Leela
family and who ensure that the "Leela Experience" is never compromised. I also
take this opportunity to extend my gratitude to all shareholders and members of the Board
for their continued support and guidance. We are also thankful to the Banks and Financial
Institutions that have supported us in all our endeavours.
With kind regards,
Vivek Nair
Chairman & Managing Director
HLV Limited