Dear Stakeholders,
I am addressing you on the wings of a commendable year gone by - a testament to the
hard work and dedication of our team, resulting in record-breaking performances every
quarter of FY 2023-24.
Milestones and Expansion
This year began with the grand opening of our second hotel in Telangana, The Westin
Hyderabad HITEC City. We also expanded our existing property, Novotel Pune Nagar Road by
adding 88 rooms. Our growth journey continued with the inclusion of our second leisure
property, Courtyard By Marriott Aravali Resort. In the commercial segment, we completed
the construction of the CIGNUS Powai Tower I in Mumbai and have commenced its marketing
and leasing.
Government Support and industry Outlook
We are grateful to the Government of India for recognising the importance of the
tourism sector as both a demand driver and an employment generator. Initiatives under the
PM Gati Shakti National Master Plan and increased allocation of funds for tourism instill
confidence and bode well for the future of our sector.
Financial Performance
On the performance front, we achieved all-time highs with revenue at Rs 14,370 million,
EBITDA at Rs 6,044 million, and PAT at Rs 2,782 million. In April 2024, we successfully
completed a Qualified Institutions Placement of Equity Shares, raising Rs 10 billion.
These funds have been utilised to reduce debt and for general corporate purposes, bringing
our Debt-to-Equity Ratio to 0.65:1 as we enter the new financial year.
Sustainability and Corporate Social Responsibility;
Sustainability remains a key focus for us. Our green building certifications this year
set a new benchmark for environmental stewardship. We continue to endorse ESG standards
and are making significant progress towards achieving our ESG goals. Our Corporate Social
Responsibility initiatives focus on benefiting underprivileged communities, particularly
people with disabilities and those from economically weaker sections. We are committed to
reducing the impact of our operations on the environment and empowering individuals
through structured community initiatives.
Gratitude to investors and Employees
To our investors, your belief in our vision has empowered us to innovate, expand, and
deliver exceptional returns. Your confidence fuels our commitment to long-term value
creation and sustainable growth. I extend my deepest gratitude to all our employees for
their outstanding efforts and dedication. Their hard work and commitment have been
instrumental in our success and in ensuring the satisfaction of our guests and
stakeholders.
Looking Ahead
As we continue to strive for excellence in service and innovation, we will carry
forward the momentum and passion that define us. We aim to achieve even greater milestones
and exceed expectations. Our journey is underpinned by a steadfast dedication to
excellence, sustainability, and stakeholder value creation.
Celebrating today's achievements, we envision an even brighter tomorrow. Together, we
lay the groundwork for future opportunities.
Once again, I want to thank you all for supporting the Management and reposing faith in
their actions.
Yours sincerely,
| Hetal Gandhi |
| Chairman and Independent Director |
| DIN 00106895 |