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Sterling Holiday Resorts Reports Profit in Q3, Witnesses Improved Occupancy and Increased Room Rates

Tuesday, February 15, 2022, 17:55 Hrs  [IST]
HBI Staff | Hyderabad

Sterling Holiday Resorts Ltd. has beaten the trend and despite a complete 3-month impact of the pandemic in the summer season resulting in only 6 months of operation, the company has reported a profitable Q3 and a profitable Financial YTD.

Riding on the October to December holiday season, Sterling recorded an increased occupancy of 69% in December and 62% in Q3 compared to 46% in the previous quarter. That, along with a 24% growth in the average room rate compared to last year Q3, resulted in an 88% growth in Revenues and an 85% growth in the EBITDA.

The management used the learning from the first lockdown to gear up and prepare itself well, which has resulted in its ability to ride the second lockdown and yet report profits. Sterling undertook a number of initiatives to improve processes such as digitization across critical processes to enhance the customer experience. It has also taken up several initiatives to control costs including virtualization of acquisition processes and increase in membership sales from onsite locations, resulting in higher margins.

In line with its previous announcement on its aggressive expansion plans, Sterling Holiday announced the opening of Sterling Lake Palace Alleppey and Sterling Rudra Gir in this quarter and also announced the signing of a Brownfield resort at Igatpuri. The brand has also expanded the presence of its signature restobar – Sterling LOCAL – with launches in 6 more resorts. More such launches are planned in the next quarter to give Sterling LOCAL a pan-India presence.

Talking about the remarkable recovery from the pandemic, Ramesh Ramanathan, CMD - Sterling Holiday Resorts Ltd said, “During the pandemic, we effected a number of changes in our critical processes to enhance our productivity. We also started a number of initiatives to control our costs. We have since sustained these initiatives and this has helped us remain profitable even in these challenging times.”

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