Mumbai, Aug 6 (IANS) Prestige Hospitality Ventures Limited (PHVL) has reported a 17.9 per cent drop in restated profit for the period ended December 31, 2024, as the company gears up for its initial public offering (IPO).
Profit fell to Rs 67.7 crore from Rs 82.4 crore in the year-ago period (December 31, 2023), according to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).
The hospitality arm of the Prestige Group saw its revenue from operations rise 49.2 per cent to Rs 995.6 crore from Rs 667.5 crore a year earlier.
Total income increased 47 per cent to Rs 1,012.9 crore, while total expenses surged 58.5 per cent to Rs 909.8 crore.
SEBI has approved PHVL’s IPO proposal, which will include a fresh issue of shares worth Rs 1,700 crore and an offer for sale (OFS) of shares worth Rs 1,000 crore by promoter Prestige Estates Projects Limited.
The company plans to use Rs 1,121.28 crore from the proceeds to repay or prepay borrowings taken by itself and its material subsidiaries, Sai Chakra Hotels and Northland Holding Company.
Funds will also be used for acquisitions, strategic initiatives, and general corporate purposes.
PHVL focuses on luxury, upper upscale, and upper midscale hospitality assets for both business and leisure travellers.
As of December 31, 2024, it had seven operating properties with 1,445 keys, including one hotel under renovation, three ongoing projects with 951 expected keys, and nine upcoming projects with 1,558 expected keys.
The portfolio is spread across cities such as Bengaluru, Delhi-NCR, Mumbai, Goa, Hyderabad, and Chennai.
The company partners with global hospitality brands, including St. Regis, JW Marriott, Sheraton, W Hotels, Conrad by Hilton, and Angsana Resorts & Spa.
PHVL also holds the largest number of keys in Marriott’s managed portfolio in South India, accounting for 9 per cent of its total.
The IPO will be managed by JM Financial, CLSA India, J.P. Morgan India, and Kotak Mahindra Capital.
–IANS
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