Shares of this multibagger hospitality stock jumped approximately 6 percent in Tuesday’s trading session after the company announced robust results for Q3FY23–24, i.e., for the quarter ended December 2023.
With a market capitalization of Rs 750 crores, the stocks of Advani Hotels & Resorts (India) Limited started their trading session on Tuesday at Rs 164.80 and currently trade at Rs 162, gaining around 6 percent compared to the previous closing levels of Rs 153.25 apiece.
In addition, the company’s share witnessed an intra-day high price of Rs 169.95, and the same is also marked as the company’s fresh 52-week high price.
Such bullish stock price movements were observed after the company, through a regulatory filing with the Bombay Stock Exchange (BSE), announced the financial results for the quarter ended December 2023.
On a yearly basis, the company reported an increase in both the prime indicators of business, viz, operating revenues as well as after-tax profits. The former rose from Rs 29 crores during Q3FY23 to Rs 32.28 crores during Q3FY24, and the latter, keeping the timeframe the same, shifted from Rs 8.75 crores to Rs 9.31 crores.
Moreover, the company, during the recent financial quarters too, reported a jump in the metrics mentioned above with the operating revenues taking a shift from Rs 17.24 crores during Q2FY24 to Rs 32.28 crores during Q3FY24, and the after-tax profits, during the same period, rising from Rs 44.76 lakhs to Rs 9.31 crores representing an increase of approximately 1,969 percent.
Keeping a purview of one year, the company’s stock has delivered multibagger returns of nearly 120 percent, i.e., if someone had invested Rs 1 lakh into the stock a year ago, it would have converted to Rs 2.20 lakhs.
According to the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold a 50.25 percent stake, and the Public (retail) investors hold a 49.46 percent stake in the company.
Incorporated in 1987, Advani Hotels & Resorts (India) Limited is associated with the ‘lodging’ business providing rooms, food & beverage, and liquor. The organization owns and operates “Caravela Beach Resort”, a five-star deluxe resort in Goa.
Written by Amit Madnani
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