Multibagger Stock engaged in the business of hospitality, publications, and many more in green after it received a work order from the Department of Tourism of Lakshwadeep, which would expand its operations and presence.
At 12:23 p.m. the shares of Praveg Limited were trading at Rs. 656.20, up 1.15 percent from its previous day’s close price of Rs. 648.75 and its market capitalization is Rs. 1,490 Crores. It has delivered multi-bagger returns of 176 percent.
Praveg Limited has received a work order from the Department of Tourism, U.T. Administration of Lakshwadeep for the Development, Operation, Maintenance, and Management of at least 50 tents with restaurants, cloakrooms, changing rooms, and other facilities at Agatti Island, UT of Lakshwadeep. The work order is for three years and can be extended to another 2 years.
Speaking on the occasion, Mr. Vishnu Patel, Chairman of Praveg Limited said, We are delighted to receive the work order for Development, Operation, Maintenance, and Management at Agatti Island, UT of Lakshwadeep.
We are thankful to Lakshwadeep Tourism Department for reposing their faith in us. Once Praveg Tent City, Agatti Island project is operational, our guests will experience Praveg’s world-class eco-responsible hospitality.
With this recent expansion, Praveg now has a substantial portfolio of 580 operational rooms spread across multiple states. The project estimates an impressive occupancy rate of 55-60 percent and an average room rate of INR 9500-12500.
By combining luxury with eco-responsibility and highlighting the unique cultural and natural aspects of Agatti Island, Praveg aims to solidify its position in the hospitality industry and attract travelers seeking a distinctive and sustainable getaway.
With the addition of this resort, Praveg will now have 9 properties in operation and 10 under development. The company aims to add more eco-responsible luxury resorts across India further.
The company’s revenue from operations grew 86.7 percent from Rs. 45.25 Crores in FY22 to Rs. 84.48 Crores in FY23, accompanied by increasing profits of Rs. 12.24 Crores to Rs. 28.43 Crores.
Praveg Limited is primarily engaged in the business of hospitality, publications, and real estate marketing and has core competence in Exhibition and Event Management.
Written by: Bharath K.S
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