Sterling Holiday Sees 85% Growth in EBITDA
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Sterling Holiday Resorts has reported a profitable Q3 and a profitable Financial YTD. During the quarter, Sterling recorded an increased occupancy of 69% in December and 62% in Q3 compared to 46% in the previous quarter.
Sterling witnessed 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.
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.
Talking about the remarkable recovery from the pandemic, Ramesh Ramanathan, CMD - Sterling Holiday Resorts, 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.”