Any current/future new fundraising through debt or equity?

For future capital expenditure (CAPEX) related to opening about 10 new resorts annually, the company targets internal accruals of Rs. 100-120 crores, achievable after operating 30-35 resorts. Until reaching that internal accrual milestone, the company plans to bridge fund gaps through preferential allotment of shares at favorable prices, ensuring minimal equity dilution. Recent preferential allotments were done at increasing prices (229, 269, 487, 670), leveraging better pricing at each stage. The management intends to stop further equity dilution once Rs. 100 crore+ PAT with 30 resorts is ach

Any current/future capex/capital investment/strategic investment?

Praveg Limited plans to open around 10 new resorts annually, requiring about Rs. 120 crores capital per year. To achieve Rs. 100+ crore PAT, they aim to reach 30-35 operational resorts. Current funding gap strategy includes preferential allotments at opportunistic pricing to avoid equity dilution at low prices. Recent preferential allotment proceeds are being used this year to operationalize 12 ongoing projects. Post reaching 23 operational resorts, the company plans to efficiently deploy new projects and acquire resorts to achieve the vision of 30 resorts. Further equity dilution or preferent

Future growth expectations in sales/revenue/volumes?

Praveg Limited aims to add approximately 10 new resorts per year, targeting 30-35 resorts to achieve Rs. 100+ crore PAT. Revenue target for FY25 remains around Rs. 300 crores with EBITDA margins between 40% to 50%. Expansion includes new resorts in various states like Rajasthan, Maharashtra, Gujarat, Daman, Diu, Lakshadweep, and Uttar Pradesh. Events and Exhibition business is expected to contribute more as focus increases post-2023-24, alongside hospitality growth. Average occupancy for new resorts is expected around 40-50%, with older resorts stabilizing at 70%, blending to improve margins.

Future growth expectations in earnings/operating earnings/profits/EPS?

Praveg aims to operationalize 30-35 resorts to achieve Rs. 100+ crores PAT, targeting internal accruals of Rs. 100+ crores before further equity dilution. Plans to add about 10 new resorts per year, expanding operational resorts to 23 by December 2024 and potentially 32-35 by December 2025. EBITDA margins expected to improve from current 39% towards 40-45% as older resorts gain higher occupancy and new resorts stabilize. Revenue target for FY25 is around Rs. 300 crores with 40-50% EBITDA margins, driven by hospitality, events, exhibitions, and some high-ARR properties. The company expects over

Praveg LtdQ3 FY24Leisure Services

Praveg Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹238Market Cap: ₹678 CrSector: Leisure Services

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Praveg Limited aims to add approximately 10 new resorts per year, targeting 30-35 resorts to achieve Rs. 100+ crore PAT.
Revenue target for FY25 remains around Rs. 300 crores with EBITDA margins between 40% to 50%.
Expansion includes new resorts in various states like Rajasthan, Maharashtra, Gujarat, Daman, Diu, Lakshadweep, and Uttar Pradesh.
Events and Exhibition business is expected to contribute more as focus increases post-2023-24, alongside hospitality growth.
Average occupancy for new resorts is expected around 40-50%, with older resorts stabilizing at 70%, blending to improve margins.
Proceeds from recent preferential allotments (around Rs. 120 crores per 10 new resorts) will fund ongoing resort developments.
International expansion plans include Africa, with subsidiaries registered and projects in progress.
Growth strategy involves combination of internal accruals and selective preferential allotment for funding, minimizing dilution.

Margin guidance

Category 2

Praveg aims to operationalize 30-35 resorts to achieve Rs. 100+ crores PAT, targeting internal accruals of Rs. 100+ crores before further equity dilution.
Plans to add about 10 new resorts per year, expanding operational resorts to 23 by December 2024 and potentially 32-35 by December 2025.
EBITDA margins expected to improve from current 39% towards 40-45% as older resorts gain higher occupancy and new resorts stabilize.
Revenue target for FY25 is around Rs. 300 crores with 40-50% EBITDA margins, driven by hospitality, events, exhibitions, and some high-ARR properties.
The company expects overhead absorption to improve as more resorts become operational, leading to margin expansion.
Growth also bolstered by diversification into events, exhibitions, and new international ventures like African safari resorts.
Future equity dilution via preferential allotments possible but only to bridge funding gaps until hitting PAT goals; planned to stop post 30 resorts.

See what Praveg Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

For future capital expenditure (CAPEX) related to opening about 10 new resorts annually, the company targets internal accruals of Rs. 100-120 crores, achievable after operating 30-35 resorts.
Until reaching that internal accrual milestone, the company plans to bridge fund gaps through preferential allotment of shares at favorable prices, ensuring minimal equity dilution.
Recent preferential allotments were done at increasing prices (229, 269, 487, 670), leveraging better pricing at each stage.
The management intends to stop further equity dilution once Rs. 100 crore+ PAT with 30 resorts is achieved.
Currently, no new fund requirements are anticipated beyond the recent preferential allotment, which is sufficient to operationalize 22 resorts.
No mention of new debt fundraising; focus is on internal accruals and selective equity raises.
Any future preferential allotments for last 7-8 resorts before reaching the milestone might be the company's last such fundraising round.

Order book

Yes

- The management did not explicitly mention the exact current or expected order book or pending orders in the transcript. - The focus is on operationalizing 23 resorts currently, with 9 already operational. - An additional 7 to 8 resorts (to reach a total of 30) are planned to be acquired and made operational. - CAPEX from recent preferential allotment is considered sufficient to operationalize the next 22 resorts. - The company may consider fund raising via preferential allotment only for very good new opportunities until reaching 30 resorts, after which dilution will stop. - New acquisitions will continue based on unique and value-adding opportunities. - Upcoming resorts (13 under construction) are expected to add around 425 rooms in the next 7-8 months. - The company is also expanding subsidiary operations in Africa with 2 important resorts planned there. In summary, the order pipeline primarily involves completing and operating the 23 current and upcoming resorts, aiming for 30 total properties, with selective acquisitions based on opportunity.

See what Praveg Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Praveg Limited plans to open around 10 new resorts annually, requiring about Rs. 120 crores capital per year.
To achieve Rs. 100+ crore PAT, they aim to reach 30-35 operational resorts.
Current funding gap strategy includes preferential allotments at opportunistic pricing to avoid equity dilution at low prices.
Recent preferential allotment proceeds are being used this year to operationalize 12 ongoing projects.
Post reaching 23 operational resorts, the company plans to efficiently deploy new projects and acquire resorts to achieve the vision of 30 resorts.
Further equity dilution or preferential allotment is only planned if better opportunities arise, aiming to stop dilution after reaching the Rs. 100 crore PAT milestone.
The company follows a light asset model for hospitality projects, avoiding heavy CAPEX except in exceptional cases.
Expanding presence into new states and countries with mix of tents and permanent structures.
Investments underway in African experiential safari resorts via newly registered subsidiary.

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Praveg Ltd Q3 FY24 Earnings Call Analysis

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