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Benares Hotels announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:
- Revenue: For the fourth quarter ending March 31, 2024, the company reported a revenue of Rs 36.6 crore, marking a significant increase from Rs 28.0 crore in the same quarter of the previous year.
- EBITDA: The EBITDA for the quarter stood at Rs 16.9 crore, which is notably higher than the Rs 11.7 crore reported in the fourth quarter of FY 22/23.
- Profit After Tax: Profit after tax also saw an impressive rise, reaching Rs 11.6 crore compared to Rs 7.6 crore in the corresponding quarter of the previous year.

FY24 Financial Highlights:
- Revenue: For the full year ending March 31, 2024, the company achieved a revenue of Rs 123.8 crore, up from Rs 94.8 crore in FY23, surpassing the hundred crore milestone for the first time.
- EBITDA: The annual EBITDA climbed to Rs 54.4 crore from Rs 37.7 crore in the previous year.
- Profit After Tax: The company's profit after tax for the year amounted to Rs 36.0 crore, a substantial improvement over the Rs 23.4 crore recorded in FY23.

Operational Highlights:
- The newly constructed swimming pool and gymnasium at Taj Ganges have become operational.
- Taj Nadesar Palace in Varanasi is considering the addition of extra inventory within its premises.
- Taj was distinguished as India's strongest brand in Brand Finance's Brand Value Report India 2023.
- Taj Nadesar Palace, Varanasi, was featured on Condé Nast Traveller Readers' Choice Awards 2023 as one of the best hotels in India.

Commenting on the results, Dr. Anant Narain Singh, Chairman of Benares Hotels Limited, said, "BHL reported a YoY growth of 31% in total revenue crossing the milestone of hundred crores at Rs 124 crores, a first in the company's history. This performance was led by a 27% growth in average room rates resulting in a record EBITDA margin of 44%, a YoY expansion of 400 basis points."

He further remarked on future prospects with the anticipation of the new tower wing at Taj Ganges, "The construction of the new tower wing at Taj Ganges with 100 additional rooms is well underway and is expected to be operational in October 2025."

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