Rs. 25/Share Dividend: Q4 Net Profit Jumps 52%; Buy The Hotel Stock?

The Indian Hotels Company Limited (IHCL) subsidiary Benares Hotels Limited (BHL) released its financial results for the fourth quarter and full year that ended on March 31, 2024. Following the aforementioned news, Benares Hotels' shares closed Friday at Rs 8961.95, up 1.27% with a market cap of Rs 1,165.05 Cr.

Benares Hotels Dividend

The Board of Directors "Recommended a dividend @ 250 % i.e., Rs. 25/- per share on 13,00,000 Equity Shares of Rs.10/- each (previous year @200% i.e., Rs. 20/- per Equity Share), subject to approval of the Shareholders at the forthcoming Annual General Meeting of the Company," said Benares Hotels in a regulatory filing on Friday.

Benares Hotels Q4 Results

For the fourth quarter ending March 31, 2024, the company reported revenue from operations of Rs 36.6 Cr which was Rs 28 Cr in the same quarter of the previous fiscal, representing a growth of 30.71% YoY. EBITDA reached Rs 16.9 Cr in the quarter under review compared to Rs 11.7 Cr in the year-ago quarter, representing a growth of 44.44% YoY. The company's quarterly net profit reached Rs 11.6 Cr in Q4FY24 which was Rs 7.6 Cr in Q4FY23, representing a growth of 52.63% YoY.

Dr. Anant Narain Singh, Chairman, Benares Hotels Limited (BHL) said, "BHL reported a year on year growth of 31% in total revenue crossing the milestone of hundred crores at INR 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 year on year expansion of 400 basis points."

He added, "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."

Benares Hotels Share Price Target

"Benares Hotels stock price is slightly bullish on the Daily charts with strong support at 8450. A daily close above resistance of 9350 could lead to a target of 10000 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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