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The company will develop at least 50 Tents, with a cloak room, changing room, along with commercial activities like scuba diving, destination wedding, corporate functions and many more facilities. The work order is for a period of three years that could be extended up to another two years.
“With this recent expansion Praveg now boasts a substantial portfolio of 580 operational rooms spread across multiple states. Our estimates project and impressive occupancy rate of 55-60% 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,” the company stated in regulatory filing.
Vishnu Patel, chairman - Praveg 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 on us. Once Praveg Tent City, Agatti Island project is operational, our guests will experience Praveg’s worldclass eco-responsible hospitality.”
Praveg is engaged in business of providing services of Advertising, Hospitality, Management and organization of Events and Exhibitions. Praveg is a pioneer in eco-responsible luxury hospitality.
The company’s consolidated net profit declined 65.3% to Rs 2.10 crore in Q2 FY24 as compared with Rs 6.05 crore in Q2 FY23. Net sales fell 19% YoY to Rs 14.03 crore in Q2 FY24.
The scrip rose 1.75% to end at Rs 660.10 on 21, December 2023.
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