Spectrum Foods rose 4.88% to Rs 28.99 after the company signed non-binding letter of intent with InterContinental Hotels Group (IHG) for the management and branding of their upcoming 5-star resort in Pushkar, Rajasthan.
The resort will be managed under IHG's upscale "voco" brand. The project is planned for a phased launch with an initial 138 keys (rooms) in Phase I, followed by an additional 47 keys in Phase II. The resort is expected to launch by June 2025.
The resort will offer luxurious amenities, including pool villas, high-end rooms and suites, multiple restaurants, a spa, gymnasium, banquet facilities, wedding gardens, and corporate event spaces.
IHG has projected the financial performance of the Pushkar resort. According to IHG, the resort is expected to achieve an occupancy rate of 32.1% in its first year of operation (starting June 2025), generating total revenue of approximately Rs 35.40 crore. The revenue is projected to increase steadily over the next five years, reaching Rs 68.23 crore by 2029. The net profit is estimated to grow from Rs 7.89 crore in 2025 to Rs 27.52 crore by 2029. The projections are based on the assumption of a phased launch with 138 keys in the first phase and addition of 47 keys in the second phase. IHG emphasizes that these projections are indicative and may vary depending on market conditions and other factors.
Spectrum Foods is engaged in services the food industry. The company manufactures and sells spices and industrial salt. It also participates in share trading activities.
The companys net profit declined 11.3% to Rs 2.19 crore on 4.5% jump in net sales to Rs 5.57 crore in Q1 FY25 over Q1 FY24.
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