Advani Hotels & Resorts (India) Limited (ADVANIHOTR) is a publicly-traded Company incorporated in 1987, headquartered in Mumbai and is listed on the Bombay Stock Exchange and National Stock Exchange of India.

It owns and operates the ‘Caravela Beach Resort Goa’; an independent, 201-key, 5-Star Deluxe golf resort on the Arabian Sea, designed by the world-famous architects WATG (who designed both the ‘Atlantis’ resorts).

The Caravela is located on a 23-acre estate with a 275-meter-long beachfront on the powdery white sands of Varca Beach, South Goa. The Caravela is surrounded by immaculately landscaped gardens and a golf course designed by the international landscape architect, Belt Collins.

The resort was awarded the Booking.com ‘Travellers Review Award’ consecutively from 2018 to 2023. The Caravela won the prestigious ‘TripAdvisor Travellers’ Choice Award’ in 2021 & 2023, placing it amongst the top 10% of hotels worldwide.

The audited results for the Financial Year 2022 – 2023 indicate a noteworthy set of financial ratios. The Company is debt-free and has been consistently rewarding its shareholders through the distribution of dividends over the last 10 years, excluding the year of COVID-19 (the Financial Year 2020 - 2021).

The Company is managed by the Founder and Chairman & Managing Director - Mr. Sunder G. Advani, the Chief Executive Officer & Whole-Time Director - Mr. Prahlad S. Advani and the Executive Director - Mr. Haresh G. Advani; together with a distinguished Board of Independent Directors.


Mr. Sunder G. Advani is the Chairman and Managing Director of the Company. He obtained his undergraduate degree at Temple University and his M.B.A. from the Wharton School of Business Administration at the University of Pennsylvania, U.S.A. He was a marketing consultant in a U.S. based company. for over 10 years.

Mr. Sunder G. Advani's foray into the hospitality industry in India started of as a Promoter and later as the Executive Director of the Bombay Holiday Inn Hotel at Juhu Beach. He was also appointed as a representative of Holiday Inn Inc. (worldwide). He played a pivotal role in developing Holiday Inn hotels in South-Asia. He successfully established Holiday Inns in Bombay, Agra, Madras and Colombo.

Simultaneously, Mr. Sunder G. Advani was a co-promoter of Plaza Hotels Pvt. Limited, which was the first airport hotel with 100% occupancy. They also had a flight catering unit, which was also extremely successful in catering to airlines like Indian Airlines, Alitalia, Gulf Air, Aeroflot and others.

Subsequently, Mr. Advani, who by this time had become the representative for Ramada International Inc. in India, promoted the Ramada Renaissance Resort* in Goa along with an investment made by Ramada International Inc. This was the first time that Ramada International had ever invested in a Franchise operation.

Mr. Advani has received the Hall of Fame Award at ITB Berlin in March 2000 and an award from Giants International federation in Goa for his contribution towards the Hospitality Industry. He has been honored with a Vocational Excellence Award from the Rotary in Mumbai. He currently holds the esteemed position of Executive Vice President at the Indo-American Chamber of Commerce and Industry and also the Chairman of the London based World Travel and Tourism Council (India Initiative).


an old person posing for a picture wearing a suit CMD photo for press

On behalf of the Board of Directors of Advani Hotels & Resorts (India) Limited, I take pride to address you this year on the 36th Annual General Meeting of your Company. I do so with a tremendous sense of gratitude to all the Company’s stakeholders across the world.

The opening of the new Mopa airport in North Goa has helped connect Goa to more Indian cities and attract foreign scheduled flights. The existing Dabolim airport is one of the four airports selected to have automatic self-screening of passengers and will also have two additional aircraft bays by June 2024. We also look forward to the improved road connectivity with Mumbai that is likely to drive tourist flows. Thus, the future of Goa is very bright and hotels will continue to achieve the highest RevPAR’s in all of India.

Coming to the financial performance of the financial year ended March 31, 2023, I would like to draw your attention to the 10-year Financial Summary in the Annual Report and touch upon some of the key highlights. Firstly, we crossed a significant milestone by recording a revenue exceeding INR 100 crore for the first time in our corporate history. We were able to achieve this by optimizing our average hotel occupancy to more than 82% during the year, which was close to the highest ever level of occupancy at our resort. At the same time, our Average Net Total Revenue Per Occupied Room (TREVPOR) per night showed a sharp upsurge to continue the momentum maintained over the last several years. The TREVPOR achieved in financial year 2022 – 2023 was INR 17,556 per room per night (after subtracting GST), versus INR 15,585 per room per night in the previous financial year, reflecting an incremental growth of 13%.

This enabled us to deliver EBITDA margins exceeding 40% during the year, clearly a benchmark for the rest of the Indian hotel industry to emulate. Our profit after tax for the year exceeded INR 28 crore, which was 2.5 times what we have ever recorded in the past. We rewarded our shareholders for their support through the recent times of difficulty by declaring two dividends during the year, amounting to 170%. Despite that, we ended the year as a virtually debt free Company and increased our cash balance to more than INR 36 crore by the end of the year.

We achieved these excellent results solely through organic growth, without expanding room capacity, without adding new facilities, upgrades, or partnering with any international chain of hotels. Going forward, with the objective of creating further growth and driving strategic value, we are looking at suitable enhancements to the property. To start with, your Company is planning to renovate the ocean-front wing of 62 rooms, which has the best view of the Arabian Sea. These rooms have not been renovated for a long time and we should receive higher rates post-renovation. We will also look to avail the additional FSI granted on our property to optimize any further revenue expansion opportunities.

While you will agree that our recent financial performance has been exemplary, we also find it pertinent to measure ourselves against some of the leading players in the Indian hospitality sector. I am glad to share with you that Advani Hotels stacks up favorably on every important performance benchmark against much larger and better-known peers that operate a vast network of hotels. We have achieved this without getting the benefit of economies of scale, being a single hotel Company.

More specifically, in comparison to other publicly listed companies in the sector, our 10-year compounded revenue growth of 10%, EBITDA margin of 41%, significant EPS expansion, return on assets of 35% (one of the highest in the industry), generous dividend payouts, favourable cash conversion cycle, unleveraged balance sheet, robust free cash flow generation and after-tax return on equity exceeding 45%; all place us firmly in a strong position within the sector.

Across every parameter, we have demonstrated our ability to operate the business efficiently for the long-term benefit of all our stakeholders. Underlying this financial success is our utmost focus on customer satisfaction, delivered by providing individual attention to each guest. Several prestigious awards bestowed on us over the years provide a yardstick to qualitatively measure our performance.

The Caravela Beach Resort Goa has won the Travellers’ Choice 2023 Award from Tripadvisor and made the cut to be amongst the top 10% of hotels worldwide! The Travellers’ Choice winners are decided by real travelers from all over the world, sharing real opinions, experiences and stories. The Caravela Beach Resort Goa has received over 6,200 reviews, with an excellent rating!

Our ‘Beach Hut’ restaurant won the ‘Times of India Food & Nightlife Award 2023’ for the second time, in the category of ‘The Best Regional Indian Premium Dining Restaurant’. Our resort was awarded the prestigious Booking.com ‘Traveller Review Award 2023’ by Glen Fogel, the President & CEO of Booking.com with a customer satisfaction rating of 8.2 points with over 1,700 verified reviews. This was the sixth consecutive year in which the resort has won this award. The Caravela also received the ‘Travellers Review Award 2022’ in the ‘Luxury Segment’, at the prestigious ‘Go-MMT Star Partners Award Ceremony’, for securing consistently high customer satisfaction scores in the year 2022.

All these awards are a sound validation of the standards of customer satisfaction achieved by the Caravela Beach Resort Goa.

I would like to acknowledge the support of our Shareholders, Tour Operators, Travel Agents, Booking.com and Make My Trip. I am grateful to our repeat guests who have been the pillar of our strength and resilience over these years. I am indebted to our employees, bankers and Government officials in the Ministry of Finance, Home, Commerce, External Affairs, Tourism, Civil Aviation, Labour, Road Transport and Niti Aayog. I am thankful to the Government of Goa, especially our Honourable Chief Minister. I would also like to express my gratitude to the Village Panchayat of Varca for their continuous support. Last but not least, I wish to thank our Board of Directors for their wisdom and guidance and especially our CEO for driving this exceptional performance.

Disclosures under Regulation 46 of the SEBI LODR

Details of Business


Terms of Appointment of Independent Directors


Board of Directors and KMPs


Committees of Board


Annual Report


Annual Return


Authorization under Regulation 30 (5) of SEBI (LODR) Regulations 2015


Board Meeting Notice


Corporate Governance Reports & Criteria for Payment to Non-Executive Directors


Corporate Policies


Financial Results




Investor Contact


Investor Information


Latest Announcements on Stock Exchanges


Press Release


RPT Disclosure


Secretarial Compliance Reports


Shareholders Meeting


Shareholding Pattern


Trading Window Closure


Agreement with Media Company


Disclosures under Regulation 30 of the SEBI (LODR)


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