SUMMARY
- Bloom Hotels’ revenue from operations rose 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23.
- Bloom’s profits doubled to Rs 14 crore in FY24.
- Its overall costs grew to Rs 244 crore in FY24 from Rs 144 crore in FY23.
Hospitality chain Bloom Hotels‘ revenue from operations rose 73.6% to Rs 250 crore in FY24 from Rs 144 crore in FY23, as per its annual consolidated financial statements.
Notably, it has seen 5X growth in its scale from Rs 49 crore in FY22 to Rs 250 crore in FY24.
The company’s hotel brands include Bloom Hotel, Bloom Hub, BloomSuites, and Bloomrooms. 85.2% of its operating revenue came from room rental, which saw a 79% increase to Rs 213 crore in FY24 from Rs 119 crore in FY23.
The remaining revenue was generated from food/beverages and other related services, amounting to Rs 33 crore and Rs 4 crore, respectively. Additionally, Bloom earned Rs 8 crore from interest on deposits, which contributed to its total revenue reaching Rs 258 crore in FY24. Currently, the company manages over 50 hotels across cities like Mumbai, Pune, Udaipur, Jaipur, NCR, etc.
Lease rent expenses accounted for 31.5% of the total expenses. These expenses increased by 79% to Rs 77 crore in FY24. Bloom has also engaged in various operating lease agreements, covering a range of lease durations from 5 to 44 years. These agreements include both company-owned hotels and revenue-sharing lease agreements based on the leased premises’ earnings.
The company’s spending on employee benefits and commissions to agents also surged by 58% to Rs 60 crore and 78% to Rs 16 crore, respectively. Other operational costs, such as advertising, legal fees, and the cost of food & beverages, took the overall cost to Rs 244 crore in FY24 from Rs 144 crore in FY23.
Growth and controlled costs led to Bloom’s profits growing 2.3X to Rs 14 crore in FY24. Its ROCE and EBITDA margin also saw improvements, reaching 6.25% and 10.08%, respectively.
Bloom also reduced its expense-to-revenue ratio to Rs 0.98 in FY24 from Rs 1.00 in FY23. Its total current assets were Rs 118 crore, including cash and bank balances of Rs 97 crore.
Bloom Hotels has secured Rs 362 crore (around $45 million) in funding from Samena Capital, a majority stakeholder in the company. Its competitors, Treebo Hotels and FabHotels, have not yet filed their annual reports for FY24, they reported operating revenue of Rs 88.6 crore and Rs 224 crore in FY23, respectively.
