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Anand Rathi Report
Founded in 2005, Praveg Ltd., a pioneer and leader in experiential tourism, offers exhibition, event management and hospitality services in India. ~77% of its FY24 revenue arises from hospitality, ~685 luxury tents and cottages at 12 properties in Gujarat, Daman, Diu and Uttar Pradesh.
These properties are in regions of cultural significance and heritage, where traditional construction is not viable. Its strategy of increasing resorts from ~12 to ~26 by FY25 and its unique position in hospitality augur well.
Risks:
Seasonal nature of some properties (eg, the White Rann resort and Tent City Varanasi operate only for three-four months, from Nov-Feb), dependence on leisure travel, economic slowdown, investment in non-core business of advertising and TV channel, etc.
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