With a strong leadership team, a dynamic strategy, and an unwavering
commitment to excellence, your Company is poised to create more memorable vacations and
redefine leisure hospitality.
Dear Shareholders,
India's economic landscape continues to evolve positively, with the
tourism and hospitality industry emerging as a key driver of growth. The sector
contributed approximately 9.1% to India's GDP in 2025, with domestic tourism playing a
pivotal role. Rising disposable incomes, increasing air passenger traffic surpassing 16
crore domestic in 2024—and a growing preference for experiential travel have fuelled
this momentum. Additionally, the Government's push for infrastructure development,
including new airports, enhanced rail connectivity, and digital transformation in tourism
services, has further strengthened the industry's prospects.
With a 2,479 crore budget allocation for FY25, tourism infrastructure
and travel experiences have seen notable enhancements. Looking ahead to 2025, the industry
is poised to grow further, with projections of 6.1 million new jobs by 2034. Government
initiatives like PRASHAD, Dekho Apna Desh,
Incredible India, and the E-visa scheme are accelerating digitisation,
promoting hidden destinations, and boosting sector growth.
The Union Budget for FY25 reinforced this trajectory with an allocation
of tRs.2.4 lakh crore for infrastructure, including tourism- linked projects. The
Government's vision to make India a global tourism hub, coupled with policies promoting
sustainable and eco- friendly travel, presents immense opportunities for organised players
like your Company. With its strong brand, extensive resort network, and commitment to
sustainability, your Company is well-positioned to capitalise on these favourable
macroeconomic and policy trends.
Against this backdrop, your Company has been unwavering in its
commitment to delivering unparalleled vacation experiences while expanding its footprint
at an accelerated pace. With a clear vision to reach 10,000 rooms by FY30, your Company
has continued its expansion by adding seven new resorts in this fiscal year.
Your Company's financial performance in FY25 remains healthy, further
reflecting its robust business model and customercentric approach. The Company added
12,393 members to its vacation ownership business and also added 520 rooms in 2024-25
which is the highest in the Company's history, taking the total room inventory to 5,847
units across 125 resorts as on March 31, 2025. This growth is a testament to the strong
demand for leisure travel and the increasing preference for unique vacation experiences
that your company offers.
The European business, Holiday Club Resorts Oy (HCRO), has continued
its journey towards stability, navigating macroeconomic challenges in the region. While
international travel saw some softness, the Company remained focused on operational
efficiencies, cost optimisation, and enhancing guest experiences across its resorts in
Finland, Sweden, and Spain. Strategic initiatives in HCRO are aimed at strengthening
profitability and positioning it for long-term growth, ensuring that your company remains
well-diversified across geographies.
Your Company's commitment to sustainability remains integral to its
growth. As part of its sustainability efforts, various initiatives have been undertaken
not only to enhance operational efficiency but also to reinforce your Company's role as a
sustainability leader in the industry.
As the Company steps into its next phase of growth, your trust and
support remains invaluable. With a strong leadership team, a dynamic strategy, and an
unwavering commitment to excellence, your Company is poised to create more memorable
vacations and redefine leisure hospitality.
| With best wishes. |
| C.P Gurnani |
| Chairman |