Sinclairs Hotels 52nd AGM Agenda: Dividends & Financial Statements

Sinclairs Hotels Limited has announced the agenda for its 52nd Annual General Meeting (AGM), scheduled for Thursday, July 18, 2024, at 11:00 AM (IST). The meeting will be conducted through Video Conferencing (VC) and Other Audio-Visual Means (OAVM).

Key Points of the AGM Agenda:

1. Financial Statements Approval:
   • The members will receive, consider, and adopt the Audited Financial Statements for the year ended March 31, 2024, along with the Directors' and Auditors' Reports.
2. Dividend Declaration:
   • The AGM will declare the dividend for the financial year ending March 31, 2024. The dividend of 50% with (₹1 per equity share of ₹2 each) for the year 2023-24, amounting to ₹512.60 lakh
3. Director Re-appointment:
   • Dr. Niren Chand Suchanti (DIN: 00909388), who is retiring by rotation, will be up for re-appointment. Dr. Suchanti has expressed his willingness to continue serving on the board.

The AGM notice and the Annual Report for the financial year 2023-24 have been sent electronically to all members whose names were listed in the Register of Members as of June 14, 2024. Members with registered email addresses have received these documents.

For further details AGM notice available here.

Sinclairs Hotels Annual Report 2023-24

Sinclairs Hotels Limited has released its Annual Report for the financial year 2023-24, showcasing a robust performance and significant growth. The report highlights the company's financial achievements, strategic initiatives, and future prospects in the hospitality industry.

Financial Highlights:

• Total Revenue: ₹6512.59 lakh, up from ₹5733.09 lakh in the previous year.
• EBIDTA: ₹3134.16 lakh, compared to ₹2537.12 lakh last year.
• Net Profit: ₹2054.19 lakh, as against ₹3123.20 lakh in the previous year.

Despite a slight decrease in net profit compared to the previous year, the company showed strong revenue growth and maintained a solid EBIDTA margin.

Strategic Initiatives: Sinclairs Hotels continues to focus on expanding its footprint. The company is exploring opportunities for greenfield projects and acquiring existing properties on lease. With strong cash reserves, Sinclairs is well-positioned to capitalize on these opportunities and drive future growth.

Dividend Announcement: The Board of Directors has recommended a dividend of 50% (₹1 per equity share of ₹2 each) for the year 2023-24, amounting to ₹512.60 lakh, subject to shareholder approval at the upcoming Annual General Meeting (AGM).

Share Capital Changes: During the year, Sinclairs completed a buyback of 15,20,000 equity shares at ₹200 per share. Additionally, a bonus issue of 2,56,30,000 equity shares was made in the ratio of 1:1, increasing the total equity shares to 5,12,60,000.

Future Prospects: The Indian tourism and hospitality industry is poised for substantial growth, driven by infrastructure development and improved connectivity. Sinclairs Hotels is confident of achieving higher revenues and profits in the coming years. 

Upcoming Project: Sinclairs is in the advanced stages of building a new resort in Burdwan, West Bengal’s richest district, promising to expand its reach and offer more unique experiences to its guests.

Corporate Governance: The company maintains a high standard of corporate governance with a strong board of directors and efficient management. During the year, several key appointments and reappointments were made to strengthen the leadership team.

Read the full report Sinclairs Hotels Annual Report 2023-24

Sinclairs Hotels

Sinclairs Hotels is a top choice for both business and leisure travelers, offering exquisite properties in various scenic locations including Siliguri, Darjeeling, Kalimpong, Chalsa in Dooars, Gangtok, Yangang in Sikkim, Port Blair, and Ooty.

Known for its commitment to comfort, luxury, and peace, Sinclairs ensures that guests enjoy every moment of their stay. Regular modernizations and refurbishments, guided by guest feedback and expert recommendations, keep Sinclairs properties contemporary.

Guests can savor culinary delights prepared by expert chefs at the on-site restaurants, while the well-stocked bars provide perfect relaxation spots.