Lodges, eating places battle to remain afloat as meals costs soar
KISII, Kenya July 30 – In the previous couple of weeks, Kenyans have been struggling to deal with the rising value of meals costs led to by adversarial climate and rising enter prices which have been worsened by the Ukraine struggle.
In response to the Kenya Nationwide Bureau of Statistics, the inflation fee for meals costs rose to 12.4 % in Could 2022, up from 7 % in Could 2021.
This enhance in meals costs has been largely affected by hoteliers in Kisii County with most of them struggling to take care of their workers and clients and make revenue from the enterprise.
Chatting with KNA in Kisii city, Dayprin Resort Supervisor, Mercy Moraa mentioned the excessive value of meals has largely affected her enterprise.
Moraa famous that she has been compelled to ration a few of the meals on the menu with out altering their costs in order to take care of their purchasers.
She identified they’ve diminished the servings of meals stuffs they buy every day in order to take care of their revenue and day by day manufacturing.
As well as, the resort Supervisor mentioned they’ve diminished the variety of staff within the facility from eleven to 6 in order to maintain the enterprise afloat.
Moraa famous the variety of clients had additionally diminished since just a few individuals can afford meals in lodges whereas others decide to hold packed lunches from their houses.
“We now have advised our clients of the anticipated change in costs of meals in order to arrange them to regulate to the gradual change fairly than a sudden one,” she added.
Moraa identified that there was a scarcity of meals stuffs in sure supermarkets with the institutions limiting the variety of particular objects as soon as should purchase.
The supervisor famous the amount of meals waste had additionally diminished on account of a discount within the amount of meals they cook dinner in order to chop losses.
Equally, Mwenge Resort Supervisor Lameck Oiro mentioned his enterprise was struggling because of the present inflation as much less clients have been visiting the place.
As a substitute of decreasing the variety of staff at his resort, Oiro identified that he has opted to have them work on day shifts to deal with the low buyer prove on account of elevated meals costs.
“I’ve been compelled to scale back our bills on day by day meals stuff purchases in order to reduce waste. I’m urging the federal government to look into the costs of meals stuff in order to allow each resident to afford meals,” he mentioned.
Wycliffe Atandi, a Supervisor at Stageview restaurant famous he needed to lay off 10 % of his staff because of the current inflation within the nation.
He mentioned that he has been compelled to regulate costs of some meals to take care of the resort’s revenue margin.
The resort Supervisor identified that the client’s satisfaction was a high precedence and as such, he has opted in opposition to decreasing the amount of meals served.
“My enchantment to the nationwide authorities is that they need to cut back the price of dwelling for the frequent mwananchi as life has turn out to be very costly,” mentioned Atandi.
Because the meals costs rise, lodges and eating places are actually being compelled to print new menus and alert clients of the brand new modifications previous to providing them providers.
Iconic Churchill portrait reported as stolen after a decoy hung as a replacement for months
A well-known portrait of former British Prime Minister Winston Churchill seems to have discovered itself on the middle of a heist.
The portrait, on show on the Fairmont Château Laurier in Ottawa, Canada, was documented by Armenian-Canadian photographer Yousuf Karsh in 1941 and put in in 1998, the resort posted on Fb Monday.
The resort stated the {photograph} was changed with a duplicate of the unique.
It found the swap when a upkeep worker who cares for the resort art work and images observed the picture wasn’t aligned correctly on the wall, stated Geneviève Dumas, the resort’s basic supervisor. Lodge workers eliminated the picture from the wall, and that is once they observed one thing was unsuitable.
The portrait is meant to be locked into the wall by 4 anchors, nevertheless it wasn’t.
“It is a very refined system,” Dumas advised USA TODAY. “It was not anchored. … It was truly hanging from a wire like anyone would have at residence.”
She additionally stated the substitute picture is smaller than the unique as a result of it does not line up with the wall anchors, and the body is totally different in comparison with others within the assortment.
However maybe probably the most compelling giveaways is the signature.
When the resort contacted the director of Karsh’s property, he instantly knew it wasn’t the unique portrait. The resort additionally despatched him a photograph of Karsh’s signature, and property representatives stated it had been solid, Dumas confirmed.
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The resort requested these with data to share it with Ottawa police.
Dumas stated there’s a number of safety on the resort, together with cameras, so administration has despatched proof to police.
She spends a number of time displaying friends the portrait, and it’s normal for individuals to take photographs with it. Due to this, the resort requested individuals who have photographs of it to ship them in. Investigators can examine the portrait in visitor photographs, distinguish the actual one from the faux one, and presumably determine when the swap was made.
Lodge administration believes the portrait was nabbed between Christmas Day and Jan. 6, 2022, Dumas stated Wednesday.
‘I knew after I had taken it that it was an essential image’
Within the well-known picture, the previous prime minister stares into the lens stoically, his left hand on his hip as his proper hand rests on a chair.
Karsh, the Twentieth-century photographer who took the picture, stated that day modified his life, and his web site affords an intimate look into the moments main as much as him taking the portrait.
“I knew after I had taken it that it was an essential image, however I may hardly have dreamed that it could develop into probably the most extensively reproduced photos within the historical past of images,” he stated in an excerpt on his web site.
In line with the photographer, Churchill had visited Washington after which Ottawa; Canadian prime minister Mackenzie King invited Karsh to hitch, so he waited within the speaker’s chamber, the place his lights and digital camera had been arrange the night time earlier than.
King walked into the chamber, his arms interlocked with Churchill’s, and when Karsh turned on his floodlights, Churchill demanded, “What’s this?”
Karsh timidly requested if he may take his portrait to have fun the “historic event,” to which Churchill requested why he wasn’t advised in regards to the picture beforehand.
After laughter from onlookers, Churchill lit and puffed a recent cigar, then agreed to have his picture taken. However the cigar, noticeably absent, appears to be the rationale for Churchill’s perturbed expression within the picture, in line with Karsh’s recollection.
The photographer held out an ashtray so Churchill may nix the cigar, however he continued smoking. Karsh waited a bit extra, after which “plucked the cigar out of his mouth.”
“By the point I bought again to my digital camera, he regarded so belligerent he may have devoured me,” he stated. “It was at that prompt that I took the {photograph}.”
In one other {photograph} taken that day, Churchill flashes a reluctant smile on the digital camera. One other captures him sharing fun with King, Canadian prime minister.
Dumas stated Karsh ran a studio on the resort from 1972 to 1992. The Karsh household additionally lived on the resort for 18 years from 1980 to 1998.
The photographer gave the resort the unique portrait, and there are greater than a dozen others on show in a lounge and suite on the resort. Some have now been eliminated for safety functions, Dumas stated.
If anybody is aware of what occurred, she hopes they arrive ahead.
“Perhaps any individual went someplace for dinner and was bragging about their lovely Winston Churchill image,” she stated. “Come ahead. … It will be unhappy to depart that piece of historical past and that iconic image someplace (apart from) the place it belongs, which is right here on the Fairmont Château Laurier.”
Saleen Martin is a reporter on USA TODAY’s NOW staff. She is from Norfolk, Virginia – the 757 – and loves all issues horror, witches, Christmas, and meals. Comply with her on Twitter at @Saleen_Martin or e mail her at [email protected].
This text initially appeared on USA TODAY: Winston Churchill portrait stolen, Fairmont Château Laurier says
Inns and eating places cannot levy service cost by default, says CCPA
The Central Client Safety Authority (CCPA) on Monday barred inns and eating places from levying service cost by default in meals payments, and allowed prospects to file complaints in case of a violation of the norms. There shouldn’t be any assortment of service cost by another identify, it added.
The inns have to obviously inform the buyer that paying the service cost is on the client’s discretion, the CCPA mentioned.
The rules empower shoppers to complain in opposition to the apply underneath varied provisions of the Client Safety Act, tagging it as an ‘unfair commerce apply,’ and a violation of client rights.
“No restriction on entry or provision of companies primarily based on assortment of service fees shall be imposed on shoppers,” it added.
“It’s a part of the rules, which implies that authorized motion may be initiated in opposition to the restaurant by the CCPA, as underneath the brand new Client Safety Act it’s empowered to take motion underneath related parts of the legislation,” Bijon Misra, a famous client rights activist and founding father of Client On-line Basis, which pioneered the ‘Jago Grahak Jago’ marketing campaign, advised Enterprise Normal.
Misra mentioned what’s going to occur now could be that eating places and inns will begin together with the ‘service cost’ within the worth itself, which might inflate the invoice.
CCPA additionally mentioned that service cost can’t be collected by including it together with the meals invoice and levying GST on the whole quantity.
If any client finds {that a} resort or restaurant is levying service cost in violation of the rules, she or he can request the institution involved to take away it from the invoice quantity.
“Victory for the widespread man is that after this, if anyone doesn’t need to pay service cost, he cannot be pressured to try this,” Misra mentioned.
He mentioned as a optimistic fallout of the choice, waiters and others in inns is likely to be tempted to supply higher service to the shopper within the hope of ‘tip’.
The CCPA, within the tips mentioned a tip or gratuity is in the direction of hospitality acquired past primary minimal service contracted between the buyer and the resort administration, and constitutes a separate transaction between the buyer and workers of the resort/restaurant on the client’s discretion.
Solely after finishing the meal, a client could also be ready to evaluate the standard, in addition to service, and resolve whether or not or to not pay a tip, and in that case, then how a lot.
The choice to pay a tip by a client doesn’t come up solely by coming into the restaurant or inserting an order.
“Due to this fact, service cost can’t be added within the invoice involuntarily, with out permitting shoppers the selection or discretion to resolve whether or not they need to pay such a cost or not,” the rules mentioned.
In the meantime, in line with an official assertion, an aggrieved client can lodge a grievance on the Nationwide Client Helpline (NCH), which works as a substitute dispute redressal mechanism on the pre-litigation degree, by calling 1915 or by the NCH cellular app. They’ll additionally file complaints with the Client Fee.
In line with an official assertion, the choice to completely bar service cost was taken after plenty of complaints had been registered within the Nationwide Client Helpline (NCH) by shoppers on levying of service cost.
Customers complained that eating places had been making service cost obligatory and including it to the invoice by default, suppressing that paying such a cost was elective and voluntary, and embarrassing shoppers in case they resist paying service cost.
“Numerous instances regarding levying of service fees have additionally been determined by client commissions in favor of shoppers, holding the identical as an unfair commerce apply and in violation of client rights,” the official assertion mentioned.
How Hotel Pricing is Going to Change in the Age of AI
Imagine a world where your hotel knows what a guest wants even before they do. A world where your pricing strategy is not just about numbers, but about understanding choices, dreams, and the urge to travel. A world where your revenue management and marketing teams work hand in hand to craft personalized offers that guests can’t resist. Sounds utopian right? Well, with Artificial Intelligence (AI), this dream is becoming a reality.
Over the last few months, we have seen ChatGPT, Bard and other travel-technology companies use Large Language models to fundamentally alter the way travelers looked for inspiration, searched for options and how they planned travel. The two-decade old process of searching for options in silos finally appears to be broken – and a near human like conversational experience is now being created where travelers can share an abstract vision of the type of travel they want to experience and the LLM powered bots will share the closest matches to their vision.
Personalizing Pricing with AI
AI is enabling a new level of personalization in the hospitality industry. By analyzing vast amounts of data quickly, AI can understand individual preferences, needs, and the urge to travel, allowing hotels to tailor their offerings to each guest. This level of personalization enhances the guests’ experience, leading to increased customer satisfaction and loyalty.
For example, AI when coupled with a language model, can not only understand past booking behaviors but also preferences for future stays. This could range from their preferred room type and amenities to their dietary preferences and activities of interest. By personalizing the guest experience in this manner, hotels can not only enhance guest satisfaction but also maximize their revenue by upselling personalized services and offerings.
While hoteliers might see this as an additional layer of complexity, the right way to see it is an opportunity to differentiate their offerings not only within the hotel, but even before the guest has made the decision to book with them. The level of customization also allows them to charge a premium depending on the type of property the revenue management team is handling.
Making TRevPAR a success with AI
AI as most of you might understand is the layer that sits on top of all the data that is collected. This collected data allows AI to stay informed, build context and suggest solutions or alternatives that can work in the real world. An application that uses case in hospitality is providing recommendations to end travelers and helping them have a better experience, as well as connecting with PMS systems to understand and tackle guest queries.
For instance, an AI assistant can understand a user’s query, provide relevant information, and even suggest personalized recommendations. This not only enhances the user experience but also reduces the workload on customer service teams, allowing them to focus on more complex tasks.
With AI being able to provide prompt response and service, this allows the opportunity to upsell and create room for generating higher revenues.
However, based on consumption patterns – in the future when guests return to book with a certain chain, the chain can nudge the user to add on the ancillaries he ordered at a discount – ensuring that the extra revenue is guaranteed as well as the guest feels they are able to get a good price for the add on.
In addition to this, using AI hotels can drive more traffic to their apps or websites as that is where you can serve the offer, and not on the OTA.
The Blurring Lines between Marketing and Revenue Teams
With the rise of hyper-personalization, the lines between revenue management and marketing are blurring. Revenue managers are no longer just setting prices based on supply and demand. They are now working closely with marketing teams to understand what the right offer is for each individual customer.
For example, by analyzing a customer’s booking history and online behavior, revenue managers and marketing teams can determine the types of offers and promotions that the customer is most likely to respond to. This could range from discounted rates and package deals to personalized add-ons and services.
In this context, the role of revenue managers is evolving from simply setting prices to crafting personalized offers that maximize both customer satisfaction and revenue.
So, what can you do?
As AI continues to evolve, so will the role of revenue managers as the trip planning and booking process undergoes a massive change.
Revenue managers will need to understand and leverage AI to craft personalized pricing strategies, work closely with marketing teams to understand customer behavior, and make data-driven decisions to maximize revenue.
Remember, the advent of AI is not a threat to revenue managers, but an opportunity. It’s an opportunity to enhance their strategies, provide more personalized experiences to guests, and ultimately, drive more revenue. As we move into the future, the role of revenue managers will be more important than ever, and those who can adapt and leverage AI will be at the forefront of the industry.
About the Author
Mudasser Tariq
Senior Vice President – Enterprise Business
RateGain
The Potential of Blockchain Technology in Boosting African Tourism
Written by: Obiora Ndili
Africa is home to some of the world’s most beautiful natural wonders and diverse cultural experiences. It has become a popular destination for tourists from around the globe. But the tourism industry in Africa is facing various challenges such as lack of infrastructure, weak regulation, and low levels of investment. However, blockchain technology has the potential to revolutionize the tourism industry in Africa.
Blockchain technology is a decentralized ledger that can record transactions in a secure, transparent and immutable manner. It has already shown great potential in various industries such as finance, healthcare and supply chain management. In the tourism industry, blockchain can address various issues such as payment processing, identity verification, and supply chain management.
One of the main challenges facing tourism in Africa is payment processing. Traditional payment methods such as credit cards are not widely accepted in Africa, and the use of cash can be risky and cumbersome. Blockchain technology can provide a secure and efficient payment system that eliminates intermediaries and reduces transaction costs. Blockchain-based payment systems such as Bitcoin and Ethereum are already gaining popularity in Africa, and more tourism businesses are beginning to accept these cryptocurrencies as a means of payment.
Identity verification is another challenge facing the tourism industry in Africa. Tourists may be required to provide multiple documents to verify their identity, which can be time-consuming and inconvenient. Blockchain technology can provide a secure and decentralized platform for identity verification. Tourists can store their identity information on a blockchain network, and tourism businesses can access this information to verify the identity of their customers. This can significantly reduce the time and cost of identity verification processes.
The supply chain in the tourism industry is also complex and can be difficult to manage. Blockchain technology can provide a transparent and immutable ledger of the entire supply chain, from the origin of the goods and services to the final delivery to the customers. This can enhance the quality and authenticity of products and services in tourism while improving customer trust and satisfaction.
Another advantage of using blockchain technology in the tourism industry is that it can promote eco-tourism and sustainability. Tourists are becoming more aware of the impact of their travels on the environment and are looking for ways to reduce their carbon footprint. Blockchain can be used to create smart contracts that incentivize sustainable practices such as eco-friendly transportation and waste reduction. These contracts can reward tourism businesses that adopt sustainable practices and provide tourists with more eco-friendly options.
Furthermore, Africa has the advantage of being a blank slate when it comes to technology adoption. Unlike developed countries that must adapt and integrate new technologies with existing infrastructure and systems, Africa can leapfrog directly to the latest and most efficient technologies. Blockchain technology can be implemented in African tourism businesses from the ground up, without the need to navigate complex legacy systems.
However, there are also challenges and risks associated with the implementation of blockchain technology in the tourism industry. The first challenge is the lack of technical expertise and infrastructure. African countries need to invest in developing the technical skills and infrastructure required to adopt and integrate blockchain technology into their tourism businesses.
Another challenge is the lack of regulatory frameworks and standards. Blockchain is a new and rapidly evolving technology, and there are no clear regulations or standards for its use in the tourism industry. This can create uncertainty and increase the risk of fraud and security breaches.
In conclusion, blockchain technology has the potential to revolutionize the tourism industry in Africa. It can provide a secure and efficient payment system, streamline identity verification processes, enhance the supply chain management, promote eco-tourism and sustainability, and help African countries leapfrog to the latest and most efficient technologies. However, the implementation of blockchain technology in the tourism industry requires investment in technical skills and infrastructure, and the development of regulatory frameworks and standards. With the right support and collaboration, blockchain technology can transform the tourism industry.
This blog post was awarded Second Place (tied) in the Spring 2023 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. The blog posts that received the top scores will be published on HFTP Connect through July 2023. Learn more at HFTP News.
Obiora Ndili is a graduate student of the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL.
Leveraging the Power of the Metaverse
Written by: Juliette Girardin
Event risk management is critical to ensuring the safety and security of attendees, personnel and the venue. It takes time and effort to identify, assess and mitigate possible risks to an event’s success. Yet, because most events are constructed over a few days and only happen once a year, it is difficult to think of all the possibilities. With the rise of the metaverse, the work of risk managers may become more effective and secure. The metaverse is a multi-user virtual area in which people can engage with each other and with virtual items in a completely immersive and interactive environment. The metaverse’s potential applications are numerous, and one area where it can be especially effective is in enhancing risk management in events.
The hospitality industry, particularly the events sector, is no stranger to risk management. Event organizers have to deal with a multitude of risks ranging from security, health and safety, financial, legal and reputational risks, among others. However, traditional risk management systems sometimes fall short because they rely on antiquated methods such as paper-based forms and checklists, which can be time-consuming and prone to errors.
The metaverse, on the other hand, provides a unique opportunity to enhance risk management in events by creating a virtual space where organizers can simulate and test different scenarios, identify potential risks and develop appropriate mitigation strategies. Here are some ways in which the metaverse can help improve risk management in events:
Virtual simulation and training
The metaverse can be used by event organizers to simulate various scenarios and test their risk management strategies. For example, organizers can simulate a fire or a terrorist attack and train staff on how to respond to such situations. This can help reduce the risk of panic and confusion during an actual event.
Real-time monitoring and response
The metaverse can also be used to monitor events in real-time, using sensors and other technologies to detect potential risks such as overcrowding, security breaches or equipment failures. This can help event organizers to respond quickly and effectively to any potential issues, minimizing the impact on attendees and the event itself.
Data analytics and risk modelling
The metaverse can serve as a platform for data analytics and risk modeling platform, allowing event organizers to analyze data from previous events and identify potential risks. This can help develop more accurate risk assessments and enable organizers to implement more effective risk management strategies.
Improved communication and collaboration
The metaverse can also improve communication and collaboration among event organizers, personnel and other stakeholders. By creating a shared virtual space, organizers can work together to identify potential risks and develop appropriate responses. This can help to ensure that everyone is on the same page and that risks are managed effectively.
In conclusion, the metaverse provides a unique opportunity to enhance risk management in events by creating a virtual space where organizers can simulate different scenarios, monitor events in real-time, analyze data, and improve communication and collaboration. By leveraging the capabilities of the metaverse, event organizers can develop more effective risk management strategies, ultimately creating safer and more secure events for attendees.
This blog post was awarded Second Place in the Spring 2023 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. The blog posts that received the top scores will be published on HFTP Connect through July 2023. Learn more at HFTP News.
Juliette Girardin is a graduate student of the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL.
A major hotel chain abandons San Francisco, blaming the city’s “clouded” future
Park Hotels & Resorts, one of the nation’s largest hotel real estate investment trusts, is pulling out of two hotels in downtown San Francisco, saying it lacks confidence in the city’s ability to overcome “major challenges.”
Park Hotels said that it has stopped making payments toward a $725 million loan backed by two of its San Francisco properties, the 1,921-room Hilton San Francisco and the 1,024-room Parc 55 San Francisco.
Both hotels are located near the Moscone Center, a conference venue that prior to the pandemic drew throngs of professionals to the area. San Francisco hasn’t fully recovered since COVID-19 shut down the economy in 2020, with many office buildings still largely empty as workers continue to work remotely. A rash of thefts last year and rising homelessness have caused some retailers to pull out of the city.
Thomas J. Baltimore, Jr., the chairman and CEO of Park Hotels, cited empty offices and reduced business travel as factors that have made owning the hotels untenable.
“Now more than ever, we believe San Francisco’s path to recovery remains clouded and elongated by major challenges,” Baltimore said in a statement this week.
He said the city’s challenges include: “record high office vacancy; concerns over street conditions; lower return to office than peer cities; and a weaker than expected citywide convention calendar through 2027 that will negatively impact business and leisure demand and will likely significantly reduce compression in the city for the foreseeable future.”
Both properties are expected to be removed from Park Hotels’ portfolio, which includes 46 hotels and resorts with more than 29,000 rooms.
Hit to business travel
Prior to the pandemic, San Francisco was a magnet for business travel. But since the crisis, event bookings have slowed down and foot traffic has receded.
In 2022, San Francisco will experience the steepest drop in revenue from business travel of any major metro area, according to data from the American Hotel & Lodging Association (AHLA). Revenue plunged nearly 69%, or $1.68 billion, compared to 2019.
To be sure, some businesses are still turning to the city for events, with JPMorgan holding its annual health care conference this year in the Union Square neighborhood after a two year pandemic-related hiatus. But other firms have canceled events, deterred in part by street conditions like graffiti and homelessness.
And some retailers have closed their San Francisco locations, citing crime and other issues. Whole Foods in April temporarily closed one of its flagship stores just a year after it opened, citing concerns that crime in the area was endangering its staff. Other retailers that have announced downtown closures include Nordstrom, Anthropologie and Office Depot, according to local station KRON.
RateGain Results for FY23 out; PAT Grows 8X YoY
Noida, May 19, 2023: RateGain Travel Technologies Limited (NSE: RATEGAIN), a global provider of AI-powered SaaS solutions for the hospitality and travel industry, today announced its financial results for Q4 & FY23 ending on March 31, 2023, reporting record revenues and profitability with robust growth and operational efficiency contributing to higher margins.
In an environment where most technology companies are dealing with both growth and cost pressures, RateGain continues to show robust revenue growth at 54.2% YoY to INR 5,651.3 Mn and substantial improvement in operating margins to 15.0% for FY2023, up from 8.3% in the prior year; on the back of operating leverage playing out and driving cost efficiencies across different businesses.
As the travel industry gets ready to move away from legacy technology and tap into the AI revolution powered by cloud, RateGain, one of the pioneers of AI and cloud technologies in travel and hospitality is emerging as a trusted partner for leading hotel chains and travel brands to leverage AI to transform their existing revenue management, distribution ecosystem as well as drive better outcomes from their marketing efforts.
With the advent of new LLM models and the increasing demand for hyper-personalization, travel and hospitality brands would need more data than ever before to deliver a seamless experience while controlling costs and improving ROI on their marketing and distribution efforts.
RateGain is well-positioned to capture this opportunity with over 370 billion data points consisting of travel intent, searches, and rate updates across 700+ partners including leading hotel chains, OTAs, airlines, and car rentals. The variety, volume, and scale of data processing as well as its reliable technology with up to 99.9% uptime makes RateGain ready to help the travel and hospitality industry leverage AI with accurate insights and unlock new revenue through seamless guest acquisition, retention, and wallet share expansion.
The company’s ability to innovate and consistently drive outcomes at scale for customers has helped in recording new contract wins of INR 1,308.0 Mn in FY2023 and has a healthy pipeline of INR 3,810.2 Mn as it goes into the new year.
For Q4FY23, the quarter ending March 31, 2023, compared to the same quarter last year the company reported:
- Operating Revenue at INR 1,829.3 Mn v/s INR 1,078.8 Mn (+ 69.6% YoY)
- EBITDA at INR 322.1 Mn v/s INR 153.6 Mn (+109.7% YoY)
- PAT at INR 337.9 Mn v/s INR 116.1 Mn (+ 191.0 YoY)
- EBITDA margin at 17.6% v/s 14.2/li>
- PAT margin at 18.5% v/s 10.8%
For FY23 compared to the same period last year, the company reported:
- Operating Revenue at INR 5,651.3 Mn v/s INR 3,665.9 Mn (+ 54.2% YoY)
- EBIDTA at INR 845.6 Mn v/s INR 305.6 Mn (+177.0% YoY)
- PAT at INR 684.0 Mn v/s PAT of INR 84.2 Mn (8.1x YoY)
- EBIDTA margin at 15.0% v/s 8.3%
- PAT margin at 12.1% v/s 2.3%
The company continues to have strong customer relationships that are helping in building predictive, stable and sustainable revenue streams. The Annual Recurring Revenue stands at an all-time high of INR 7,745.1 Mn and the LTV to CAC for FY23 came in at 21.3x which is 7x higher than the benchmark for SaaS companies.
Sharing his views on what helped in driving the performance this quarter, Bhanu Chopra, Founder and Chairman, RateGain Travel Technologies, said, “As we complete our first full year of listing, I would like to commend and congratulate the entire RateGain family on a record year. We continue to use AI capabilities to advance our mission of building an integrated tech stack that allows our customers to acquire guests, engage & retain them and have a wallet share expansion. The travel industry continues to witness strong demand across key geographies, we are well positioned to capture and partner with our clients to deliver innovative solutions to optimize their revenue strategy. With continued momentum across all business lines along and our continued investments into RG Labs specially in areas of AI and now Generative AI — we continue to lead digitization of the industry”
Commenting on the key metrics, Tanmaya Das, Chief Financial Officer, RateGain Travel Technologies, said, It has been a standout year for the company in terms of performance across all key areas contributing to record revenue with commendable margin improvement. This is a validation of the underlying business fundamentals and the value we continue to drive for our customers. We witnessed balanced growth across our three verticals with an improvement across all key metrics contributing to a stellar year, which is a true reflection of the efforts of the entire team. Adara integration continues on track, and we are pleased with this new addition to the RateGain ecosystem. With a strong pipeline across verticals, we are well positioned to deliver value to our customers and stakeholders.”
The company continues to add to its headcount and saw a 17.7% increase YoY with a total headcount of 713. With the expansion of the headcount, the company has also been able to reduce its attrition rate which currently stands at 21.1% by leveraging unique upskilling and learning programs to create new opportunities for existing employees.
RateGain also ended the year on a high by increasing its award tally to 13 for the year, being recognized across its people, products, and marketing practices. RateGain was recognized by SaaSBOMi, the leading community of SaaS founders in India as the SaaS Startup of the Year, as well as received recognition by Entrepreneuer.com for its founder, Bhanu Chopra as Founder of the Year.
About RateGain
RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with 2800+ customers and 700+ partners in 100+ countries helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.
RateGain today is one of the world’s largest processors of electronic transactions, price points, and travel intent data helping revenue management, distribution and marketing teams across hotels, airlines, meta-search companies, package providers, car rentals, travel management companies, cruises and ferries drive better outcomes for their business. Founded in 2004 and headquartered in India, today RateGain works with Top 23 of 30 Hotel Chains, Top 25 of 30 Online Travel Agents and all the top car rentals including 8 Global Fortune 500 companies in unlocking new revenue every day. For more information, please visit rategain.com.
Forward-Looking Statements
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential, and target dates for project-related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.
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Ankit Chaturvedi
[email protected]
Global Head-Marketing