Speciality Restaurants Limited Reports Strong Growth for Q1FY25

Speciality Restaurants Limited Reports Strong Growth for Q1FY25

By Nishang Narayan

Published on August 8, 2024

Speciality Restaurants Limited, renowned for its fine dining chains including Mainland China, Asia Kitchen by Mainland China, Oh! Calcutta, and more, has announced robust financial results for the quarter ended June 30, 2024.

On a consolidated basis, the company achieved a Total Income of ₹111.52 crores, EBITDA of ₹24.35 crores, and PAT of ₹7.64 crores for Q1FY25. Notably, the Total Comprehensive Income for the quarter stood at ₹7.66 crores.

In standalone results, Speciality Restaurants reported a Total Income of ₹105.52 crores for Q1FY25, reflecting a 7.47% increase from ₹98.19 crores in Q1FY24. The EBITDA grew by 13.34% to ₹23.28 crores, up from ₹20.54 crores, while PAT rose to ₹7.15 crores from ₹6.29 crores. The Total Comprehensive Income also saw a rise to ₹7.16 crores from ₹6.21 crores.

Commenting on the company's performance, Mr. Anjanmoy Chatterjee, Chairman & Managing Director of Speciality Restaurants Limited, stated, “We continue to focus on our Oriental Brands and are excited about the recent openings of Asia Kitchen by Mainland China at Phoenix Mall of Millennium and Amanora Mall in Pune. Additionally, the renovated Haka restaurant at City Centre Kolkata has also reopened. We expect these new and renovated outlets to break even early and significantly enhance our profits.”

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Chatterjee further noted the company’s ongoing efforts to control costs amid inflation, contributing to improved gross margins. The company plans to open 3-4 new restaurants in the coming quarters, further strengthening its market presence.

About Speciality Restaurants:

With over 30 years in the industry, Speciality Restaurants operates a diverse range of restaurants and confectionaries across India, UAE, Oman, and the UK. Its flagship brand, Mainland China, is known for authentic Chinese cuisine, while Asia Kitchen by Mainland China offers a pan-Asian dining experience. Other core brands include Oh! Calcutta, Sigree-Global Grill, and Sweet Bengal. As of June 30, 2024, the company operates 70 restaurants, 42 confectionary stores, and 13 cloud kitchens in India, alongside international outlets in UAE, Oman, and London.

Cautionary Statement:

This press release contains forward-looking statements reflecting the company’s strategies, objectives, and plans based on current assumptions. While the company believes these assumptions to be reasonable, actual outcomes may differ and cannot be guaranteed.


Pride Hotels & Resorts Marks a Homecoming with Pride Plaza Indore

Pride Hotels & Resorts Marks a Homecoming with Pride Plaza Indore

By Manu Vardhan Kannan

Published on August 23, 2026

Pride Hotels & Resorts has expanded its presence in Madhya Pradesh with the launch of Pride Plaza Indore, a 141-room upscale hotel on AB Bypass near Rau. The new property marks the group's second hotel in Indore and the first Pride Plaza brand entry into the city.

The launch also carries a personal meaning for the group, particularly for S.P. Jain, Chairman and Managing Director, Pride Hotels & Resorts, who hails from Sagar district in Madhya Pradesh. For the group, the opening represents both a business milestone and a homecoming.

"It gives us immense pleasure to launch our own hotel in the heart of India, Madhya Pradesh, in Indore. This property holds a special place for us, it is the 8th hotel owned by the group, and to have it here in Madhya Pradesh, the state I call home, makes this moment truly personal for me and for all of us at Pride Hotels,” said Jain.

Pride Plaza Indore features 141 well-appointed rooms, a swimming pool, six versatile event venues, three restaurants, a pool side lounge & bar and an expansive banquet space. The property has been planned to serve both business travellers and the city's growing wedding market, along with MICE events and social celebrations.

With the opening, Indore becomes the only city in Madhya Pradesh to have two Pride properties, with Pride Plaza Indore joining Pride Premier Indore. Along with the group's existing hotels in Bhopal, Ujjain and Jabalpur, the launch takes Pride Hotels' presence in Madhya Pradesh to five hotels.

Speaking about the group's growth strategy, Satyen Jain, CEO, Pride Hotels Limited, said, “As we move into an exciting new phase of expansion, one of our core strengths has been our strategically located and highly diversified portfolio of hotels and resorts across India. Our presence has been consciously built across key business and gateway markets, high-growth leisure destinations, and culturally significant pilgrimage hubs. This diversification has given us a balanced and resilient portfolio, with 67 percent of our keys in business markets, 18 percent in leisure cities, and 15 percent in pilgrimage destinations allowing us to capture year-round demand from corporate travellers, government business, weddings, MICE, domestic tourism, and social celebrations,”

The new property also reflects Pride Hotels' focus on creating hotels that connect with their destinations. Atul Upadhyay, Executive Director, Pride Hotels, said, "Pride Plaza Indore is a true reflection of our 5 Senses philosophy, bringing together the warmth of local hospitality with the sights, sounds, flavours and traditions of Madhya Pradesh. We are confident that under the leadership of Prantik Sengupta, general manager, Pride Plaza Indore, this property will carry the Pride brand forward and set new benchmarks for hospitality in the region."

With its location, event spaces and range of dining and leisure facilities, Pride Plaza Indore is positioned to serve Indore's business and social demand while strengthening Pride Hotels & Resorts' growing footprint across Madhya Pradesh.


Storii by ITC Hotels Expands Presence in Goa with Assagao Signing

Storii by ITC Hotels Expands Presence in Goa with Assagao Signing

By Manu Vardhan Kannan

Published on August 22, 2026

ITC Hotels Limited has expanded its presence in Goa with the signing of a management agreement for a 51-key hotel in Assagao, North Goa, under its growing Storii by ITC Hotels brand.

The upcoming Storii Assagao is being planned as a distinctive hospitality destination that draws inspiration from the character of the region. Its location will give guests easy access to Assagao’s culinary experiences, natural beauty, boutique retail offerings and some of Goa’s well-known beaches and attractions.

The hotel will feature well-appointed rooms and suites, along with an all-day dining restaurant and a selection of dining, social and recreational experiences. The signing further strengthens ITC Hotels' presence across Goa and supports its plans to grow in high-potential leisure destinations.

Commenting on the signing, Anil Chadha, Managing Director, ITC Hotels Limited, said, "Goa continues to be one of India's leading tourism markets and remains a key focus area for our leisure growth strategy. Assagao has emerged as an attractive micro-market, driven by its distinctive character, strong visitor appeal, and evolving travel preferences. Storii Assagao will seamlessly blend the essence of the locale with the brand's focus on personalized service and memorable guest experiences. We are delighted to partner with Ananda Hospitality Services Private Limited on this exciting project."

Purshottam Sharma and Dilip Sharma, Partners at M/s Ananda Hospitality Services Private Limited, said, "Assagao has steadily evolved into one of Goa's most sought-after hospitality destinations, attracting travellers looking for enjoyable and well-curated stays. We are pleased to collaborate with ITC Hotels and look forward to creating a hospitality offering that reflects the unique appeal of the region while delivering exceptional guest experiences."

The new signing adds to ITC Hotels' growing presence in North Goa, which continues to benefit from tourism demand, improving connectivity and the rising interest in experiential leisure travel.

With its tree-lined avenues, charming neighbourhoods, food scene and evolving hospitality market, Assagao has become an increasingly popular destination for travellers seeking a more relaxed Goa experience. Storii Assagao is expected to build on this appeal while adding another option for guests exploring North Goa.


Atmosphere Core Announces Hillora Eco Resort in Visakhapatnam with 180 Keys

Atmosphere Core Announces Hillora Eco Resort in Visakhapatnam with 180 Keys

By Manu Vardhan Kannan

Published on August 20, 2026

Atmosphere Core has announced its strategic partnership with A V N G Developers LLP to launch Atmosphere Hillora Eco Resort Visakhapatnam, strengthening the brand’s growing presence in India.

Set to open in Q1 2029, the 180-key eco resort will be located amidst the scenic Eastern Ghats of Visakhapatnam, surrounded by lakes and mountains. The resort will also be situated close to the Polavaram Irrigation Project on the Godavari River and will offer convenient access from the upcoming Alluri Sitarama Raju International Airport at Bhogapuram, located approximately one hour away.

The upcoming resort is part of the ‘Atmosphere’ sub-brand within Atmosphere Hotels & Resorts and will combine eco-sensitive design with the natural beauty of forests, lakes and the Eastern Ghats.

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Speaking about the expansion, Mr. Salil Panigrahi, Co-Founder & Managing Director of Atmosphere Core, said, “We are building strong momentum in India, with new properties in key destinations. Visakhapatnam has always been central to our strategy given its importance as both a business and tourism hub. With this resort, we aim to offer a fresh, creative, and experience-led stay for a wide range of travellers, from leisure guests to those planning high-end weddings, MICE events, and holidays with family in a scenic and peaceful setting.”

Atmosphere Hillora Eco Resort Visakhapatnam will feature a mix of cottages, suites and private-pool villas, offering guests a premium stay experience surrounded by nature.

The resort will also offer a diverse dining experience with an all-day dining restaurant, café lounge, specialty restaurant, bar with lounge and library, along with a poolside bar. The culinary offerings will include international cuisines along with popular flavours from Southern India, complemented by a selection of fine wines and spirits.

For wellness seekers, the award-winning ELE|NA Ayur Spa will provide a relaxing experience with dedicated therapy rooms and expert therapists. Other facilities will include a swimming pool with an outdoor deck and a fully equipped fitness centre.

Designed as a destination for celebrations and business gatherings, the resort will feature extensive banqueting spaces including large convention halls, modern conference rooms, boardrooms and open-air venues. These facilities will cater to high-end weddings, MICE events and corporate meetings.

Visakhapatnam, also known as Vizag, continues to grow as an important destination combining tourism potential with business opportunities. The city attracts visitors with its coastline, beaches, Buddhist heritage circuits and eco-tourism locations, while also being a major industrial and logistics hub.

Home to India’s oldest shipyard, the Eastern Naval Command, two deep-water ports and several heavy industries, Vizag is also emerging as a growing destination for IT, Global Capability Centres and healthcare investments. This combination of tourism appeal and business growth continues to position Visakhapatnam as a key gateway in South India.

Commenting on the partnership, Mr. A V N Govinda Rao, Managing Director of A V N G Developers LLP, said, Atmosphere Core’s legacy of excellence aligns perfectly with our vision to create a world-class luxury eco resort in this lush land parcel, rich in vegetation and surrounded by lakes and the rolling hills of Visakhapatnam. As this destination continues to grow in importance, this partnership will help strengthen Southern India’s premium tourism landscape and set new benchmarks in hospitality.”

Adding to this, Mr. Souvagya Mohapatra, Managing Director, Atmosphere Core (India, Nepal, Bhutan, & Sri Lanka), said,Visakhapatnam, with its awe-inspiring natural landscape, cultural heritage, and timeless appeal, is a natural choice for our expansion. As we enter this extraordinary destination, we look forward to delivering a progressive and immersive hospitality experience, thoughtfully tailored to its surroundings, redefining luxury hospitality, and catering to high-end weddings, important MICE events, and leisure holidaymakers during weekends and festivals.”

With this development, Atmosphere Core continues to expand its India portfolio while introducing experience-led luxury hospitality offerings in emerging destinations.

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