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Dolat Capital Report
Hospitality industry is expected to report another robust quarter with industry revenue per available room growth of ~17-18% driven by average room rate.
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Historically, listed players have done well versus industry due to their superior brand positioning, pricing power, S&M engine and execution skill-set. However, as the smaller / unorganised / unlisted players' catch-up we expect the listed company's performance to be at par with industry average.
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These is partly on account of higher base. Overall revenue growth to be 14-15% on account of marginally lower growth rate in food and beverage / other operating income similar to past few quarters trend.
We estimate Indian Hotels Company Ltd./Lemon Tree Hotels Ltd.)/Chalet Hotels Ltd. /Mahindra Holidays and Resorts India Ltd. to report revenue growth of ~14.9/14.6/24.3/8.2%. YoY.
Ebitda is expected to grow by 17.1/8.9/34.4/(0.6)% YoY. Chalet's Hotel business revenue/Ebitda growth would be robust ~24.4/38% YoY.
For Lemon Tree, Ebitda to trail revenue growth on account of higher repairs and maintenance costs for ~900-1000 rooms (~20% of the portfolio) which is under renovation.
For Mahindra Holidays, Ebitda to trail revenue growth on account of higher sales and marketing spend and rent costs on new rooms additions.
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