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ICICI Securities Report
Along expected lines, Lemon Tree Hotels Ltd. clocked its best ever quarter with Q3 FY23 consolidated revenue of Rs 2.3 billion (up 19% QoQ) which was marginally higher than our estimate of Rs 2.2 billion with reported Ebitda of Rs 1.1 billion at Ebitda margins of 54.2% (our estimate of 53%).
Q3 FY23 average room rates increased 24% versus Q3 FY20 (pre-Covid levels) to Rs 5,738 while occupancy was lower by 370 bps versus Q3 FY20 at 67.6%.
With Lemon Tree having achieved nine months-FY23 revenue and Ebitda of 6.2 billion and Rs 3.1 billion respectively, we believe that it is on track to meet its FY23 guidance of revenues growing 100% YoY to Rs 8.0 billion at an Ebitda margin of 50%.
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