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Dolat Capital Report
Lemon Tree Hotels Ltd. Q2 FY22 revenue was in-line and Ebitda ahead of estimates led by better costs efficiencies. However, recovery trailed Indian Hotel Company Ltd. (63% versus 77% for later of Q2 FY20).
Management expects Q3 FY22 to be ~70-75% and Q4 FY22 to achieve pre-Covid-19 run-rate revenues.
Lemon Tree with its superior positioning in ~Rs 4,000-5,000 average room rate bracket in mid-market segment, high-dependency on domestic clients (~85-90%) and room revenues (~75%) is well-poised for recovery especially as corporate travel revives.
We increase our FY22-24E Ebitda estimates by 42/7/2% to factor the faster recovery and efficient costs management.
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