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Motilal Oswal Report
Lemon Tree Hotels Ltd.'s cost saving initiatives have aided in achieving positive Ebitda (higher than estimate).
This is commendable in our view, especially at a time when hotel players have either reported or are likely to post Ebitda loss (for players yet to announce results).
Although Ebitda was above our estimates, we have maintained our FY21/22E estimates as Q1 FY21 is not expected to contribute materially to FY21 Ebitda.
Revenue was down 71% YoY to Rs 407 million (versus estimate Rs 434 million). Average room rate declined 34% YoY to Rs 2,626, while occupancy decreased 48.7 per person to 28.9%, leading to revenue per available room drop of 76% YoY to Rs 759.
Ebitda plunged 90% YoY to Rs 44 million (versus estimate Rs 3 million) while adjusted loss stood at Rs 419 million (versus loss of Rs 17 million last year).
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