Lemon Tree Hotels | 2QFY24

PL First Cut – Lemon Tree Hotels | 2QFY24 – Jinesh Joshi – Research Analyst, Prabhudas Lilladher Pvt Ltd

Lemon Tree Hotels | 2QFY24 First Cut| Results broadly in-line with estimates| BUY | TP – 140

✳️Revenue increased 15% YoY to Rs2,272mn (PLe Rs2,307mn) as against Rs1,967mn in 2QFY23 and Rs2,223mn in 1QFY24.

✳️EBITDA increased 9% YoY to Rs1,019mn (PLe Rs1,094mn) with a margin of 44.8% (PLe 47.4%) as compared to 47.6%/47.0% in 2QFY23/1QFY24 respectively.

✳️PAT after MI increased 35% YoY to Rs226mn (PLe Rs268mn) with a margin of 10% (PLe 11.6%) as against 8.5%/10.6% in 2QFY23/1QFY24 respectively.

✳️PPT is not out as yet and hence KPI data is not available.

✳️The stock trades at EV/EBITDA multiple of 20.2x FY24E and 15.5x FY25E, and currently we have a BUY rating on the stock.