Update On Lemon Tree Hotels Ltd By Motilal Oswal
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Revenue/EBITDA above estimates
* Revenue was down 66% YoY to INR684m (est. INR638m) in 3QFY21.
* ARR declined 46% YoY (to INR2,528) and occupancy declined 28.9pp (to 42.4%); thus, RevPAR fell 68% YoY to INR1,073. On a QoQ basis, RevPAR grew 25% on the back of 10pp improvement in occupancy, offset by 5% decline in ARR.
* EBITDA was down 75% YoY to INR201m (est. INR122m; EBITDA in 2QFY21 stood at INR83m).
* On a QoQ basis, revenue/EBITDA grew 44%/142%.
* Adj. loss stood at INR312m v/s profit of INR122m last year.
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