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We expect Lemon Tree Hotels Ltd.’s Q2 FY23 to be on similar lines as in Q1, as it sees demand rising.
International travel returning would further benefit it in coming months. Lemon Tree is set to open its largest hotel, Aurika (669 rooms), Mumbai International Airport by end-CY23 (construction on track) ~13% of its current inventory.
Therefore we incorporate Aurika, MIAL, and introduce our FY25 estimates, anticipating the company to report revenue/Ebitda compound annual growth rates of 47%/71% over FY22-FY25.
Risk: A slow-down in the economy would curtail demand, Vulnerable to external factors: terrorist attacks, epidemics, further delay in opening the Aurika MIAL property etc.
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