LEMONTRE's 3QFY21 revenue grew 44% QoQ, led by 25% RevPAR growth. This was on the back of 10pp improvement in occupancy, but was offset by a 5% decline in ARR. EBITDA soared 142% QoQ on cost-saving initiatives. Factoring in the current demand scenario, particularly in business travel, we have lowered our FY21E EBITDA estimate by 12% and have largely maintained our FY22E/FY23E EBITDA estimates. We have a Buy rating on the stock with TP of INR50 per share....