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Lemon Tree Hotels Ltd.'s (LTH) Q4FY25 result was broadly in-line with our estimates on net sales and EBTDA front, while PAT was beat to forecast. The company reported the best ever Q4 results, aided by healthy RevPAR growth. The management is confident to sustain this growth in coming quarters by focusing on growth levers such as growth in managed and franchised portfolio, timely completion of renovation in the current portfolio. Renovation expenses stood at 2.7% of revenue in FY25 as compared to 2.4% in FY24. This increased investment in renovation expenses will continue into FY26 and a lesser amount...
Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs7.7bn (up 20% YoY), was in line with our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.6bn), EBITDA was Rs9.3bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed are a positive step and will lead to an integrated pharmacy distribution business complemented by the fastgrowing omni-channel digital health business. Scale-up in Apollo HealthCo has been on track with likely breakeven in EBITDA of digital business over the next...
We increase our PAT estimates after accounting for minority interest by 20.6%/12.7% for FY26E/FY27E as we re-align our debt & interest forecast post fund infusion by GIC into a newly created JV platform for upscale hotel assets. SAMHI reported an in-line operating performance with EBITDA margin of 38.1% (PLe 36.9%) while PAT was impacted by an exceptional charge of Rs194mn; offset by a tax write back of Rs233mn. We expect top-line CAGR of 12.9% over the next 2 years led by addition of 245 keys with an EBITDA margin of...
We met new MD and CEO KVS Manian and Consumer Banking Head Virat Diwanji (ex-KMB), who gave assurance of their unwavering focus on addressing Federal Bank (FB)’s long-time pain point (margin) mainly via CASA acceleration.
We assume coverage on Star Cement (Star) with BUY and target price of Rs250, while valuing the stock at FY27E EV/EBITDA of 12x. Star, with the upcoming commissioning of grinding units (GUs) in Silchar and Jorhat (both in Assam) is set to consolidate its leadership position in the Northeast.
Puravankara (PL)’s pre-sales in FY25 were weak, as expected, as approvals were delayed (sector-wide impact). However, despite only 3.6msf new launches, sustenance sales remained strong (up 14% YoY) which was a respite.
