Lemon Tree Q1 results: Profit rises 103% to Rs 27.5 crore, revenue increases 16.8%

Lemon Tree Hotels reported its Q1 FY24 results on August 10.

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Hospitality chain Lemon Tree reported a profit after tax (PAT) of Rs 27.5 crore in the June quarter of the financial year 2024, up 103 percent from Rs 13.6 crore in the year-ago period, driven by strong travel demand.

The company registered total revenue of Rs 224.6 crore for the
quarter which increased 16.8 percent year-on-year (YoY).

“In Q1 FY24, Lemon Tree Hotels continued its growth momentum from the previous year. Q1 FY24 has been the best ever Q1 performance in terms of gross ARR (Average Room Rate), revenue, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), PBT (Profit Before Tax) and PAT for Lemon Tree Hotels," said Patanjali Keswani, Chairman & Managing Director, Lemon Tree Hotels.

He added that Q1 FY24 recorded a gross ARR of Rs 5,237 which increased by 8.6 percent Y-o-Y. "Occupancy followed a similar trend which increased by 514 bps YoY. This translated into a RevPAR (Revenue Per Available Room) of Rs 3,678 which increased by 17.2 percent YoY," Keswani said.

During the quarter, the company added 548 new rooms to its pipeline. As of June 30, 2023, its operational inventory comprised 90 hotels with 8,491 rooms and the pipeline comprised 46 hotels with 3,724 rooms.

In the June quarter of FY24, the hotel chain reported occupancy at 70.2 percent, up from 65.1 percent in Q1 FY23.

The company has two projects under development including one property in Mumbai and another in Shimla for which the cost is estimated at Rs 1,006 crore.