Buy Lemon Tree Hotels; target of Rs 90: Motilal Oswal

Motilal Oswal's research report on Lemon Tree Hotels

LEMONTRE posted robust revenue growth (up 4.2x YoY) in 1QFY23, led by strong demand on account of increased corporate travel and greater demand for MICE (Meetings, Incentives, Conferences, and Exhibitions). This led to ARR surpassing pre-COVID levels by 20%.

Outlook

We raise our FY23/FY24 EBITDA estimate by 4%/5% and maintain our Buy rating on the stock with a TP of INR90.

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