Hospitality chain Lemon Tree Hotels posted a profit after tax (PAT) of Rs 83.9 crore in the March quarter of FY24 as against Rs 59 crore during the same period a year ago.
Sequentially, its PAT increased 42 percent while on an annual basis it was up 29 percent to Rs 181.7 crore in the last fiscal year versus Rs 140.5 crore in FY23.
The company reported a total income of Rs 331 crore in the fourth quarter, up from Rs 254.73 crore in the corresponding period in FY23.
In FY24, Lemon Tree's posted total income of Rs 1,076.76 crore, up from Rs Rs 878.56 crore in FY23.
“In Q4, Lemon Tree Hotels continued its growth momentum from the previous year. Q4 FY24 has been the best ever Q4 performance in terms of Gross ARR (average room rate), revenue, and PAT. Q4 FY24 recorded a gross ARR of Rs 6,605 which increased by 13.4 percent Y-o-Y (year-on-year) and increased by 4.3 percent Q-o-Q (quarter-on-quarter). Occupancy for the
quarter stood at 72 percent. This translated into a RevPAR (revenue per available room) of Rs 4,754 which increased by 10.9 percent
Y-o-Y and by 13.9 percent Q-o-Q," said Patanjali Keswani, Chairman & Managing Director, Lemon Tree Hotels Limited.
During the quarter, the company signed 12 new management and franchise contracts which added 667 new rooms to its pipeline and operationalized 4 hotels which added 176 rooms to its portfolio.
In FY24, the inventory for the group stood at 104 operational hotels with 9,863 rooms, and the pipeline comprises an additional 4,000 rooms. The hotel chain expects its operational inventory to be over 120 hotels with over 11,000 rooms by end of FY25.
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