Kamat Hotels -
Q4 results and concall highlights -
Revenues - 84 vs 80 cr
EBITDA - 23 vs 27 cr ( margins @ 27 vs 34 pc )
PAT - 2 vs 271 cr ( there were a number of one-offs in Q4 LY. basically PAT is not comparable )
Opened IRA by Orchid hotel in Ayodhya on the occasion of Ram Naomi. The property has 49 rooms, 02 Banquet halls. Already clocking an ARR of Rs 6800 at this property
Recently opened hotels - IRA by Orchid at Sambhajinagar, Nahsik, Orchid at Jamnagar are ramping up well
Company has repurchased its NCDs issued earlier at 21 pc interest rates and substituted them with a loan from Axis bank @ 10.75 pc
Current Debt @ 175 cr vs 327 cr YoY ( significant improvement )
Last year in Q2, the company sold its IRA by Orchid - Mumbai property for 125 cr to pare its debt. Post the sale, the company entered into a lease - rental agreement with the new owners and continued running the Hotel. Basically, the interest cost got converted to lease - rental. Hence there is a drop in EBITDA to that extent. Post payment of lease - rental, the company still made a 4 cr kind of EBITDA from this property in 5 months
Hotels slated to open over next 1-2 Qtrs - Orchid at Chandigarh, Dehradun, Toyam. IRA by Orchid at Bhavnagar, Noida
There was pressure on EBITDA - also because of increased employee costs due opening of new properties at Sambhajinagar, Jamnagar, Ayodhya
Company forecasts annual interest payments for FY 25 to be around 25 cr ( so … that should be around 6.25 cr / qtr )
Topline and EBITDA guidance for next FY at 400 cr and 140 cr respectively ( I hope they can achieve this … they have a tendency to over promise and under deliver )
32 pc of company’s revenues come from repeat customers - which is a healthy sign
Disc: holding, disappointed by the topline miss in Q4, hoping for a better performance in FY 25, biased, not SEBI registered
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