My old post deleted as I thought I can post my 4th reply by deleting my 3rd –
(Debt 57.00 cr redemption, so 14% int cost and 6% redemption premium amounts to 20% which amounts to 11.40 cr int cost which is what they considered and shown in the results.
Remaining debt of 130cr with 10.75% int amount to 13.98cr which which will be adjusted in the next 3 qtrs.
Basically she is not prepared for this basic maths or fumbled in the concall as she could not or cant justify merger. Looking from mgmts eyes., no mgmt will post rosy results when they want to do the merger in their favour, nor they want share price sky high which will make difficult for them to justify current merger ratio. So lets merger be approved at the earliest and I think mgmt becomes more transparent from then.
They posted 110cr ebita in fy23 itself, so posting 140cr ebita is not big issue with 2000+ keys which is 100% possible by yr end. So just we need to keep in mind that new equity is 3.3cr than 2.9cr
Kamat had 1510 rooms as of Apr 2023 and 1658 as of Apr 2023, an extra of 150 keys and revenue increased by 4 cr, so no question of ARR halving. Its more like less occupancy or a discount of max 10%.)
So now my new comments on Kamat:
Kamat had 53% occupancy as per q4fy24 inv presentation. By Jan 2025, 250 keys may be added and another 70 by Apr 2025. So extra revenue by extra keys only for fy26. But there is good scope to increase in occupancy and ARR if the demand is strong in q3 and q4.
Extra capex will be taken care of by another 21cr outstanding warrants amount, so this yr too they will be having other income not normal of around 25 to 30cr. Going forward, extra lease expense and slight increase in depreciation need to be considered. I think 400cr is possible in fy26 and if they get extra 200 keys, then mgmt can look for 430 cr to 450 revenue.
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