Thanks a lot Girish, for sharing the recording.
My understanding of the concall is as below, others can also add, if I miss any point.
- No additional debt would be taken by the company for this acquisition.
- Renovation will start from Q1’FY2026
- Current acquisition will start contributing to top and bottom line from current quarter onwards (may be around 10 cr in the top line, calculated from Revpar and rooms )
- Company has also refinanced around ~350 crores of NCDs from 13.5% annual to 9.2% annual which can help saving around 13 cr to 14 cr in interest expenses annually.
- Net Debt/EBITDA will stand ~4.4x at the end of FY’2025 , Net debt would be around 2060 crores, which means EBITDA would be 460 crores to 470 crores
- If I assume depreciation in line with last year ~120 cr and annualize the interest payment of 55.57 cr which would be ~220 crores (one can adjust the benefit of ~6.5 crores of half yearly benefit from refinancing of NCDs) PBT for the company can around ~120 crores to ~125 crores.
- Company was in losses in previous years , so I believe it may not have to pay taxes in the FY’2025
Company is available at ~32x of FY2025 earnings. Not sure about the upside but downside seems to be limited.
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