Kamat Hotels –
Q2 results and concall highlights –
Revenues – 85 vs 64 cr, up 33 pc
EBITDA – 22.5 vs 18.7 cr, up 20 pc ( margins @ 27 vs 29 pc )
PAT – 8.3 vs 0.03 cr ( due to sharp fall in interest costs – due repayment of loans )
Current portfolio of Hotels ( all hotels are leased except 02 which are owned and 01 on management contract ) –
Under Orchid brand –
Pune – 410 rooms
Mumbai – 372 rooms ( Owned )
Shimla – 96 rooms
Manali – 47 rooms
Goa – 48 rooms ( Owned )
Lonavala – 36 rooms ( management contract )
Jamnagar – 45 rooms
Toyam ( Pune ) – 21 rooms
Under IRA brand –
Mumbai – 195 rooms
Bhuvneshwar – 111 rooms
Nahsik – 31 rooms
Sambhaji Nagar – 33 rooms
Ayodhya – 49 rooms
Lotus Resort Murund – 40 rooms
Fort Jadhavgarh Pune – 58 rooms
Madhodhani Palace Puri – 33 rooms
At present – capex ( addition of rooms / facilities ) and renovation work is on at Orchid – Pune and Goa
Upcoming properties –
Under Orchid brand @ Chandigarh, Dehradun, Gwalior and Puri
Under IRA brand @ Bhavnagar, Hyderabad and Noida
Most of these properties are likely to open up in calendar year 2025
Aim to keep upgrading / renovating 2 properties each year
Current debt on books @ 120 cr with RoI of 10.5 pc
Expecting to maintain EBITDA margins in H2 – at levels similar to Q2 – due increased manpower and energy costs
Expecting to clock revenues of around 350 cr for FY 25 with full FY 25 EBITDA > 90 cr
37 pc of company’s business comes from repeat customers ( which is a very healthy number ). As the company expands its number of properties, this percentage should increase going forward
IRA Noida is opening on 07 Nov 24
Company expects their finance cost to be between 6-7 cr for Q2 – this should be a key positive and bump up the PAT in Q2
Revenue target for FY 26 stands at 400 cr
Disc: holding, biased, not SEBI registered, not a buy/sell recommendation
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