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Lemon Tree Hotels Ltd share Price

Company details

6M Return -5.25%
1Y Return 33.03%
Mkt Cap.(Cr) 7,435.23
Volume 6,060,234
Div Yield 0.00%
OI Chg %
Volume 6,060,234

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About The Stock

    Promoted by Mr. Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India. It operates 8,489 rooms in 87 hotels across 54 destinations in India and abroad under brands like Aurika (premium), Lemon Tree premier, Lemon Tree (midscale), RedFox (economy) and Keys.

    • The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk
    • Post completion of expansion, LTHL will be operating ~10,462 rooms in 105 hotels across 64 destinations, in India and abroad by FY24E


    Lemon tree’s operational performance were weak during Q4FY22 that was largely impacted by omicron wave.

    • Revenues declined 16.8% QoQ to ₹119.5 crore (vs I-direct est: ₹136.1 crore). It was up 25.7% on YoY basis
    • Operating expenses were higher 47.2% YoY to ₹97.9 crore as it included one-time charge of ₹15.3 crore towards stamp duty for amalgamation of three companies into its key subsidiary.
    • As a result, EBITDA margins declined 1190bps YoY to 18.1%. Further, higher interest cost led to net loss of ₹39.2 crore vs loss of ₹26.7 crore LY

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Lemon Tree Hotels Ltd.

Q4FY23 Quarterly Result Announced for Lemon Tree Hotels Ltd.

Lemon Tree Hotels announced Q4FY23 results:

  • Revenue from operations stood at Rs 252.7 crore in Q4FY23 which was up 8.2% from Rs 233.5 crore in Q3FY23 and was up 43.5% as compared to Rs 176.1 crore in Q4FY20
  • Gross ARR stood at Rs 5,824 in Q4FY23 which was up 2% from Rs 5,738 in Q3FY23 and was up 29% as compared to Rs 4,530 crore in Q4FY20
  • Occupancy% stood at 73.6% in Q4FY23 which was up 604 bps from 67.6% in Q3FY23 and was up 1,259 bps as compared to 61.0% in Q4FY20
  • Total expenses stood at Rs 112.8 crore in Q4FY23 which was up 5.3% from Rs 107.1 crore in Q3FY23 and was up 0.5% as compared to Rs 112.2 crore in Q4FY20
  • Net EBITDA stood at Rs 141.9 crore in Q4FY23 which was up 11.7% from Rs 127.0 crore in Q3FY23 and was up 120.5% as compared to Rs 64.4 crore in Q4FY20
  • Net EBITDA margin % stood at 55.7% in Q4FY23 which was up 146 bps from 54.3% in Q3FY23 and was up 1,926 bps as compared to 36.5% in Q4FY20
  • PAT stood at Rs 59.0 crore in Q4FY23 which was up 21.5% from Rs 48.6 crore in Q3FY23 and was up Rs 78.0 crore as compared to Rs (19.0) crore in Q4FY20
  • Cash Profit stood at Rs 82.5 crore in Q4FY23 which was up 14.4% from Rs 72.1 crore in Q3FY23 and was up 845.2% as compared to Rs 8.7 crore in Q4FY20

Commenting on the performance for Q4FY23, Patanjali Keswani, Chairman & Managing Director – Lemon Tree Hotels said, “FY23 has been the best year for Lemon Tree Hotels. As anticipated and in line with our initial guidance, we have more than doubled our total revenue vs FY22 and have maintained more than 50% EBITDA margin for the full year. In FY23 our total revenue increased by 111% vs FY22 to Rs 879 Cr. with an EBITDA margin of 51.9%.

Q4FY23 was the best quarter to date, with growth across all metrics. As I had mentioned in the last earnings call, after increasing our ARR by 17% in Q3 vs Q2 FY23, in Q4 we focused on building up occupancy which increased by 604 bps vs Q3FY23 and by 1,259 bps vs Q4FY20. Gross ARR stood at Rs 5,824 which increased by 2% vs Q3FY23 and by 29% vs Q4FY20. This translated into an improved RevPAR of Rs 4,287 which increased by 11% vs Q3FY23 and by 55% vs Q4FY20. In Q4FY23, Lemon Tree Hotel’s RevPAR grew 55% whereas the branded hotel industry grew 41% vs Q4FY20.

The net EBITDA margin for the company in Q4FY23 was industry-leading at 55.7% which increased by 146 bps vs Q3FY23 and by 1,926 bps vs Q4FY20. The PAT for Q4FY23 stood at Rs 59 Cr, which increased by 22% vs Q3FY23. In Q4FY20, we had a negative PAT of Rs 19 Cr. Our cash profit stood at Rs 82.5 crore which increased by 14% vs Q3FY23 and by 845% vs Q4FY20.
As of 31st March 2023, our gross debt stood at Rs 1,746 crore and the average cost of borrowings stood at 9.08% while the weighted average cost of borrowing for the full year was 8.38%.

During the quarter we signed 9 new management & franchise contracts which add 538 new rooms to our pipeline. As of 31st March 2023, our operational inventory comprised 88 hotels with 8,382 rooms and our pipeline comprised 42 hotels with 3,285 rooms.

For FY24, I will refrain from giving any specific guidance other than saying that our growth momentum continues and that we will be investing significantly more than normal in renovating our hotels, especially the Keys portfolio, to catch up with the near absence of this during FY21 and FY22. This will increase our operating expenses by a further 2 to 2.5% on a revenue basis for this year, but will position our hotels to capture better pricing and demand in H2 and in the following years.

Finally, post-CoVID and with the impending opening of our largest hotel, Aurika Sky City Mumbai, we would now like to share the roadmap for the next five years which has been released alongside the earnings presentation where we have set forth clear and achievable outcomes for the next 5 years.”


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Investment recommendation

Call Date
14 Feb 2023
Entry Price 78.00
Target Price 95.00
12-18 Month


Operating Profit
Profit after Tax
Reserves and Surplus
Operating Profit
Profit after Tax

Lemon Tree Hotels Ltd Stocks COMPARISION


Equity Capital: 831.25 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 4,188.45 36,268.13
LAST 3M 15,476.00 58,854.71
LAST 6M 62,880.13 40,849.01
LAST 12M 117,744.22 88,090.28
Lemon Tree Hotels opens two new hotels in Agra and Bhopal

Jun 02, 2023 l BSE Announcement

Lemon Tree Hotels Limited - Updates

Jun 02, 2023 l NSE Announcement

Lemon Tree Hotels Limited - Acquisition

Jun 01, 2023 l NSE Announcement

Date Action Type Ratio
No data found

Lemon Tree Hotels Ltd Information

Stock PE (TTM)
Promoter Holding
Book Value
  • Lemon Tree Hotels Ltd. is India’s largest chain in the mid-priced hotel sector. It opened its first hotel in May 2004 with 49 rooms. The company’s headquarters are in New Delhi. During FY 2021-2022, the hotel chain reported a total revenue of Rs 416.27 crore, up 57.10% from the previous financial year, 2020-2021. On 29 August 2022, its market capitalisation stood at Rs HYPERLINK "https://www.moneycontrol.com/india/stockpricequote/hotels/lemontreehotelsltd/LTH" 5,387 crore.  

    The company is listed on the Bombay Stock Exchange with the code 541233 and on the National Stock Exchange with the code LEMONTREE.  

    Lemon Tree Hotels Ltd. operates under seven brands—Lemon Tree Premier, Aurika Hotels and Resorts, Lemon Tree Hotels, Keys Prima, Keys Lite, Keys Select, and Red Fox by Lemon Tree Hotels. The contemporary accommodation offers personal yet highly efficient service, along with premium amenities, such as a swimming pool, meeting rooms, fitness centre, business centre, and on-site restaurants.  

    On 30 June 2022, the company’s shareholding pattern revealed a public stake of 36.63%, a domestic institutional investor stake of 11.43%, a foreign institutional investor stake of 27.9%, and a promoter stake of 23.93%. During the June 2022 quarter, promoters unpledged 8.48% of shares, bringing the total pledge of promoters’ holdings to 14.72%. The promoters’ holdings decreased from 23.95% to 23.93%, while mutual fund holdings decreased from 12.02% to 11.03%.  

    Mr Patanjali Govind Keswani is the chairman and managing director of the company. Other members of the leadership team include Mr Arvind Singhania, Dr Arindam Kumar Bhattacharya, Mr Niten Malhan, Mr Ashish Kumar Guha, MrParmartha Saikia, Mr Pradeep Mathur, Mr Willem Albertus Hazeleger, Mr Aditya Madhav Keswani, and MsFreyan Jamshed Desai. The auditors of the company are Deloitte Haskins & Sells LLP. On 30 June 2022, the company had a total of 79.22 crore shares outstanding.  

    On 29 August 2022, Lemon Tree Hotels Ltd.’s share price closed at Rs 68.05 on BSE and it closed at Rs 68 on NSE. The 52-week high share price for Lemon Tree Hotels Ltd. was Rs 79.10, and the company’s 52-week low share price was Rs 37.30.  

    The company’s peers include Indian Hotels Company Ltd., Westlife Development Ltd., EIH Ltd., and Sapphire Foods India Ltd.  

    As of August 2022, SBI Conservative Hybrid Fund had a 0.42% stake in Lemon Tree Hotels Ltd. 

    Disclaimer: ICICI Securities Ltd. (I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is a Member of National Stock Exchange of India Ltd (Member Code :07730), BSE Ltd (Member Code :103) and Member of Multi Commodity Exchange of India Ltd. (Member Code: 56250) and having SEBI registration no. INZ000183631. Name of the Compliance officer (broking): Mr. Anoop Goyal, Contact number: 022-40701000, E-mail address: complianceofficer@icicisecurities.com. Investment in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein above shall not be considered as an invitation or persuasion to trade or invest.  I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. The contents herein above are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments or any other product. Investors should consult their financial advisers whether the product is suitable for them before taking any decision. The contents herein mentioned are solely for informational and educational purpose 

Registered Address

Asset No 6, Aerocity Hospitality District, New Delhi, New Delhi, 110037

Tel : 91-11-46050101
Email : sectdeptt:lemontreehotels.com
Website : http://www.lemontreehotels.com

KFin Techologies Ltd

AGM Date (Month) : Sep
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 541233
Book Closure Date (Month) :
BSE Group : A
ISIN : INE970X01018

FAQ’s on Lemon Tree Hotels Ltd Shares

You can buy Lemon Tree Hotels Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Lemon Tree Hotels Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of Jun 05, 2023 03:59 PM the closing price of Lemon Tree Hotels Ltd was ₹ 93.85.

Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jun 05, 2023 03:59 PM, the market cap of Lemon Tree Hotels Ltd stood at ₹ 7,435.23.

The latest PE ratio of Lemon Tree Hotels Ltd as of Jun 05, 2023 03:59 PM is 63.93

The latest PB ratio of Lemon Tree Hotels Ltd as of Jun 05, 2023 03:59 PM is 0.12

The 52-week high of Lemon Tree Hotels Ltd is ₹ 103.40 while the 52-week low is ₹ 58.30

According to analyst recommendations, Lemon Tree Hotels Ltd has a “Buy” rating for the long term.

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