SAMHI Hotels Ltd: A Comprehensive Overview #
About the Company #
Year of Establishment and Founding History:
SAMHI Hotels Ltd was established in 2011 by Ashish Jakhanwala and Shiv Kapur.
Headquarters Location:
Gurugram, Haryana, India.
Company Vision and Mission:
SAMHI Hotels envisions being a leading hotel owner and operator in India, known for its operational excellence and value creation. Their mission focuses on delivering superior guest experiences and maximizing returns for stakeholders through strategic acquisitions and efficient management of hotel assets.
Key Milestones in Their Growth Journey:
- 2011: Company Formation
- Significant portfolio expansion through acquisitions of existing hotels.
- Successful partnerships with global hotel brands like Marriott, Hyatt, and IHG.
- Successfully launched IPO in September 2023.
Stock Exchange Listing Details and Market Capitalization:
Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company’s market capitalization fluctuates based on market conditions.
Recent Financial Performance Highlights:
Recent financial results are available on SAMHI Hotels’ investor relations page and through financial news outlets.
Management Team and Leadership Structure:
- Ashish Jakhanwala: Managing Director & Chief Executive Officer
- Shiv Kapur: Director
Any Notable Awards or Recognitions:
SAMHI Hotels has received industry recognition for its operational efficiency and growth strategy. Specific awards and recognitions can be found on their website and in industry publications.
Their Products #
Complete Product Portfolio with Categories:
SAMHI Hotels primarily operates hotels under various international brands through management agreements and franchise agreements. They have a portfolio of hotels spanning different segments like:
- Luxury
- Upper Upscale
- Upscale
- Upper Midscale
Flagship or Signature Product Lines:
They own or operate hotels branded under well-known international brands such as:
- Fairfield by Marriott
- Four Points by Sheraton
- Hyatt Regency
- Holiday Inn Express
- Courtyard by Marriott
Quality Certifications and Standards:
SAMHI Hotels adheres to the quality standards and certifications of its partner brands (Marriott, Hyatt, IHG).
Primary Customers #
Target Industries and Sectors:
- Business travelers
- Leisure travelers
- Conference and event attendees
- Tourists
Geographic Markets (Domestic vs. International):
Primarily focused on the Indian domestic market.
Distribution Network and Sales Channels:
- Online travel agencies (OTAs)
- Direct bookings (through hotel websites)
- Corporate travel agreements
- Global distribution systems (GDS)
- Travel agents
Major Competitors #
Direct Competitors in India and Globally:
- Indian Hotels Company Limited (Taj Group)
- EIH Limited (Oberoi Group)
- ITC Hotels
- Lemon Tree Hotels
- Chalet Hotels
- Global hotel chains with a significant presence in India.
How they differentiate from competitors:
SAMHI Hotels’ strategy focuses on acquiring and efficiently managing existing hotels, leveraging established international brands.
Future Outlook #
Expansion Plans or Growth Strategy:
SAMHI Hotels aims to continue expanding its portfolio through strategic acquisitions, partnerships, and organic growth within the Indian hotel industry.
Sustainability Initiatives or ESG Commitments:
Details on sustainability initiatives are publicly available on the company’s website and investor relations documents.
Industry Trends Affecting Their Business:
- Increased demand for branded hotels.
- Growing Indian economy and travel sector.
- Focus on customer experience and personalization.
- Technology adoption for improved operations and guest services.
SAMHI Hotels Ltd. Financial Performance Analysis (FY2022-FY2024) #
Comprehensive Performance Overview #
Financial Performance Analysis (FY2022-FY2024) #
SAMHI Hotels Ltd. demonstrated a significant operational turnaround and revenue growth trajectory over the FY2022-FY2024 period. Total Income surged from ₹3,107 million in FY2022 to ₹7,614 million in FY2023, and further to ₹9,787 million in FY2024, representing a YoY growth of 145.1% and 28.5% respectively. This growth was driven by improved occupancy, higher average room rates (ARR), and the strategic acquisition of the ACIC portfolio in August 2023. On a pro-forma basis (including full-year ACIC impact), FY2024 Total Income reached ₹10,527 million compared to ₹9,644 million in FY2023.
EBITDA (pre-ESOP and one-time expenses) showed strong recovery and growth, moving from ₹218 million (6.5% margin) in FY2022 to ₹2,632 million (34.6% margin) in FY2023, and reaching ₹3,484 million (35.6% margin) in FY2024. Pro-forma EBITDA (pre-ESOP and one-time) for FY2024 stood at ₹3,681 million, up from ₹3,273 million in FY2023, indicating underlying operational strength and successful integration benefits from the ACIC portfolio, whose EBITDA margins improved from 30% pre-acquisition to 37.5% in Q4 FY2024.
Portfolio RevPAR (Revenue Per Available Room) consistently improved, from ₹1,805 in FY2022 to ₹3,777 in FY2023 and ₹4,132 in FY2024. Same-store RevPAR for FY2024 grew by 17% YoY. This reflects strong demand in key commercial markets.
Despite operational improvements, the company reported net losses: (₹4,364) million in FY2022, (₹3,386) million in FY2023, and (₹2,346) million in FY2024. The reduction in losses in FY2024 was aided by increased operating profit and a significant decrease in finance costs from ₹5,014 million in FY2023 to ₹3,948 million in FY2024, primarily due to debt reduction post-IPO. The successful IPO in FY2024, raising ₹12,000 million in fresh equity, was pivotal in recapitalizing the company and reducing debt.
Business Segment Performance (FY2024) #
SAMHI Hotels’ portfolio is diversified
Detailed Analysis #
SAMHI Hotels Ltd. Financial Analysis #
Revenue Analysis #
- Total Income (Consolidated):
- FY2024: ₹9,787.26 million
- FY2023: ₹7,630.18 million
- Year-over-Year (YoY) Growth: 28.3%
- Pro-forma FY2024: ₹10,527 million (9.2% YoY growth from ₹9,644 million in FY2023).
- Revenue from Operations (Consolidated):
- FY2024: ₹9,630.08 million
- FY2023: ₹7,499.03 million
- YoY Growth: 28.4%
- Segmental Revenue (Total Income from Assets for FY2024):
- By Operator: Marriott (largest), IHG, Hyatt, and SAMHI self-operated.
- By Hotel Segment:
- Upper Upscale & Upscale: 44% (Occupancy: 70%, ARR: ₹8,643, RevPAR: ₹6,093)
- Upper Mid-scale: 39% (Occupancy: 74%, ARR: ₹5,498, RevPAR: ₹4,090)
- Mid-scale: 17% (Occupancy: 72%, ARR: ₹3,523, RevPAR: ₹2,533)
- By City: Bengaluru, Hyderabad, Pune, NCR, and Chennai.
- Key Revenue Drivers & Growth:
- Portfolio RevPAR (excluding ACIC) grew 17% YoY to ₹4,196 from ₹3,573 in FY2023.
- ACIC portfolio acquisition added 25% to inventory.
- Strong performance in core commercial markets.
- Diversification of customer base.
Cost Structure Analysis (Consolidated Expenses FY2024) #
- Cost of Materials Consumed: ₹991.00 million (10.1% of Total Income)
- Employee Benefits Expense: ₹1,823.89 million (18.6% of Total Income)
- Share-Based Payments: ₹459.51 million (4.7% of Total Income)
- Other Expenses: ₹4,028.35 million (41.2% of Total Income)
- Power, fuel, and water: ₹968.73 million
- Management and incentive fees: ₹721.86 million
- Repairs and maintenance: ₹498.69 million
- Rates and taxes: ₹437.37 million
- Hotel running expenses: ₹230.28 million
- Consumption of stores and supplies: ₹264.26 million
- Finance Costs: ₹3,191.00 million (32.6% of Total Income)
- Depreciation and Amortization Expense: ₹1,455.33 million (14.9% of Total Income)
Margin Analysis (Consolidated) #
- EBITDA Pre-ESOP and One-Time Expenses:
- FY2024: ₹3,484 million (Margin: 35.6% of Total Income)
- FY2023: ₹2,632 million (Margin: 34.5% of Total Income)
- Margin Improvement: 110 bps YoY.
- Pro-forma EBITDA (Pre-ESOP & One-Time) for FY2024: ₹3,681 million (Margin: 35.0% of Pro-forma Total Income)
- Pro-forma EBITDA (Pre-ESOP & One-Time) for FY2023: ₹3,273 million (Margin: 33.9% of Pro-forma Total Income)
- ACIC portfolio EBITDA margins improved from 30% pre-acquisition to 37.5% in Q4 FY2024.
- Reported EBITDA (after ESOP & One-Time):
- FY2024: ₹2,906.03 million (Margin: 29.7% of Total Income)
- FY2023: ₹2,528.59 million (Margin: 33.1% of Total Income)
- Loss Before Tax:
- FY2024: (₹2,176.82 million)
- FY2023: (₹3,900.49 million)
- Net Loss (PAT):
- FY2024: (₹2,346.18 million) (Net Loss Margin: -24.0% of Total Income)
- FY2023: (₹3,385.86 million) (Net Loss Margin: -44.4% of Total Income)
- Quarterly PAT (₹ in million):
- Q1 FY2024: (₹835)
- Q2 FY2024: (₹880)
- Q3 FY2024: (₹744)
- Q4 FY2024: ₹113
Operating Leverage #
- Total Income grew by 28.3% YoY in FY2024.
- EBITDA Pre-ESOP and One-Time Expenses grew by 32.4% YoY in FY2024.
- Higher EBITDA growth suggests positive operating leverage.
Non-Recurring / Exceptional Items (Consolidated, FY2024) #
- Net Exceptional Loss: ₹148.18 million
- IPO related costs: ₹21.10 million
- Provision for impairment: ₹668.28 million
- Gain on reclassification: (₹5.00 million)
- Reversal of provision: (₹31.18 million)
- Other Non-Recurring Considerations:
- ESOP expenses treated separately. Share-based payments: ₹459.51 million.
GAAP vs. Non-GAAP Reconciliation (Focus on EBITDA) #
- Reported EBITDA: ₹2,906.03 million (FY2024 Consolidated)
- EBITDA Pre-ESOP and One-Time Expenses: ₹3,484 million (FY2024 Consolidated)
EPS Analysis (Consolidated, FY2024) #
- Net Loss Attributable to Equity Shareholders: (₹2,346.18 million)
- Basic EPS: (₹14.67) (FY2023: (₹43.93))
- Diluted EPS: (₹14.67) (FY2023: (₹43.93))
Quarterly Trends #
- Portfolio RevPAR (Same Store, YoY Growth):
- Q1 FY2024: +15%
- Q2 FY2024: +16%
- Q3 FY2024: +20%
- Q4 FY2024: +17%
- Overall FY2024 RevPAR growth (Same Store): 17%
- Occupancy (% - Same Store):
- Q1 FY2024: 68%
- Q2 FY2024: 68%
- Q3 FY2024: 70%
- Q4 FY2024: 74%
- Average Room Rate (ARR in ₹ - Same Store):
- Q1 FY2024: ₹5,154
- Q2 FY2024: ₹5,151
- Q3 FY2024: ₹5,781
- Q4 FY2024: ₹6,210
- RevPAR (in ₹ - Same Store):
- Q1 FY2024: ₹3,515
- Q2 FY2024: ₹3,522
- Q3 FY2024: ₹4,026
SAMHI Hotels Ltd. FY2024 Performance Analysis #
Financial Performance #
SAMHI Hotels Ltd. reported a significant increase in Total Income, reaching ₹9,787 million in FY2024, up 28.5% from ₹7,617 million in FY2023. Pro-forma Total Income (including the ACIC portfolio) for FY2024 was ₹10,527 million, compared to ₹9,644 million in FY2023, a 9.2% increase. Portfolio RevPAR increased to ₹4,000 in FY2024 from ₹3,400 in FY2023, a 17.6% growth. “Same store” hotels reported a 17% RevPAR growth.
Consolidated EBITDA for FY2024 was ₹3,484 million, a 32.4% increase from ₹2,632 million in FY2023. The EBITDA margin improved to 35.6% in FY2024 from 34.6% in FY2023. Pro-forma EBITDA for FY2024 was ₹3,681 million (margin of 35.0%) compared to ₹3,273 million (margin of 33.9%) in FY2023, a 12.5% increase. The ACIC portfolio’s EBITDA margins improved from 30% pre-acquisition to 37.5% in Q4 FY2024.
Net Loss After Tax (PAT) reduced to ₹(2,346) million in FY2024 from ₹(3,386) million in FY2023. The company reported a positive PAT of ₹113 million in Q4 FY2024. The reduction in net loss is attributable to improved operational performance and a reduction in finance costs.
Market Position and Portfolio Performance #
SAMHI Hotels is the third-largest inventory holder of operational hotel keys in India as of March 31, 2024, with 4,801 rooms across 31 operating hotels in 13 cities.
Segment Breakdown: #
- Upper Upscale & Upscale: Representing 43% of asset revenues for FY2024, this segment saw RevPAR grow by 22%. Occupancy was 71%, ARR was ₹8,643, and RevPAR was ₹6,137.
- Upper Mid-scale: Contributing 39% of asset revenues in FY2024 and holding 45% of total room inventory, this segment achieved an occupancy of 75%, an ARR of ₹5,498, resulting in a RevPAR of ₹4,124.
- Mid-scale: Accounting for 17% of asset revenues in FY2024 and 33% of total room inventory, this segment recorded an occupancy of 72%, an ARR of ₹3,523, with a RevPAR of ₹2,533.
Key markets like Bengaluru, Hyderabad, Delhi-NCR, Pune, Chennai, and Ahmedabad contribute over 70% of total revenue. The acquisition of the ACIC portfolio in August 2023 added 25% to the company’s inventory.
Operational Efficiency and Technology #
Operational efficiency is driven by SAMHIIntel (business intelligence) and SAMConnect (IoT-based building management). EBITDA margins have improved from 27.4% in FY2020 to 35.6% in FY2024.
Capital Structure and Investments #
The company raised ₹12,000 million through its IPO in FY2024. As of March 31, 2024, ₹11,394.8 million of the proceeds were utilized for repayment of borrowings (₹9,000 million) and general corporate purposes (₹2,394.8 million). The Debt-Equity Ratio improved from (3.33) in FY2023 to 2.00 in FY2024. Capital expenditure in FY2024 included ₹34.73 million for energy conservation equipment. Future capex is planned for the renovation and rebranding of 1,266 rooms.
Growth Initiatives and Challenges #
Growth Drivers: #
- Full integration and performance enhancement of the ACIC portfolio.
- Renovation and rebranding of 1,266 rooms.
- Addition of new inventory under development/planning (302 rooms opening soon, including entry into Kolkata market by Q3 FY2025).
- Improving market share via product enhancement, particularly in F&B.
- Inorganic growth through acquisition-turnarounds and long-term variable leases.
Challenges: #
Navigating complex state and local government regulations, addressing the shortage of skilled labor in the hospitality industry, and monitoring the growth of the ’experiential economy'.
Geographic Distribution #
The portfolio is located across 13 key urban consumption centers in India. New hotels were acquired/opened in FY2024 in Hyderabad, Pune, Ahmedabad, Jaipur, and Chennai. Upcoming developments will expand the footprint into Kolkata.
SAMHI Hotels Ltd. - Strategic Analysis #
Long-Term Strategic Goals and Progress #
SAMHI Hotels Ltd. aims to be a leading branded hotel ownership and asset management platform in India. Key strategic pillars include:
- Capacity Expansion in Key Markets: Focus on owning hotel capacity in prime commercial and office markets across India, across different price points. Progress is evident through a portfolio of 31 operating hotels (4,801 rooms) in 13 major cities. The acquisition of the ACIC portfolio in FY2024 added 25% to inventory.
- Acquisition and Turnaround: Acquire underperforming hotel assets with significant repositioning potential at a discount to replacement cost. The company highlights successful turnarounds, including the ACIC portfolio where EBITDA margins improved from 30% pre-acquisition to 37.5% in Q4 FY2024.
- Brand Partnerships: Leverage strong partnerships with global hotel brands (e.g., Marriott, Hyatt, IHG) to access customers, loyalty programs, and management expertise.
- Data-Driven Asset Management: Utilize its proprietary platform, SAMHIintel, for analytics-based asset management to enhance financial and operational performance.
- Financial Prudence & PAT Growth: Achieve investable surplus and PAT growth. The successful IPO in FY2024 was a key step, enabling a material reduction in debt and finance costs. Total income on a pro-forma basis crossed ₹10 billion.
Progress in FY2024 includes a 17% RevPAR growth for ‘same store’ hotels, a 28.5% increase in total income to ₹9,787 million, and a 32.4% rise in consolidated EBITDA (pre-ESOP and one-time expenses) to ₹3,484 million (reported basis). Future growth plans involve full integration of the ACIC portfolio, renovation/rebranding of 1,266 rooms (26% of total portfolio), adding new inventory with minimal incremental capital, improving F&B market share, and continued inorganic growth.
Competitive Advantages and Market Positioning #
SAMHI’s competitive advantages are rooted in:
- Differentiated Business Model: An acquisition and turnaround strategy allows for rapid scaling and value creation, often acquiring assets below replacement cost.
- Strategic Brand Alliances: Partnerships with 8 global brands (Marriott, Hyatt, IHG etc.) provide access to established distribution channels, loyalty programs, and operational best practices, enhancing market penetration and guest acquisition.
- Prime Locations: A strong presence in high-density business locations, key urban consumption centers, and office markets (e.g., Bengaluru, Hyderabad, Delhi-NCR, Pune) with high barriers to entry ensures consistent demand from business travelers. Approximately 70% of revenue comes from the top 7 cities with significant office space absorption.
- Proprietary Technology: SAMHIintel (business intelligence) and SAMConnect (IoT engineering platform) provide data-driven insights for operational efficiency, performance enhancement, and informed acquisition decisions.
- Diversified Portfolio: Operates across various price points (Upper Upscale & Upscale, Upper Mid-scale, Mid-scale), mitigating risks and catering to a wide range of demand segments. Over 55% of FY2024 income came from the high-growth Upper Mid-Scale and Mid-Scale segments.
- Asset Management Expertise: Proven ability to improve operational and financial performance of acquired assets, as demonstrated by the ACIC portfolio and case studies.
Market positioning is as a leading branded hotel owner and asset manager, being the third-largest inventory holder of operational hotel keys (owned and leased) in India as of March 31, 2023. The company is strategically positioned to capitalize on India’s growing ’experiential economy’ and strong domestic tourism potential.
Innovation Initiatives and R&D Effectiveness #
SAMHI’s innovation is primarily focused on leveraging technology for operational excellence and data-driven decision-making.
- SAMHIIntel: This proprietary business intelligence platform centralizes financial and non-financial data from all hotels.
- Effectiveness: Enables real-time tracking of operating parameters, space utilization analysis, identification of performance gaps, early trend detection, strategic reviews, benchmarking across properties, and robust due diligence for potential acquisitions. It supports rapid expansion without diluting performance.
- SAMConnect: An IoT-based building management and engineering solution.
- Effectiveness: Monitors energy utilization, equipment health, usage patterns, and temperature parameters in real-time. This facilitates energy performance benchmarking, quick troubleshooting via a central command center, and ensures hotels operate with minimal downtime and maintenance issues.
- Building Footprint Efficiency: SAMHI has focused on building efficiency, with an average Gross Floor Area per key of approximately 54 sq. meters, which is claimed to be one of the smallest footprints relative to business size, minimizing environmental impact.
The development and continuous refinement of these proprietary technological tools (SAMHIintel, SAMConnect) demonstrate an ongoing commitment to innovation in asset management and operational efficiency. The effectiveness is shown through improved performance metrics and successful integration of acquired assets.
M&A Strategy and Execution #
M&A is a cornerstone of SAMHI’s growth strategy, characterized by an “acquisition and turnaround-led” approach.
- Strategy:
- Identify and acquire underperforming hotel assets in high-demand urban areas and key commercial markets.
- Focus on properties with a minimum of 100 rooms, primarily brownfield or operational hotels, to mitigate development risks and accelerate turnarounds.
- Acquire assets at a significant discount to replacement cost.
- Execute bespoke improvement plans involving renovation, rebranding, and leveraging strong brand partnerships.
- Utilize long-term variable leases as another avenue for inorganic growth.
- Execution:
- ACIC Portfolio Acquisition (FY2024): This was a transformative acquisition, adding 25% to SAMHI’s inventory (6 hotels, 962 rooms, and one land parcel). Post-acquisition, SAMHI successfully improved the EBITDA margins of these assets from 30% (pre-acquisition) to 37.5% in Q4 FY2024.
- Historical Growth: Since FY2014, SAMHI has grown its inventory by an average of ~450 rooms per year, demonstrating consistent execution of its acquisition-led strategy.
- Case Studies: The report provides two case studies detailing pre- and post-renovation/rebranding performance improvements (RevPAR, Occupancy, ARR), showcasing successful turnarounds.
## SAMHI Hotels Ltd. - Financial Analysis Report (FY2023-24)
### Key Financial Performance (FY2024 vs FY2023 - Reported)
* **Total Income:** Increased by 28.3% to ₹9,787 million from ₹7,629 million.
* **Portfolio RevPAR:** Grew by 17.3% to ₹4,029 from ₹3,434. RevPAR for 'same store' hotels (excluding ACIC portfolio acquired in August 2023) grew by 17% for the full year. The table for RevPAR excluding ACIC shows ₹3,777 for FY24 vs ₹2,805 for FY23.
* **EBITDA (Pre-ESOP & One-Time Expenses):** Rose by 32.4% to ₹3,484 million from ₹2,632 million.
* **EBITDA Margin (Pre-ESOP & One-Time Expenses):** Improved to 35.6% from 34.5%.
* **Profit After Tax (PAT):** Net loss narrowed to ₹(2,443) million from ₹(3,386) million. A significant turnaround was observed in Q4 FY2024, with a PAT of ₹113 million compared to losses in the preceding three quarters.
* **Market Capitalization:** Stood at ₹46,092.67 million as of March 31, 2024.
* **Dividend:** Nil declared for FY2024.
### Pro-Forma Performance (Including full year of ACIC Portfolio)
* **Total Income (FY2024):** ₹10,527 million (FY2023: ₹9,644 million).
* **EBITDA (Pre-ESOP & One-Time Expenses) (FY2024):** ₹3,681 million (FY2023: ₹3,273 million).
### Strategic Highlights & Business Model
* **Acquisition & Turnaround Strategy:** SAMHI's core model involves acquiring underperforming hotel assets with significant repositioning potential, primarily brownfield or operational hotels, at a discount to replacement cost. This is followed by renovation, rebranding, and operational improvements.
SAMHI Hotels Ltd. - FY 2023-24 Financial Analysis #
Executive Summary & Overall Performance #
SAMHI Hotels Ltd. reported a year of significant transformation in FY2024, marked by a successful Initial Public Offering (IPO), material debt reduction, and strong operational performance. Consolidated Total Income grew by 28.5% YoY, and EBITDA (Pre-ESOP & One-Time Expenses) increased by 32.4%. While the company continued to report a net loss, it narrowed considerably compared to FY2023, primarily due to improved operating performance and reduced finance costs post-IPO. The acquisition and integration of the ACIC portfolio were key strategic moves, substantially increasing inventory and revenue contribution. The company remains focused on an acquisition and turnaround strategy, leveraging strong brand partnerships in key urban markets.
Financial Performance Analysis #
Revenue Growth #
- Consolidated Total Income for FY2024 stood at ₹9,787 million, a 28.5% increase from ₹7,616 million in FY2023.
- On a pro-forma basis (including full-year ACIC portfolio impact), Total Income reached ₹10,527 million in FY2024, up from ₹9,644 million in FY2023 (9.2% growth).
- This growth was driven by a 17% YoY increase in ‘same store’ RevPAR and the incremental revenue from the ACIC portfolio acquired in August 2023.
- The Upper Upscale & Upscale segment, representing ~43% of total revenue, showed a 22% RevPAR growth for the full year.
Profitability #
- Consolidated EBITDA (Pre-ESOP & One-Time Expenses) for FY2024 was ₹3,484 million, up 32.4% from ₹2,632 million in FY2023.
- EBITDA Margins (Pre-ESOP & One-Time Expenses) improved to 35.6% in FY2024 from 34.6% in FY2023, indicating enhanced operational efficiency.
- Pro-forma EBITDA (Pre-ESOP & One-Time Expenses) for FY2024 was ₹3,681 million (margin 35.0%) compared to ₹3,273 million (margin 34.0%) in FY2023.
- Reported Profit After Tax (PAT) showed a reduced loss of ₹2,346 million in FY2024 compared to a loss of ₹3,386 million in FY2023. The continued net loss is primarily due to significant finance costs and depreciation charges, though finance costs have reduced post-IPO.
Cost Structure #
- Finance Costs decreased significantly to ₹3,052 million in FY2024 from ₹5,020 million in FY2023 (Consolidated), largely due to debt repayment from IPO proceeds.
- Depreciation and Amortization Expense increased to ₹1,670 million in FY2024 from ₹1,263 million in FY2023 (Consolidated), reflecting the expanded asset base post-ACIC acquisition.
Balance Sheet & Capital Structure #
- Market Capitalization as of March 31, 2024, was ₹46,092.67 million.
- The company successfully raised ₹12,000 million through a fresh issue in its IPO. A significant portion of these proceeds (approximately ₹9,000 million as per prospectus objects) was utilized for repayment/prepayment of borrowings.
- This has led to a notable improvement in the Debt-Equity Ratio, which stood at 2.00x in FY2024, compared to (3.33x) in FY2023 (due to negative equity).
- The current ratio improved from 0.26x in FY2023 to 0.38x in FY2024, indicating a somewhat better short-term liquidity position.
- No dividend was declared for FY2024.
Operational Performance & Strategic Initiatives #
Key Performance Indicators (KPIs) #
- Portfolio RevPAR (excluding ACIC portfolio for like-for-like comparison where specified, and noting revenue allocation changes) stood at ₹4,074 for FY2024, up from ₹3,472 in FY2023.
- ‘Same store’ hotels RevPAR grew by 17% YoY in FY2024.
- Occupancy, ARR, and RevPAR performance across different segments (Upper Upscale & Upscale, Upper Mid-scale, Mid-scale) showed positive trends, reflecting demand recovery and strategic pricing.
- Upper Upscale & Upscale: RevPAR FY24 ₹6,357 (Occupancy 71%, ARR ₹8,953) vs FY23 ₹5,206.
- Upper Mid-scale: RevPAR FY24 ₹4,092 (Occupancy 72%, ARR ₹5,683) vs FY23 ₹3,498.
- Mid-scale: RevPAR FY24 ₹2,533 (Occupancy 72%, ARR ₹3,52