Addition of Aurika Mumbai and ARR growth drive sales

Company
11 Mar 2024
5 Min read 
  • Lemon Tree Hotels reports strong revenue growth of 24% YoY in 3QFY24.
  •  Growth driven by healthy average room rate (ARR) and opening of Aurika Mumbai.
  •  EBITDA growth limited to 10% YoY due to higher fixed costs and renovation expenses.
  •  Company expects mid-teen ARR growth and occupancy rate of over 70% in FY25.
  •  Margins impacted by expenses of Aurika Mumbai and planned renovations.
  •  Company plans to spend ~INR400m on renovations in FY24 and complete majority by April 2025.
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