Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lemon-tree-hotels-ltd" target="_blank" data-smartkarma-citation="entities:26159:1" rel="noopener">Lemon Tree Hotels Ltd (LEMONTRE IN)</a> ("LTHL") is India’s largest mid-market hotel chain with 7 brands and 87 properties across 54 destinations and 8,489 rooms as at F22.</li>
<li>We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.</li>
<li>While the operations have seen a revival in terms of ARR and margins, LTHL however is yet to reach occupancy levels of pre-covid.</li>
</ul>



Lemon Tree Hotels Ltd (LEMONTRE IN) ("LTHL") is India’s largest mid-market hotel chain with 7 brands and 87 properties across 54 destinations and 8,489 rooms as at F22.
We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.
While the operations have seen a revival in terms of ARR and margins, LTHL however is yet to reach occupancy levels of pre-covid.


External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li>
<li>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.</li>
<li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


Promoted by 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 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree Hotels - Lean Cost, Firm Room Rates Drive Profitability…

<ul><li>Promoted by Patanjali Keswani, Lemon Tree is the largest hotel chain in the mid-priced segment in India.</li><li>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.</li><li>The favourable location of its properties in prominent business and tourist districts supports revenue growth prospects and reduces concentration risk </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Promoted by 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 Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue declines by 16.8% QoQ but increases by 25.7% YoY to Rs1,195mn: Revenue at Rs1,195mn declined by 16.8% QoQ but increased by 25.7% YoY in 4QFY22.</li></ul><div><div><div><div><ul><li>EBITDA margin declines by 3,180bps QoQ and 1,770bps YoY in 4QFY22 to 12.3%: The company reported EBITDA margin of 12.3% in 4QFY22 vs 44.1%/30% in 3QFY22/4QFY21.</li></ul><div><div><div><div><ul><li>Net loss at Rs367mn in 4QFY22 vs a net loss of Rs52mn/Rs267mn in 3QFY22/4QFY21: The net loss stood at Rs367mn in 4QFY22 v/s Rs52mn/Rs267mn in 3QFY22/4QFY21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Revenue declines by 16.8% QoQ but increases by 25.7% YoY to Rs1,195mn: Revenue at Rs1,195mn declined by 16.8% QoQ but increased by 25.7% YoY in 4QFY22.EBITDA margin declines by 3,180bps QoQ and 1,770bps YoY in 4QFY22 to 12.3%: The company reported EBITDA margin of 12.3% in 4QFY22 vs 44.1%/30% in 3QFY22/4QFY21.Net loss at Rs367mn in 4QFY22 vs a net loss of Rs52mn/Rs267mn in 3QFY22/4QFY21: The net loss stood at Rs367mn in 4QFY22 v/s Rs52mn/Rs267mn in 3QFY22/4QFY21.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lemon Tree Hotels - Revival in Corporate Travel Turns Favorable

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sapphire Foods India / Equity Capital Markets

<ul>
<li>Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.</li>
<li>Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.</li>
<li>In this note, we will talk about the subscription levels and the trading dynamics.</li>
</ul>


Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.
Its core business is to operate KFC, Pizza Hut and Taco Bell in the Indian subcontinent.
In this note, we will talk about the subscription levels and the trading dynamics.


Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

India

Lemon Tree Hotels operates as an Indian hotel chain, owning, leasing, and managing hotels across the upscale, upper-midscale, midscale, and economy segments under seven distinct brands. The company provides accommodation, dining, and banquet facilities, catering to both business and leisure travelers. Lemon Tree Hotels is headquartered in New Delhi, India, and was founded in 2002.

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Lemon Tree Hotels (LEMONTRE IN)

Lemon Tree Hotels Ltd- Forensic Analysis

We noticed few setbacks on the forensics, particularly with respect to impairment in subsidiary and unusual accounting with revaluation of PPE.

Nitin Mangal

Lemon Tree Hotels - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by 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...

ICICI Securities Limited

Lemon Tree Hotels (LEMTRE) - Lean Cost, Firm Room Rates Drive Profitability…

Promoted by 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...

ICICI Securities Limited

Lemon Tree Hotels - Revival in Corporate Travel Turns Favorable

Lemon Tree management’s commentary on the concall and the company’s 4QFY22 results clearly indicate a V-shaped recovery.

Nirmal Bang

Sapphire Foods IPO Trading - Demand Was So So, Peer Performance Might Help

Sapphire Foods Limited (SFL), one of Yum Brand’s franchisee in the Indian subcontinent, raised around US$280m in its Indian IPO.

Sumeet Singh

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