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>As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.</li><li>The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.</li><li>In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.</li></ul>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.

As of Sep’24, Lemon Tree Hotels (LEMONTRE) has 10,318 operational keys across 112 hotels.The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538 by FY29–30E.In the near term, FY25E operations may remain constrained by ongoing renovations in its Keys portfolio and other owned/leased hotels.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 - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption</li>
<li>The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.</li>
<li>With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.</li>
</ul>


India is set for its biggest GST overhaul since 2017, with a shift to a dual-slab GST system (5% and 18%) to simplify tax structures, reduce consumer prices, boost consumption
The proposed rate cuts are likely to drive increased consumption, benefiting sectors like automobiles, cement, and consumer durables, and provide a multi-engine growth boost for the economy.
With the GST reform potentially lowering inflation, raising private sector investments, and stimulating discretionary spending, we see a positive impact on GDP growth by around 1.6-2% in the medium term.


Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

<ul><li>Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical tensions and Covid threat</li><li>Revenue grew 18% YoY to INR3.2bn, led by a healthy 10% ARR growth, 5% room inventory growth, improved occupancy of 72.5% in Q1FY26, leading to a strong RevPAR growth of +19% YoY</li><li>Total fee income for the quarter was INR 374 mn (+29%YoY)</li></ul>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: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical tensions and Covid threatRevenue grew 18% YoY to INR3.2bn, led by a healthy 10% ARR growth, 5% room inventory growth, improved occupancy of 72.5% in Q1FY26, leading to a strong RevPAR growth of +19% YoYTotal fee income for the quarter was INR 374 mn (+29%YoY)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.

HSIE Results Daily: Lemon Tree, Greenlam Industries

<ul><li>Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in sales</li><li>The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth</li><li>Healthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growth</li></ul>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.

Apollo Hospitals Enterprise: EBITDA grew 20% YoY, driven by a 13% YoY rise in salesThe hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growthHealthco grew 17% YoY, with offline and online sales up 17% and 22% YoY, respectively, while AHLL posted 11% YoY growthContent 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.

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

India

Lemon Tree Hotels Limited owns and operates a chain of hotels and resorts. The Company offers room accommodations, resorts, transportation, swimming pools, on-site restaurants, meeting rooms, fitness gym, and spa facilities. Lemon Tree Hotels serves customers in India.

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Lemon Tree Hotels Ltd (LEMONTRE IN)

Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538...

ICICI Securities Limited

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

HSIE Results Daily: Lemon Tree, Greenlam Industries

Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical...

HDFC Securities

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

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Lemon Tree Hotels - Keys to Success: Strong Room Pipeline; Demand Outlook Remains Robust

The company has an aggressive room expansion plan for H2FY25–FY29 with an incremental 5,220 keys – should take overall operational keys to 15,538...

ICICI Securities Limited

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Thematic Report: Can Proposed GST Rate Cuts Revive Consumption Growth in India?

​India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...

Nimish Maheshwari

HSIE Results Daily: Lemon Tree, Greenlam Industries

Lemon Tree: Lemon Tree Hotels (LTH) recorded a strong Q1FY26 performance on a weak base, broadly in line with the estimates, despite geopolitical...

HDFC Securities

HSIE Results Daily: Apollo Hospitals Enterprise, FSN E-Commerce Ventures (Nykaa), Lemon Tree

The hospital business delivered 10% YoY growth, supported by higher occupancy (67% vs 65% in Q4FY24) and 7% YoY ARPOB growth

HDFC Securities

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

India is revamping its GST system with dual-slab rates to simplify taxes, reduce prices, and boost consumption, potentially driving GDP growth by...