Whalesbook
Ab dekho, yeh jo 14% ka income growth hai na, woh mostly Average Room Rate (ARR) aur RevPAR mein 17% ki tezi se aaya hai. Aur EBITDA bhi 17% badh kar ₹51 Crore bana hai. Profit After Tax (PAT) mein toh 126% ka zabardast surge tha, seedha ₹22 Crore!
Is quarter mein toh maza aaya hi, lekin saal ke pehle 9 mahine (9MFY26) ka performance bhi solid hai. Income 19% badh kar ₹398 Crore hui, aur PAT toh 273% bhaag kar ₹40 Crore ho gaya! Haan, ek choti si dikkat hai - GST 2.0 ke wajah se EBITDA margin par thoda 1.6% ka impact aaya hai input tax credit reversal ke karan, aur ₹6 Crore ka property tax expense bhi tha, par company isko manage kar rahi hai.
Management ka kehna hai ki Bangalore aur Chennai jaise cities mein demand bahut achhi hai aur supply bhi control mein hai. Isiliye woh rooms aur F&B dono mein mid-to-high teens growth expect kar rahe hain. Aur hotel occupancy bhi 76.1% par achhi hai.
Ab sabse interesting baat - company ne future ke liye ek bada plan banaya hai! Agle paanch saal mein, matlab FY'30 tak, woh apne hotel rooms ko lagbhag double karne wale hain. Plan hai 1,700 naye keys jodna, jisse total keys 3,300 ho jayengi. Iske liye woh ₹3,600 Crore invest karenge. Isme luxury se lekar upscale segments tak ke 9 naye hotels shamil hain, aur Chennai mein ek Courtyard by Marriott bhi FY'27 tak khul jayega.
Financially, company abhi ₹132 Crore net cash position par hai. Expansion ke waqt debt-to-EBITDA ratio thoda 4x-4.5x tak ja sakta hai FY'29-FY'30 mein, par woh DSCR 4x maintain rakhenge. Main risk yahi hai ki GST ka impact kitna rehta hai aur itne bade expansion ko kaise manage karte hain.