Lemon Tree Hotels Ltd. · NSE:LEMONTREE
Lemon Tree Hotels — Q2 FY23 Earnings Presentation
59 slides from Lemon Tree Hotels's earnings presentation, Nov 11, 2022
Slide 1: Outcome of the Board Meeting
November 11, 2022 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G Phiroze Jeejeebhoy Towers Bandra Kurla Complex Dalal Street, Mumbai — 400001 Bandra (E), Mumbai - 400051 NSE Scrip Symbol: LEMONTREE BSE Scrip Code: 541233 Re: Outcome of the Board Meeting Dear Sir We
Slide 2: Independent Auditor's Review Report (Consolidated)
™ Chartered Accountants De oitte 7th Floor Building 10 Tower B Haskins & Sells LLP DLE Cyber ly Complex - * Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF
Slide 3: Auditor's Review Report - list of subsidiaries
Deloitte Haskins & Sells LLP 8. Grey Fox Project Management Company Private | Wholly owned subsidiary company Limited 9. Dandelion Hotels Private Limited Wholly owned subsidiary company 10. Lemon Tree Hotel Company Private Limited Wholly owned subsidiary company 11. | Red Fox Hotel Company Private L
Slide 4: Auditor's Review Report (continued)
Deloitte Haskins & Sells LLP tax of Rs. 342.47 lakhs and Rs. 522.07 lakhs for the quarter and half year ended September 30, 2022 respectively, total comprehensive income of Rs. 348.01 lakhs and Rs. 536.37 lakhs for the quarter and half year ended September 30, 2022 respectively, and net cash outflow
Slide 5: Statement of Unaudited Consolidated Financial Results
Lemon Tree Hi lotels Limited Regd Office:- Asset No. 6, Aerocity Hospitality District, New Delhi-110037 Tel.: 011-46050101; Fax.: 011-46050110; E-Mail:sectdeptt@lemontreehotels.com: Website: www.lemontreehotels.com CIN: L74899DL1 992PLC049022 Statement of Unaudited Consolidated Financial Results for
Slide 6: Consolidated Assets and Liabilities
Notes: 1, Statement of Consolidated Assets and Liabilities (@ In Lakhs) Particulars As at Asat September 30, March 31, 2022 2022 (Unaudited) (Audited) Assets Non-current assets (a) Property, plant and equipment 2,47,820.20 2,50,957.65 (b) Capital work-in-progress 34,250.66 29,455.09 (c) Investment P
Slide 7: Statement of Consolidated Cash Flow
2. Statement of Consolidated Cash flow (@ In Lakhs) Particulars Half year ended Half year ended September 30, | September 30, 2021 2022 (Unaudited) (Unaudited) A. Cash flow from operating activities Profit/(Loss) before tax 4,566.74 (10,195.06) Non-cash adjustments to reconcile loss before tax to ne
Slide 8: Notes to consolidated financial results
3. The above consolidated financial results of the Company (“Parent Company’), its subsidiaries and limited liability partnership firm (the Group) were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 10, 2022 and November | 1, 2022
Slide 9: Independent Auditor's Review Report (Standalone)
7 Chartered Accountants Deloitte 7th Floor Building 10 Tower B Haskins & Sells LLP Be eee Gurugram-122 002 Haryana, India Tel: +91 124 679 2000 Fax: +91 124 679 2012 INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF LEMON TREE HOTELS L
Slide 10: Auditor's Review Report (continued)
Deloitte Haskins & Sells LLP lakhs and Rs 0.07 lakhs for the quarter and half year ended September 30, 2022 respectively, and net cash outflows of Rs. 18.17 lakhs for the half year ended September 30, 2022 as considered in this Statement. The interim financial statement have been reviewed by other a
Slide 11: Statement of Unaudited Standalone Financial Results
Lemon Tree Hotels Limited Regd Office:- Asset No. 6, Aerocity Hospitality District, New Delhi-110037 Tel.: 011-46050101; Fax.: 011-46050110; E-Mail:sectdeptt@lemontreehotels.com: Website: www.lemontreehotels.com CIN: L74899DL1992PLC049022 Statement of Unaudited Standalone Financial Results for the Q
Slide 12: Standalone Assets and Liabilities
Notes: 1, Statement of Standalone Assets and Liabilties (& In Lakhs) ms at As at March Particulars September, 30, 31, 2022 2022 (Unaudited) | (Audited) Assets Non-current assets (a) Property, plant and equipment 39,142.17] 39,487.86 (b) Capital work-in-progress 1,961.68 1,766.94 (c) Investment Prope
Slide 13: Statement of Standalone Cash Flow
2. Statement of Standalone Cash flow (% In Lakhs) For the half | For the half year ended | year ended Particulars September 30,| September 2022 30, 2021 (Unaudited) | (Unaudited) Cash flow from operating activities : Profit/(Loss) before tax 3,669.27 (2,282.63) Non-cash adjustments to reconcile loss
Slide 14: Notes to standalone financial results
3. The Audit Committee has reviewed the above results and the Board of Directors has approved the above standalone financial results at their respective meetings held on November 10, 2022 and November 11, 2022 respectivley. The statutory auditors have carried out a limited review of the above standa
Slide 15: Lemon Tree Hotels Limited Q2 FY23
Aurika, Udaipur 11-11-2022 Q2 FY23 Earnings 1 Lemon Tree Hotels Limited Q2 FY23 Earnings Presentation | 11th November, 2022
Slide 16: Disclaimer
11-11-2022 Q2 FY23 Earnings 2 Disclaimer Certain statements in this communication may be ‘forward looking statements’ within the meaning of applicable laws and regulations. These forward- looking statements involve a number of risks, uncertainties and other factors that could cause actual results to
Slide 17: Lemon Tree – Snapshot as on 30th September 2022
11-11-2022 Q2 FY23 Earnings 3 Lemon Tree – Snapshot as on 30th September 2022 Current Pipeline By FY25 Group 8,303 2,605 10,908 rooms; rooms; rooms; 85 hotels 30 hotels 115 hotels Brand Current Pipeline By FY25 Aurika Hotels & Resorts 194 Rooms; 2 Hotels 801 Rooms; 2 Hotels 995 Rooms; 4 Hotels Lemon
Slide 18: Chairman & Managing Director's Message
11-11-2022 Q2 FY23 Earnings 4 Chairman & Managing Director’s Message Commenting on the performance for Q2 FY23, Mr. Patanjali Keswani, Chairman & Managing Director – Lemon Tree Hotels Limited said, "This quarter, we have centered our presentation around a comparison from Q2 FY20 to highlight the tru
Slide 19: Strong Q2 FY23 performance across key financial metrics
11-11-2022 Q2 FY23 Earnings 5 Strong Q2 FY23 performance across key financial metrics Q2 FY23 performed better than Pre-CoVID Q2 FY20 Revenue EBITDA EBITDA % Rs. 197.4 Cr Rs. 94.3 Cr 47.8% 28% up 91% up 1567 up PAT Cash Profit Cost of Debt % Rs. 19.4 Cr Rs. 44.4 Cr 8.28% 742% up 168% up 134 bps redu
Slide 20: Q-o-Q performance
11-11-2022 Q2 FY23 Earnings 6 Q-o-Q performance Despite occupancy not being at Pre-CoVID levels, Q2 FY23 recorded the best Gross ARR, EBITDA, PBT, and PAT in the last 14 quarters: Particulars Q2 FY23 Q1 FY23 Q4 FY22 Q3 FY22 Q2 FY22 Q1 FY22 Q4 FY20 Q3 FY20 Q2 FY20 Q1 FY20 Gross ARR (Rs.) 4,917 4,822
Slide 21: Q-o-Q ARR Recovery
11-11-2022 Q2 FY23 Earnings 7 Q-o-Q ARR Recovery ARR in Q2 FY23 is highest ever since listing and 19% higher than same quarter Pre-CoVID ie. Q2 FY20 4,822 4,917 4,644 4,530 4,133 4,093 4,002 3,901 3,028 2,626 2,654 2,654 2,528 2,362 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY
Slide 22: EBITDA Margin Expansion driven by permanent cost rationalization
11-11-2022 Q2 FY23 Earnings 8 EBITDA Margin Expansion driven by permanent cost rationalization Revenue (Rs. Cr) | EBITDA and EBITDA Margins (%) EBITDA and EBITDA Margin % is highest in the last 14 quarters EBITDA Margin expanded by 1567 bps 48.2% 47.8% 44.9% 41.6% 35.0% 36.5% 36.2% 32.4% 32.1% 31.6%
Slide 23: Q2 FY23 Brand level performance
11-11-2022 Q2 FY23 Earnings 9 Q2 FY23 Brand level performance Despite occupancy not being at Pre-CoVID levels, our brands in Q2 FY23 recorded improved Gross ARR, RevPAR, EBITDA, EBITDA % compared to Pre-CoVID ie. Q2 FY20: Aurika Red Fox by Keys by Q2 FY23 vs Q2 Lemon Tree Lemon Tree Hotels & Lemon T
Slide 24: Q2 FY23 City level performance
11-11-2022 Q2 FY23 Earnings 10 Q2 FY23 City level performance Overall, all the key cities in Q2 FY23 recorded an improved EBITDA Margin % compared to Pre-CoVID ie. Q2 FY20: Rest of Particulars Delhi Gurugram Hyderabad Bengaluru Mumbai Pune India 15% 14% 26% 7% 14% 17% 31% Gross ARR Up Up Up Up Up Up
Slide 25: Q2 FY23 Operational Performance by Brands & Region
11-11-2022 Q2 FY23 Earnings 11 Q2 FY23 Operational Performance by Brands & Region (On full inventory basis) Hotel level EBITDAR/room Hotel level EBITDAR Parameters RevPAR (Rs.) Occupancy Rate (%) Average Daily Rate (Rs.) Margin % (Rs. Lacs) Q2 Q2 Change Q2 Q2 Change Q2 Q2 Change Q2 Q2 Change Q2 Q2 C
Slide 26: LTH vs Industry - Q2 FY23 vs Q2 FY20
11-11-2022 Q2 FY23 Earnings 12 LTH vs Industry - Q2 FY23 vs Q2 FY20 (Pre-CoVID) LTH same store hotels recovered faster than the industry in Q2 FY23 vs Q2 FY20 (Pre-CoVID) Gross ARR Occupancy RevPAR (Recovery % vs Pre-CoVID) (Recovery % vs Pre-CoVID) (Recovery % vs Pre-CoVID) 98% 121% 94% 114% 107% 1
Slide 27: City level: LTH vs Industry - Q2 FY23 vs Q2 FY20
11-11-2022 Q2 FY23 Earnings 13 City level: LTH vs Industry - Q2 FY23 vs Q2 FY20 (Pre-CoVID) In 7 out of 9 key cities, LTH same store hotels recovered faster than the industry in Q2 FY23 vs Q2 FY20 RevPAR (Recovery % vs Pre-CoVID) 175% 149% 126% 121% 118% 119% 114% 107% 109% 105% 109% 105%106% 104% 1
Slide 28: Asset Light Growth: Fee and Rooms Mix
11-11-2022 Q2 FY23 Earnings 14 Asset Light Growth: Fee and Rooms Mix Fee from Managed Hotels Managed Rooms Mix % (Rs. Cr) 7 pp up 39% 94% up 15.3 32% 7.9 H1 FY20 H1 FY23 H1 FY20 H1 FY23
Slide 29: Market Segments: Q2 FY23 vs Q2 FY20
11-11-2022 Q2 FY23 Earnings 15 Market Segments: Q2 FY23 vs Q2 FY20 (Pre-CoVID) Market Segments Room Revenue Share – Q2 FY23 vs Q2 FY20 50 % 47% 45 % 41% 40 % 36% 29% 35 % 30 % 25 % 20 % 15 % 9% 10% 5% 6% 5% 7% 3% 10 % 5% 2% 0% Corporate Airline Travel Trade OTA Web Others FITs Q2 FY20 Q2 FY23 Market
Slide 30: Hotel level Revenue and EBITDAR expansion
11-11-2022 Q2 FY23 Earnings 16 Hotel level Revenue and EBITDAR expansion: Q2 FY23 vs Q2 FY20 (Pre-CoVID) 27% 67% expansion up 21% 29% addition up 40% 8% growth addition * New Hotels includes 9 hotels: Aurika Hotels & Resorts - Udaipur, Lemon Tree Premier - Kolkata and 7 Keys by Lemon Tree Hotels
Slide 31: Cost Optimization: Q2 FY23 vs Q2 FY20
11-11-2022 Q2 FY23 Earnings 17 Cost Optimization: Q2 FY23 vs Q2 FY20 (Pre-CoVID) Down 1567 bps 68% 52% Down 557 bps Down 643 bps 24% 25% Down 127 bps 18% Down 239 bps 19% 10% 9% 9% 6% Employee Benefit Expense as a % Cost of F&B Consumed as a % of Power & Fuel Expenses as a % of Other Expenses as a %
Slide 32: Performance Highlights – Operational Metrics
11-11-2022 Q2 FY23 Earnings 18 Q2 FY23 Performance Highlights – Operational Metrics (Consolidated) Inventory Average Room Rate (Rs.) Owned/Leased rooms Managed/Franchised Total rooms 2% rooms QoQ 42% 8,303 19% 28% YoY YoY 4,917 4,822 4,917 YoY 73% 5,828 4,133 5,090 YoY 3,975 3,213 1,853 Q2 FY20 Q2 F
Slide 33: Performance Highlights – Financial Metrics
11-11-2022 Q2 FY23 Earnings 19 Q2 FY23 Performance Highlights – Financial Metrics (Consolidated) Revenue from Operations (Rs. Cr) EBITDA (Rs. Cr) 91% 2% 29% 2% YoY 94.3 92.6 QoQ 94.3 YoY QoQ 196.7 192.0 196.7 152.8 49.4 Q2 FY20 Q2 FY23 Q1 FY23 Q2 FY23 Q2 FY20 Q2 FY23 Q1 FY23 Q2 FY23 EBITDA Margin (%
Slide 34: Month on Month Occupancy % and Gross ARR Trend
11-11-2022 Q2 FY23 Earnings 20 Month on Month Occupancy % and Gross ARR Trend 68% 70 % 66.9% 67.0% 65% 64.8% 5,5 00 62% 65 % 60 % 4,998 4,984 4,933 4,837 5,0 00 4,728 4,776 55 % 4,5 00 50 % 45 % 4,0 00 40 % 3,5 00 35 % 30 % 3,0 00 Apr'22 May'22 Jun'22 Jul'22 Aug'22 Sep'22 Gross ARR (Rs.) Occupancy %
Slide 35: Consolidated Profit & Loss Statement Breakup
11-11-2022 Q2 FY23 Earnings 21 Lemon Tree Consolidated Profit & Loss Statement Breakup Total without Keys Hotels Keys Hotels Total Rs. Cr QoQ YoY QoQ YoY QoQ YoY Q2 FY23 Q1 FY23 Q2 FY20 Q2 FY23 Q1 FY23 Q2 FY20 Q2 FY23 Q1 FY23 Q2 FY20 Change Change* Change Change* Change Change* Inventory 4,154 4,154
Slide 36: Consolidated P&L Waterfall vs Q2 FY20
11-11-2022 Q2 FY23 Earnings 22 Q2 FY23 Consolidated P&L: Waterfall to explain changes vis-a-viz Q2 FY20 Cash Profit = PAT + Depreciation Cash Profit = PAT + Depreciation 91% up 28% up 103% flow through due to cost reduction
Slide 37: Consolidated Profit & Loss Statement – Q2 FY23
11-11-2022 Q2 FY23 Earnings 23 Lemon Tree Consolidated Profit & Loss Statement – Q2 FY23 Q2 FY23 vs Q2 FY23 vs Q2 FY23 vs Rs. Cr Q2 FY23 Q1 FY23 Q2 FY22 Q2 FY20 Q1 FY23 Q2 FY22 Q2 FY20 Change (%) Change (%) Change (%) Revenue from 196.7 192.0 96.9 152.8 2% 103% 29% operations Other income 0.7 0.3 1.
Slide 38: Consolidated Profit & Loss Statement – H1 FY23
11-11-2022 Q2 FY23 Earnings 24 Lemon Tree Consolidated Profit & Loss Statement – H1 FY23 H1 FY23 vs H1 FY23 vs Rs. Cr H1 FY23 H1 FY22 H1 FY20 H1 FY22 H1 FY20 Change Change Revenue from operations 388.8 139.0 293.7 180% 32% Other income 1.0 4.0 2.2 -76% -56% Total Income 389.7 143.1 295.9 172% 32% To
Slide 39: Consolidated Balance Sheet – H1 FY23
11-11-2022 Q2 FY23 Earnings 25 Lemon Tree Consolidated Balance Sheet – H1 FY23 H1 FY23 vs H1 FY23 vs Rs. Cr H1 FY23 H1 FY22 H1 FY20 H1 FY22 H1 FY20 Change Change Shareholder's Funds 847.0 857.0 824.7 -1% 3% Non-controlling interests 567.5 585.4 430.9 -3% 32% Total Shareholder’s equity 1414.6 1442.3
Slide 40: Discussion on Consolidated Financial & Operational Performance
11-11-2022 Q2 FY23 Earnings 26 Discussion on Consolidated Financial & Operational Performance – Q2 FY23 Revenue from operations stood at Rs. 196.7 Cr in Q2 FY23, up 29% as compared to Rs. 152.8 Cr in Q2 FY20. On a sequential basis, revenue from operations increased 2% from Rs. 192 Cr in Q1 FY23 Re
Slide 41: Expansion Plans – Pipeline of Management Contracts
11-11-2022 Q2 FY23 Earnings 27 Expansion Plans – Pipeline of Management Contracts Opening date # Hotel Pipeline as of 30/09/2022 (Q2 FY23) City Rooms As of 30/09/2022 (Q2 FY23) 1 Keys Lite by Lemon Tree Hotels, Sreekanya Visakhapatnam 44 Oct-22 (Now open) 2 Lemon Tree Hotel, Kalina Mumbai 63 Oct-22
Slide 42: Expansion Plans – Hotels under Development
11-11-2022 Q2 FY23 Earnings 28 Expansion Plans – Hotels under Development Expected Opening Under-development hotels Type Rooms Ownership (%) date Aurika, Mumbai International Airport Owned 669 CY23 58.91% Lemon Tree Mountain Resort, Shimla Owned 69 TBD 100.00% Total 738 Total estimated project cos
Slide 43: ESG – FY22 Progress
11-11-2022 Q2 FY23 Earnings 29 ESG – FY22 Progress
Slide 44: Aurika, Mumbai Airport (MIAL) | Artistic Representation
11-11-2022 Q2 FY23 Earnings 30 Aurika, Mumbai Airport (MIAL) | Artistic Representation
Slide 45: Lemon Tree Mountain Resort, Shimla | Artistic Representation
11-11-2022 Q2 FY23 Earnings 31 Lemon Tree Mountain Resort, Shimla | Artistic Representation
Slide 46: Annexures
11-11-2022 Q2 FY23 Earnings 32 Annexures
Slide 47: Share return
11-11-2022 Q2 FY23 Earnings 33 Share return LTHL has outperformed BSE Small Cap and Nifty 50 in H1 FY23 LTH v/s BSE Small Cap vs Nifty 50 – April to September 2022 (Weekly Return Movement) 135 132 127 122 117 112 WE 30th Jun’22 (Q1 FY23) 107 102 100 97 97 100 97 92 89 87 WE 30th Sep’22 86 (Q2 FY23)
Slide 48: Consolidated Profit & Loss Statement – FY22 vs FY21
11-11-2022 Q2 FY23 Earnings 34 Consolidated Profit & Loss Statement – FY22 vs FY21 FY22 vs FY21 Rs. Cr FY22 FY21 YoY Change (%) Revenue from operations 402.2 251.7 60% Other income 14.0 13.3 6% Total Income 416.3 265.0 57% Total expenses 268.3 190.5 41% EBITDA 147.9 74.5 99% EBITDA margin (%) 35.5%
Slide 49: Consolidated Balance Sheet – FY22 vs FY21
11-11-2022 Q2 FY23 Earnings 35 Consolidated Balance Sheet – FY22 vs FY21 FY22 vs FY21 Rs. Cr FY22 FY21 YoY Change (%) Shareholder's Funds 831.1 917.6 -9% Non-controlling interests 567.7 617.4 -8% Total Shareholder’s equity 1,398.9 1,535.0 -9% Total Debt 1,698.6 1,685.3 0.8% Other Non-current liabili
Slide 50: Operating performance over 5 years
11-11-2022 Q2 FY23 Earnings 36 Operating performance over 5 years Rooms are being added Occupancy (%) FY18 FY19 FY20 FY21 FY22 Trends for owned/leased rooms 8,006 8,309 8,489 5,411 2814 3117 3297 4,870 1841 675 675 675 1593 481 573 4,517 4,517 4,517 36% 41% 26% 23% 77% 78% 71% 53% 59% 74% 74% 72% 37
Slide 51: Operating Performance over 5 years
11-11-2022 Q2 FY23 Earnings 37 Operating Performance over 5 years Revenue from operations (Rs. Million) EBITDA (Rs. Million) & EBITDA margins 36.9% 35.5% 6,694 31.9% 29.3% 28.1% 5,495 4,843 4,022 2,517 1,440 1,787 2,492 745 1,479 FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22 FY22 EBITDA Margin%
Slide 52: Environment Social Governance (ESG) – Vision FY26
11-11-2022 Q2 FY23 Earnings 38 Environment Social Governance (ESG) – Vision FY26 At the center of our ESG approach is our commitment to creating sustained value. This is across all stakeholders - shareholders and investors, employees, customers, suppliers and the society at large. Vision FY26 reflec
Slide 53: ESG – Vision FY26 linked to Sustainable Development Goals
11-11-2022 Q2 FY23 Earnings 39 ESG – Vision FY26 linked to Sustainable Development Goals Our ambitions for FY26 are based on the following goals and aspirations: 15% 50% 40% 10% 100% 30% 15% Reduction in Renewable Reduction in Reduction in Certified Green ODIs in the Women across Energy energy (RE)
Slide 54: Portfolio Breakup as on 30th Sep 2022 - Operational
11-11-2022 Q2 FY23 Earnings 40 Portfolio Breakup as on 30th Sep 2022 - Operational Owned (incl. on leased Operational Portfolio Leased Managed/ Franchised Total land) Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Aurika Hotels & Resorts 1 139 0 0 1 55 2 194 Lemon Tree Premier 7 1442 2 161 9 91
Slide 55: Portfolio Breakup as on 30th Sep 2022 - Pipeline
11-11-2022 Q2 FY23 Earnings 41 Portfolio Breakup as on 30th Sep 2022 - Pipeline Owned (incl. on leased Pipeline Portfolio Leased Managed/ Franchised Total land) Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Aurika Hotels & Resorts 1 669 0 0 1 132 2 801 Lemon Tree Premier 0 0 0 0 2 95 2 95 Lemo
Slide 56: Strategically positioned in key geographies
11-11-2022 Q2 FY23 Earnings 42 Strategically positioned in key geographies Map is updated as of 10th November 2022
Slide 57: The hotel business cycle
11-11-2022 Q2 FY23 Earnings 43 The hotel business cycle Occupancy 70% Illustrative: 15 Room Hotel 65% with Investment = 300 60% Cycle Top (2) Middle (3) Bottom (2) Occupancy 70% or more 63-68% 60% or less Rooms Sold 12 10 8 Average Daily Rate 13 10 7 Revenue 156 100 56 3:2:1 Expenses 60 50 40 EBITDA
Slide 58: Conference Call Details
11-11-2022 Q2 FY23 Earnings 44 Conference Call Details Time • 12:30 PM IST on Monday, November 14, 2022 Conference dial-in Primary number • Primary number: +91 22 6280 1141 / +91 22 7115 8042 Local access number • +91 70456 71221 (Available all over India) • Hong Kong: 800 964 448 • Singapore: 800 1
Slide 59: About Lemon Tree Hotels
11-11-2022 Q2 FY23 Earnings 45 About Lemon Tree Hotels Lemon Tree Hotels Limited is India’s largest hotel chain in the mid-priced sector, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of June 30, 2017, according to the Horwath Report. We operate in