Lemon Tree Hotels shares surge over 6% after Q4 profit jumps 42% YoY
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Shares of Lemon Tree Hotels surged 6.4% to a day's high of Rs 147.4 in Thursday's trading on BSE after the company reported a profit after tax (PAT) of Rs 83.9 crore in the March quarter of FY24, marking a 42% year-on-year (YoY) increase from Rs 59 crore during the same period a year ago. Its earnings before interest, tax, depreciation, and amortization (EBITDA) also rose by 24% YoY to Rs 260 crore in Q4FY24. However, its EBITDA margin contracted sharply by 360 basis points (bps) to 79.5% in the March-ended quarter. The company reported a total income of Rs 331 crore in the fourth quarter, compared to Rs 254.73 crore in the corresponding period of FY23. The gross average room rate stood at Rs 6,605 in FY24, up from Rs 6,333 in Q3FY24. Occupancies, too, rose by 605 bps YoY to 72% in Q4FY24 from 66% in the year-ago period. Also Read: ETMarkets AIF Talk: This Rs 300-cr fund manager unveils M.E.R.I.T strategy to pick investments for p...