Apeejay Surrendra Park Hotels Ltd

- There is no explicit mention of current or planned equity fundraising in the transcript. - Management mentions inorganic growth options including acquisitions and leases but does not specify associated fundraising. - The company reported a notable reduction in interest costs following debt repayment, implying focus on debt reduction. - Management expects cash flows from apartment sales in upcoming years to keep the company net cash positive during development. - No direct comments were made on raising fresh debt or equity in the immediate future. - CAPEX guidance remains in the range of Rs. 150-160 crore for FY25, funded likely from internal accruals and asset sales. - Overall, no explicit plans for new debt or equity fundraising were disclosed during this call.

- CAPEX guidance for FY25 remains in the range of Rs. 150 crore to Rs. 160 crore. - Significant ongoing developments include: - Mega project at Kolkata's EM Bypass with 250 hotel rooms and 100 apartments, expected to generate substantial cash flow (~Rs. 100 crore/year for three years starting next financial year). - New hotels under development: The Park Pune (200 rooms, opening April 2027), The Park Vizag (additional 100 rooms, October 2027), and The Park EM Bypass Kolkata (April 2028). - Plan to open about 160 rooms in H2 FY25, including leased properties like the Ran Baas Palace (35 rooms) and Ranthambore (50 rooms). - The company aims to more than double its inventory over the next five years, growing from 2,410 keys to 5,048 keys. - Exploring inorganic opportunities including acquisitions and leases (e.g., Ranthambore lease concluded). Discussions ongoing but details confidential.

- Flurys business is expected to grow at 40% by the end of FY25. - Expansion plans target increasing Flurys outlets from around 100 to 350 over the next five years, adding 40 to 50 outlets annually. - Each mature Flurys store aims to reach Rs. 1 crore in annual revenue. - Overall hospitality business expects sustained double-digit growth in revenues supported by high occupancy and ARR growth. - ARR growth is expected to exceed 10% in H2 FY25, backed by renovated rooms, new luxury properties, festive/wedding seasons, and strong demand-supply dynamics. - Hotel inventory is planned to more than double from 2,410 keys to 5,048 keys over the next five years, driving volume growth. - Expansion includes organic growth augmented by inorganic opportunities through acquisitions and leases, enhancing revenue streams.

- The company expects sustained double-digit growth in business in upcoming quarters. - Flurys business projected to grow at 40% by end of FY25, with mature stores targeting Rs. 1 crore annual revenue. - EBITDA margins in Flurys expected to be 18% to 22% as the mix shifts towards cafes and tearooms. - Overall Q2 FY25 PAT grew by 80% YoY, boosted by lower interest costs and higher revenues. - Earnings per share rose 47% from Rs. 0.85 to Rs. 1.15. - ARR (Average Room Rate) growth expected to exceed 10% in H2 FY25. - ROCE expected to increase from current 12.5% to over 20% in the coming years due to expansion and renovation. - Growth driven by expansion of hotel portfolio (doubling keys from 2,410 to 5,048 in 5 years) and F&B segment growth. - Margin improvements from operational efficiencies and carefully selected new locations.

- The company currently operates 34 hotels with 2,410 keys. - Plans to more than double the number of keys to 5,048 over the next five years. - Within this expansion, 830 keys will be built on owned land parcels. - Several projects are underway including: - A 200-room hotel in Pune expected to open in April 2027. - An additional 100 rooms at The Park Vizag planned for October 2027. - The Park EM Bypass Kolkata with 250 rooms and 100 apartments, expected by April 2028. - Development includes a mixed-use project at Kolkata's EM Bypass, expected to generate substantial cash flow. - Around 160 rooms scheduled to open in H2 FY25, including properties at Ran Baas The Palace, Zone Connect Prayagraj, Ranthambore, and Jaisalmer. - In addition to owned properties, the company is pursuing lease and acquisition opportunities, e.g., Ranthambore property (50 rooms on lease) to open Dec/Jan. - The company plans significant expansion in Flurys outlets with 250 new stores targeted over five years.