Any current/future capex/capital investment/strategic investment?

Planned capex for Flurys in FY25: Rs. 35-40 crore; Rs. 100-120 crore over 5 years to expand Flurys outlets by 40-50 annually. New hotel projects: - Park Pune: 200 rooms, Rs. 200 crore capex spread over three years; construction starts Sept 2024. - Park Vizag: 100 rooms, Rs. 100 crore capex; construction starts Feb-Mar 2025. - Calcutta EM Bypass mega project: 200-250 rooms + 100 apartments; hotel launch expected in 2029, apartments by 2028. Additional openings: 23 hotels with 2,385 keys planned over next 5 years, doubling inventory to 4,080 keys. Renovations in FY25 include 38

Future growth expectations in sales/revenue/volumes?

Existing hotels with ~92% occupancy have room to further increase occupancy, with examples of 100% at Kolkata, 96% at Navi Mumbai, 95% at New Delhi. Revenue growth will come from both incremental occupancy and ARR growth; industry ARR growth expected at 12%-14%, ASPHL aims to maintain or surpass this. New openings of palace hotels (Chettinad Palace, Patiala Palace) will drive higher ARR and revenue. Leased hotels also contribute to overall revenue growth. Flurys brand plans to expand aggressively, adding 40-50 outlets annually, targeting 100 outlets by September and 120-125 by year-end. Develo

Future growth expectations in earnings/operating earnings/profits/EPS?

ASPHL expects sustained revenue and EBITDA growth, building on FY24's 13% revenue and 16% EBITDA YoY increases. ARR growth is projected at 12%-14% for FY25, in line with or outperforming the industry. Occupancy is expected to improve beyond the current 92%, supported by high-occupancy hotels like Kolkata (100%), Navi Mumbai (96%), and New Delhi (95%). New palace hotels (Chettinad and Patiala) will drive higher ARRs (Rs.15,000-25,000) and contribute significantly to EBITDA margins (~40%-50%). Expansion of Flurys outlets from 82 to 120-125 by FY25 will strengthen F&B revenue, which historically

Any current/future new fundraising through debt or equity?

The company has successfully utilized IPO proceeds to fully repay its loans, resulting in becoming net cash positive. The company plans to remain net cash positive throughout its development cycle, using internal accruals and apartment sale proceeds for capex. No mention of any current or near-term plans for raising new debt or equity funds. Cash inflows from apartment sales, especially from the EM bypass project (~Rs. 100 crore per year starting FY25-26), will fund growth and development. The strategy is to maintain strong financial discipline by staying net cash positive while executing expa

Apeejay Surrend.Q4 FY24Leisure Services

Apeejay Surrend. Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹105.37P/E: 34.9Market Cap: ₹2.2K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Existing hotels with ~92% occupancy have room to further increase occupancy, with examples of 100% at Kolkata, 96% at Navi Mumbai, 95% at New Delhi.
Revenue growth will come from both incremental occupancy and ARR growth; industry ARR growth expected at 12%-14%, ASPHL aims to maintain or surpass this.
New openings of palace hotels (Chettinad Palace, Patiala Palace) will drive higher ARR and revenue.
Leased hotels also contribute to overall revenue growth.
Flurys brand plans to expand aggressively, adding 40-50 outlets annually, targeting 100 outlets by September and 120-125 by year-end.
Development projects on land banks are ongoing, with significant room inventory additions over next five years (~2,385 keys planned).
F&B segment remains a growth pillar, contributing around 40-50% of revenue, with new restaurants and banquet expansions planned.
Overall growth trajectory in revenue and EBITDA expected to continue strongly beyond FY24.

Margin guidance

Category 3

ASPHL expects sustained revenue and EBITDA growth, building on FY24's 13% revenue and 16% EBITDA YoY increases.
ARR growth is projected at 12%-14% for FY25, in line with or outperforming the industry.
Occupancy is expected to improve beyond the current 92%, supported by high-occupancy hotels like Kolkata (100%), Navi Mumbai (96%), and New Delhi (95%).
New palace hotels (Chettinad and Patiala) will drive higher ARRs (Rs.15,000-25,000) and contribute significantly to EBITDA margins (~40%-50%).
Expansion of Flurys outlets from 82 to 120-125 by FY25 will strengthen F&B revenue, which historically accounts for 45%-50% of total revenues.
Asset-light expansion adding ~383 keys in FY26 further supports growth.
The company aims to remain net cash positive while doubling inventory to 4,780 keys over five years.
Overall, ASPHL anticipates strong profitability and EPS growth driven by operational performance and strategic expansions.

See what Apeejay Surrend. management said on margin guidance — free account, 30 seconds.

Fundraise plans

The company has successfully utilized IPO proceeds to fully repay its loans, resulting in becoming net cash positive.
The company plans to remain net cash positive throughout its development cycle, using internal accruals and apartment sale proceeds for capex.
No mention of any current or near-term plans for raising new debt or equity funds.
Cash inflows from apartment sales, especially from the EM bypass project (~Rs. 100 crore per year starting FY25-26), will fund growth and development.
The strategy is to maintain strong financial discipline by staying net cash positive while executing expansion and refurbishment plans.
No explicit announcement of future fundraising via debt or equity was made during the call.

Order book

The transcript of Apeejay Surrendra Park Hotels Limited (ASPHL) Q4 FY24 Earnings Call does not explicitly mention specific details about the current or expected order book or pending orders. However, relevant expansion and development plans discussed include: - ASPHL aims to add around 56 hotels over the next 5 years, doubling inventory to 4,780 keys. - Expansion heavily driven by the asset-light model, adding over 1,500 keys in this segment. - Specific new hotel openings planned include Calcutta (43 keys), Indore (118 keys), Lucknow (100 keys), Alibag (50 keys), and Patna (42 keys) in FY26. - Ongoing development on land banks and strategic locations with design work underway. - The mega project at Calcutta EM bypass will generate substantial proceeds over FY25-27. - Flurys brand expansion targeting 40-50 new outlets annually over the next 5 years, aiming for 120-125 outlets by FY25-end. No quantified "orderbook" or "pending orders" figures were provided.

See what Apeejay Surrend. management said on order book — free account, 30 seconds.

Capex plans

Yes

Planned capex for Flurys in FY25: Rs. 35-40 crore; Rs. 100-120 crore over 5 years to expand Flurys outlets by 40-50 annually.
New hotel projects:
- Park Pune: 200 rooms, Rs. 200 crore capex spread over three years; construction starts Sept 2024.
- Park Vizag: 100 rooms, Rs. 100 crore capex; construction starts Feb-Mar 2025.
- Calcutta EM Bypass mega project: 200-250 rooms + 100 apartments; hotel launch expected in 2029, apartments by 2028.
Additional openings: 23 hotels with 2,385 keys planned over next 5 years, doubling inventory to 4,080 keys.
Renovations in FY25 include 38 rooms (New Delhi), 14 rooms (Vizag), 30 rooms (Chennai), plus upgrades in Calcutta, Navi Mumbai, Bangalore.
Growth funded by internal accruals and sale proceeds (Rs. 100 crore/year from apartment sales at EM Bypass).
Strategy to remain net cash positive while investing in development and expansion.

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Apeejay Surrend. Q4 FY24 Earnings Call Analysis

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