Viceroy Hotels Ltd

- The company recently completed a rights issue raising INR 49.52 crores, which is being used for current renovations. - Management plans to raise additional funds through another Qualified Institutional Placement (QIP) or rights issue to finance the new hotel project in Madhapur, Hyderabad. - The anticipated QIP is expected to raise INR 100 to 120 crores for the new hotel construction. - Preference is to minimize incremental debt; however, the company may add around INR 50 crores of debt over the next 3 to 4 years to fund expansion. - Overall, the strategy focuses on balancing equity dilution via QIP and limited debt to maintain financial stability while supporting growth.

- **Current Capex**: INR 120 crores planned over the next 2-3 years primarily for renovation and upgradation of Marriott property (295 rooms), including: - Completion of 56 new rooms in Courtyard - Gym, spa, rooftop restaurant additions - Expansion of convention center from 10,000 sq. ft. to 20,000 sq. ft. - Renovation of Marriott lobby and F&B outlets - Upgrading 127 guest rooms with modern aesthetics - **Future Capex/Investment**: - New hotel project in Madhapur, Hyderabad with ~200 rooms, expected operational in 3-4 years - Capex for Madhapur hotel to be funded by QIP or rights issue, with planned dilution upon approvals - Exploration of brownfield/operating hotels and commercial spaces for acquisition, focusing on Tier I cities including Hyderabad, Bangalore, Goa, Pune, and Chandigarh - Preference for minimizing debt; considering INR 50 crores incremental debt over next 3-4 years to fund expansion - **Strategic Investment Focus**: - Value creation through renovation, expanding inventory toward 1,000 rooms - Targeting business hotels with strong EBITDA margins

- Revenue from operations grew 13.87% to INR136 crores in FY25. - Q4 FY25 revenue increased 5% year-on-year to INR36.6 crores. - Expected 30%-40% revenue growth from existing properties over the next 1-3 years, driven by ongoing renovations and expansions. - Launch of a new 200-room hotel in Madhapur planned within 3-4 years, which will further add to revenue. - RevPAR growth expected as renovations complete, particularly with upgraded banquet and room facilities. - Hyderabad market shows high demand with limited supply, supporting sustained revenue growth. - Operating leverage anticipated once new hotel becomes operational, potentially tripling EBITDA in 3-4 years. - Continuous focus on improving ADR (Average Daily Rate) through enhanced amenities and services.

- Revenue is expected to grow by 30% to 40% from the existing hotel complex post-renovation completion, with EBITDA potentially improving by 80% to 90%. (Page 6) - Planned new hotel in Madhapur (200 rooms) is expected to start operations in 3-4 years, contributing significantly to EBITDA, possibly tripling current EBITDA levels. (Pages 6-7) - EBITDA margin is anticipated to sustain above 30% after renovations, with expected improvement due to higher ADRs, especially in the new business hotel. (Page 10) - Operating leverage is expected as new hotel becomes operational within 3-4 years. (Page 6) - Profit before tax and profit after tax have shown significant year-on-year growth; PAT growth partly due to deferred tax income. (Page 5) - Management confident in maintaining momentum and delivering consistent financial growth driven by operational efficiencies and expansion plans. (Pages 4-5)

The transcript provided does not mention any details regarding a current or expected order book or pending orders for Viceroy Hotels Limited. The discussion primarily focuses on: - Renovation and expansion plans (INR120 crores capex over 2-3 years). - New hotel project in Madhapur, Hyderabad (about 200 rooms). - Ongoing search for brownfield and greenfield acquisition opportunities, especially in Tier I Indian cities. - No specific mention of order book or pending contracts related to construction or services. Therefore, there is no explicit information available on current or expected order books or pending orders in the transcript.