SAMHI Reports Robust Q4 FY24 Growth, Charts Course for a Promising FY25 Performance

Gurugram, 30th May 2024: SAMHI Hotels Limited (BSE: 543984) (NSE: SAMHI) a prominent branded hotel ownership and asset management platform in India, announced its audited Standalone and Consolidated results for the quarter ended 31st March 2024

Commenting on the performance, Mr. Ashish Jakhanwala, Chairman & Managing Director, SAMHI Hotels Ltd. said,

We achieved a total revenue of Rs. 2,899 Mn and EBITDA* of Rs. 1,077 Mn during the quarter and have turned PAT positive. This was supported by a strong operational performance of our hotels which continue to benefit from significant growth of India’s commercial office and aviation market.

For FY24 we achieved a total revenue of Rs. 9,787 Mn and EBITDA* of Rs. 3,484 Mn.  If we include ACIC for the unconsolidated period, the same will be Rs. 10,527 Mn and Rs. 3,681 Mn respectively.

Reduction in debt and finance cost allows SAMHI to be well-positioned to generate significant free cash flow from operations in FY25, providing resources to fuel both internal and external growth opportunities.

Looking ahead to FY25, SAMHI is poised for robust growth. This trajectory will be propelled by a multitude of factors including continued RevPAR growth in our same-store hotels due to their favorable locations & positioning, completion of the ACIC Portfolio integration, strategic renovation, and rebranding initiatives. Growth in EBITDA, reduction in ESOP expenses and corporate G&A sets us for a strong PAT growth in FY25 and beyond.

Key Highlights for Q4FY24:

• RevPAR at Rs. 4,830 up 16.9% on a YoY basis
• Asset Income and Asset EBITDA grew YoY by 35.4% and 45.4% respectively. Same store growth & positive impact of ACIC acquisition led to strong growth in income and EBITDA
• Achieved strategic milestone of Rs. 1,077 Mn of Consolidated EBITDA (pre-ESOP & one-time expenses), demonstrating the potential of current portfolio
• PAT at Rs. 113 Mn
• Rapid reduction in debt and finance cost combined with increase in EBITDA is paving path towards reaching sustainable debt levels and yet allow free cash flow generation for growt

Proforma (incl. ACIC full year)

Consolidated Financial Highlights:

In Rs. Mn	Q4FY24	Q4FY23	YoY%		FY24	FY23	YoY%		FY24
Asset Income	2,813	2,078	35.4%		9,630	7,499	28.4%		10,364
Asset EBITDA	1,163	800	45.4%		3,777	2,805	34.6%		3,991
Asset EBITDA%	41.4%	38.5%			39.2%	37.4%			38.5%
Other Income	86	39			157	117			163
Corporate G&A	(172)	(46)			(450)	(290)			(472)
Consolidated EBITDA (pre-ESOP & one-time expenses)	1,077	793	35.7%		3,484	2,632	32.4%		3,681
ESOP & One-Time Expenses	(115)	(26)			(605)	(26)			(620)
Consolidated EBITDA (Reported)	962	767			2,879	2,606			3,060
PAT	113	(737)			(2,346)	(3,386)			(2,499)

Debt Profile:

 

In Rs. Mn	Mar 31, 2024	Dec 31, 2023	Jun 30, 2023
Net Debt	18,242	18,427	29,383
TTM EBITDA*	3,681	3,580	3,333
Net Debt-to-Consolidated EBITDA	4.9x	5.1x	8.8x
Annualized Interest Cost	~1,990 @ 9.8% Cost	~2,000 @ 10.3% Cost	~3,940 @ 13.0% Cost

*On Proforma basis and excluding ESOP & One-time Expenses