Company Overview

FY24E and FY25E
Revenue	12000	13000	25000

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	Room Revenue		200.6	704.0	1,111.6	0.0	0.0	0.0			1,970.2
	- YoY%		0	251.0	57.9						77.2

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
2	Food and Beverage Revenue		331.4	499.5	832.4	0.0	0.0	0.0
	- YoY%		0	50.7	66.6

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	Other Hotel Related Revenue		24.9	84.5	171.9	0.0	0.0	0.0
	- YoY%		0	239.1	103.6

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	Other		0.0	0.0	0.0	0.0	0.0	0.0
	- Insert		7.7	5.2	3.9

	Period		FY21	FY22	FY23	4Q23	1Q24	2Q24	3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
3	nan		nan	nan	nan	nan	nan	nan
	nan		nan	nan	nan

	Period		FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
1	COGS		174.3	289.8	534.8	152.8	171.3	207.7			789.1
	- As a % of sales		31.3%	22.5%	25.3%	23.7%	25.9%	22.1%			21.8%

2	Administration		484.8	637.3	1,101.6	330.7	356.6	381.4			1,613.3	0
	- As a % of sales		87.1%	49.5%	52.1%	51.4%	53.9%	40.6%			44.6%

3	Selling & Distribution		7.4	29.2	46.0	14.8	17.4	25.4			89.0
	- As a % of sales		1.3%	2.3%	2.2%	2.3%	2.6%	2.7%			2.5%

4	Capital Expenditure		27.6	40.1	75.3	35.2	32.2	38.7		0	186.4	00	0	00	0
	- As a % of sales		5.0%	3.1%	3.6%	5.5%	4.9%	4.1%			5.2%

	Fixed Assets - Cost	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	3Q25E	FY28E
1	Balance B/F	10,570.8	10,601.9	11,380.6	0.0	11,449.2	11,481.4	11,520.1	11,449.2	11,588.7
	Capital Expenditure	27.6	40.1	75.3	35.2	32.2	38.7	222
	Balance C/F	10,601.9	11,380.6	11,449.2	0.0	11,481.4	11,520.1		11,588.7

Depreciation	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Balance B/F	1,229.9	1,561.3	1,892.3	0.0	2,224.5	0.0	91.8		2,224.5					2,533.5
Depreciation charge	340.9	337.2	339.4	81.0	89.5	91.8			350.8
- As a % of sales	61.2%	26.2%	16.0%	12.6%	13.5%	9.8%			9.7%
Balance C/F	1,561.3	1,892.3	2,224.5	81.0	2,314.0	91.8	111	111	2,533.5	111	111	111	111	111	111	111	111	111
Net Book Value at end	9,040.6	9,488.3	9,224.7	9,224.7	9,168.7	9,116.5			9,055.2

2	Working Capital

Period	FY21	FY22	FY23	3Q24E	4Q24E	FY24	3Q25E
2.1 Accounts and notes receivables	67.1	175.0	203.2	0.0	235.9	364.3	494.8
- As a % of sales	12.0	13.6	9.6	0	35.7	38.8	13.7
Four Qtr Cum. Revenue				938.5	1,599.9	2,243.6
Four Qtr Cum. COGS				-207.7	-379.0	-531.8

	2.2 Inventories		42.2	60.6	96.7	96.7	102.3	106.6			109.2
	- As a % of COGS		24.2	20.9	18.1	63.3	59.7	51.3			13.8

	2.3 Prepayments		14.3	19.2	21.2	0.0	0.0	0.0			20.1
	- As a % of sales		2.6	1.5	1.0	0	0	0			0.6

	2.4 Accounts payable		201.0	287.7	388.3	0.0	0.0	0.0			526.1
	- As a % of COGS		115.3	99.3	72.6	0	0	0			66.7

2.5 Other	nan	nan	nan	388.3	458.0	445.3	nan
- As a % of COGS	0.0	0.0	0.0	nan	nan	nan
Working Capital				42673.1
Change in Working Capital						-177.6

Interest Bearing Debt	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Balance B/F	3,620.6	4,048.2	4,826.3	4,433.2	3,984.7	3,854.8	5,058.2		3,641.5
ii. Borrowings	191.6	46.0	733.4	465.4	450.0	1,425.0			1,200.0
iii. Repayments	42.5	121.4	1,918.2	1,257.1	579.9	221.6			1,085.7
iv. Balance C/F	4,048.2	4,826.3	3,984.7	3,641.5	3,854.8	5,058.2			3,989.1
v. Average Debt balance	278.4	853.6	343.2	0.0	0.0	0.0
vi. Interest expenses	249.0	254.3	354.2	0.0	0.0	0.0			546.5
vii. Blended Interest expenses rate	649.3	573.2	804.0	0	0	0	%	%	1370.8	%	%	%	%	%	%	%	%	%

Leases	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Lease - Opening balance	43.0	33.3	25.8	23.1	26.5	0.0	0.0		26.5					27.4
Additions	1.6	0.0	1.6	0.0	-26.5	0.0
Payments	4.9	10.6	3.9	1.1	1.6	-0.4			4.9
Closing balance	33.3	25.8	26.5	22.0	0.0	0.0			27.4
Adjustments	-4.8	3.0	4.6	0.0	-26.5	0.0			2.9
Lease Interest expenses	5.5	3.0	3.1	0.0	0.0	0.0			2.9
Blended Interest rate (%)	1275.9	913.1	1192.0	0	0	nan	%	%	1101.2	%	%	%	%	%	%	%	%	%

Interest Income	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Cash & CE Balance C/F			72.8	90.2	45.0	105.2		90.2	63.3
ii. Interest Income	1.9	4.4	7.2	1.1	0.2	0.2			1.0
iii. Blended Interest income rate	2.0	2.1	7.7	1.2	0.4	0.2	%	%	1.5	%	%	%	%	%	%	%	%	%

Tax	FY21	FY22	FY23	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
i. Profit before tax	-828.5	-912.4	-765.2	283.4	-142.6	-85.2			9.3
ii. Balance B/F	0.2	0.0	0.1	0.1	0.0	3.9	3.9
iii. Tax provision for the year	0.2	0.9	0.4	0.0	3.9	0.0			0.7
iv. Taxes paid (provision for the previous year)	0.4	1.0	0.6	0.4	0.0	0.0	0.0		0.0					0.7
v. Balance C/F	0.0	0.1	0.0	0.0	3.9	3.9			0.7
vi. Tax Rate	nan	nan	nan	nan	nan	nan	%	%		%	%	%	%	%	%	%	%	%

Income Statement	FY21	FY22	FY23	1Q24	2Q24	FY24
Combined Revenue	556.9	1,288.0	2,116.0	661.4	938.5
COGS	174.3	289.8	534.8	171.3	207.7
Gross Profit	382.6	998.2	1,581.2	490.1	730.7	2,824.6
Administration Exp.	484.8	637.3	1,101.6	356.6	381.4
Selling & Distribution Exp.	7.4	29.2	46.0	17.4	25.4
Depreciation	340.9	337.2	339.4	89.5	91.8	350.8
7. Amortisation
Other Operating Expenses	0.0	0.0	0.0	0.0	0.0	nan
Operating Income	-102.9	378.5	466.6	117.2	326.4	1,144.8
Interest Expenses	317.8	321.8	696.7			885.0
Interest Income	1.9	4.4	7.2	0.2	0.2
Other (Expenses)/Income	-62.2	-630.3	-197.1	85.5	-69.4	nan
Profit Before Tax	-828.5	-912.4	-765.2	-142.6	-85.2	9.3
Tax Expenses	0.2	0.9	0.4	3.9	0.0
Profit After Tax	-830.1	-896.0	-632.2	-146.5	-85.2
Other	0.0	0.0	0.0	0.0	0.0	nan
Net Income	-830.1	-896.0	-632.2	-146.5	-85.2

Cash Flow Statement	Forecast Ref.	FY21	FY22	FY23	1Q24	2Q24	4Q24E	FY24	FY25E
Profit Before Tax	From IS	-828.5	-912.4	-765.2	-142.6	-85.2		9.3
Depreciation	From OA 1.1	340.9	337.2	339.4	89.5	91.8		350.8
Change in Working Capital	From OA 2	-5.6	-48.0	34.3	48.8	-145.4		-177.6
Income Tax Paid	From OA 5	0.4	1.0	0.6	0.0	0.0		0.0
Other		291.1	788.2	308.3	-83.2	72.0		-98.4
Net Cash Flow from / (used in) Operating Activities		-195.7	170.0	-78.1	-87.5	-66.8		89.7
Capital Expenditure	From CA 4	27.6	40.1	75.3	32.2	38.7		186.4
Other		-56.2	-17.8	168.1	1.3	-2.3		4.7
Cash Flows from Investing Activities		-85.5	-61.9	91.3	-30.9	-41.1		-181.7
Borrowings		191.6	68.3	733.4	450.0	1,425.0		1,200.0
Debt Repayments		42.5	1,918.2	1,918.2	579.9	221.6		1,085.7
10. Lease Additions
Lease Repayments		4.0	3.8	3.8	1.6	-0.4		2.0
Other		0.0	0.0	497.9	0.0	0.0		551.6
Net Cash flows from / (used in) Financing Activities		145.2	-63.6	-690.7	-131.6<	1,203.8		663.9
Other		nan	nan	nan	nan	nan		nan
Net Increase/(Decrease) in Cash and Cash Equivalents		-136.0	44.5	-677.6	-249.9	1,096.0		572.0
Balance adjustments as per company		173.0	164.4	1,911.6	2,116.4	1,080.5		1,312.7
Cash and CE at Start		0.0	-136.0	-1,143.8	-1,821.4	-2,071.3	4Q	-1,821.4	-1,249.4
Cash and CE at End		-136.0	-91.5	-1,821.4	-2,071.3			-1,249.4

Balance Sheet	Notes	FY21	FY22	FY23	1Q24	2Q24	3Q24E	4Q24E	FY24	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Assets
Property Plant and Equipment - Net Book value	From OA 1	9,040.6	9,488.3	9,224.7	9,168.7	9,116.5			9,055.2
2. Right-of-use assets		nan	nan	nan	nan	nan	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible assets		nan	nan	nan	54.5	53.4	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Investment in an associate		581.4	578.2	576.9	576.6	576.3	575.5	575.5	575.7	575.5	575.5	575.5	575.5	575.5	575.5	575.5	575.5	575.5
5. Other financial assets		72.3	58.4	55.6	54.5	53.4	50.4	50.4	51.2	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4	50.4
6. Deferred income tax assets		15.8	49.9	149.0	149.0	149.0	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7	218.7
Other Investments		0.9	1.0	1.3	1.1	1.5	1.5	1.5	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
Non Current Assets		9,711.1	10,175.8	10,007.5	10,004.4	9,950.0			9,902.2
Inventories	From OA 2.2	42.2	60.6	96.7	102.3	106.6			109.2
Trade and Other Receivables	From OA 2.1	67.1	175.0	203.2	235.9	364.3			494.8
Prepayments	From OA 2.3	14.3	19.2	21.2	0.0	0.0			20.1
Income Tax Receivable		0.9	0.9	1.1	1.1	1.1	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
12. Other financial assets		60.0	132.6	2.5	1.7	4.5	0.9	0.9	1.6	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
13. Income tax recoverable		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents	From CFS	36.9	72.8	90.2	45.0	105.2			63.3
Current Assets		221.5	461.1	414.9	386.0	581.7			690.3
Total Assets		9,932.5	10,636.9	10,422.3	10,390.4	10,531.7
Equities and Liabilities
1. Stated capital		5,509.3	5,509.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3	6,009.3
2. Reserves	-3,896.5	1,004.9	1,004.9	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0	1,231.0
Retained Earnings		-2,394.8	-3,274.4	-3,896.5	-4,039.1	-4,121.2			-3,798.1
Shares Pendinq Allotment		0.0	0.0	0.0	0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Equity attributable to equity holders of parent
5. Non-controlling interest		4.8	-5.0	-21.8	-25.7	-28.8	-35.4	-35.4	-30.1	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4	-35.4
Total Equity		4,124.1	3,876.1	3,321.9	3,175.4	3,090.2			3,412.1
Long Term Debt	From OA 3	3,501.9	4,122.1	3,116.5	2,954.3	4,471.6			3,323.3
Financing and Lease Payables	From OA 4	33.3	25.8	26.5	0.0	0.0			27.4
Post-Employment Benefit Liability		51.0	36.0	39.8	41.0	45.4	57.2	57.2	53.5	57.2	57.2	57.2	57.2	57.2	57.2	57.2	57.2	57.2
Deferred Tax liability		251.6	370.3	749.5	749.5	749.5	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8	730.8
Inter Company Loans		0.0	0.0	0.0	0.0	0.0	0.0	0.0	543.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Non Current Liabilities		3,833.5	4,550.0	3,927.8	3,744.7	5,266.4			4,672.8
Current Maturities of Long Term Debt	Added to LT debt in the forecast	546.3	546.3	868.2	2,957.6	1,676.2			665.8
Trade Payables	From OA 2.4	201.0	287.7	388.3	0.0	0.0			526.1
13. Amounts due to related parties		nan	nan	0.0	0.0	0.0	0.0	0.0	nan	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Income Tax Liabilities	From OA 6	0.0	0.1	0.0	3.9	3.9			0.7
Other Accruals	From OA 2.5	0	0	0	0	0
Other		0.0	0.0	0.0	458.0	445.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Bank Overdraft		1,223.2	1,214.6	1,911.6	0.0	0.0	1,444.8	1,444.8	1,312.7	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8	1,444.8
Current Liabilities		1,975.0	2,210.8	3,172.5	3,873.7	2,567.1			2,507.6
Total Equity and Liabilities		9,932.5	10,636.9	10,422.3	10,793.8	10,923.6			10,592.5

DCF Valuation
Relative Valuation

DCF Enterprise Value

Period	Notes	FY25E
1. EBIT	From FF 6
2. Tax	From OA 4
3. Depreciation	From OA 1
4. Adjustments	User Input
5. Capital Expenditure	From CA 4
6. Changes in Working Capital	From OA 2
7. Free Cash Flow
8. Terminal Value
9. Total Free Cash Flow
10. Discount factor	Calculation
11. Present Value of Free Cash Flows	7*10=11

12. DCF Enterprise Value
13. Net (Debt)/Cash		-3,948.7
14. Pension Underfunding	From BS
15. Other	User input cell
14. Adjustment	User Input
15. DCF Valuation - Equity Value
16. Number of Shares		6.0
17. Price per Share (Rs.)

Weighted Average Costs of Capital (WACC)

	Symbol		User Input	Reference	Source for Reference
1. Risk Free Rate	Rf		%	18.8%	SL 10yr bond yield
2. Long term cost of debt	Kd		%	25.0%	Weighted avg. int. rate
3. Equity risk premium	Rp		%	10.0%	External Source
4. Beta	B		%	125.0%	CSE
5.Tax Rate	t		%	30.0%	SL tax rate
6. Debt Weighting	Wd		%	50.0%
7. Equity Weighting	We		%	50.0%
8. Cost of Equity	Ke	1+(3*4)=8		25.0%
9. WACC	Dr	(6(2(1-5)))+(7*8)=9		21.0%
10. Terminal Growth Rate			%	5.0%

	Notes	Price to Earnings	Price to Book Value	Price to Sales
1. Earnings/Book Value/Sales			3,412.1
2. Adjusted Multiple
3. Valuation (Rs. Millions)	1*2=3
4. Number of Shares (Millions)		6.0	6.0	6.0
5. Price per Share(Rs.)

Peer Multiples	Notes		Price to Earnings		Price to Book Value		Price to Sales





Average
Adjustment
Adjusted Multiple

Date	Research Organisation	Recommendation	Target Price (Rs.)
0	58.407112999999995	0	0

Valuation

DCF Enterprise Value

Weighted Average Costs of Capital (WACC)

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Period		3Q24E	4Q24E	FY24E	1Q25E	2Q25E	3Q25E	4Q25E	FY25E	FY26E	FY27E	FY28E	FY29E
Revenue
YoY %
EBITDA
EBITDA Margin %
Net Profit
Net Profit Margin %
Free Cash Flow

Valuation		Rs.Million	Price per Share (Rs.)	Share	Adjusted Valuation
DCF Valuation				%
Price to Earnings				%
Price to Book Value				%
Price to Sales				%
EV to EBITDA				%
Blended Valuation (Rs.)