Bharat Hotel Unlisted Shares
About Bharat Hotel Unlisted Shares
Bharat Hotels unlisted shares offer exposure to Bharat Hotels Limited (BHL), a leader in India’s luxury hospitality sector. Operating 12 luxury hotels, palaces, and resorts under The Lalit brand and two mid-market Traveller hotels, BHL manages 2,261+ rooms across prime destinations. Despite pandemic setbacks, the company showcased resilience with revenue surging to ₹862 crore in FY24 and PAT turning positive (₹85 crore). Strategic debt reduction and asset optimization position it for long-term growth.y, and operational scalability.
Business Segments
- Luxury Hospitality (Core Revenue):
- City Hotels: The Lalit New Delhi, Mumbai, Bangalore.
- Palaces: Laxmi Vilas Palace (Udaipur), Grand Palace (Srinagar).
- Resorts: Goa, Bekal, Khajuraho.
- Mid-Market Segment: The Lalit Traveller hotels in Jaipur and Khajuraho.
- Food & Beverage: 45+ outlets with brands like Baluchi, Kitty Su, and 24/7.
Financial Highlights (FY21–FY24)
- Revenue Growth: Revenue skyrocketed 475% from ₹150 crore (FY21) to ₹862 crore (FY24), driven by post-COVID travel revival.
- Profitability Turnaround: PAT improved from -₹90 crore (FY21) to ₹85 crore (FY24), with NPM rising to 9.86%.
- EBITDA Surge: EBITDA jumped 4,425% from ₹8 crore (FY21) to ₹362 crore (FY24), reflecting cost controls.
- Debt Reduction: Long-term debt fell by ₹340 crore (FY21–FY24), aided by asset sales (₹37 crore in FY24).
- Cash Flow Recovery: Operating cash flow reached ₹374 crore (FY24), funding debt repayment (₹245 crore).
- Asset Optimization: Fixed assets streamlined to ₹1,593 crore (FY24) from ₹1,624 crore (FY23).
Bharat Hotels Unlisted Shares Considerations
Bharat Hotels unlisted shares appeal to investors betting on India’s luxury travel resurgence. The company’s asset-light expansion, F&B diversification, and debt discipline signal recovery. However, risks include:
- Liquidity Constraints: Current ratio below 1x (₹150 crore assets vs. ₹278 crore liabilities).
- Interest Costs: High finance costs (₹202 crore in FY24) pressure net profits.
- Macro Risks: Geopolitical or health crises could disrupt travel demand.
Key Valuation Drivers:
- Occupancy Rates: Revival in business travel and tourism boosting room revenues.
- Asset Monetization: Further sale of non-core assets to strengthen liquidity.
- Premiumization: Growth in high-margin F&B and wellness services.
Pros
- Market Leadership – Recognized luxury hospitality leader with a strong pan-India presence.
- Strong Post-COVID Recovery – Revenue surged 475% from ₹150 crore (FY21) to ₹862 crore (FY24).
- Improved Profitability – EBITDA margins expanded from 5.33% (FY21) to 42% (FY24).
Cons
- High Debt Burden – Borrowings remain significant at ₹1,107 crore, with ₹202 crore in finance costs.
- Liquidity Constraints – Current liabilities (₹278 crore) exceed current assets (₹150 crore), straining liquidity.
- Industry Vulnerability – COVID-19 impact showed revenue volatility, dropping to ₹150 crore in FY21.
Key Details
| Share Name | Particulars |
|---|---|
| Bharat Hotel Limited Unlisted | N/A |
| Shares Price | Per Equity Share |
| Lot Size | 100 Shares |
| 52 Week High | ₹ 445 |
| 52 Week LoW | ₹ 245 |
| Depository | NSDL & CDSL |
| PAN Number | AAACB1298E |
| ISIN Number | INE466A01015 |
| CIN | U74899DL1981PLC011274 |
| RTA | KFin Technologies |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | #VALUE! |
| P/E Ratio | #VALUE! |
| P/B Ratio | #VALUE! |
| Debt to Equity | 0.3 |
| ROE (%) | 31.33 |
| Book Value | 111.61 |
| EPS | 11.19 |
| Face Value | 10 |
| Total Shares | 75991199 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 862 | 800 | 309 |
| Cost of Material Consumed | 84 | 77 | 30 |
| Gross Margins | 90.26 | 90.38 | 90.29 |
| Change in Inventory | 0 | 0 | 0.1 |
| Employee Benefit Expenses | 112 | 92 | 50 |
| Other Expenses | 304 | 275 | 119 |
| EBITDA | 362 | 356 | 109.9 |
| OPM | 42 | 44.5 | 35.57 |
| Other Income | 39 | 30 | 5.7 |
| Finance Cost | 202 | 185 | 176 |
| D&A | 59 | 68 | 65 |
| EBIT | 303 | 288 | 44.9 |
| EBIT Margins | 35.15 | 36 | 14.53 |
| PBT | 141 | 134 | -125 |
| PBT Margins | 16.36 | 16.75 | -40.45 |
| Tax | 56 | 85 | -66 |
| PAT | 85 | 49 | -59 |
| NPM | 9.86 | 6.13 | -19.09 |
| EPS | 11.19 | 6.46 | -7.77 |
| Ratio | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 37% | 38% | -40% |
| Net Profit Margin | 10% | 6% | -19% |
| Return on Equity | 10% | 6% | -8% |
| Debt-Equity | 1.29 | 1.74 | 2.12 |
| Current Ratio | 0.54 | 0.96 | 0.92 |
| Dividend Payout | 0% | 0% | 0% |
| Company | Bharat Hotels Ltd | Lemon Tree Hotels Ltd | EIH Associated Hotels Ltd |
|---|---|---|---|
| Market Cap (₹ Crores) | 3458 | 9962 | 2361 |
| Profitability Margin (%) | 10.00% | 17% | 21% |
| ROCE (%) | 16.00% | 11% | 25% |
| ROE (%) | 10.00% | 16% | 19% |
| D/E Ratio | 1.29 | 2.42 | 0.01 |
| P/E Ratio | 40.81 | 68.7 | 30.5 |
| P/B Ratio | 4.02 | 10.3 | 5.09 |
| Book Value per Share (₹) | 113.27 | 12.2 | 76 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 1593 | 1624 | 1277 |
| CWIP | 291 | 286 | 302 |
| Investments | 0 | 0 | 0 |
| Trade Receivables | 26 | 37 | 19 |
| Inventory | 17 | 18 | 17 |
| Other Assets | 410 | 509 | 950 |
| Total Assets | 2337 | 2474 | 2565 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 75.99 | 75.9 | 75.9 |
| FV | 10 | 10 | 10 |
| Reserves | 785 | 699 | 726 |
| Borrowings | 1107 | 1347 | 1338 |
| Trade Payables | 89 | 82 | 77 |
| Other Liabilities | 280.01 | 270.1 | 348.1 |
| Total Liabilities | 2337 | 2474 | 2565 |
