HOTELS

February 9, 2021

National Stock Exchange of India Limited BSE Limited

Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers
Bandra (East) Dalal Street, Mumbai — 400 001
Mumbai - 400 051

Name of Scrip: LEMONTREE BSE Scrip Code: 541233

Re: Unaudited Financial Results (Standalone and Consolidated) for the

Quarter and nine months ended December 31, 2020 along with Limited
Review Report

We wish to inform you that the Board of Directors of Lemon Tree Hotels Limited (the
“Company”) at its meeting held today at 03.30 P.M. and concluded at 07.30 P.M. has,
inter alia, approved the Unaudited (Standalone and Consolidated) Financial Results for
the quarter and nine months ended December 31, 2020 and took on record the limited
review report thereon.

A copy of:

A) Unaudited financial results (Standalone and Consolidated) for the quarter and nine
months ended December 31, 2020; and

B) Limited Review Report issued by Statutory Auditors thereon

as required under Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements)

Regulations, 2105, alongwith Investor presentation are enclosed herewith.

This is for your information and record.

Thanking you,

For Lemon Tree Hotels Limited

Nikhil Sethi
Group Company Secretary & GM Legal
& Compliance Officer
Lemon Tree Hotels Limited
(CIN No. L74899DL1992PLC049022)
Registered Office: Asset No. 6, Aerocity Hospitality District, New Delhi-110037
T +91 11 4605 0101, F +91 11 46050110. E [email protected] www .lemontreehotels.com
 Chartered Accountants
=
Deloitte 7th Floor, Building 10, Tower B,
DLF Cyber City Complex,
DLF City Phase - 1,

Haskins & Sells LLP een patie

Phone: +91 124 679 2000
Fax: +94 124 679 2012

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM

CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LEMON TREE HOTELS LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial

Results of LEMON TREE HOTELS LIMITED (“the Parent”), limited lability
partnership firm and its subsidiaries (the Parent, firm and its subsidiaries together referred
to as “the Group”), and its share of profit of its associates for the quarter and nine months
ended December 31, 2020 (“the Statement”) being submitted by the Parent pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent’s Management and approved by the
Parent’s Board of Directors, has been prepared in accordance with the recognition and
Measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial
Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read
with relevant rules issued thereunder and other accounting principles generally accepted in
India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review
Engagements (SRE) 2410 “Review of Interim Financial Information Performed by
the
Independent Auditor of the Entity”, issued by the Institute of Chartered Accountan
ts of
India (ICAD. A review of interim financial information consists of making
inquiries,
primarily of Parent’s personnel responsible for financial and accounting matters, and
applying analytical and other review procedures. A review is substantially less in scope
than
an audit conducted in accordance with Standards on Auditing specified under
Section
143(10) of the Companies Act, 2013 and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified
in
an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requireme
nts}
Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities:

S.No Name of the entity Relationship
1. Lemon Tree Hotels Limited Parent Company
2 Fleur Hotels Private Limited Subsidiary company
3: Hyacinth Hotels Private Limited Subsidiary company
4, PSK Resorts and Hotels Private Limited Wholly owned subsidiary company
5 Canary Hotels Private Limited Wholly owned subsidiary company
 Deloitte
Haskins & Sells LLP

6. Sukbsagar Complexes Private Limited Wholly owned subsidiary company

De Oriole Dr Fresh Hotels Private Limited Wholly owned subsidiary company
8. Grey Fox Project Management Company | Wholly owned subsidiary company
Private Limited
9. Dandelion Hotels Private Limited Wholly owned subsidiary company
10. Lemon Tree Hotel Company Private | Wholly owned subsidiary company
Limited
1 Red Fox Hotel Company Private Limited Wholly owned subsidiary company
2 Poplar Homestead Holdings Private Wholly owned subsidiary company
Limited
13. Madder Stays Private Limited Wholly owned subsidiary company
14. Jessamine Stays Private Limited Wholly owned subsidiary company
15. Berggruen Hotels Private Limited Subsidiary company
16. Nightingale Hotels Private Limited Subsidiary company
17, Manakin Resorts Private Limited Subsidiary company
18. Begonia Hotels Private Limited Subsidiary company
19. Celsia Hotels Private Limited Subsidiary company
20. Inovoa Hotels and Resorts Limited Subsidiary company
Dh. lora Hotels Private Limited Subsidiary company
22. Ophrys Hotels Private Limited Subsidiary company
23. Bandhav Resorts (P) Limited Subsidiary company
24. Valerian Management Services Private | Subsidiary company
Limited
25. Carnation Hotels Private Limited Subsidiary company
26. Mind Leaders Learning India Private | Associate company
Limited
27. Pelican Facilities Management Private | Associate company
Limited
28. Hamstede Living Private Limited Associate company
29. Glendale Marketing Services Private | Associate company
Limited
30. Mezereon Hotels LLP Limited Liability Partnership Firm
31. Krizm Hotel Private Limited Employee | Trust
Welfare Trust

5. Based on our review conducted and procedures performed as stated in paragraph 3 above
and
based on the consideration of the review reports of the other auditors referred to in paragraph
7
below, nothing has come to our attention that causes us to believe that the accompanying
Statement, prepared in accordance with the recognition and measurement principles laid down in
the aforesaid Indian Accounting Standard and other accounting principles generally accepted in
India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. Emphasis of Matter
Attention is invited to Note 5 of the Statement of Consolidated Unaudited Financial Results
which sets out the Group’s assessment of going concern assumption and financial impact on
account of COVID 19 pandemic situation. Based on these assessments, the management has
concluded that the Group will continue as a going concern and will be able to meet all of its
obligations as well as recover the carrying amount of its assets as on December 3 1, 2020.
Our conclusion is not modified in respect of this matter.
Deloitte
Haskins & Sells LLP

7. We did not review the interim financial results of Krizm Hotel Private Limited Employee
Welfare Trust (the “Trust”) included in the standalone interim unaudited financial results of
the entity included in the Group, whose interim financial results reflect total revenues of
Rs. Nil and Rs. Nil lacs for the quarter and nine months ended December 31, 2020
respectively, total net loss after tax of Rs. (0.07) lacs and Rs. (0.08) lacs for the quarter and
nine months ended December 31, 2020 respectively and total comprehensive loss of Rs.
(0.07) lacs and Rs. (0.08) lacs for the quarter and nine months ended December 31, 2020
respectively, as considered in the respective standalone unaudited interim financial results
of the entity included in the Group. The interim financial results of the trust have been
reviewed by the other auditor whose reports have been furnished to us, and our conclusion
in so far as it relates to the amounts and disclosures included in respect of this trust, is
based solely on the report of such other auditor and the procedures performed by us as
stated in paragraph 3 above.

We did not review the interim financial results of 22 subsidiaries and 1 limited liability
partnership firm included in the consolidated unaudited financial results, whose interim
financial results reflect total revenues of Rs. 1,984.86 lacs and Rs. 4,655.87 lacs for the
quarter and nine months ended December 31, 2020 respectively, total net loss after tax of
Rs, 950.07 lacs and Rs. 3,541.91 lacs for the quarter and nine months ended December 31,
2020 respectively and total comprehensive loss of Rs. 949.24 lacs and Rs. 3,540.45 lacs for
the quarter and nine months ended December 31, 2020 respectively, as considered in the
Statement. The consolidated unaudited financial results also include the Group’s share of
net loss of Rs. 15.17 lacs and Rs. 60.82 lacs for the quarter and nine months ended
December 31, 2020 and Total comprehensive loss of Rs. 15.17 lacs and Rs. 60.82 lacs for
the quarter and nine months ended December 31, 2020, as considered in the Statement, in
respect of 3 associates, whose interim financial results have not been reviewed by us. These
interim financial results have been reviewed by other auditors whose reports have been
furnished to us by the Management and our conclusion on the Statement, in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries, limited
liability partnership firm and associates, is based solely on the reports of the other auditors
and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

gunned

Vijay Agarwal
Partner
(Membership No. 094468)
UDIN: 21094468AAAABL6114

New Delhi, February 09, 2021

 Lemon Tree Hotels Limited
Regd Office:- Asset No, 6, Aereetty Hospitality District, New Dethi-110037
Teh: O11-46050101; Fax. 011 -460S8G1 10; E-Maiksectdeptt'® lemontrechotels.com: Website: wwwtlemontree hotels.com
cp 3 L74899DL1992PLC049022

Statement of Unaudited Consolidated Financial Results for the Quarter and Nine Months ended December 31, 2020
(8 Ty Lokle, except per yvunve data)
Quarter ended Nine monthy ended Yoar Ended
December 31, 2620 [September 30, 2020] December 31, 2019 | December 31. 2020 | December 31,2019) March 31,2020

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unandited) (Audited)

1 | Lucome
Revenue from operations 6.837 68 4,759 69 19.961,69 15,664.93 49,330.73 66.943.74
Other meonse (Refer Nove 6) 223.67 601.34 31781 1.13669 53686 578.28
Total income 7,001.35 S361.03 20,279.50 16,500.62 49,807.59 67,522.02

2 J Expenses :
Cost of food and beverages consumed 535.66, 321.70 167414 1,089.79 4,234.73 5,696.78
Employee benchit expenses 1,579.26 LAZh 76 4.206,66 ASHES 38 1124408 1$.532.26
Power and fuel 873.60 748 96 EL S98 81 225157 4,680.97 GAI3.58
Other expenses 1844.15 1430.54 4,362.04 4,263.63 11,731.26 15,747.27
Total expenses 4,829.67 3928.96 11.841.65 12.389.37 31,891.04 43,109.99

2 | Profit before depreciation aud amortization, Nuance cost, finauee income 2,231.68 1,432.07 4,437.85 441128 17,976.55 2M4AllI
1-2)
4 Reese 4,752 62 497213 4,587 91 14,593 62 11,207 06 16.155.47
S |Finance income (211.91) (338.48) (67.54) (733.07) (434.58) (508.54)
6 |Depreestion and amortization cxprase 3.73377 2701 54 2.26944 8.14425 S.94D45 8.71612
7 | Net (loss}/profit before tax before shave of associates (3-4-5-0) ($042.80) ($903.17) Ldadg.o4 (17,503.88) 1,261.68 48.98
5 |Add: Share of Loss of associates (6.98)] {66 38) (84.37) (198.20) (133.02) {266.66)
9 |(Loss)Prefit before tas (778) (5,049,778) (5969.59) 1,563.67 (17,786.78) 1,128.66 (217.68)
10 | Tax expense
Cunent Hx/MAT GOL (2.89) 495,357 Qty) F98A2Z 990.43
Deferred tax
- MAT Credit entitlement related to carrent year - (42.073 - (538 74) (689.93)
- MAT Credit entitlement related to earlier year ‘ , (1.95) = 15.53 440
- Defersed tax (income) expense related to current year (A77.12) (612.35) 305.17, (1801.98) 256.79 782.92
11 [Net Qoss¥profit after tax (9-10) (4,572.67) (5.354.498) 1,108.15 (14,982.61) 50660 (1,305.44)
}2 | Other Comprehennive Income (Expenses)
Items that will not be reclassified to profit and loss
Remeasuiements of defined benefit plans 036 O54 (4.94) 1.98 (8.92) 1.42
ncome tax effect (0.70)| 10.74) OAT (2.139) 136 (0.18)
13 | Total comprehensive (Loss)/Profit (4,872.51) (S.334,88) 1,106.65 (15,982.75) 5§9.58 (1.504.200)

14 | Net (loss)profit after tax (4,372.67) (3,354.38) 1,LOS.15 (15.982.61) 596,61 (1,305.45)
Attabutabte tie
Equity holders of the parent (3424.81) (3,713.07) L219. 94 (1,025.14) 837.84 (953.70)
Non-controiling interests (1.447.706) (1,641.31) (111,79) (4957.47) (241.233) (381.75)

15 | Total comprelensive (Loss) Profit (4372.51) ($354.55) 1,106.63 (15,982.78) 589,58 (1,304.20)
Attributable to:
Equity holders of the parent (3,123.87) G.712.40) L247 54 (11,022 85) 82894 (949 17)
Non-connollinig interests (1448 64) (0.642 15) (116 86) (4.935.90) (239.39) (353.03)

16 | Total comprehensive (oss) Profit far (he year after on-controlling (3,123.87) (3,712.40) 1,217.34 (11,022.83) 828.95 (949.17)
interest

17 |Pard-up cquity share capital 79,034.04 79.032 94 7OO24.B1 79.024.04 79.024.B1 7303144
(Face value of the share € 16/-)
18 | Other Equity(including noa-controling interest) TSA4A.67
19 | Earnings per share (Face value of Ure share © 10%}
fEPS for quarter and wpe months portads ws ner annualtsed}
Basic (0 40)] 4047) O15 CLAg) O.LL (12)
Diluted @ 40)) (47) O18 (149) ou (0.12)
Notes:
1. The Audit Committee has reviewed the above sesults and the Board of Directors has approved the above consolidated financial results at their respective meetings held on February 8, 2021 and February 9.
2021. The staretory auditors have carried outa hmuted review of the above Consoludated fmancial results.
2, The above Consolidated financial results are extracted from the uaaudited consolidated financial statements of the Com@any whic’ are prepared in accordance with the recogaition and measurement principles
laid down in the Indian Accounting Standard 34 “interim Financial Reporting” (“ind AS 24°), as prescribed under Section 133 of the Companies Act, 2013 sead with the cule 4 of the Companies (Indian
Accounting Standards) Rules. 2019 and relevant amencdinent mes thereafter

3 On November 13. 2019, the Board of Directors of Flene Hotels Private Limited, material subsidiary of pareat company had approved the Selene of Aaalyamation (Scheme) of Begonta Hotels Private Linrited
(frausferor Company 1), Nightingale Hotels Private Limited (Traasferor Company 2) with Fleur Hotels Private Limited (Transferee Company). The scheme had been electronicalfy filed wilh National Company
Law Tnbunal. New Deliu (NCLT) and the Company has cecerved the Fust motion order dated October 15, 2020 from NCLT dispensing the mecting of creditors and sharcholders of Transferor Companies and
Transferee Company Further. the Company has also filed the Second Motion appheation and NCLT vide its order dated December 8. 2020 has passed Section motion order The next date of hearing for approval
of the Scheme is fixed on Febmary 22, 2021.

After approval of the Scheie by NCLT, the Trausferer Company 1 and Transferor Company ? shall be amalgamsted in Fleur Hotels Private Linted we {April 1.2019 (Appouted date of the Scheme).

4. The paid up share capual of tae Company excludes 19,05,991 (March 31, 2020; 19.31,991) equity shares held by the ESOP trast which has been consolidated m secordance with the xequiremeut of IND AS 110.

of
resultmg seduction in occupancy
5. COVID-1Y pandenuc has inipacted and contmues to unpact business operations in many counties due to lockdown, travel bans, quarantines and other emergency measures
hotels and average realization rate per room starting from the month of March 2020, Management bas undertakea’s undertaking various cost savings imitates like salary reduction. rent waiver. etc. to conserve
cash coupled with the capital mifision anounting to Rs. 175 crores in the for of compulsory convertible preference shares. Further. onc of 41 Hotels (5,192 rooms) of the group 38 hotels (4,780 moms) were
operational a3 on December 31, 2020. The weighted average oceupancy of the operational rooms for the moath ended December 31.2026 was 55%.
of as liquidity
In cvaluanag the unpact of COVID-19 on tty ability to continue as a going concem aod the possible unpact on es financial position in the current quarter. the Comipany has made an assessment
position for next one year and assessed the tmspact of macro-econcuie conditions ao is busimess in light ef comparison of fonure projections developed and of the recoverability and the carrying valte of its majox
assets comprising of Property, Plant and Equipment (PPE). wade receivables and tnvestoxtats ib sesociates (investments) a4 st the balance sheer date. Based on aforesaid assesement. management believes that the
Group will coutiaue as a gomg concera and will be able to meet all of sts obligations as well as recover the carrying amouat of ifs aforcyatd assets as on a5 oa December 31. 2020.
eeonomuc
Management believes tha(it has takea into aecount all the passibfe impaet of known events arising from COVID- 19 pandemic in the preparation of above Consolidated financial results. The associated
and duration and
impact of the pandemic 1s bighly dependent on variables chat are difficult to predict. The impact wesessment of COVID 19 is a contimaing process given the uncertainties associated with its nature
of these changes would be recogmzed
actual results may differ matenally from these estimates: The Group will continue to monitor say material changes to future ecouomic conditions and any agnificant umpact
in de financial rewalts ay and when these material Changes to economic conditions arise

accordingly recognized an
6. During the current quarter and current period. cocsequential te COVED 19 pandemic, the Group has requested end received rent waiver‘coucessions from certain landlords and
amended}.
amount of INR 180.61 leks and INK 1,026.88 lakhs im Starement of Profit and Loss a3 “Other Locome™, by applying practical expedient piven a Para 45A and Para 468 of Ind AS 116 (a5

not been notified, Further, the

7, The Code on Wazes, 2019 and Code om social security, 2020 ( Yhe codes”) relatmg to employee compensation and post-employment benefits that received Presidennal assent baye
related rules for quantifying the financial iopact have not been notified. The Company will assess the cmpact of the codes when the rules are nonfied and will record aay related impact in the period in which the
Codes hevome eflecsive
Ind AS 108 - Operating Segments. Since the
8. The Group is into Horeliering business. As the Group operates in a single operating segment, it did not give rise to different operating seaments in accordance with
group 151m Hotchenng busmess the Consolidated financial results tor the Quarter are not indicative of a full year’s working.

By order
of the Board
for Lemon Tyee Florets Limited
fons

Place New Delhi

——— Pilfanjali G. Keswant
Date Febuary09, 2021
(Chairman & Managing Director
 Deloitte penseen
= Chartered Accountants

Haskins & Sells LLP

= 4 i

ae
Haryana, India

Phone: +91 124 679 2000

Fax: +91 124 679 2012

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM

STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LEMON TREE HOTELS LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results

of LEMON TREE HOTELS LIMITED (‘the Company”), for the quarter and nine
months ended December 31, 2020 (“the Statement”), being submitted by the Company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company’s Management and approved
by the Company’s Board of Directors, has been prepared in accordance
with the
recognition and measurement principles laid down in the Indian Accounting Standard
34
“Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the
Companies Act, 2013 read with relevant rules issued thereunder and other accountin
g
principles generally accepted in India. Our responsibility is to express a conclusio
n on the
Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard

on Review
Engagements (SRE) 2410 ‘Review of Interim Financial Information Performed by the
Independent Auditor of the Entity’, issued by the Institute of Chartered
Accountants of
India (ICAI). A review of interim financial information consists of making
inquiries,
primarily of the Company’s personnel responsible for financial and accounti
ng matters,
and applying analytical and other review procedures. A review is substanti
ally less in
scope than an audit conducted in accordance with Standards on Auditing
specified under
section 143(10) of the Companies Act, 2013 and consequently does
not enable us to obtain
assurance that we would become aware of all significant matters that might be identifie
d in
an audit. Accordingly, we do not express an andit opinion.

We also performed procedures in accordance with the circular issued

by the SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosu
re Requirements)
Regulations, 2015, as amended, to the extent applicable.

4. Based on our review conducted and procedures performed as stated

in paragraph 3 above,
and based on the consideration of the review reports of other auditors
as referred in
paragraph 6 below, nothing has come to our attention that causes us to believe
that the
accompanying Statement, prepared in accordance with the recognition
and measurement
principles laid down in the aforesaid Indian Accounting Standard
and other accounting
principles generally accepted in India, has not disclosed the informat
ion required to be
disclosed in terms of Regulation 33 of the SEBI (Listing Obligations
and Disclosure
Requirements) Regulations, 2015, as amended, including the manner in which
it is to be

Ges
disclosed, or that it contains any material misstatement.

(Lip
 Deloitte
Haskins & Sells LLP

. Emphasis of Matter

Attention is invited to Note 5 of the Statement of Consolidated Unaudited Financial

Results which sets out the Company’s assessment of going concern assumption and
financial impact on account of COVID 19 pandemic situation. Based on these assessments,
the management has concluded that the Company will continue as a going concern and will
be able to meet all of its obligations as well as recover the carrying amount of its assets as
on December 31, 2020.

Our conclusion is not modified in respect of this matter.

. We did not review the interim financial results of Krizm Hotel Private Limited Employee
Welfare Trust (the “Trust”) included in the Statement whose interim financial results
reflect total revenues of Rs. Nil and Rs. Nil lacs for the quarter and nine months ended
December 31, 2020 respectively, total net loss after tax of Rs. (0.07) lacs and Rs. (0.08)
lacs for the quarter and nine months ended December 31, 2020 respectively and total
comprehensive loss of Rs. (0.07) lacs and Rs. (0.08) lacs for the quarter and nine months
ended December 31, 2020 respectively, as considered in this Statement. The interim
financial results have been reviewed by other auditor whose report have been furnished to
us, and our conclusion in so far as it relates to the amounts and disclosures meluded
in
respect of this trust, is based. solely on the report of such other auditor and the procedures
performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 1 17366W/W-100018)

Vcailaarl

Vijay Agarwal
Partner
(Membership No. 094468)
UDIN: 21094468AAAABK4207

New Delhi, February 09, 2021

 Lemon Tree Hotels Limited
Regd Office:- Asset No. 6, Aerovi Hospitality District, New Delhi-110037
Tel: QLL-46050101; Fax.: 011-46050110; E-Mail:sectdeptt @lemontrechotels.com: Website: wrwdemoutreehatels.conm
CIN: L74S99DLI992PLCO49022

Statement of Vaaudited Standalone Financial Results for the Quarter and Nine Months eurled December 31, 2020
(€ In Lakhs, except per share data)
Quarter ended Nine mouths ented Year Ended
December 31, | September 40,] December 31, | December 31, | December 31, [March 31, 2020
3020 2020 2019 2020 2019
(Unaudited) | (Unaudited) | (Unaudited) | (Unandited) | (nautdited) (Audited)

1 [income
Revenue from operations 2,036.54 1,729.23 1,388.94 4.95173 20,752.24 26.957.58
Other income (Refer Note 6) 33,96 153.32 201.83 370.22 353,38 366.55
Total incame 2,070.50 1,882.55 7,790.77 3,322.95 21,095 60 27,924.13

2 [Expenses
Cost of food and beverages consumed 110.93 9149 44071 269-81 1.283 47 1.66671
Emplovee beach expenses 342.96 305.05 1,314.03 1,673.94 AAS. 75 6.148Al
Powex anid fuel M686 242.41 492.85 625.60 1,627.54 2.059.322
Other expenses 58817 594.20 1.877 69 1,542.38 SABLAD 6,543.72
Total expenses 1488.92 1,402.85 4.02528 4,113.73 12,737.96 L6 418.16

3 [Profit before depreciation and amortization, finance 581.58 479,70 3,765.49 1,209.22 8,357.64 10,905.97
cost, finance income (1-2)

A [Emanve cost 1.21158 1,226 32 1.207 66 3,635.96 3617 64 4.815 30

4 |Fmance mecome (47.031 (119.94) 57,53 (21.91) (100.38) (143.22)
6 |Depreciation and amortization expere 563.91 564.77 485.73 1,688.19 1,655.16 2,168.93
7 |CLoss) Profit hefore tax (4-4-5-6) (1,146.86) (1,191.85) 2,014.57 43,894.02) 4,185.22 4,065.76
8 [Tax expense
Covent ox under MAT - 348.10 - 530.52 639.98
Deferrest tax
MAT Credit entitlement related to current year (347.97) (530,52) (689.981

- MAT Credit entivement related to earlier year - - - - - -

- Deferred tax (income)’enpense selated to current yenr (338.79) G46 21) A913 (L141.01) 733.10 $44.96
9 | Net (loss)‘profit after tax (7-8) (803.07) (845.24) 1,822.31 QF2200 2451.12 3,219.80
10 [Other Comprehensive hieone
Iteras that will not be reclassified to profit and loss
Re-measurement (locs)/gain on defined benefit plans 243 2.43 (3.64) 7.29 (16.93) 9.72
Tucome fax effect (0.703 7b 0.99 (212) 296 -
LL [Total comprehensive (loss)income (806.34) (843,52) 1,817.66 C7468) 2,438.15 3,229.52

1) [Paid-up equity share capital 79.034 04 79.032.94 79.024 81 79,034.04 79.024 81 79.031 44
(Face valuc of the share § 10/-)
13 JOther Equiy ‘ i “i = 25,345.89
14 [Earamgs per share (Face value of the share T10/-)
(EPS for quertor and nine months ended periods are not
aneeatisecd
Basic (0.10) ity 0.19 (035) ou O41
Diluted (9.103 (ODL) o.r9 (0.35) 0.31 0.41
 Notes:
1. The Andit Commuttee has eeviewed the above results and the Board of Directors has approved the above standalone
financial results at thew respective meetings held on
February 8, 2021 and February 9, 2021. The statutory auditors have carried out a limited review of the above staadatone
financial results.
2. The above standalone financial results are extracted from the unaudited standalone financial statements of the Company which
are prepared in accordance with the
recogrution and mcasurcnient prncsples Lad down an the Indian Accounting Stagdard 34 “Interim Finaccial Reporting (“Ind
AS 34°), a5 prescribed under Section 133 of
the Companies Act, 2013 read with the mle 3 of the Companies (Indian Accounting Standards) Rules, 20145 and relevant amendment rules
thereafter.
3. On November 13. 2019, the Board of Directors of Fleur Hotels Private Limuted, material subsidiary of parent company had approved the Scheme ofAsalgamation
(Schente} of Begonia Hotels Private Limited (Transferer Company 1), Nightingale Hotels Private Limited (Transferor Company
2) with Flom Hotels Private Limived
(Transtferee Company). The scheme had been electronically filed wath National Company Law Tribooal, New Delhi (NCLT) end the
Company has received the First motion
onder dated October 15, 2020 from NCLT dispenting the meenng of creditors and shareholders of Transferor Ci ies and Transferee Company, Furker, the Comp
has also filed the Second Motion application aud NCLT vide its order dated December 8, 2020 has passed Section motwn order. The next date of hearme for
approval of
the Scheme is fixed on Febraary 22, 2071

After approval of the Scheme by NCLT, the Transferor Company ! and Transferor Company 2 chall be amalgamated in Fleur Hotels
Private Limited w.e.f April 1, 2019
(Appointed date of the Scheme).
4. The paid up share caprial of the Company excludes 19,05,991 (March 3b, 2020: 19.31.991) equity shares held by the ESOP trast which
has been consolidated m
accordance with the requirement of IND AS 110.
5. COVID-18 pandemic has impacted and continues to impact busmess operations in many countries due to fockdown, navel hans,
quarantines and ether emergency
measures resultmg reduction in occupancy of hotels and average realization rate per room starting fron: the moath of March 2020, Management has uodertakensis
undertaking various cost savings inihatives like salary reduction. reut wasver, etc. to conserve cash, Further. ali hotels were eperational as on December
31, 2020 and the
weighted average occupancy of the operetional rooms for the month ended December 31, 2020 was 50%.
To evalaating the inspect of COVID-19 on its abilily to continue ax a gomg concern and the possible impact on its financial position the company
has made an assessment
of its hguidity position for next one vear and assessed the impact of macro- i ditions on its by in hight of parison of future projecti developed and
of the recoverability aud the carrying value of its major assets comprising of Property, Plant and Equipinent (PPE), trade recrivables and investincnts
in subsidiaries and
associates (investments) ax at the balance sheet date. Baved on aforesail assessment, management believes thas the Company will continne as a going concera
and will be
able to cet all of its obligations as well as recover the carrying amount ef us aforestid assets as on December 31, 2020,
Management believes that it has taken into account all the possible impact of known events arising from COVID- {9 pandemic in the preparation of above financial
results.
The associated economic impact of Ure pandenne is highly depepdent an variables that are difficult to predict The impact assessment of COVID 19 is a continuing process
given {he uncertainties associated with its nature and duration and actual results may differ materially from these estimates. The Company will continue to monitor any
inaterial changes te future economig condihous and any significant anpact of these changes would be recogmzed in the Gnancial statements as and when these
material
changes to economic condisons arise.
’
6 During the eusreat quarter and current period, consequential to COVID 19 pandemic, the Company has requested and received rut waiverfconcessinns from
certain
landlords aud accordingly recognized an amount of & 27.00 loiths aad ¢ 348.64 lakhs respectively an Statement of Profit and Loss as “Other income”. by applying practical
expedient given in Pioa 46A aod Para 46B of Ind AS 116 (a5 ameniled)
7 The Code on Wages, 2019 and Code on social seconty, 2020 (‘the cades”} relating to employee compensation and post-employment benefits that received Presidennal
assent have not been nonfied. Further, the related rules for quantifymg the financial impact have not been notified. The Company
will assess the pact of the codes when
the rules are notified and will record any related mipact in the period in which the Codes become effective.

8. The Company is into Hoteliering busmess, As the Company operates in a single operating segment, it did not give rive to different operating segments in accordance with
Ind AS 108 - Operating Segments Since. the company iy in Hotelicring business so the standalone financial results for the cuereut period are not indicative ofa fullyear’s
working.

By order of the Board

for Lemon Tyee Flotels Limited

. ‘ _ :

Place: New Della

| cybit _-
———" Fatagjali G Keswani
Date : February 09, 2021
(Chairman & Managing Directod
Lemon Tree Hotels Limited
Q3 FY21 Earnings Presentation
9th February, 2021
Disclaimer
Certain statements in this communication may be ‘forward looking
statements’ within the meaning of applicable laws and regulations.
These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward-looking
statements. Important developments that could affect the Company’s
operations include changes in the industry structure, significant
changes in political and economic environment in India and overseas,
tax laws, import duties, litigation and labour relations.

Lemon Tree Hotels Limited (LTH) will not be in any way responsible
for any action taken based on such statements and undertakes no
obligation to publicly update these forward-looking statements to
reflect subsequent events or circumstances.

2
Table of Contents

1 Company Overview

2 Chairman & Managing Director’s Message

3 9M FY21 Operating Performance Trends

4 Q3 FY21 Financial Highlights & Results

5 9M FY21 Financial Results

6 Pipeline

7 Annexures

3
Lemon Tree – Snapshot as on 31st Jan, 2021
Current (17% of Branded Pipeline By CY22 (20% of Branded
Mid Market Hotels in India*) Mid Market Hotels in India*)

8,294 2,202 10,406

rooms; rooms; rooms;
84 hotels 22 hotels 106 hotels

Brand Current Pipeline by FY23

Aurika 139 Rooms; 1 Hotel 669 Rooms; 1 Hotel# 808 Rooms; 2 Hotels

Lemon Tree Premiere 2,438 Rooms; 17 Hotels 229 Rooms; 4 Hotels 2,667 Rooms; 21 Hotels

Lemon Tree Hotel 2,818 Rooms; 38 Hotels 1,184 Rooms; 15 Hotels 4,002 Rooms; 53 Hotels

Red Fox Hotel 1,423 Rooms; 12 Hotels 80 Rooms; 1 Hotel 1,503 Rooms; 13 Hotels

Keys 1,476 Rooms; 16 Hotels 40 Rooms; 1 Hotel 1,516 Rooms; 17 Hotels

*Source : Hotelivate – The Ultimate Indian Travel Hospitality Report 2019, Horwah HTL India Market Review 2018
#Aurika, Mumbai International Airport is in process of getting approval to increase the number of rooms to 669 rooms in place of the existing approval of 577 rooms.

4
Lemon Tree – Portfolio

Key Statistics

Q3 FY20 Q3 FY21 YoY Var (%)

Cities 46 51 11%

Hotels 78 84 8%

Rooms 7,914 8,294 5%

Loyalty 1.12 mn 1.26 mn 12%

Members

5
Chairman & Managing Director’s Message

Commenting on the performance for Q3 FY21, Mr. Patanjali Keswani, Chairman & Managing Director – Lemon
Tree Hotels Limited said,
“We are pleased to report a resilient performance during this quarter driven by some improvement in the macro-economic
environment and a gradual growth in demand and consumption. Healthy traction from the retail segment continued in this
quarter as well. We saw higher demand coming from the leisure segment for staycations, day-use, work-from-hotels among
others. Our operational inventory increased from 86.8% of our total inventory in Q2 FY21 to 91.2% in Q3 FY21. Our
occupancy on full inventory improved from 32.4% in Q2 FY21 to 42.4% in Q3 FY21. On operational inventory, our
occupancy stood at 46.5% in Q3 FY21. The combined effect of higher operational inventory and better occupancy led to a
topline increase of 43.7% from Rs 47.6 Cr in Q2 FY21 to Rs 68.4 Cr in Q3 FY21.
From a profitability standpoint, we have been able to continue most of the cost-rationalization measures undertaken since
March last year. Our Net EBITDA grew by 141.7% to Rs 20.1 Cr in Q3 FY21 from Rs 8.3 Cr in Q2 FY21. Our EBITDA
margin expanded by 1,191 BPS to 29.4% in Q3 FY21 from 17.5% in Q2 FY21.
In the near term, we are seeing strong demand from the retail & MSMEs and a gradual recovery from the large corporates.
Going forward, we expect a sustained revival in the domestic economy which should build in positive momentum for recovery
in demand and consumption which is already visible in the current quarter i.e. Q4. We believe that the improving macro
indicators, robust liquidity in the market and normalization in day-to-day activities will have a positive cascading effect on the
travel and tourism sector. Looking ahead, while we anticipate a gradual revival in corporate travel in the quarters ahead,
leisure demand is already strong and this traction will further increase in the months ahead. Overall, we are confident that
further stabilization of the macro-economic environment and our revamped operating model will lead to sustained EBITDA
growth in the next 4 quarters.”

6
9M FY21 Operating Performance Trends
Increasing Operational Inventory

Operational Pick-up
6,000 92.1% 92.2% 100.0%
89.6%
85.5%
86.9% 83.9% 89.2% 90.0%
5,000

% Operational Invetory
80.0%
Operational Invetory
71.5%
4,000 70.0%
57.5%
60.0%
3,000 50.0%
4,439 4,513 4,650 4,634 4,784 4,792 40.0%
2,000 4,356
3,712 30.0%
2,987
1,000 20.0%
10.0%
- 0.0%

Avg Operational Inventory Operational Inventory %

Trends for the 5,192 owned/leased rooms

7
9M FY21 Operating Performance Trends
Rising Occupancy Levels

Occupancy-ADR Trend
60.0% 3,600
54.5%
50.3% 3,400
50.0%
45.2% 3,200
41.7% 41.6%
40.5% 39.7% 39.6%
40.0% 38.6% 38.1% 3,000
35.4%

Gross ADR (Rs)

2,854 34.3%
Occupancy (%)

34.6% 33.1% 33.3%

30.7% 2,796 2,800
29.8%
30.0%
2,595 2,638 2,664
2,564 2,600
22.2% 2,539
2,472
20.0% 2,396 2,400

2,200
10.0%
2,000

0.0% 1,800
April May June July August September October November December

Total Occupancy Occupancy in Operational Hotels Gross ADR

Trends for the 5,192 owned/leased rooms

8
9M FY21 Operating Performance Trends
Constantly Improving Operating Efficiency

Revenue vs OPEX Trend

35.00

30.00 28.74

25.00 21.61

20.00 17.41
Rs Cr

15.80 15.91 15.76 16.17

15.00 14.02
16.23
10.94 13.86
10.00 12.55
10.76 10.43 10.37 11.33 11.21 11.75

5.00

-
April May June July August September October November December

Total Revenue Hotel Operating Expenses

Notes:
1. Total Revenue includes Revenue from Owned and Leased hotels and Fees from Managed hotels
2. Operating Expenses include Hotel operating expenses for Owned and Leased hotels (including shut hotels)

9
 Q3 FY21 Performance Highlights – Operational Metrics (Consolidated)
Operational Inventory Average Daily Rate (Rs.)
Owned/Leased rooms Managed rooms Total rooms
4.8% 8,294 4,644
7,914
0% 13.9% -45.6% YoY
5,192 5,192 -4.7% QoQ

2,722 3,102
2,654 2,528

End of Q3 FY20 Q2 FY21 Q3 FY21

Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21 Q3 FY20 Q3 FY21

Occupancy (%) RevPAR (Rs.)

3,311
71.3% (2,885) bps
YoY 1,008 bps
QoQ -67.6% YoY 24.9% QoQ
42.4%
1,073
32.4% 859

Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21

Notes:
1. ADR, Occupancy and RevPAR are for our owned and leased hotels only.

10
Q3 FY21 Performance Highlights – Financial Metrics (Consolidated)

Revenue from Operation (Rs. Cr) EBITDA (Rs. Cr)

84.4
199.6

-66% YoY 44% QoQ -74% YoY 56% QoQ

68.4 22.3
47.6 14.3

Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21

Cash profit
EBITDA Margin (%) (Rs. Cr)
33.7
41.6%
(1,000) bps
489 bps 31.6%
YoY
26.7% YoY

-4.6
-18.4
Q3 FY20 Q2 FY21 Q3 FY21 Q3 FY20 Q2 FY21 Q3 FY21

Notes:
1. Q3 FY21 performance is not indicative of the full year performance
2. Cash Profit is calculated as PAT + Depreciation + Portion of Finance Cost converted into loan

11
Consolidated Profit & Loss Statement – Q3 FY21

Rs. Cr Q3 FY20 Q2 FY21 Q3 FY21 QoQ Change (%) YoY Change (%)

Revenue from operations 199.6 47.6 68.4 43.7% -65.7%

Other income 3.2 6.0 2.2 -62.8% -29.6%

Total expenses 118.4 39.3 48.3 22.9% -59.2%

EBITDA 84.4 14.3 22.3 55.8% -73.5%

EBITDA w/o Other Income 81.2 8.3 20.1 141.7% -75.3%

EBITDA margin (%) 40.7% 17.5% 29.4% 1,191 (1,131)

Finance costs 45.9 49.7 47.5 -4.4% 3.5%

Depreciation & amortization 22.7 27.0 27.3 1.2% 20.4%

PBT 15.6 (59.7) (50.5) NA NA

Tax expense 4.6 (6.2) (4.8) -22.5% NA

PAT 11.0 (53.5) (45.7) NA NA

Cash Profit 33.7 (4.6) (18.4) NA NA

Note: Cash Profit is calculated as PAT + Depreciation + Portion of Finance Cost converted into loan

12
Consolidated Expenses – Q3 FY20 vs Q3 FY21

Cost Rationalization YoY

45.0
40.0
35.0
30.0
25.0 -63%
Rs Cr

42.1 -59%
20.0 39.3
15.0 -45%
-68% -45% -15%
10.0
15.8 16.7 16.0 16.0
5.0 8.7 8.9 7.5
5.4 4.3 2.4
-
Employee Cost of F&B Power & Fuel Repairs and Other Expenses Lease Rental
Benefit Expense Consumed Expenses Maintanence

Q3 FY20 Q3 FY21

13
Consolidated Profit & Loss Statement Breakup – Q3 FY21
Total without Keys Hotels Keys Hotels Total
Rs. Cr
YoY YoY YoY
Q3FY20 Q3FY21 Q3FY20 Q3FY21 Q3FY20 Q3FY21
Change Change Change
Inventory 4,256 4,256 0.0% 936 936 0.0% 5,192 5,192 0.0%

ARR 4,869 2,627 -46.1% 2,985 1,854 -37.9% 4,644 2,528 -45.6%

Occupancy 72.0% 45.2% (2,686) 66.3% 30.0% (3,625) 71.3% 42.4% (2,885)

RevPAR 3,508 1,187 -66.2% 1,978 556 -71.9% 3,311 1,073 -67.6%
Revenue from
183.8 62.0 -66.3% 15.8 6.4 -59.3% 199.6 68.4 -65.7%
Operations
Other Income 3.1 1.8 -42.8% 0.0 0.4 1378.1% 3.2 2.2 -29.6%

Total expenses 106.5 42.6 -60.0% 11.9 5.7 -51.8% 118.4 48.3 -59.2%

EBITDA 80.5 21.2 -73.6% 3.9 1.1 -71.6% 84.4 22.3 -73.5%
EBITDA w/o Other
77.3 19.4 -74.9% 3.9 0.7 -82.7% 81.2 20.1 -75.3%
Income
EBITDA margin (%) 42.1% 31.3% (1,074) 24.5% 10.4% (1,406) 40.7% 29.4% (1,131)

PBT 18.1 (43.9) NA (2.5) (6.6) NA 15.6 (50.5) NA

14
Operational Performance by Brands & Region – Q3 FY20 vs. Q3 FY21 (On Full inventory basis)
Hotel level EBITDAR/room (Rs.
Parameters Occupancy Rate (%) Average Daily Rate (Rs.) Hotel level EBITDAR Margin
Lacs)
Change Change Change
By Brand (#Rooms) Q3 FY20 Q3 FY21
(bps)
Q3 FY20 Q3 FY21
(%)
Q3 FY20 Q3 FY21 Change (%) Q3 FY20 Q3 FY21
(bps)

Aurika (139) 20.2% 29.2% 897 14,883 10,652 -28.4% 1.1 2.2 107.6% 39.2% 56.4% 1,712
Lemon Tree Premier 70.6% 55.9% (1,475) 5,908 2,492 -57.8% 2.2 0.6 -74.6% 46.4% 35.2% (1,119)
(1,603)

Lemon Tree Hotels (1562) 72.9% 38.9% (3,394) 4,514 2,799 -38.0% 1.9 0.5 -74.0% 45.2% 37.0% (819)

Red Fox Hotels (952) 78.3% 39.7% (4,710) 3,591 1,808 -49.6% 1.6 0.3 -79.6% 53.4% 41.8% (1,159)

Keys Hotels (936) 66.3% 30.0% (3,625) 2,985 1,854 -37.9% 0.7 0.1 -79.4% 39.3% 19.6% (1,967)

Hotel level EBITDAR/room (Rs.

Parameters Occupancy Rate (%) Average Daily Rate (Rs.) Hotel level EBITDAR Margin
Lacs)
Change Change Change
By Region (#Rooms) Q3 FY20 Q3 FY21
(bps)
Q3 FY20 Q3 FY21
(%)
Q3 FY20 Q3 FY21 Change (%) Q3 FY20 Q3 FY21
(bps)

Delhi (636) 85.0% 55.3% (2,968) 5,418 2,314 -57.3% 2.8 0.7 -75.9% 49.5% 42.1% (740)
Gurugram (529) 75.3% 29.7% (4,557) 4,387 2,290 -47.8% 1.9 0.2 -88.1% 43.4% 22.6% (2,079)
Hyderabad (663) 77.3% 45.2% (3,214) 4,990 2,128 -57.4% 2.5 0.4 -83.1% 54.3% 36.7% (1,765)
Bengaluru (874) 65.2% 24.2% (4,102) 4,351 2,202 -49.4% 1.4 0.1 -91.2% 44.5% 17.9% (2,655)
Mumbai (303) 62.0% 59.2% (280) 6,691 2,908 -56.5% 2.0 0.6 -68.1% 43.9% 35.9% (802)15
 Discussion on Consolidated Financial & Operational Performance – Q3 FY21

 Revenue from operations stood at Rs. 68.4 Cr in Q3 FY21, down 65.7% as compared to Rs. 199.6.8 Cr in Q3 FY20. On a sequential basis,
revenue from operations increased 43.7% from Rs 47.6 Cr in Q2 FY21
 ADR decreased by 45.6% from 4,644 in Q3 FY20 to 2,528 in Q3 FY21. On a sequential basis, ADR decreased by 4.7% from Rs 2,654 in
Revenue Q2 FY21
 Occupancy on full inventory decreased by 2,885 bps from 71.3% in Q3 FY20 to 42.4% in Q3 FY21. On a sequential basis, the occupancy
on full inventory increased by 1,008 bps from 32.4% in Q2 FY21. Occupancy on operational inventory stood at 46.5%
 Fees from managed hotels stood at Rs. 1.6 Cr in Q2 FY21 (2.3% of Revenue from operations)

 Total expenses stood at Rs. 48.3 Cr in Q3 FY21 down 59.2% as compared to Rs 118.4 Cr in Q3 FY20. On a sequential basis, expenses
Cost increased by 22.9% Rs 39.3 Cr in Q1 FY21 due to higher operational inventory & better occupancy

 EBITDA decreased by 73.5% from Rs 84.4 Cr in Q3 FY20 to Rs 22.3 Cr in Q3 FY21. On a sequential basis, EBITDA increased 55.8% from
Operating Rs 14.3 Cr in Q2 FY21. EBITDA without other income increased 141.7% from Rs 8.3 Cr in Q2 FY21 to Rs 20.1 in Q3 FY21
Margins  EBITDA margin contracted by 1,000 bps from 41.6% in Q3 FY20 to 31.6% in Q3 FY21. On a sequential basis, the EBITDA margin
expanded by 489 BPS from 26.7% in Q2 FY21. EBITDA margin without other income expanded by 1,191 BPS in Q3 FY21 from Q2 FY21

Profit after  Profit after tax decreased from Rs 11.0 Cr in Q3 FY20 to Rs (45.7) Cr in Q3 FY21. The PAT in Q2 FY21 was Rs (53.5) Cr
tax  Cash Profit for Q3 FY21 stood at Rs -18.4 Cr vs Rs 33.7 Cr in Q3 FY20. The Cash Profit in Q2 FY21 was -4.6 Cr

Note: Cash Profit is calculated as PAT + Depreciation + Portion of Finance Cost converted into loan

16
Consolidated Profit & Loss Statement – 9M FY21

Rs. Cr 9M FY20 9M FY21 YoY Change (%)

Revenue from operations 493.3 156.6 -68.2%

Other income 5.4 11.4 111.9%

Total expenses 318.9 123.9 -61.2%

EBITDA 179.7 44.1 -75.5%

EBITDA w/o Other Income 174.4 32.7 -81.2%

EBITDA margin (%) 35.4% 20.9% (1,445)

Finance costs 112.1 145.9 30.2%

Depreciation & amortization 59.4 81.4 37.1%

PBT 11.3 (177.9) NA

Tax expense 5.3 (18.0) NA

PAT 6.0 (159.8) NA

Cash Profit 68.0 (12.6) NA

Note: Cash Profit is calculated as PAT + Depreciation + Portion of Finance Cost converted into loan

17
Consolidated Balance Sheet Snapshot - H1 FY21
Rs. Cr Sep ‘19 Mar ‘20 Sep ‘20
Shareholder's Funds 824.7 823.0 744.0
Non-controlling interests 430.9 721.8 861.4
Total Shareholder’s equity 1,255.6 1,544.8 1,605.4
Gross Debt 1,334.9 1,577.5 1,661.7
Other Non-current liabilities 381.4 464.2 467.4
Other Current liabilities 258.5 176.3 137.5
Total Equity & Liabilities 3,230.4 3,762.8 3,872.0
Non-current assets 2,979.4 3,615.4 3,579.6
Current assets 251.0 147.3 292.4
Total Assets 3,230.4 3,762.8 3,872.0

Gross Debt to Equity (x) 1.06 1.02 1.04

Net Debt 1,299.1 1,536.7 1,450.0
Net Debt to Equity (x) 1.03 0.99 0.90
Average cost of borrowing (%) 9.62% 9.60% 9.17%

18
Expansion Plans – Hotels under Development

Expected Opening
Under-development hotels Type Rooms Ownership (%)
date

Lemon Tree Mountain Resort, Shimla Owned 69 TBD 100.00%

Lemon Tree Vembanad Lake Resort, Alleppey,

Owned 10 TBD 100.00%
Kerela1

Aurika, Intl. Airport, Mumbai2 Owned 669 End of CY22 57.98%

Total 748

 Total estimated project cost is Rs. 9,910 million

 Total capital deployed/capital expenditure already incurred (i.e. CWIP + Security Deposit for leased assets under-development +
Land Capitalised + Capital advances – Capital creditors) as on 31st December, 2020 is Rs. 3,461 million

Notes: 1) Expansion in existing hotel.

2) Aurika, Mumbai International Airport is in process of getting approval to increase the number of rooms to 669 rooms in place of the existing approval of 577 rooms.

19
Expansion Plans – Pipeline of Management Contracts (as on 31st Jan, 2021)
Management Contracts Pipeline Rooms Expected Opening date
Keys Prima, Dehradun 40 Mar-21
Lemon Tree Premier, Coorg 63 Mar-21
Management Rooms to be Commissioned in FY21 103
Lemon Tree Premier, Bhubaneshwar 76 Apr-21
Red Fox Hotel, Neelkanth 80 Apr-21
Lemon Tree Hotel, BKC, Mumbai 70 May-21
Lemon Tree Hotel, Gulmarg 35 Aug-21
Lemon Tree Resort, Mussoorie 40 Oct-21
Lemon Tree Hotel, Sonamarg 40 Nov-21
Serviced Suites, Manesar 260 Jan-22
Lemon Tree Hotel, Bokaro 70 Jan-22
Lemon Tree Hotel, Rishikesh 102 Jan-22
Lemon Tree Hotel, Agra 62 Feb-22
Management Rooms to be Operational in FY22 835
Lemon Tree Resort, Thimpu 45 Oct-22
Lemon Tree Hotel, Trivandrum 100 Oct-22
Lemon Tree Hotel, Darjeeling 55 Jan-23
Lemon Tree Hotel, Kathmandu 75 Sep-23
Lemon Tree Resort, Nagarkot, Nepal 51 Sep-23
Lemon Tree Hotel, Ludhiana 60 Uncertain
Lemon Tree Premier, Dindy 50 Uncertain
Lemon Tree Hotel, Durgapur 80 Uncertain
Total Pipeline 1,454
Note: The dates are under the best case scenario and as per latest update from owners based on their lines of credit 20
ANNEXURES

21
Portfolio Breakup as on 31st January 2021 - Operational
Operational
Owned Leased Managed/Franchised Total
Portfolio
31.01.2021 Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms

Aurika 1 139 0 0 0 0 1 139

Lemon Tree Premier 7 1,442 2 161 8 835 17 2,438

Lemon Tree Hotels 13 1,241 4 321 21 1,256 38 2,818

Red Fox Hotels 5 759 2 193 5 471 12 1,423

Keys Prima 0 0 0 0 0 0 0 0

Keys Select 7 936 0 0 7 493 14 1,429

Keys Lite 0 0 0 0 2 47 2 47

Total 33 4,517 8 675 43 3,102 84 8,294

22
Portfolio Breakup as on 31st January 2021 - Pipeline

In Pipeline Owned Leased Managed/Franchised Total

31.01.2021 Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms

Aurika 1 669# 0 0 0 0 1 669

Lemon Tree Premier 0 0 0 0 4 229 4 229

Lemon Tree Hotels 1 79 0 0 14 1,105 15 1,184

Red Fox Hotels 0 0 0 0 1 80 1 80

Keys Prima 0 0 0 0 1 40 1 40

Keys Select 0 0 0 0 0 0 0 0

Keys Lite 0 0 0 0 0 0 0 0

Total 2 748 0 0 20 1,454 22 2,202

#Aurika, Mumbai International Airport is in process of getting approval to increase the number of rooms to 669 rooms in place of the existing approval of 577 rooms.

23
Strategically positioned in key geographies with Lemon Tree share of total branded
hotel sector

Jaipur: FY20 – 5.2%

FY24E – 3.5% Delhi NCR: FY20 – 6.8%
FY24E – 7.1%

Ahmedabad:FY20 – 5.4%
FY24E – 3.3%

Kolkata: FY20 – 3.8%

Mumbai: FY20 – 3.2%
FY24E – 2.6%
FY24E – 6.4%

Pune: FY20 – 9.4%

FY24E – 8.4%
Hyderabad: FY20 – 9.5%
FY24E – 7.5%
Goa: FY20 – 4.9%
FY24E – 4.3%

Bengaluru: FY20 – 6.1%

FY24E – 4.6% Chennai: FY20 – 1.9%
FY24E – 1.9%
Source : Hotelivate Trends and Opportunities report 2019
Note: The FY24 expected market share has been calculated on the basis of current pipeline on hotels only
Map updated as of 31st January, 2020

24
Strong operating performance
Rooms are being added… …and occupancy levels increasing…

Owned Leased Hotels Managed Hotels FY16 FY17 FY18 FY19 FY20
25% 8,006

2814 79%
4,870 5,411 78% 78%
77% 77% 77%78%
3,698 1841 675
3,249 1593 75% 75%
843 74%74%
461
481 573 73% 74%
283 317
4,517 71% 72%
2,505 2,538 2,796 2,997

FY16 FY17 FY18 FY19 FY20 Lemon Tree Premier Lemon Tree Hotels Red Fox Hotels
Note: Drop in occupancy levels is on account of new owned/leased supply addition by Lemon
Tree in FY20 and CoVID-19

…coupled with increasing ADR… …leading to a RevPAR growth

FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20
9% 6% 10% 6% 6% 9%

2,716
3,001
3,075
3,686
4,017
3,854

2,433

2,857
3,039
3,030

1,711
1,877
2,208
2,431
2,413
3,834
4,123
4,773
5,126
5,391

3,321
3,522
3,848
4,088
4,199

2,278
2,372
2,860
3,131
3,283

Lemon Tree Premier Lemon Tree Hotels Red Fox Hotels Lemon Tree Premier Lemon Tree Hotels Red Fox Hotels

25
Strong Growth and improving margins
Revenue has increased at 20% over the last 5 years… …coupled with increasing EBITDA margins

Revenue from operations (Rs. million) EBITDA & EBITDA margins

16% 36.2%
6,694 31.9%
27.9% 29.7% 29.3%
5,495
4,843
4,121
3,680

1,033 1,247 1,440 1,787 2,441

FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

Increasing cash profit* growth Gearing low

Cash Profit (PAT + Depreciation) (Rs. million) Debt/Equity

1,105
1.02
0.92
776 0.81
672 0.65
0.50
459
225

FY16 FY17 FY18 FY19 FY20 FY16 FY17 FY18 FY19 FY20

Note: FY16 figures are from Lemon Tree Prospectus. FY17, FY18, FY19 and FY20 figures are from audited balance sheet.
26
Consolidated Profit & Loss Statement – FY20
FY20 FY20
YoY Change IndAS 116 YoY Change
Rs. Cr FY19 Before IndAS 116 After IndAS 116
(%) Impact (%)
Impact Impact

Revenue from operations 549.5 669.4 21.8% 669.4 21.8%

Total expenses 380.7 464.3 21.9% -33.2 431.1 13.2%

EBITDA 168.8 205.1 21.6% 33.2 238.3 41.2%

EBITDA margin (%) 30.7% 30.6% (7) 35.6% 489

Other income 9.9 5.8 -41.8% 5.8 -41.8%

Finance costs 84.7 124.9 47.5% 36.6 161.6 90.7%

Depreciation & amortization 54.1 73.2 35.2% 14.0 87.2 61.1%

PBT 45.3 15.3 -66.3% -17.4 (2.2) -104.8%

Tax expense (11.1) 15.5 -239.4% -4.6 10.9 -197.7%

PAT 56.4 (0.2) -100.4% -12.8 (13.0) -123.1%

Cash Profit 110.5 72.9 -34.0% 4.6 77.6 -29.8%

27
Consolidated Balance Sheet Snapshot – FY20
Rs. Cr FY19 FY20
Shareholder's Funds 875.0 823.0
Non-controlling interests 432.2 721.8
Total Shareholder’s equity 1,307.2 1,544.8
Total Debt 1,204.2 1,577.5
Other Non-current liabilities 38.0 464.2
Other Current liabilities 222.4 176.3
Total Equity & Liabilities 2,771.8 3,762.8

Non-current assets 2,575.3 3,615.4

Current assets 196.6 147.3
Total Assets 2,771.8 3,762.8

Debt to Equity (x) 0.92 1.02

Average cost of borrowing (%) 9.40% 9.60%

28
Operational Performance by Ageing – FY19 vs. FY20
Adult Hotels Toddler Hotels Infant Hotels
Under-development
Parameters Financial year (Stable - older than 3 (Stabilizing - between (New - less than 1
hotels
years) 1-3 years old) year old)
FY20 24 6 11
Hotels1 2
FY19 21 7 2
Operating Rooms FY20 2,855 715 1,622
748
(year-end) FY19 2,727 551 292
FY20 75.2% 67.1% 56.4% Deep demand markets
Occupancy Rate (%)
FY19 79.2% 69.9% 36.3% (high occupancies)

Average Daily Rate FY20 4,399 4,027 4,438 2.0x of Adult Hotels in
(Rs.) FY19 4,197 4,082 4,200 that year*
Hotel level FY20 6.9 5.5 2.3
EBITDAR2/room (Rs. High*
Lacs) FY19 7.2 4.9 1.1

Hotel level EBITDAR2 FY20 44% 39% 39%

High*
Margin (%) FY19 44% 33% 40%
Hotel level ROCE*3 FY20 12% 5% 2% 1.5x of Adult Hotels in
(%) FY19 13% 4% 1% that year*
Notes:
1) During the year FY20 3 hotels moved from toddler to adult category, 2 hotels moved from infant to toddler category and 11 new hotels entered into the infant category
2) Hotel level EBITDAR measures hotel-level results before lease rentals, debt service, depreciation and corporate expenses of the owned/leased hotels, and is a key measure of company’s profitability
4) Hotel level RoCE is calculated as : (Hotel level EBITDAR - lease rentals)/Capital deployed for operational owned & leased hotels
* Post stabilization.

29
The hotel business cycle
Occupancy

70%

Illustrative:
15 Room Hotel
with 65%
Investment =
300

60%

Cycle Top (2) Middle (3) Bottom (2)

Occupancy 70% or more 63-68% 60% or less

Rooms Sold 12 10 8

Average Daily Rate 13 10 7

Revenue 156 100 56 3:2:1

Expenses 60 50 40

EBITDA 96 50 16

Hotel RoCE 32% 17% 5% 6:3:1

Sustainable
Full Debt 1:1 No Debt
Debt:Equity Coverage

Note: Hotel RoCE is calculated as Hotel level EBITDA/Capital deployed for operational hotels.
30
Conference Call Details

Lemon Tree Hotels Limited (LTH) Q3 FY21 Earnings Conference Call

Time • 2:00 PM IST on Thursday, February 11th, 2021

Conference dial-in Primary number • Primary number: +91 22 6280 1141 / +91 22 7115 8042

Local access number • +91 70456 71221(Available all over India)

International Toll Free Number • Hong Kong: 800 964 448

• Singapore: 800 101 2045

• UK: 0 808 101 1573

• USA: 1 866 746 2133

31
About Us

Lemon Tree Hotels (LTH) is the largest mid-priced hotel sector chain, and the third largest overall, on the basis of controlling interest in
owned and leased rooms, as of June 30, 2017, according to the Horwath Report. LTH operates in the mid market sector, consisting of the
upscale, upper midscale, midscale and economy hotel segments and seeks to cater to Indian middle class guests and deliver
differentiated yet superior service offerings, with a value-for-money proposition.

LTH opened its first hotel with 49 rooms in May 2004 and currently operates (including Keys hotels) ~8,300 rooms in 84 hotels across 51
cities. As the current pipeline (as of 31st January 2021) becomes operational, LTH will be operating 106 hotels with ~10,500 rooms,
across 65 cities in India and abroad.

Lemon Tree Hotels including keys hotels are located across India, in metro regions, including the Delhi NCR, Mumbai, Kolkata, Bengaluru,
Hyderabad and Chennai, as well as tier I and tier II cities such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore, Aurangabad, Udaipur,
Vishakhapatnam, Kochi, Ludhiana and Thiruvananthapuram.

For more information about us, please visit www.lemontreehotels.com or contact:

Kapil Sharma (Chief Financial Officer) Anoop Poojari
Lemon Tree Hotels Ltd CDR India
Tel: +91 11 4605 0174 / +91 11 4605 0153 Tel: +91 22 6645 1211 / 97637 02204
E-mail: [email protected] E-mail: [email protected]

32