• EBITDA and GST impact: Adjusted EBITDA increased by 14% due to adjustments for a 5% GST provision without input tax credit on room rates below ₹7,500, an impact expected to normalize after October.
• ARR and occupancy: Despite geopolitical headwinds and corporate travel cutbacks lowering pricing power in Q1, a retail-led strategy helped maintain 75.7% occupancy, with room rates expected to strengthen across Q2, Q3, and Q4.
• Structural industry tailwinds: The sector's sustained momentum is attributed to structural growth drivers—such as new airports, expanding highway networks, and rising middle-class travel spending—rather than a typical cyclical upcycle.
• Portfolio expansion strategy: The company plans to retain owned properties in high-density central business districts of major cities while driving asset-light managed contracts in underserved Tier-2 and Tier-3 markets.