Juniper Hotels Ltd (NSE: JUNIPER) Q2 2025 Earnings Call dated Nov. 11, 2024
Corporate Participants:
Tarun Jaitly — Chief Financial Officer
Arun K. Saraf — Chairman and Managing Director
Varun Saraf — Chief Executive Officer
Analysts:
Krishna Shah — Analyst
Aman Goyal — Analyst
Sushant — Analyst
Sumit Kumar — Analyst
Prashant Biyani — Analyst
Nikhil Agrawal — Analyst
Tejpal Singh — Analyst
Khusboo Mittal — Analyst
Raghav Malik — Analyst
Sugandhi — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to Juniper Hotels Limited Q2 FY ’25 Earnings Conference Call for the Quarter Ended 30th September 2024.
As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]
Please note that this conference is being recorded. Today from the Juniper management, we have with us Mr. Arun Kumar Saraf, Managing Director; Mr. Varun Saraf, Chief Executive Officer; Mr. Tarun Jaitly, Chief Financial Officer; and Mr. P. J. Mammen, Chief Operating Officer.
I now hand the conference over to Mr. Varun Saraf. Thank you, and over to you, sir.
Tarun Jaitly — Chief Financial Officer
Yeah. Thank you. This is Tarun Jaitly. I would like to welcome everybody on to the second quarter FY ’25 call for Juniper Hotels. And thank you for taking time out.
I would like to hand over the floor to Mr. Arun Saraf.
Arun K. Saraf — Chairman and Managing Director
Thank you. Thank you, Tarun. I am excited that we have 50 people online at this moment, and I’m really excited that there is so much interest in our company.
First of all, I would like to share with you the biggest achievement of this last quarter, and that has been that we have been able to acquire a superb trophy asset at Bangalore Airport that has excited all of our management team and really giving us an opportunity on to the next phase of growth of Juniper Hotel. As you recall, last time we have spoken about the company even a growth path in terms of getting more out of its existing assets in terms of revenue and EBITDA and also setting our eyes to add 1,000 more rooms into our existing inventory over the next 1 year.
So with the first acquisition, we have been able to add 220 rooms. We have completed the acquisition of a 220-room luxury hotel in Bangalore. It is built on 6.5 acres of freehold land and the development has a potential of adding 300 additional rooms to supplement the extraordinarily large banqueting facility, approximately 50,000 square feet of space in this existing building. We target to complete the construction — completion of the construction of the hotel and get it operational in eight to nine months. That is in Q3 of financial year ’26-’27 — ’25-’26. This asset has been acquired at a price of INR325 crores and would cost the company INR400 crores upon completion. Bangalore is the fastest-growing market in India with strong demand. Apart from the existing Taj Hotel at the airport, no additional inventory will be added to this micro market before 2028. BIAL is also projecting doubling of the passenger traffic to 50 million to 55 million by 2029. BIAL, which is the developer of the airport is also planning offices and convention center to replicate Delhi Aerocity model. That is where the excitement is that we have been able to acquire this property, which is 90% complete and will become operational in eight to nine months. So it gives us a head start.
If you look at our existing, not our, the existing property at Bangalore Airport, we all are aware of what it is and that is achieving INR50,000 plus ARR with an inventory of 325 plus. So the opportunity is superb. I’m really excited that we are going to get on. I was there last week for four days. We have organized our teams to take over the property. It’s registered in our name now, take over and start running with the completion of the project. This quarter, it has been a very healthy quarter with a revenue growth of 32% year-on-year despite having 25% of the Grand Hyatt Mumbai room inventory under renovation. We have achieved an EBITDA of INR73 crores, which is 21% Y-o-Y growth. We achieved the PBT of INR20 crores in the quarter compared to a loss of INR27 crore over comparable period last year.
I will ask Tarun to explain to you this chart of how we have achieved this because we have taken a onetime cost tax adjustment cost as per the changes in regulation of INR42 crores. So I will let Tarun explain this to you in more detail, but let me continue with my part of the presentation. H2 for financial year 2025 will be stronger given the industry tailwinds, strong demand for MICE and special events, social events. As you are aware, we have recently completed The Grand Showroom at Grand Hyatt Mumbai, adding 49,000 square feet of additional MICE facility at Grand Hyatt Mumbai.
Along with this, I would like to update that we have completed refurbishment of our existing Grand Hyatt Rooms, and we have given a brand-new grand club to supplement the room inventory. This will allow us to reestablish ourselves as a market leader in our micro market in suburban Mumbai. I see continued and robust increase in demand, leading to greater ARR across all properties, especially Mumbai and Delhi. With our continued focus on asset acquisition, I’m confident of adding 1,000 keys in Juniper inventory in next 1 year, including the banquet at the Bangalore acquisition that we have completed just now. Our operating team have given us a business plan for the next year of 18% increase over this year’s achieved and forecasted for December target. This is for the calendar year 2025. That is 18% increase is being projected.
I will let Tarun explain this a bit more in detail, but I would like to thank you for being with us this afternoon and listening to us. Your company is in right trajectory of future growth, and I can see this happening right now.
Thank you very much. Tarun?
Tarun Jaitly — Chief Financial Officer
Thank you, Mr. Saraf.
So I would like to add some of the highlights for the current quarter. The presentation was already shared. So I’m sure all of us have gone through it. So I’ll just walk through some of the key highlights.
In the second quarter, the top line has grown by 32% and on a like-to-like basis, this is roughly 14% growth Y-o-Y. This is growth, which is primarily driven by ARR increase across markets. At Grand Hyatt, we’ve grown ARR at 10%, which is more than the 8% which city has seen and more than 6% vis-a-vis the compset. Andaz ARR has grown 16% vis-a-vis 4% of the city and minus 1% of the compset. And same with Lucknow where we saw 12% ARR growth against the compset growth of 5%. So our ARRs have outperformed across all the major markets that we operate in. And the near-term trends remain positive given the strong tailwinds that we continue to see in the sector.
On the EBITDA front, our EBITDA reported EBITDA has grown 21% Y-o-Y in second quarter. And if we look at the first half numbers, and if we adjust in the first half numbers, the one-time items in the current first half of fiscal ’25, and we add the CHPL contribution in first half of FY ’24 to make it like-to-like for the first half of the current fiscal versus the first half of the last year. The EBITDA for the first half current fiscal is INR159 crores versus INR138 crores for the corresponding period last year, which is 15% Y-o-Y growth and adjusted EBITDA margin of 37.1%, adjusted for the onetime items that appeared in the first half.
On the PBT, I’m extremely happy to note that we’ve achieved a profit before tax of INR33 crores in the current first half against a negative INR47 crores last year. And as Mr. Saraf was saying that there is a charge that we’ve taken, which is notional of INR49 crores in the first half, which basically reflects the amendments that were made in the finance bill 2024 relating to the capital gains. And JHL has remeasured its deferred tax liabilities on items, which were subject to capital gains and this is a cumulative onetime charge that has been taken on. And had it not been for this particular notional charge, we would be a strong profit after tax positive. And we believe that going forward, given that overall trajectory second half is going to be better than the first half. We expect to achieve significant positive profit after tax for the second half of the current fiscal.
On major projects completed, I’m happy to note that we completed all the major projects in Mumbai, as I’ve discussed before, Grand Hyatt constitutes roughly around 48% to 50% of my EBITDA. So it is the mothership. And it has been affected in the first half because of all the refurb that was getting done. All the projects have been completed. And we will see the benefit of the same appearing in the second half of the current fiscal, and that could be the positive trajectory for top line and margin expansion for the rest of the year.
On the cost front, I mentioned that there is a onetime cost that we’ve taken on board in the first half, which is INR18 crores. Majority of this, which is INR12-odd crores is on account of R&M, which is for the upgrade, the expenses that we’ve had to take on to the P&L because of the refurbishing across the assets.
On the heat, light and power, which is another major contributor of cost, it has remained flat despite the growth in revenue. So that’s a big positive contributor. And as we increase our green power across assets going forward, this will only become much more better.
On the employee cost, while on the face of it, it looks like a large increase. There is INR11 crores CHPL contribution that you have to add in the last first half. And then we’ve also onboarded some senior leadership at the operating level, which actually has impacted the employee cost. But what is more important is that we are tracking the INR40 crore per quarter run rate that we had actually mentioned last time that we don’t believe that the employee cost is going to increase materially from thereon, and we are well on track of that run rate.
On the balance sheet side, we had a cash balance of INR247 crores. We are generating very strong net free cash flows. And we have utilized INR64 crores of the cash post the September 30th to acquire Bengaluru in addition to INR280 crores of debt that we’ve onboarded. But despite taking on that INR280 crores debt, we are on net debt to EBITDA, we are at around 1.5 times to 1.55 times net debt-to-prospective EBITDA, which leaves a significant headroom for us to get growth capital.
That’s all that I had to share. We are open to question and answers back to the moderator.
Questions and Answers:
Operator
Thank you very much. We will now begin with the question and answer. [Operator Instructions] The first question is from the line of Krishna Shah from Ashika Stock Broking. Please go ahead.
Krishna Shah
Yes, thank you for the opportunity. Quickly wanted to understand what is the kind of ramp-up period that we are expecting for all the new hotels that are going to come in the coming financial year going forward. Hello.
Arun K. Saraf
For the Bangalore asset, we expect it to be operational in about nine months.
Operator
Sorry, interrupt you. Krishna, can I request you to mute your line please. Thank you. Sir, go ahead.
Arun K. Saraf
Okay, thanks. So for our Bangalore asset, we expect it to be operational in about nine months. Post that, the ramp-up would actually be quite fast according to us. The market is already there, and we would assume that within the next three to six months, we would be able to actually achieve a good, healthy occupancy and ARR with 220 rooms. We think that it is possible to achieve this in a significantly quick manner.
Krishna Shah
Okay. Got it. And my next question is on the capex front. So are we planning for any fundraise to fuel our future capex as of now?
Tarun Jaitly
Sorry, could you repeat that?
Krishna Shah
My next question is on the capex front. So are we planning any fundraise from future capex in the next financial year or going forward?
Tarun Jaitly
So we have well funded right now. We’ve just come out of an IPO raised INR1,800 crores. We do have significant operating cash flows being generated right now. And as I said, on our net debt to EBITDA is only 1.5. So we do have significant headroom to take on more capital if required to fund growth. So we don’t foresee any immediate fund raise to fund our growth. We are well funded for the future projects that we anticipated.
Krishna Shah
That was helpful. Thank you.
Operator
Thank you. [Operator Instructions] Next question is from the line of Aman Goyal from Axis Securities. Please go ahead.
Aman Goyal
Hello. Good evening sir. Sir, my question is related to the margins. So before the IPO on annual basis in financial year ’23, ’24, we have margins around 40% but now margin is tracked to 30% level. So could you throw some light on it? I mean —
Tarun Jaitly
Sure. I think that’s a good question. So there are two broad things, which you need to take note of. One of them is that the Grand Hyatt has been under upgradation, and we’ve seen that impact play out. As I said, Grand Hyatt contributes roughly around 48% to 50% of my EBITDA. So it’s a mothership. And we have taken an extensive refurb. We have upgraded all the inventory of the rooms. We have added and repurposed a significantly large area into the grand showroom where with the loss of INR2 crores of rental, that area now has potential to generate INR55 crores plus of revenue. So that’s a very, very profitable repurposing that we’ve undertaken at Grand Hyatt and also the grand club also has all been upgraded. So what that has done is that, that’s impacted my occupancy. And hence, it has impacted the margins in the first half. And also the R&M costs associated with the refurb has come in the first quarter, and also we’ve seen that happen in this quarter. And those are the two contributors for the margin impact.
Having said that, the positive contributors for us are the ARR growth, and we are seeing quite robust ARR growth continue across our assets. And as we move into the second half, the positive traction of ARR growth, coupled with the full inventory of upgraded rooms at Grand Hyatt been available to us and the traditionally strong season as we enter into the second half, we would definitely see the margin expansion happening to normalcy. As I said, in the first half, adjusted for one-time, we are at 37% EBITDA margin. And we anticipate the second half to have a margin expansion.
Aman Goyal
Okay, sir. Sir, my question is regarding the new acquired hotel, Bengaluru. So the inventory will be available in the phases manner or it will be deployed in a single shot.
Arun K. Saraf
It will be done on a single shot.
Aman Goyal
Okay. And sir, my question is regarding overall industry view. For example, the economy has seen like if you recently see the FMCG sector, retail and — so they have some sluggish growth. So how do you see the impact on your industry level like in hospitality specialty, especially.
Tarun Jaitly
Thank you. That’s a good question. Basically, you have to look at hospitality is a trajectory of growth, primarily because of lack of new supply coming in the market, and the growth in the demand continues to be robust. We are seeing that there is in the metro city market, there is already a growth coming in from the foreign travelers who are not coming to India for the last two years, post-COVID. We see that it has been steadily increasing. So I absolutely am gung-ho about the rising in our occupancy rates and also coupled with the higher average room rate across board. And you would see all the peer hotel companies are also experienced. So the overall market in terms of revenue growth, is significant. And it’s being projected also in the business plan being given by the operators to all the operating owners, including us. So continued robust demand. It is not as sluggish, it’s not dependent on the same as FMCG market. This market is actually a precursor to the growth that’s coming into India market.
Aman Goyal
Okay. Sir, my last question is regarding EBITDA guidance. Could you give some guidance regarding the EBITDA for second half or for the next year if it is available from your end?
Tarun Jaitly
So as I said, we are at 37% adjusted for onetime items in first half. We would see expansion happening in the second half towards normalcy. I think we believe strongly that Juniper can achieve on a sustainable basis, 40% plus EBITDA margins. And we should see that trajectory coming back in fairly quickly.
Aman Goyal
Okay, thank you so much.
Operator
Thank you. [Operator Instructions] The next question is from the line of Sushant from RBL Bank. Please go ahead.
Sushant
Hi, good afternoon sir. Congratulations on the robust set of numbers. Sir, my question is on the growth pipeline of the company. So the slide speaks about 1,000 keys to be added from FY ’26 to FY ’28. It also mentions about certain ROFO assets. If I’m not wrong, these are rights of first offer that is there with Juniper. So just wanted to know which are these ROFO assets?
Arun K. Saraf
Yeah. Hi. So we’ve shared this in the past, and the whole genesis of ROFO asset is that the promoters want to make Juniper as the flagship of the hospitality business in India. Today, apart from the portfolio that is here as part of Juniper, there are two listed companies, which are currently outside this portfolio, and they would be subject to the ROFO as and when if the promoters were to decide to get them in.
Sushant
Understood, sir. Sir, one last question, does company have plans to expand in eastern part of country or maybe Northeastern market because I think that’s the only metro city where we’re not there currently?
Arun K. Saraf
So actually, at this moment, we are not driven by any geography or anything. We are driven by profit potential and opportunity. So Eastern part or Northeastern part is actually very much part on the radar of the company’s future expansion areas. And that I would like to share that we are working on an asset in Kaziranga, which is being leased by the Assam government and that is going to come into our fold. And once we have much more clear visibility, I think in this quarter, I will be very happy to share the full details of that project in this coming quarter. But we are definitely certainly looking at that area. And the Northeast is a great potential in terms of luxury leisure travel. Our space is luxury, our space is upper upscale. So that’s where we focus on. And if you remember that the company has a very large piece of land in downtown Guwahati, which has been sitting in our opportunity list. And we are reexamining if we should launch that project now or should be waiting for more years. So our jury is out. Our studies are being conducted. And if we find that, that is the opportunity should be taken up on a priority basis, we will move it forward. At this moment, Bangalore has been our priority, and our priority is going to be enhancing the revenue potential of our existing assets and acquiring new properties. So India is our playing field. Market space is luxury upper upscale, big box, nice properties, revenue adding. We are not looking for Pan-India presence. We are looking for best profitable assets.
Sushant
Thank you sir. That is it from me. Congratulations once again to entire team for the diverse number. Thank you.
Operator
Thank you very much. Next question is from the line of Sumit Kumar from JM Financial. Please go ahead.
Sumit Kumar
Hi, good evening sir. Thanks for the opportunity. Am I audible?
Arun K. Saraf
Yes. please go ahead.
Sumit Kumar
Sir, wanted to understand what would be the revenue loss impact for the rooms that were out of operations for the quarter? And if you could also help me with the last quarter number as well?
Arun K. Saraf
So we said that roughly in the last quarter, there were 100 — 25% of the capacity, which is roughly around 130-odd rooms, which were outside the available inventory. And what that works out, I think we can give you offline, we can share that with you, but it’s a material number at Grand Hyatt. As I said, 25% plus of inventory at Grand Hyatt, which constitutes 50% of my EBITDA.
Sumit Kumar
Okay. And one follow-up, if I may. So this means that the entire inventory, which is like 600-plus rooms have been refurbished, assuming that in a quarter, you are doing maybe 300 rooms and that 100 room takes one month to refurbish?
Arun K. Saraf
So we have completed the refurb of Grand Hyatt.
Varun Saraf
So sorry to interrupt, Tarun. This is Varun here. So we have 547 rooms [Technical Issues] the 120 apartments, all of them have been refurbished. And in terms of the rooms out of the 547 rooms, 420 odd rooms are fully refurbished. The suites will also be done in a phased manner going forward. But as of now, 420 rooms out of the 547 are done. And the remaining rooms, which will happen will not happen in the immediate future. We actually have good strong demand coming in. And the reason why this was all taken in first half of this financial year was after the elections in May, we realized that the demand was a little soft in Bombay. So instead of doing 40 rooms in a phased manner, we took the entire count of 420-odd rooms and refurbished it. So we are ready for H2.
Arun K. Saraf
Just adding to what Varun said, for the immediate month going forward, with the refub inventory being released, we are finding tough to even accommodate the demand that is coming in, including the new rooms that have been released. So that’s the kind of traction that we’re seeing in the market.
Sumit Kumar
Sure, sir. That’s helpful. My second question is on the ballroom. If you could guide us, what business are you sort of foreseeing? What is the business on books looking like for the upcoming quarter?
Arun K. Saraf
So we expect this new banqueting space to generate approximately INR50 crores of revenue on an annual basis. These are for high-end events. This is not your typical banquet where you accommodate 1,000 people at slightly lower rates. This would be a market leader in terms of average pricing, and we have very strong demand in terms of bookings on book. This is high season. Q3 and Q4 is strong, and this is what we are expecting. We had a large launch event 17th, 18th of October, very well received by the market. All the event planners, the organizers were all there. They have experienced the new showroom and we are seeing very healthy demand going forward.
Sumit Kumar
Sure sir. That’s all from my side. Thanks and all the best.
Operator
Thank you very much. Next question is from the line of Prashant Biyani from Elara Securities. Please go ahead.
Prashant Biyani
Yeah, thank you for the opportunity. Sir, extending on the last participant’s question. How is the business on books for GHM as a whole for Q3 based on the current visibility.
Arun K. Saraf
For Grand Hyatt Bombay, you’re talking about Q3. I mean I don’t know — if you are asking about Q3 and Q4, what I can share with you is as follows: with the full inventory back, we are expecting occupancies upwards of 80% and rates which are competitive in the market. As far as I can recall, and Tarun, you can confirm, I think the rates are 13,000 to 15,000 range. And given that this is high season, I think the traction will be even stronger and business on books is solid. Yes.
Prashant Biyani
Right. Sir, for showroom, what would be the comparable compset in the city?
Arun K. Saraf
See, for the comparable compset, there is none. This is redefining the hospitality and the MICE and the social event space. Mumbai was ready. This is global scale. This is par beyond Dubai and Singapore. This is going to be a game changer, and this is going to be an example for others to emulate. At this moment, if you say who is coming closest to us in terms of decor offering? Nobody. If you look at the closest in terms of rates that would be charged, I would say that closest would be Taj Mahal Hotel in downtown Mumbai that would be charging around INR7,500 to INR8,000, and we would be exceeding that number for in our expectation in this quarter. So if I may answer you the question, closest would be the Taj Mahal, but otherwise, we are the market leaders. We will define the market, and we will reap the benefit.
Tarun Jaitly
Sir, I would like to, on your behalf, extend an open invitation to the analysts, we can coordinate through the Investor Relation desk here. If anybody is interested in seeing pending availability of the showroom as a venue, we’d be happy to showcase.
Prashant Biyani
Agreed. And sir, Mr. Jaitly, can you quantify the onetime overhead expense for Q2 separately?
Tarun Jaitly
Yeah. Just give me a second. The Q2 expense is INR11-odd crores and for the full year it’s INR18 crores — sorry, for the half year it’s INR18 crores.
Prashant Biyani
Right. In the opening remarks, if I had heard correctly from Mr. Saraf. He told that for Marriott Bangalore, there will be additional 50,000 square foot of MICE opportunity apart from existing 29,000. Have I heard him right?
Arun K. Saraf
No. If I may correct this at this moment, the existing facilities are having approximately 50,000 square feet of my space in the existing hotel, okay? And what I have said is that, that is much larger than the 220-room capacity existing hotel. So we are going to add 300 room more future potential is there in this property. And that would be decided once we open the property and we would be going forward with it. But the existing opportunity, combined with the new opportunity will lead you to the 500 room number that this property is capable of achieving.
In terms of additional MICE space, we are not doing anything yet, just going to complete this property and get into the market and start reaping the benefits of the acquisition.
Prashant Biyani
Okay. And to start the hotel up and running, how much will be the further capex that we’ll need from here?
Tarun Jaitly
Okay. About INR80 crores is what we are estimating, about INR60 crores of capex and INR20 crores more of additional expenditures of different nature, operator fees and stuff like that. So there would be a lot of additional. So INR80 crores is the capex that we are expecting to spend money on.
Prashant Biyani
And Mr. Jaitly out of INR80 crores, how much are we going to spend in this year? And how much will be shifting to FY ’26?
Tarun Jaitly
So in this just current fiscal, we would expect roughly anticipate and I’m kind of, don’t want to give too much of a detail on to it, but between 70% to 80% of this will be done in this year, in this fiscal and the balance following in into the early part of next year.
Prashant Biyani
Sir. Okay, that’s it. Thanks from my side and all the best for JHL.
Operator
Thank you. Next follow-up question is from line of Aman Goyal from Axis Securities. Please go ahead.
Aman Goyal
Sir, my question is regarding the subsidiaries, CHPL. What is the absolute margin and EBITDA margin for the subsidiary?
Tarun Jaitly
So in the first half, chartered hotels would have clocked a revenue of INR56 crores and broadly INR14.5 crores of EBITDA.
Aman Goyal
And my last question is regarding — since the new room is refurbished in the Grand Hyatt Mumbai. So will there be any revise in the room rent like any premium will be charged from the previous room rentals?
Arun K. Saraf
Yes. With the upgraded offering, as I said, we’re already outperforming as we speak. Our compset and city ARR growth earlier in my opening remarks, I’ve kind of said that we’ve achieved 10% growth in ARR in Mumbai. And as we launched this fully upgraded Grand Hyatt, we are able to capture higher paying segments on a consistent basis going forward. So it will have a forward going positive trajectory of increasing ARR.
Aman Goyal
Thank you so much.
Operator
Thank you. Next question is from the line of Nikhil Agrawal from Kotak Mahindra Asset Management. Please go ahead.
Nikhil Agrawal
Hello. Yeah. Good evening sir and thanks for the opportunity. Sir just a clarification. For the Bangalore asset, you mentioned that for the 300 additional room you would be spending about INR400 crores, right?
Tarun Jaitly
No. Absolutely no, sir. What we have presented to you is that our existing cost for acquisition of this asset has been INR325 crores. To open this hotel, we will be spending another INR75 crore to INR80 crore. So total cost of the existing cost of acquisition and completion of the project of this asset of 220 rooms will cost us INR400 crores. The additional 300 rooms is the capacity because of the site is 6.5 acres. It’s a huge site gentlemen. And in this site, we have a capacity and FSI to add 300 more rooms. When those rooms will be added, if in the future, I’m in no hurry to start adding those rooms, but this is to give you the perspective of the potential of the Bangalore property. This is not a squeezed property in some corner of Bangalore. This is a robust, beautiful property sitting on the main highway, leading into the airport terminals. So this is something that I’m so proud and excited about. The 300 rooms is a future potential that I have shared with my investors.
Nikhil Agrawal
All right. Great. Understood. And sir, secondly, like what is the status of the foreign tourist arrivals in India, like we were expecting FTAs would bounce back to at pre-COVID levels, if not more. So are we seeing backtracking during the quarter? Like what are the bookings, if you could throw some light over the next two, three months? Are we seeing those FTA arrival in India as of now?
Arun K. Saraf
So traditionally, H2 is the half where you will see this foreign travel coming in. H1 was not up to the mark. I think old trajectory has continued. But this year, you will see the actual impact of that foreign tourists coming in pre-pandemic and post-pandemic. I think this is what you should be watching out for what happens in the second half of this year. That will give us all an indication of what is to follow.
Nikhil Agrawal
All right. Understood. And Sir, also, in Grand Hyatt Mumbai, I believe you also initially had plans to add another 293 rooms and 24 service apartments. So is that plan on track? I believe you were supposed to start work on like — commence work on from FY ’26 or 25?
Tarun Jaitly
Okay. This plan what you have the numbers, they are absolutely right numbers. We have approval from the BMC to add additional three floors and add these rooms. As we sit here, these stand approved plan from BMC. Our target to start that was in financial year ’26, ’27. We are not at the point in rush moment to start that project because we feel that the market is so strong and the demand is so strong, so we do not want to at this moment disturb the Grand Hyatt Mumbai’s revenue potential. So this is something that we are sitting on it. And this is in the future, ’26, ’27 would be the start and would be taking us about 18 months to complete. But I shall not be held for that date because I would be watching about the revenue potential and what we may have to lose if we start the work sooner. So we will time it correctly. Gentlemen, watch for the next word.
Nikhil Agrawal
All right, thank you so much. That’s it from me.
Operator
Thank you. Next question is from the line of Tejpal Singh an individual investor. Please go ahead.
Tejpal Singh
Am I audible sir.
Operator
Yes, go ahead.
Tejpal Singh
So sir. Good evening sir.
Operator
Tejpal, sorry, to interrupt you, but your audio is breaking. Can you speak through the handset, please?
Tejpal Singh
Okay. So am audible now, sir?
Operator
Varun sir, you’re able to hear him clearly?
Varun Saraf
Yes. Please go on.
Tejpal Singh
So sir, [Indecipherable] intensity because there are a lot of new room addition. But as the industry, we are seeing demand side is very good, but there are a lot of new rooms are getting added. So how we are seeing competition, sir, two years going forward?
Varun Saraf
I think if you look at Mumbai micro market that we are operating in. The supply that has come into the market was the new hotel that is just now opened the Fairmont at the international terminal next to JW Sahar. Besides this, in our luxury segment, there is no other additional capacity being added over next 30 months to 36 months. That’s 2.5 to three years. I do not expect any additional capacity to come in. There is an announcement of two hotels in the BKC vicinity. But those are yet to be finalized and they are drawing yet to be approved. So we are there. We will see this kind of announcement, but I don’t have any visibility of having any serious supply coming into the Mumbai suburban market of the BKC Airport zone at the upper upscale and luxury segment.
Operator
Tejpal Singh, your audio is not clear, I’ll request you to come back for a follow-up question. Next question is from the line of Khusboo Mittal, Individual Investor. Please go ahead.
Khusboo Mittal
Sir, can you please tell the like-for-like growth on a consolidated basis. Sir, what is the like-for-like growth?
Varun Saraf
One second. Right. So as I was saying earlier in the call, if you look at the first half, the revenues would have grown 10% Y-o-Y and the EBITDA adjusted for the onetime has grown 15% Y-o-Y like-to-like. So last year, adjusted for chartered and this year adjusted for one-time.
Khusboo Mittal
Okay, thank you.
Operator
Thank you very much. [Operator Instructions] Next question is from the line of Raghav Malik from Jefferies India. Please go ahead.
Raghav Malik
Hi. Am I audible?
Tarun Jaitly
Yes, you are.
Raghav Malik
Okay, thank you for the opportunity. Sir, just two questions from my side to follow on to what previous participants asked. One is for the foreign tourists to domestic tourist kind of split, maybe pre-COVID and currently, if you could give us some indication either for Grand Hyatt or on an overall level? Yes, that’s my first question.
Varun Saraf
Right. So specifically, if you look at the pre-pandemic and current levels, the pre-pandemic Grand Hyatt foreign tourists were roughly around 40%-odd, and we are at half of it in Mumbai. And that’s a trend that we are seeing majorly across all the assets that we operate right now. And we anticipate as the global scenario stabilizes and also as we get into the second half of this year, we anticipate that to pick up, and this contribution will go up.
Tarun Jaitly
I would like to add here, Mumbai market, where foreign traveler has not come back to the pre-pandemic level, which was starting at 39%, 40%. At present, we are at half about 20%. But if I was to give you an example, what has happened in Delhi. In Delhi pre-pandemic, we were sitting at 42% were in our Andaz Hotel were foreign travelers. Now we are sitting closer to 50. So the Delhi market has actually revived in terms of foreign visitors because of their diplomatic and other activities that is going on. But when it comes to the financial activity and the market of Mumbai, I am expecting that this is going to see a rapid catch-up. And this financial quarter that we are — quarter and the year, I mean, half year that we are looking at, I’m expecting this to be touching more closer to 35% rather than 20% that we are experiencing it today. But I mean, we are the industry expert advisers that this is already they see this happening now.
Raghav Malik
Okay. Understood, sir. So just on that, so like Andaz, the 50% number would include branded residences or just for the hotels?
Varun Saraf
Both.
Raghav Malik
Okay. So combination. Okay. And sir, just a last question on the number of the keys that are coming up, additionally, the guidance of 1,000 keys you gave beyond the Bangalore asset and the new acquisition you stated. Organically if you could give us some guidance on which market do you anticipate growth in those keys? Like would it again be the three floors of Grand Hyatt or what would those 1000 keys kind of include from an organic basis?
Tarun Jaitly
See, every company and every management always starts with a good target, an achievable target. We have set ourselves, your management and your company and the development team of Juniper has set a target of 1,000 additional keys over the one next year, one year’s period. We have now brought in 220 rooms out of Bangalore. And the remaining, we are actually — there is a certain amount of these keys are already sitting into the Saraf assets, which are outside Juniper and they are also listed companies. So I’m not at any liberty to give you any more indication than what the Board of that company decides and on the timing. But I can only assure you that all Arun Saraf assets outside this platform will be migrated into this platform as and when the regulators allow.
So out of the 7,000, 8,000, I am expecting another 500 to migrate from these assets. So you are now looking at about 250 additional acquisitions that we need to be making. And our development team has needs into many, many markets, and we are engaged with many of the NCLT and other assets that are on the market. Wait for the good news, sir. Once I have it, I can definitely would love to share with you, even before I close it. My only challenge at this moment is I do not wish to mislead you. I can only share with you what is the target that your development team of this company has set for themselves to achieve. And I am very confident that we shall achieve.
Raghav Malik
Sure, that’s very clear. Thank you for the opportunity.
Operator
Thank you. Next question is from the line of Sugandhi from Fedex Securities. Please go ahead,
Sugandhi
Am I audible now?
Operator
Yes. You are.
Sugandhi
Thank you for taking my question, sir. Sir, with regards to your expansion plan, and I understand that there’s only some bit of information that can be disclosed, but you would have a fair understanding of what is going to cost to add those 1,000 keys? And just looking back to the leverage level that you’re comfortable with, if you can give us the kind of internal guardrails on net debt-to-EBITDA or net debt to equity that you said for this, for the said expansion? And also just pacing it out over a period of three years, would it depend on opportunity or would it be evenly spread?
And the second question would be if you could give us a flavor of the profitability of the Bangalore asset as compared to the group as a whole?
Tarun Jaitly
Yeah. Hi. So let me take the first question. We’ve shared in the past that the assets that come in would be done in a manner which are value-accretive to Juniper. And we kind of maintain that and we iterate that. As far as your question on whether we have headroom on debt? Yes, as I said, we have 1.5 times net debt-to-EBITDA, and that leaves a significant headroom for us to take on more debt if required to fund the acquisitions. Also, some of the planned acquisitions may have EBITDA already, operational assets would contribute to EBITDA day one, they come in. So on a blended basis, we would anticipate net debt to EBITDA of roughly around 2.5 times to 2.6 times. But again, I would like to caution you, it can move up a little bit in the quarter that the acquisitions happen or down. And rapidly, once these assets contribute, this would come down significantly. But on a sustainable basis, our target is not to breach 2.5 times net debt to EBITDA. So just want to add. In the past, again, something that we’ve shared is that the mechanics in which these assets would come in, at least from a ROFO standpoint would be done in a noncash share swap transaction.
Sugandhi
Sure. And sir, on the Bangalore asset and the pacing of the expansion.
Varun Saraf
So Bangalore asset is a marquee asset. And if you see the trends that Bangalore market is witnessing, its witnessed one of the highest ARR increases, and we are fairly excited to be there. And in the micro market, the ARR ranges between 15,000 to 20,000, and we believe that we would be able to price it at a fairly attractive rate given the fact that we are talking about. And this should start contributing in later half of FY ’26 and achieve a sustainable margin for the full year FY ’27.
Sugandhi
Thank you.
Operator
Thank you very much. [Operator Instructions] As there are no further questions, I would now like to hand the conference over to Mr. Tarun Jaitly, CFO, for closing comments.
Tarun Jaitly
Thank you so much. I would like to thank everybody for taking out time to come on to this call. If there are any follow-up clarifications or queries, please feel free to reach out to us or the Investor Relations desk, and we would be happy to answer them for you. Thank you again for your time, and look forward to seeing you in the next call.
Operator
[Operator Closing Remarks]