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ICICI Direct Report
While the Q4 FY21 performance showed a strong rebound in tourism demand, the pace of recovery started losing steam from April onwards with rising incidence of Covid-19 cases and state induced localised restrictions.
This again led to a fall in demand for leisure destinations that during H2 FY21 remained a key driver for revenues for hotel space.
Major corporate clients have continued with their work from home policy.
This has continuously kept demand from the corporate segment muted in Q1 as well. Overall, we expect Q1 FY22E to witness a temporary moderation in demand.
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