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Nirmal Bang Report
We recently hosted Indian Hotels Company Ltd. on an investor call. The management stated that the strong rental growth in hotels seen in Q2 FY22 gathered further momentum in Q3 FY22 with staycations, vacations, weddings etc.
Green-shoots of recovery has been seen in corporate travel and meetings, incentives, conference/ conventions and exhibitions/ events. However, they are not at pre-pandemic levels as yet.
Indian Hotels' management strategy is focused on driving growth and not on debt reduction. The key elements of the strategy include-
asset light room expansion by increasing management contracts,
diversifying revenue streams to include Chambers, Qmin and Ama along with traditional streams like room rentals and food and beverage,
sustained cost reduction relative to pre-pandemic level to help in improving margins,
improving balance sheet strength with acquisition of subsidiaries like Roots,
focused property asset management to ensure returns on property are higher than the hurdle rate for the property.
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