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Motilal Oswal Report
Indian Hotels reported consolidated revenue growth of 17% YoY in Q4 FY24, led by ~19% YoY revenue growth in the standalone business.
Growth in the standalone business was driven by better occupancy (up 440bp YoY) and average room rate (up 4% YoY; like-for-like 8% excluding Ginger Santacruz). Standalone management contract revenue rose 32% YoY to Rs 1.5 billion.
We broadly maintain our FY25/FY26 Ebitda estimates and reiterate 'Buy' with our SoTP-based target price of Rs 680.
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