Indian Hotels Q4 Results Review - Eighth Consecutive Best Ever Quarterly Performance: IDBI Capital

IDBI Capital Report

Indian Hotels Company Ltd.’s Q4 FY24 result was broadly in-line with our estimate on net sales front, while margins were a tad below our forecast. The company reported eighth consecutive best ever quarterly performance on key parameters, aided by healthy demand in the domestic market.

Further, the management guided earnings to grow by healthy double digits in FY25E supported by sustained demand in domestic market. Net sales increased by 17.2% YoY to Rs 19.0 billion, while Ebitda came in at Rs 6.5 billion, a healthy growth of 23.2% YoY. Net profit stood at Rs 4.3 billion, higher by 29.4% YoY.

We have marginally tweaked our FY25E/FY26E estimates upward. However, given the sharp run up in the stock, the upside is capped from current level.

We downgrade the stock to Hold with a revised target price of Rs 673 (earlier Rs 586), assigning 30 times enterprise /Ebitda to FY26E.

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