Dolat Capital: The Indian Hotels Geared-Up; Industry Tailwind Key
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Dolat Capital Report
The Indian Hotels Company Ltd. Q2 FY21 revenue decline at 75% YoY was higher than our estimate of 69%.
Yet, Ebitda/adjusted profit after tax was ahead of estimates led by higher than expected costs savings.
The company’s net debt has increased sharply by Rs 10.3 billion (Rs 6.14 billion in Q2) to Rs 29.4 billion.
We remain positive on the company led by its strong brand recall and footprint across segments, asset-light approach, monetization of non-core assets, focus on driving alternate revenue streams, repositioning Ginger in lean luxury segment and efficient costs management.
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