Hospitality Q4 Earnings Preview- Rising Covid-19 Cases To Haunt Domestic Recovery In Medium Term: ICICI Direct
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ICICI DIrect Report
With the improvement in macro indicators in terms of business as well as recovery rate of Covid-19 pandemic, the hospitality sector also witnessed a gradual revival in demand during Q3 FY21.
Occupancy levels also crossed 40% during Q3 FY21, primarily driven by leisure ‘revenge travel’ during weekends and the festive season, weddings along with food and beverage demand.
However, the pace of recovery started losing stream since February 2021 onwards with rising incidence of Covid-19 cases and state induced localised restrictions.
This led to a fall in demand for leisure destinations which in Q3 FY21 remained a key driver for revenues for hotel space.
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