Indian Hotels Company - Resilience Amid Turbulence: ICICI Securities Initiates Coverage
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ICICI Securities Report
We believe The Indian Hotels Company Ltd. is well poised to benefit from the expected recovery in the hotel business cycle from H2 FY23 (October 2022) which factors in the impact of an Omicron wave.
We are enthused by Indian Hotels Company’s efforts to leverage its existing brand equity to focus on new business segments, focus on cost optimisation, asset-light management contract model to expand room portfolio, and taking steps to de-lever its balance sheet through the recent rights issue and possible qualified institutional placement fund raise.
Key risks are further Covid-19 waves globally and in India impacting demand and rise in operating costs denting margins.
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