Indian Hotels Q1 Review - Quicker Normalisation Inevitable For Re-Rating: Dolat Capital
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Dolat Capital Report
The Indian Hotels Company Ltd. Q1 FY22 was below estimates led by weak revenue performance in subsidiaries and higher employee costs and other opex.
Steep rise in debt QoQ by Rs 5 billion to Rs 36 billion was another negative.
We remain positive on Indian Hotel Company business trajectory led by its strong brand positioning and footprint across segments, asset-light approach, focus on driving high-margin alternate revenue streams, monetization of non-core assets, repositioning Ginger in lean luxury segment and efficient costs management.
The worst phase for the hotel industry was likely behind with gradual recovery. But, the resurgence of second wave of Covid-19 has push backed the revival process.
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