Indian Hotels Q2 Review - Better-Than-Expected Recovery: Motilal Oswal
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Motilal Oswal Report
Indian Hotels' standalone RevPAR nearly doubled on a QoQ and YoY basis owing to ARR growth and occupancy improvement. This came on the back of positive consumer sentiment on travel, leisure travel led recovery, and the resumption of business travel.
Additionally, IHIN’s operating performance was strong on account of cost-saving measures and operating leverage.
Revenue/Ebitda for the quarter came in above our estimates. Factoring in the same and better demand visibility, we increase our Ebitda estimates for FY22/FY23/FY24 by 29%/13%/11%. We maintain our Buy rating on the stock, with SoTP-based target price of Rs 268.
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