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Indian Hotels Q2 Review - Better-Than-Expected Recovery: Motilal Oswal

Indian Hotels Q2 Review - Better-Than-Expected Recovery: Motilal Oswal

<div class="paragraphs"><p>Taj Vivanta - An Indian Hotels Company Ltd. brand. (Source: Company website)</p></div>
Taj Vivanta - An Indian Hotels Company Ltd. brand. (Source: Company website)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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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MOS-IndianHotels.pdf

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