Buy Indian Hotels Company: target of Rs 286: Sharekhan

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Sharekhan's research report on Indian Hotels Company

Indian Hotels Company Ltd’s (IHCL’s) Q4FY2022 performance was affected by the third wave of COVID-19. Revenues grew by 42%y-o-y to Rs. 872.1crore (down 22% q-o-q). EBITDA margins stood at 18.2% vs. 11.6% in Q4FY21 (lower versus 29% in Q3). IHCL has seen good pickup in demand since mid-February and has strong room bookings till May. Q1FY2023 revenues would cross pre-pandemic levels. Fund-raising through rights issue and QIP of Rs. 4,000 crore was utilised to reduce debt of Rs. 2,275 crore. Liquid cash on books stood at Rs. 1,902 crore as on 31st March 2022.

Outlook

With a huge room inventory, IHCL will be a key beneficiary of sustained recovery in domestic and international hospitality space. We maintain a Buy on the stock with a PT of Rs. 286.

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