Sharekhan's research report on Indian Hotels Company
IHCL’s Q4FY2024 performance was largely in line with expectation, with revenues and PAT growing by 17% and 29% y-o-y, respectively; EBIDTA margins rose by 168 bps y-o-y to 34.6%. Maintained guidance of double-digit topline growth with demand expected to stay ahead of supply. New businesses are expected to grow by 25-30% in the coming years. Cash on books as on March 31, 2024 stood at Rs. 2,206 crore. The company has announced capex plans of Rs. 2500 crore towards renovation, new properties and upgradation of technology over the next three years. A change in dividend policy with dividend payout of 20-40% of PAT.
Outlook
We maintain a Buy on the stock with an unchanged PT of Rs. 679. Stock currently trades at 28x/23x its FY2025E/26E EV/EBIDTA.
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