Buy Indian Hotels; target of Rs 178: Motilal Oswal

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Motilal Oswal's research report on Indian Hotels

Consol. revenue grew by 4% YoY to INR10.2b (our estimate: INR10.3m). Adjusting for Ind-AS 116 impact, like-to-like EBITDA was up 16% YoY at INR1,287m (our estimate: INR1,219m), with the margin expanding 130bp YoY to 12.6% (our estimate: 11.9%). Adj. PAT declined 82% YoY to INR34m (our estimate: INR154m) on account of lower profit at JVs/associates (INR45m v/s our estimate of INR96m) and higher tax (1QFY19 had a tax benefit).

Outlook

On an SOTP basis, we arrive at a TP of INR178 (upside of 32%). Maintain Buy.

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