Motilal Oswal's research report on Indian Hotels
IHIN’s standalone RevPAR grew 27% YoY due to higher ARR. The same fell by 18% QoQ due to lower occupancy as well as ARR owing to the third COVID wave. Higher demand in the Leisure segment as well as a recovery in business travel has driven overall growth on a YoY basis. Revenue was in line, while EBITDA in 4QFY22 came in below our estimate.
We maintain our FY23/FY24 EBITDA on account of the ongoing demand recovery in Business Hotels. We maintain our Buy rating with a SoTP-based TP of INR278 per share.
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