Motilal Oswal's research report on Indian Hotels
Indian Hotels (IH) reported consolidated revenue growth of 16% YoY in 2QFY24, aided by strong growth in standalone ARR (up 18% YoY) and better occupancy (up 610bp YoY). Consolidated management contract revenue grew 14% YoY to INR870m in 2QFY24.
Outlook
We maintain our FY24/FY25 EBITDA estimates and retain BUY with our SoTP-based TP of INR480.
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