Buy Indian Hotels; target of Rs 111: Motilal Oswal

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Motilal Oswal 's research report on Indian Hotels

RevPAR performance for Indian Hotels (IHIN) standalone improved sequentially, led by improved occupancy levels. The company has been successful in generating an additional revenue stream (with higher EBITDA flow) without deploying additional resources. Cost reduction initiatives undertaken by IHIN have yielded results, wherein EBITDA (incl. other income) stood at INR130m for Sept’20 (v/s loss of INR600m/INR360m for July/Aug’20). This, in our view, is commendable. - Factoring in the current demand scenario, we have increased our EBITDA loss (from INR966m to INR1,540m) for FY21, whereas we have maintained it for FY22.

Outlook

We maintain our Buy rating on the stock, with an SOTP-based TP of INR111.

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