Motilal Oswal's research report on Indian Hotels
Indian Hotels (IH) reported another strong quarter, with robust growth in consolidated revenue/EBITDA (up 53%/2.6x v/s 4QFY20) aided by strong standalone ARR growth (up 33%/9% v/s 4QFY20/QoQ) and improvement in occupancy (up 1,280bp/260bp v/s 4QFY20/QoQ). Management contract revenue surged 88%/2.2x YoY to INR4b/INR1.2b in FY23/4QFY23.
Outlook
Factoring in the 4QFY23 performance, we raise our FY24/FY25 EBITDA estimates by 5%/3%, aided by better-than-expected ARR, addition of new owned/leased and management hotels, and the normalization of inbound travel. Maintain BUY with an SoTP-based TP of INR420.
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